Rampai Court Phase 2 Land Grab :

The current management has requested the owners of Rampai Court Phase 2
to allow them to solicit proposals from developers for sale or redevelopment of our 6.6 acres of our land.

i have no means of contacting all 560 owners of the land title of the apartment scheme but would advise all owners to
consider the following before negotiating with any land owners or developers eyeing our land.

Before committing yourself to any negotiations,please note that the land and buildings must first be valued by a trusted Valuer.We must know what the market value of our land before we make decisions.

Here are some figures to guide you :

1) 6.6 acres x 43,560 fs/acre X rm650/fs (comparative rate) = rm186,872,000.00
2) 6.6 acres x 43,560 fs/acre X rm 750/fs (current or residual rate)=rm 215,622,000.00
3) 6.6 acres x 43,560 fs/acre X rm 850/fs (future rate ) =rm 244,391,000.00.

The above are land prices that future developers of the 6.6 acres are willing to pay to develop the land into high density developments to replace the current low density ones at 80 units/acre.

Based on the land values above each co owner of the land is worth

1)186,870,000 / 560 = rm333,700.00
2) 215,622,000/560 = rm 385,039.00
3) 244,371,000/560 = rm 436,377.00

Note that the property value is not based on the selling price of the 30 year old apartments but on the potential of the land.
The land value remains even if the apartments turn to dust in the future or are levelled to the ground.In the meantime the apartments have not been condemned and are still habitable and can fetch rentals worth more than 100k for the remaining 10 to 15 years of their lifespan.So the transfer price of each unit owner is worth another rm 100k.

Possible Gross Development Value if redeveloped :
400units/acre x 6.6 =2,640 units maximum.

2,640 units x avearage 1000fs/unit x rm500 /fs selling price =
rm 1,320,000,000.00

Note that to most developers land prices are usually capped at 20 % of Gross Development Value.

Future Developers can easily make rm100k per unit from medium cost apartments based on above land values.

DBKL is very supportive of redevelopment of low density developments to high density ones with multi level car parks especially the walk up apartments in Wangsa Maju and the low cost walk up flats.

They do not consider the problems of high rise apartments when faced with poor maintenance and unhealthy crowding of people on land.

Rampai Court is probably one of the last developments in Wangsa Maju with the ambience of low density development
with clean air,some open space and greenery ,less maintenance problems and among the last of affordable housing below 300k and rentals below rm1k and is sustainable for at least another 15 years with good management.Rentals are still good with 4 % return provided the units are renovated.

Please consider the above and dont allow yourselves to be short changed and cheated.

This post has been edited by Rampai Court Resident: Feb 28 2018, 07:39 PM

Rampai Court is FREEHOLD?. is it?

What's the offer price from developer

Probably developer will exchange rm100k plus 1 unit to existing owner

DBKL also tend to aim sri rampai for new flat building at the primary school area there !!

This post has been edited by Rampai Court Resident: Feb 15 2018, 12:45 PM

You have the figures spot on.

This post has been edited by Rampai Court Resident: Feb 16 2018, 01:39 PM

You are correct.Rampai court phase 2 sits on 6.6 acres of freehold land.
No matter what natural disaster befalls the area you will still be one of 560 shareholders of this piece of valuable freehold land
forever.

This post has been edited by Rampai Court Resident: Feb 16 2018, 08:41 AM

Rumours are the same MCA developer wishing and failing to gasak Wangsa Maju Phase 2 E by offering 300K per owner .They want to offer rm350k in Sri Rampai Phese 2.
The same developer is targetting the Sri Rampai 4 storey low cost flat redevelopment and also the 4 story low cost flats redevelopment in Jalan Tun Razak.
Pretty soon they will run out of empty units to house people who wish to swap their titles for future units or may have to house them
in horrible places like Teratai mewah or old Klang road.
Be wary when a Developer bites of more than it can chew,remember the fate of the great Pandan Developer Talam Group.
After surveying developments in Setapak,one cannot possibly buy a new unit below rm400K because most units exceed 1000 fs,
although there may be places available more than 20 years old such as Sri Pelangi or Alpha.
None of the alternatives are located in a nice residential area with clean air and good location and public transport.
Rampai Court phase 1 which is close to completing negotiations have eve higher value as they are lower density than phase 2 at 80 units/acre,therefore land value divided by share holders is closer to half million.
That is why they can exchange land titles for a future 1200 fs unit which in 3 years will probably be worth 500-600k based on the middle range selling price of rm500 per fs.
Consult the experts before selling land and do a valuation first.be very careful with JVs,many developers can go broke and suffer cash flow problems.Remember there are only 40 figures in Malaysia worth more tham rm1 b in Malayisa,officially.

