Any incentive for existing SPS buyer ?

I presume LCR apply, but IRP not sure..

https://privilege.spsetia.com.my/

True... I'm thinking from another (accounting) perspective... when the purchaser signs the S&P, SPS can record it as sale already. So for BTS, the sale is already secured when the purchaser signs the S&P (regardless whether loan application is successful). As for sell-then-build, the developer always want to seal the deal asap by giving discount if the purchaser manage to sign the S&P within a stipulated time frame but purchaser always want to have assurance that his/her loan is approved before signing on the dotted line.

Well, seems that in this case SPS just want to have assurance (or "guarantee") that no dropout even though after the S&P is signed.

if sign SPA but cannot get loan after VP. What action is expected?

As shared by a forumer here, SPS is still working this out...

a little bit confuse when ads already everywhere but rule is not set.

Presumably SPS look at "record on paper" and real transaction in different perception. Overall SPS intention is to get the unit sold, rather "earning" the "penalty" due to loan reject.

To encourage the purchaser to secure loan early is always good move (although it is not necessary for BTS project), to mitigate the risk of last minute withdrawal due to loan issue.

You can refer to post #140 for the "penalty" of Ecohill 1 property that undergo SPA termination.

They may not be 100% same for Ecohill 2 property, but at least can serve as a guideline.

well, you are not terminating SPA but indeed it is after VP, you still not able to get a bank loan.
so this is a grey area unless there is a statement force terminate is taking place

My understanding re general rule for BTS scheme, pay 10% as down payment after signing snp. If purchaser fail to secure loan or cannot pay the remaining sum after vp, u burn the 10%.

This post has been edited by klangvalleyrookie: Apr 1 2016, 02:07 AM

Hm... means no any rebate or discount base on offer package?

is it an official statement from developer?

Recently setia alam introduced the BTS scheme for the launch of 3 storey link & semi-d link houses. Can take that as reference on how the scheme is implemented. Whereas for rebates, purchaser gets 2% if manage to secure loan (loan agreement signed) within 6 mths after signing sales LO, another 2% during vp.

This post has been edited by klangvalleyrookie: Apr 1 2016, 01:23 AM

that means buyer only got loan later is losing 2%?
or was this 2% to cover bank interest during construction compare to those that get loan later?

The 2% rebate given after loan agreement signed is a way which the developer encourages purchaser to get the loan matter settled as early as possible. When purchaser's loan is secured, basically the purchase is considered "financially secured".

Progressive payment during construction is borne by developer, it is not drawn from the purchaser's loan. Purchaser's bank only pays the developer the remaining sum, in this case 90% of purchase price after vp.

Ouch... this is very painful indeed. Is this the "penalty" applied for recent BTS Setia Alam project?

Schedule I property, no progressive bank interest involve, 10% downpayment, 90% straight payment to developer within 21 days after VP, by loan or by cash.

If someone can't get bank loan after VP, SPA somehow need to be revoke (terminate) I suppose, any other option available? Key point here would be what's the penalty.

Is it a G&G development? No more landmark development as SEH 1?

FnG, individual title. The landmark would be the natural Gunung Tempurung instead man-made The PARC in Ecohill 1.