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Puteri Harbour Community

cleas1977

Alfrescian
Old Timer
Yes I agree we shouldn't hype over all these awards. But traditionally those million dollar condos will get the awards. I am not sure about anyone here but I myself own properties in a few condos in Puteri Harbour and KL ( PCR and SMR are my hot favourite as they are beside One 15, a very very successful and prestigious international marina operator from Singapore. SMR give good top notch quality finishing but I pay about RM 200psf lesser than PCR for SMR. When I put the full details and finishing by both developers, Puteri Cove Residences did win by a reasonable margin ( none of my properties in Singapore is of better quality than PCR so much )

With due respect to the buyers of Teega who has some complaint about the finishing, I am rather curious why they didn't know in the first place the finishing given is of a lower quality?

I am even waiting for PCR and SMR and a few condos to TOP so that I can drop by a check for myself if they have misrepresented me. I even issued warning to CEO of Pacific Star not to use inferior quality to substitute the material agreed upon. Lets hope they don't kena a law suit from me.
You have some experiences with the CEO of Pacific Star? Actually I bought from him because I think in Spore developer could not do tricky things like that...
 

Investor888

Alfrescian
Old Timer
You have some experiences with the CEO of Pacific Star? Actually I bought from him because I think in Spore developer could not do tricky things like that...
The CEO meant business. The contractors dislike him because no one can use inferior materials and get away with it ( esp in a country like Malaysia ) . He is super fussy over minute details. But we purchasers love these type of CEOS
 

Investor888

Alfrescian
Old Timer
I guess the facilities are so much better.. had the backing of a 5star Pan Pacific Hotel.. and I dislike SMR management because it is sooooo damn Malaysian style. And look at their FB. Every year update just once and MIA for 1 year. Really Satu Malaysia Spirit! If it aint cheaper than PCR by a mile, I would have shot myself for buying into SMR now!



Just curious on what are the items that you mentioned were better then SMR?
It seemed pretty good to me.
Was it the facilities provided?
 

cleas1977

Alfrescian
Old Timer
that's a good news for us the buyers, last time the finishing of my condo was so horrible and yes the developer blamed the contractor for doing messy job.
 

Walker

Alfrescian
Old Timer
Just got a registered letter from Encorp Developer

Notice of the expiry of the Developer's interest bearing scheme

Stated that the DIBS was offered based on 48 months (Cut off date) from the SPA date. 3/27/2013
That I am liable to settle subsequent interest charged by my Financier after the cut off date.

It has come to our notice that we had mistakenly paid your financier such interest under the DIBS after the cut off date and you would be required to refund the said interest upon our demand in due course.

Anyone also got this?
They can delay and get extension but we have to start paying interest even when they cannot finish the project?

Any advise, what can I do?
 

menghuii

Alfrescian
Old Timer
Just got a registered letter from Encorp Developer

Notice of the expiry of the Developer's interest bearing scheme

.......
Any advise, what can I do?
i will talk about TOP first.
i had asked earlier in the forum about when i would start my instalment to my financier. firstly i think should be at top with iD package (interior design) completed also, meaning when i get the keys. but i gathered from DCputeri replies that not all units will come with ID packages. therefore i think upon top (it would probably be for whole development) so i believe regardless which unit has ID packages, all will get their keys but those units which should come with ID packages like me will just have to wait for the developer to arrange for ID contractors and furnitures & fittings suppliers to fill it. similarly other units without ID packages will have to arrange for their own fittings and furnitures as well. this is logical.

next is DIBS
before i received the DIBS letter from encorp like you just did, i had already been toing and froing with my financier about the interest payment which the developer had stopped paying since april this year. according to my financier they referred to their terms of agreement with developer and buyer that is me and informed me that developer only pays interest under DIBS scheme upto 48 months although i thought it should be at top. but i realised it's whichever comes first, top or 48 mths.

if you think carefully, if developer can finish building a condo and top it say within a month for eg. they will only need to pay perhaps only 1 mth interest isnt it.
in other words if they can save they will save!

regarding the developer requesting for a six mths extention, i only heard it here. i didnt have any black and white. did you receive any notification?

understandably, if they have the option to do it without paying any LD charges if any, they would. but if your spa is dated mar2013 means it had already exceeded 48 mths.
i heard this condo will top by september.

anyway i think i will be seeing a lawyer ( not sure which one yet) to discuss about how to get developer to pay for LD.
i am keeping the fingers crossed while waiting for developer to do a self acknowledgement regarding the LD before i take action.

i will be paying the loan interest to my financier in the next few days to avoid paying more daily interest upon interest.

keep posting walker.
 

Walker

Alfrescian
Old Timer
Thank you for your comprehensive reply.

I agree with you that the developer will try to TOP asap, so as to reduce LD charges.
He will hand over a basic unit for vacant procession without the renovation done.
I hope that he does not drag his feet over the renovation.

