Property Malaysia

Some lighter stuff while most of us are still in the holiday mood (actually not us, we’re back to work today).

This was taken from the Star some weeks back, nice to see justice for the little guys like us.

Developer told to refund booking fees

JOHOR BARU: The consumer claims tribunal has directed a financially-troubled housing developer to return the booking deposits of house buyers in instalments.

Tribunal president Rahazlan Affandi Abdul Rahim made the ruling after a representative from Kong Sun Enterprise Sdn Bhd said the company was not doing well financially.

“We can only afford to pay the reimbursement of RM4,750 in instalments as we are overloaded with repayments,” said the company representative, who declined to be named.

At least eight cases have been filed against the developer at the tribunal here in recent weeks.

Most of the victims, who paid the deposits last year, wanted the booking fee refunded after their loans were not approved.

The latest case was yesterday when a sales consultant brought the developer to the tribunal to get her refund

Lee Kuek Chen, 27, alleged that she paid a RM5,000 booking fee for a low cost house in Mount Austin in October last year.

“Since then, I have tried calling them many times to find out the status of my purchase but they kept telling me to wait. Then in May, I received a letter from the developer stating that my loan was not approved.”

“They promised to refund the money but I waited for another four months before taking them to the tribunal,” she said.

Rahazlan said the tribunal had taken into consideration the company’s financial state and its willingness to repay the money.

We would like to wish all our Muslim readers a SELAMAT HARI RAYA!

Its a wonderful time for the family to meet together again, and for those of us not celebrating, the long weekend is a welcome break after a hectic few months of work, not to mention floods and traffic jams last week.

So one and all, hope you all drive safely and have a good rest, maaf zahir batin!

MK Land recently launched two blocks for sale in Metropolitan Square, the first was a service apartment (with commercial title) which we have recently reviewed here. The other block is named Block C, is the latest in the series of residential condominiums within this flagship development in Damansara Perdana.

We had just reviewed the Serviced apartment at Block D, so please be sure to check out othe review (here) to read our take on the location, quality and accessibility of Metropolitan. Since its launch at the same time, we won’t repeat the info here again.

While Block D is a service apartment located on commercial land, this Block C is on residential land (hende they are calling it ‘condominium’) and is the latest in the series of residential blocks open up for sale since the very first launch in Metropolitan Square. In fact, if memory serves us well, this is the fourth block to be launch. The first three blocks have been completed and handed over, currently you can see them on the side of MS that is nearest to the LDP. There is another final block that has not been launch.

Block C is located on the western side of MS and near the hillslopes. Units will either face the greenery or have the pool view. There are althogether 258 units here, with up to 12 units per floor. For the typical units, there are 3 designs to choose from. Type F is 975sq.ft. Type J is basically a mirror image of the former, but at a slightly larger buildup of 1,095sq.ft. The largest typical unit is Type I at 1,245sq.ft. Most of the units here have 3 rooms and 2 baths, and come with balcony. Larger penthouse units are also available.

For the facilities, residents of this block share with all the blocks, but they have quite comprehensive facilities which are already completed and in use. You can see for yourself what you are getting here. The common facilities are located on the podium floor of the commercial / office units.

All units come with 2 parking bays each, and maintenance is set at RM0.28psf, however please check with the salespeople for the latest details. As part of the promotion by the developer, each unit comes with semi-furnished with air-conditioning, kitchen cabinets, hood & hob, and wardrobe for master bedroom. The price for standard units range from RM425k to RM488k for Type F and J, and up to RM570k for the larger Type I. This ranges from RM430 to R450psf.

With this being a residential unit, it presents a different form of investment or purchase for the public as compared to the service apartment. This is obvious from the unit design, and overall concept. The size and design of the units are attractive to small families, and also to investors looking to rent out.

Kota Harmoni has just had their soft launch a couple of weeks ago, but sales have been so good they don’t seem to need an official launch now. Located in Section 27 of Shah Alam, this is a gated and guarded development of 15 acres consisting of 90 semi-Ds and 15 bungalow. Currently limited units are still available and some held by the management.

The location, is quite near the end of the LDP and the Elite Highway interchange of USJ. From the end of the LDP (near USJ 26), where the traffic junction will lead you to Elite (there are two landmark Hindu temples there) go straight, past the first roundabout and you will see Kota Harmoni on the left after the Sharp factory. Its located beside the main road, but the entrance is on an off road.

On one corner of the land is a TM exchange building with a telecommunications wireless tower. 15 acres isn’t very big, but they have kept the number of units low (105 only) to keep it sparse and well planned. With one side being a main road (there are double storey shoplots across the road), two other sides of the site are occupied by existing mid rise flats. Right in front of the entrance to Kota Harmoni is another row of shoplots. Within the site, there is a small existing TNB substation (just beside the guardhouse). Three more parcels are subdivided from the main development to build a dedicated TNB substation, playground and a clubhouse respectively.

