I saw the Sales Office at D’piazza shop lot there, but i believed the renovation still in progress.
The corner shop lot which previously as D’Piazza Food Court.

413/sqft…leasehold, 30senpsf… impress

Seen to be a good deal.

http://biz.sinchew-i.com/node/63645?tid=8

any news update about this project ???

Which panel bank for this project?

Maybank HLB
@david tan

this place goes up to 450 per sq ft now.. good news!

The Promenade at Queensbay Mall sell like hot kek ! see the sale chart that the small unit almost sold, @85% already sold…

hahaha, usual trick.. which project you see not almost “fully booked” to push people buy? people all kiasu mah…

Have anyone accepted the bank loan offer from Maybank? Is compulsory to take the MRTA from them?

@david tan
MRTA not compulsory. Fire insurance (etiqa) frm maybank yes

any progress update?

when to stamp the S&P?

No new so far… Has the price increased again?

@Tan

Price stagnant. Demand has been slowing down.

Just bare in mind, there another new prime location in Bayan Mutiara. Don’t rush to buy a property. I just visit the showrooms today. I feel the price is too high. This is a leasehold and commercial tittle. If i would like to buy this property, i will consider 1 world 2 develop by Idea Home. The price is much more cheaper than Promenade. 1 World 2 is almost complete. Same facilities.

The promotion of Promenade is sound very attractive. 10% rebate. But we have to pay high price on the property.

Own opinion.

So far , only left 4 units shoplot available for sales out of 36 units.
For further enquiry, please contact Jeff at neohjeff@gmail.com.

When the developer will begin the SnP session?

@david

I heard from Lion Property personnel – Jan / Feb 2013. The MPPP assessment will be based on commercial rates contrary to sales agent told , thus higher utility and assessment charge (commercial rates) additional car park Rm28k somemore leasehold , am thinking of cancelling my booking.

Invest :
i think still not late to entry, After 2-3year the Jaya Jusco, one precinct, Quartermile, … all complete, the story will be difference. In Prime Area 500-600/sf still is normal rate

Aeon Jusco confirmed not opening up in Bayan City , those who purchased Elit Heights, The Promenade have been taken for a ride. However due to low entry price, those who purchased Elit Heights will fare better compared to Promenade like me. Call it ignorance , I was attracted by 10% rebate and new jusco coming up sales talk by Prima Harta agent . There are many more better property deals elsewhere.

http://www.epbt.gov.my/osc/Borang_info.cfm?ID=323443&NoForm=Form4 22 TINGKAT “COMMERCIAL OFFICE SUITE” (336 UNIT) 1 TINGKAT KEMUDAHAN (DEWAN, SURAU, KOLAM RENANG) DAN 6 TINGKAT PODIUM TEMPAT LETAK KENDERAAN DAN KEDAI / PEJABAT (37 UNIT)

Huh… Jusco gone? Are you sure? Heard that Jusco already confirmed their presence as Bayan Baru… please get your facts right…..

@russel

Dont worry. Without Jusco, others like furniture shops will occupy the whole floor because they need cheap and big space, somemore there are so many projects around Bayan Baru and Sg Ara that need to renovate and furnish. Will be very convenient for everyone.

2 weeks ago, i was told by an Elit representative that Jusco had yet to release the building layout to them. Jusco strict in controlling the building design and architecture.

May be turn into Paint Ball battle field? The previous one at PISA carpark has gone and this can be good replacement.

Ubah :
@russel
Dont worry. Without Jusco, others like furniture shops will occupy the whole floor because they need cheap and big space, somemore there are so many projects around Bayan Baru and Sg Ara that need to renovate and furnish. Will be very convenient for everyone.

Is there any show unit for this?

The lion group are more reputable than Ideal, GSD, Golden triangle or Elit. It has nice location. However, its leasehold n commercial lot. Competition is higher in that area. Anyhow i have cancelled get back the booking after got and unit for setia pinnacle almost the same price.

