What is happening at Brunsfield Iskandar Waterfront ( BIW ) @ Danga Bay?

[Iskandar007]

Well, Iskandar Waterfront is too busy selling their landbank to the highest bidder... read on the following from the Malaysian newspaper:

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The Greenland Group is the latest developer from China to buy land for a sizeable property project in Johor's coastal Danga Bay area.
It struck a deal yesterday to acquire 13.96 acres from Iskandar Waterfront Holdings Sdn Bhd (IWH) at a cost of RM600mil, where it plans to develop properties worth RM2.2bil in gross development value (GDV).
The price works out to RM984 per sq ft - just below the record RM991 per sq ft thatHao Yuan Pte Ltd, a Singapore-based but China-owned firm, paid for 37 acres in Danga Bay last December

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Maybe they were the one with a change of heart. They have sold the land too cheap to Brunsfield when market was not that hot. Now they can sell it close to RM1,000 psf. So will they bother if they can it 4 -5 times what they are selling 2-3 years ago.

Last time Tiong nam, Encorp bought land from UEM all below Rm 250 psf. Even Sugar King bought a piece of land very near to CIQ at Puteri Harbour last year at Rm 300 plus only.

After one year the price has gone up so fast??? The China developers really has a lot money....
The land price has gone crazy.

Do you know how much Country Garden bought the piece of land from IWH?

 

[Stevewish]

Last time Tiong nam, Encorp bought land from UEM all below Rm 250 psf. Even Sugar King bought a piece of land very near to CIQ at Puteri Harbour last year at Rm 300 plus only.

After one year the price has gone up so fast??? The China developers really has a lot money....
The land price has gone crazy.

Do you know how much Country Garden bought the piece of land from IWH?

abstract:

In December 2012, Country Garden Holdings had acquired 2.4m sq ft of land at Danga Bay for MYR900m, which works out to MYR376 psf of land, -

In Feb 2013, CapitaLand had acquired 3.1m-sq ft of land for MYR811m (SGD324m), or MYR261 psf of land

Yes, land price has gone crazy.

 

[Iskandar007]

Country Garden bought land at Rm 376 psf, develop and sell at ?? price, I guess Rm 800+, maybe first tier seaview will have higher psf...

Brunsfield bought land maybe around Rm 200 to 300, and sell at Rm 1100+ (according to one of the buyer's quote)

Greenland and Hao Yuan bought the land last year at near to Rm 1000, so what are the price they will sell??? Rm 1500 or 1600?? since the construction cost is increasing....

BIW buyers really will have a capital appreciation on paper if the project is not abandon.

 

[cow138]

Exactly right. This type of happening will create fear and distrust in the Iskandar project.

 

[BlackTiger]

Exactly right. This type of happening will create fear and distrust in the Iskandar project.

If IWH or IRDA don't plan carefully or define and carry out the development according to the masterplan, then they risk having different concept and mix design plan within each developer landbank ,then it will be rojak.

Medini has a masterplan and they excute it accordingly ,at least till now. So I am wondering who has a bigger say -IWH as the biggest landbank owner or the IRDA as the authority overseeing the Iskandar project.

 

[BlackTiger]

Agree. Should have a case.
Don't let the developer off. This should serve as a warning to all errant developers in malaysia who think they can play fast and loose with the rules.

Thank you for your support.

For new Buyer out in the market. See the following extract from the Sales of Goods Act :

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The following implied guarantees are applied in a transaction for goods:
・ Implied guarantee as to title;
・ Implied guarantee as to acceptable quality;
・ Implied guarantee as to fitness for particular purpose;
・ Implied guarantee that goods comply with description;
・ Implied guarantee that goods comply with sample;
・ Implied guarantee as to price; and
・ Implied guarantee as to repairs and spare parts.
The consumer has a general right of redress against suppliers where the goods fail to
comply with these implied guarantees. The consumer is entitled to the following
remedies:
・ Requiring the supplier to remedy the failure
・ Reject the goods
・ Obtain damages in compensation.

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[Iskandar007]

If IWH or IRDA don't plan carefully or define and carry out the development according to the masterplan, then they risk having different concept and mix design plan within each developer landbank ,then it will be rojak.

Medini has a masterplan and they excute it accordingly ,at least till now. So I am wondering who has a bigger say -IWH as the biggest landbank owner or the IRDA as the authority overseeing the Iskandar project.

From the way I see, Nusajaya has carried out the plan well compare to Danga bay.

BIW buyers, you guys can actually complain to IRDA or REHDA if you do not want to take legal action against them yet. I think either authority will take this case seriously as this will have a negative impact on overseas investors who want to invest in Malaysia.

My friends and I are paying attention to this matter as we have the intention to invest in Iskandar.

Please share with us latest development on this matter.

Thanks!

 

[Iskandar007]

We signed the SPA and also the loan agreement in front of the lawyer. But the tricky part is the developer never return it to us. And the lawyer is representing the developer. Hence the lawyer will not share with us whether the developer has signed or not...

Do you means you guys have signed the SPA, but the developer has hold on to it without stamping?

That is very unethical......and it seems as Brunsfield is deliberately abandon the project.

 

[Jetstream]

Sale of Goods Act does not apply to immovable property. "Goods" in the act refers to movable goods. The protection for buyers in real property transactions lies in the Housing Development (Control & Licensing) Act.

 

[dongfangmeiren]

Do you means you guys have signed the SPA, but the developer has hold on to it without stamping?

That is very unethical......and it seems as Brunsfield is deliberately abandon the project.

