One should not look at everything from a dollar and cents viewpoint.
Developments in the 90s were fairly well done with moderate density and plenty of open spaces
and under decent planning guidelines.
But development in KL today is based only on maximising profits
and achieving maximum density with the collaboration of DBKL which wants to earn maximum income.
Look at some developments which are a nightmare like those new ones in Gombak or Prima Setapak area, they are nothing more than 40 story rectangles and boxes.They are not residences but service apartments on top of multi storey car parks,shopping centers and even offices and hotels.Definitely not a good place to bring up a family. They are out only to make profit,not to provide the population with a good living environment.Moreover they create massive traffic jams and do not offer clean air and greenery to counter the polluted air,with many of them located next to factories in industrial areas.
Even Beijing recognises the problem is trying to improve the quality of life in Beijing.
Imagine what happens if lifts break down or water supply is disrupted or what happens later
when they are not properly maintained and end up like London's Grenfell Tower.
if your life is all about unlocking values of land and compensating stakeholders with money,you must be like one of our neighbours
living in the apartment complex.Neighbours claim his 14 year old son was creating a nuisance by scooting around the area with his motorbike and may injure someone or cause an accident.His reply was that he was rich and is prepared to pay for whatever damages and injury caused by his 14 year old son,like you he thinks everything in money terms and any casualties along the way fairly compensated.
That is why his son will probably one day grow up to be a Bank Robber or Umno Klepto or maybe one of the Tan sris striking it rich in MLM schemes and Ponzi schemes.
Or maybe emulate the ancient uncivilised VVIPs and Warlords who seize peoples' wives and daughters and rationalise its ok after they compensate victims fairly with a few bags of rice?after all your wife and daughter are now more prosperous living with rich and powerful people and their true values unlocked and maximised: :

This post has been edited by Rampai Court Resident: Feb 17 2018, 03:16 PM

Good idea.
Why not demand that DBKL unlock the real value of Merdeka Square ,Taman Titiwangsa,
Bukit Nenas Forest Reserve ,FRIM,Bukit Kiara or Lake Gardens,all the schools,hospitals,churches,temples,mosques etc and allow mega Mixed Developments to be built there and unlock their values so that Developers and DBKL can make more money in a win win situation.
They sit on prime locations and we should unlock the value of these prime land,as long as the public is fairly compensated with air con spaces within these developments in place of oxygen produced by greenspaces..So long as money is made we should happily embrace it.We should rename DBKL's Town and Country Planning Division as Land Value Unlocking Division and abolish Environmental and Social Impact assessments altogether.

This post has been edited by Rampai Court Resident: Feb 16 2018, 05:39 PM

This post has been edited by Rampai Court Resident: Feb 16 2018, 05:20 PM

In the case of the adjacent Phase 1 Development (where negotiations are close to completion)which is 240 units on approximately 4 acres,a low density of 60 units per acre (my guess only) ,the figures would look like this :
Land value : 4 acres x 43560fs/acre x rm 700/fs = $121,968,000.00

This means esch of the 240 co landowners is worth : rm500K at LEAST
The developer offered each owner to swap a future 1200 fs unit worth at least rm600k (@rm500 /fs) pluse 3 years rental paid while they stay outside for the project to be completed.

Some of the handful of owners who refused to move have been offered service apartments nearby worth rm400k as compensation or cash rm400k as compensation.
The few remaining owners are retirees and senior citizens who bought the units 30 years ago and know fully well a compensation of rm400k cannot buy anything in the area with its green and convenient location without having to live in a foul oxygen deprived 40 story pigeon coop.
Unfortunately people in phase 1 were in a hurry to rush into negotiations,if they had waited they could easily find a Developer with stronger financial background and track record to contract with.
Dont be surprised that many tycoons can easily afford to pay rm121 m cash for the land if you put it up for tender.
I leave it to you to conclude whether the people of Phase 1 got a good deal.
When approached by businessmen to buy over land or JV,be smart,make a valuation of the land first,open negotiations out for tender to avoid hanky panky and stay clear of shrewd shifty businessmen and their cohorts merely out to maximise profits with no social responsibility and ethics.Have all data and figures verified by professionals.Who knows what will happen to the property market in the future or if the project may run into financial problems as has happened before.
Also make use of the police and MACC should transactions not be carried out above board or in a transparent manner,after all several managers of management corporations have recently been jailed for bribery and corruption.