Agreed , it’s too stiff a competition when in 2015/ 2016 when thousands of units thrown into the market in bayan baru area considering >70% purchasers are speculators.
Those who purchased Elit & Arena have better advantages in terms of Freehold, lower purchase price even though I believe Promenade will be offering better build quality and all these projects all sitting in the same location

http://www.epbt.gov.my/osc/Borang_info.cfm?ID=323443&NoForm=Form4

Tarikh Terima Permohonan (Date received the application): 12-Nov-2012

I believed at processing period would be at least 2 months.
Thus, the S&P would be at early next year.

http://www.epbt.gov.my/osc/Borang_info.cfm?ID=323443&NoForm=Form4
Tarikh Terima Permohonan (Date received the application): 12-Nov-2012

I believed the processing period would be at least 2 months.
Thus, the S&P would be probably happened in early next year.

russel :
Huh… Jusco gone? Are you sure? Heard that Jusco already confirmed their presence as Bayan Baru… please get your facts right…..

@russel

I ‘m sure you know by now Jusco has dropped the plan to set up new outlet in Bayan City .

steven :

russel :
Huh… Jusco gone? Are you sure? Heard that Jusco already confirmed their presence as Bayan Baru… please get your facts right…..

@russel
I ‘m sure you know by now Jusco has dropped the plan to set up new outlet in Bayan City .

Where did you hear that?

Where did you hear that?

from the developer ‘s personnel

interested. does anyone is there any units left?

Any units want to let go? contact:tohthye@yahoo.com

http://www.epbt.gov.my/osc/Borang_info.cfm?ID=323443&NoForm=Form4

Finally this project was approved by MPPP.
Tarikh Keputusan :
15-Jan-2013

Signing of S&P for commercial shoplots – end of Jan , Commercial Residence units – march

is this property worth a buy?since its commercial type,are we binding by the 70% 3rd property rulling?

still want to buy? At least 30% of purchasers cancelled their bookings here with more to come ….. If look around , the hottest deals would be PWC

any updates abt this proj?heard lion group reputable developer..they hv luxury condo near klcc.Hmm..once the refurbished Pisa is ready and with luxury condo as Olive nearby,beleive Promenade should be of high value..thoughts?

Depends on how sp setia repackage the whole eSPICE, it can be very impressive looking or it can be just another white elephant like the old pisa..and there is going to be a new hotel there too.

Yes..heard about olive tree.will that bring the value of all the condo around that area higher?
Anyone aware of any new investments/factory in ftz in 2013?

No big scale new mnc but a lot of property development all over..who knows which ones will stand out 3 years from now like bayswater..

still yet to receive any call to sign s&p…..

S*P has been delayed to April ’13. Frankly speaking I doubt there will be another Bayswater’s success story in next 3 yrs !

http://www.theedgemalaysia.com/highlights/173338-aeon-co-to-lease-new-mall.html seems like there is a change of fortune The Promenade will still be profitable investment as it’s just across the street from Elit Height.

wrong link earlier , should be http://biz.thestar.com.my/news/story.asp?file=/2013/3/13/business/12829206&sec=business

and this one http://thestar.com.my/news/story.asp?file=/2013/3/13/metrobiz/12814431&sec=metrobiz

“Over the next two to four years, several shopping malls should be opening in Penang.

“These include the AEON Mall in Bayan Baru, Penang Times Square Phase 3, the shopping mall by IJM Land planned next to the Penang Bridge, the shopping mall at Southbay Plaza in Batu Maung, The Landmark in Tanjung Tokong, and a 1,000,000 sq ft mega mall in Prai by the Belleview Group,” he said.

how much the latest price ?

interested to know too..

Update.
They starting to clear the land now.
Bayan Baru is becoming a vibrant place to live who love city life.

really? residential is yet to sign the SnP..

Just updated the latest price,980sf 2+1 bedroom type unit 26 floor now selling price is 565k or RM576 psf before rebate.

Update.
Land clear almost complete.
Piling machine is in action.

good…. but residential s&p still in progress

@Superman
@banana .. u bought here?

anyone, what is the reason many people withdraw?

@KT
Lease hold

Any one know the promotion package or sales person contact?

KT :
anyone, what is the reason many people withdraw?

KT, how do u know many buyers have withdraw this project?

Can u pm me ur email and phone no. so tht i can email the info for you. Thanks.@Yoong

Yesterday I went to their sale office, they said now on hold for booking, will release again after SnP start sign. I think after that 10% off might be no more.

Mmm…. Not available for booking at this moment? sounds like they would like to jack up price or release good facing units with higher price.

