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Singaporeans conned by M'sian condo developer. Again.

Confuseous

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A group of Singaporeans who bought units in a Johor Baru condominium have faced repeated construction delays, changes to the plans and confusing information about when the complex will be ready.

The developer says some of the delays stem from labour shortages and problems sourcing materials. It also says some buyers did not fully understand the terms of the contract.

Investors have asked about the completion date five times for the 602-unit KSL D'Esplanade Residence, only to be told it has been put back.

One told The Straits Times that when he bought his RM750,000 (S$298,800) unit two years ago, the developer told him that the project was already 80 per cent complete.

But in April this year, buyers were told that the development - it sits on top of KSL City Mall as part of a mixed-use development with a hotel - was still only 80 per cent complete and expected to be ready in July.

KSL Holdings, a Malaysian company listed on the Kuala Lumpur Stock Exchange, is still marketing the condominium, and the average price is RM950 per sq ft. Unit sizes range from 1,267 sq ft to 2,023 sq ft.

A spokesman for developer KSL Holdings told The Straits Times that the 80 per cent completion rate cited in 2011 referred to the lower floors and that "every floor has a different completion date".

She noted that just like in Singapore, projects are given a five-year grace period for completion.

"But projects first get three years unless you apply for an extension, which we did not plan for. If we had applied for the extension to five years, this year would have been the fifth year, and we'd be in time to complete the project."

The firm said the sales and purchase agreement begins only on the date of purchase, not the day which construction started. That means every buyer's three-year duration started at a different date. It also means if the project is completed within three years of the sales and purchase agreement, there is little disgruntled buyers can do.

The KSL spokesman noted that completing the project within three years would have been difficult given manpower issues over the past two years caused by government curbs on foreign labour. She said that the condo was completed last month, apart from glass installations that were affected by late supplies.

When The Straits Times visited the site earlier this month, workers were installing the last glass panel and said the development is expected to be completed next month.

But delays are not the only issue for the 10 or so Singaporean buyers who came together on an online forum. They claim they are being short-changed as the project now does not fully reflect the plans at time of purchase.

The brochures said the hotel would have amenities including an 18-hole mini-golf course but last October, buyers found out it had been replaced by a water theme park.

A Singaporean buyer who declined to be named said: "I did not buy the unit to stay next to a wonderland."

The KSL spokesman said: "That area is not part of the residential area; it belongs to the hotel, and the hotel management has the right to change anything."

The experience has left some fed-up buyers regretting they did not read the fine print more closely. The buyer warned: "Check the surveyor report and the clauses in the contract, and what is named in the brochure before you decide to purchase."
 

Kuailan

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Malaysia and Indonesia condo and terrace house deal are not
meant for Sinkies as we are not familiar with their local laws.

Time and again Sinkie never learn their lesson, always got screwed up
on property deal. One word = GREED.

End up nothing and lose chunk of money!!
 

laksaboy

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Malaysia and Indonesia condo and terrace house deal are not
meant for Sinkies as we are not familiar with their local laws.

Time and again Sinkie never learn their lesson, always got screwed up
on property deal. One word = GREED.

End up nothing and lose chunk of money!!

Yep, greed. The same 'desire to huat' greed which drove some twits in this very forum to punt on Iskandar property.
 

ILovePAP

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Singapore is the best place to invest. Only stupid idiots invest in Johore.
 

FHBH12

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Loyal
Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Malaysia and Indonesia condo and terrace house deal are not
meant for Sinkies as we are not familiar with their local laws.

Time and again Sinkie never learn their lesson, always got screwed up
on property deal. One word = GREED.

End up nothing and lose chunk of money!!

I don't think they have lost money. They are just getting their houses later. Beyond certain date of delay, the developer has to compensate the buyers.
 

FHBH12

Alfrescian
Loyal
Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Singapore is the best place to invest. Only stupid idiots invest in Johore.

I invested in Singapore and have been monitoring it for several years. Now it is not a good time to invest in Singapore. The government should already have a set of cooling measure waiting to be unleashed when certain sales and price parameters are triggered. Not to mention the large supply of condos competing for tenants. In another words, in terms of rental yield and capital appreciation, the good old days from 2005-2012 are over if you invest now at the crazy psf.

Johor is just one of the overseas markets that Singaporeans are venturing into. Most are there due to proximity for own use and the belief that there will be spill-over effects from Singapore. Looking at the news and manufacturing statistics, from next year onward, Johor should start to see more SMEs from Singapore.
 

FHBH12

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Singapore is the best place to invest. Only stupid idiots invest in Johore.

Johor's refineries and petrochemical plants are starting up in a big way. Expect more downstream plants starting up in the next few years. On the other hand, Jurong Island in Singapore is nearly saturated. In terms of growth potential for this industry alone, I place my bets on Johor.

Johor ports set to be top cargo handler in 'basin'
Volume through its terminals will get major boost with Pengerang complex
PUBLISHED JUNE 25, 2013

[PETALING JAYA] Ports in Johor are expected to be the regional champion in terms of cargo handling volume, surpassing any other terminals in the "Singapore basin", supported by the massive development of Pengerang Integrated Petroleum Complex (PIPC) by 2025, reported Malaysian daily The Star.

