Oh Okay, you ada his extension or email?

Not whole kitchen install cabinet wo.

Bro,

The tiles part m unsure - for Merrum, I just hope the spec sheet will mirror the show unit excluding the fittings and the furnitures.

Teenman,

When you say you are a potential buyer - means you have bought an unit in SEH or looking to buy in Phase 2?
Should you have acquired the unit, be rest assured, the Phase 1 loans are entitled to DIBS albeit 3 banks have pulled out - Public, AM and another.
However, for Phase 2, it is a fact that ICS (Interest Capitalisation Scheme) of which DIBS is - will not be given - not only for SEH but for all under con projects that are to be launched.

In addition to that, Banks are now required to loan only the net selling price and not the SPA price (which may have discounts) so as to assist potential buyers from taking out huge sum of downpayment.

Downside is genuine buyers may not be able to fork out the full 10% of DP hence may not be able to afford a house.
Upside, deters speculators, as they will have to lock in their cash in one project rather than speculating in others.

Morning SEH Neighbours!
Its Mid Week. Happy Wednesday.

Hmmm, i didnt know that; so, only the true P1 buyers going to enjoy the DIBS - the rest of the brought forward ones will not enjoy too? Will be interesting to see what comes up.

It will be interesting to see how SEH is going to position their Phase 2 in terms of pricing and competitiveness.
If lower than P1 then P1 buyers will be like Mit. Lancer buyers vs Proton Inspira.
However, for own consumption, I believe would not matter much. The investors are those will be affected.
But, it is highly unlikely the pricing will be cheaper than P1 - should be on par.

This post has been edited by darween13: Nov 20 2013, 04:19 PM

Alamak CY, apa jadi...

CY, Top Gun says, only some of P1 buyers have DIBS - the BF P2 to P1 dont have?
Is that so? Wont it be unfair at steep pricing?

It is meant to kill ma...
To make way for genuine buyers.

I think the idea is to curb the household debt overall; not just the property market speculation. The household debt has steadily increased due to access of easy money - though you need to pay back - government would like to curb the creative product bundling by banks. They will certainly get tougher soon.

Top Gun,

The ruling on DIBS and ICS is crystal clear for Banks - came into effect last Friday.
In fact, end financing / bridge financing for developers are also banned.
But, is the P2 brought forward to P1 confirmed? No DIBS and no rebate sounds very much unfair to P2 unit buyers.

Bro C_Square,

I am in the same boat as you are. I have checked with SEH when they called me on Wednesday - I can sign the SPA without LO since it is provisionally approved - just waiting for DL & AP to generate LO. HSBC is very straight in this. All banks need the DL & AP to generate final LO. However, all other banks can give the provisional LO to customers without the DL & AP - I guess the DL & AP will not need to appear on other banks' LO requirements. However, HSBC is adamant that they need it and I called SEH to check the status - SEH has gotten the DL & AP for Merrum - I got the PIC contact and passed it to my Banker and got the Banker to push them to get the DL & AP.

Today, the Banker called to inform that they have SEH email on the DL & AP and they are generating the LO asap. My law firm called today and requested my signing date. I said I prefer to sign the SPA and LA together, hence m now pushing the Banker to produce LO asap and send the signed copy to lawyer firm.

Finally, the whole ordeal is coming to an end.

SEH is in a way twisting the story. I called them every week and remember clearly that Chris said, the APDL will be out only this week, and rightly so, the APDL came out on Monday. But, they did nt communicate it to Bankers hence, we need to get them to call SEH and get it themselves. However, when you call SEH to check, they would say that the APDL has been obtained long ago. Yes, long ago, for DSL not SD. The APDL was released in phases. All SD phases only got their this week.

Stagnia is Phase 2 brought forward to Phase 1. I am assuming that the approval for the Phase 2 units would have been obtained at a later date - hence, may not qualify for DIBS. Nevertheless, I am sure there will be 3-5% rebate in the purchase price to compensate the loss of DIBS which amounts to 3-5% during under con period.

Definitely not better than DIBS. Should be compensating the loss of DIBS. Justifiable amount.
Maybe a little more to keep buyers enticed.

Thanks TKJ. Really SEH TKJ.

Top Gun scare me yday saying that those only signing this weekend is entitled to DIBS - thinking that have to sign on 24 Nov baru enjoy DIBS, mana tau he meant what you meant.

You are right to feel so; but, think about it in the long term and which benefit do you want?
DIBS or Rebate to avoid forking out huge DP?
At the end of the day, interest during construction is very minimal since they go as per progressive drawdown unlike upon completion. And considering PV of cash, I would personally prefer cash rebate than DIBS. Nevertheless, there is bound to adequate compensation from SPS to replace the DIBS abolishment.

Just gotta be patient guys.

Yeah, same here. Confused. But, SEH is also not providing any updates, I called trying to enquire but they say announcement will be made in due course. Top management sorting it out.

Exactly my point. This implementation is blanket implementation hurting both genuine buyers and speculators.
Nevertheless, I certainly think most genuine buyers will proceed with SPA signing regardless of how this debacle plays out. I will still sign, whether DIBS, Rebate or no DIBS, no rebate. I need a home and I like SEH.