@Lunar
Good facing unit already no more since Sep last year. Anyhow i’ve drop the booking. Too much concern for me. It has nice location and concept but with lease hold, commercial title, weird layout, pricey, through agent, and pending for so long really put me off.

I think they want to increase the price after that. The staircase is visible fr outside, look like old day apartment design.

Anyone has contact of maybank loan officer with name?wats the best BLR offer?any lockup period?

BLR -2.5%; zero lock in and MRTA waived.

BLR -2.5%;

Sungai Ara :
BLR -2.5%; zero lock in and MRTA waived.

BLR -2.5%; Is it for the 1st year only ?

@k90
Hi, u can send to ctleeyoong@hotmail.com, thanks!

@david tan
I think CIMB is 2.5% for all years

@Sungai Ara
This is the package if enter Promenade?

Anyone know which is the panel bank? What’s the BLR?

Opg :
@david tan
I think CIMB is 2.5% for all years

Unnecessary. They can give u -2.5% for 1 year, -2.45 for 2nd & 3rd year and -2.4 for subsequent loan periods.

How is the track record of this developer? Which project done by them?

@promenade
Hi, can you let me know the promotion package ? Any units available?

which bank offering -2.5 through out?contact no?so far what are the bank panels?

I bought a RM405,000 house 3 years ago, and took loan from Standard Chartered with BLR +1%. It is a lot of money, and even the legal fees is almost RM10,000. now thinking that every bank almost give minus BLR already.. wanted to transfer to other bank.. I am most interested in the “Short term fixed interest rate”. The interest rates indicated are fixed and guaranteed for either the first year or the first two years only.

Want to refinance my house to fund up my company.. can anyone here recommend me which bank give good BLR rate ?

in my opinion, i think u should exit and take the penalty +1.0% is too high.. Now all the banks are giving BLR-2% at least. Though different packages offer different rates and the interest rate might fluctuant a bit but it’ll alway be within -2.0% to -2.4%. As I know, OCBC is -2.2%, Public bank -2.0%. Have to call to ask or go personally lo..

You might have to wait a while to exceed the lock in period or bank may have exit penalty charges (although dont know which bank you using). I only know Citibank is BLR -2.5% because yesterday just passed by and saw. They also doing cashback if you are interested. Up to RM10K if you are eligible.

I heard about the RM 10K discount. But people said Citibank is very selective on the location before giving out their loan which make things more complicated.. Anyways, if this is real, surely it can help in paying up the penalty exit and even the legal fees.

I know Citibank is not picky as compared to other banks. Normally, banks are selective cuz they have certian criteria before approving you for a loan.

Anyways, If you are worried you can get or not, you can always try the online indicative approval. It only takes 24 hours for them to get back to you after you filled in your details for them to report the status of your loan.
https://www.citibank.com.my/english/promo/hl-10min-approval/index.html?icid=BN_HL_HM_10MinApproval_250313

If you are free, you can also take to the officers at the bank directly. I heard it only takes 10 minutes to know the results.

The sell called, this month can sign S&P

hello how to contact sales person ? i am interested . TQ

@interested buyer
U can go to sale office at D’plazza. Small unit almost finish, left 1525 and 1625 mostly.

Elite, Arena, Olive tree, D’pizza all are freehold surround on this Promenade, leasehold. Any idea why this piece of land is leasehold?

Opg :
Elite, Arena, Olive tree, D’pizza all are freehold surround on this Promenade, leasehold. Any idea why this piece of land is leasehold?

I also curious too.!

@k90
Hi,

i would like to know the detail for this property package. thanks!

Hi Opg & All,

Is the S&P started to sign? Anyone heard about the sale call up for sign S&P already?

@Darren
No further news at the moment. Shld follow up with sale again.

According to sales at gallery, residential suite unit buyer are divided to 3 batches for S&P sign.
1st batch shall receive call from laywer by now.
The rest shall follow and target to complete this month.
Hope this may helps.

I heard the developer implement 3 options for additional car park slot
1) single/side by side car park -RM33K
2) front and back car park -RM25k (front car don’t remove , back / rear car cannot come out)
3) buy 2 car park slots -RM38k , get the free car park with single/ side by side.

