Rental and Resale (All about Rental and Resale prices in Iskandar)

Frodo said:

I don’t think everyone is feeling negative about JB properties though for sure there are those who are. And this is the group of people who are thinking of cut and run. There is a need to discuss the repercussions of cut and run because apparently not everyone is fully apprised of what it really means. At least I don’t. For example, I didn’t know I have to pay back the 20% rebate the developer give off the SPA price. That’s RM150K I need to cough up immediately if I decide to back out. Sure die one. Unless someone with $2.6m don’t mind giving away money to bail me out? It’s just a mere fraction, chicken feed to him…. but elephant feet to me.:(

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Frodo said:

Thanks for your well wishes! I really hope what we wish in our plans will come to pass. It has been a good ride so far for us. Believe it or not, it just occurred to me moments ago that back in Singapore we were living in second hand resale HDB and driving a second hand OPC but over in JB it's new property and new car. Yes, we did make some calculated moves but mostly took each step by faith. I can think of many things that could have gone wrong, most critical being unapproved housing loan or a low margin of finance. So I am thankful that we could clear these hurdles as everything needed to work together nicely. Had the bank approved a low margin of finance then I would not be able to raise a bigger downpayment in the time period given. Die there and then liao.

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Tekkun said:

Few possibilities, I really don't know. Could be:

1. Loans are not required and therefore the S&P is not stamped, it is transfer booking at deposit taking level for a fee.
2. There's a reassignment clause in the S&P and it is not considered as a standard Government controlled housing S&P Agreement.
3. Malaysian Government controls only housing S&P, commercial ones are out of its jurisdiction.
4. Chinese developers came in as master developers and given freedom space in marketing and selling their properties. I read it somewhere they were even given duty free status for materials used for these projects.

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sgtsk said:

Some management or staff of developer company book units by writing checks which the accountant just locks up in the safe. These type of units could conveniently be let go.

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Tekkun said:

CROSS-BORDER JURISDICTION AND ASSISTANCE IN INSOLVENCY: THE POSITION IN MALAYSIA AND SINGAPORE

Bankruptcy

In Malaysia, the successor provision is now contained within bankruptcy legislation and deals with the reciprocal recognition and enforcement of bankruptcy judgments and orders of other countries. The reconsolidation of bankruptcy law in Singapore in 1995 saw the re-enactment of the corresponding provision with some textual amendments.

154 The sections are principally designed to ensure close cooperation between Singapore and Malaysian courts, given the close historical links between the two countries as they permit the mutual recognition of acts by the Official Assignee without further formality.

155 The sections permit the High Court of each jurisdiction to act in aid of and be auxiliary to the courts of the other jurisdiction as well as the courts of any other designated country with jurisdiction in bankruptcy and insolvency matters, provided that these courts are required to act in aid of and be auxiliary to the courts in either Malaysia or Singapore.

156 Countries may be designated by the respective authorities through notification in the official Gazette of Malaysia or Singapore.

157An order of any such court seeking aid through a request to the High Court is deemed sufficient to allow the High Court to exercise jurisdiction in respect of the matter

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xebay11 said:

Last time Johor property discussions were super optimistic, rental surely can get, prices sure go up....no need and no room to discuss about what happens if it does not.... last time was, impossible to happen

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xebay11 said:

Any examples of this actually happening?

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sgtsk said:

Some management or staff of developer company book units by writing checks which the accountant just locks up in the safe. These type of units could conveniently be let go.

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winners said:

I think Tekkun is definitely wrong to say cannot dump. It is definitely possible, but only at a loss (with the current situation and much difficulty to find buyers) and also several penalties to pay, especially those with bank loans. Whether the unit is already VP or not, definitely it can be resold. As a matter of fact, it has nothing to do with the developer because you are just finding a new owner for your own unit. I don't know of any government restriction (similar to HDB's 5-year MOP) on this as yet by Malaysia.

HDB's 5-year MOP is imposed because they claimed that it is "subsidized" housing. Believe it or not is all up to you.

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Tekkun said:

CROSS-BORDER JURISDICTION AND ASSISTANCE IN INSOLVENCY: THE POSITION IN MALAYSIA AND SINGAPORE

Bankruptcy

In Malaysia, the successor provision is now contained within bankruptcy legislation and deals with the reciprocal recognition and enforcement of bankruptcy judgments and orders of other countries. The reconsolidation of bankruptcy law in Singapore in 1995 saw the re-enactment of the corresponding provision with some textual amendments.

154 The sections are principally designed to ensure close cooperation between Singapore and Malaysian courts, given the close historical links between the two countries as they permit the mutual recognition of acts by the Official Assignee without further formality.

