what the hell ....
where is this place? who is the developer?

What's your worst property purchase?

this is my story of my journey, pain and frustration of my worst property purchase, lessons learned will be shared below. I wanna rant here cause my lorong neighbour today lelong off their unit at below market price.
this is my second property I purchased (also my first landed house), so I was relatively new to this prop thingy. a real newbie
I bought from stupid IOI during early 2015 and is in IOI Bandar Puteri Bangi @ Teresse 2. during that time, they are doing pile foundation on the site



bought it at MYR769,000, with 90% loan for 35 years, that amounted to MYR699,000. Topup 4% @ MYR31,000. Got a discount of 2% from IOI Club platinum membership (cause bought more than MYR2,000,000 of prop value from them), another 2% discount from events promo (CNY that time buy) and another 2% discount from referral (extended family referral fees pass back to me for down payment).

now here's the shittiest part, after 7+ years, the house value never increased but decreased. why? there are so many unsold units, and the developer are trying to sell them off ASAP. so they throw in some ridiculous discounts.
eg. take bumi lot for example, 7-10% discount over the years (CRAZY!), then raya/cny promo 4-5% off, referral scheme another 2-3%, IOI club membership 2%. total discount is almost 20%. that is -20% of the original house value, so  people are buying at around MYR630,000 for my unit type post CCC for those unsold units while I bought it at MYR722,860. that's more than MYR100,000+ difference and it's so unfair. it pull down the property price. and to make matters worst, IOI introduce a scheme during MCO. BUY NOW PAY LATER, loan is under IOI. so they buy the prop and dont have to pay loan for 5 years. CIBAI!



so many people buy those props, but never move in ... until today. so what happened? well.... they cant pay back the loan, so banks lelong it at stupidly cheap price, like 40-50% below market value. then people started disposing it -10% below market value too.



as you can see from the screenshot, the property is already overpriced, stupid developers made it fucking worst. a 7 bedroom, 7 bathroom 3,300 sqft unit 3 story terrace house 1KM away is CHEAPER by MYR100,000. 

now you might tell me, just wait till the value appreciates and dispose the unit. meanwhile rent out.
well, renters are hard to find in that area cause they are spoiled for choice. like i would wanna rent in that 7 bedroom 7 bathroom house 1km away, which cost MYR1,800/month. meanwhile my taman rent is 1,900 cause have to offset installment to bank which is around MYR3,600/month. so rental is slightly more than half. so what my creative neighbour did is to partition up the entire house, 3 bedroom downstairs, 3 bedroom upstairs and rent the rooms out for MYR400-600 to cover the installment. but that barely covers the full amount and there are only 3 renters at the moment. sad shit

so i am stuck in a dilemma, cant rent out (too low rental and too many competition, not enough renters), cant sell (-10% market value now, brand new house -50% value), and if wait until full loan tenure then sell off, i would be actually paying MYR1,512,000 (total payment with principal and interest). i will be paying MYR882,000 in interest over 35 years, and i doubt capital gains can cover that.
also this property have so many defects, some of my neighbours have their roofs fallen on their heads, leaking everywhere, huge cracks and even hollow garage due to soil erosion. the developer sucks in marketing as well as workmanship too
this prop is beyond fucked.


Credit: neighbour's house. this shitty IOI developer workmanship sucks beyond belief. complain to MPKJ already, developer still dont wanna fix

so my lesson learned:
1. avoid small and medium size developers. and for the big fish developers, in my opinion and experience, only Sime Darby, Glomac, Tropicana can be trusted. the rest like Mahsiao, IOI, etc. can eat shit
2. dont trust sales agent, dont trust marketing gimmicks. a property is your biggest investment in life, do your research gao gao. if possible, price check on every single property and future developments around a 5km radius. dont slack up, cause developers love to upscale, oversell and overprice their properties.
3. track record and reputation of a developer is important. if the developer has multiple red flags before, avoid that developer at all cost no matter what.
later i post some defects of my neighbour's house. see also wanna cry

At least the houses are completed, whereas at Kuchai PRIME AREA a fully sold out condo price ranging from rm300k to rm780k++ went ABANDONED…all buyers underwater especially with the rising OPR

How come sold out can abandoned one

BBB UUU they say

property price don't drop they say

Hi bro,

i m in the similar situation like you, almost identical, mine is Tropicana Gardens.

All these so called reputable developter just played us kao-kao.

i am also half death with my over-priced property at Tropicana Gardens, cant even sell, market price is lower than our purchased price.

damn the developer.

yes, i bought EV4 in Elmina City. water leakage aint that bad compared to IOI's flagship bandar Puteri Bangi super terrace house (lol @ their marketing gimmick)
i also saw that hammerstunt, that tropicana went cheapo and fucked up. but their old developments like Tropicana Grande which i owned, still top notch

and talking about sincerity to fix problem during 2 years of warranty. yeah, sime darby is good, really sincere and good.
my bathroom for both my units in Elmina was leaking, they hacked up the entire bathroom, redo the water proofing and replace all the tiles, included the marble tile walls, itu mahal wei, but they did it

You can't say it's unfair because you were buying early in hopes that the price appreciates right? But it didn't. Anyway I understand how you feel. I hope more people see this so that people stop thinking that
1. The margin is low for property development project
2. Property price can only go up

Cc icemanfx

this is homestay, not speculating also

but /k has to know, IOI is the top3 shittiest developer. they gave me more shit than MahSiao

Nanti LOD from IOI soon

thanks for sharing. can complain to yeo bee yin or not?