I thought it's a quote ghost town.
No offense to any party though

Yeah it is pretty much a ghost town. I work in cyberjaya so I can relate a bit.

Even during weekdays dpulze is pretty dead, can't imagine during weekends.

Can't imagine who invested in cj property..
Especially guided by their beloved property guru

I think few years back cyberjaya was booming with potential as many IT companies set up their companies there due to low rental (MSC status).

But the progress has been stagnant since as it is mainly infested with IT offshore companies.

Shopping malls is few and far between there. Eateries can barely survive and they mainly rely on work crowd during weekdays.

i am wondering too......

so not suitable for Airbnb la.... since mostly people is long term tenant....

yeah. IT company being stagnant lately ... Not sure why??
Maybe due to slowing down in the market...
But I believe that Cyberjaya will boost up very soon if financial crisis is over or some policy announced by government later that benefit the local market..

BIG MAYBE...

If the owner cant sell his unit and get lelong...? all gone

Source of article: https://www.orientaldaily.com.my/news/xilie...19/07/07/297185
Translation via google:

Want to buy an auction house?
After 6 auctions, the price of 900,000 new homes fell by as much as 46%.

The auction houses are old, broken, haunted, and even splashed with red paint at any time, not worth buying? Not necessarily, in recent years, many new homes have been auctioned. For example, in Kuala Lumpur, a newly built luxury apartment unit failed to auction at the market price of RM900,000 for the first time. After six auctions, the price has dropped to RM490,000, a drop of 46%.

As the housing market slows down, more and more newly built units have been auctioned, and no one has ever lived in the new housing units, and it is much cheaper than the market price.

One example of Wu Zhiqiang, one of the founders of Act Fast Real Estate Agency, was interviewed by Oriental Daily. The above auctioned example was a 911 square foot unit at Abang M City Apartment.

He said that another example of a new home auction was the Arte Plus apartment, which had its first auction price starting at RM800,000. After several rounds of auctions, it has now fallen to RM400,000. "The most serious decline is in Cyberjaya. The auction price can be said to have collapsed. If the developer sells a house of RM80 to RM900,000, it will only fall to around RM300,000."

He explained that this is because Saicheng's local population is sparse, and many homeowners are buying and renting instead of self-occupation, resulting in a sharp drop in local housing prices. Some 1400 square feet of unit prices have fallen to RM380,000.

“Some new apartments have been auctioned for a year to a year and a half, resulting in many people not buying the developer’s house and choosing to buy new ones in the auction market.”

I can't afford to auction

He said that the best-selling auction house in Kuala Lumpur today is an apartment unit with a price range between RM400 and RM500,000, and many of the units are new. “The trend of new homes being auctioned is becoming more and more obvious this year. It is estimated that almost 200 new homes will be auctioned this year in the area of ​​the Selangor.”

He said that there are similar conditions in Penang. For example, the market price of The Clovers is about RM700,000, but the auction price has dropped to RM500,000, while the price of Arte S has dropped from RM800,000 to RM500,000.

“There are about 30 new homes auctioned in Penang this year.”

He analyzed that these homeowners may not have to pay for the first time when they bought a house, and thought that after the house was built in three to four years, the salary would rise, and the salary would not rise too much, and they could not rent it. Mortgage has led to an increase in the number of auctions.

"If you buy yourself, it is a good time now, because the quantity is very large, it is very cheap, and the house price has almost fallen to the bottom."

Sun Zikai, former president of the Penang Auctioneers Association, said that there are many new homes in Penang that are being auctioned, such as Arte S serviced apartments near the University of Science. After the construction, several houses were auctioned, such as an area of ​​1,262 square feet. The unit of the ruler was sold on January 11 for RM607,500.

"This kind of house was auctioned after it was built and taken into the occupation paper. It has not been moved in and lived."

He added that the reason for fewer buyers of serviced apartments also includes commercial units, so local taxes, house tax or water and electricity are more expensive.

Second-hand housing slow-moving new home buyers more choice

The auctionGuru.Com.My auction information network founder Xie Lianyi believes that now is the buyer's market, because the buyers have too many choices, so the price of new homes being auctioned will fall.

He explained that buyers have many choices, in addition to auction houses, as well as new homes sold by developers, including slow-moving homes, and can also buy houses through the ordinary second-hand market.

