Setia Sky 88 community

snowbird · Jun 29, 2016

winners said:
I won't be too sure about this. Not all those 2-room owners are foreigners. Once the state government will see so many empty condos in JB and the locals may start to appeal, they may provide this reprieve. Anything is possible in Malaysia. They can always revert back to the RM1m restriction at a later date when the whole economic situation will improve, although they won't tell you when.

You are extremely right on the part about "Anything is possible in Malaysia".
If you really think that local authorities, the MP and whatnots etc will actually bother, prepare to wait for maybe about 12 years.
In the meantime, watch this for some reference :

https://www.youtube.com/watch?v=KyRITDS7k24

mpan12 · Jun 29, 2016

If anything goes in Malaysia,most times, I'd say it's not for the better, especially if you're a foreigner.

enjoylife77 · Jun 29, 2016

Once the property is deemed abandoned , there's practically no hope of any recourse. Buying from a KLSE listed entity may offer slightly more peace of mind.

jbrts · Jun 29, 2016

enjoylife77 said:
Once the property is deemed abandoned , there's practically no hope of any recourse. Buying from a KLSE listed entity may offer slightly more peace of mind.

in most cases, the developer is a subsidiary of the so-called listed company. they can allow subsidiary to go bankrupt without affecting the parent.

Relaxman · Jun 29, 2016

sgcount said:
Oh.. I didn't know Sky Executive Suites is that bad. Saw quite a number of resale and rentals being advertised. But at least the owners bought them at RM500 psf and below? Launches after that were all priced too high. Above RM700 psf will not find many buyers now.

I remember there's another one nearby called D'Inspire. That one has really bad workmanship, and things were not what the owners had expected. Part of it was even converted into some kind of motel.

Investors of all these condos got it real bad... don't think they can easily sell their condos any more. Doubt JB locals will buy them too.

When you pay premium price for a small condo unit, your expectation will be very high. Unfortunately, many didnt realise that developers are using the same contractor to do their projects that gave crap quality all the while. Same thing happened to Setia and KSL. Look at Setia Sky Executives.... even the building paint has started to fade and peeling off, the letters are crooked each one of them at the entrance feature that has the name of the condo.

cow138 · Jun 29, 2016

Yes. I agree.
The same sub contractors offering the same workmanship.
Yet people expect different quality.
Is just marketing. The China development would be interesting to see

Relaxman · Jun 29, 2016

***********************

Relaxman · Jun 29, 2016

cow138 said:
Yes. I agree.
The same sub contractors offering the same workmanship.
Yet people expect different quality.
Is just marketing. The China development would be interesting to see

When you buy HDB flat, you cannot expect much. However, if you buy high rise luxury condo property from a Malaysia Top Rated developer like SP Setia, you cannot dream that it will end up with full of craps. With the infamous tagline "Builder of Distinction", it is a total insult to all their condo buyers.

mpan12 · Jun 30, 2016

Relaxman said:
When you buy HDB flat, you cannot expect much. However, if you buy high rise luxury condo property from a Malaysia Top Rated developer like SP Setia, you cannot dream that it will end up with full of craps. With the infamous tagline "Builder of Distinction", it is a total insult to all their condo buyers.

I find the term "luxury" is over-rated when used to describe Johor condos. It's called luxurious only because they are unaffordable to the normal Malaysians. These condos are targeted at foreigners. The overall package is so-so only.

To me, luxurious is when they give expensive floor/wall tiles, exquisite European brand electrical appliances, the design is unique and award-winning. But so far, I've yet to discover a condo in Johor that is like that. The external designs all look like slight modification from one another. Interiorly, it's pretty much standard stuffs. In fact, some are worse than SG's HDB flats.

xebay11 · Jun 30, 2016

mpan12 said:
I find the term "luxury" is over-rated when used to describe Johor condos. It's called luxurious only because they are unaffordable to the normal Malaysians. These condos are targeted at foreigners. The overall package is so-so only.

To me, luxurious is when they give expensive floor/wall tiles, exquisite European brand electrical appliances, the design is unique and award-winning. But so far, I've yet to discover a condo in Johor that is like that. The external designs all look like slight modification from one another. Interiorly, it's pretty much standard stuffs. In fact, some are worse than SG's HDB flats.

