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



This post has been edited by iEatCuteDogs: Feb 10 2023, 02:25 PM

BBB UUU they say

property price don't drop they say

wah damn. that's a huge defects to fix

but ioi is top 5 dev in malaysia in terms of size, water leakage is their trademark

Karma for eating cute dogs and cats?

my water leakage is bad, but my taman neighbour's leakage are even worst. whole plaster roof collapse, with fan lights and all.
last year (2022) i spent almost MYR10k to fix water tank area leakage and huge cracks. in 2021, i spent MYR20k to put awning, ponding and cracks. every year at least MYR10k+ to fix cracks.
IOI workmanship is the worst. and their achitect+designers are all retards. water tank area is exposed flat roof. OFCOURSELA PONDING, CRACKS EVERY YEAR. WATER TANK SO HEAVY YOU KNOW. U PUT IT OVER A STUPIDLY THIN CONCRETE SLAB!

I just rent my poorpeti out....

Ayem not speculator.....

this is homestay, not speculating also

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

This post has been edited by iEatCuteDogs: Feb 10 2023, 02:39 PM

ioi will build that kind of wall fencing?
seem like renovated by the owner himself

This post has been edited by sunami: Feb 10 2023, 02:41 PM

The one that offers GRR. Fck it

this is ori wall, this is endlot house

willing buyer willing seller

ok..

Fuah..walan leh

Can feel your pain. Same shit hole here, except it's Penang. Will only trust BSG, E&O and IJM here.

market value now just 1.1m.

5 years of investment fail.

bandar puteri is fakkked

occupancy low

that shop lot also take years to fill up

bandar seri putra on the other hand doing better

Nanti LOD from IOI soon

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

This post has been edited by coyouth: Feb 10 2023, 03:01 PM

Scott garden boleh kira?

we need to make a list here in lowyat to red flag all these developers. reddit and lowyat has threads about them, but they are not compiled in a list that people can refer to.
this is the most expensive purchase in our life, a list like this to help future buyers is like so important.
i am sorry for those people that work in those shitty developers, esp sale agents/accountant/etc. but if people are from upper management & architects are in this thread, SHAME ON YOU, BUCK UP PLS!
you are not selling MYR20 mekdi set ok?

NBDRE FOMO all BBBUUUUU jer

Didn't know IOI is really this bad.

Thanks for sharing.

But of all places, Bangi?

No thanks.

I'm this close on buying MCT cybersouth. Luckily dodged that bullet. defects everywhere.

although i guess it beats straight terbengkalai project, got 1 /ktard share here but couldn't remember the name, condo in semenyih

in my opinion and experience, only Sime Darby, Glomac, Tropicana can be trusted ????


You didnt see before MCO that impeccable uncle hammer stunt ?


Also sime darby , you see many ppl complaint their water proofing sucks on Elmina too.. yes plenty..

This post has been edited by bill11: Feb 10 2023, 03:01 PM

bro ur thread ada quality. ayam first time buyer and now recce for location to buy one hahaha

thanks a lot man hopefully all goes well for u

My 6 bed / 6 bath house is 6388 sqft semid unit . how can fit 7 bed 7 bath in 3300 sqft ?

Sell at loss jer since u got roof from 1st house. Moving forward buy at yr own risk, u paid the tuition fees.

This post has been edited by Chisinlouz: Feb 10 2023, 03:03 PM

actually there are bad apples everywhere, even the top developers also have projects with a lot of defects, so i'll check who is the main-contractors instead.

but sometimes also very hard la, developers tekan main-con price kawkaw, main-con tekan sub-con price kawkaw, then sub-con tekan suppliers and laborer kawkaw, in the end only can cut corners here and there.

also, mismanagement can be an issue also. works out of sequence, delays which resulted in rushing etc. if you look at our construction cost vs foreign one (except china), not bad already la.

