Sierra Residences
Sierra Residences, an all-in-one integrated lifestyle development located along Jalan Fettes within the thriving township of Sungai Ara, Penang. A masterplanned community featuring medium and high-end condominiums and a vibrant commercial pocket in a tranquil riverside setting.
Project Name : Sierra Residences
Location : Sungai Ara, Penang
Property Type : Condominium
Built-up Area : 900 sq.ft. – 1,182 sq.ft.
Land Tenure : Freehold
Developer : GSD Land (M) Sdn. Bhd.
Indicative Price : RM280,000 onwards
Contributed by reader (20/12/2011 @ ~11pm)
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Contributed by reader (23/12/2011)
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Contributed by Reader – Nov/2013
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SPA is not ready to be signed yet.
Yes, I received both 2 letters, they are not the same.
luckily i no buy this project, heard my banker friend said they facing financial problem now
@sentino
Which bank your friend work? Is this real cause I see there is some progress in their summerton project. I might consider to drop too if this really the case.
Sound risky
Drop SR? u must kidding me.
if u really drop the unit, i think have a lot ppl waiting de..
Now Developer just left 7 unit only(top Floor).
wow just left 7 units only. Look like almost finish. The project should be ok per the selling units.
The bank will just afraid the units not sold. If sold, the buyer to get loan from bank not developer. If completed 20%, bank will issue 20% of money of your loan only. If the developer run away, next developer will take over to complete the project and get the balance 80% from your bank. If the building cost is higher than their profit, then there is a chance the developer will run away but this project is not cheap. They should get a big profit margin.
Agreed. Seeing some progress on Summerton Project. Wish SR will have progress soon.
Think positive la.. little rumors aldy wanna drop unit u better go buy ijm and pdc project next time..
ijm pay at least 450rm/sqft
I received the letter but i didn’t received the 2k voucher???? Why you guys got it, anyone can advise?
2k voucher just for new project… no use if you no consider new project with them.
@Lim
Have you apply the loan? Do you know the panel bank for this project?
I called this morning, they will let us know the panels when signing the S&P and stamp. Loan can apply after signed. If failed to get loan, they will charge 10% from your booking fee.
@WTH
Thanks WTH for info, i thought if failed to get loan they do not forfeit us RM500 as stated on the agreement letter when we booked. Nvm, i will ask further from them. Thx a lot !!
Any update for latest progress?
did anyone have apply the housing loan with bank
@karen
Not yet, how about you??
I asked the sales person during property fair last week and knew that they in progress to finalize the panel banks…mostly finalize on end of this month and sign SnP
My colleague told me his frz try to apply housing loan over 10 banks upfront with 3names, combined salary exceed rm12k, but all applications were rejected. included gsd panel bank, eg hong leong, ammb, ocbc. My colleague also advised me better to apply loan before sign the agreement if failed to get then do not sign the agreement. There could be some hidden conditions that we are not aware. if we failed to get loan then forfeit rm500. But if we successfully to get loan 80% but we unable to pay 20% afetr signed the agreement then they will forfeit all the RM5000 booking fee. Have anyone here check already?
@SRBuyer
I still not proceed any bank loan yet. i worry cannot get it the loan.
@WTF
Woah, yea.. that for the advise. Will apply bank loan 1st before sign S&P. Bank nowdays seems very strict on loan application.
Do you know the confirmation panel bank of SR project? So that we can proceed or not required panel bank for loan application. Thanks.
did SR announced the Back Penal d? Because i heard from the sale girl said that SR only accept the panel bank only… need for help because i am now at outstation…
My agent asked me do not sign the agreement until you confirmed the loan approved.
ya, sure i also thing like that, must get the bank loan approve then can be sign the S&P.
but is just worry the bank loan approve onlyu 80%….
do you know any final panel bank for SR? Thanks.
Not finalization yet on the panel bank. They will inform all the buyers once there is finalization hope by end of this month.
As long as the bank approve the loan 80% or 90% I think it should be okay. Find a way to get the 20% payment is easier than find a way to get the 100% payment.
hope delay sign S&P, so i can use my new salary to apply loan. if not, i need join name with my wife.
