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serisky
Joined: 06 Oct 2008
Posts: 87
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 Posted: Wed Nov 12, 2008 9:29 am Post subject: |
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| linustw wrote: | | serisky wrote: |
is this the new trend to back off for the developer? I think YTL did the same for Midfields too...Nowadays developers are smart and can by-pass law...  |
this is a double edge sword for developer. They are taking the risk because depositers can withdraw purchases without any cost to them (depositors) because the contracts are not sealed. developer better pray that no -ve publicity or better projects come out next door.
Also, it chases away all other potential buyers. If the depositers withdrew, the developer might not be able to find back the true potential buyers.
I am AGAINST this system. It should be make illegal because developers can block all good units. |
how can the developers block all good units? because they need to "sell" it also? Yes, this is the loophole of our system...Anything is possible. |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Nov 12, 2008 2:46 pm Post subject: |
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This project lagi shiok because not under HDA. So Developer can get too creative and end up the biggest loser if not careful.
Heads will be roling baby!
_________________
Kind regards, ysmn |
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trojan
Joined: 17 Mar 2006
Posts: 198
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| Posted: Wed Nov 12, 2008 4:14 pm Post subject: |
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| Loophole is one thing, but the main contributor is the kiasuism of those who support the loophole... |
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eugene jk
Joined: 18 Nov 2006
Posts: 280
Location: Kajang
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| Posted: Tue Jan 20, 2009 11:51 am Post subject: |
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5/95 scheme for potential SP Setia product buyers..
..biz.thestar.com.my/news/story.asp?file=/2009/1/20/business/3062212&sec=business
Maybe this will boost the sales abit??
SHAH ALAM: In the current difficult times, SP Setia Bhd has come up with a scheme to make it easier for buyers to own homes.
And four local banks – Malayan Banking Bhd, Public Bank Bhd, CIMB Bank Bhd and EON Bank Bhd – have committed more than RM1bil to provide financing facilities to the company’s new 5/95 Home Loan Package.
Under the package, buyers need only make a downpayment of 5% and the balance is payable upon completion of the property.
Under the 10:90 variant of the build-then-sell system, buyers have to make a downpayment of 10% of the property cost.
SP Setia group managing director and chief executive officer Tan Sri Liew Kee Sin said: “We want to reassure buyers that bankers are not shying away from lending.”
Minister of Housing and Local Government Datuk Seri Ong Ka Chuan (left) and SP Setia Bhd group managing director and chief executive officer Tan Sri Liew Kee Sin at the launch of Setia 5/95 Home Loan Package on Monday.
Besides the banks’ support, the group also had RM600mil in cash to fund the campaign, he said after the launch of Setia 5/95 Home Loan Package by Housing and Local Government Minister Datuk Seri Ong Ka Chuan yesterday.
The three-month campaign ends on April 19 and is applicable to all SP Setia’s residential properties in the Klang Valley, Johor and Penang.
SP Setia would also bear other entry costs such as legal fees, stamp duty on the sale and purchase agreement and loan agreement as well as memorandum of transfer for purchases under the campaign.
“We believe Malaysians are still looking to buy and have the purchasing power to do so but got shaken a bit by the current market,” Liew said.
He added that the company had received “very encouraging” response from buyers to the promotion it introduced two weeks ago.
Ong said the Government encouraged developers to embark on build-then-sell system.
“As the country faces pressure from the global financial meltdown, Malaysians have become more cautious in spending. By introducing this 5/95 package, I believe SP Setia has managed to work out the right mechanics to offer prospective homeowners an attractive plan that is difficult to ignore,” he said.
However, Ong said the Government could not fully implement the build-then-sell system yet as smaller developers might find difficulty in securing loans from financial institutions to start a housing project.
The Government, he added, would provide incentives including fast-track approval for projects of developers who opted for the concept. |
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bomberman
Joined: 16 May 2008
Posts: 105
Location: KL
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| Posted: Wed Jan 21, 2009 9:14 am Post subject: |
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| Should give SP Setia a credit for doing this, showing great confidence of their product and cash rich. But this doesn't mean I support Setia Walk |
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yakyong
Joined: 27 Jul 2008
Posts: 123
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| Posted: Wed Jan 21, 2009 10:43 am Post subject: |
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| SP porvide free kitchen cabinet and walk in waredrobe for 100st buyers. |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Jan 21, 2009 11:15 am Post subject: |
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| yakyong wrote: | | SP porvide free kitchen cabinet and walk in waredrobe for 100st buyers. |
Getting better as time turns. Wait a little bit longer and more freebies will be available. 
