Malaysia Real Estate

xsamuraix · Joined: 04 Nov 2007 Posts: 22

Changed~ 15th floor Xc unit now
:p

^RedDene^ · Joined: 18 Aug 2007 Posts: 35

Rina75:
whoever purchase 2nd car park will get the covered car park? your agent told u that? my agent told me the other way round. need to confirm with him again then...

about the price difference between type X n type Xc on the same level, its my mistake! the difference is about RM7k...
the RM1k different is for same type but 1 level higher...

summerbear · Joined: 01 Nov 2007 Posts: 24

Adeline · Joined: 31 Oct 2007 Posts: 4

Hi, I am interested in buying a unit of Villa Park as well. But as I am a first time home buyer, there are many things to learn with regards to property financing.

1) For example, 0% moving cost means the bank will bear the legal fees, right? But surely the bank will find other means to cover their cost, right? Does it mean those banks which offer package with 0% moving cost will charge higher interest?

2) By the way, do you guys have to pay monthly maintenance fee plus sinking fund?

3) What is sinking fund used for?

4) Also, does this developer really have a history of raising the maintenance fee by a huge percentage?

Many thanks for your help and warm regards,
Adeline

summerbear · Joined: 01 Nov 2007 Posts: 24

basically the things that i confirmed for my Y-type unit is:

1. 1st and 2nd carpark also hv covered
2. 1 dryer for every unit
3. centralization water heater for every unit
4. management fees = RM0.15 /sf
5. sinking fund - RM0.15 x 10%

Please correct me if I'm wrong... Razz

Rina75 · Joined: 22 Oct 2007 Posts: 108

summerbear >> Congrats on your loan approval Very Happy

RedDene >> I just talked to my sales agent. According to him, the developer has advised that the following will be given covered car parks

1. Type Y units
2. Type Xc units
3. 2nd car park units

He said he will reconfirm with the developer tomorrow and confirm with me about this. However, he informed that there is no black and white document to guarantee the above. He said confirmation on covered car parks will not be captured our the S&P. He added that for those who want to purchase the 2nd car park, we'll need to sign a form, but this form also doesn't state if the car park will be covered. Will wait for the update from him tomorrow. Confused

Adeline >> Welcome to the forum.

1. Sorry not too sure about this.

2. Yes we have to pay monthly maintenance fee. The maintenance fee rate for Villa Park is 0.15 per sq ft. According to my sales agent this rate is valid for 2 years from the date we move into the condo (others pls confirm this).

3. Not too sure about sinking fund. Can others advise please as I am keen to know about this as well.

4. From my understanding, this developer has so far developed 3 apartment/condo projects , Villamas in Puchong, Villa Pavillion and latest Villa Park. Villamas is relatively new and Villa Pavillion residents can only move in early next year, so not too sure if they have the tendency to increase the maintenance fee by a huge percentage.

BTW, which unit are you eyeing at?

jane98209 · Joined: 03 Oct 2007 Posts: 197

The updated buyers list todate are as follows:
1.Maxleecm -> Unit B-10-09 (Type Y)
2.jane98209 -> Unit B-09-03 (Type X-corner)
3.Nurjmo -> Type Y on 14th floor
4.Rina75 -> Unit B-07-03A (Type X)
5.^RedDene^ -> Unit B-12-03 (Type Xc)
6.summerbear -> Unit B-06-09 (Type Y)
7.xsamuraix -> Unit B-15-03A (Type X-corner)

summerbear · Joined: 01 Nov 2007 Posts: 24

jane98209 · Joined: 03 Oct 2007 Posts: 197

xsamuraix,

oh...U have no more staying beside of me...I feel sad lar...
hehe....

jane98209 · Joined: 03 Oct 2007 Posts: 197

hu ~~~ will go here on tomorrow...
See who will going to stay beside of me ...
Hehe....

jane98209 · Joined: 03 Oct 2007 Posts: 197

All of us here, who is already signing for the S&P ?!
hehe...I havent sign my S&P lar...
Waiting for the bank loan approval on these Monday...hehe...

May be I will gonna and sign my S&P on next week lar...

How about u guyz ah?!

Rina75 · Joined: 22 Oct 2007 Posts: 108

From National House Buyer Association article >>

What is "sinking fund"?

Both Section 46 of the Strata Titles Act, 1985 and Schedule H of the Housing Developers (Control and Licensing) Regulations 1989 (amended in 2002) stipulate that the sinking fund (called "special fund") in the Strata Titles Act) be used to meet major liabilities of the strata estate.

Some developers collect this fund by way of governing documents, such as a Deed of Mutual Covenants, prior to the establishment of a management corporation for the development, while others rely on the provisions of the Schedule H.

Unit owners in a strata title development must contribute to this sinking fund, which is kept as a reserve fund to meet major replacement of parts of the common property.

The collection of the sinking fund should not be confused with service charges, which are meant for the general maintenance and management of the common property and for the other services the developer has agreed to provide.

As a building ages, parts need to be replaced and without a sinking fund, it will deteriorate. It is easy to understand this if you compare it with the maintenance of a car. Spending on regular maintenance such as changing the engine oil, filter and spark plugs, is akin to paying the monthly maintenance charge of the condo.

However, as car owners know, they will also need a reserve fund to replace parts as the car gets older and for unplanned occurances such as new tyres, a broken windshield, or even repaint.

jane98209 · Joined: 03 Oct 2007 Posts: 197

Adeline :

1) For example, 0% moving cost means the bank will bear the legal fees, right? But surely the bank will find other means to cover their cost, right? Does it mean those banks which offer package with 0% moving cost will charge higher interest?

