Sep 11 2014, 03:16 PM
QUOTE(be7a @ Sep 11 2014, 02:40 PM)
btw you guys are giving a situation whereby you book 3 years in advance. so far there isn't such a thing. what i know from experience with BTS 10:90 is that developer will only start selling (i.e accepting earnest depo) close to property completion. so the timeframe where you pay ED then sign SPA is not as long as you guys hypothesise.
What be&a said are correct if the project has been undercon without any launches or open for sales.It is a standard sales mechanism use in Hong Kong Property where developer there construct the project till 85% completion before open for sales/balloting. The reason is that the HK authority only approve advertising & sales permit for actual/exited product which based on 'as is where is' selling concept, 'you buy what you get'. No cheating.
Upon signing of SPA, loan/balance must be ready to to release to the developer in lumpsum when VP, so there's no progress payment delay occur.
As far as I know, only one developer adopt this concept when malaysia start Built then Sell method, which is See Hoy Chan, for their 9 Bukit Utama Condo & The Effingham.
QUOTE(CloudAtla$ @ Sep 11 2014, 02:21 PM)
3. Common sense tell me developer will collect 5k booking on 11sept 2014 and within certain time frame says 1 month, purchaser must sign SPA and lock the sales. Purchaser pay 10% upon SPA. Thn by 11 sept 2016, collect 75% further progress payment according to SPA. Continue lock in sales and signing of SPA from 11 sept 2014 until 11 sept 2016 for any unsold unit, loan rejected unit, drop out unit, etc.
QUOTE(samkps @ Sep 11 2014, 02:49 PM)
So, that's mean you don't know the price of the property as it starts building (2 - 3 years ago), the price is only available during launching (recently), which is about 3 months before completion, right?
I think the developer is inexperience, their way of conducting 10:90 system will impose many problems to the purchasers later. This is not suppose the right way.
The right way of 10:90 system is - sign the SPA and pay 10% before the construction starts, after only completion, the buyers pay the remaining of 90%.
Sign SPA 3 months before completion looks to me is very confusing and problematic..
Unfortunately, not many malaysia developer are cash rich enough to go with HK sales concept, so our 'Built then Sell' are a bit unique, which is exactly as what Cloud & Sam explain. I think the developer is inexperience, their way of conducting 10:90 system will impose many problems to the purchasers later. This is not suppose the right way.
The right way of 10:90 system is - sign the SPA and pay 10% before the construction starts, after only completion, the buyers pay the remaining of 90%.
Sign SPA 3 months before completion looks to me is very confusing and problematic..
So both is correct system, just the implementation my different
Cheers!
Quote
0.0165sec
1.07
7 queries
GZIP Disabled