Peri gor.., you got any on running projects at Melacca? Mind to share about the foreigner consent's stuff? As one of my client pull hand brake because cant submit consent as their project is high rise without strata title yet, hence bank cant release payment for foreigner buyer. Any jalan to settle this issue??

This post has been edited by Tavia88: Jun 24 2015, 11:25 PM

30.6% is considered a very nice figure.. but if without any upfront payment collected from developer, the risk is still there..

Threshold is definitely. Its rm500k capping for high rise residential at Malacca. The main issue with Malacca project now is the foreigner consent part. The authority there would only accept the application of consent together with either strata or individual title. So, new project would definitely facing this issue especially if the target buyer is foreigner because bank cant disburse the loan without foreigner consent. Anyhow, we've just found some solution for that.

Why Not.. here is the platform to share and learn together!

The recent changes to Strata Titles Act 1985 which enforced towards all the new development to hand over VP together with strata title helps in this case.

Based on the latest amendment, developer is required to:-

(a)               apply for the certificate of proposed strata plan to the Director of Survey within three (3) months from the date of issuance of the document that certifies the super structure stage (applicable to the case where the sale and purchase agreement of any parcel that takes place and the document that certifies the super structure stage is issued after the commencement of the Strata Titles (Amendment) Act 2013); and

(b)               apply for subdivision of building or land within one (1) month from the date of issuance of the certificate of proposed strata plan.

So, With proper followup in the midst of the application, the strata title can be issue within 4 to 6 months. Depends on how the developer liaise with the authority..

So, with the issuance of strata title, then the issue of foreigner consent would be solved and no further issue for bank to disburse the loan. Anyhow, this scenario is not applicable to all the case. Its applicable to the case of my client as their foreigner buyer able to purchase with 50% cash so the margin of loan they need is only about 50%. Hence, during the stages of super structure which is normally about 30% of the progress, the developer can start to apply for the issuance of strata title already. So, the timing is around there which can match the disbursement of the other 50% loan from bank.



This post has been edited by Tavia88: Jul 3 2015, 11:03 PM