One Imperial
One Imperial, strategically located within the establish township of Sungai Ara, Penang. Comprises five blocks of condominium with a total of 768 units. Cheapest unit has an indicative price of slightly below RM400,000 with the size of 1,050 sq. ft.
Location : Sungai Ara, Penang
Property Type : Condominium
Land Tenure : Freehold
Total Units: 768
Built-up Area: 1,050 sq. ft. onwards
Developer : Modular Platinum Sdn. Bhd. (Ideal Property)
Contact No.: +604-645 6888
Indicative Price : RM380 psf. onwards
Contributed by reader (06-Jan-2016)
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Bryan :
One World 1 is completed with OC
Huh?another 20% may need 1year for completion? what info i get from the salesman is few months,estimately rm5000 burnt base on my unit. Need to check it out for better understanding.
@Bryan
1. It illogical and irresponsible to just make the comment that banks don’t want to provide 90% loan for subsales but only preferred new projects by developers. If you got proofs and this is true, then I think government/Bank Negara need to scrutinize such loop hole and targeting banks practising such prejudices. Anyway, purchasers can withdraw from EPF for their first house even as the 10% downpayment. I think most developers don’t support EPF withdrawal as downpayment for new projects.
2. & 3. Get zero moving cost loan package if not afford legal fees. probably just 0.5% higher than non-zero moving cost package. You can always refinance after lock in period of 3 or 5 years if interest rate is better then. 0.5% x RM500K x 5 years =RM12.5K only (just assume flat rate for easy calculation).
4. Make your own judgement on the value of the renovation of subsales. At least you can see and check for what you pay for. Isn’t the the risk is even higher if buying something just base on nice showroom of some non-reputable developers?
5. You can get the same value appreciation on subsales if market is doing well while no need to burnt the RM32K interest.
I don’t mean buying new project is not good. But the reason given to justify it is better than subsales is misleading where a lot of hiding cost and risks not been disclosed.
@Alvin
Those last 20% works including internal wiring, piping, tiling of 768 units. Imaging how long it take for 768 unit just for tiling.
@Chipmunks,
The last 20% is for vacant possesion
@Bryan
my friend own 1 unit in One residence, all land sinking and the cracking problem can be found almost everywhere for ONE RESIDENCE. he said ” people said don’t buy property from IDEAL” it seems like is really TRUE. Quality is not there, don’t put so much hope for this developer.
Seems there’s some negative impact of this dev!
Budget 2013 announced, keep invest this property or drop?
To me, …………
What is the negative impact? Please share…
“my friend own 1 unit in One residence, all land sinking and the cracking problem can be found almost everywhere for ONE RESIDENCE. he said ” people said don’t buy property from IDEAL” it seems like is really TRUE. Quality is not there, don’t put so much hope for this developer.”
This is True?
@Alvin
Of course continue with it. Why want to drop it? So hard to garb a good unit you know. haha….
How does the budget 2013 impact to thsi project?
I will release back my booking unit to ideal tomorrow. Anyone interested block D mid floor can check out wif ideal tomorrow. The reason I release is not due to today budget announce, just feel that area is too dense for me.
Tomorrow’s the last day to withdraw, I think not many people will do that. Will go to Ideal office to check out.
I also want to let go. Tower D, unit 2 (between 15 to 20 floor) dam shui unit. Quick quick go to Ideal office early tomorrow morning
Another concern is the quality…just a 2 cebts
@DB
I am one of the dua owner, i can found the cracking problem for dua unit is the wall at carpark, the wall at backyard and the wall at the bottom of the front door.Some of cracks are up to a scary 1cm. My contractor got ask the site ppl, the so called 2 pillar at backyard are not concrete pillars.
@U2
what is the sqrt feet?
@ezalor
can share what is the sqft?
@newer
1200, ~>RM500k
Wow..interesting..must book tomorrow after you release
@Chipmunks
Well, there are many cases with the subsales price much higher than the bank evaluation price. Bank only can approve 90% of its evaluation price. You can find it info anywhere.
5 year pay extra 12.5K for zero moving package already more expensive than the legal fee for loan agreement itself. And, refinancing also have cost and additional lock-in period 3 to 5 years.
Its true the risk is lower to get a renovated unit than buy a unit haven’t built. it is just a personal preference as I like to stay in new house and customize the renovation by myself.
Without doing much research, I personally think that new unit will have better appreciation rate.
So, you tried to say developer can complete the 80% of 768 units in 2 yrs and the remaining 20% in 1 yr?
I never put much hope on this developer. I experience their quality myself, not through friend. The worst thing is their top management, not the quality. If I withdraw from this project, the option I have is Setia Pinacle, 1000sf+ for RM430psf. Soft launch in Nov’12.
I think many units will change hand tomorrow. If you want to get a good facing unit, the date is tomorrow.
@Bryan
decided to let go this property d?
If tomorrow still hold it, loan not approve still can get 100% return on RM10K booking fee?
Whoever that let go their units, mind to share with us your unit#?
The RPGT not scary at all! Horeah !!!! We can keep on goreng !!!
yes still can withdraw it 100% before sign snp.
Not now.