The Singapore basin includes all ports in the Republic, Johor and Bintan and Batam, which are facing the Singapore Strait.

According to Roland Berger Strategy Consultants (Malaysia) managing partner Anthonie Versluis, the Singapore basin, a natural middle point between two key growth markets - India and China - is an important hub for cargo flows given its strategic location in South-east Asia.

"In general, maritime activity in the Singapore basin will be two to three times from its current size by 2025. The shifts in global trade to the East will be supported by Asean and China maritime trade, Asean and South Asia maritime trade as well as intra-Asean maritime trade.

"Cargo demand is expected to be dominated by liquids because of consumption demand from China. PIPC stands at an advantage of being the hub for various types of liquid cargo," he said recently.

Mr Versluis said liquid demand is predicted to shift from Organisation for Economic Cooperation and Development (OECD) countries to Asia until 2030.

"China alone will contribute 38 per cent of the growth in global oil demand. It is expected to consume 17.5 million barrels of oil per day by 2030, overtaking the United States in becoming the world's largest oil consumer.

"The complete masterplan for the PIPC is yet to attain cabinet approval, but it is gaining traction via some of development by Petronas's RM60 billion (S$23.9 billion) Refinery and Petrochemical Integrated Development (Rapid) project.

"Another significant development within the PIPC area is the RM5 billion Pengerang Independent Deepwater Petroleum Terminal (PIDPT), a joint venture between Dialog Group of Malaysia, Royal Vopak of Netherlands and Johor State Secretary Incorporated (SSI)," he told The Star.

According to Malaysia Petroleum Resources Corp, the PIPC is one big step in creating value to the downstream oil and gas value chain in Johor.
Located in Pengerang, it is one of the largest pieces of investments in the district and located on a single plot of about 8,100 ha.

The project will house oil refineries, naphtha crackers, petrochemical plants as well as a liquefied natural gas (LNG) import terminal and a regasification plant.

As at January, PIDPT construction of Phase 1 of the project has already started and is scheduled for completion by first quarter of next year. Phase 2 land reclamation is in progress.

The total storage capacity available at PIDPT is planned for five million cubic metres by 2020.

As for Rapid, project site preparation is in progress and is expected to be commissioned by 2016. Rapid will have a 300,000 bbl per day refining capacity while additional petrochemical plants will generate value to petroleum products produced in Rapid.

In order to achieve 10 million cubic metres of oil and gas storage by the year 2020, two strategic locations had been identified in Johor to supplement existing domestic and foreign storage demands.

The first is Tanjung Bin, which will have three million cubic metres of storage by the end of this decade.

The world's largest oil and gas trader, Vittol, has partnered MISC Bhd to establish Asian Tank Terminal (ATT) Tanjung Bin.

Tanjung Langsat has been identified as the second storage area and the location has been taken up by a joint venture of MISC, Dialog and Puma Energy (a subsidiary of Trafigura).

The current combined capacity in Tanjung Langsat is 780,000 cubic metres and Puma Energy has recently agreed to invest 10 acres of land in Tg Langsat for their new Bitumen project.

Tanjung Langsat will have two million storage capacity by 2017.

"In short, Pengerang is being planned to be one of the largest oil and gas hubs in the region and the world.

"And within the Singapore basin, we believe that Johor will eventually overtake Singapore in terms of tonnage throughput.

"The ports in Johor will emerge as leaders with liquid bulk being the mainstay in their cargo mix," he said.

But currently, Mr Versluis said, Singapore is still leading in trade volume, followed by Malaysia and Indonesia.

"And, within the basin, Malaysia and Singapore already have a developed port sector while Indonesia still lags behind," he said.
Roland Berger Strategy Consultants, founded in 1967, is one of the world's leading strategy consultancies. The company has around 2,700 employees working in 51 offices in 36 countries worldwide.

http://www.businesstimes.com.sg/pre...ports-set-be-top-cargo-handler-basin-20130625
 
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shctaw

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

I somewhat agree with Laksaboy even though I also one of the twit. But when I buy I did calculate the lose that i can absorbfirst before I look at the paper profit.

I will not be surprise to see Ghost City in Iskandar. China with 7 billion strong population also have ghost city, sinkies think it will never happen in Johor.

In 2007 a studio in Vietnam is US220,000. Today it is US 60,000 and even at that price no one will buy from the seller. This is what I call reality check.

This ghost city remind me of Resident Evil.

[video]http://m.youtube.com/watch?v=wm7rOKT151Y[/video]


Yep, greed. The same 'desire to huat' greed which drove some twits in this very forum to punt on Iskandar property.
 
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FHBH12

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

I somewhat agree with Laksaboy even though I also one of the twit. But when I buy I did calculate the lose that i can absorbfirst before I look at the paper profit.

I will not be surprise to see Ghost City in Iskandar. China with 7 billion strong population also have ghost city, sinkies think it will never happen in Johor.

In 2007 a studio in Vietnam is US220,000. Today it is US 60,000 and even at that price no one will buy from the seller. This is what I call reality check.

This ghost city remind me of Resident Evil.

