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Puteri Harbour Community
- Thread starter Qube3
- Start date
I went down to to get some of my queries answered.. In the end bought a low level studio unit for investment. owner rejected the unit the prev night. bcos he wanted to upgrade to a bigger unit. Got it for 623psf. Before I left, I understand from the sales staff that there was still an available studio unit at 30th level. They are still offering 10% rebates now. After Christmas, it'll be 5%.
Additionally, I understand from the sales staff that uem might be launching 2 projects in puteri harbour next year. One proj is situated at the private marina, near ciq and next to the future convention centre. Price is comparable to pine tree, if not more.. They only give a rough indication on the price.. 1200 psf or more. It makes sense bcos all units hv marine view and they r so near the ciq and convention centre.
Another project is next to Teega(further inside). No sea view, probably second link view. Still early in their planning stage. These are Soho units. Some staff gave their opinion that it might be cheaper than teega in terms of psf but the quantum might be more.. Bcos of the height of these units.. Almost like 2storey in a unit.. You might want to google to find out more info about these units. Soho units are more appealing to owners who want to work and live in the same place.
Another project is next to Teega(further inside). No sea view, probably second link view. Still early in their planning stage. These are Soho units. Some staff gave their opinion that it might be cheaper than teega in terms of psf but the quantum might be more.. Bcos of the height of these units.. Almost like 2storey in a unit.. You might want to google to find out more info about these units. Soho units are more appealing to owners who want to work and live in the same place.
Suppose it is first choice with more options and therefore can pick the better units.
House-buyers beware of DIBS
Posted on December 22, 2012 - Investment.
By CHANG KIM LOONG
OF late, there have been a few housing developers who proudly advertise that the sales of their product are offered are with “interests payment borne by developers”. Such schemes are known as DIBS, that is developers’ interest-bearing scheme.
A particular one even boldly states that house-buyers make no payment until due vacant possession of the said houses.
It entices potential house-buyers that all they need is to pay the requisite downpayment of 10% upon signing the sales and purchase agreement (SPA) and the balance thereof will be financed by their panel banks/financial institutions.
Some even have the audacity to equate the same with the 10:90 concept of built-then-sell (BTS). One even goes as far as to advertise the mode of payment as 5:95 model. The connotations in all these advertisements are that buyers do not make any progressive payments until the houses are completed and ready for vacant possession.
All these advertised “schemes” of payments are nothing more than loan packages. Although the advertisement states “no payment until vacant possession”, in reality the buyers’ loans are “locked-in” with panel banks/financial institutions and hence, buyers’ housing loans are used to pay the developers as they construct the houses.
It is based exactly on the current sell-then-build (STB) or progressive payment formula. This formula has got so many house-buyers into trouble when the houses they buy are abandoned by the developers.
The only difference in the advertised system is that the interests towards the progressive payments are shouldered, absorbed and borne by the developers. Buyers still have to secure their end-financing housing loans as soon as they sign the SPA. Buyers are still responsible to the banks and financial institutions for the loans whether the houses are delivered or not. BTS 10:90 model
This is far different from the real BTS 10:90 concept put in place and encouraged by the Government, whereby the buyers truly do not make any payment except for the deposit of 10% until vacant possession because the end-financing loans do not kick in until the houses are completed with all the certifications obtained and keys with vacant possession are available.
It is a far safer mode of buying houses and this is precisely why the Government is encouraging it and furthermore offering incentives to developers who opt to adopt this mode of selling their products. But it fell short of compelling the industry to adopt this BTS 10:90 concept currently. However, the Housing and Local Government Minister has reiterated that the BTS 10:90 will be made mandatory by 2015.
Vital differences
The vital difference between the advertised DIBS abbreviation and the government-encouraged BTS 10:90 is that, in the advertised DIBS or 10:90 or 5:95 model, should the developer abandon the project (for whatever reason), buyers are left with a partially disbursed housing loan to settle.
The amount varies in accordance with the amount of disbursements made.
The primary borrower is still the buyers and that it is the sole responsibility of the borrowers/buyers to continue with the proper conduct of his loan from the financiers.
Banks have not been known to be sympathetic to victims of abandoned projects.
The loans still have to be settled house or no house! This is the predicament presently faced by tens of thousands of nave and innocent buyers when the houses that they had bought were abandoned by their developers.
Don’t think for a minute that the financier will write off the loan payable by the borrower/buyer.
