QUOTE(kyo2020 @ Mar 25 2018, 06:35 PM)
Stay cool, lelong unit is very cheap sales. This project selling price was selling around 350k for 600+sf, how much the sales later, let keep our eyes closely. As usual, lelong unit always likely much cheaper than developer price. Although its not a good news to investor, but this is what is happening now..
Someone mentioned 6 months, it will drag until 1 to 2 years for the lelong unit and flipper to dump the price.
Disagree with your statement that lelong unit only happen to over price project. What happening now is lelong unit happen just because flipper have no holding power, it has nothing to do whether the project is overprice and lower price. A flipper who has no holding power bought a very cheap and worth buying project will still ended up in lelong. Though it could be snap up faster, but yet it is still cheaper than developer or subsales. Actually there are many examples..
For the sake of discussion, please list down few examples?
Every projects will have 1 or 2 lelong units. That is normal. In life, people will face financial problem. Those are isolated cases.
But for a project to have high number of lelong units, that is abnormal and trigger alarm that there is something wrong somewhere. As i mention previously, normally is due to
high entry price. Getting big rebates, cash back, etc. The owner is taking loan more than the actual market value. Now of course suffering. If able to rent out also, will be bleeding monthly. Example of such "wrongly priced" project in Shah Alam itself: Vista Alam, I-City, Studio 14.
Example elsewhere: M City, The Elements, Mirage By The Lake, M Residence 2, Garden Heights (Bandar Tasik Puteri), Mutiara Ville, Scenaria, Central Residence, etc.
Cheap entry price project but now in lelong? Nope. So far I dont think there is any. Just look at Maxim Citilights with 1350 units still holding strongly today, even if rental is low, the bleeding is not as much as those pricey projects.
This post has been edited by AskarPerang: Mar 25 2018, 11:20 PM