Is it really automatic renewal to 129 yrs? I seem to be getting mixed info. Some developers told me such extension is not known yet. Most Medini projects stated only 99 yrs LH.
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Medini (Nusajaya) Community
- Thread starter xxkiwi
- Start date
Is it really automatic renewal to 129 yrs? I seem to be getting mixed info. Some developers told me such extension is not known yet. Most Medini projects stated only 99 yrs LH.
If upfront is 129 years, then it should not state 99LH with 30 years extension. I have the impression that it is automatic but need to pay for renewal. Then again this is Malaysia and a lot of policies can change in just a few years.
My SPA stated 30 years additional is extended and premium paid, near certainty its a done deal.
It's not upfront 129 years, upfront is 99 years. 30 years is added with approval and payment to proprietor (whoever that is)
It's not upfront 129 years, upfront is 99 years. 30 years is added with approval and payment to proprietor (whoever that is)
Sounds good. 129 years is much safer than 99 years.
Just checked with my lawyer about this issue. Indeed there is a lot of confusion..
Those medini projects which have 129 years, your SPA should have stated that extension of 30 years. State government will take note on that after approval. Exactly how, I don't know. In actual fact, the computerize system is not so flexible. They can only key in max 99 years into the system for leasehold property. There is no such thing as 129 years leasehold in their system.
So how do they keep track?
According to my lawyer, one of the ways for government could keep track is to re-key in(after 30 years) to 99 years. That means, if you have bought a Medini project which has 129 years leasehold in 2013, in actual fact, the system will show only 99 years leasehold. In 2043, they will update again to 99 year leasehold. What do they mean by update again? I have no idea. Malaysia Boleh
Those medini projects which have 129 years, your SPA should have stated that extension of 30 years. State government will take note on that after approval. Exactly how, I don't know. In actual fact, the computerize system is not so flexible. They can only key in max 99 years into the system for leasehold property. There is no such thing as 129 years leasehold in their system.
So how do they keep track?
According to my lawyer, one of the ways for government could keep track is to re-key in(after 30 years) to 99 years. That means, if you have bought a Medini project which has 129 years leasehold in 2013, in actual fact, the system will show only 99 years leasehold. In 2043, they will update again to 99 year leasehold. What do they mean by update again? I have no idea. Malaysia Boleh
I have checked my SPA, it mentioned Developer will covered all costs associated to the 30 years extension with Start date till Expired Date. Do check your SPA do include this clause...
I wondering if the developer is still around after 30 years. If 129 years, just state upfront and no need to bother 30 years extension that adds to confusion and uncertainty.
Correct. That why developer already paid upfront per my understanding.
The SPA just merely reflects the status..
you are right
Sounds better. 129 years is much less risky than 99 years. I still prefer freehold in Johor though.
I just signed my SPA, so this is true for Iskandar Residences @ Medini - is this true also for all Medini projects??
THanks,
THanks,
No idea. I suppose it is for selective projects only. I remembers there are several others with 99 years lease. As long as the SPA clearly states 129 years and all the lease are already paid for by the developer.
Its true for IR cos I saw the SPA mentioned clearly about 129 and the developer will pay for the 30 years. I saw the expiry date is Year 2142 and that equate to 99 plus 30 starting from 2013. Btw comfy, you pay SGD cheque or Malaysia cheque?
So far, others projects just merely mentioned their projects can entitled to extend for 30 years. It does not mentioned whether it has already paid for.
So far, others projects just merely mentioned their projects can entitled to extend for 30 years. It does not mentioned whether it has already paid for.
Maybe not 2Mil but will be an unknown.... therefore Iskandar Residences is more assured that way
Curious abt e leasehold S&P, when does the developer going to pay for extra 30yrs lease..(unless it stated 129年 and paid..View attachment 12547)
By then, when time to renew, please pay +2M.
Maybe not 2Mil but will be an unknown.... therefore Iskandar Residences is more assured that way
i oredi quoted beri low liao, 2M is peanut when time-up in chi-ba-ni. :p
If Medini is exempted from RPGT. Price get ready to soar..
http://www.starproperty.my/index.ph...nquiry-on-rpgt-exemption-for-medini-township/
http://www.starproperty.my/index.ph...nquiry-on-rpgt-exemption-for-medini-township/
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