I can see it’s getting more expensive compared to Fiera Vista. I bought 5th fl., 1655sq ft. at 590k-ish, two car parks. Wonder how much it will be now?
My friend just booked 1050sq ft at One Imperial, two car park, 18th fl. @ RM463k, 1200sq ft @20th fl., 2 carparks, 536k.
I can’t believe the price is so expensive now. Still a lot of ppl buying. I wish I could be a developer.
cK, when did you purchase your 1655sf unit?
How is the response to the new budget? Many cancel their booking?
will be more response in coming week.
but for those who d grab the good unit of tower C (the cheapest price RM380psf among tower D, E), still intend to cancel?
I called the sales to get me a lower level for the same unit same tower, but no news yet until now. Could be not much ppl cancel the booking. To me, no impact from the budget on property sector.
@cK
RM550k for The Oasis 1050sf, just completed, at Kampung Buah Pala, lease hold, so, the price is normal for One Imperial.
@Bryan
Of course no impact. I cancel also not because of this budget.
@Bryan
mind to let me know ur tower?mine tower C.
I visited the Ideal office lastday. Tower E have more units booked but not yet paid. Others, remain the same. Salesman said that, they will update the data (unit available) by next few days.
@Bryan, the project work progress % is not a liner calculation Vs time. The first 80% (RM400K) is for those “bulk” construction work of common building structure. The last 20% (RM100K) for internal structure of your unit. Don’t you know RM100K more than enough for piping, wiring, & tiling for a 1200sqf BARE unit, and those are among the last items to be completed. So be prepared for longer loan interest payment period & don’t get trapped with cash flow problem. Better be conservative rather than misleading people.
The fact is property price will hike another 5% bcoz seller will factor in the new implement RPGT into the selling price.
Did all of you sign the S n P ?
me tower C too.
When should we ask for loan? when will the S&P sign?
fact is RPGT not affecting new launching project price, if new project price hike is because developers using such excuse to take advantages on ignorance of buyers.. a lot of new DIBD looking for subsales, how to raise price?
@Chipmunks
Let me do some homework to check the progressive billing and the date for my past project, before answer you further.
But the quick reference to other projects, TGT ~1 year after SPA, progress ~25%(?). If your prediction correct, than developer need to complete 55% of the construction in 2nd year. Not really make sense to me but I will try to find out.
FV SPA ~6 mths (?), progress is just pilling work…..
Your will know when the time come.
Any expert here can here me to clarify?
1. DIBS up to 80% only. If my loan amount is 80% of the property is that mean developer will fully cover my purchase property bank interest under construction?
2. Another situation it’s no border your loan amount is 90%,80%,70% or lower. When the project completion 80%, balance of bank interest will bearing by all the buyer.
@SP
Your 2nd point is correct. If your loan is 80%, the first 20% you need to pay by cash. Developer DIBS is covering the first 80%. So, you still have to pay the interest for the last 20%. But your interest will be lower as your loan is only 60% at that stage.
If you have the 20% cash, suggest you still get 90% loan, keep the 10%. Then, choose the loan package with OD. When come to the 80% stage, dump in all your money. The OD will give you unlimited time of withdrawal. This will help to save interest. However, you need to pay RM10 monthly for the account, and probably 0.1~0.2% higher interest rate.
Also, choose higher level because the construction is always slower than lower level, therefore, serving less interest during construction phase, especially for the last 20%.
@Alvin,
Mind to share your unit? Tower C what sqf?
@venus
1180sqf face south
@Bryan
what floor did you request for? what is your current level? you manage to get it?
As low as possible as long as level 12 and above. But higher level also good. Less progressive interest especially with this 80% DBIS.
@Bryan
mind to share why you prefer level 12 and above?
Am wondering the progressive interest is lesser for higher floor? I thought the 80% DBIS is referring to the whole construction. Anyone can advise?
@Bryan
Thank to your advise. But I am not really agree that the lower floor unit will bearing or serving more interest compare with highest unit unless the claim process is going unit by unit basis. But I am not thing so.
No specific reason. Just, the most popular levels are normally at the middle as they are the cheapest with higher view.
For common construction items, the progress is together for the whole project, for example, land clearing, piling, and VC. When come to the construction level by level, do you think the developer will wait until the whole building frame work completed, then only ask the bankers to release the money? In normal practice, dev will ask for money after a few level completed. Therefore, lower units always completed first, the loan released first and serve more interest.
Unless Ideal is really kind enough and will do it the other way.
The progress is different from level to level, tower to tower.
Anyone of you aware this?
http://www.mudah.my/One+Imperial+Condo+Sg+Ara+1200sf-18035778.htm?last=1
so fast for sale in mudah?????
I had benchmarking other project SNP schedule of payment. The 80% completion is already reach until “the road serving the said building” or all the building have been completed. The balance of 20% will be left only water & electrical supply preparation for connection and also the VP ready. So the critical portion will be how long developer going to take it complete the balance of 20% job plus VP ready. That will be the time period of interest buyer going to responsible for it.
@SP
Good finding. I check the SPA of 1 of their previous project. 80% completion means the whole project is completed, only pending for VC.