All the units, be it bungalows or semi-Ds, save for 6 of the units, face either dead north or south so some of the units have their side windows facing the setting sun. From the 105 units, there are 11 types of layout to choose from for the semi D, and 5 separate designs for the bungalows. All the units have a minimum plot size of at least 40′ x 85′ (most of them have at least 40′ x 90′), and naturally the bungalows and corner lots have bigger plot size. Build-up for the semi-D units are between 4,000 to 5,000sq.ft. There are units with 2 and a half storeys, and there are also units with full 3 storeys. The main difference is the addition of another room at the back of the top floor, and the foot print is slightly smaller. All the semi-D units have at least 5+1 rooms.

Bungalows are bigger in every sense, they reach up to 6000sq.ft. For the layout of the bungalows, you are advised to check with the salespeople for the availability of the designs.

The layout design is of course spacious, built on a rectangular footprint design. The look is contemporary, with white and light grey overtones. But what about the price? For the semi-D the listed price is from RM968,888 to RM1,498,498 while bungalow it is priced higher from RM1,380,288 to RM1,869,699.

There are some pros and cons as usual. The land is freehold, which is a plus for a landed property these days. It is low density, the site layout is really sparse and will appeal to those who are looking for less cramped spaces. On the downside, this side of Shah Alam is far from Petaling Jaya although the ELITE highway can bring you to KL and other areas quickly. The main road leading up to the KESAS highway and ELITE junction is heavily used at peak hours, but there is some upgrading works being carried out at the moment. If you are looking for a nearby established commercial district, the nearest would probably be in USJ or Puchong.

MCT are a relatively new developer with contracting roots. Their earlier project USJ1 Avenue has been completed and handed over, and they are currently also working on the One City project nearby. Check their website for more details.

Most people would have read the headlines in the papers today confirming the the extension of the LRT lines for Kelana Jaya and Ampang. The current capacity for the Kelana Jaya line was 180,000, while the Ampang line was 170,000. The proposed Ampang LRT extension would cover 17.7km, and start from the Sri Petaling Station, passing through areas like Bukit OUG, the Bukit Jalil Golf and Country Club, and into Puchong before ending at Putra Heights. It will have 13 new stations.

There will be seven stations with park and ride facilities, six of which will be developed as multi-storey car park complexes.

The Kelana Jaya LRT extension starts from the Kelana Jaya station, passing through Subang Jaya and USJ, before ending at Putra Heights. It covers 17km with 13 stations. The line will also have five stations with park and ride facilities. The stations will be equipped with lifts, escalators, public telephones, surau, and toilets. It will also be disabled friendly with facilities for ramps, lifts, low ticket counters and special toilets.

The proposed extension and alignment of the two LRT lines will be displayed at various locations, as well as the facilities provided at the stations for three months starting today until Dec 14. Members of the public are invited to give their feedback on the proposed lines at the locations.

The 35km of lines, which are estimated to cost about RM7bil, will be elevated and are expected to be ready by 2012.

The public is invited to view the proposal and give feedback, you can check the details here.

It’s small and skinny. Measuring only 2.9 metres wide by 12.8 metres long, and was built more than 136 years ago.

And it is priced at USD$2.7million. That’s more than RM9million. Wow.

Yahoo says this:

Corcoran real estate broker Alex Nicholas says anthropologist Margaret Mead and poet Edna St. Vincent Millay once called it home. The three-story structure boasts plenty of light with large windows in the front and back, and a skylight. The current owner bought it in 2000 for $1.6 million. Nicholas says it’s a place for someone who wants a little history.

We reminded clearly the very very first time we viewed Metropolitan Square in Damansara Perdana for their maiden launch of apartments and retail units. This was something like five to six years ago, when Damansara Perdana was in its initial stages of development, then seen as a fringe of the existing Bandar Utama bordering Bandar Sri Damansara. Now the area has becomed a full-fledged township that has seen its commercial area almost fully developed. These days, the commercial area is synonymous with the double (and even triple) parking scourge on all the streets, a testament to its success. The local population is ever increasing, thanks to the highrise both highrise and landed homes further in the area.

Location wise, Damansara Perdana has its known issues. There is only one major entry and exit point, that is twin box culvert below the LDP and Sprint highway. Another short cut runs through to Mutiara Damansara, but generally the lock of mountains generally inhibits easy access out to Sri Damansara or Sg. Buloh.

The flagship development of Damansara Perdana is undoubtedly Metropolitan Square, envisioned as the all in one place to work, stay, shop and dine (as it is often touted by those sales brochures). Located on the lower slopes of a hill, it is a split level complex that has 2 levels of retail space on the ground and up to 6 levels of office space above it. Above that is the common facilities for the residential blocks.

