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Commercial Properties Any comment on the Commercial Properties Development in Perak?

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  #1  
Old 30-06-2005, 05:27 AM
cherry cherry is offline
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look at the housing and commercial block they built in ipoh, do they really accomodate it to economy condition or just bulid and sell it ?
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Old 30-06-2005, 02:06 PM
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Most property developers in Ipoh have an inside connection with the State land office or MB and cronies to convert agri land into residential or commercial land. Most of the time, they cannot sell houses cheaply because a lot of premium has been paid to the land office for conversion. Furthermore, when u buy, the develop may advertise as 99 years but when u get the title, u realise that u have 72 years left in the case of some plots in Bandar Baru Tambun. Pretty much a rip off in some cases. That's my 8 cents worth.
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Old 30-06-2005, 03:43 PM
kris kris is offline
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Ipohite
BBT in Tambun is not one of those typical new housing schemes. It was a scheme abandoned for some time since the 80's when it was under a KL developer (Syed Kechik). The single storey houses fronting Tambun road were the uncompleted houses for many years. It was bought over by Total Investment and revived in the mid 90's. The land titles must have been issued in the 80's. That is why there is only 72 years left in the lease. Yes, shortest lease but and most expensively priced!

[ 30.06.2005, 03:45 PM: Message edited by: kris ]
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Old 30-06-2005, 04:41 PM
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Kris,

Desa Lang Indah is also a project which did not take off in the 70s or 80s but it's freehold. Too bad they didn't resubmit the designs and plans as nobody now wants 18ft frontage. (so sempit-lah). I think they'll have a tough time selling as well.
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Old 30-06-2005, 05:06 PM
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hi
i'm new in ipoh town but i see that there are vacant commercial buildings~deserted it seems~ on the way to tmn pakatan jaya and bandar baru putra.
i do not know why this can be. over valued or maybe lack of potential investment?
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Old 30-06-2005, 05:34 PM
kris kris is offline
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Quote:
do they really accomodate it to economy condition
Cherry, I don't understand what you mean by that, care to explain?

Desa Lang Indah
Yea, I heard the houses there are not selling well too, despite the attractive price (RM120K?) and the location close to town and the highway. The lot width could be one of the factors, there aren't many houses built these days with width lesser than 20', not even low-cost houses. Over at BBT, some of those houses with 20x55'(area even smaller) lot size were selling for about RM130K.

Lang Indah wasn't really an abandoned project,rather it was a shelved project after the planning and sub-division was done with land titles issued. It was common and acceptable in the 70's and 80's for houses to have 18' width (most of the Taman Cempaka houses) The developer has the option of changing the lots, a lengthy process involving time and cost. With the present oversupply situation in the housing market, it is a buyer's market. The developer has to suit their products to the buyer rather than vice versa.

[ 30.06.2005, 05:39 PM: Message edited by: kris ]
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Old 01-07-2005, 04:35 AM
cherry cherry is offline
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kris

i mean when a developer choosed an area to develope, sure they have ideas and plan to make their project sucess. but whether this "sucess" is sucess to sell it off all the lots or sucess to make the place popular so that the buyer enjoy their rewards soon.

For example, Station 18 and Bandar Baru Metro, there built at the same time, if i am not mistaken. The BB metro also abandoned for first few years, but later become popular. but the Station 18 abandoed till now, maybe you probably said hit by The Financial Crisis, but the BB Metro recovered soon. one of my friend had bought a shop house in BB Metro and not rent out for 6 years after that rent a good price and recently sold out still can make a gain. but you look at Station 18, would the buyer have any chance to get back their capital ? not including the bank interest, quit land, assessment etc. another failure, i forgot the name, somewhere near Menglembu, the chinese name is call "Gin Sek O" ??
not even the Commercial lots are abandoned, the residential area also hardly get occupied.

of course not the developer bear all the blame, but they play a crucial role, right ?