0% moving cost is during whole construction period and what I have been informed by Sales Agent...It's means that we will start paying the installment when we getting our key...

But, I think the developer have the agreement with the Bank ..The Bank bear for 1st year interest, then the developer will be bear for 2nd and 3rd year..So, the interest rate for thereafter will be quite expensive compare with the rate...

After my full consideration, I did like to take 4% discount...at least I get cheaper bank rate...

Anyway which floor u are eyeing on ?!

Rina75:

the parking rate is still under RM9k ah?! I have been informed by the sales agent, RM18k per parking lot will be start effective on 5th November.

Rina75 · Joined: 22 Oct 2007 Posts: 108

Jane >>

I just talked to my sales agent this afternoon, yes, the RM9K promo price for the extra car park is still on.

I will make final decision tomorrow whether to purchase the extra car park or not.

maxleecm · Joined: 21 Aug 2007 Posts: 40

Hi Summerbear/Adeline,
First of all there is no such things as paying bank loan legal fees everyyear. Supposing wat u mean is the pure interest. Zeron moving cost means bank will pay ur loan legal fees, which has no connection between 0% interest during construction as offer by developer.If u opt for the additional 4%, developer will not bear any interest during construction period. U can skip paying purely interest by requesting the bank to allow you to start monthly installment once the developer instruct bank for progressive payment.

xsamuraix · Joined: 04 Nov 2007 Posts: 22

jane98209 >> Yealor,sad that I'm not ur next door neighbour anymore, but I'll always welcome you to pay a visit to my house..hehehehe. What to do? After thinking for few days, type Xc is alot better than X. So for that 10K extra, and RM50 installment per month, i would rather get Xc although it is kinda high up there at 15th floor. The problem is that my mother and my aunt will be stayin with me, high floors wont be suitable for them. Haihs..Hard decision but I don't want regret later~

Monday will pass all my documents to the bank..hopefully no problem ler~

littlemountain · Joined: 07 Nov 2007 Posts: 4

I also booked an unit at Villa Park. My unit is B 10 3A(X type). Applying for loan now. Hopefully getting a good deal.

^RedDene^ · Joined: 18 Aug 2007 Posts: 35

littlemountain: congrats n welcome to the forum.

Rina75: just called my sales agent n he confirm once again 2nd car park not covered! which 1 is correct? who's your sales agent?

^RedDene^ · Joined: 18 Aug 2007 Posts: 35

received a call from my sales agent n he said he had confirmed with developer on car park issue as below:

owner of type Xc and Y
1st car park - covered
2nd car park - covered

owner of type X and Z
1st car park - open
2nd car park - open

better confirm with your sales agent though if purchase 2nd car park. seems that owner of type X and Z will get open car park even paying the same amount of money (RM9k) for extra car park unit... Rolling Eyes

Rina75 · Joined: 22 Oct 2007 Posts: 108

RedDene >> I also just called my sales agent around 1pm today and he confirmed that if I go sign the 2nd car park form today, can get the covered car park. He really confirmed this and said that the developer promises this, though it will not be captured in our S&P.

The person I liaised with is Mr Ling. Who is your sales agent?

Rina75 · Joined: 22 Oct 2007 Posts: 108

RedDene >> Alamak, how come like this one? Confused

Totally different from what Mr Ling told me. Who is your sales agent? This makes me very worried coz if I were to buy the 2nd car park, it is mainly to get one covered car park.

Rina75 · Joined: 22 Oct 2007 Posts: 108

Sorry please disregard the previous posting. Accidentally pressed the 'submit' button.

Littlemountain >> Congrats and welcome to our forum

The updated buyers list (according to unit type) todate are as follows:

Type Y:
1.Nurjmo -> Type Y on 14th floor
2.Nurjmo's sister -> Type Y on 14th floor
3.Maxleecm -> Unit B-10-09
4.summerbear -> Unit B-06-09

Type Xc:
5.xsamuraix -> Unit B-15-03
6.^RedDene^ -> Unit B-12-03
7.jane98209 -> Unit B-09-03

Type X:
8.Littlemountain -> Unit B-10-03A
9.Rina75 -> Unit B-07-03A

^RedDene^ · Joined: 18 Aug 2007 Posts: 35

Rina75: my sales agent is Frankie. that's what he told me about the 2nd car park after a few calls.
it would be better if they put this in black and white or captured in S&P. is it possible to ask them to do that before sign the documents?

^RedDene^ · Joined: 18 Aug 2007 Posts: 35

Rina75: another thing, do u include the car park to your loan or pay separately? i did include in my loan by the way n need to pay 10%...

Rina75 · Joined: 22 Oct 2007 Posts: 108

Hi RedDene >>

Oh yours is a different sales agent then. I talked mainly with Ling and a few times with Nick. Quite concerned that the info is not consistent. I really agree with you that we need to have some sort of black and white document to confirm on the covered car park.

I was thinking that perhaps it'd be good if we can go to Villa Park at the same time and discuss this thing together with them. What do you think? Then maybe we can really request them to prepare for us a black and white document to confirm that the car park will be covered. Even tho it is not captured in our S&P, at least a separate piece of document. Let me know what you think.

As for the payment, I intend to pay by cheque up front and not include in the loan. What do you mean you need to include 10% if you include in the loan? U mean the total cost of the 2nd car park is RM9900?