10% – SPA
20% – Ground work (piling & foundation)
35% – Reinforced concrete framework
45% – Walls, doors & window frames
55% – Ceiling, electrical wiring, plumbing, telephone trunking
65% – Internal and external plastering
70% – Sewerage works
75% – Drains
80% – Roads
92.5% – VP with water and electrical supply ready (payment to developer)
95% – Don’t know what is this, acceptance by purchaser?
100% – Same date with VP, including the 2.5% (6 months) and 2.5% (18 months warranty) pay to lawyer.
Bad news is, from the 80% to VP, by the date of the letter, it took about 8 months. So, be ready for ~1.2K X 8 mths = 9.6K
Anybody received the SMS for One Imperial Special Preview from Oct 4-7? Are we allowed to go straight to the showhouse without appointment?
Just walk in directly. Tower A will be opened for booking 4th Oct onward, with 420psf. Wondering should I change to Tower A…… additional 40psf.
What about block B?
@Bryan
Wow. RM40k additional! i will keep mine n may not change to other tower.
Pay a visit to their office tomorrow after 10am for Tower A & B lauching. Show unit should be 2 types oni (1050 & 1200sf)
@Alvin
Ideal is really aggressive. Sep launched 3 blocks, one month later launched the rest. Don’t know how they justify 10% price increase within a month.
Tower B should be wait until Tower A finish, then sell at higher. But Alvin mentioned both tower opened for booking tomorrow. Not sure which one is true one.
I think me too.
This may not be the price increase. It may be different price at different tower. Those tower C, D & E also different price. Tower A & B nearer to guard house, definitely higher price.
hehe. Let’s we go n have a look tomorrow.sure i will be there.
Yes. There’s the main entrance of one imperial.
Not sure that’s the reason of higher price of tower A&B
@Bryan
Near to entrance normally near to rubbish disposal area, don’t think that justify 10% higher price. If they launched A&B mid of next year, the price difference can be more acceptable. I personally think more buyers would prefer 1200sft facing swimming pool units, which are only at Tower D and E.
@Mdm
For C, D & E, whenever you want to do anything outside OI, you need to drive. While A & B still can walk if you want to go to the shop lots of Garden Ville, Sierra Residence or TGT. They cannot wait until mid of next year because all ABCDE will get VP at the same time.
I actually prefer 1200sf at tower A (3A type). As mentioned before, those so call facing swimming pool, the swimming pool is at the bottom. The units are actually facing to the opposite units.
@Alvin
Only can go there during lunch time, but for sure there will be many ppl inside.
@Bryan
May I know how far is OI entrance to GV, SR or TGT? Shouldn’t be less than 100m I presume. Let’s other buyers judge whether walking distance to those mentioned shotlots justify the 10% price different. I don’t agree.
You saying the swimming pool is at the ground floor and indoor? So much different from their artist impression above and the show model.
@Mdm
Walking to nearby shoplots is just an example. There are still many daily activities that could be affected, example, friends & relative visit, whether your children need to wait the school bus at the guard house and so on.
No. I meant you have to look down to see the swimming pool, which you will not do usually. What you usually do is looking outside from living room/ bedrooms and what you see is the units at the opposite block. And they are looking at your units too.
Wow, only RM399k already can get 1050sf Condo, very very cheap, long time didn’t see so cheap price new launch condo in Penang Island, the price is already dropping to attract more buyers, as I thought the price for 1000sf already over RM500k. Idaman Iris also selling at RM380k for 850sf in subsale market. This one so cheap mainly due to many units.
@Bryan
I disagree. Block C&D 1200sft facing swimming pool still better. Closer to guard house mean rubbish disposal area and heavier traffic. Can be more con than pro. Ask the van/bus driver to pick up kids at several spots inside the compound, safer that way.
A view of the recreational park and swimming pool from balcony or bedroom worth something, although you might not like to swim or step out to the balcony.
@PSY
It is cheaper than Idaman Iris. 😀
@Mdm
Every disadvantage have solution. Just how much arrangement need to be made. I will be a bit worry if school buses or vans allowed to enter our compound at daily basis.
Arrangement also needed if I have my 3rd car, if I invite my parents to stay with me….. and so on.
And it is depend on personal like and dislike. I personally prefer more privacy. And I don’t need a unit with swimming pool view to use it, right? And it is true I seldom step out to balcony, 3’3″x11’9″ in this case, only when we wash it.
@PSY
I don’t think it is cheap anyway. Ideal should give more discount for early birds like us….. 😀
Idaman iris RM400psf base on market price today. It’s OC soon and price may rise futher. The location is nice. But, it seems difficult to get RM399k for 1Imperial in tower C anymore. Sales is always good for those cheapest 1.(just my thinking)
@Mdm
OI also not cheap with 1 car park provided only. If you include the 2nd car park, it is >rm400 per sq ft..Let’s compare apple to apple, a year ago..FieraVista by IDEAL is only ~rm340 per sq ft, nicer location and view too.
For security, school buses is the least to worry. There are 768 units and a few thousand people staying inside. No way for the security guard to recognize all and control outsiders from going in, or using the facilities.