Thus, the various advertisements for DIBS abbreviation or 10:90 or 5:95 or 0:100 connotations are merely marketing tools and are not the same as the BTS 10:90 concept that is put in place under the Housing Development (Control and Licensing) Act and Regulations.
These advertisements are open to misunderstanding and confusion. In this period of soft market in the housing industry, it is natural that more and more innovative sales strategy will come in.
We are not in opposition to that, but we are of the stand that advertisements should not have any element of misrepresentation or misconception and should not give rise to misunderstanding and confusion.
Housing Ministry to be vigilant
The Housing Ministry’s Licensing Department should also take a close look at the contents of such advertisements before granting them sales and advertisement permits.
To allow such advertisements is injustice to nave and innocent first-time house-buyers.
Has the ministry erred in allowing those advertisements or did it not manage to spot the difference?
I would like to categorically state that I’m by no means implying that the advertised project is likely to be abandoned. This article is aimed only to inform potential buyers on the differences between the advertised DIBS or 10:90 or 5:95 or 0:100 mode of purchase vis-vis the government-encouraged BTS 10:90 concept.
Be an informed buyer and empower yourself with information to make a wise decision.
How to spot the difference
On the side of caution, the buyer needs to check if he has bought into a STB 10:90 loan package “scheme” or a BTS 10:90 concept. The differences between the two models are already explained in the article. An easy way to know what the buyer has bought is to refer to the SPA. If the contract is a Schedule H or Schedule G, the scheme is a sell-then-build. If the contract is a Schedule I or Schedule J, the scheme is a BTS 10:90 variant.
> Chang Kim Loong is the honorary secretary-general of The National House Buyers Association, a non-profit, non-governmental, non-political organisation manned by volunteers. For more information, clickwww.hba.org.my or e-mail [email protected]
Posted on December 22, 2012 - Investment.
By CHANG KIM LOONG
OF late, there have been a few housing developers who proudly advertise that the sales of their product are offered are with “interests payment borne by developers”. Such schemes are known as DIBS, that is developers’ interest-bearing scheme.
A particular one even boldly states that house-buyers make no payment until due vacant possession of the said houses.
It entices potential house-buyers that all they need is to pay the requisite downpayment of 10% upon signing the sales and purchase agreement (SPA) and the balance thereof will be financed by their panel banks/financial institutions.
Some even have the audacity to equate the same with the 10:90 concept of built-then-sell (BTS). One even goes as far as to advertise the mode of payment as 5:95 model. The connotations in all these advertisements are that buyers do not make any progressive payments until the houses are completed and ready for vacant possession.
All these advertised “schemes” of payments are nothing more than loan packages. Although the advertisement states “no payment until vacant possession”, in reality the buyers’ loans are “locked-in” with panel banks/financial institutions and hence, buyers’ housing loans are used to pay the developers as they construct the houses.
It is based exactly on the current sell-then-build (STB) or progressive payment formula. This formula has got so many house-buyers into trouble when the houses they buy are abandoned by the developers.
The only difference in the advertised system is that the interests towards the progressive payments are shouldered, absorbed and borne by the developers. Buyers still have to secure their end-financing housing loans as soon as they sign the SPA. Buyers are still responsible to the banks and financial institutions for the loans whether the houses are delivered or not. BTS 10:90 model
This is far different from the real BTS 10:90 concept put in place and encouraged by the Government, whereby the buyers truly do not make any payment except for the deposit of 10% until vacant possession because the end-financing loans do not kick in until the houses are completed with all the certifications obtained and keys with vacant possession are available.
It is a far safer mode of buying houses and this is precisely why the Government is encouraging it and furthermore offering incentives to developers who opt to adopt this mode of selling their products. But it fell short of compelling the industry to adopt this BTS 10:90 concept currently. However, the Housing and Local Government Minister has reiterated that the BTS 10:90 will be made mandatory by 2015.
Vital differences
The vital difference between the advertised DIBS abbreviation and the government-encouraged BTS 10:90 is that, in the advertised DIBS or 10:90 or 5:95 model, should the developer abandon the project (for whatever reason), buyers are left with a partially disbursed housing loan to settle.
The amount varies in accordance with the amount of disbursements made.
The primary borrower is still the buyers and that it is the sole responsibility of the borrowers/buyers to continue with the proper conduct of his loan from the financiers.
Banks have not been known to be sympathetic to victims of abandoned projects.
