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> RM1,150psf in klang 2013, The BOSS residence

holypredator
post Sep 14 2018, 10:40 PM, updated 5d ago

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https://www.edgeprop.my/content/when-your-d...comes-nightmare

QUOTE
The Boss

Another prominent abandoned project is The Boss Service Suites (pictured, below), a high-rise residential hotel suites development in Klang, Selangor which was launched in 2010 and declared abandoned mid-2015.

This is a property with 377 units of hotel suites and 62 units of retail units which offered guaranteed rental returns of 7% to 8%.

Benny Wong, an automotive parts manufacturer, and Low Eng Kee, an IT solutions provider, are victims of this abandoned project.

Wong who is an experienced investor never thought he would end up being a victim as he is very cautious and would do his due diligence before investing.

It was not impulse buying. I had done my research on the project and on the hospitality market. I was confident that this project would do well as it had a unique design which could make it an iconic building in Klang. Demand for hotel rooms will increase as the number of tourists and business travellers are rising in this area,” he notes.

According to him, before the project was abandoned, it already had a take-up of 80%, which meant that the developer should have had sufficient funds to complete the project. However, the construction of the 28-floor tower stopped at the 26th floor. By the time it was declared abandoned, the retail units were already about 90% completed.

Wong says this project was popular among investors at that time as the price doubled from 2011 to 2013. The unit he purchased in 2010 at RM480 psf was selling at RM1,150 psf in 2013.



This Benny Wong, dunno what is he smoking but damn that shit really could turn nightmares into sweet dreams. I would be crying my ass off knowing that the project I've invested has been abandoned but this guy can still think that the property price went up up up

I'm not a property expert by any means but I highly doubt 'The Boss' condo is worth RM1,150psf, let alone in 2013. The building is by far the ugliest project I've ever seen.. my trypophobia comes crawling back to me when I look at the project photo.

user posted image


Seriously, how is it possible for an experienced investor who done his research could come out and say that it is worth RM1,150psf?

This post has been edited by holypredator: Sep 15 2018, 08:57 PM
holypredator
post Sep 15 2018, 06:05 PM

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Abandoned project is terrible.
tikusniaga
post Sep 15 2018, 06:10 PM

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this shit already hit the ceiling.

Those invested, cry cry till no tear.
holypredator
post Sep 15 2018, 09:00 PM

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QUOTE(tikusniaga @ Sep 15 2018, 06:10 PM)
this shit already  hit the ceiling.

Those invested, cry cry till no tear.
*
That banny wong seriously never do his homework. Look at the discussion back in 2010 also know so many problems with this project, how is it possible for an "experienced" investor to make such a mistake? Even a newbie would know to stay away from such project. Seriously, NEW developer with 0 experience, shitty building design and building name, all the weird scheme and "guarantee" on returns, desperate marketing and also bad location, you have to be really really new and a bit retarded to consider this project.

https://forum.lowyat.net/topic/1622294/all
nexona88
post Sep 15 2018, 10:59 PM

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hahahha
almost everyone knows it shit project.. even then this so called experienced fellow can make mistake shakehead.gif
holypredator
post Sep 17 2018, 09:05 PM

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QUOTE(nexona88 @ Sep 15 2018, 10:59 PM)
hahahha
almost everyone knows it shit project.. even then this so called experienced fellow can make mistake shakehead.gif
*
But this "experienced" fella still invest in it.
woolei
post Sep 18 2018, 12:26 AM

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same goes for "the arc" @ cyberjaya... so so promising that time.
if you look back, it still promising last time, just it turn out become a scam.
holypredator
post Sep 18 2018, 01:04 AM

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QUOTE(woolei @ Sep 18 2018, 12:26 AM)
same goes for "the arc" @ cyberjaya... so so promising that time.
if you look back, it still promising last time, just it turn out become a scam.
*
How is it the same? The arc actually completed right?
woolei
post Sep 19 2018, 12:09 AM

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QUOTE(holypredator @ Sep 18 2018, 01:04 AM)
How is it the same? The arc actually completed right?
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another GRR scam still, all owner suffer a huge lose.
holypredator
post Sep 19 2018, 12:28 AM

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QUOTE(woolei @ Sep 19 2018, 12:09 AM)
another GRR scam still, all owner suffer a huge lose.
*
You have to be a fool to trust GRR. You can't guarantee returns, there is no such thing.

To me, the ARC at least delivers the property.

The Boss on the other hand delivered nothing. Abandoned since 2015 means 3 years lost of interest and income. On top of that, if there is no revival plan, you will lose everything including your capital.

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