If choose not buy additional car , will get single side by side. I think all investors will not buy additional car park slot.

1) single/side by side car park -RM33K
2) Buy 1 of (front and back car park) -RM25k
3) Buy 2 (front and back car park) -RM38k

Original (Default) for each Residential suite will get 1 single/side by side car park..
Any sales people here? correct me if i wrong..

Month ago the sale told me RM28k for side by side, any changes?

greedy developer trying to make more money by adding front /back carpark after original plan approved by mppp early this year . Can complain to MPPP to put a stop on this. http://www.epbt.gov.my/osc/Borang_info.cfm?ID=323443&NoForm=Form4

The developer is holding the buyers to the neck with no other option except side by side car park (increase from original RM28k to RM33K) The highest car park price in bayan baru/ sg ara./ relau area ! somemore leasehold ………

@Steven
Whatever they promise before 28k is no more? Lion group shld be better but don’t understand why they do so.

I agree too… expensive but have to buy it too.

Hi Steven,
Can you elaborate more on your statement.
Do you mean they refuse to sell the extra car park at RM 28k which previously agreed?
Do you mean the price for extra car park already increase by RM 5k if buying now?
Or do you mean you have to top up Rm5k for a side-by-side car park?

the lousy RM25k front and back car park also no more . Not to mention the RM38k option. Now if u want to additional car park , it’s RM33k side by side one. Lion group did not honor what stated previously (lousy developer)

It seem not finallize until sign SnP……

Start calling for SnP signing. 25k and 35k parking type no more. Left only 33k.
Btw, this apartment is defined as service suite.

Finally sign…The 33k hv to pay all or any installment?

Opg, 2 option is available.
But, constriction is not progress since.may.

Heard there is a mosque going to be built near by… about 200m away…can anyone confirm?

Hi Paitoon,

Do you mean Surau or Masjid here? There is Masjid currently located back of Bayan Baru wet market. Can tell us more?

i bought the type A (the smallest unit)..now still waiting for S&P?

i bought the type A (the smallest unit)..now still waiting for S&P…

Update.

Piling and foundation work almost done.
Piling machine evacuated last Sat.

How’s the S&P sign progress? Progress well?

Add on. Regarding car park.

No side by side car park allowed. All extra purchase car park (RM 33k) will be located at level 2.
Whom had made the decision to include extra car park will enjoy that. No need go round until higher floor.

Front back is available for RM 25k.

i miss the early bird session so if enter now is it not worth anymore? Price hike already? do u guys think the the residential is possible to rent out easily at this area?

Wil this project extend the leasehold and convert to residential? I heard that the 1world/The One nearby have extended the leasehold and the condo already converted to residential.

hi, anyone have the latest site photo?
How is the work progress there? Piling and foundation work done?
Please share some photo or work site update, thanks.

@Type F buyer
It seems like the construction has stopped. The entrance to the construction site was locked and the site was empty.

@kc
Thanks KC.
It seem slow and I haven’t sign the S&P until today.
The progress is not aggressive at all, I am losing my patient.
Big doubt to these 2 big developer!!!

I booked one unit last year 2012, but ..now still waiting for S&P?
Called Penang developer before, they said KL office will contact us. But until now stil no news..
According to Prima Harta, 5, 8, 11 units that special arrangement. Anybody know what happen?

I did receive the call from KL office last month!
According to him, type 5, 8 and 11, basically smaller units are being imposed with certain restriction from Penang government. The S&P will be capped at pricing around RM300K only, and the buyer has to settle the remaining by themselves as the bank loan will be based on SPA pricing only.

If the impacted buyer agreed to accept this “special” package, then the developer would offer a slightly rebate. But, I have concern on getting RM100K++ cash!

Otherwise, you may withdraw this smaller unit and walk-in to book another bigger units.
The impacted buyers could still get back the 1st original launching price, but not many good units left. I visited their Penang office last 3 weeks ago.

I also shocked when informed by them need to pay such a big amount.
Any thing can we do to protest this since this is not as agreed? Pls help! !!

S&P is the only legal doc, everything else is under table money. Quite a lot though. If cannot afford to play this game, better drop.

Lim , I have the same concern too.

I think this company want to comply with the LMC guidelines set by State government?

i think so too, otherwise i dont think the developer will set up this rules blindly and create unwanted circumstance.