_________________
Kind regards, ysmn |
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linustw
Joined: 07 Dec 2005
Posts: 1490
Location: Klang Valley
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| Posted: Wed Jan 21, 2009 6:16 pm Post subject: |
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not ready "free" per se. The earlier 50 or so buyers locked in 10% cheaper price. If you go in now, you paid 10% dearer in exchange for free cabinet and wardrobe (indirectly you paid from 27k extra onwards).
So no winner here (oh wait, Setia is the winner).
Wait til the show units open for public, another round of price increase, and more freebies. |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Jan 21, 2009 8:17 pm Post subject: |
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Heheheh Linus. Methinks the game for the next 2 years gonna be very different from the last 2. Gonna be lotsa fun!
_________________
Kind regards, ysmn |
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Daryl Teo
Joined: 09 Feb 2008
Posts: 3755
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| Posted: Wed Jan 21, 2009 8:38 pm Post subject: |
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Yes there's even word that a premier developer in Klang Valley is devising a scheme to even absorb half or even as much as 50% of the loan repayment to the banks from between 12 and 18 months. Going to be really interesting to see how developers grasp for straws in a failing market. Going to be a tough act for the marketing guys!
_________________
Buy land, they're not making it anymore.
Mark Twain |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Jan 21, 2009 9:43 pm Post subject: |
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Save for particular products in specific locations, the realestate market will generally hit bottom toward the end of 2011. How many% lower i may not say, otherwise no more free makan from my developer friends. At the moment can make some bucks day trading on klse, and relax a bit for a few years. I expect to get buzy again only around 2013. We can plan but circumstances being as they are life will happen as it likes to. So i've got 5 years of long yarns and simple pleasures ahead. There's a season for everything as The Good Book says. (Ecclesiastes 3).
_________________
Kind regards, ysmn |
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eugene jk
Joined: 18 Nov 2006
Posts: 280
Location: Kajang
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| Posted: Fri Jan 23, 2009 5:50 pm Post subject: |
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Got an Invi from SW..
Might go there to KPC for a while (since got refreshment there :p) |
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Daryl Teo
Joined: 09 Feb 2008
Posts: 3755
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| Posted: Fri Jan 23, 2009 7:46 pm Post subject: |
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| eugene jk wrote: | Got an Invi from SW..
Might go there to KPC for a while (since got refreshment there :p) |
Me too...i'll see ya at the punch bowl!!
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Buy land, they're not making it anymore.
Mark Twain |
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shennanigans
Joined: 17 Dec 2007
Posts: 227
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| Posted: Mon Jan 26, 2009 12:39 pm Post subject: |
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| Quote: | ysmn Posted: Wed Jan 21, 2009 9:43 pm Post subject:
--------------------------------------------------------------------------------
Save for particular products in specific locations, the realestate market will generally hit bottom toward the end of 2011. How many% lower i may not say, otherwise no more free makan from my developer friends. At the moment can make some bucks day trading on klse, and relax a bit for a few years. I expect to get buzy again only around 2013. We can plan but circumstances being as they are life will happen as it likes to. So i've got 5 years of long yarns and simple pleasures ahead. There's a season for everything as The Good Book says. (Ecclesiastes 3).
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ysmn off the scene!!??? not possible :p enjoy ur semi hibernation. But seriously, any real signs yet in the market, people desperate to sell, prices dropping significantly? And is the assumption it's going to be mainly for the higher end props that get the hit fair?
And finally based on your developer friends, now's the time to save for that landed property we've always wanted? 2013 to have some bargains?
Gong Xi Fat Choi ysmn, and all other property enthusiast! happy hunting.