MCA developer? Lol

Rampai court seems like it's an old building. How many owners do you think will hang around in LYN? Might as well print out leaflet I'm three languages to inform them about this then just slip into their unit.

One has to be very discreet about it.In phase 1 ,the majority agreed to exchange.A few old people living out their remaining years chose not to agree.So the majority made life very difficult for them,like scratching their cars,puncturing their tyres,hissing at them etc
to intimidate them to move out.I've tried to advise them and they are scared shitless.
Most owners of phase 1 are landlords struggling to rent out and have no more interest in the place.you should know how greed and money can turn people into monsters.
This is what happens to strata residential developments when residents committees take over and ruin the whole housing with mismanagement and corruption.It can happen in any high rise housing like say Teratai Mewah or Genting Court.
the way I see it,in today's housing market with oversupply of high end units,properties will find it difficult to appreciate in value but prices will remain stagnant with obsolescene and bad management and in same cases after 30-40 years will become ghost apartments or slums and eventually condemned and redeveloped.
The good thing if you are a co owner of freehold land is that the land value will always appreciate,not the apartment.
Spread the word around and hope more people will be sing mok.

Wah FREEHOLD also so headache wan ar...? I thot ppl say freehold is no worries wan...

Land may be freehold but buildings deteriorate over time and become inhabitable after maybe 40 -60 years.
look at the condition of 40-50 year old residential buildings like Sun Complex,Choo Cheng Kay and Sam Mansion for example.
Eventually after 50 years with no renovation or upgrading and poor management the whole building might be abandoned
and have to redeveloped or land sold off to make way for new developments.

all 560 land owners of Rampai Cort Phase 2 please note.They have informed that during the AGM on Sunday 11 th March 3.00pm at the playground,they want us all to give them the mandate to solicit proposals from developers to redevelop or buy over the land.
Imagine, a management which spends its time behaving like a broker trying to negotiate land deals instead of serving the residents staying there and solving problems and trying to make the living environment better.
Do what is necessary to protect our common interests.

This post has been edited by Rampai Court Resident: Feb 16 2018, 12:52 PM

I was told if 75-80% of the resident agreed to sell, the whole acquisition will be materialize
But I not sure whether true or not

It must be true for DBKL projects ie.projects developed and administered by DBKL because that was what happened to Wangsa Maju Phase 2 E after the MCA Developer failed to get more than 75 % of Wangsa Maju flats run by DBKL on a rm30 monthly maintenance fee to agree sell out.
It is not true for private developments because the mother of all land laws the National Land code says that one caveat alone or refusal to sell is enough to block all transactions of the master title.All strata titles of the scheme must be surrendered to land office to be amalgamated back to just one master title before the development can be processed by the Land Office.
That is what is happening in Jalan Tun Razak's Desa Kuda lari Codo when a few strata owners refuse to sell out.
it could also be true for the nearby Raintree club where there are proposals to sell the club land jointly owned by club members(this is a case where the club is owned by members not just by users owning a licence to use the club)
There are however proposals to amend the national land code to empower compulsory acquisition by means of a majority of supporters instead of agreement of 100 % of the joint owners.We must never support that mentality,its like saying that just because 70 % of a country are Muslims they have a right to tell the minorities to close their Chinese schools or use anything that is haram.
in other cases even if the 100 % is not met,the others will intimidate sabotage or harass the rest to move out by simply stopping the services such as not maintaining the lifts,and not repairing faulty electrical or water supply to those remaining.

The current minister for KL is going all out to convert KL into a concrete jungle and you see it in Bukit Kiara or Taman Desa .
Unlike the past DBKL which encourages healthy living with tasteful and healthy living environment,the current one is very Developer friendly and wants to do more business collecting more assessments and Development Charges on new developments.
if your home is located on low density development more than 30 years old with ample open space and open car parks,you are fair game for the developers to grab your land.

This post has been edited by Rampai Court Resident: Feb 18 2018, 05:56 PM

That is why a lot of malay land is undeveloped.Imagine passing on land ownership from man to four wives and their children and granchildren,not all of them will agree what to do with the land.
That is the problem facing redevelopment of Kampung Baru where everyone wants to be a millionaire overnight.
If you are a fan of fast change and redevelopment,follow China where all land titles are restricted to 33 year old leases or Sarawak with 66 years.

This post has been edited by Rampai Court Resident: Feb 16 2018, 02:25 PM

Redevelopment beside could unlock the value of the land, it will bring existing property to a new level. As long as stakeholders are fairly compensated, one should embrace.

Happy cny