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

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  #31  
Old 06-07-2005, 09:05 AM
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Foon,

Actually if you read properly, I said a subsidiary of SP Setia, can't remember the name exactly and the buyer's lawyer made sure everythign like the fire insurance & mgmt fees were all paid.

OT, if the 60yrs is up, the state govt may send officers to evict the land occupier.
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Old 06-07-2005, 09:33 AM
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The land lease is renewable upon payment of a land premium (maybe 5% of the land value), if the government has no plans to develop the area. I think the lease is renewable in most cases.

Land matters in the country are covered by the National Land Code. Maybe, Foon can give some comments?
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Old 06-07-2005, 10:07 AM
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Kris,
Don't be surprised if one fine day you find out that hiccup is nothing new when it comes to land transactions. Ya, agree with you that many are deterred from buying those kind of property is because of the hefty management fee, sinking fund and parking problem. Ipoh folks are lucky as the landed property is still considerably afforadble if compared with KL.

Ipohite,
I know you meant SP's subsidiary but what I was trying to say is that, I think neither SP nor its subsidiary had project in Pandan Indah.

It depends on the terms of contract but usually the vendor will clear the debts in relation to the property before disposing it off. However, it is possible that the purchaser agress to pay for the outstanding management fee (sometimes a purchaser might not be aware that he/she has agreed to pay when document has been signed). This kind of scenario usually happens when both parties are using the same lawyer.

OT,
Freehold title - the land is disposed off by the state authority to a party in perpetuity for an indefinite period.

Leasehold title - the land is disposed of by the state authority to a party for a term of years. Upon expiry, the land would have to be reverted to the state authority. The landowner may apply for a renewal of the lease before expiry or apply for a fresh alienation if the lease has expired (hefty premium to pay).

I hope it answered your question.

[ 06.07.2005, 10:16 AM: Message edited by: foon ]
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  #34  
Old 06-07-2005, 11:00 AM
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Quote:
Originally posted by foon:

Ipohite,
I know you meant SP's subsidiary but what I was trying to say is that, I think neither SP nor its subsidiary had project in Pandan Indah.

Foon,
Dunno why you are so insistent that SP Setia's subsidiary did not have a project there (How do you know anyway?). You work there, ah? or someone close to you work there or are you a SP Setia shareholder, ah?

Anyway, just called my friend. Did not want to remind her of that sad episode anyway but you are so insistent, I called her and asked her the name of the company anyway. It's called Suharta Development Sdn Bhd and the location is near the Pandan Indah LRT station. Now, are you convinced that there are lousy SP setia subsidiary managment out there? [img]graemlins/mgun.gif[/img]
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Old 06-07-2005, 02:16 PM
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Ipohite, I don't work in SP or has any interest in it. I was just trying to figure out which company was that. Hmm, I would very much love to be a shareholder of SP but too bad, I'm not. [img]tongue.gif[/img]

I think Suharta Development Sdn Bhd is under SP's construction and infrastructure arm. Do they develope properties? Interesting, I shall try to find out more. Being nosy here again.
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  #36  
Old 07-12-2005, 05:37 AM
Chaan Pardesi Chaan Pardesi is offline
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okay foon and Ipohite ...one question ...is it worth buying in the Ipoh Kiara developemnt.I am returning to MY just yet, but was thinking it may be a part investment and part to help a relative live there....but my interests come above the realtiv e...so it it good ? with potential ?tHANKS
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  #37  
Old 07-12-2005, 07:57 AM
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Quote:
Originally posted by Chaan Pardesi:
okay foon and Ipohite ...one question ...is it worth buying in the Ipoh Kiara developemnt.I am returning to MY just yet, but was thinking it may be a part investment and part to help a relative live there....but my interests come above the realtiv e...so it it good ? with potential ?tHANKS
Have you gathered enough info on the units? If you have, Go ahead since your aim is to help a relative. Sharing ownership may not be a good idea. Capital appreciation is slow. And rental return may be also around RM600 per month comparative to a 22 X 75 landed terrace hse. You do the maths and see if it meets your targets.
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Old 07-12-2005, 10:47 AM
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If I were to buy a Kiara Heights Condo, besides the built up area and price, I would want to consider if I’m comfortable to deal with issues in relation to the management of the building in future, process of getting strata title (which could be tedious), consent of developer if I were to sell the property prior to issuance of strata title or consent from land office to sell (since it is a leasehold property), location of the property (whether congested or not), how many units in each block (whether high density or otherwise), tenure of the leasehold and so on.

It would be good to find out more about the track record of the developer too, whether they are prompt in delivering the vacant possession of the property, quality of the property, management skill and etc. By the way, the developer for this project is Morubina and if you want to have a better idea of their properties, you may check with the rest in the forum on their previous projects like Pengkalan Emas Mall and Hillcity Hotel & Condo. Maybe they can tell you more about the developer since I’m not in Ipoh too. Oh ya, may be you would want to find out more about their Guaranteed Rental Scheme too. You can then have a better idea on whethere it is worth investing in the property or otherwise.

