+1 thanks for sharing

Apparently in Penang low cost flat over there not restricted to "5 years cannot sell" ruling like in Selangor & KL.

Property are free market. Supply & demand are based on willing.
But still, kenapa nak goreng low cost housing
these agent also very pride of their puchasing
Fire also come
nabeh

Young and enterprising.

Wow i cant brain these people goreng low cost housing. Morality goes down to the drain

Why need to use term 'goreng' when people buy and sell low cost?

The agent stated it clearly at his facebook post.
The purpose of him buying these low cost because it's easiest to "flip".
Same goreng concept doesnt matter you buy any product.
This is his goal.

The guardian of the rakyat is supposed to be the government. I’m sure they can impose a restriction if they want.
They have let the poor people down.

Not poor but the people who need.
As i know lots of penangties are queing for low cost-affordable housing.
Some said waited for years, and they got no updates from the Penang state housing department.
These people are should prioritize for the low cost hosing not people like this to flip it over.

Yes mate. My bad.

Not necessarily poor but the needy.

Very unfair.

I wonder how the guy can be so happy making money by depriving the truly needy.

What's goes around comes around.

Let's say person B buy the house through Auction from person A... End up, person B can't afford to settle the loan or can't pay the downpayment, would the house re enter auction at the B's purchase price, or start at market price again?? I guess shud be market price?

Will re-auction start from the last reserve pricing of the unit.

Example last reserve price 520k. Person B won at 535k.
Will re-auction back at 520k.

If person B B ady paid for 5 yrs instalment after won the auction but suddenly can't afford instalment today? Last reserve price 5 yrs ago might be too low for today market price??

If after successful transferring to Person B name, then this is totally another different story.
Can be under different bank.
Will be based on new valuation from the auction bank if B suddenly stop making the monthly loan installment 5 years down the road.

Why are the reasons cannot transfer name after got the auction property?

Last time i was told that normally will have a few syndicate at auction to control the price? Hence, hard to win the bid. End up u need to pay them in order for them not compete the same bidding on the property u wanted.

Isn't true,?

Depends mate - I saw one land office auction - reauction after bidder default at 10% down

Bro - need details of the transaction to answer why transfer can’t be done. Usually for auction unit state will not withhold consent. At least not in my experience.

Syndicates as I know are there To make money. Mainly to make money. Those days in 1999 - usually they target newbie- look as if many bidder then they Pau bidder some money then walk off from auction.

Nowadays mostly broker to negotiate deal amongst bidders. At the right price all the other bidders will withdraw and you ca get the unit at reserve price or something within a certain threshold - depends on the auctioneer also.

This one sure got bidder is pretend as ghost purposely go there jack up prices end up jialat didnt expect other bidder pull brake and he makan the thing.. end up rugi 2%

You are right.. Should not encourage these buying behaviour.. Need to control and protect the low cost..

Bread and butter is already a struggle for most low income earners..

Must not exploit the unfortunate..