As long as the location is in Johor, no property can be can be considered luxurious. Just like you will never find a GCB in Geylang.

snowbird · Jun 30, 2016

https://www.youtube.com/watch?v=KyRITDS7k24

The project in this video is not an abandoned project whereby the developer went bankrupt before job completion.
Listen carefully to what the people said.
The developer actually managed to get the state Municipal Council to issue the certificate of completion so that they can get the final payment from the bank despite the works was still in progress.
So technical, the building is "completed" in legal terms, the buyers have to pay in full.
The developer cannot do this without the local authorities "allowing" them.
But look at the sad condition of the project in the video.

Similarly, take a good look at most of the roads here, there are uneven, with potholes everywhere; the reason is simple, they are all NOT build in accordance with the specifications.
The contractors cannot do this without the local authorities "allowing" them.

enjoylife77 · Jun 30, 2016

The contractor must have used Shell Helix lubricant to have things go his way. Would you stay in an apartment that requires you to fetch water from outside ?

xebay11 · Jun 30, 2016

Where is Tekkun and gang? They really really quiet.

mpan12 · Jun 30, 2016

snowbird said:
https://www.youtube.com/watch?v=KyRITDS7k24

The project in this video is not an abandoned project whereby the developer went bankrupt before job completion.
Listen carefully to what the people said.
The developer actually managed to get the state Municipal Council to issue the certificate of completion so that they can get the final payment from the bank despite the works was still in progress.
So technical, the building is "completed" in legal terms, the buyers have to pay in full.
The developer cannot do this without the local authorities "allowing" them.
But look at the sad condition of the project in the video.

Similarly, take a good look at most of the roads here, there are uneven, with potholes everywhere; the reason is simple, they are all NOT build in accordance with the specifications.
The contractors cannot do this without the local authorities "allowing" them.

You are resourceful to dig out this video! Those residents bought their condo in 2001. So I think back then, it should be dirt cheap anyway?

It seems like the condo where the residents are staying in is not well completed either. Looks more like a kampung apartment than a condo. The swimming pool looks like a kampung lake and the paint on the external walls is really old.

I don't understand how the Council could certify the project as completed when it was not.

I pity the residents. Feel like telling them, Come to Singapore, get a PR or citizenship here, find a job, and buy our HDB flats. Life's a lot better here.

But to be fair, I think this is one of a few isolated cases in Johor. Developer is probably small and not well-known kind.

jbrts · Jun 30, 2016

I think the time to invest in JB would be in 6-12 months, not now. I have gathered a few investors together, and ready to pick fire sales soon.

Most of those taking bank loan home-owners already received bank notification on rate hike and installment hike. Expect to see breakdown soon.

xebay11 · Jun 30, 2016

jbrts said:
I think the time to invest in JB would be in 6-12 months, not now. I have gathered a few investors together, and ready to pick fire sales soon.

Most of those taking bank loan home-owners already received bank notification on rate hike and installment hike. Expect to see breakdown soon.

Let me know how to pickup fire sales? Are you foreign investor? You need to buy above RM1m?

jbrts · Jun 30, 2016

xebay11 said:
Let me know how to pickup fire sales? Are you foreign investor? You need to buy above RM1m?

You need to be patient ... the deals will come to you when the market is desperate for buyers.

I am Malaysian, but my friends and investors are mostly foreigners. We will likely set up a Malaysian holding company.

sgcount · Jun 30, 2016

jbrts said:
I think the time to invest in JB would be in 6-12 months, not now. I have gathered a few investors together, and ready to pick fire sales soon.

Most of those taking bank loan home-owners already received bank notification on rate hike and installment hike. Expect to see breakdown soon.

Which rate hike and installment hikes are you referring to? Is it the bank loan interest rate?

So it's no longer 4.5% ah?

Relaxman · Jul 31, 2016

jbrts said:
You need to be patient ... the deals will come to you when the market is desperate for buyers.

I am Malaysian, but my friends and investors are mostly foreigners. We will likely set up a Malaysian holding company.

No use...... Setia Sky 88 is a doom project. No future prospect at all. Owners must try to sell at a lost now.... maybe 20% lesser than the original launched price.

Tekkun · Jul 31, 2016

Relaxman said:
No use...... Setia Sky 88 is a doom project. No future prospect at all. Owners must try to sell at a lost now.... maybe 20% lesser than the original launched price.

From far looked impressive.
From top also look impressive.
From road leading to it, it is a different story. :smile:

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