This post has been edited by Rampai Court Resident: Feb 17 2018, 06:25 PM

Co owners of RCP 2 please do your sums :
Your apartment may only be worth rm300k at most now.
But even if you leave it unrented for 10 years you just have to pay maintenance of rm110 plus water bill,IWK,quit rent and assessment all total
at most rm2k per year which works out to rm20k after 10 years.
In 10-15 years the place might be abandoned or unfit for occupation but you will still be able to sell the land at rm 400-500k per shareholder or more.
In the 10 years after you sell out now,the developer can still do some renovations and house temporary tenants waiting for their homes to be completed elsewhere by the developer saving the developer at least rm36k per house every 3 years based on a rental of rm1 k per month and do it 3 times over in the 10 years and saving rm100k in rentals they have to pay for temporary accomodation for their swap buyers.Thats almost an additional rm100k in rental income to the developer.
if you still can rent your house in the next ten years it is a bonus and can add almost rm100k to your income.How many afforadable apartments are there left in Setapak that can be rented out for rm1K?
Think about it,unless you are really desperate for quick cash.
You can of course expedite the deterioration and end of the housing scheme by renting it out to Myanmars and Banglas
and uncivilised people or put incompetent people to mismanage the place.

This post has been edited by Rampai Court Resident: Feb 17 2018, 09:31 PM

Hi, My family owns a unit in RCP2 Block A.

I attended the recent EGM on regards of increasing maintenance fee and redevelopment,
And while I agreed for redevelopment, I cant help but feel the results are bias towards a developer.

Look at the comments about Phase 1 two above your post.Dont be surprised about raising maintenance fees as the normal collection is hardly enough to cover costs.
There is also a general apathy amongst owners as most have moved out and are only collecting rentals.
If I were in your place I would negotiate with a big name and branded Developer willing to offer cash at
rm500K with no risk and cash in or use the money to buy newer properties in the market.Properties are unlikely to appreciate much like before because of the glut especially of high end condos.You cant buy anything new below rm400k and less than 900 fs in area.
Developments often fail because of cash flow problems especially with managers with poor cash flow management skills,
the most famous being 1 MDB.Why put your property at the disposal of entities that are not fully trustworthy?
I heard the developer is willing to swap 1200 fs units worth at least rm500k and you have to draw lots.
A bird in the hand is worth two in the bush.
Redevelopment would mean the density would be increased 4-5 times with a building up to 40 stories
and no more clean air,landscaping and greenery and huge traffic jams and once again the failure of a good resident committee to manage the development well.
There are already Developers ready to offer 100% cash for your land and buildings.You know the value of the share of the land,the old buildings can be used by the Developer to house people displaced by the redevelopment of Bandaraya flats nearby for at least another 10 years.After they are vacated the land can be developed.

:

This post has been edited by Rampai Court Resident: Feb 18 2018, 02:09 PM

Go and get a fair deal.

Sit on the initial offer if you feel uncomfortable.
Demand that the fixers and organisers brokering the deal call for other offers
from other Developers just like in transparent Open Tenders and make comparisons
and get the best deal just like buying all other expensive goods.
But before that value the land and buildings.
remember that as it is as co land owner you may be worth rm500k or more,before redevelopment ,after that
you get a unit of about rm500K,but 40 years later,when the new building deteriorates,your value as co-land owner drops to 1/4 if you have to share the land with 4X more landowners.It is unlikely that the land will appreciate further unless it has commercial value.Future owners of the redeveloped land will have to pay developers to redevelop the future high density units eventually:
You can bet your bottom dollar that many developers who are now scouting for land in Setapak can easily afford to pay you at least
rm500k cash for the share of the land.Any real estate agent would be able to broker alternative deals.