For privacy, facing anywhere also same. It will be surrounded by high rise building everywhere e.g. Golden Triangle, Sierra Residence, Zan Pavillion, Garden Ville, One Imperial2….
Any idea should we change into block A and B?
@Bryan
Well, closer to the entrance will definitely come with more noise. And I am sure you want the school vans to drop your kids inside the compound for safety reason. Security guard can identify them without a problem.
10% price hike within a month with no clear advantages is hard to swallow. Let’s see the outcome today. 😀
@nd4spd
That’s the market price for a year ago. This year most condo selling at RM400 per sq ft onwards.
If the sales are good for the Tower A & B these few days, I think S&P can be signed very soon.
@Chipmunks
This is my worry. school bus drive freely inside the compound. Not only security reason, but safety reason as well. If the security really can’t control well, especially in this area, add more worry to me. To me, this project only can success if the security is good.
Don’t worry for the view. As long as not as close as the distance between tower AB and CD, it is far enough. For my unit, the nearest high rise building will be Alpine.
I think we can stop discussing the good and bad by nearer to entrance. Every problem got solutions, just, I prefer less. However, most likely I will still keep the unit of Tower C, and hope that there will be a second gate install near there……
And Tower A is ~10% more expensive, if compared to Tower C. If for Tower D & E, it is less than that.
Good that you like FV. Is there any Chinese Primary school nearby? I guess there is one Chung San Xiao Xue besides airport, right?
@Bryan
Let’s not have prejudice against school bus drivers, a lot of people also drive recklessly, regardless of their occupation.
Probably better choose the lower price unit since facing anywhere almost same.
Your unit facing West? You not worry about the hot evening sun?? it can be like oven during sunny days..
any news bout tower A&B? got queeing like bangla bo? haha…
Tower B not yet opened for sale (will the highest price among Tower A,C,D,E). Tower A is about 50% sold. The sale is not hot,probably bcos of its higher price. Ya. there’s still many choice of tower A.
No people in Ideal today, what wrong with towel A?
@Bryan
Didn’t notice any school nearby, even if there is, not a big deal as Fiera Vista route to newly open Jln Tun Dr Awang is convenient.
@Chipmunks
Who is having the prejudice? You don’t agree that school bus is more difficult to be handled and more blind points?
My unit is having west if only Alpine is at our West. Check the map.
@Alvin
What’s the selling price for TowerA?
I guess you are not a parent. You din catch my point.
You missed the boat again. The sales is at the roof top. Those units below 500K almost booked.
Lowest price RM440000 & above for 1050sf with 1 cp.
I think theres still many ppl don’t know this new project.
RM440K applicable for lowest floow in Towel A? What about if thr floor is on 10th or onward?
@Bryan
Yes..I am not, i didn’t go through and read this forum thread comment one by one….anything gotta do with Chung San primary school…?
Just a quick survey, most of you guys who have purchased OI work at BayanLepas FTZ?
@Bryan, buy BJ Court lah if want to ensure your kids going into those famous schools there..
Confused!!! to c such comment.
Nothing wrong. You like FV enough liao.
@Fast & Furious
No need. Buy OI also can enroll Min Sin or Chung Zhen, or future Aik Hua in walking distance if the proposal materialized. 😀
Looks like the higher price is still widely accepted by buyers.
I heard that there will be 2 phase out later….OI 2.
sorry, 2nd phase
@Mdm
I also wondering. If 1050sf selling at 420psf + car park ~465K (low level), I rather buy Setia Pinnacle 1000sf at 430psf. But not sure what unit left during Setia soft launch early Nov.
@Bryan,
Agree with you. Tower A is 420 psf, i believe when they launch Tower B its gonna hit 430psf. The price is super high now. I dont think Tower A and B is worth that high price compare to CDE
Anything above RM400 psf is over-priced in Sungai Ara.
The fact that IDEAL has to SMS buyers for the four-day launch is a sign that the supply is greater than the demand in the Sungai Ara and Bayan Baru vicinity. Where is the long queue now? I called them on Wed (a day prior to the launch), I was told I can book then. Further, I was offered some units from the previous launch.
agree supply is exceeding demand … sales is slowing … price will eventually drop …
This project probably drag until market recover. Need to have the workforce complete Fiera Vista (or mostly done) first…
Why not book your unit then? Good units all taken? Don’t know when Tower B will be opened. I think by the time the price will be another level.
@wellhung
I guess don’t event have any chance to q, as the project has not been launched yet, they cannot make it public. All the events now and previously, are just a pre-view, by invitation. If the stickers pasted on the chart is true, there are about 450~500 units already being booked. This number already greater than TGT and SR which ppl make long q for the booking. So, any reason Ideal make a huh-hah for public to q in front, if they can sell with their way?
But I do agree that 400psf is way too expensive at that area. I am a bit nervous when making the booking. Wonder if the rest of the buyers also as nervous as me. A bit relieve that my unit is actually only 380psf.
I think if you buy for own stay, you should be alright.
For speculators, the risks are high now, and will be much higher in 2013-15 when there would be a crash on over-priced condos in not so good locations.
I got booked one unit at Block D, 1300sqft, 533k + 25k for extra car park, low floor.