Generally speaking, for properties in the same locality, landed property is a better investment option than those in the air. Also, be mindful that the capital appreciation for residential properties is limited and slow in Ipoh, less say flats. If I were to have the money to invest in a property in Ipoh, I would prefer to invest in landed properties in certain parts of Canning Garden, Ipoh Garden, Tiger Lane etc.

Just my views.
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Old 04-07-2006, 04:24 PM
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City & Country: Ipoh rocks

Tan Sri Jeffrey Cheah's Sunway City Ipoh has managed to successfully capitalise on the area's natural attractions. But the Sunway Group is not the only company to realise the potential of the Ipoh property market. The city has become a hive of residential development activity. Jennifer Gomez reports.

At a glance, it would be hard to justify the keen development activity in Ipoh, the capital of the Silver State, Perak. After all, it is a small city that can't compare in terms of growth with bigger places like Johor Baru, Penang, or perhaps even Melaka.
Neither does Ipoh attract a migrant population. Why then are developers so gung ho about the market? The answer is quite simple – folks there are fl ush with cash, and there's both old and new money in the market.
The source of the old money is of course the fortunes amassed from the days of tin mining. As for the new money, well, the younger generation that left in search of greener pastures years ago are now coming back to put their money back in their hometown. Sentimental as it may sound, many Ipohites who have left the city harbour hopes of retiring there. And no, they're not investing in properties for the rental income, which are relatively low for properties in the city.
However, the prices of homes here, even the bigger units, seem affordable — you can get a 2-storey terraced home for about RM150,000 and a bungalow for RM415,000.

Gung ho developers
The presence of Klang Valley based developers that have entered the market — Sunway City Bhd and MK Land Holdings Bhd — is testimony to the activity in the Ipoh property market.
The local players include names like Taiko Properties Sdn Bhd, Kinta Properties Bhd and Keris Properties. There are also those content with developing small plots where the latest action is.
So, which areas are hot?
According to CH Williams Talhar and Wong (Ipoh) Sdn Bhd manager Heng Kiang Hai, development activity currently centres on the north and northeast of the city, along the Tasek-Klebang stretch and Tambun respectively. Elsewhere, the Gopeng-Simpang Pulai stretch is seeing some development activity. There are some smaller schemes too along the Ipoh-Lumut Highway, near Menglembu.
The offerings are mostly of the 2-storey terraced variety. Locals make up the bulk of the buyers, says Heng. "We can't be sure if they are working outstation — it is not uncommon to find the breadwinners working elsewhere while their families live here."
Given the number of launches, will homes in the secondary market lose out in value and appeal?
Heng thinks not. "So far, there has been no indication of an oversupply. For certain locations, it may take a little longer to attract buyers, but generally, it should not be a problem. Over the next five to seven years, we may even seen tin-mining activity coming back and this will spur further demand for housing," he says.
Still, developers have been feeling signs of a slowdown since early this year. But they argue that the scarcity of development land will deter new competitors, so they can be more or less assured of their portion of the demand pie.

What buyers want
In most respects, Ipoh folk can be considered a traditional lot who, one would expect, would not be too accommodating of the idea of strata living or leasehold property.
Surprisingly, leasehold status is becoming less of a factor to buyers, according to Heng. Many developers agree. Location, quality of the homes and the reputation of the developer are instead, the prime considerations.
So, the high take-up rate of the leasehold properties in Sunway City Ipoh is no surprise. The unsold units comprise mostly the bumiputera lots, says a company official.
One interesting revealation though is show units are important sales tools. "Ipoh buyers need to see the show unit — only then can they visualise what the unit will look like. And be ready to have them come to the site often, sometimes week after week, to monitor the progress of the development," reveals Loh Siew Wooi, general manager of Taiko Properties. Buyers, he says, are very particular, to the point of making comparisons with what other developers are offering.
"In terms of finishes and designs, we have to give them the best we possibly can because buyers are very discerning, and have time on their hands. That is why we can safely say that the projects here are comparable to what Klang Valley developers are offering," adds Loh.
Kinta Properties chief executive officer Dr Tan Chin Yong concurs. Buyers also request a lot of customisation in the homes they buy, he adds. "In terms of specifications, we beat KL properties, for instance, in the requirements for a wet kitchen. Unlike in KL, where a small area strictly for cooking will do, here they want a big wet kitchen in addition to the dry area! They want a good deal — practical houses with no unused spaces, no steep roofs, good orientation in accordance with feng shui and more. Ipoh buyers are generally price conscious, and to lure them, it becomes imperative for us to offer additional features in the home, for example, full wall tiles for the bathrooms."
Where a project's environment is concerned however, it is the developers who are trying to lead the market into accepting new concepts, which mostly revolve around trying to blend nature and the built environment. This is where developers can take advantage of the rolling limestone hills and old mining lakes that abound in Ipoh. There's also a growing need for security, says Tan, although buyers in Ipoh have yet to be very vocal about it.

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_59c50c5 8-cb73c03a-a86d1200-662f8393
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