Malaysia Real Estate

[Joe Millionaire]

Hi everybody,

I am a rookie here and this will mark my first posting in this forum.

I am a malaysian expatriate living and working abroad. i have made my million. And wanted to return home for good in Malaysia within the next 3 - 5 years. It's a difficult decision but it is something l wanted to do.

I have been searching high and low to buy a property to settle down in Malaysia and have looked into some of the sites as l have not got a clue abt area and the legal issues concerning buying properties according to Malaysian jurisdiction.

Now l know that those who wants to purchase a property in Malaysia will need to pay a 10% deposit and they also need to settle payment within 3 months after the Agreement is signed and delivered whather the property is ready or not.

I am quite interested to buy a particular property at PUTRA RESIDENT @ BUKIT RAHMAN PUTRA ( Link: .://..iproperty.com.my/property/development.asp?pid=854.) due to it's excellent setting and the general presentatiuon of the bungalow. It will cost just under a million. But the Housing project will not complete till end 2008 or early 2009.

Well....obviously the rule of the thumb says that you really need to look into the area, the soil profile and the house itself once it is completed so that you can personally assess if it will be a viable purchase but l personally find the rule having to pay all the amount is simply ludicrous.
How can people are being asked to pay the full amount and the house is not yet ready. What if if you buy the property and it turned out to be a flood hazard area or a subsidence area?.

Another issue that l want to raise here is: is there any insurance to cover the Building against Flood, subsidence or other natural disaster and calamities if by the end the flat cracked and fall to pieces?.

I am not just specifically saying this with reference to Putra project but just any other Housing Development Scheme.

Surely there must be law that protects buyers from any inforeseen calamities when they have decided to buy a property.

My choice at the moment is definitely Putra Resident project. Anybody who knows anything about this particular scheme, will you let me know without fail.

Thanks.
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"Try not to become a man of success, but rather, try to become a man of value."
- Albert Einstein