I need some advised when can start apply for the loan? when got sign S&P?
Price range below 500k or around ~500k can be easily absorb by an average joe, couple, family who have work at least 10years…Market crash or not, it won’t affected much as half a million mark is now the benchmark for Pg island apartment located at decent location.
D Pizza subsale, OneWorld outlook, exterior looks like LMC unit. Take into account leasehold title, commercial lots..the Promenade, subsale 4xx-5xxk, for those who have not grab their first house, OI is attractive enough…an offer you can’t refuse.
@insider
Price will eventually drop. Then you just pray hard, price drop soon..keep on praying everyday and keep on waiting
@Lee
Ideal will let you know when the S&P should be signed. You can start applying loan by then. Unless you want to borrow from HSBC or Maybank, their quota filled up fast.
@nd4spd
Increase 10%, then drop 2%. Increase another 5%, drop 3%. Net net still increase if we look at long term.
Thanks Mdm, your means if want borrow from HSBC or Maybank still need to wait. What means quota filled up fast? 1st time buy house, many still need advised.@Mdm
@Lee
Most banks set quota for end financing projects (new projects). Once quota are full, they won’t offer further loan to applicants. If you want to take loan from HSBC, you should start engaging them now. I think Maybank is not their panel bank.
Remember, you can only take loan from their panel banks bcos the project is DIBS.
How do we know which bank is their panel back? Can we start to engage bank for loan now?
How do we know which bank is their panel bank? Can we start to engage bank for loan now?
@newer
You may ask Ideal office. Each project has its list of panel banks.
wah!!! almost 95% sold out for block C,D and E. Block A also sell >70%.
Relax, fren. After they open up tower B to public and about 70~80% booked, then we may start the process. So far, I know Citibank and CIMB is not their panel. If using TGT as reference, booking date and SPA stamping date could be ~1 year in between.
You just back from their office? If this is true, I think the empty space will be filled up through out this weekend.
yes. just back from their office!!! a lot of factory employee already went there to see!!
Seem like sell like hot cakes!!!
Seems like all the buyers are so kind, and ignore the developer bad reputation (including myself). Check the comments from another forum on 1 Residence, I think there are some quality issues. Maybe I need to spend sometime to check the comments on 1 World One as well.
Don’t know where the people get their $$$ from, RM400k – RM500k also rushing to buy. Whenever all those ppl can’t pay back their loan, declare bankrupt the bank will declare bankrupt, bank negara need to save them. In the end economy down, jobless rate raise.
penang property sales is unbelievable!!!! Very rare to hear that penang property price dropped.
@Lee,
I also hold a unit at Tower D, Mind to share which floor you are?
Looks like pretty good response to Tower A. Congratulations to Tower C, D and E buyers.
While I can understand why some folks are concerned that prices have risen much but to be honest this part of Penang is still cheap comparatively to some town areas. It is definitely cheaper than KL.
At the end of the day caveat emptor, as an investor you need to make sure you can hold this investment for a few years when it is completed in 2016/2017 in case the prices don’t turn out to be as expected. That said the banks themselves aren’t going to blindly lend anyone who they think is not capable of holding this. Hence I don’t feel particularly concerned.
Penang properties were quite resilient when it seemed like the whole financial markets were on verge of collapse in 2008.
price drop coming …. people now cautious , no rush , next few years got many many completed unoccupied units to choose
what u see now is just developers sales staff trying to create excitement n false demand ..
We can only predict it. Been hearing it since last year the property will drop. It won’t happen till mid 2014 or 2015 when massive residential houses / apartment completed.
@tsunami
I hear this comment very long time liao. at the end the price still increase and i didnt buy it and I miss out the opportunity!!!
Me as example,
It’s been 8 years ago, I purchased a unit 700sf for RM110K,today the unit costs about RM200K. If I’ve missed out it, TODAY I’ve to get a higher loan amount to get such unit. Eventually,I’ve to bear heavier commitment for a house.
@Alvin
We still have to be caution about the market situation. Since buyers still can withdraw 100% booking fee, the booking on the chart may not be the real picture. And whether the market can consume the mass projects in this area, TGT, SR, OI, GV, which could be ready in 2014~2017 time frame. And OI 2 is also in the pipe line.
Now Tower A selling a 420psf, at least Tower CDE a bit secure by RM20~40 cheaper psf. Next, need to monitor the selling price and the respond of Tower B, Garden Ville (will be 400psf but let’s see), Setia Pinnacle (430psf) and so on. I don’t want to buy the most expensive property before the price drop, then stay in also feeling no good, plus surrounding by thousands of empty units.
But for those people keep yelling price drop since 2008, without providing constructive facts, just ignore them. They are like empty cans and try to be hero by making prediction, just like the people predicting the GE13 date.
I suggest you guys who really wanna buy One Imperial, go to that actual site “see see” and survey yourself, dont just look on the map provided by developer. I noticed there are few buildings, look like few new low medium cost apartments “in progress construction” in between Iris, OI, and TGT. Anybody got any ideas what those buildings are?
@ezalor
if you concern about the low cost flat is better don’t stay in Relau. hehe….
