But if ur contract signed 48 months, probably still enough time for the developer to avoid paying u hehe
Covid19 and MCO effect on properties, Q&A Session on the effects
Covid19 and MCO effect on properties, Q&A Session on the effects
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Apr 15 2020, 04:30 PM
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#1
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But if ur contract signed 48 months, probably still enough time for the developer to avoid paying u hehe chong8888 liked this post
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Apr 21 2020, 09:21 AM
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#2
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Apr 23 2020, 06:41 PM
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#3
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QUOTE(CastleInTheAir @ Apr 23 2020, 06:26 PM) DISCONTINUANCE OF A BUKIT JALIL CONDO PURCHASE UNDER CONSTRUCTION Which property in bukit jalil? I can help u check okay or not..HDA (SPA ) Clause 11, in part, stated if a purchaser fails to pay any installment, where up to 50% of the purchase price has been paid, the Developer may terminate the SPA, forfeit 10% of the purchase price and refund the residual sum previously paid back to the purchaser. I have already paid 27.5% of the progress payments. In view that property prices is expected to tread lower, I am thinking of forfeiting 10% of the purchase price to the developer and opt out of the purchase. This is aside if there's any bank loan may have been obtained and the cost to be incurred in termination the same. The rational is that it is likely I may be able to repurchase a comparative property at an even bigger discount or even upscale to a landed property. This is essentially a business transaction and anyone in such a situation is simply exercising rights bestowed to both purchaser/s and developer. Any views from anyone thinking of this avenue? |
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Apr 26 2020, 08:06 PM
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#4
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Is it possible that u find a buyer and transfer it to him?
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May 2 2020, 07:57 PM
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#5
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Property price can't go below the price where the installment + management fee gone below rental. In a rather efficient market, with many participants, if a property price drop so much that the rental can cover installment + management fee, it will be snapped up by any smart investor.
Say a property of 400k able to fetch a rental of 1500. If it ever drop below 300k, someone else will buy it and rent out to the original tenant. Then u can roughly calculate how much is the bottom for the property. So let's say the property price were to drop drastically, the rental need to drop as well... which I think is very unlikely as rental demand will be higher during a crisis. |
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May 2 2020, 08:42 PM
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#6
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QUOTE(mini orchard @ May 2 2020, 08:25 PM) Installment based on loan amount plus interest. Kinda hard to explain. If u can buy a property and immediately rent out for the same amount as ur installment would u buy it?Rental based on demand and supply. How is it related ? Then u can kinda calculate the rock bottom of property price. I would just use monthly rental x 200 |
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May 3 2020, 04:27 PM
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#7
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I looked at KL properties and found that most of them don't even make 6% rental yield. Some are at mere 1 to 2% and I think these properties are the ones that will be hit hard.
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May 4 2020, 11:37 PM
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#8
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QUOTE(hyperx @ May 4 2020, 11:32 PM) I’m facing almost similar dilemma. I’ve been looking for own stay nearby my workplace in KL. Just before Covid / MCO, i found a nice place. I placed my booking and applied for loan. It just got approved last week. But looking at the current situation, i’m not sure too myself to proceed or not? Same situation here. I delayed the loan offer and since if I want it back I can just apply from another bank... Since it is a pure investment property there is no rush for me. 4.05% is not low though..I’ve also decided to look for undercon due to lower entry cost and it supposed to be completed by early 2022, so will gives me a bit more time. Things that bothers me is that, the uncertainty about current situation; Covid, economy etc2. With my current income, i’ve managed to get the loan approved. I guess my rental income i’ve got from my other properties helped. Right now it is still ok, but deep down i’ve bit of concern what if my rental income affected few months down the road? With regards to my job, touchwood but it is a stable job. Nevertheless, i still need to prepare for the worst. I’m supposed to get quite a huge salary increment by end of this year or early next year. Which will gives me a lot more breathing room. But given the current situations, i’m worried if it will be delayed, or worst, not as how i expected. Owh, and another thing is that, the bank offered me 4.05%. Im hoping to get lower, but only if i take MLTA which i dont intend to as this is for own stay. With that also maybe i can get only around 3.85-3.9. If i’m not ‘in a rush’ for find a new place to stay, should i go for it or wait-and-see? |
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May 9 2020, 03:33 AM
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QUOTE(icemanfx @ May 9 2020, 12:48 AM) After experiencing lockdown, needing social distancing and possible cross infection from common facility, many city dwellers i.e apartment/condo residents in some countries are moving out to suburban and country side. maybe can start looking at freehold landed house at tier 3 locationsWill this trend occur here? |
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May 14 2020, 08:18 PM
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#10
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May 14 2020, 09:20 PM
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QUOTE(Salary @ May 14 2020, 08:22 PM) I use developer units around the area as benchmarks. With the rebates developers are dishing out, most subsales are around or even above the what the developer is offering. Why would I buy an 5-year old house at the same price as a brand new developer unit? Even developer MCO offer also not very attractive only. At best cheaper by 5k to 10k which is negligible to the property price..I thought it will come down during the MCO, but sellers are sticking to their original asking price. Hoping to land a bargain after the moratorium. |
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Jun 5 2020, 04:46 PM
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HOC is back
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Jul 29 2020, 04:01 PM
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#13
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QUOTE(icemanfx @ Jul 29 2020, 03:48 PM) 1) Three-month extension for those who lost their job this year Monthly reduction for those who got a pay cut will still incur interest?To qualify for the three-month extension, a borrower must have lost their job this year and have yet to secure a new job. If their situation persists after the three-month extension, which expires at the end of the year, the banks may still provide a further extension for such individuals, depending on their respective situation. 2) Reduced monthly repayment amount for those whose salary was reduced Borrowers whose salary has been cut due to the economic downturn brought about by the Covid-19 pandemic may seek a reduction in the monthly repayment. The reduction in monthly repayment will be based on the proportion of the salary reduction. The ratio of monthly repayment reduction to salary reduction may differ depending on loan type. For housing and personal loans, the monthly repayment can be reduced at the same rate as the salary reduction. The ratio of reduction was not provided for other forms of loans. This reduction will be allowed for at least six months. An extension can be considered, depending on the status of an individual's salary. 3) Others may negotiate with banks for certain reliefs if facing difficulties The government said banks have given a commitment to help individuals, small and medium enterprises (SME), small traders and self-employed individuals who face difficulties in meeting their commitments due to the Covid-19 pandemic. Among the possible reliefs that can be negotiated by such individuals are: - Only paying the interest portion of loan repayment for a certain period of time - Extending the overall loan length in order to reduce the quantum of monthly repayment - Other reliefs until a borrower is financially stable again https://www.malaysiakini.com/news/536600 (2) and (3) is basically loan restructuring, unless economy become better, rise of npl will just be delayed. |
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Aug 3 2020, 11:07 AM
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QUOTE(EnergyAnalyst @ Aug 3 2020, 12:36 AM) no need court Malaysia laws always protect developer more than buyers ask REHDA can help already http://rehda.com/covid-19/#faq » Click to show Spoiler - click again to hide... « |
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Jul 31 2022, 02:09 AM
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#15
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