@ Karen
Why you said that bank only approve 80% loan? If this is your 1st or 2nd house, we still can loan 90% right?
So far i know ocbc is working with GSD on the package.
Thanks for the info share. Wish to have more panel bank for comparison and better package.
@Alex
this is my first house, as i check before even I buy the 1st house bank also will approve 80% loan then we have to perpare the 20% money in advance. Any one pls share if you know the SR panel bank. Then i can get ready for this…
@karen
1st or 2nd house stil can get 90%, except ur income no strong so they just approve u 80% only.
u may try ask other bank.
@Mr Tan
Thanks for your sharing….
wanna to release the unit…..
@Brandly
Why you wanna release the unit?
Mind share.
@Brandly
Because to many ppl say GSD not good?
or have any internal news?
or loan problem?
@Brandly
great heard you say that, GSDland new project already up to 400psf. When want to release tell me… The type you want to release A, B, C. Thanks man !!
any news on the panel bank ?
dont worry gsd boss himself is financially sound. he is a filthy rich man just that he recently invested in property business. dont get the new developer’s name to scare you off.
Anyone got call from GSD for SnP sign or panel bank finalization? Kindly share.
i go to GSD office today to ask for the panel bank, the girl said still not yet get the bank approval so they did not know at the moment.
1182sf unit for sale. 28 & 27 floor.
Asking RM470K
Wow IPO started.
Wooo… 470k for nothing with risk.. Dreaming…
With more than 5 months from the launching date there is no confirmed panel banker & no further update, I am wondering where the confidence for this project come from? No pain no gain?
Look mid cost apartment only
want to release…..
1/ View will going to black later by new phase. What is the point to stay high level if no view?
2/ Untill still no BANK been assignted? Assume that the budget priority for condo near Queensbay Mall.
3/ The project sure will Delay and yet the finalcial sunami is coming soon. High RISK for both 1st House or Invester.
4/ The price cant go up a lot after too many project done in the some period near that area?
I dont like the house layout…..
no view? Gila….
Buy second house and replaining like new house ..huhu
just worry ……. Got only PAIN but NO Gain…hahhaha!
That why the completed houses always much more expensive compare to the new launch houses. Once this project completed, sure will exceed min 470k for 1182sq/ft, the similar project next to SR cost you more than 400/sqft now. You buy the IPO, even a good one you also can’t predict what will happen after 5years.
I think if you have book one just hold it and keep it. The trend now is even majority of people hope for house price to drop or predict it will drop, but it will not happen. There is only uptrend in future for m’sia property regardless of majority of us can or cannot afford to but it. Look at golden triangle case, developer GSD alway sell their property when everything is not ready yet but with cheaper price. If everything is good and positive, you will not get this price anymore.
@Brandly,
You buy that time is selling Rm330psf right?
i believe that if you surrender your unit to developer, sure they will sell RM390psf(at least).
Trust me.
Agree nice comments from tata but at the same time, i also hope GSD can finalize their panel bank soonest as well…:)
True. Hard to get a condo < RM400 per sqft with 2 Car Park now in PNG island. Lets wish everything will finalized soon in April.
hope so…
even reflection by spsetia only comes with 1 carpark
Unit with 1 car park nowadays quite difficult to subsell. Unless your selling price is relatively low.
Light Linear OC this June
Light Point OC end of the year
Summer place just OC
Zan Pavillion just OC
1-world OC in August
1-world 2 OC next year
Reflection OC early next year
Elit Height just complete level 2
Meridien just started the earth work
Summerton just started pilling
Southbay plaza just launched
Vertiq just launched
Oasis still under construction
Fiera vista just started the earth work
Not to mention those completed 2-3 years ago but yet to find their occupants.
If you are looking for subsell after 3 years, you have alot of competitors out there.
Hi wbk..
SR location is the worst if compare with all the condo you list above.. hahahaha…
hope to own a house
hope to buy a house
hope to get a location
hope the house price drop
hope to get a cheap house
hope to earn profits
hope…….and hope and hope……..finally realized hope already too old
And none of the above mentioned is selling at near $315psf with 2 car parks n freehold at this moment of time.
And none of them selling condo without balcony.