@Alvin
I am strongly agree with you. Also I see that TGT, OI, SR and the rest of condo that whole area of land there I would said is a last land for Relau. No more big land in Relau after this. haha…
@tsunami
Yes is coming provided we have no job, no income and factory move out from FTZ. haha….
The land of island getting lesser and lesser and construction material getting higher and higher and worker and our salary also getting higher and higher. How the island property getting to drop?
Penang island land size 1000square km, singpaore 700square KM, Hong Kong 500square KM. Population…Pg = 2.3mil, Singapore = 5.3mil, HK = 7mil…..Family income..emmm don’t want to mention at all. Propertise price….emmm…Top
@SP
Last time Relau low cost flat mainly behind public bank, opposite the Shell, and near Relau park. But now, seem those flats already start spreading to new area, which is surrounding area of TGT and One Imperial. Just now I went to see the site behind Iris, wao…they are in progress building new blocks of low cost flat at there.
If you check the googlemap, only 30~40% of Penang island can be used for development. By the way, Penang population is only 1.6M as per 2011.
There are still many units left for units no.1 & no.8. According to sales person,those units are more to west (sunset), therefore the sales is quite slow.But,other than that,SOLD! Seems nowadays ppl can accept RM420psf in fact.
@Bryan
Thanks for ur advice. There’s a lot of things that I need to learn. Ya, I’m still new if said buyer+investor. I stay in this area, quite confident to in future new property development.
As what “SP” mentioned, “TGT, OI, SR and the rest of condo that whole area of land there I would said is a last land for Relau. No more big land in Relau”. All this location quite near to Queensbay, PISA, Bayan Baru, FTZ, & Airport. In view of coming new projects from various developers, RElau+Sungai Ara will “wash” most of the impression that “Bangladesh, Indon area”. Don know u agree that?
people have short memories, when they think 2008 credit crisis did not impact so much on local economy they almost forget that 15 years ago year 1997 we had economy crisis as well. that period of time i think construction of queensbay even affected and it took years for us to recover…today, we know europe are not going to recover and it would get worst and this direct/indirectly would affect china or even the region…i am working in singapore in one of the mnc company which have manufacturing plant as well…our output have dropped significantly and those sales people out there are unable to hit even the minimum targets set…people say singapore economy are more vulnerable to international economy conditions and malaysia are different…but to be frank and ask yourself, how long can domestic spending/investment last or us? do you think our government have that kind of huge money to invest like china putting trillions into it? of course no, else our gov would not announce everytime how much FDI the country have managed to attract to gain people supports and recognition and very often FDI is seem to be a measurement on how or well our economy outlook is. mainstream newspaper always tend to reveal good news to the people and say our economy is growing 5% this and that and look at neighbouring countries like singapore they expect only about 1 or 2% or even considered no growth and we are doing fine…this is a lot more similar like what we have seen in 90s as well…i think in penang now buying for own stay is still very good but investment wise i don’t so…because supply is really more than the demand now and with economy outlook so gloomy, the risk is higher….things are different if you are very cash loaded and wish to invest in fixed asset to fight inflation and currency depreciation, and have that kind of holding power to withstand any bad economy conditions…just my personal opinions..
Latest news is Maybank have been confirmed as one of their panel bank. These has shown that the developer has successfully gain better reputation and their financial is stronger than before. Maybank should know about their actual financial background better than anyone of us here.
@Alvin
Actually, there is still a piece of big land between Sunshine and BJC, which will be developed by Hunza. Also, Bayan Mutiara by Ivory, and another project by Ideal near Sg Tiram. If Mahsing manage to developed South Bay as another city, there are still lands surrounding that area. But those future development will sell at much higher price.
I think foreign workers will still in that area, just, this piece of land will be affected less.
@ezalor
I think got low cost flat also better because the down there will be a lot of cheap economy rice shop like Bukit Bendera Relau can settle my dinner. haha….
@love
Yes, we aware of the current economy in US/ Europe. I think a lot of buyers are working in the FIZ manufacturing field also. But an apartment in Penang, price below 100K before 1997, still selling ~300K today as it has went through 1997 and 2008.
So, let’s say there will be another worldwide economy downturn in 2013, how will this impact the buyers of OI? Could be that Ideal abandon this project (I doubt it as they are making a lot of money now), but this will affected both owner (for stay) and investor.
If you are referring to the holding power after the project completed, OI still have the buffer of ~3 years for the economy to be out of the bottom, as it will only be completed in 2016/17.
If the economy downturn happen in 2014 or 2015, this will cut down the buffer of years OI has. But this also means that the property price will still picking up in 2013/14, probably reach 500psf. So, OI will have ~RM100psf buffer for the property price drop.
I am not trying to say good things about OI, but just want to analysis the risk and manage it if possible.
@Bryan
U meant bayan baru? Haha, If locate near sunshine there, the price should be more higher. I prefer somewhere in sungai ara & relau (not so deep inside like SR & ZP) that’s my choice and of course reasonable price that can be accepted.
Garden Ville is another one of my choice but it’s consisted of commercial shop, not my favourite for own stay.
hahahaha…agree agree. I settle my dinner there daily.