SNGNs |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Mon Jan 26, 2009 4:34 pm Post subject: |
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| shennanigans wrote: | | Quote: | ysmn Posted: Wed Jan 21, 2009 9:43 pm Post subject:
--------------------------------------------------------------------------------
Save for particular products in specific locations, the realestate market will generally hit bottom toward the end of 2011. How many% lower i may not say, otherwise no more free makan from my developer friends. At the moment can make some bucks day trading on klse, and relax a bit for a few years. I expect to get buzy again only around 2013. We can plan but circumstances being as they are life will happen as it likes to. So i've got 5 years of long yarns and simple pleasures ahead. There's a season for everything as The Good Book says. (Ecclesiastes 3).
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ysmn off the scene!!??? not possible :p enjoy ur semi hibernation. But seriously, any real signs yet in the market, people desperate to sell, prices dropping significantly? And is the assumption it's going to be mainly for the higher end props that get the hit fair?
And finally based on your developer friends, now's the time to save for that landed property we've always wanted? 2013 to have some bargains?
Gong Xi Fat Choi ysmn, and all other property enthusiast! happy hunting.
SNGNs |
The developers' market will be OK for well capitalised developers. There will always be demand at the right prices.
Generally developers' new launches this year will be about 10% overpriced. Meanwhile those much overpriced units sold last year may slowly move about 30% down by end of 2011.
At the same time there are some completed properties that may be sold today at below 2011 prices if the sellers are desperate enough or scared enough to want to bail out.
My advice to developers for the next 2 years will be to lower their prices about 10% from current launch prices, build a reputation, maintain a healthy balance sheet and build a landbank, and they can only launch upper end projects again from 2012.
The best time to get a good deal on completed properties will be 2009 -2011. The best time for new launches would be 2012 & 2013 before prices pick up again.
Oh and my developer friends don't tell me much. It is I who tell them.
Plus now is not hunting season but fishing season. We just wait for the fish to bite. The more desperate and/or scared the sellers, the better catch.
But I'm a bit ambivalent with regard to the lower statutory reserve requirement - could cause inflation due to increased money suppy. There is also a high risk of possible supply bottlenecks. Even with interest rates are so low, and trending lower.
Paradoxically I would advise to build up a war-chest of cash.
We live in interesting times.
_________________
Kind regards, ysmn |
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kohts
Joined: 16 Feb 2009
Posts: 369
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| Posted: Mon Feb 16, 2009 7:17 pm Post subject: |
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Check today on the development. The sales girl inform current promotion which will last till Apr. Show unit ready on Mar 22 behind the office and is in progress.
Promotion base on 325k unit:
Free S&P agreement: 3.3k
Free Loan Agrement: 4.6k
Free MOT agreement: 6.2k
Free interest during 3 year construction, 5% value: 15.4k
Free kitchen cabinet/wardrobe: 10k
Total promotion discount 39.62k.
So the real face value is 286k for a 1.1sqf condo with 2 parking, free hold, heart of puchong and SP Setia product.
Very very tempted |
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yakyong
Joined: 27 Jul 2008
Posts: 123
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| Posted: Wed Feb 25, 2009 8:19 pm Post subject: |
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| kohts wrote: | Check today on the development. The sales girl inform current promotion which will last till Apr. Show unit ready on Mar 22 behind the office and is in progress.
Promotion base on 325k unit:
Free S&P agreement: 3.3k
Free Loan Agrement: 4.6k
Free MOT agreement: 6.2k
Free interest during 3 year construction, 5% value: 15.4k
Free kitchen cabinet/wardrobe: 10k
Total promotion discount 39.62k.
So the real face value is 286k for a 1.1sqf condo with 2 parking, free hold, heart of puchong and SP Setia product.