The loans still have to be settled house or no house! This is the predicament presently faced by tens of thousands of nave and innocent buyers when the houses that they had bought were abandoned by their developers.
Don’t think for a minute that the financier will write off the loan payable by the borrower/buyer.
Thus, the various advertisements for DIBS abbreviation or 10:90 or 5:95 or 0:100 connotations are merely marketing tools and are not the same as the BTS 10:90 concept that is put in place under the Housing Development (Control and Licensing) Act and Regulations.
These advertisements are open to misunderstanding and confusion. In this period of soft market in the housing industry, it is natural that more and more innovative sales strategy will come in.
We are not in opposition to that, but we are of the stand that advertisements should not have any element of misrepresentation or misconception and should not give rise to misunderstanding and confusion.
Housing Ministry to be vigilant
The Housing Ministry’s Licensing Department should also take a close look at the contents of such advertisements before granting them sales and advertisement permits.
To allow such advertisements is injustice to nave and innocent first-time house-buyers.
Has the ministry erred in allowing those advertisements or did it not manage to spot the difference?
I would like to categorically state that I’m by no means implying that the advertised project is likely to be abandoned. This article is aimed only to inform potential buyers on the differences between the advertised DIBS or 10:90 or 5:95 or 0:100 mode of purchase vis-vis the government-encouraged BTS 10:90 concept.
Be an informed buyer and empower yourself with information to make a wise decision.
How to spot the difference
On the side of caution, the buyer needs to check if he has bought into a STB 10:90 loan package “scheme” or a BTS 10:90 concept. The differences between the two models are already explained in the article. An easy way to know what the buyer has bought is to refer to the SPA. If the contract is a Schedule H or Schedule G, the scheme is a sell-then-build. If the contract is a Schedule I or Schedule J, the scheme is a BTS 10:90 variant.
> Chang Kim Loong is the honorary secretary-general of The National House Buyers Association, a non-profit, non-governmental, non-political organisation manned by volunteers. For more information, clickwww.hba.org.my or e-mail [email protected]
Should you invest in high-end condos?
Posted on December 22, 2012 - Investment.
By EUGENE MAHALINGAM | [email protected]
INVESTING your money in property is said to be one of the safest forms of investments.
However, like any form of investment, one can always choose to either “play it safe” and get low, stable returns; or “up the ante, take on high risks and get equally satisfactory gains.”
Investing in high-end condominiums is considered one sure-fire way to make great returns. However, given its risk appetite, it might not be suitable for everyone.
“It’s a very niche form of investment and ideally for the super rich or those with good spending power,” notes Standard Financial Planner Sdn Bhd’s Jeremy Tan.
A good investment?
According to Malaysian Institute of Estate Agents (MIEA) president Nixon Paul, a high-end apartment is more than just about premium pricing.
“It’s more than just about the interior. The criteria for a high-end condominium is defined based on its location, the finishes, managements fees and amenities that comes with it. And of course, there is a premium placed on all of these,” he says.
MIEA deputy president Siva Shanker believes that investing in high-end condominiums is a great form of investment – if you have the money.
“High-end condominiums are good investments but they’re not for everyone as they’re very expensive!”
Still, investing in high-end condominiums is still a very popular investment option for many. According to Siva, take up for Bandar Raya Developments Bhd’s (BRDB) upcoming luxury condominium project, Serai, has been quite overwhelming in just a few short months.
“There has been very low-key marketing done and by the time the advertisements came out, there were a lot of bookings,” he says, adding that over 50% of the units have already been snapped up.
Located at Bukit Bandaraya, Kuala Lumpur, Serai comprises 121 condo units located in two 21-storey towers. Sold at between RM1,300 and RM1,500 per sq ft, the units range from 4,025 to 6,913 sq ft.
There will be two penthouses of 14,000 sq ft, priced between RM19mil and RM22mil.
Serai sits on six acres, the last piece of prime real estate in the Bukit Bandaraya area. Serai will have a gross development value of about RM900mil. According to reports, a majority of the buyers were Malaysians.
“The reason take-up for Serai has been so popular is because the location where the property is being built is one of the last large parcels of land available in the area, and people don’t want to lose out.”
Siva also points out that a selling point was the fact that the project’s developer, BRDB, had a good track record.
He also cites BRDB’s One Menerung high-end condominium development, which was priced at around RM600 per sq ft half a decade ago, but is now hovering at the RM1,200 per sq ft level.