Do u heard that new Relau market is opening soon? It’s located near blok88. (the back of terrace house)
@Alvin
Yes I heard that and it’s true. Congratulate to Relau resident going to have well establish market soon. haha….
@love
worst case may be like N-Park lah, price can be underwater for couple of years but still catching up the overall market after 15 years… as long as M’sia is not heading toward bankruptcy like Greece, it is still OK… of course you can choose to wait for the price downturn also..
@Bryan
i think when it comes to economy downturn, badly hit will be those buyers and some investors who have less holding power…and it could turn out to be crisis like 2008 whereby
owners not able to pay back the banks and the banks might incur lost due to significant markets value drops. normally property prices will reflect its true market value when economy condition is on lowest end and sometimes they could drop lower than market value too if situation get worst…of course like what you said developer might not get the hit so badly but this is going to be cautious years for all of us especially 2013,2014 and 2015…
@heehee
i am planning to go back to malaysia to work, i hope my beloved country would not go the same way like greece, portugal, spain and italy (42% debt against GDP, kind of worrying me)…tell you what, singapore now have a lot of ang moh finding jobs and work here…they come from europe and US and they are not expatriates, they are just like most of the people in this region, find jobs ourself in sg and work here….this can tell you how bad the economy it is now in other regions…my senior colleagues told me, they never see so many ang mohs during the last 10 years working in sg…if have also a few expatriates that have assignment for one or two years…now different, they buy their own tickets and apply jobs through jobstreet and jobsdb…
see the latest new malaysia budget, fundamentally not going to improve anything…except give rm200 vouchers people buy smartphone…
@love
Owners can’t pay back the loans do not exist because this project only be completed 2016/17. Those impacted the most should those buying from subsales market and the economy downturn happen in the same year. Just my 2 cents.
There will be chain reaction when downturn, buyer for those under construction will be impact too. All of us also facing the retrenctment risk, most crucial is those having Card debt. I still can’t imagine, those buyer having card debt and still able to commit to asset installament. But who care, I will bottom fishing like what I had done in the past and this time aiming for 3 asset. Who will be the unlucky guys/family.
@love
Can share why you specifically cautious in 2013, 2014 and 2015? Live in fear for 3 years is unbearable. Which year will be the bottom so that @David can plan for the onslaught?
@Pg13
cautious approach do not mean you sit there do nothing…why 2013,2014 and 2015? because i am not expert enough to know which year most of the countries will have recessions or minus growths…i am just saying the situation i am seeing now, so for those middle working class better be more competitive which can save your own job when crisis happens..
@david
agreed..
i think i have spread enough all the bad things and pessimistic views la…overall, for own stay buyers make sure analyze everything before putting signatures on the dotted line…monthly installment about 2k i think for most of the cheapest newly lauched condo in island…quite high already…
@love
oh, I told the same thing sometimes ago, and people said me bad mouthing… hee hee..
There used to be a gang of hard core supporters on further price hike, now also diam diam already..hee hee hee..
Hee hee hee… normally empty bucket make the loudest noise. Ah Jib Gor must be disappointed you big time la, forgot to hike the RPGT to 30%. hee hee..
Yes, empty bucket made the loudest noise without doing any analysis.. Ah Lian in the pasar always talk louder than an financial analyst, although both also work in the “market”…hee hee hee, Now see who is right??? shark is awaiting….
@Ah beng
U can remind him to increase RPGT later.hee…hee…
@heehee
Ya, shark is waiting……hee…..hee…..
@heehee
You mean your market crash prediction? That’s the loudest noise I have ever heard. Louder than the fish seller in batu lancang market. Hee hee…
@Ah Lian
ROTFL 😉
@Ah Lian
i like your confidence, at least you are more optimistic lar…just hope that you are not blind…
@love
I also wish you can live happily ever after. No need to be so pessimistic la.. hee hee hee…
@Ah Lian
no problem, i bought a house just few months back in mainland…so at least got place to stay lar, maybe i am too pessimistic….phoenix tv channel last saturday got one program just show now portugal a lot of young people pack and go africa country mozambique to work…LOL, doesnt help me much…company now all people no mood…jia lat
(music) la la la la la… you said i am pessimistic, I said you’re in deny mode… la la la la la…(music)
See… empty bucket now sing out loud pula…. hahahaha. Quite entertaining though. hee hee..
I would like to share a statement from one of the favorite men, well known in the world
“This is why I invest in my business, real estate, debt, oil, gold, and silver. These are investments that should do well when money is falling from helicopters.”
I rather trust this.
@WTH
who says this and what it means by money falling from helicopters?
@love
The money value fall while gov printing more money to pay debt during economic crisis. You can buy this book of “Conspiracy of the Rich” 2009, Edited of poor and rich dad editor
@WTH
Obviously you didn’t learn from Robert Kiyosaki’s books. He is famous to teach people to generate “positive cash flow”. If the properties do not generate positive cash flow, then it is only liability. And everyone know Penang rental return so bad that cannot even cover the loan installment. The properties that you stay in also a liability as well (because not generate income for you). Rich people never like to have loan because the compounded interest is the conspiracy of the rich/bank. Warren Buffett lives in a small old apartment even himself is among the richest man in the world! Google for “Warren Buffett” if you don’t know.. hee hee hee.