Didn’t know that. I am a bit surprised as so many people Q up for days to get a unit.
Now a day, I can’t really find the new condo which is less than RM400k with 2 car park. i also don’t like the unit without balcony… that’s why i choose type A
Building a balcony will make actual build up area smaller. As it will be counted as part of the build up, with same $ psf. Some will prefer to have a balcony n some may consider it’s a waste area. Personal preference.
give up this project………..too high risk
Hi Angelajolie,
How you get the full refund from the developer? Mind to share? Thanks
Any update on this project? 4 months already pass and no news yet. Anyone had cancel the project… This project really very super slow compare to others…
Nowadays all the banks so tied up with projects from IJM, Mah Sing, Sunway, SP Setia, E&O, Ideal and other bigger developers. I think it will be a while before they have time and resources to work with GSD on SR.
this condo still available?
Yes, a few type A top floor units are still available. About 98% sold.
good. Look forward SnP sign soon.
The sooner the better lar, so many projects in Sg Ara already start pilling. SR still waiting for panel banks. Normally banks limit their loan amount for end financing project, if not enough bank signed up, jia lat liao.
Hopefully we can sign S&P on this April as per committed by them
Now already end of April d. Panel banks got already ka? Without panel banks, where got lawyer prepare SnP ler? Unless we pay cash lar. Hehe…
Aiyo, this project very slow….when we ask the develope they said pending Bank approval. but we ask bank they said pending develope document.
Now also don’t know who pending who….
Look like is just we pending them.
Latest Update – upcoming project near to Golden Triangle, hearsay 1000 – 1200 sq.ft. Price below 400k.
Guys.. no matter how long the delay just hold on to this project.. when we book the price was cheaper then what the market is now n still been subsidies snp and others..if u give up now the next buyer wont entitle all this.. and thats the developer want n thats why they delay.. gsd is new but rich if they run away the next developer will take over n we are the first priority ppl to chose watever project they develope..
As i know OCBC still working on the packages, what developer said should be true. But i think there is the negotiation to get the best benefit for both parties but still not satisfy by one side. Like you want to buy a car, you still will check the offers from different dealers to get the best discount and gifts.
how long all the buyers still need to wait, 1 year, 2 years, 3 years just to have panel bank approval? What you all think? Wait or not wait, us as buyer always do not have the advantage when buying property and in the end some who can’t wait will go for sub-sale and investor will gain for all this delay project… So, buy from well-know developer, Vertiq not even launch already begin their work of construction, a role model developer.
If i was investor, i normally dont hold on to a project that i have no idea when the
S&P will be signed lo. And if i am buying for own stay, of course i want my house asap. Else continue to rent meh? I have many choices nowadays ler.
wbk, people like you, just go to buy a built house. don’t wasting ur times here without giving value information. hold, not hold, hold, not hold, already repeated so many times and still same thing not only in this forum. u not boring i also boring. not interested do not comment here comment there. I can i said this is a good project, if is good, 5yrs later many ppl will say they are regret. if bad, then i think you say, “see i said before” in forum again. Then what you gain from here, pls say something like big boy, share the status with proper proof.
@WTH
Wah. Resort to personal attack liao. Good try. Hehe…
all loan kena rejected .. news from banker
@penang lang
Any reason banks dont want to fund this project?
only knw developer problem ..
OMG, seems like probability this project to be cancel is high… wasting time queue 4 days in the end developer problem…
Not the end of the world use cash to pay pg lang byk duit
what a big mess? 98% booked but end up bank not approve the loan?
The time we wait = price we’ve paid lower than current market price. heard that next week they going to prepare letter send out regarding panel bank & S&P ready for signing. we can still apply loan & get approval prior signing S&P. also heard that subsale is not allow under construction even internal if we sign subsale agmt wif 1st purchaser, is not bond & secured to 2nd purchaser bcos developer’s direct sold to 1st purchaser but not subsale purchaser..
If next week still no panel banks how ah? Panic again? Buyers better give more pressure to the developer lor.
i dont think snp can sign so fast.
btw, have the plan approved? if not, where can you allow to sign snp?
