Buy and invest. Mayland is building luxury condo next to Empire City where the price starts from 1 million (prelaunch 800k) and using country height address. MYEG is buying additional 7 stories of office at empire city last month.

But sooner or later empire city will be located just next to country height

Do u know the name of the project mayland abandoned?

Mayland got no financial problem, they put it aside merely bcos the sale is bad.

LOL I'm a outsider who knows nothing about mayland... The fella said it has been abandoned and i just continue from there? Lol

This post has been edited by Irenehoo: Oct 11 2016, 10:35 PM

I'm a recent subsale buyer, I got 2 banks offer me 90% loan, 2 banks offer 70% loan.

Affinbank and UOB give me 90% loan ^^
Hong Leong at first say I can get 90%, but after submitted it to headquarter they can only give me 70% loan...
PBB officer at first say can get 90%, after that rejected my loan bcos PBB has invested too much on this project.

Check on the condition precedent clause to see if your sale and purchase transaction is subject to any condition.

Look into the purchaser's default/ parties default clause to check how much is the total damages u need to pay, also check with the lawyer if u can get refund of your legal fee partially in the event u cancel the SPA.

CIMB which u said u can't get. Lol.
CIMB interest rate they give me 4.85 70% loan.

Sure can. Why not, u inbox me I'll send u both contacts.

Replied dy. ^^

Ya, correct there is no normal SPA, subsale SPA is different from the standard HDA. So the subsequent buyer has to tell his lawyer to put a condition precedent in the SPA to safeguard his interest i.e. the sale and purchase transaction is subject to loan approval within xx working days from the date the owner obtained the vacant possession with CCC.

Ya the mall should have opened last year, if it really opened last year, I won't be able to get the unit now at low price. ^^

The building already got certificate of completion and compliance. If u survey kota damansara and PJ area, what can u get at empire city current market price? Maybe low cost apartment? If i invest in low cost property how much return i can get? Renovation cost how much? If i invest in luxury condo how much capital I need to fork out and how long I need to wait to get subsequent buyer?

EC location is bloody good 5 minutes to the curve, 5 minutes to one utama, 10 min to desa park city, 10 min to mont kiara. What more to say? Mayland is building a high end condo next to EC and they are using country height address. MYEG bought additional 7 stories office last month.

Why is the price dropping? Because MEH postpone the completion of the mall for few times, ppl start losing confidence, some owners can't afford to pay instalment because of their financial problem. Some owners default bank payment and they need to pay high interest as a result.

I signed SPA with owner to lock the purchase price, the sale and purchase transaction takes half year, if half year later still no progress I let the owner forfeit my downpayment, I rugi my 10% plus legal fee lo. If half year later MEH can complete the mall, the property price will sure increase fast ^^

I evaluate the risk dy. If EC studio was under construction, I definitely wouldnt invest. But the Certificate of completion and compliance for EC studio has been issued.

This post has been edited by Irenehoo: Oct 16 2016, 01:23 AM

Ya then I'll earn 10% downpayment in 6 months. Lol.

It's a matter of give and take. There are many interested buyers want to buy EC and pick dead chicken like me. Vendor ady selling 10% below market price together with developer free gift leh. If I still ask Vendor to give me 1 year I'm sure he will not sell to me. That time I was not the only interested buyer viewing the unit.

What I meant for 6 months is when I sign offer to purchase, I put a clause there "subject to 90% loan approval within 21 working days". 21 working days ady 1 month. Then lawyers to draft SPA within 14 working days. There already 3 weeks. After signing SPA, the Vendor will need to pay 1%of the purchase price to the developer for developer consent to fulfil the condition of SPA, there we can drag another month, after that we go for normal 3 plus 1 month, another 4 months there already.

Flip or rental, either one lo. After I signed the SPA with the Vendor, the Vendor must sell the unit to me with the agreed selling price. If later he regrets wanna abort the sale then he will need to return my 10% downpayment and pay me additional 10% damages. Likewise if I abort the sale I will need to pay him 10% damages.

I always check on iproperty website and I can see many agent posting low price but actually maybe only 1 or 2 units are available for that price. Only those sellers who are desperate to sell willing to let go at cost price which they bought in year 2010, bear in mind the vendor still need to pay 2-3% agent fee, 1% developer consent fee, legal fee and they have been paying bank interest and maintenance for quite some time. They are selling at this price merely to cover their cost only. Whether the owner default his own instalment or having financial problem is not my concern. What i know is if the askinv price dropped more that means the vendor is making loss ady.

Besides that, I'm also considering the construction costs, transportation cost, petrol plus the bloody hell gst, inflation, ringgit depreciation when I bought the property. If I buy other cheap under con property from unknown developer, the risk of developer abandon the project is higher than me buying EC (cos EC ady got CCC), if I buy from big developer the price is not as attractive as EC.

2 years ago also got ppl willing to buy at 350k & 380k, if the mall really can be completed by June next year, I think it definitely will go back to 350k & 380k, even RM1k per sq ft is also possible.

To me, as long as MEH is able to complete the shopping mall within 2 years it is still a lucrative and profitable deal for me. If 2 years also cannot conplete i got marriott and MYEG to gg together.

I don mind to treat the deal like buying a low cost apartment, kota damansara old low cost apartment also costing 200-300k. If the mall is able to complete by june next year as what the developer said, then my "low cost apartment" will become "high class studio" and I can press "G" to go to shopping mall... hahaha

Your empire unit got such problem?

I wanted to. But the asking price is too attractive and I'm afraid when the mall is about to complete I will need to pay extra 20% for the same unit.