This post has been edited by mw1980: Feb 10 2023, 03:09 PM

Not just that. Also see the level of sincerity of developers, how they deal with defects, how professional the defect team is in rectifying your defects such as hollow tiles, water proofing, wall crack, etc.

my taman representatives complained to some YB and MPKJ, IOI did come to some patching externally and that's it. the cracks came back months later and it's even worst. the underlying issue is not solved ... SOIL EROSION.
there's no embankment wall that stops soil erosion into a man made lake few meters away from the taman (CAUSE IOI IS CHEAPSKATE, WANNA SAVE MONEY ON EMBANKMENT WALL).

that screenshot of the house with huge cracks on the walls, is the house closest to the man made lake. i heard from his complaints that his garage is hollow, basically his cars are resting on a few feet of concrete. if i am not mistaken, the owner spent a fortune pumping concrete under his garage

This post has been edited by iEatCuteDogs: Feb 10 2023, 03:50 PM

you bought new house, you should have 2 years warranty right? drag them to tribunal .

if more than 2 years, like other forumer said, sell at loss and move on

4. Better buy subsale if dont want the hassle of research, because penipu will always be penipu (devs / agents / contractors / etc.)

Rent AirBNB for awhile if available at place of interest, talk to existing neighbours, etc. then buy.

Edit: Also that wall crack is fucked beyond help. If proof like that also devs / authorities won't take action then really no hope.

This post has been edited by keybearer: Feb 10 2023, 03:13 PM

3 story house bro
RM200+ persqft

CONTOH

CONTOH 2

tiumasing i know is famous for shoddy workmanship. condo waterfall, masuk air, all got video since last time. didn't know ioi also so shitty.

sincerity to deal with defects too late already, if it's a major defect no matter how u touch up also same. by right they should monitor and reject during the construction stage. but mostly just want to claim as fast as possible and avoid paying penalties. rush finish 1st settle defects later.

Seriously have you sent LOD to the developer to fix your house issues?

yes never listen to sales n agent tok kok

Wow the wall crack really topkek. Thanks for the sharing, another developer into my blacklist.

Wow.. thats bad man

Faster tag bearbearwong

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

This post has been edited by iEatCuteDogs: Feb 10 2023, 03:45 PM

By your logic, they cannot fit 3 rooms to a 6-700 sqft unit 😂

If u think of property promoter like those cryto or nft promoter, you can easily tell how much trust you should really place on them.

Remember, rich people vely seldom reveal how they get rich.

yes, LOD through MPKJ. IOI came and fix some (not all) houses externally, my house is not included cause they said my cracks not so "severe". wtf? cracks also got severity? berapa inches gap until you considered severe enough to patch up?
a handful houses with with really big cracks internally, they come patch. at the end of the day, the cracks came back .... and it's bigger right now.

to make matters worst, the next taman is another developer building terrace houses. during MCO, they did dynamite blasting (not once, but many times), my whole taman shook like an earthquake. later found out it is illegal but what to do, crack even bigger after those blasts

My house 4 storeys . ok,i see the rooms a relatively smaller

i guess can, just much smaller rooms

me first time buy home.. low cost apartment.. dunno shit about buying house.. see ad says non bumi then i thought ok la i can buy this.. from agent to lawyer to banker all say ok i can buy.. end up consent kena reject by state gov because of bumi quota.. pay lawyer fee almost 10k.. deposit still stuck there.. but house cannot get.. hahah

Should sue the developer for this sort of structural failures!

No offense, siapa suruh beli bangi?

thanks to people like you ikan get to buy below market value from auction 🤭🤭

Putrajaya?

This is likely ground settlement issue.

This post has been edited by icemanfx: Feb 10 2023, 04:08 PM

holy shit.. so bad. my condolence bro.

lets cry

what about exsim ?

Concrete flat roof need water proofing and these water proofing need to be protected else leaking will occur.

Just sell and move on

as long architect and consultant not doing their job right to design and inspect properly, even top notch developer products also can turn into shit

SUE them all!

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.

Wow, really sad story. Only way for house price to appreciate again is to open fully to China and revert mm2h to it's original 1980 T&C.

But too bad, Malaysia anti Cina, so.... Sorry to TS la. I daresay even after 20 years your house will still be at a loss.

house owner in teresse 1 & 2 too?

Trust Tropicana? Topkek adalah

Feels sorry for your TS. I only trust I&P and IJM

your agreement sure got state if consent reject have to refund you the money, lawyer fee also can refund half prolly

What I know is if najib won in 2018, this would be a happy thread.

deposit probably can.. but the lawyer fee not so sure can get or not

omg really? Tropicana? as in Tropicana Corporation Berhad this bad?
Tropicana really dropped quality over the years. can add to red flag already, if they dont improve their workmanship and products, can add them to ban list

what a pity, what a waste, they used to be real good. like Setia good

WORST PROPERTY IS FROM MAH SING.

