New developments to share

[kopikong99]

Well, if SG properties dropp 40% and with ABSD surely removed by then, I will also dispose of MY properties to cheong SG again.....haha but it's highly unlikely at this juncture lah.... I doubt it will drop 20% from current prices.

From the last crisis and what the gov did by putting a solid "floor" using new hdb price, how to crash 40% below. Sg gov biggest property player and landowner and can use policies to support market.

 

[RedsYNWA]

From the last crisis and what the gov did by putting a solid "floor" using new hdb price, how to crash 40% below. Sg gov biggest property player and landowner and can use policies to support market.

Yah man, so my dream of (2 SG condo & 1 HDB) for rental income while I retire in JB, remains far, far away ah.... haiz....

 

[kopikong99]

Yah man, so my dream of (2 SG condo & 1 HDB) for rental income while I retire in JB, remains far, far away ah.... haiz....

Ma tam xin. one condo one hdb entitlement rental for retirement funding beri good already.

 

[Chocolate]

If possible at all, try not to touch these bumi lots.
Even some Bumis do not buy Bumi lots these days as it is easier to resell and better demand.
The lost opportunities when you tied your self to one of these Bumi lots and the waiting time on the edge for it is just not worth it. The ultimate selling price is at present market value, not at the selling price then.There are plenty of other choices in ther market. Unless of course, the developer hereby declare that he already got a release letter from the State.

There's another type of properties that developers often hold back. They call them "strategic units". These units are marked before they launch the project and until much later, they decide to sell them. That too is at a inflated price. But normally it is at a choice location. Ask the sales guys and I am sure some will tell you. It is better to "book" these instead of Bumi lots.

I agree with you. We are paying more and waiting a long time to find out if we will get the unit so there is opportunity cost involved if one loses the unit as prices may have gone up. Also when there are changes in policy, these units will be affected.In my case, I only booked as an 'extra' , dont really care whether I get it or not. Its not for own stay and I have others for investment. The govt is now making it more difficult to get bumi release i hear.
The problem if this units dont move is that developers will be stuck. Bumi quota for condos is 40%. So can you imagine if non bumis shun these units and bumis dont buy?

 

[Chocolate]

Medini likely to get exemption from gains tax

ALREADY accorded special incentives in Iskandar Malaysia, the Medini area is likely to see its perks expanded to include an exemption from real property gains tax (RPGT) in a bid to ensure that the node continues to be favoured by investors.

If this happens,Medini will be the no. 1 investment destination in Iskandar. Congrats to those who bought. Huat Ah !

 

[Funniman]

I agree with you. We are paying more and waiting a long time to find out if we will get the unit so there is opportunity cost involved if one loses the unit as prices may have gone up. Also when there are changes in policy, these units will be affected.In my case, I only booked as an 'extra' , dont really care whether I get it or not. Its not for own stay and I have others for investment. The govt is now making it more difficult to get bumi release i hear.
The problem if this units dont move is that developers will be stuck. Bumi quota for condos is 40%. So can you imagine if non bumis shun these units and bumis dont buy?

Johor State Rules on Bumi Quota:

40% for all residential, commercial and industrial, commercial and industrial
development with conversion approval before 11 Dec 2004

Residential (applicable to projects with conversion approval after 11 Dec 2004)
Selling price:-
<RM200,000 – 40%
>RM200,000 but <RM300,000 – 30%
>RM300,001 – 20%

Since most projects are above 300k, it is 20% bumi quota (with discounted price of 15%) Even Bumi don't want bumi lots especially those high end projects. The developers beg to get those bumi lots repealed (but since it involve NEP which is racially sensitive), it will take a long long time to get it approved. What developers normally is to hedge the potential loss in the normal pricing structure. Essentially the developers won't be holding the short end but the investors are subsidising. When the approvals are obtained, obviously with some expenses and tax incurred, the prices increased. No way developers are going to lose.

Sad but this is the way it is. How you make out of it is how savvy you are.

 

[jasonjst]

Medini likely to get exemption from gains tax

ALREADY accorded special incentives in Iskandar Malaysia, the Medini area is likely to see its perks expanded to include an exemption from real property gains tax (RPGT) in a bid to ensure that the node continues to be favoured by investors.

If this happens,Medini will be the no. 1 investment destination in Iskandar. Congrats to those who bought. Huat Ah !

Not necessary a value buys though. Can you imagine a house at Medini sell 2M and a similar one selling 1M at Bukit Indah. I think some people may prefer to stay at Bukit Indah, why care about how much the property will appreciate in 5yrs time? Affordability is more important at the end of the day.

 

[FHBH12]

Not necessary a value buys though. Can you imagine a house at Medini sell 2M and a similar one selling 1M at Bukit Indah. I think some people may prefer to stay at Bukit Indah, why care about how much the property will appreciate in 5yrs time? Affordability is more important at the end of the day.

I think there are a lot of flippers in Medini but let's see how it turns out. If Medini malls are nice and 20-30% cheaper than in Singapore, and the parking is easy and free, I don't mind going over there for relaxation. But looking at the pricing of the commercial units, I think rental and prices won't be cheap. I gave up going to Puteri Harbour because it is too expensive.