Understated value in SNP will inflate your profit artificially.

So, the government is going to tax you high tax (30%) based on the artificial high profit when you sell your unit later.

The is a very high risk solution.
1st You need to fork out 100K cash to this project (due to the actual & SNP price difference)
2nd You need to bear the paper loss risk of 100K++ (since such value of property is only stated at RM300K by SNP)

The market value will catch up if everything works fine when completed, and the surrounding is booming, if you’re lucky.
Else,…..

You guys should lodge a complain to the state gov, as obviously the developer is trying to circumvent state LMC rule. And sit back and see what the state is going to do about it….:)

Anyone receive 2nd call from developer? Any progress?

I just sign the SNP, but loan agreement still pending. The lawyer work slow.
Last 2 weeks I call to developer, they say piling is done but no progress after piling work.
Don’t know what they are waiting for? All progress seem SLOW, can they complete on time?
This project seem got a lot problem, first is the car park issue then the small unit issue and SNP progress slow… What is going on there? what happen to these 2 big developer?

There is not more DIBS according to budget 2014, will it impact to who sign SNP after 31 DEC 2013? Will the lawyer progress slow and cause our exisitng DIBS plan gone?

got 2nd call from KL? I did not receive such call. However, i have decided change to another unit that is not imposed with LMC government restriction.

They appoint few lawyer firms, mine is Rahim & Co the progress is slow.
Although I already sign the S&P, until today my decision still in doubt. Why I bought The Promenade.
Anyone have any good reason or any good news about this project? Please share.
There are few new projects in Bayan Baru with FREE hold title, why The Promenade is your choice? Thanks.

had ur S&P been stamped?

Sign already but pending for stamped. They promise to stamped this Nov.
My loan agreement still pending, not yet done.
You can check will developer 04-6302231

Update.
Site resume with construction activities.
Few units of container office had moved into the site yesterday.

i signed my loan agreement and pending for lawyer documentation.
According to Penang office, she told me majorities S&P was stamped during last June’13.

Hi, any unit left? Want to get myself 1 smallest unit..

Why this property doesN’t seem hot compared to all other property in Bayan Baru?

@Cascadium
Commercial title, leasehold, weird layout, & Lions Group financially unstable. They have reported lost of millions over 3-4 yrs in steel business.

I think commercial title should not be a concern if you want to stay..because can be converted. For example, One world and one sky condos all are converted to residential. Not sure if this must depend on developers or the utility board.

Update.
6 more container “hostel” had moved in.
Meanwhile, they are submitting building plan for revise.
What is happening here?

@Landtitle
I think that is depend…if only few shops at ground floor (like One World), then maybe easy to convert. This Promenade a lot of shops at many levels, different story.

@Lunar
Hi Lunar,
How you know they are submitting building plan for revise?
Does it relate to the restriction from Penang government?

Hi buyer.
You can search this thread reply either from David Tan or Steven.
They had provided such link for the info.
What and why they are changing plan? This one, i have no clue already.

@buyer

Update.
Build plan revise had been approved as of 19/Nov/13.
More construction activities is coming in.

Great. Bayan Baru needs more affordable housing like this.

Affordable with SnP cap at RM300K, but the remaining need to pay by “cash” without loan.

Just receive the call from lawyer firm, S.K.Goh, Chan & CO (Pulau Tikus) to sign my S&P…

what is the unit price for type E and F? how many unit left?

Update.
Penang sales office is doing their official launch for “The Promenade”.

Ya, i received the leaflet too @Lunar

They have change their layout to abide goverment affordable house scheme.
Which include 200K unit x 10 over units(~650sqft), which seems to be unfair for all buyer!

The minimum price for now start from 200KRM instead of 380KRM.
And the worst, the minimum 200K all are sold out without notice???

@Lunar
Ya, i received the leaflet too…

They have change their layout to abide goverment affordable house scheme.
Which include 200K unit x 10 over units(~650sqft), which seems to be unfair for all buyer!

The minimum price for now start from 200KRM instead of 380KRM.
And the worst, the minimum 200K all are sold out without notice???

@Beh Siok

Definitely “Beh Siok” because leasehold, LMCs, stalls and shop-houses below
condo, 336 units suites and many types from A TO I ( like Belacan ).