“In five short years or less, you would have doubled your money! That’s a 20% increase on returns per year, which is fantastic!”
Should you invest?
MyFP Services Sdn Bhd managing director Robert Foo says a person who wants to invest in high-end condominiums should first evaluate his wealth position before “taking the plunge”.
“A potential investor should first consider if the investment will take up a big part of his investment. If it’s too much, then it might not be a wise thing to do.”
Age is also something to consider, says Foo, who feels that investing in high-end condominiums should be for older investors with a stable income base.
“If you’re only 25 years old, then you shouldn’t be investing in this, unless you have rich parents,” he enthuses.
Foo adds that one should definitely conduct thorough research if they want to invest in high-end condominiums.
“If the market turns on you and you can’t sell later, then you’re in trouble!”
Nixon says those looking to gain returns on high-end apartments should take a long-term view on it and not hope to make quick gains overnight.
“It’s a good investment but you should only do it for the long-haul – perhaps have a five-year view on it.”
Demographic shift
Siva, however, points out that the increasing level of affluence has seen more Malaysians buying into high-end condominiums – not to invest, but to occupy.
“It’s a trend that is shifting. In the past, you had Malaysians buying low-rise properties but today many are buying condominiums, especially high-end ones, in light of the fact that we are becoming more westernised and affluent.”
He also notes that many expatriates in the past that used to live in high-end condominiums in the city are now living in the suburbs.
“This is to accommodate the international schools that are now being set up in the outskirts of the city,” he says.
Posted on December 22, 2012 - Investment.
By EUGENE MAHALINGAM | [email protected]
INVESTING your money in property is said to be one of the safest forms of investments.
However, like any form of investment, one can always choose to either “play it safe” and get low, stable returns; or “up the ante, take on high risks and get equally satisfactory gains.”
Investing in high-end condominiums is considered one sure-fire way to make great returns. However, given its risk appetite, it might not be suitable for everyone.
“It’s a very niche form of investment and ideally for the super rich or those with good spending power,” notes Standard Financial Planner Sdn Bhd’s Jeremy Tan.
A good investment?
According to Malaysian Institute of Estate Agents (MIEA) president Nixon Paul, a high-end apartment is more than just about premium pricing.
“It’s more than just about the interior. The criteria for a high-end condominium is defined based on its location, the finishes, managements fees and amenities that comes with it. And of course, there is a premium placed on all of these,” he says.
MIEA deputy president Siva Shanker believes that investing in high-end condominiums is a great form of investment – if you have the money.
“High-end condominiums are good investments but they’re not for everyone as they’re very expensive!”
Still, investing in high-end condominiums is still a very popular investment option for many. According to Siva, take up for Bandar Raya Developments Bhd’s (BRDB) upcoming luxury condominium project, Serai, has been quite overwhelming in just a few short months.
“There has been very low-key marketing done and by the time the advertisements came out, there were a lot of bookings,” he says, adding that over 50% of the units have already been snapped up.
Located at Bukit Bandaraya, Kuala Lumpur, Serai comprises 121 condo units located in two 21-storey towers. Sold at between RM1,300 and RM1,500 per sq ft, the units range from 4,025 to 6,913 sq ft.
There will be two penthouses of 14,000 sq ft, priced between RM19mil and RM22mil.
Serai sits on six acres, the last piece of prime real estate in the Bukit Bandaraya area. Serai will have a gross development value of about RM900mil. According to reports, a majority of the buyers were Malaysians.
“The reason take-up for Serai has been so popular is because the location where the property is being built is one of the last large parcels of land available in the area, and people don’t want to lose out.”
Siva also points out that a selling point was the fact that the project’s developer, BRDB, had a good track record.
He also cites BRDB’s One Menerung high-end condominium development, which was priced at around RM600 per sq ft half a decade ago, but is now hovering at the RM1,200 per sq ft level.
“In five short years or less, you would have doubled your money! That’s a 20% increase on returns per year, which is fantastic!”
Should you invest?
MyFP Services Sdn Bhd managing director Robert Foo says a person who wants to invest in high-end condominiums should first evaluate his wealth position before “taking the plunge”.
“A potential investor should first consider if the investment will take up a big part of his investment. If it’s too much, then it might not be a wise thing to do.”
Age is also something to consider, says Foo, who feels that investing in high-end condominiums should be for older investors with a stable income base.
