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

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

https://www.freemalaysiatoday.com/category/...luxury-project/

Can yours be worst than this?

Almost bought a condo few metres away from newly built mosque.. you know i know which project la haha. In damansara. Luckily pull out last minute.

Agent and developer very pandai hid the information when selling.

Dcosmos?

ahh that unit mmg super overpriced. But right now the mall business is gaining back momentum, and sunway medical centre is opening soon. Maybe the property price will increase back

This few years has been very tough for my financial.

A single bad investment in Tropicana Gardens unit (bought at property peak time), plus covid-19 pandemic, retrenchment, all came in once, really set me backward very badly.

A bad decision wiped out all the previous hard work. Hope Tropicana Gardens unit price will gain to RM1300 psf in future.

Nothing much that I can do beside hold on and wait it out.

Lesser expectation, lesser disappointment. 

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

You took term loan?

Then really GG

house owner in teresse 1 & 2 too?

err no? full flexi loan. but RHB sucks. no matter how much you put in, it will shorten the duration, not reduce the installment

How come sold out can abandoned one

i can't imagine how it's like, any real buyers here in /k/ that has experienced this before? do you actually need to continue paying the loan to the bank or you just don't care and leave it as that?