Type A: 42 units 847sf (2 bedrooms)
Type B: 21 units 855sf (2 bedrooms)
Type C: 21 units 979sf (2 bedrooms)
Type D: 42 units 977sf (2 +1 bedrooms)
Type E: 63 units 1,011sf (3 bedrooms)
Type F: 42 units 1,111sf (3 bedrooms)
Type G: 42 units 1,294sf (4 bedrooms)
Type H: 42 units 1,525sf (4+1 bedrooms)
Type I: 21 units 1,651sf (4 + 1 bedrooms)

Hi Beh Siok,
Can you share the layout leaflet that you received by goggle doc or box link?
I would like to have a look on that.
@Beh Siok

Hi Tu Lan,
From your list, I realized that Type B had been sized down from 906sf to 855sf. Logically some of the unit should ‘size up’ in order maintain the overall building outline. Any idea why only Type B has size change? @Tu Lan

I’m type B buyer. Till now I still didn’t receive any reply from pg developer office as they promised to me. Any affected buyer got the reply?

@Lunar

@Lim

Hi Lunar & Lim,

Inside their leaflet they did not provide the actual layout of the building.
But you may visit the showhouse in D’Plazza anytime from now, they are officially launching it..

and im going to question them about the LMC!!!!

Hi Anson, what type of unit you book? U also stuck in this stupid delay? I done my loan year ago, seem I need to start over again:'(

i used to be Type A buyer, but i decided to change to Type C in last month. Just sign my S&P last week.

Hi Lim,

I am a Type C owner, the re-layout doesnt impact my house internat layout.
But it did a big difference for the building quality…

200K entry, and its not offering to us those bought it years ago…

Hi all,
Will the “Via Residenz” impact our property price? They are FREEHOLD and The Promenade is Lease Hold. Any comment on this?
The Promenade facing a lot problem since day one, care park issue, unit size and selling price issue and building layout issue… still worth to buy?
Anyway, we alreadt sign the S&P and bank loan. Just feel worry now.
Will “Consumer Tax 6% GST” apply to our resident unit? Thanks.

Hi Anson,

I did call to the office and they told me that min “RM200K” not referring to house but actually car park+painting++ and other costs. Could anyone confirm on this?

Hi all,

I had a call with Penang sales office to understand the layout change.
According to them, unit# 4, 5, 8, 9 is having layout change, but only to CERTAIN floors not entire building, whom already sign SNP in that affected unit#, its layout will remain. Whom who haven’t sign under the affected unit#, the layout will undergo change.

I also asked, which floor affected. No answer was given. Can anyone unit #4,5,8,9 owner confirm my statement?

I am getting more blur now….

Hi @cf ,

No, the 200K is actually for the unit. the salesperson is talking with rude tone to me! what the…
what i aware of is Type A(#5 & #8), Type B(#11) is impacted.
They are turning the smaller unit which priced 380K to 200K with small size.

Yes @Lunar , if they are offering only 10 plus units with 200K, means they only change certain floor plan.

Hi cf, u confused me already, how can people pay off 200k, not for house but for those car park, painting etc.
Ha, seem everyone try to make the things clear, but end up more confusing. .

Hi Lim,
I am actually not so sure on this.. I just post here whatever the sales office told me through phone….lol

Let me visit their sales office this coming weekend.

Lets get everything clear~

Hi Beh Siok,
Seem a lot and a lot buyer getting Beh Siok and Tu Lan to this change of min pricing. From 380k decrease to 200k, although the unit size reduce but the selling almost reduce double, unless they reduce the unit size 50%. It is really unfair to us, they pull down the property price for almost 47%.
I am very very Tu Lan them now.My unit 5xxk can buy 3 rm200k unit with 3 car park free. Total area 800×3 =2400sf already double size of my F type unit, some more 3 car park free. What the hell.

Hi all, here is the developer Tel: 04-6302231/32/33
We all take 5 mins call to question the developer and see what they answer? Our housing price drop from RM448psf to RM308psf(RM200k÷650sf)
We lost a lot money from our initial selling price, for example F typer 1111sf, initial selling price 1111×448=RM497k
Now, 1111×308=RM343k total lost RM154k, if include 4.2% interest for 30 years will be a lot money. Really UNFAIR to us.

