Bukit Indah - The Address

[wuqi256]

hi guys
sorry to interrupt.
got call from lawyer that bukit indah 8 unit is valued at only 400k. after wait 6 months. my foreigners application rejected cos less than 500k. i lose agent fees n lawyers fees . the unit sold to me is at 600k n i thought surely pass. expensive lessons. all bros please ask sgporean keep clear of resale. i dunno whether to appeal..? any advice.

You should appeal and get your lawyers to try again or engage a different lawyer, showing them your Notis of Taksiran. Was the seller previously also a foreigner? If so, then you can submit based on the previous approval for the seller.

 

[FHBH12]

But if the malaysia prata government decided to increase the foreigner purchase limit to 1million, then many will e screwed....

I'm not sure if those who bought when the limit was 250k were hit anot...

Don't think they will kill the golden goose since there is so much land in Johor, unlike Penang. Right now the banks are reducing DIBS packages.

 

[tutucake]

Don't think they will kill the golden goose since there is so much land in Johor, unlike Penang. Right now the banks are reducing DIBS packages.

Agree... But there were once a rumour abt this... So it is not impossible...maybe not now, maybe it's 5years later... Then those buy 500k now and wait for their houses to build (3years) and rent out for 2years... May Kanna hit if by then their valuation is only 700k

 

[potter]

em...just wondering why BI terrace hse bank value is below 500k lei?
then ppl shouting for 700-800k..and yet ppl buy until so siok..

 

[malpaso]

How about changing bank to value it at $500k RM? It cannot be $400k RM for double-storey terrace at Bukit Indah 8th Ave.

the problem is the 400K valuation is from the land office (ie m'sia govt valuation). not bank valuation. i heard this is not an isolated incident .

 

[malpaso]

Buy above $500k RM direct from developer should be quite safe, then hold for at least 2 years before subsale. Valuation should have increased further.

depend on the government at the time. not trying to post negative news , this is truth.

 

[macbookair]

You should appeal and get your lawyers to try again or engage a different lawyer, showing them your Notis of Taksiran. Was the seller previously also a foreigner? If so, then you can submit based on the previous approval for the seller.

what i was told was that the state valuation will be lower most of the time so the agreed buying price could be deemed too high by the state.

THe lawyer can make a appeal by submitting cases of recent transactions around the same area to get it approved.

 

[potter]

Agree... But there were once a rumour abt this... So it is not impossible...maybe not now, maybe it's 5years later... Then those buy 500k now and wait for their houses to build (3years) and rent out for 2years... May Kanna hit if by then their valuation is only 700k

u may see big hses tua cheong..

 

[wuqi256]

the problem is the 400K valuation is from the land office (ie m'sia govt valuation). not bank valuation. i heard this is not an isolated incident .

Yes, some property may have issues due to lower assessment. This is getting common but depends also on the lawyer one uses.

 

[Chocolate]

Valuation 400k. Should be the typical 20x70 double storey terrace. Sold price 600k. Need I say more? Majority of Malaysian who knows how to think will not pay 600K for that kind of property. New cluster house by SP Setia selling above 1M? Guess majority are Singaporeans. Good Luck! Goreng Goreng Goreng!

I am Malaysian who's also SPR. While its true that to Malaysians this kind of prices dont make sense, this is an area in which demand is not coming only from Malaysians.SP Setia has only 20% quota for foreigners and they are not interested in applying to increase it unlike other devlopers. They don't need to as they have enough Malaysian buyers. I introduced 2 Singaporean friends in Bukit Indah and was told they dont really want to entertain Singapoeran buyers to queue as very unlikely to get the unit. Their projects sell out easily even the 80% for Malaysians like the cluster hosue D'Fronde, sold out very fast.Malaysian quota also filled.
I was told if Singaporeans want to buy the other townships like Cascadia and Tropika ok but but if its Bukit Indah have to queue very early.
As for paying abv valuation, many buyers are doing that and not only in BI, HH also.Even in SG arent peopel buying HDB abv valuation, isnt that what the cash amount is? banks have to value in a safe way to protect themselves, but buyers have to consider demand and supply.

 

[Chocolate]

got call from lawyer that bukit indah 8 unit is valued at only 400k. after wait 6 months. my foreigners application rejected cos less than 500k. i lose agent fees n lawyers fees . the unit sold to me is at 600k n i thought surely pass. expensive lessons. all bros please ask sgporean keep clear of resale. i dunno whether to appeal..? any advice.[/QUOTE]

I heard from someone who works for the govt that they dont want 'values' to rise too high. Its a sensitive topic as too many foreigners are buying porperty in Bukit Indah /Nusajaya area. By keeping value below 500K they can 'reserve' it for Malaysians.

 

[Legolad]

the problem is the 400K valuation is from the land office (ie m'sia govt valuation). not bank valuation. i heard this is not an isolated incident .