No plan yet wor, would banks agree to become panel for project that yet to be approved? Curious…
If this project is not under ADL by bank the bank will not provide financing to the buyers. How could you apply the loan? The only way is to pay cash
Does this phenomenon accelerates the burst of the bubble? I head this is not the only case in penang. Sorry, i just started leaning about properties stuff.
if you really bought a unit, then next week will know whether we receive letters…
Next week developer will send letter to buyes for the panel bank and S n P detail? Wish it will happend.
This week seems hard to receive letter frm dev. My friend who bought said only got 2 bank approve only
Good. Finally 2 bank approved for the project. Hopefully buyers can received the confirmation letter soon.
Drop. ……….who want to take over my booking?
I have not get the letter…..
anyone interested to buy this unit jz pm me…
mine unit is Type A 1128sqf, 13th floor..
@penpic
Can you share out which are the 2 banks you mentioned above?
Hi
I am interested in purchasing sierra residences. Would you mind to pm me?
ronan_00@yahoo.com
Heard is pbb n hlbb…but don know is it sure.
Heard is pbb n hlbb…but don know is it sure. U can try !
Just check……hlbb no longer the panel banker for this project!
Pbb confirmed nt the panel banker
End of the week already wor, cheated by developer again? Hmmm…..
Then no more panel banks willing to finance to this project. All buyers go borrow from 大耳窿. GSV will bear the interest
Just drop my unit Type A last month
This project made a fool out of Penangites…
Pity for those been queuing for nights during the launch
Bankers claimed that this developer (the group) have been too ambitious by killing too many birds with 1 stone with their suspected limited $$$ resources. I don’t know how true but it seems the group currently are concentrating on 4 new projects within Pg Island! Wow! This scenario would be an exact historical event just like what Penas Group during the late Eighties & early Nineties (for those old enough who still remember them!) did! Too many pots but limited lids cover……
yea, not even a listed company and not even 1 project completed… Where to get resources? They only know collect booking money, then delay 1 or 2 years, money they take go invest share earn or put in bank interest they earn every month… Bugger developer..
This is scary… Now have to wait until they complete the Summerton first lo, then see how. Or drop this then book other project.
Exactly. Existing project not even start and launch new one. Possible use the $$$ from new launch project roll for old one, roll and roll one another. It’s like “rob Peter to pay paul”. I’m TGT buyer and m start to worry on this developer
@Tm
No worry, at least TGT is not at the end of food chain, but Garden Ville and Sierra!
@cashflow
It is TGT buyers need to worry because signed snp and loan. Have to continue serve the loan if developer cabut. Other projects only risk to lose the booking fees only..
Anyone can share how long it take for TGT project to sign the SnP and what is panel bank? Thanks.
All,
don’t worry for this developer.
they r cash rich…
@penang
If is same what you said above, why? they are pending so long for the bank panel.
first said end of march or beginning Apr. But until now 1st wks of May also not see anything is confirm.
@penang
This developer cash rich by collecting booking fee is it? If no bank want to fund the project, are they going for the 10/90 scheme that only collect the remain 90% after complete build?
@Penang
I think you are 1 of the GSD sales man
If you are an investor of SR, then the longer the wait of S&P signing date, the better. As you have locked into the current house price now with only $5k, and to capture the potential higher future price. Nothing to lose, only if you are an investor.
Right. Knowing that from GSD web got another new project will be developed in Kelantan called MIRAGREEN Residences.
@Pen
The developer is happy with a few millions of interest-free capital in their pocket with the booking fees. Better put the $5k in fix deposit at least got 3% interest. Who know what happen then…the house price may fall, developer may cabut….if the banks feel that the project is risky, then I don’t think I know better or smarter than the bankers….
@Nirvana
Well, I don’t think the developer will be happy with the $1-2million deposit for interest only. I think the land cost interest will cost more than that.
Ya, i just told my friend from Kuala Krai Kelantan to be careful of this developer. He’s thinking to drop the booking for the MIRAGREEN now. Why the developer need to go to Kelantan to build houses? Nobody dare to buy from them in Penang already?
if developer bankrupt then SR buyers should be grateful that they only loss their booking fee…big cries will b coming from summerton buyers that already signed the SnP & loan….
Can someone please comment if all bank reject this SR project?
