Matex Residence

[wwJd5]

yea i share your frustration. Other condo projects are so straightforward - you go, you see unit u like, u booked. nowadays gonna go through balloting, wait for developer to confirm this, that. if they launch at 1000psf, i will collect back my fee. its like taking us for a ride - make us wait 7mths, make us go through the queuing system and quote us a price that is not final. i dont remember beiing told that price is indicative back then. if they revise price upwards a bit, i gotta look at the floor plan etc before deciding. The location factor is hard to brush off - if i need to drive to reach CIQ (be it 5mins, 10mins), i might as well get a condo in more suburb areas at lower psf rather than paying city-standard psf

I think it is unfair for NS / UML to hold us hostage. Those who plan to purchase only 1 property in JB are the most disadvantaged.
They cannot do anything now... cannot confirm their Matex purchase, nor buy another unit at another development (e.g. Midwest).
If Matex price at booking is not valid when it is launched, and those who booked do not wish to carry on with their purchase (e.g. too expensive, etc..), they would have missed the boat, all because of the lack of infomation pertaining to Matex's launch.

They should at least inform those who booked whether the price on booking will be honored or not, so that those who do not want to pay more can focus on other property.

 

[1nottiboy]

I hope your investments turn out good. I have lost faith in Malaysian developers. its not so much abt the money and opportunity cost of holding cash, but its more the frustration and the anger abt being held hostage.

I think I am a very patient man because I am darn lazy and I can empathize with inefficiency. I am probably the most inefficient nottiboy in the world. I was prepared for the nonsense and excuses they might give for delays but these Malaysian developers really take the cake. If its a lull mkt, and you drag the launch, I can understand. cash flow considerations, etc... but in a booming mkt???!!! seriously dunno how their donkey brains work.

I can forego the booking fee. its not the first time I have lost money in investments anyway. but if they are gonna screw me, I am gonna make darn sure I will drag their name thru the m&d. Anyway, after this project, whether they build it or not, return my booking fee or not, I dun give a f@#$ing sh*t, I am never gonna buy into Malaysia ever again.

Hence one of my plan is to buy Midwest Ave and dump Matex all together.
Best part of Midwest is that it come with carpark and hold commercial title.

If Matex changes their price to RM1000 psf, I will not buy because I need to come out extra RM100,000 for a mistake I did not make.

 

[1nottiboy]

Well, awaiting clearance or not, there is nothing I can do except wait and bitch about them here. But they have just been disappointing.

I have associates who are very close to MY and SG developers; because of business dealings and JV projects. So I get to hear stories about their inner workings. In a nutshell, MY and SG developers operate very differently. MY developers and their project partners sometimes get very political because every department wants to use their "preferred contractors and suppliers". Know what I mean. if I am ever buying into Malaysia again, I might just stick with a SG developer. But then again, once a SG developer crosses the causeway, he might develope a MY mindset.

Maybe its.awaiting clearance from the auhthority. Nego how much coffee money to settle haa. Yes there is a risk of buying wip projects but i thought reputable developers should be no problme. Then i came across umland and your incident - and i was wrong

 

[FHBH12]

I hope your investments turn out good. I have lost faith in Malaysian developers. its not so much abt the money and opportunity cost of holding cash, but its more the frustration and the anger abt being held hostage.

I think I am a very patient man because I am darn lazy and I can empathize with inefficiency. I am probably the most inefficient nottiboy in the world. I was prepared for the nonsense and excuses they might give for delays but these Malaysian developers really take the cake. If its a lull mkt, and you drag the launch, I can understand. cash flow considerations, etc... but in a booming mkt???!!! seriously dunno how their donkey brains work.

I can forego the booking fee. its not the first time I have lost money in investments anyway. but if they are gonna screw me, I am gonna make darn sure I will drag their name thru the m&d. Anyway, after this project, whether they build it or not, return my booking fee or not, I dun give a f@#$ing sh*t, I am never gonna buy into Malaysia ever again.

There r a number of good developers in Johor. At least they r not out cheat u in large balcony, unusable bay windows and huge air con ledges like Singapore developers.

Just go for landed, especially from developers tt have already completed a few phases n u can inspect e quality before buying. When u buy new condo in v hot areas off e plan, chances of developers changing e design, specifications or delay e launch to up e price can be expected.

 

[malpaso]

MY developers and their project partners sometimes get very political because every department wants to use their "preferred contractors and suppliers". Know what I mean..

of course la. singapore is special. MY is "masuk" country.

 

[malpaso]

these Malaysian developers really take the cake. If its a lull mkt, and you drag the launch, I can understand. cash flow considerations, etc... but in a booming mkt???!!! seriously dunno how their donkey brains work.

again, it may not be their fault. could be stuck at govt approval office.

 

[malpaso]

At least they r not out cheat u in large balcony, unusable bay windows and huge air con ledges like Singapore developers.

.

unfair statement..huge aircon ledge is legislative obligation for safety purpose.

 

[FHBH12]

unfair statement..huge aircon ledge is legislative obligation for safety purpose.

E.g. This air con ledges combined area is larger than the common room area. The balcony is almost the same area as the master room area. The only legal requirement is 1 m width, but the length and total area is unregulated, which creates a loop-hole for Singapore developers to exploit.