F buyer :Hi all, here is the developer Tel: 04-6302231/32/33We all take 5 mins call to question the developer and see what they answer? Our housing price drop from RM448psf to RM308psf(RM200k÷650sf)We lost a lot money from our initial selling price, for example F typer 1111sf, initial selling price 1111×448=RM497kNow, 1111×308=RM343k total lost RM154k, if include 4.2% interest for 30 years will be a lot money. Really UNFAIR to us.

really price decrease? still gt unit available? i wan buy now ==

Hi All,

I have visited the sales office.
The confirmation i get is…. ALL SOLD OUT.

The actual price is RM300K! the buyer need to fork out RM100K cash!
Anyway, the price per square feet is RM441 which the unit is 680sqft.
The unit will release to impacted buyer only, if the original buyer doesnt accept that offer, it will go to public (which i think they already taken up internally lah..)

They keep stress that this is “Price Control Strategy”, not LMC.
I am not sure how true is that.

Share your thoughts.
Thanks.

@Beh Siok
How to pay the RM100K? not included in SnP but as undertable money? Later want to sale have kena tax additional 30% on the 100k even just sale at same price of RM300K.. who gonna take the deal? may be just to scare and shut the mouth of the affected buyers.. all being snappped up internally with 200k price!

Hi all, I call to sell office and they explain the same thing.
The house RM200k not include car park and misc.
RM300K include carpark and furnish. Buyer must pay cash on this 100k.
They told me this is not LMC unit and RM441psf (RM300k/680sf).
Piling is complete and foundation work in progress.

F buyer :
Hi all, here is the developer Tel: 04-6302231/32/33
We all take 5 mins call to question the developer and see what they answer? Our housing price drop from RM448psf to RM308psf(RM200k÷650sf)
We lost a lot money from our initial selling price, for example F typer 1111sf, initial selling price 1111×448=RM497k
Now, 1111×308=RM343k total lost RM154k, if include 4.2% interest for 30 years will be a lot money. Really UNFAIR to us.

Price is dropping at Bayan Baru? Only 300psf?

Hi all,
sorry to misleading some of you.
I need to clarify my statement, at fist our unit is RM4xxpsf.
Then they offer some special unit with RM200K, 680sf (This unit don’t have free Car park).
So, I thought RM200K/680sf=RM294psf.
After talk to sell officer, they explain the unit is RM300K (RM200K house +100K car park and misc).
So, RM300K/680sf = RM441psf still maintain as initial selling price. Thanks.

so SNP only write 200k, and 100k will be undertable? in future tough for the owner to sell, because he will kena RPGT teruk teruk…. (let’s say sell at 400k, his gross profit is 100k, but RPGT kena is 30% based on 200k!)

@ks_rev

Hi ks, I am not sure how much they write in S&P. Anyway, the total price is RM300K with 680sf. So, per square feet is RM441. you better check with Sale office see how they explain to the RPGT issue.

Update.
Construction activities is going on. More workers had moved into the “container” hostel.
Focus more on shop lots portion. Now digging to build sanitary tank.
Apartment portion is slower.

Yupe, i purposely drove there yesterday and i saw the blue color container worker “hostel” too.

MOF up to 130%, which bank?

Type F buyer :
Hi all,
sorry to misleading some of you.
I need to clarify my statement, at fist our unit is RM4xxpsf.
Then they offer some special unit with RM200K, 680sf (This unit don’t have free Car park).
So, I thought RM200K/680sf=RM294psf.
After talk to sell officer, they explain the unit is RM300K (RM200K house +100K car park and misc).
So, RM300K/680sf = RM441psf still maintain as initial selling price. Thanks.

So these units with affordable pricing cannot be sold within five years after OC right?

@kisiao

Anyway, sale office say this is not LMC(Low Medium Cost) unit and all affected unit was sold out.
To be confirm, please call sale office. Only sale office can give you a correct answer.

From Feb 1 next year, owners of affordable homes (bought for below
RM400,000 on the island and RM250,000 on the mainland) would be
barred from reselling their properties in the first five years of ownership.

Owners of public housing (low and low-medium cost units) bought for
RM72,500 or less cannot sell their units for 10 years.