155 The sections permit the High Court of each jurisdiction to act in aid of and be auxiliary to the courts of the other jurisdiction as well as the courts of any other designated country with jurisdiction in bankruptcy and insolvency matters, provided that these courts are required to act in aid of and be auxiliary to the courts in either Malaysia or Singapore.

156 Countries may be designated by the respective authorities through notification in the official Gazette of Malaysia or Singapore.

157An order of any such court seeking aid through a request to the High Court is deemed sufficient to allow the High Court to exercise jurisdiction in respect of the matter

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Tekkun said:

Tang Yong Kiat Rickie v Sinesinga Sdn Bhd (transferee to part of the assets of United Merchant Finance Bhd) and others
[2014] SGHCR 6

Suit No: OSB No 84 of 2013
Decision Date: 11 March 2014
Court: High Court
Coram: Chan Wei Sern Paul AR
Counsel: Chia Foo Yeow (Loo & Partners LLP) for the plaintiff; Chua Beng Chye, Raelene Pereira and Cherie Tan (Rajah & Tann LLP) for the first defendant; Ryan Loh and Matthew Teo (Rajah & Tann LLP) for the second, third and fourth defendants.

Subject Area / Catchwords
Insolvency Law – Bankruptcy – Annulment of bankruptcy order
Insolvency Law – Cross-border insolvency – Recognition of foreign insolvency proceedings

http://www.singaporelaw.sg/sglaw/la...-merchant-finance-bhd-and-others-2014-sghcr-6

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mpan12 said:

Yah... Maybe it's a case of "Malaysia boleh"?

I don't care what it is. Neither will my friend be bothered to ask since it has been granted. And all these are done legally. So no point arguing whatever. We are no experts and we can sit here to discuss and speculate till cows come home.

I'd still emphasize it's up to individuals what they want to do with their investments, or in general, life.

Is Iskandar good for you? Do you want to buy a property or properties and live there? You decide.

Some prefer to label themselves "peasants" and die die must try landed house or condo. (I've lived in a condo in SG. It's just a place for me. A cozy home with loved ones is more important!)

Reminds me of a friend many years ago who earned only S$3+k a month but he always bought branded goods because he wanted to feel good. Hahaha.. Irony is that the poor wants to look and feel rich, whereas some rich remain humble and look poor but they are very contented.

Advice is advice. No one is forcing down your throat you must do this or that. Internet is free info, some are good, some are bad. You decide again what to take it with you.

Some people are rich enough to take high risks. I'm sure you have heard of millionaire gamblers who went to MBS and lost millions of $ within a single day. But these high-stake rollers can make back a lot more in their lives. Similarly, some people can take the risks of investing in Johor with negative returns because of their own choice.

My main point is, if you know you've made a mistake, there's nothing to be shameful of. Cutting losses is in fact a very smart thing to do, if you analyze your own situation and feel you'll be financially better off. You have to be brave and farsighted to do this. Be objective. It doesn't work for all.

I always give this analogy: Do you want to lose an arm now but can still live well and strong, or you want to take a high risk that you may lose all 4 limbs next time?

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kawan2sgmy said:

Can somebody help to summarise the case in simple English? After reading, I still like catch no ball leh.

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Tekkun said:

Something like this:

A Singaporean owe money to some financial institution in Malaysia.
Malaysia sue him and made him a bankrupt and at the same time also made him a bankrupt in Singapore.
It means that the Official Assignee can seize his assets in Singapore. Malaysian OA is also recognised by Singapore without any formality.
This guy applied to Singapore court to set aside the Singapore bankruptcy saying it is not correct as the offence happen in Malaysia.
The judge say it is correct and no reasons to reject the decision made that he is also a Singapore bankrupt.

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Tekkun said:

Something like this:

A Singaporean owe money to some financial institution in Malaysia.
Malaysia sue him and made him a bankrupt and at the same time also made him a bankrupt in Singapore.
It means that the Official Assignee can seize his assets in Singapore. Malaysian OA is also recognised by Singapore without any formality.
This guy applied to Singapore court to set aside the Singapore bankruptcy saying it is not correct as the offence happen in Malaysia.
The judge say it is correct and no reasons to reject the decision made that he is also a Singapore bankrupt.

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Tekkun said:

A forum is for everyone to put forward his case without any hindrance. In this case, mpan is telling his side of the story while anybody can chip in, countering where necessary. Everyone reading these arguments learn a thing or two from the process. Take in what is good and reject what is not. This is what the forum is all about.

mpan12, no hard feels.

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kawan2sgmy said:

You probably have seen or gone through such a situation to be able to give such good advice!
One has to be decisive and take action or inaction is also an action. Unless one feels there is light at the end of the tunnel, say 5 yrs or 10 yrs from now. If not, it's like paying for long term medication to upkeep the soul.
But since JB is like hinterland to S'pore, the time will come for it to flourish, but don't know when. So it very much depends how much time we can wait.

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