Someone said this week developer will send out notice on list of panel banks. But now already Friday. I think buyers should call up developer to seek clarification. Normally panel bank already finalised when you placed your booking. They are the one that will station there during the launch, and ask you to get loan from them one. This project not follow procedure i guess…
I live opposite TGT and I can report that I hear construction working everyday…
I spoke to the banker from Ocbc last week, very unlikely they want to be their bank panel. If we cancel our booking, how much they will refund us?
Sometimes, is better to loss a little as not to have a worry for years….too scary to see the way the developer handling their project….
no risk no gain….its personal choice….you gain the cheapest current psf in the market? but have to bear the possibility of dev bankrupt, project delay, low quality projects…etc….for investor, they wouldnt care much i guess as their pocket is very deep & not that they are going to stay there…for first time buyer, think twice….BTW, if not mistaken TGT is project they collaborate with other company..not purely owned by GSD….
Heard that TGT is nearly 1 year only sign Snp? is this true? Pls share.
TGT taken ~7months to sign snp if i’m right. I have 5colleagues in my department bought 7units of TGT projects. This is a worth project, they bought in discount price~300k with 2car park, Q at midnight. Developer pay the bank interest upon the project completed. the price now went up to 370k++. For SR you need to pay ~20k-24k bank interest for 1182sqft unit in 3years upon the project completed.
My bro just drop SR..they refund not full but charge 500bucks for
Admin & processing fees. He said that called hlb that they r not panel
Yet cos the dev din even get what license for this project..i have no
Idea but just share. U guess check it out.
Actually, the developer is the one who delay the SPA signing, they were the one had broken the contract, and must not charge the buyer $500. You should talk to the lawyer and threaten them to refund in full.
Yeap based on booking agreement, 31st March is the due date for loan and SnP and yet now is already May. Fast fast go cancel before 5k also cannot get back… Beware of this ponzi scheme developer. Anyone get back full refund please share it here so we can know and request for full refund together. Unity is strength
Anyone got any feedback currently regarding the situation and the latest answer from Dev?
Cant get back full,the letter signed when make booking agreed that
They will charged 500 if we cancel for whatever reason…
getting SMS that buyers can make appointment for SPA signing, i not even know the panel bank yet…
GSD say is PPB and Alliance bank o…..
I also received the SMS from GSD to make appointment for signing SnP. Just having a call to GSD and the sale persons mentioned that Public bank and Hong Leong banks are their panel banks. I was told that the mortgage of these 2 banks will probably calling SR buyers for loan application by this week. I made appointment with GSD by middle of June so that i have enough time to settle the bank loan stuff before signing SnP…:)
Wondering how many buyers cancelled their booking to force them to take this step. Hehe…
For end financing project, two panel banks are not enough kua, I think. They may just prepare some so called SnP for buyers to sign without the presence of the lawyer from the panel banks lor. Then they can lock the buyers forever since they already taken their 10% downpayment. Hehe….
Buyers can wait if they wanted to, but giving them 10% without knowing the final list of panel banks is a no no lor. Hehe…
So Panel bank is PBB/HLB or Aliance Bank? Confirmed from Bank?
I didn’t confirm from bank…it is input from GSD sales when i called them just now. Please share if anybody call the bank for confirmation?
Ask GSD to provide panel bank contacts lar. Really want to know how they response… Hehe…
@wbk
I also ask GSD provide the panel bank contact, but they can’t provide to us. Just tell us the banker will call us.
@karen
They are so predictable. Don’t have banks want to fund them still want to lie. When come to housing loan, we don’t wait for bank to call us one. Hehe…
So far only PPB. Gave by GSD, Call Mr Teh 012-4106838. Also there are few more banks to be confirmed in next few days. Also GSD will pass SR buyers contact# to those approved panel bank agents, then the bank agents will call us to apply for the housing loan.
Hope you can give an useful information instead of talk like small kid. Yes, this is personal attack.
how much ???
@penangspy
wat project name ? can share ?
I just called up GSD, they mentioned the duration of singing snp is in between 25th May to 25th June, after all of the snp have been signed up by buyers, which mean after 2 week from the due date, they will get us the stamping duty, kindly clarify.