So if these units are under new rules of affordable housing plan ( which just announce by LGE lately) which mean the owner will be barred, then buyer wouldnt allow to sell within five years in that case ? Anybody could advise pls..

New rules may burden Penang homeowners looking to sell
December 9th, 2013 Leave a comment
Owners of affordable and low-cost homes in Penang will find it tougher to sell their properties as the state government plans to enforce strict rules to curb property speculation.
From Feb 1 next year, owners of affordable homes (bought for below RM400,000 on the island and RM250,000 on the mainland) would be barred from reselling their properties in the first five years of ownership.
Meanwhile, owners of public housing (low and low-medium cost units) bought for RM72,500 or less cannot sell their units for 10 years.
Chief Minister Lim Guan Eng said affordable and public housing owners who wished to sell their units during the moratorium would have to appeal to the state government, and if given the green light, could only sell to qualified “listed buyers” who were registered with the state housing department.
Lim said in a statement that the new rulings would cover past and future purchases.
The new regulations also stipulate that foreigners can only buy property valued at RM1mil or more, and the threshold is increased to RM2mil if it is a landed property on the island.
A three per cent levy would be imposed on properties bought by foreigners, but an exemption would be made if the property is for industrial use, or “promotes employment, education and human talent”, said Lim.
“A two per cent levy will be imposed on the seller, for all properties sold within three years from the date of the Sales & Purchase Agree¬ment signed from Feb 1, 2014. Property bought with the SPA signed before Feb 1, 2014, will not be subject to this levy.
“This two per cent levy is not app¬licable to affordable housing,” he said.
He said the new housing rules were announced during the tabling of the 2014 state budget at the state assembly sitting but was refined for clarity and certainty during the last Penang state exco meeting.
Meanwhile, Penang Real Estate Housing Developers Association (Rehda) chairman Datuk Jerry Chan said the new rules would limit the pool of property buyers as owners could only sell their units to “qualified buyers” registered with the state housing department.
He said the state government should clarify if this new restriction applied to private property as the change was too drastic.
“It is also not right to impose the new rule on past purchases as these restrictions were not there when purchasers bought the property at that time.
“The new rule will have an impact on the selling price of the property because of the reduced number of purchasers. Changes will have to be undertaken progressively to see the impact,” he said.

“Meanwhile, Penang Real Estate Housing Developers Association (Rehda) chairman Datuk Jerry Chan said the new rules would limit the pool of property buyers as owners could only sell their units to “qualified buyers” registered with the state housing department.

He said the state government should clarify if this new restriction applied to private property as the change was too drastic.”

No point to invest in less than 400k housing any more, too many restrictions to sell. Would they limit my subsell price as well?

Update.
Tower Crane#1 arrived. Comes in pieces and waiting to be assembled.

Would the new rules ( below 400k) apply for those unit purchase in the past?

MOF up to 130% is OCBC. @cf

Bank Negara: A new interest rate framework is being planned to replace the base lending rate (BLR) as the old regime is losing its relevance.

http://www.thestar.com.my/Business/Business-News/2013/12/19/New-rate-framework-likely-Bank-Negara-governor-says-BLR-is-losing-its-relevance.aspx

PETALING JAYA: A new interest rate framework is being planned to replace the base lending rate (BLR) as the old regime is losing its relevance, according to Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz
The Star online News on 19 DEC 2013

Will this impact old bank loan agreement?

How much per square feet?

Anyone pay under table money 100k with snp 300k to developer? Not special price given to purchaser as they promised..

anyone know the leasehold tenure is how many year? as my relative bought 1 world, the leasehold tenure is just 77years.

@Daniel
I thinks ur relative forget to update with u,now 1-world already extend to 99 years, The promenade also same after got title will also extend to 99 years

Hi all, any undate on contrustion site?
All piling work complete? And what is the progress now? Any photo? Thanks.

This Developer – Seal, cannot pergi, when you buy you will know what happen!!!

Seal developer? Are u talking the Elite Heights is it?

By next year GST will be imposed on residential properties / SOHO / residential suits with commercial title. Which means that 6% will be imposed the moment you sell it.

Price increases 6% next year if seller want to keep the same profit… another -1 for own stay buyers.

Is 27th the highest floor??

Is 27th the highest floor for The Promenade??