[video]http://m.youtube.com/watch?v=wm7rOKT151Y[/video]

Professor - please don't scare me leh. Bukit Indah and Nusa Bestari on weekdays also have moderate traffic. Weekend is jammed like mad, where got ghost cities :p http://www.youtube.com/watch?v=NKS8vqinhjE

Buy properties must choose the locations very carefully.
 

eagle

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

I see Iskandar as a thriving young city.
Never before the traffic around the iskandar so heavy be it weekend or weekdays.
Many restaurants full of patrons, not only in Nusajaya but in town area, johor jaya or even faraway
'mattress' estate.

Iskandar is a unique city by its own way compare to KL and Penang.
 

shctaw

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Asset
Re: Bodoh Sinkies conned by M'sian condo developer. Again.

You are wise to choose where there are already crowd. And all this places will be more crowded in future.

Just worry when I was traveling from 2nd link all the way to JBCC. Endless supply of agriculture land cleared for housing.

My strategy is
步步为营
To prevent
步步惊心。

Professor - please don't scare me leh. Bukit Indah and Nusa Bestari on weekdays also have moderate traffic. Weekend is jammed like mad, where got ghost cities :p http://www.youtube.com/watch?v=NKS8vqinhjE

Buy properties must choose the locations very carefully.
 
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shctaw

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Will be back to post occasionally in future.

I hope I am wrong in term of my view in Iskandar so everyone is a winners. But in life we always have losers.

In Singapore we have people losing $300,000- $1m even in our current bull run. (St Regis, Reflection etc) I expect the same with Iskandar.
 
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sillysinky

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

USD60k for a studio. is it in district 1 or 2 ? that's even way cheaper than what they are selling us in Iskandar


I somewhat agree with Laksaboy even though I also one of the twit. But when I buy I did calculate the lose that i can absorbfirst before I look at the paper profit.

I will not be surprise to see Ghost City in Iskandar. China with 7 billion strong population also have ghost city, sinkies think it will never happen in Johor.

In 2007 a studio in Vietnam is US220,000. Today it is US 60,000 and even at that price no one will buy from the seller. This is what I call reality check.

This ghost city remind me of Resident Evil.

[video]http://m.youtube.com/watch?v=wm7rOKT151Y[/video]
 

FHBH12

Alfrescian
Loyal
Re: Bodoh Sinkies conned by M'sian condo developer. Again.

You are wise to choose where there are already crowd. And all this places will be more crowded in future.

Just worry when I was traveling from 2nd link all the way to JBCC. Endless supply of agriculture land cleared for housing.

My strategy is
步步为营
To prevent
步步惊心。

Yes, I always choose areas with local crowd near major malls because foreigners like us who buy for weekend homes or investments are not reliable :biggrin:
 

potter

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

follow e sultan goes.. titter.gif
 

ComingToJB

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

Why only Sinkies are bodoh.. totally no M'sian buyers??
 

Chocolate

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

I don't want to offend anyone , so please don't get upset with me. I think to call the Sinkies who are experiencing this problem 'bodoh' is not very courteous. It could have happened to almost anyone. Am sure some Malaysians are also in this position although as a Malaysian myself I admit less of us would be conned. Its bad enough they are suffering, lets not call them names.
Secondly this is not reflective of everything happening in Iskandar. Lets not forget that in the past 3 years at least, MOST of those who invested are sitting on gold mines.So why scare peopel off by just focusisng on such cases? In another post I made yesterday, I made a point abt developers. Just be careful whom you buy from and moderate your expectations accordingly. I bought Iskandar Residences from 'not a top 10 developer' so am expecting less although the specs look good.
Thirdly, even in Singapore there are cases where developers dont deliver. I just saw my friend's house in Bukit Indah, defects are not as bad as a landed house I bought from a SG developer in SG 5 years back.Even City Developments is now building lower end condos in Pasir Ris and quality isnt good, they cut costs. I hear a lot of complaints from buyers of developments like Livia. Often they dont use proper walls within units, just gypsum boards( dry partition walls). Not just for condos but even landed in SG. In MY they build brick by brick. Here a lot of it is prefab. I have bought and sold over 20 units in past 5 years or am holding on to them, all in SG .So I have quite a bit of experience.
 

Nusajaya

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

For those who have posted and agree with the theme of Sinkies being "bodoh" and conned, I really felt sorry for you! When are you ever going to wake up from your slumberland? Wake up fellas, some Singaporeans are already making money while you are still sleeping away.

As I have said before, a very small percentage will make it happen while others wonder what happened. You are neither, you criticize what had happened!
 
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graveyard

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Re: Bodoh Sinkies conned by M'sian condo developer. Again.

For those who have posted and agree with the theme of Sinkies being "bodoh" and conned, I really felt sorry for you! When are you ever going to wake up from your slumberland? Wake up fellas, some Singaporeans are already making money while you are still sleeping away.

As I have said before, a very small percentage will make it happen while others wonder what happened. You are neither, you criticize what had happened! QUOTE]


There are still many frogs in the well. There are still some who think the very second they cross the causeway, they will be mugged, stabbed, shot, raped etc.
 
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