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 Progressive payment for cash buyer, Under construction

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TSknwong
post Aug 15 2023, 12:47 PM, updated 3y ago

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So I got allocated a unit during a property launch here in Iskandar Puteri. The next day I was told all sold out dy. Probably because they sell cheap at a nice location

The completion is Q1 2027 so I want to know when will I need to pay those progressive amount. Is it once every quarter?

Article below was written well but it's not clear to me when is the timeline to release payment...

https://www.propertyguru.com.my/property-gu...y-malaysia-6943

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This post has been edited by knwong: Aug 15 2023, 12:48 PM
TSknwong
post Aug 15 2023, 12:55 PM

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QUOTE(spectrum17 @ Aug 15 2023, 12:50 PM)
follow the payment schedule - no diff from bank loan
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Yeah I'm aware of that...just like the schedule in my first post...but what I don't know is when from now until Q1 2027 will they ask for the payment...

I want to allocate to allocate & move around my savings accordingly
TSknwong
post Aug 15 2023, 01:07 PM

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QUOTE(Capt. Marble @ Aug 15 2023, 01:01 PM)
Cash buyer, you pay according to the completion percentage. You will need an estimation of completion date for each phase eg (1 - Dec 2025, 2a - Aug 2026, 2e...)  from the developer. They will have the estimation schedule but usually will run off a few months. Based on the schedule, you will need to make sure your funds are available when the time comes. THEY HAVE A SCHEDULE. . You will also need to have their finance contact no that handles the collection to make things easier for follow up.
It should be placed on the next column next to Amount. The developer will have the schedule, if you are buying from reseller or outsourced reseller from the developer, he might not have it.
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Thanks for this information. Very clear

Yes I'm buying direct from developer. Will follow your advise and make sure to get the schedule with ECD on this


TSknwong
post Aug 15 2023, 01:13 PM

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QUOTE(teslaman @ Aug 15 2023, 01:11 PM)
This residential or commercial?
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Service apartment
TSknwong
post Aug 15 2023, 01:17 PM

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QUOTE(Capt. Marble @ Aug 15 2023, 01:14 PM)
You will also need to ask for their terms of payment (14-30 days???) when they bill you upon completion of each % as stated. It's not an immediate next day payment so don't worry. For my case, the documents were sent by snail mail for each bill which is bad but lucky also voice call each time from their collection dept.
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I bought from the same developer before so I know they'll use registered mail...

Thanks for another great info...will check with them on that...14 days is a bit short...thought it's standard 30 days
TSknwong
post Aug 15 2023, 01:21 PM

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QUOTE(teslaman @ Aug 15 2023, 01:16 PM)
Ok, then subject to the developer claim upon completion of each stages. Keep your money where u get most return first. Developer claim have notice period for you to pay. But if late, they charge daily back calculated interest.
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Thanks. I know they will exercise the daily interested charge because I heard for other property last time, a new tenant complain when VP time can't come collect key during COVID lockdown
TSknwong
post Aug 16 2023, 02:44 PM

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QUOTE(spectrum17 @ Aug 16 2023, 02:35 PM)
pls plan a visit to the site whenever possible to evaluate the payment.
do challenge it if it is not up to progress % as claimed
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Interesting...can buyer challenge this? Based on what?

 

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