I’ll let you know again. Heading to site visit Savanna Southville. Will drop by here too tomorrow.

Cheapest ever lelong unit check in from Almyra Residence.
Unit located same floor with facility. Maybe that's why no people interested?
But at this price, should not complain.


AR4-06-02, Almyra Residences
Reserve price 🔥🔥RM224,000🔥🔥
Freehold
1044 sqft
Auction: 28-Nov-2020 (Sat)
*BUMI Lot

Attracted many bidders just now.
Haha. Once again should not wait for lowest price then only enter bidding.

Sold at 314k. Way higher than last round reserve price. Last round at 280k but nobody interested. Bank drop price 20% straight. Ppl prefer to fight and win at much higher price.

After Almyra, now is Palmera turn to enter lelong at dirt cheap pricing.
Sure to attract many bidders.
Good luck.


B-16-01, Level 16, Block B, Residensi Palmera
Reserve price 🔥🔥RM243,200🔥🔥
Freehold
1066 sqft
Auction: 09-Jan-2021 (Sat)

Another cheap lelong unit check in.
Scroll above. The level 16 bigger unit for sure to attract many bidders.
It is wiser to go for this unit.


B-14-02, Residensi Palmera
Reserve price 🔥🔥RM275,400🔥🔥
Freehold
893 sqft
Auction: 14-Jan-2021 (Thu)

Unit sold at 312k today.
Haha. Back to last month reserve price.

Unit sold at reserve price 275,400 just now.
Single bidder won unchallenged.
Smart bidder. Good catch.

Another lelong unit sold from Almyra.
1055sqft unit sold at 281K.
Single bidder won unchallenged.

Copy paste from: https://forum.lowyat.net/index.php?showtopic=5354938&hl=



What's your worst property purchase?

this is my story of my journey, pain and frustration of my worst property purchase, lessons learned will be shared below. I wanna rant here cause my lorong neighbour today lelong off their unit at below market price.
this is my second property I purchased (also my first landed house), so I was relatively new to this prop thingy. a real newbie
I bought from stupid IOI during early 2015 and is in IOI Bandar Puteri Bangi @ Teresse 2. during that time, they are doing pile foundation on the site



bought it at MYR769,000, with 90% loan for 35 years, that amounted to MYR699,000. Topup 4% @ MYR31,000. Got a discount of 2% from IOI Club platinum membership (cause bought more than MYR2,000,000 of prop value from them), another 2% discount from events promo (CNY that time buy) and another 2% discount from referral (extended family referral fees pass back to me for down payment).

now here's the shittiest part, after 7+ years, the house value never increased but decreased. why? there are so many unsold units, and the developer are trying to sell them off ASAP. so they throw in some ridiculous discounts.
eg. take bumi lot for example, 7-10% discount over the years (CRAZY!), then raya/cny promo 4-5% off, referral scheme another 2-3%, IOI club membership 2%. total discount is almost 20%. that is -20% of the original house value, so people are buying at around MYR630,000 for my unit type post CCC for those unsold units while I bought it at MYR722,860. that's more than MYR100,000+ difference and it's so unfair. it pull down the property price. and to make matters worst, IOI introduce a scheme during MCO. BUY NOW PAY LATER, loan is under IOI. so they buy the prop and dont have to pay loan for 5 years. CIBAI!



so many people buy those props, but never move in ... until today. so what happened? well.... they cant pay back the loan, so banks lelong it at stupidly cheap price, like 40-50% below market value. then people started disposing it -10% below market value too.



as you can see from the screenshot, the property is already overpriced, stupid developers made it fucking worst. a 7 bedroom, 7 bathroom 3,300 sqft unit 3 story terrace house 1KM away is CHEAPER by MYR100,000.

now you might tell me, just wait till the value appreciates and dispose the unit. meanwhile rent out.
well, renters are hard to find in that area cause they are spoiled for choice. like i would wanna rent in that 7 bedroom 7 bathroom house 1km away, which cost MYR1,800/month. meanwhile my taman rent is 1,900 cause have to offset installment to bank which is around MYR3,600/month. so rental is slightly more than half. so what my creative neighbour did is to partition up the entire house, 3 bedroom downstairs, 3 bedroom upstairs and rent the rooms out for MYR400-600 to cover the installment. but that barely covers the full amount and there are only 3 renters at the moment. sad shit

so i am stuck in a dilemma, cant rent out (too low rental and too many competition, not enough renters), cant sell (-10% market value now, brand new house -50% value), and if wait until full loan tenure then sell off, i would be actually paying MYR1,512,000 (total payment with principal and interest). i will be paying MYR882,000 in interest over 35 years, and i doubt capital gains can cover that.
also this property have so many defects, some of my neighbours have their roofs fallen on their heads, leaking everywhere, huge cracks and even hollow garage due to soil erosion. the developer sucks in marketing as well as workmanship too
this prop is beyond fucked.


Credit: neighbour's house. this shitty IOI developer workmanship sucks beyond belief. complain to MPKJ already, developer still dont wanna fix

so my lesson learned:
1. avoid small and medium size developers. and for the big fish developers, in my opinion and experience, only Sime Darby, Glomac, Tropicana can be trusted. the rest like Mahsiao, IOI, etc. can eat shit
2. dont trust sales agent, dont trust marketing gimmicks. a property is your biggest investment in life, do your research gao gao. if possible, price check on every single property and future developments around a 5km radius. dont slack up, cause developers love to upscale, oversell and overprice their properties.
3. track record and reputation of a developer is important. if the developer has multiple red flags before, avoid that developer at all cost no matter what.
later i post some defects of my neighbour's house. see also wanna cry

Another lelong unit sold yesterday.
Still below 300K.
Good catch.

Lelong unit sold just now from Almera.
From 238,500.

Attracted 7 bidders fight.
Sold at 284K.

Good catch?

Lelong unit sold today from Palmera.

Size 1066sqft.
Sold at reserve price 262,500.
Single bidder won unchallenged.

Good catch?