Block D has recently been launched, but it is on commercial title, hence it is called Service apartments. It is launched together with another residential tower (Block C, which will be reviewed soon). The marketing moot point for them here is that this offers a better investment opportunity for buyers, and it can be converted to office units. With that end in mind, the units here are designed to be smaller, and there are more studio units than any other type. Not surprisingly, the sales are very encouraging for this commercial vehicle, especially the aforementioned one room unit.

The Serviced apartment is located western end of Metropolitan Square, and it is nearest to the main road. Its a massive block, housing more than 500 units, and up to 20 units per floor. The units are arrange either facing the main road / Mutiara Damansara, or facing the other apartment blocks and pool. If you choose the right units you can have a view of the green hillslopes. There are five unit types for sale: the smallest studio apartment (Type R) at 450sq.ft. has been quickly snapped up. Following that is Type P, a 1+1 room unit at 650sq.ft. Type O and Q are 725 and 888sq.ft. respectively, both with 2+1 rooms. The largest unit available is the Type S at 1,166sq.ft., also with 2+1 rooms.

The facilities are all shared with the other residential blocks of Metropolitan Square, and is completed and already in use, so purchasers can literally see for themselves what they will be getting. The facilities include a glass-edged swimming pool (actually there are a few pools here, including a kid’s pool), multipurpose hall, tennis courts, a meandering stream (eh?) playground and a clubhouse housing the indoor facilities like gym, sauna, and meeting room.

500+ units add quite a load to the burgeoning population of Metropolitan Square. On the one hand it will contribute to the vibrancy of the area but on the other hand exerting even more pressure on the traffic here. The units are priced from an average of RM280psf to RM490psf. But due to the small unit sizes, the price sum is from RM149,900 to RM664,300. A typical two bedroom unit at mid height should set you back at about a quarter of a million. Sales since the launch has been good, mainly the smaller units are the better sellers.

The maintenance fee is set at RM0.275psf, all units get one parking bay except Type S (they get two). The developer is offering 10% discount at the moment with no downpayment, and they have a 100% loan facility with a few banks (please check with the sales people for the latest details). Looks like they are very eager to sell out this project at the earliest, which is to the advantage of the buyers.

With this being one of the later launches in Metropolitan Square, the facilities are completed so you can see what you are getting. Buyers can also gauge the success of the retail and office lots on the lower levels to ascertain if this investment will be viable or not. With brand new development, this is not possible. With this Block D being a commercial title, it adds a different dimension to the investment opportunity and is markedly quite different from the other phases of Metropolitan Square. Since the price is more accessible compared to the other condos offered here (in Metropolitan Square itself and by other developers) it has a distinct advantage, although unit sizes are small and some people are adverse to the concept of serviced apartment. In addition to that, we don’t forsee that many units being converted to office space or SOHO units. But having said that, it adds a very vibrant aspect to the whole development and will have no problems with the sales

The developer is a subsidiary of MK Land, an experienced developer.

Hi folks, here are the latest 4 reviews in the last couple of months. If you know of any upcoming launches, do let us know, we’ll definitely be interested to check them out.

222.Atmosfera Kondominium, Puchong
223.Kayangan Putera, USJ Heights
224.PJ5 SOHO, Kelana Jaya
225.Five Stones, SS2 Petaling Jaya

As usual the reviews page has been updated.

Was reading a copy of Malaysian Business (June 1-15) when I came across an interesting article called “Saving that Spare Cash”. The article delve into a few aspects of Malaysian consumer confidence and spending trends, but one survey that I’d like to highlight was this one:

How Malaysians intend to spend their spare cash (May ‘09):

Putting into savings - 69%
Paying off debt/credit cards/ loans - 41%
Holidays - 37%
Investing in shares/ stocks/ mutual funds - 32%
New clothes - 24%
New technology - 20%
Retirement fund - 16%
Out of home entertainment - 15%
Home Improvement / decorating - 13%
I have no spare cash - 6%

The index is based on the latest Nielsen Global Consumer Confidence Survey which covered consumer confidence, major concerns and spending habits across 24,140 Internet users across 50 countries.

What is interesting to note that Malaysians put a high priority in savings, and secondly, settling outstanding debt. Credit card debt is definitely on the rise as a worldwide trend, even more so here in Malaysia, so the habit of saving is definitely a good habit. That being said, Malaysians are still spending with holidays, clothes and tech toys high on the list.

What is important to note from the survey too, is that Malaysians are rank no. 3 in the world in terms of saving money, after Hong Kong (75%) and Singapore (74%).

Unfortunately ‘investing in property’ did not appear on the list.

Wishing all Malaysians a happy Hari Merdeka. We’ve just had a very busy long weekend, glad to have a chance to relax today.

We hope for continued prosperity and stability for all Malaysians. Let’s celebrate our diverse cultures and heritage as we brace ourselves for globalization and more financial difficulties.