This post has been edited by Rampai Court Resident: Feb 20 2018, 08:19 AM

https://www.hba.org.my/news/2009/08/managing.htm

Wow, so many owners want to sell.

What is up ??

Desa Kuda lari is going to be the first project in Malaysia where 90 % of the strata title holders agree to sell their land enmasse to bidders.Note that the process has been carried out by bidding and in a very professional manner.

http://www.theedgemarkets.com/article/desa...raws-12-bidders

This post has been edited by Rampai Court Resident: Feb 20 2018, 03:07 PM

http://www.focusmalaysia.my/Assets/act-to-...ale-much-needed

http://www.theedgemarkets.com/article/desa...e-history-again

Problem of redevelopment

This post has been edited by Rampai Court Resident: Feb 20 2018, 01:43 PM

http://raintree.com.my/thestar-article/

https://www.propertyguru.com.my/property-ne...se-sale-delayed

https://www.thestar.com.my/business/busines...-desa-kudalari/

"CBRE-WTW deputy managing director Danny Yeo noted that the last transacted price in the project stood at RM1,250 psf in a sale done in 2015. The firm noted that prices in nearby projects stood at RM3,573 psf.

Based on CBRE-WTW’s calculations, the RM1,250 psf transacted price works out to a land price of RM960 psf. This is a far cry from what unit owners could receive from the en masse sale, based on the indicative value of RM2,000 to RM3,500 psf."

If the seller in 2015 had not sold his unit at rm1250 per fs which translates to a land value at Rm960 per fs,he could have sold it now at rm3000k per fs as co land owner and collected rm6 m as opposed to 1-2 miillion for his 850 FS unit.

The enmasse sale of 90 % of the units means that the buyer becomes the new owner of the condo and will manage the condo.Use your imagination to think how the remaining minority owners will be treated.
Redevelopment still cannot proceed until 100 % of strata titles are surrendered to be amalgamated into one master title.
Notice that in this case,the bidders do not buy the land ,they just buy up 90 % of the old condo units and become the majority share holder of the land.Those who sold their units do not realise the full value of their share of the land.

This post has been edited by Rampai Court Resident: Feb 20 2018, 07:39 PM

"Wow, so many owners want to sell.

What is up ?"

Because the layman cannot distinguish between house prices at market rate
and the value of the land in terms of the share portion owned by the unit owner ie.unit rate and land value of each unit

By now the reality must have set in.Unlike landed properties or low density dwellings likely to deteriorate in building's value but appreciate in land value,high density condos like cars will have no upside for appreciation,after 30 -40 years the building is condemned and the share value of the land price by the unit holder becomes a fraction of the house price,as too many co-owners have a share of the land.
this means that people in their 20s and 30s owning and mortgaging a high density condo today will have to put up money again in 30-40 years for a new condo as the residual land price after the condo is condemned cannot cover the price of a new condo.
Which also means that it wont make much sense to own many condos all at one time,as they will depreciate like cars.
This will probably cause a fall in the prices of condos,more compact units and more affordable condos

This post has been edited by Rampai Court Resident: Feb 20 2018, 08:39 PM

Well say. the current KL city mayor is turning the whole KL to be a concrete jungle which eventually everyone will suffer not only caught in jam but empty highrise with no one stay.

and he even threatened to sue when Teresa Kok called him the Developer's Minister.
The people in TTDI deprived of their Kiara Park and the people of Taman Desa
who had their playground converted into a high density condo must really know him too well.
Its a case of a shifty businessman appointed to be a FT minister.

I know which MCA related developer u talked about....indeed, this developer is famous in mass production