 

[jasonjst]

I think there are a lot of flippers in Medini but let's see how it turns out. If Medini malls are nice and 20-30% cheaper than in Singapore, and the parking is easy and free, I don't mind going over there for relaxation. But looking at the pricing of the commercial units, I think rental and prices won't be cheap. I gave up going to Puteri Harbour because it is too expensive.

Most likely you get tourist pricing at those Medini Malls . Bukit Indah area is more like local pricing , have much better mix from low end to higher end . Puteri Harbour , go one time only , nothing to look forward to go again leh .

 

[FHBH12]

Most likely you get tourist pricing at those Medini Malls . Bukit Indah area is more like local pricing , have much better mix from low end to higher end . Puteri Harbour , go one time only , nothing to look forward to go again leh .

I went to Puteri Harbour 3 times around Sep 2012, Feb 2013 and Sep 2013. The shops were still about the same and vibrancy was still not there. They should have a big underground carpark integrated with the malls and more trees to provide shade and greenery. I only saw construction sites after construction sites for condos there and in Medini.

 

[Funniman]

I went to Puteri Harbour 3 times around Sep 2012, Feb 2013 and Sep 2013. The shops were still about the same and vibrancy was still not there. They should have a big underground carpark integrated with the malls and more trees to provide shade and greenery. I only saw construction sites after construction sites for condos there and in Medini.

PH will be full of construction until 2015/ 2016.
Actually now is just the beginning as most of the fundation work for Teega/ Encorp had just been completed.
Same goes for Medini.

 

[avelc]

I went to Puteri Harbour 3 times around Sep 2012, Feb 2013 and Sep 2013. The shops were still about the same and vibrancy was still not there. They should have a big underground carpark integrated with the malls and more trees to provide shade and greenery. I only saw construction sites after construction sites for condos there and in Medini.

One way to find out - check back in 2016 on the developments in Medini and PH. Won't be surprised at delays - Imperia condo at PH is already delayed by at least 6 mths.

There are more mixed developments in Medini than PH, but then again, anyone can build a mall. Attracting big crowds with a good tenant mix is another matter. And the crowds from Singapore is a function of how many cars can cross the 2 links on weekends.

 

[Newbie11]

Ten years to build indah to today standards. Medini is green field yet selling at these prices. It needs amenities like postal office, banks, etc before it can succeed

 

[FHBH12]

Ten years to build indah to today standards. Medini is green field yet selling at these prices. It needs amenities like postal office, banks, etc before it can succeed

Bukit Indah was built slowly by the locals working in Singapore and bringing their salary back. The savings were spent locally, so we are seeing the wealth accumulated there over more than 10 years. I'm not sure if there are any locals staying at Medini/Puteri Harbour to repeat the process. If there are many weekenders or investors, then the money won't be accumulated there as fast. Furthermore Bukit Indah by SP Setia didn't start from ground zero if I get my history right. To reach Bukit Indah standard, it may take much longer than 10 years. Malaysia government is hungry for money now. Property taxes will continue to go up. More of the wealth of the owners might be used to pay off the property loan, maintenance, utilities and taxes.

 

[Funniman]

PH will never be Bukit Indah. It is not planned that way and if it become Bukit Indah one day, many original investors would sell and leave.
It is supposed to be lifestyle living, alfresco dining by the marina and boating.
If theer's any investors who think PH will have its Jusco, then they will definitely be disappointed.

 

[FHBH12]

PH will never be Bukit Indah. It is not planned that way and if it become Bukit Indah one day, many original investors would sell and leave.
It is supposed to be lifestyle living, alfresco dining by the marina and boating.
If theer's any investors who think PH will have its Jusco, then they will definitely be disappointed.

I'm not an investor at Puteri Harbour, but since there will be no Jusco, I'm definitely disappointed :(

 

[FHBH12]

Poor people like me will stick to Bukit Indah :p

 

[Funniman]

Poor people like me will stick to Bukit Indah :p

And poor fellas like me will stay in KL fulltime. PH is only for holiday visits only.

 

[FHBH12]

And poor fellas like me will stay in KL fulltime. PH is only for holiday visits only.

That's the problem with Puteri Harbour. It could become quite touristy if there are mostly weekenders or holidayers buying there. I saw the Hello Kitty toys prices in the shop and nearly fainted. I could buy a "similar" Hello Kitty at a fraction of the cost in Singapore.

 

[Funniman]

That's the problem with Puteri Harbour. It could become quite touristy if there are mostly weekenders or holidayers buying there. I saw the Hello Kitty toys prices in the shop and nearly fainted. I could buy a "similar" Hello Kitty at a fraction of the cost in Singapore.

If you study the masterplan, there's no provisions for any commercial malls at all. But then when there's honey, there will be flies.
And I can get cheapo "copycat" Hello Kitty ones in my pasar malam too. But do you buy them? The difference is that is Hello Kitty own flagship shop.