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TSmark0411
post Jul 16 2008, 11:09 PM, updated 16y ago

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I'm planning to buy an apartment around Selayang. I discovered that the apartment is going to be built on a commercial land. Any disadvantage if an apartment or a house is built on a commercial land?


Jordy
post Jul 16 2008, 11:15 PM

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QUOTE(mark0411 @ Jul 16 2008, 11:09 PM)
I'm planning to buy an apartment around Selayang. I discovered that the apartment is going to be built on a commercial land. Any disadvantage if an apartment or a house is built on a commercial land?
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Wrong section to post bro.I
f the surrounding area is not too noisy or dirty, then it is still ok I suppose.
Mostly commercial land will have a lot of shoplots, so you have to see what businesses are they running.
Price appreciation could be limited unless the area is well developed.
tinkerbel
post Jul 16 2008, 11:41 PM

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If the apartment's built on Commercial Land, ur Utility Bills will be based on commercial rates; check if the developer has plans to transfer the land from Commercial to Residential.
TSmark0411
post Jul 17 2008, 10:35 AM

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Any other disadvantages to be highlighted?
tinkerbel
post Jul 17 2008, 10:37 AM

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@mark0411,
If it's being sold by a developer, he wouldn't be able to sell it as an Apartment; he would have to call it a Serviced Apartment tongue.gif
TSmark0411
post Jul 17 2008, 10:51 AM

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i take it buying a serviced apartment is a good thing,no?


tinkerbel
post Jul 17 2008, 01:25 PM

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@mark0411,
Developers need to call it Serviced Apartment but it doesn't necessarily mean they will provide the services.
leejengkid
post Jul 17 2008, 01:32 PM

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QUOTE(mark0411 @ Jul 17 2008, 10:35 AM)
Any other disadvantages to be highlighted?
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if based on commercial rates, your utility bills will be much higher as compared to residential rates
tinkerbel
post Jul 17 2008, 01:43 PM

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@leejengkid,
That is absolutely right - most of the time, developers promise to convert the land from commercial to residential; whether or not it gets converted I don't know *shrugs*
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post Jul 18 2008, 12:41 AM

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As a buyer, I don't see any benefit of buying a residential unit that is sited on a commercial piece of land.; except in the unlikely event of an en-block sale for re-sale purposes happens (usually happens in much sought after locations,,,and after many many years of holding on to the property) . In this instance, the commercial use statue will probably fetch a better price than one that's designated for residential use.

The disadvantages are generally higher cost like assessment rates ( which can be substantial), utuilities charges. Some local councils do not even want to clear your garbage but treat these properties like all commercial bldgs who have to engage private contractors to clear your garbage!

Prior to the latest amendment to the Housing Acts, buyers of residential units built on commercial land are not protected under the Act. However, this is no longer an issue.

If the developer can get the bldg plans approved while the land is still under commercial use, (most local councils will accept this condition) the developer will not bother to change the status of land use to residential as it is time consuming and conversion fees and preimium have to be paid all over again.
hanif444
post Jul 24 2008, 05:02 PM

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service apartment need to pay more

 

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