@heehee
Message here is tell how to minimize your losses while the money value drop. Let keep your money in bank and see. This is nothing related to generate the passive income. Passive income is separated discussion in this statement.
This is why no point to spent your times to talk with this guy. Not even get a correct message and thought he is an experts. Shot him many times already still acting childish, no medicine for him anymore. pity…..
May i know what is the sales look like for this development?
Do i still have a chance to visit and get an unit?
I laugh at myself when I see how ignorant of the facts I used to be. Time changes people…
Share price does not necessarily mirror their true value and likewise real estate. London and Hong Kong for example in real estate and apple and facebook in share prices.
No one can predict when exactly the property cycles starts and ends but we all know that the world population is increasing while natural resources are decreasing, therefore we can also say that everything else like food will increase in the long term.
@Vinspong
Sales are doing very well. Units are selling very fast. Only a few units left in Block A. Block B will be released in a few weeks time.
@WTH
if buy properties to fight inflation and currency devaluation like what i have stated previously, yes it is one of the good way but you have to have loads of cash to tahan every bad economy conditions…what hee hee said is true also, it can’t be so wrong that we must laugh at him…
@Alan
do you think properties now reflecting its true values? I do not think so, when you say long term how long? 5years,10years or 15 years? buy for own stay of course do not have to care how many years but investment wise you must be very cash loaded to do so or see the money earned…
@Alan
while you said world population is increasing, it does not apply in penang…now we are seeing serious oversupply of units…look around you there are so many empty units and lets imagine when all other projects started to build finish….
@love
Yes I agree with you that in the short term, there will be an oversupply of units in the south of the island. In the north, there is no oversupply. More and more foreigners are moving into Penang, especially in the north. In time, this will be equal to the percentage in Singapore and Hong Kong. You also have to consider that by the time this condo is built, it will be 2016. Either way, holding it for 5 years till 2021 is a win win situation as prices is unlikely to go down unless the banks run out of money. Long term in investment terms means 5+ years. But I for one will not invest in One Imperial due to three factors – Location, Developer, and Density. However I will be on the lookout for other projects as I constantly do.
I did not mean that I am laughing at Hee Hee, I mean that I am laughing at myself because I used to be so much like him in believing prices are unsustainable at such scary heights.
Are you regret on buying your house too soon? Pessimist don’t spend on big ticket item such as house during this “difficult time”. Why suddenly become so pessimistic? Price of your new house drops a lot within these few months?
@love
There is one time, this hehehe added a document and insisted said that the property price will drop next yr, bra bra bra… After read through, the document said the price is still growing at slower phase. This guy just like to trim the story here and there. How reliable of his comments. No ppls laughing on him but he is the one made ppls laughing. He want to influence everyone he is right. “Hope he is right”. Ppls not reply to his message not because he was right but just do not want to waste their times to reply his invaluable message.
Wow, Tower A already selling at 420psf, and been told Tower B will be selling at 450psf. Lucky i bought earlier if not have to pay extra. Looks it Penang property appreaciate faster than other states. Later down the road, those new generation are much difficult to own a house in Penang unless is from the rich family.
@Alan
If said location & density, can u suggest which new project is better than one imperial with good price (meant RM400 psf n below).
Can u share that as we r still able to cancel our booking at 1i if got better choice.
@Alvin
Hardly to get below 400psf, as mostly of the developer increase the pricing.(recently cement price and other raw mat also goes up) hmmmm maybe only can find it at teluk kumbar or balik pulau.
There is a always a group of people singing negative song about Penang property, keep saying oversupply, price to high too ridiculous, market going to crash….blah blah blah, every year every month repeating the same tone. I read back those comments in “penang property talk” and “penang apartment” website, 3 years ago, they said something like “what! RM300/sqft? crazy, only stupid person will buy”, and today they will still say same worlds, only the figure changed from RM300 to RM400 or RM500. If you listen to these guys, then you only can pray hard market going to crash then only you can buy house. If not crash, how? forever rent a house/room lor. My advise: if you need house for own stay, go get one within your affordable price. If you target for investment, then only need to think twice.
Just a reference for all:
1991~2010, Penang population grow ~450K. Means every month ~2K. Let’s say 4 hc per home, so, the monthly demand for own stay will be 500 units.
Price definately increase year by year, just like other countries. We have to move forward and take action so that we didn’t buy at higher price as everything (e.g. Raw Material, Food, etc) price increase, just recall 10~15 years back how much is a meal cost and compare to now, and it also in-directly reflect the cost of house.
In order to give ur next generation a better living, as a parent what we can do is at lease secure them a house,coz by the time 20 years later, housing price will be much more expensive.
If talk about investment, too me as long u have the holding power, u are the winner. without holding power is not investment is just a gambling.
I understand, now a days is hard to own a presentable house is penang. The range is around RM400k~500k and the repayment is around RM2000++ which is a burden to individual, but if for a family with join income RM7000~8000 is advised to consider to buy now instead of few year later coz u maybe end up with repayment RM3000++ with the same house by 5~10 years later. just my 2 cents.