Banks begin foreclosure proceedings if borrowers default for three consecutive months in compliance with mfrs9.

Cross default if implemented will be the killing blow to many stretched flippers.

Not necessary 3 consecutive months of non repayment, 3 months of non repayment is considered npl. Bank will commence recovery process e.g recall facility and may end with auction and bankruptcy proceeding.

Buy lelong unit but keys collect from developer office. 
Plus no need pay progressive interest.
Here's the story:
Opening of the unit:



By the way, this unit only come with 1 car park slot.

wat progressive interest?
this unit already completed....where got progressive interest????

In this case there won't be any progressive interest to pay, when you get the key you have to start with your mortgage repayments.
You will pay interest when the progressive billings start. That means when the bank disburses money to the developer as per the billing schedule you will pay interest on the amount disbursed by the bank. Hence why I rarely ever buy any new launch property until it is 1 year to completion, else the amount you pay only enriches the bank.

progressive interest is a bit only when bank out 20% for developer build the property, out more money pay more progressive interest.

while your first installment start upon building complete. example you borrow 500k, you still start pay from 500k. progessive interest which you pay for maybe 2-3years never go into your monthly installment at all

i also thought my property value will double up in 3years time frame.

expectation is far from reality bro

Cyberjaya can do airbnb?

I think the demand for short term rental in cyberjaya is pretty low. Usually it is more towards long term rental for working class who work in cyberjaya.

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.

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.”