DIBS - Developer claimed to have paid mistakenly extra months of interest and will crawl back from me.
I have not seen any records of that yet so will have to check with the bank. I will also probably add some funds for the interest payment.

I have a document date march last year that stated the project completion period for clauses 25(1) and 27(1) of SPA will be amended from within 42 months to within 48 months. Maybe this is the 6 months document others have mentioned.

i will talk about TOP first.
i had asked earlier in the forum about when i would start my instalment to my financier. firstly i think should be at top with iD package (interior design) completed also, meaning when i get the keys. but i gathered from DCputeri replies that not all units will come with ID packages. therefore i think upon top (it would probably be for whole development) so i believe regardless which unit has ID packages, all will get their keys but those units which should come with ID packages like me will just have to wait for the developer to arrange for ID contractors and furnitures & fittings suppliers to fill it. similarly other units without ID packages will have to arrange for their own fittings and furnitures as well. this is logical.

next is DIBS
before i received the DIBS letter from encorp like you just did, i had already been toing and froing with my financier about the interest payment which the developer had stopped paying since april this year. according to my financier they referred to their terms of agreement with developer and buyer that is me and informed me that developer only pays interest under DIBS scheme upto 48 months although i thought it should be at top. but i realised it's whichever comes first, top or 48 mths.

if you think carefully, if developer can finish building a condo and top it say within a month for eg. they will only need to pay perhaps only 1 mth interest isnt it.
in other words if they can save they will save!

regarding the developer requesting for a six mths extention, i only heard it here. i didnt have any black and white. did you receive any notification?

understandably, if they have the option to do it without paying any LD charges if any, they would. but if your spa is dated mar2013 means it had already exceeded 48 mths.
i heard this condo will top by september.

anyway i think i will be seeing a lawyer ( not sure which one yet) to discuss about how to get developer to pay for LD.
i am keeping the fingers crossed while waiting for developer to do a self acknowledgement regarding the LD before i take action.

i will be paying the loan interest to my financier in the next few days to avoid paying more daily interest upon interest.

keep posting walker.
 

kaliumchloride

Alfrescian
Old Timer
Thank you for your comprehensive reply.

I agree with you that the developer will try to TOP asap, so as to reduce LD charges.
He will hand over a basic unit for vacant procession without the renovation done.
I hope that he does not drag his feet over the renovation.

DIBS - Developer claimed to have paid mistakenly extra months of interest and will crawl back from me.
I have not seen any records of that yet so will have to check with the bank. I will also probably add some funds for the interest payment.

I have a document date march last year that stated the project completion period for clauses 25(1) and 27(1) of SPA will be amended from within 42 months to within 48 months. Maybe this is the 6 months document others have mentioned.
Hi, does this mean they don't have to pay the extra 6 months amendment LAD ? Another question I have is does anyone know if the LAD is based on contract purchase price or the purchase price after discounts ?
 

Investor888

Alfrescian
Old Timer

menghuii

Alfrescian
Old Timer
S$2 million for a waterfront house with lap pool and berth for boats... freehold. A damn good steal and bargain. Watch out for RM 10+ million houses in Iskandar!

https://www.theedgeproperty.com.sg/...mail&utm_term=0_30f686716a-153bad61e7-1952897
i read this article yesterday and i thought wow, ph is the way to go.
it's coming. this video from scm tells it all. from 3.13 onwards
[video=youtube;HaQBJQJpLIo]https://www.youtube.com/watch?v=HaQBJQJpLIo[/video]
 

kaliumchloride

Alfrescian
Old Timer
i read this article yesterday and i thought wow, ph is the way to go.
it's coming. this video from scm tells it all. from 3.13 onwards
Thanks Meng Huii. Great video and article. Was there again last Thursday night, after 1 month, my regular dinner stop before returning home after work trip.

Was surprised by how crowded it was for week day along the promenade. Saw many families walking around and Brussels was almost full. I was there 8.05 pm just missed the happy hour but see most patrons are lecturers and students. Some Chinese tourist also. NZ restaurant also quite full, mainly office attire locals. Encorp also buzzing with construction on Tower 2 higher floors. Seems like working overtime.

If the area is fully built up and the ferry link to Sgp is established, it will be a very happening area. I hope the promenade is not too crowded as of now, it seems already quite busy even on weekdays.
 

dragonfly

Alfrescian
Old Timer
Ya Menghui,
Its seem that ppl are selling. But, have to pay taxes of 5%. That include somerset puteri harbour. As of today, there are 4 selling their units. And, 14 units are for renting. Too many residents units in puteri harbour. Hope it will pick up very soon. If not, those investors will have to pay mortage loan throughout. As for those retirement, will be quite ok. Sell their prop in sgr in $xrate = ringget. and enjoy a peacefully life in puteri harbour, facing the sea.

Anyone so far know the rental yield in puteri harbour? Please kindly share the information.

I may think of putting up a portal on Somerset Puteri harbour only. For those leasing out for 10 years to M/s Somerset or living there or renting out their units are welcome. Please show of hands. Thank you.
 
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