Like that we give them another week again and see what happened lo… Hehe…
Again? Good try lo… Hehe…
Anyway, do you know whether they get their project plan approved by government? Can’t find it from the website lar. Don’t know what will the state government ask them include there later…
@Jason
how much is your unit, Jason, can see view??
Anyone have higher floor with seaview (18-20th^) let me know if you are selling??
Can we sell our unit before signing s&p? If can, then I will let go if the deal if good.
RM500k for my unit 1182sf, above 20th floor nice mountain view, facing swimming pool, plan to let go b4 SnP signing… Anyone interested can pm me..
good deal = 250k? even that price i aso dont want… cannot afford
@Maris
Many units return to developer. Just buy fr developer. Y wan to buy fr u?
Anyone interested to buy 1000sft unit pls let me know.
Please email me if you have unit to let go. Price must be reasonable, and I would like to know the name transfer procedure too, penangx@gmail.com.
What? sell at 500K? Want to earn tens of thousand just with your RM5K booking fee & without signing SnP? You all dreaming lah! developer will not allow you to transfer the booking coz they got a lot of cancelled booking, unless it is the developer ‘fishing’ for buyer in this forum. Prepare to lose your $500 penalty or sink together with the developer…good luck.
i called up Maybank and according to them, there’s no reason to reject of being panel since they approved Summerton too.
So did Maybank will be include in panel bank list too later?
just receive the call from Gsd :-
She say public and hong leong is the penel banker,
buy anyway i need to comfirm with the banker 1st.
haha
any news pls let me know ya…
HLB banker have call me yesterday already.
Wish to received call from Banker soon.. Advised from GSD land end of this Month notice board/panel of project will be published on site. Let wait for that and confirm.
@Lim
Can you share the contact number for the HLB?
@karen
HLB – 0123186626 Tracy Tay
She say can give offer -BLR up to 2.5 in first years….
Wanan to release 1 unit type c. …high floor. Rm5k
Pm me
Wanan to release 1 unit type b. …intermediate floor. Rm5k
Pm me
Wish to release my unit for 30k premium 900sq ft unit
Pm me for serious buyer only
@David
i interested type b.
1) i don’t understand RM5k is wat?
2)if i extra pay rm5k can get the unit?
How to process? pls let me know.
Thanks.
I wanna to release one unit, 18th floor….serious buyer pls let me know
Wish to release my unit for 50k premium 1182sq ft unit
Pm me for serious buyer only.
serious buyer here interested to buy SR but according to developer unable to change name.
???
@Mr Tan
Please send me ur email for contact. Thanks
Developer not allow transfer or subsale only accept name under booking with direct developer.
They won recognise this kind of transaction.
Be smart !
@David
hi david
i would like to know more about yur unit.
What yur contact no.?
Confirmed PPB and HLB is panel bank, any other panel bank available? Pls share. Thanks.
I want to sell my unit with 500k only. veli good sea & swimming pool view + 3 carparks. Veli good deal & I only earn veli little (50K) premium only. You just pay me RM55K and I can immediately transfer my 5k booking to you. Who want please email HuatChai@getrichfast.com. Serious buyer only…..
@Huat Chai
Wa, 50k still is very litter? you really is Huat chai ya,,,,,
Nego or not? Hehe…
I just received call from Ambank mortgage as well…
haha…u sound very funny…
@wbk
discount RM500 to u lah since earlier I am already prepare to kena the cancellation penalty
@Huat Chai
50k premium still very high lar, Q for 3 days 3 nights only. Plan also not yet approved…
Downpayment normally 10%, plus this 50k will be 25% already. Like that not worth to invest already lar. Hehe…
@wbk
OK OK….reduce to RM10k u want or not? “no meat” already, if want fast fast come…
@Huat Chai
Still got alot of meat there. Best price lar, bro.
RHB banker called me as well. So, there are at least 4 banks are their panel banks. PBB, RHB, Ambank and HLB…
@Alex
Thanks for sharing. Do you know the branch or the contact of RHB and Ambank?
Knowing that HLB – Bayan Baru and PBB – Bagan branch.
RHB – 0124149998 Byran Yoong
Ambank – 0164953317 Kristi