Very very tempted |
Are you sure 1100 sqf only at 325k? |
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kohts
Joined: 16 Feb 2009
Posts: 369
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| Posted: Fri Feb 27, 2009 12:22 am Post subject: |
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facing lake unit, 1k sq feet 2 room - guide price 325k used in calculations
facing hill, 1.1k sq feet 2+! room - around 360k
sorry for the mistake
If you have the chance to drop by, ask them for the calculation of discount and they will provide you the paper which use 325k as the calculation figure
Still considering..... maybe until show unit ready
But seems nobody want to comment on this on the thread :( |
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yakyong
Joined: 27 Jul 2008
Posts: 123
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| Posted: Fri Feb 27, 2009 9:14 am Post subject: |
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| kohts wrote: | facing lake unit, 1k sq feet 2 room - guide price 325k used in calculations
facing hill, 1.1k sq feet 2+! room - around 360k
sorry for the mistake
If you have the chance to drop by, ask them for the calculation of discount and they will provide you the paper which use 325k as the calculation figure
Still considering..... maybe until show unit ready
But seems nobody want to comment on this on the thread  |
I just went to the sales office, show unit will be readied on 22th of March. 5 units Penthouse was taken and more than 50% (100++) units sold. Pick up rate seems increase even in such market condition... very  with malaysian buying power. |
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eugene jk
Joined: 18 Nov 2006
Posts: 280
Location: Kajang
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| Posted: Fri Feb 27, 2009 9:23 pm Post subject: |
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Looks like SP Setia got right on for this one
Brisk sales for SP Setia home loan package
Developer records better-than-expected revenue of RM300mil
SHAH ALAM: SP Setia Bhd’s recently launched 5/95 Home Loan Package has achieved better-than-expected sales of RM300mil amid the softening economy, said group managing director Tan Sri Liew Kee Sin.
..star-space.com/news/story.asp?file=/2009/2/26/pnews/3347814&sec=pnews
Man.. I still think this is a cool project... |
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aimtrue
Joined: 18 May 2005
Posts: 140
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| Posted: Sun Mar 01, 2009 3:11 am Post subject: |
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this is to tazochai:
I saw your draft local plan, and I'm amazed. Thanks for providing it. Has it been updated lately in 2009 since the time that you put it up?
Where did you get the plan from? |
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Wan2C
Joined: 01 Mar 2009
Posts: 8
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| Posted: Tue Mar 03, 2009 1:42 pm Post subject: |
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Latest news  Srtia is forcing all his consultants and contractors to buy up Setia properties equivalent to the full contract values.
Is Setia finance crashing down ? Anyone have more info to this. If true I better cancel my booking. |
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yakyong
Joined: 27 Jul 2008
Posts: 123
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| Posted: Tue Mar 03, 2009 7:40 pm Post subject: |
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| Wan2C wrote: | Latest news Srtia is forcing all his consultants and contractors to buy up Setia properties equivalent to the full contract values.
Is Setia finance crashing down ? Anyone have more info to this. If true I better cancel my booking. |
Where did you get the news?????
The following data sheet from Star online..
Fiscal Year 10/31/2008
INCOME STATEMENT
Net Turnover/Net Sales 1,328,325,000
EBITDA 243,058,000
EBIT 248,246,000
Net Profit 213,456,000
Ordinary Dividend -128,917,000
BALANCE SHEET
Intangibles 0
Fixed Assets 81,106,000
Long Term Investments 113,864,000
Stocks/Inventories 815,892,000
Cash 592,823,000
Current Liabilities 450,911,000
Long Term Debt 425,753,000
Provisions 0
Minorities 358,000
Total Shareholders Equity 1,975,342,000 |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Tue Mar 03, 2009 8:29 pm Post subject: |
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yakyong, figures look good but i seek your clarification why it looks like ordinary dividend is -ve?
_________________
Kind regards, ysmn |
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linustw
Joined: 07 Dec 2005
Posts: 1490
Location: Klang Valley
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| Posted: Thu Mar 05, 2009 10:05 am Post subject: |
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| Wan2C wrote: | Latest news Srtia is forcing all his consultants and contractors to buy up Setia properties equivalent to the full contract values.
Is Setia finance crashing down ? Anyone have more info to this. If true I better cancel my booking. |
IF Setia financially crashing down, I am sure their panel bankers (EON, CIMB) will be more worried than you are! 
dun know abt the rumour....it's the common practise that consultants and contractors are told to "buy back" some of the properties..sort of contra payment....it happens to even other well-known developers (won't review names here), but to the full contract values.......  think his consultants and contractors have no legal avenue or means to demand for $$ meh?
Please don't spread unfounded rumour lah! |
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