 

[malpaso]

ok good point. didn't notice.

 

[yyhwin]

like someone in the forum has mentioned, likely its their strategy to wait for all booking to lapse so they can slap those who booked like us with the increased price tag

"Guys, did anyone hear anything about foreigner purchase of resale unit in Iskandar? A Singaporean friend of mine, purchase a resale of Ujana. Just exercised the option. Now the agent told him, Menteri Besar hold back the approval for foreigner resale purchase. His deal might not go true. He checked with his lawyer. The lawyer said the same thing. Are they planning to up the limit to RM$1 mil ? Jus happened today"


This is what I got from my friend on one of the facebook page. I suspect this is the main reason why Matex cannot get approval to sell because too many foreign purchasers. They act secretly to tame down the price.

 

[OracleMasia]

"Guys, did anyone hear anything about foreigner purchase of resale unit in Iskandar? A Singaporean friend of mine, purchase a resale of Ujana. Just exercised the option. Now the agent told him, Menteri Besar hold back the approval for foreigner resale purchase. His deal might not go true. He checked with his lawyer. The lawyer said the same thing. Are they planning to up the limit to RM$1 mil ? Jus happened today"This is what I got from my friend on one of the facebook page. I suspect this is the main reason why Matex cannot get approval to sell because too many foreign purchasers. They act secretly to tame down the price.

There is still developement of RM$500k to 1 miliion selling to foreigner and transaction seems to go ahead without any problem.If it is true, one way to create bigger units but with dual key concept to overcome this issue. Such income is rentable but may command lower psf which is good for investors.Like SKS pavillion is doing.

 

[yyhwin]

There is still developement of RM$500k to 1 miliion selling to foreigner and transaction seems to go ahead without any problem.If it is true, one way to create bigger units but with dual key concept to overcome this issue. Such income is rentable but may command lower psf which is good for investors.Like SKS pavillion is doing.

Foreigners can buy directly from developers( for own use and rental generation) because they can earn tax revenue from it(stamp duty and 26% on rental income) but cannot resell the property to another foreigner(in the name of anti speculation). Sounds like a very good plan, isn't it?

I don think it is 1 M. They don allow resale transaction to go through for resale units if the buyer is foreigner. This is what I think. They cannot afford to lose Johor in the coming election after receiving so many negative feedback from the ground.

 

[OracleMasia]

Foreigners can buy directly from developers( for own use and rental generation) because they can earn tax revenue from it(stamp duty and 26% on rental income) but cannot resell the property to another foreigner(in the name of anti speculation). Sounds like a very good plan, isn't it?I don think it is 1 M. They don allow resale transaction to go through for resale units if the buyer is foreigner. This is what I think. They cannot afford to lose Johor in the coming election after receiving so many negative feedback from the ground.

Good idea for them. Following the Australia way.

 

[yyhwin]

Good idea for them. Following the Australia way.

Let us wait for more to comment on this. I suspect Matex cannot get licence due to this reason. Too many foreign purchasers.

 

[Steventlk]

"Guys, did anyone hear anything about foreigner purchase of resale unit in Iskandar? A Singaporean friend of mine, purchase a resale of Ujana. Just exercised the option. Now the agent told him, Menteri Besar hold back the approval for foreigner resale purchase. His deal might not go true. He checked with his lawyer. The lawyer said the same thing. Are they planning to up the limit to RM$1 mil ? Jus happened today"


This is what I got from my friend on one of the facebook page. I suspect this is the main reason why Matex cannot get approval to sell because too many foreign purchasers. They act secretly to tame down the price.

I know of someone who was facing this issue weeks back. But recently the lawyer say that things are back to normal. They have resumed processing the applications...

 

[penjohorian]

Foreigners can buy directly from developers( for own use and rental generation) because they can earn tax revenue from it(stamp duty and 26% on rental income) but cannot resell the property to another foreigner....

I don think it is 1 M. They don allow resale transaction to go through for resale units if the buyer is foreigner.

May I know how much is your friend buying that unit?
The seller is local / foreigner?
Seem weird if M'sia introduce such control.

 

[invest888]

unfair statement..huge aircon ledge is legislative obligation for safety purpose.

Hi Malpaso, appreciate if you can enlighten me on what legislative obligation the developer need to complied with the authorities, when a huge aircon ledge is needed.

Best regards

 

[yyhwin]

I know of someone who was facing this issue weeks back. But recently the lawyer say that things are back to normal. They have resumed processing the applications...

This friend of mine posted it two days ago. Can anyone confirm this if they have lawyer contact?

 

[yyhwin]

May I know how much is your friend buying that unit?
The seller is local / foreigner?
Seem weird if M'sia introduce such control.

Not my friend. I dinno the details, so I am
Seeking clarification as well. Anyway, it is the state office of Johor that delays the consent, got nothing to do with the central government policy. And they don announce it.

 

[penjohorian]

Not my friend. I dinno the details, so I am
Seeking clarification as well. Anyway, it is the state office of Johor that delays the consent, got nothing to do with the central government policy. And they don announce it.

OK.
Does anyone forumer here / your surrounding friends ever encountered similar experience before?

I'm planning to get one unit in JB city, would like to gather more info and seek clarification on this before decide on the next move.