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 Windows On The Park • WOTP @ Cheras South (V2), By Selangor Dredging Berhad

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Ditto(._.)
post Nov 6 2015, 04:31 PM

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hi all, i am planning to get the last unit in block C at 600k before rebate.
I have applied loan in a few banks but two of the bank only value my unit at 400k, can someone explain this? should a valuation price so much lower than the market price? sweat.gif

does bank consider the unit facing direction, floors, etc in the valuation? thanks

This post has been edited by Ditto(._.): Nov 6 2015, 04:52 PM
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post Nov 6 2015, 05:22 PM

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QUOTE(calvin989898 @ Nov 6 2015, 04:53 PM)
When are u trying to get that last unit ? As far I know 1 year ago have 2-3 drop off units for block c are available for around 600k too. Those buyer able to get the valuation.
Else just demand SDB an answer why bank evaluation are so low ? Block c existing buyer must be fainted hearing bank this low bank valuation 🙁🙁
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only last week i placed my booking fee, according to the developers it was a reserve unit for their business associate since last year, then last 2 weeks the business associate dropped the buying plan. so now i got the unit. Yea i will try to contact the developer on why the valuation price so low.

now not sure whether i should abort my buying plan cry.gif
Ditto(._.)
post Nov 6 2015, 05:23 PM

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QUOTE(felixmask @ Nov 6 2015, 04:53 PM)
You buy subsale or thru developer SDB?
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directly with SDB

This post has been edited by Ditto(._.): Nov 10 2015, 05:06 PM
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post Nov 6 2015, 05:41 PM

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QUOTE(aberdeen @ Nov 6 2015, 05:34 PM)
You said you applied to a few banks, beside these two banks, how much the other banks valuation?
Can you give us the name of these two banks that gave a value of only 400k?...I am sure a few of the owners of Block C would like to pay them a visit...thank you in advance...ditto
Very good...can see progress... rclxms.gif

Just to share, i was watching a very interesting program on Discovery Channel last night on the "Sabah Earthquake Decoded" on how and why the earthquake happened in Sabah, and some reporting of discovering fault lines just outside KL, some experts giving their theories and so fort....if they repeat the program, go watch..is worth it.

After watching the program...I felt so good that I had bought an earthquake resistant high-rise...  biggrin.gif
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one of the two banks start with R, another bank cannot tell, since i used my personal cable to reach the valuation team
so far other banks no official reply yet, only one of the bank already said ok and is preparing the document.


just now had a talk with developer, they said the price can be very conservative especially on near completed or newly completed properties, as there is no enough subsale transaction to support the market price.

well i guess if there are people buying subsale unit at above 600k, the valuation price will increase back to the reasonable price.

This post has been edited by Ditto(._.): Nov 6 2015, 05:58 PM
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post Nov 6 2015, 06:03 PM

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QUOTE(HELLO HELLO @ Nov 6 2015, 05:57 PM)
the answer quite awkward from developer......  shocking.gif  how can they anwer ini macam?! this not subsale..... it still 1st hand.
they want to sell ini value sure the bank need to agree also!! if not why push price too high when the bank not agree the price.  doh.gif
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To be fair, actually some of the banks have said they are not panels and may treat it as subsale as it is very near completion , thus the valuation.
so do you think the price is too high
i also very pening now rclxub.gif as i am first time buyer
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post Nov 6 2015, 06:09 PM

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QUOTE(HELLO HELLO @ Nov 6 2015, 06:05 PM)
then you should look for panel bank liao. if bank not under panel sure susah 1. also manyak extra fee need to charge.
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yea i have looked for panel bank already, just pending results from them.
just worry that in a few years if i face financial difficulties and need to let go of my unit but the valuation price so low sweat.gif
hopefully good news from panel banks next week and i can officially join the community rclxm9.gif
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post Nov 6 2015, 06:27 PM

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QUOTE(calvin989898 @ Nov 6 2015, 06:21 PM)
Last time I applied RHB, OCBC and HSBC all giving full evaluation for Wotp. Those day the bankers told me foreign bank only want to do loan for block a and b. But since then I'm not sure they have changed their strategy. Good luck !
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can i know when you applied the loan? because many bankers were confused when i applied loan to buy, they thought it is completed already as they recall WOTP is 2012 project.

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post Nov 6 2015, 07:02 PM

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QUOTE(HELLO HELLO @ Nov 6 2015, 06:31 PM)
save your gas. oversea bank no fund for block c. RHB and other local bank ada.
HB bank more conservative most of the time max only 80%-85%.
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thanks for the info! biggrin.gif
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post Nov 6 2015, 08:52 PM

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QUOTE(SalvationArmy @ Nov 6 2015, 08:18 PM)
Ditto, I won't be too worried about the valuation from the non panel banks. I suspect they are using transaction costs of similar developments around Cheras South area, reaching a valuation of RM450 psf.

Trouble is, there is simply no comparable development to WOTP in the Cheras South area. Hence the valuation method is flawed.

As someone mentioned earlier, panel banks will typically use SPA pricing as valuation. As the SPA price can be considered as market price (willing buyer, selling seller).
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thanks for the input! yes agree that there is no other development like WOTP in the Cheras South rclxms.gif
not to mention the developer staff are also very patient and helpful too
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post Nov 7 2015, 08:48 PM

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QUOTE(leongvanessa @ Nov 7 2015, 06:31 PM)
Can share which bank managed to give the ok valuation ?
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the banks which gave green light on my loan did not do any valuation, they treat it as developer's unit and are able to provide full loan based on SPA price.
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post Nov 7 2015, 09:14 PM

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QUOTE(aberdeen @ Nov 7 2015, 09:00 PM)
Just give the name of the bank lah...not classified under the Official Secrets Act..or is it?

This will help buyers who want to buy WOTP, at least they know which bank to approach.
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oops sorry, is UOB/maybank which are ok with my loan, but they did not need to do valuation on my unit as they are developer's panels.
cause i thought subsale will need to do valuation anyhow (unlike direct purchase with developer), so i forgot to mention the name, sorry on that.

 

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