Thank you for your support!
The opportunity loss is not only the first tier sea view, but also we have to incur higher state levy and also more stringent bank loan if we are to purchase another project now.

news from The Edge:
http://www.theedgeproperty.com/news...ider-tougher-policies.html#.U4h7DNIkwiM.email

 

[dongfangmeiren]

http://biw.com.my/

Gone......................................Aborted by Developer!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[BlackTiger]

Sale of Goods Act does not apply to immovable property. "Goods" in the act refers to movable goods. The protection for buyers in real property transactions lies in the Housing Development (Control & Licensing) Act.

Hi JetStream , Thank you for your advice.

Housing Development Act ,Sales of Goods Act ,Consumer Protection Act ,etc are under the Law of Malaysia.

The goal is to ensure proper business conduct and ensure no one party is been taken advantage of.

So what been provisioned under the Sales of Goods Act, will apply in some way.

If you look at this case ,it is actual a Sales transaction that went wrong. It is between a Buyer and a Seller.

So regardless which Act one want to adopt, there are protection guidelines.

I will have to read through the whole Housing Dev Act to see the protection against errand developer.

My friend just informed there also a Contract Act that we can research on.

 

[BlackTiger]

http://biw.com.my/

Gone......................................Aborted by Developer!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Stevewish mentioned that about 2 weeks ago...

Maybe he can provide us some insight update ....

Very disappointed with the developer pissed ............:kma:

 

[BlackTiger]

NEVER USE THE DEVELOPER PANEL LAWYERS in signing the SPA !!!!

I have promised to write about another aspect of this BIW case with regard to using the appointed lawyers from the developers.

Have attended a famous property guru from Malaysia during one of his talk in Singapore. He mentioned that never use the appointed lawyers from the developer in signing the SPA as well as other legal documents.

Well , his word now ring in my ears as it really happen to us in this case.

Once the issue surface,these lawyers find ways and mean NOT to answer to your concern directly or ask the investors to talk to the developers directly.

But it seem , this is not unique in this case as many other developers adopt the same approach when they promise " Free Legal fee " as part of their sales package.

So is this legal ? They are representing the developers or the investor / buyer ?

Isn't this a conflict of interest ?

I am wondering how the law association in Malaysia view this matter and are they making changes to stop this practice ?

Adrian ,if you out there , maybe you can provide some insight to this ....

 

[cow138]

Good point about the lawyer. Never occurred to me that this is a potential loophole considering that property transaction as in Singapore is a pretty straight forward affair. But with such things going on in Johor this is indeed a prudent step in buying property overseas.

 

[BlackTiger]

Good point about the lawyer. Never occurred to me that this is a potential loophole considering that property transaction as in Singapore is a pretty straight forward affair. But with such things going on in Johor this is indeed a prudent step in buying property overseas.

Yes, this is indeed a loophole that the authority need to address before more buyers fall into the trap.

Here is more information from the web :

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Purchasers of property should beware of developers’ gimmicks like “free legal fees” or “subsidised legal fees”. In some cases, the developer's panel solicitor may be representing the developer and not the purchaser and that is why the purchaser does not have to pay any legal fees. In other cases, the developer's panel solicitor may be acting for the purchaser and his fees are paid by the developer.

Every purchaser has a right not to use a solicitor on the developer's panel. Of course this may mean that the purchaser may not be entitled to the "free legal fees" or "subsidised legal fees".

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So the another reminder to all new Buyer out there shopping for Malaysian projects :

NEVER USE THE DEVELOPER PANEL LAWYERS in signing the SPA !!!!

 

[dongfangmeiren]

Don’t try to save on legal fees and end up paying more if your rights and interests are somewhat compromised!!

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There are many pitfalls that await unsuspecting purchasers in sale and purchase transactions. One of the most serious ones is the issue of legal representation. Who does the solicitor represent in a sale and purchase transaction or loan transaction?

Two Solicitors

Ideally, the vendor and the purchaser should each seek separate legal representation in order to ensure that their respective rights and interests are fully protected. The vendor’s solicitor shall act for the vendor in the sale transaction, the discharge transaction (if any), the application for consent (if required), and the submission of the vendor's real property gains tax returns.

If a purchaser requires a loan, the purchaser's solicitor may act for the purchaser's financier in the loan transaction.
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These are the mistakes we made when we signed the SPA with Brunsfield, and no reponse from the developer panel lawyers.......

 

[BlackTiger]

Don’t try to save on legal fees and end up paying more if your rights and interests are somewhat compromised!!

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

There are many pitfalls that await unsuspecting purchasers in sale and purchase transactions. One of the most serious ones is the issue of legal representation. Who does the solicitor represent in a sale and purchase transaction or loan transaction?

Two Solicitors

Ideally, the vendor and the purchaser should each seek separate legal representation in order to ensure that their respective rights and interests are fully protected. The vendor’s solicitor shall act for the vendor in the sale transaction, the discharge transaction (if any), the application for consent (if required), and the submission of the vendor's real property gains tax returns.

If a purchaser requires a loan, the purchaser's solicitor may act for the purchaser's financier in the loan transaction.
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These are the mistakes we made when we signed the SPA with Brunsfield, and no reponse from the developer panel lawyers.......

Yes... All potential Buyers looking into Malaysian properties , do not let your guard down and assume everything is well taken care of .

Read on the article on last Sunday Times ..." Still Waiting For Refund Of Deposit " for a property deal that didn't materialise.....

 

[BlackTiger]

Read this Strait Times article on Developer that hold back investor deposit in oversea property.....

 

[ToryBurch]

Wow..., this sound very scary , ya....
My sister and I wanted to look at Puteri Harbour and Tropicana@danga , but now we are worried .Maybe it is not as safe and protected in JB.
There is a Malaysia Property by propertyguru in MBS, I think I will skip it and go GSS in orchard instead !!!