“If you’re only 25 years old, then you shouldn’t be investing in this, unless you have rich parents,” he enthuses.
Foo adds that one should definitely conduct thorough research if they want to invest in high-end condominiums.
“If the market turns on you and you can’t sell later, then you’re in trouble!”
Nixon says those looking to gain returns on high-end apartments should take a long-term view on it and not hope to make quick gains overnight.
“It’s a good investment but you should only do it for the long-haul – perhaps have a five-year view on it.”
Demographic shift
Siva, however, points out that the increasing level of affluence has seen more Malaysians buying into high-end condominiums – not to invest, but to occupy.
“It’s a trend that is shifting. In the past, you had Malaysians buying low-rise properties but today many are buying condominiums, especially high-end ones, in light of the fact that we are becoming more westernised and affluent.”
He also notes that many expatriates in the past that used to live in high-end condominiums in the city are now living in the suburbs.
“This is to accommodate the international schools that are now being set up in the outskirts of the city,” he says.
Understood from sales that there is an additional RM 10 psf discount if you don't opt for DIBS. DIBS covers Interest during construction + loan legal fee and stamp duty that is typically 1% of loan. So it may be worth it for those who get 80% to 90% loan.
However, the benefits of DIBS is not much if you have 70% loan, as most of the loan drawdown happens towards the tail end of construction.
ILoveGadgets
New Member
Hi Everybody!
After reading so much about Teega, I followed u guys and bought one too. Can explain why DIBS is not much use if only have 70% loan?
After reading so much about Teega, I followed u guys and bought one too. Can explain why DIBS is not much use if only have 70% loan?
DIBS = Developer Interest Bearing Scheme which is the interest incurred for the progress payments for the duration of the project.
Developers would calculate the total interest and add them into the selling price.
If your loan is 70% or lesser, then you are paying cash for the rest of the 30%. The interests is taken care by yourself. Effectively this means that the developer is making an extra income from the interests from the 30% payment. That's why DIBS is not for those who take a lesser loan.
Developers would calculate the total interest and add them into the selling price.
If your loan is 70% or lesser, then you are paying cash for the rest of the 30%. The interests is taken care by yourself. Effectively this means that the developer is making an extra income from the interests from the 30% payment. That's why DIBS is not for those who take a lesser loan.
thanks for the info on DIBS.
I have being wondering about the value of DIBS for the longest time.
But what if the construction period takes up to 4 years like project Setia Sky88? In this case, is picking up DIBS on 70% loan reasonable for investors. I am just curious, not vested in this project.
I have being wondering about the value of DIBS for the longest time.
But what if the construction period takes up to 4 years like project Setia Sky88? In this case, is picking up DIBS on 70% loan reasonable for investors. I am just curious, not vested in this project.
Just came from Teega sales office.
Now the sale of remaining units are freeze. Sales will re-open next year and prices will be adjusted upwards.
UEM must be having very satisfactory sale and is now breaking to catch their breadth, get all those who bought Tower A sign S&P and filter out those who cannot get loan and re-launch next year.
The sales are saying will either be without any more discount and may have price increase as well.
Looks like those already vested is getting better deals than those coming later.
From the stickers on the board, it looks like 80% sold.
Depends on what is offered as an alternative to DIBS and what is offered as a part of DIBS. Let's say your DiBS includes loan stamping and loan legal fee + interest and your total purchase price is RM 1m and loan is 700 k, here is a back of envelope calculation. This is based on the fact that the loan drawdown starts when the structural framework is complete, say 2.5 years, as this is typically the milestone when third installment of 15% is paid.
1) Loan stamping and legal fee, approx 1% = RM 7000
2) Interest on average 350k drawdown for 1.5 years, 4.2% interest = RM 22000
Total benefits will be approx RM 29000. So there will still be benefits, but significantly less than what you will get with 90% loan.
Most drawdowns are towards the 2nd half of the project duration just like what IskandarRocks says. The DIBs are factored to cover the entire 4 year duration. If they take 5 years, then you are able to claim late delivery.
Apparently there are units still available at encorp puteri harbour...
Sales by Metro Homes in propertyguru in Malaysia.
T2-L19-03A A13 698 801,960 WATERFRONT NORTH 1 ROOM, 1 CAR PARK
Sales by Metro Homes in propertyguru in Malaysia.
T2-L19-03A A13 698 801,960 WATERFRONT NORTH 1 ROOM, 1 CAR PARK
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