BUY NOW. REGRET LATER.

lawyer fee i think cannot, but question. why you pay them before the signing tho?
i remembered paying only after the loan is approved, as in you sign S&P and Loan agreement then pay, gov cant reject cause you signed on paper already.
always remember, other than deposit of the house (which is refundable) you dont have to pay anything, not even MOT, stamp fees, lawyer fees. u pay MOT before you ambik kunci, you pay lawyer fees once your loan is approved and you are ready to sign paper (after you sign S&P and loan agreement then you pay, not before signing), you pay stamp fees .... wait it's FOC for new house

This post has been edited by iEatCuteDogs: Feb 10 2023, 04:20 PM

When will people learn 99% of property developers are shit conmen.

is it.. my lawyer fee i just paid RM500 only luckily.. just pay to kickstart the works once the bank approved the loan.. i just worry about the banker's lawyer fee.. offer letter stated need to bear the cost if fail to disburse due to whatever reason.. i havent pay yet lar.. but what if i dont wanna pay and they got show i owe them this lawyer fee.. will appear in my ccris

OT: for hollow tiles, the specification allows some small allowances/percentages but developer normally agrees to replace all tiles as the non-destructive test to proof the hollowness is more expensive. Unfortunately when they 'rectify' the defects by hacking means of manual or pneumatic hacker, it will indirectly damaging the structural components of the building esp the RC slab or beams.

well the thing is, when many banks offer you their loans with X% interest .... you get to pick and choose correct? and at that time, they will collect your info and can tell you can approve or not. you dont pay them jackshit, if they ask, then it's red flag already. once you get offer letter from bank, you can proceed to sign both S&P and bank agreement on the spot same time. then pay the lawyer & bank agent after you signed both... i would recommend you meeting both your bank agent and lawyer for S&P at the same place to sign both papers.

This post has been edited by iEatCuteDogs: Feb 10 2023, 04:32 PM

From my experiences, more freebies and more attractive the offer and advertisement during property sales, you get more problems and low resell value of the property due to the property is not good to begin with.

Properties that is worth to buy do not need so many gimmicks to sell.

already pass that stage bro.. my loan already approved.. got bank offer letter, signed it.. s&p also already signed.. just that during consent it got rejected by state gov

You will be surprised. People are not intelligent wan.

basic price susah fall
semua main discount tu la ni la

what unfair? You took a gamble and it didn't go as planned. That's all

this is developer problem already, they fucked up i had never encountered this before, so cant really advice you on paying the balance lawyer fees

I can conclude that TS fell into marketing sales gimmicks of the developer

kesian, coolstorywriter.

poooorpoteh BBBBUUUUU!! no buy dont red eye!

oofff..i feel for you TS...you're not alone la...anyone who bought since 2014 confirm suffering...

mean those lelong worst than you? suddenly hutang 300-400k for nothing

Kajang area. Then later ECRL reroute… Thank u WKS.

ya i really feel bad for them. i dunno how they are gonna crawl out of a huge debt, and whoever kena conned buying with IOI buy now pay later loan, and deferred paying installment for 5 years .... RIP

thread reference: https://forum.lowyat.net/topic/5091003

This post has been edited by iEatCuteDogs: Feb 10 2023, 04:55 PM

This one was my "worst" purchase because grow jungle very fast:

sorry bro, but you have to move on.

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

complain to YBY :X

Location is good, property is good, is just that their newer phase is even cheaper than the older phase, this made us the early buyer rugi kao-kao.

Hear Bangi also raise hands Big X. Where go properties go up there? Rent to malay students, even malay prop owners also takut dirty the place, 3-4 bulan baru bayar.

a lot of defect I believe was due to the contractor use sub material to save cost and to maximise their profit, a lot of them did not follow the specs.

Once you get keys, instant profit 10% 100k ++. opsss wrong era. BBBUUU

-

This post has been edited by xpole: Feb 10 2023, 05:15 PM

Don't have 'worst' purchase since all inherited

Only got tenant issue for 2 props at the moment

So what now TS? What u gonna do with this property?