This is the same info my Msian valuer told me back in Feb 2013. He said that since late 2012, quite a number of submissions to the land office were valued lower than even the bank's valuation. As a result, the foreign buyers either have to cough up more of their own cash if valuation is above 500K or they could not proceed with the purchase if it's below 500K. That's why there is a clause in the SPA in the event of this happening.

Here's a good primer on how property valuations are done in Msia:

http://www.starproperty.my/index.php/articles/investment/the-price-is-right-or-is-it/

Also recommended sites where you can check the past property transactions yourself:

http://jpph.info/index.php

http://e-propertydata.net/


No need to stay away from resale. Just need to do more serious homework plus a little bit of luck - just remember that the rules can change after you've committed and it takes a very long time to process all the documents!

Also, don't pay the agent until after EVERYTHING is settled, and the commission should be paid through your lawyer. The agent should not get the commission if there was no sale.

 

[malpaso]

Yes, some property may have issues due to lower assessment. This is getting common but depends also on the lawyer one uses.

don't know your experience, and this problem doesn't apply to me so never tried.. but i believe in malaysia, this sort of thing can "settle" one.

 

[ecgwee]

Thank u guys for your advices. I hope to alert other buyers about this resale problem. All the houses are selling at 600k both new n resale . It is not that i want to buy at the price. The sellers just dont want to sell lower.. guess no point in appealing as gov policy is final. Anybody knows any foreigners got approval to buy intermediate unit at B. Or any case of successful appeal?I .

 

[jasonjst]

I find that malaysia property surveyer also no standard one , dont know how they do the valuation . Example , you buy phase 1 house for 500K . After 5yrs , phase 4 house of same size and built selling for 1M by the same developer , new buyers buying directly from developer valuation 1M , no problem . However, resale house from phase 1 , only value at 600K , not in line with new launch ? You think the seller will sell you his phase 1 house for 600K and buy a new house for 1M which is far away and need to throw in another 150K for renovation , some more need to wait 3yrs for completion !
You think seller is making too much money ? But you are the same person laughing at him for being a fool buying an overpriced house at 500K five years ago.

 

[malpaso]

good points there. so you are saying singaporeans shouldn't invest in JB, but rather, should invest somewhere else? For example?

 

[cascadia]

Hi Chocolate,

Are you sure the foreign quota is only 20%? Please do your research properly. Who tops the buy for the Cluster and Semi-D from SP Setia? How many Semi-D did SP Setia build, the ones opposite the water tank. 22-25 units? 15 units belongs to Singaporean buyer? Paying above valuation is fine but be reasonable. You bought a house for 300K, and the valuation comes back 400K. And you want to sell it for 600K? 200K profit on top of the capital growth? That's daylight robbery. How much does the buyer needs to fork out? 200K + 10% of valuation price? Normal Malaysians will not do that. Only desperado will pay.

You are a Malaysian who’s also SPR. I assume you’re working in Singapore and either staying in Malaysia or have a property in Malaysia for weekend/family use. Because of the exchange rate, you do not face any issues. How about those Malaysian working in Malaysia? How much is their brought home salary and income? What’s the housing median price they can afford?

Sg is different. There’s COV on top of HDB valuation. But majority of the COV ranges from as low as 5K to 50K. The recent statistic shows COV is dropping. On top of that you need to consider the interest rate in SG vs MY. 1.5% vs 4.2%? And, are you buying for your own stay or investment? I can easily rent out my whole HDB flat for SGD2.5K or a room at SGD600-700/month. How about in Malaysia? Do you think people are willing to pay RM600 for a room? Try survey around Bukit Indah and tell me what’s the average room or house rental, not to forget who are the groups of people who are renting.



The cluster house at BI is confirmed to fix at 20% quota. It is confirmed and not like what you just simply guess or think...

There are a lot more locals who work in SG can afford it too. 80% quota does not mean that they have to be bought by ppl who work in JB locally. There are a lot of locals who cannot afford the house price but there are a lot of locals who can afford as well, in fact there are a lot of rich one who do not work in SG but also can afford to buy expensive house, KL, Penang house are ex but they are all consumed by locals mostly.

Even the recent ballot project at medini - Afiniti more than 70% bought by locals instead of Singaporean..
You cannot simply judge the spending power based on ur own.

I dare to say if BI has no foreign quota, it will confirm to be sold out by now. In fact, the cluster house are on good sale and it almost finish selling.

 

[jc731]

Today, spent about 5 hours in Bt Indah Aeon. Went to the car after shopping. Then realised, we left one of the window opened. Luckily, nothing happened to the car.

Is your car plate no. 89XX ? I saw one last week at the carpark H beside SKy loft, so quickly take down the plate no. and went to the information counter for help.

 

[Metaphor]

The quota for foreigners in BI for cluster is indeed 20%. I am an owner and so are a few others in this forum. Unless Setia staf is lying, which I doubt.

 

[jade apple]

Is your car plate no. 89XX ? I saw one last week at the carpark H beside SKy loft, so quickly take down the plate no. and went to the information counter for help.

No. You are very helpful.