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Old 01-07-2005, 09:57 AM
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"Gin Sek O" or "Chuen Sek Oh" is Taman Impiana Adril. That place is to be avoided at all costs, it's too near the 3 polluting plants I mentioned (Malay-Sino, Tor Minerals & Seal Polymer). Mind u, Asian Rare Earth old plant is also in the vicinity. The history of this place is that the land used to belong to Meranti Tiga n Keris prop bought it over and developed it. Had a lot of rumours that the toxic waste dumped in the pool behind ARE had caused some residents to suffer cancer. etc.

Developers in Ipoh are something like turnkey project specialists. They build, operate some stuff and transfer (sell or "cuci tangan"). If they care enough for future sales and public perception, they'll do a better job. Station 18 is a black mark in Keris Prop's history, unfortunately.
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Old 01-07-2005, 02:49 PM
kris kris is offline
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Thanks for the explanation, Cherry.

Gin Sek O
Rumours have been rife in the market since the project started about the location being close to the ARE site and the possibility of residual radioactive waste still present in that area as Ipohite mentioned. People have been shying away from that scheme which could not get away from the stigma attached to it. After all, who would want to take chances, it’s better “to be safe than to be sorry”. Just like fengshui consideration in buying a property, people tend to avoid areas where the general perception of the public is unfavourable whether it is for purchase of property, moving in to stay or starting a business.

Station 18
Keris Properties have been known for their aggressive marketing, advertising blitz, sales gimmicks, (RM1 to buy a house, remember?), smooth salestalk and lavishly decorated showhouses which had been very successful to hoodwink housebuyers in their earlier schemes but have been facing resistance in recent years, probably due to their bad record of delivery, shoddy workmanship and unfulfilled promises. Station 18 was launched in the mid-90’s at the peak of the property boom, when there was a frenzy to speculate on commercial properties. As usual, the developer painted a very rosy picture of the potential for growth of the area (remember the picture of the floating restaurant?). The properties were sold like hot cakes then. The reality sank in after the economic downtown of ’97 when there was a massive glut of commercial and industrial properties all over Ipoh. Business slowed down, the location is not really strategic for doing business after all and there isn’t a strong buying power of the people in that locality.
Another scheme in Pengkalan on the other side of Pasir Puteh Road, Bandar Baru Pengkalan met with the same fate. Hundreds of shops were launched by Meranti Tiga, all sold and completed including a sizeable wet market. Most of the shops were left vacant, vandalized as there could not be rented out. The developers laughed all the way to the bank while the buyers were left to hold the baby.
Many of the properties in Station 18 especially those further away from the Pasir Puteh Road frontage have been taken over by the Banks and put up for auction at prices way below the original selling price (RM 180K compared with RM 250K) but there are still no takers. The project behind Taman Song Choon where hundreds of 3-storey shops have been built and are let to rot is another fiasco.

Metro Ipoh
Metro Ipoh located near the Ipoh Garden/Bercham areas is an area which is almost fully built-up with all the infrastructure, shopping centers and hypermarkets, located in a middle-class residential area. That has been an area bustling with business activities and demand for shop has been good. However, with more shops in the pipeline being buillt especially those far from main road frontages, the oversupply situated will be reached pretty soon.

The development business is mainly profit-oriented, most of the developers are like mercenaries. Their concern is to sell off their properties and make the maximum profit. Whether the properties can be rented out, the location is suitable for doing business or there is potential for growth are of secondary concern to them. It is for the property buyers to judge for themselves based on their foresight (if they have any) before making the purchase.

[ 01.07.2005, 03:59 PM: Message edited by: kris ]
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Old 01-07-2005, 04:17 PM
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Kris, you sound like someone working for Yu Neh Huat Bhd. (actively promoting the Bandar Baru Medan Ipoh Area so much).

Developers are business entities, they build and sell that's it. Don't call them "mercenaries" as mercenaries sometimes give their lives up in their work while developers don't. Call them "Profit-focused blood-suckers". HA! HA! But I've not given up hope on them, there are still good ones out there like Chin Bros. development which came up with some good projects like Regency Terrace on Jalan Raja Dihilir. Too bad, their Rayaria project tanked due to proximity to the Hokkien cemetery on Gopeng Road and being too close to the obstrusive flyover.
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