“The new houses being auctioned are now on the rise, and the number is quite large. For example, M City and Arte Plus apartments, Wansuo and Sungai Buloh also have some landed properties, which are sold at prices below 30% to 40%. ""

He said that some units with a market price of RM900 to RM1,000 per square foot also fell to RM600 to RM700.

He analyzed that in the past, the houses that were generally auctioned were low-priced houses, but in recent years, high-priced houses were more common than ever.

He explained that the previous housing market was relatively stable, so in the economic storms of 1997 and 2008, the low-income groups were mainly affected by the auction.

“But after 2008, the general public changed the speed of industrial value-added. Many houses were sold very well at the time of promotion, and the price also rose very quickly. So many people bought houses, but as the economy was not good, some people got on it. 'The tail bus', the house price began to fall."

Sun Zikai said that some of the new housing units he auctioned were not sold for three times. He believes that this is because the auction house still needs to compete with the new property, the developer now offers many offers, and the house broker also strives to promote the developer's unit.

The number of high-end apartment auctions doubled in 3 years

According to AuctionGuru's "2018 Auction Market Annual Report", the number and value of high-end apartments that were auctioned in China in 2018 have more than doubled in 2015.

According to the report, the number of condominium units being auctioned increased from 1,142 in 2015 to 2,407 in 2018, and the market value increased from RM 659 million to RM 1.39 billion, both of which increased by 111%.

The high-end apartments that were auctioned in 2018 cost an average of RM580,000 per room.

The apartment is still the most expensive type of high-rise building. In 2018, a total of 6,863 apartments were auctioned, with an average price of RM200,000 per room.

However, the increase in serviced apartments or suites is the most amazing! In 2015, there were only 102 units with a total value of RM33 million, but in 2018 it has risen to 1797, with a total value of RM 826 million, with a 16-fold and 24-fold increase in quantity and value, respectively.

According to the report, the number of high-rise buildings being auctioned is large, or due to oversupply and low rental returns, more homeowners and investors are giving up their mortgages.

“High-rises are easier to sell in the auction market because of lower prices, higher facilities and rental returns than those in landed houses.”

Abang M City Apartment.

Buying Auction is it the same as buying subsale? Meaning i need to had fund for down payment, SPA, Loan, MOT etc?

Yes, actually doesnt matter auction, subsale or buy new undercon unit, cost involved is the same: 10% downpayment, stamp duty (for S&P + Loan agreement), valuation fees etc. Only undercon not required valuation fees, other fees yes.
Just that for undercon, developer willing to bear some of those cost. To make the package attractive for you to buy. Example only need pay 2% dp (remaining 8% they give rebate), free legal fees (if use their panel law firm), etc. Cost involved is the same, just that developer borne those cost on behalf of you.

i saw this as well....
It seems auction market is getting hotter and hotter due to its low price much lower than market value.

Beneficial Owner : Jamal Bin Md Yunos
No. 358, Resort dan Restoran, Jln Pantai Redang, Kg Baru Sg Labu, Sekinchan, Sel.
**13,509 sq meter, Resort and Restaurant, Malay Reserved
**Auction Price :RM 4.5 mil
**Auction Date : 15/7/2019



This post has been edited by Lelong King Jeff Low: Jul 10 2019, 09:09 PM

This is interesting

Bumi ?

By the way - the buyer better be a real tough person - wouldn’t be easy to evict current tenant

unless the borrower could find a white knight, auction is likely to go through over 5 rounds.

Its been abandoned for more than a year now.

This one is a malay reserved plot therefore even Sabah and Sarawak natives aren't allowed to buy.

All I can say is good luck to Jamban Yunos.

Or rather the Bank or whoever who buys over later. I know a land owner who sold a piece of land near Tanjung Karang to Jamban but the deal wasn't transacted yet because he has failed to secure a loan for it. But this Jamban kept telling others that he bought the land and the land owner is having trouble reselling it now as nobody in that area would want to get involved with Jamban.

This post has been edited by TOMEI-R: Jul 10 2019, 12:45 PM

we could probably see it drop below RM$2.5 million due to Malay reserve land and samseng previous owner

This post has been edited by michaelchang: Jul 10 2019, 05:46 PM

Hati kena kental in lelong. Always prepare for the worst.