1-World


1-World, a component of The One project located at Bayan Lepas comprise of modern design executive suites. There are three types of designed; Shanghai Bungalow Suites, Cambridge Semi-Detached Suites and Boston Linked Suites. The built-up area ranging from 1,160 to 1,560 sq.ft.

Property Project : 1-World
Location : Bayan Lepas, Penang (Property for sale & rent in Bayan Lepas)
Property Type : Apartment (Apartment for sale & rent)
Tenure : Leasehold
Built-up Area : 1,160 - 1,560 sq.ft.

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March 6, 2009 at 5:51 PM Gary said...

Strategic location, competitive price, low densitiy.
Going to get one for self stay :)

 
March 7, 2009 at 1:36 AM tan said...

do any1 have details about this project?

 
March 7, 2009 at 3:49 AM SK said...

better study carefully for the past project of this developer

 
March 7, 2009 at 10:11 AM sam said...

but i heard that the eletricity and water bill will be 25% more than normal as it is commercial land.

 
March 7, 2009 at 11:25 AM Gary said...

Utilities bill for commercial property are higher than that of residential property.

Electricity tariff for domestic
21.8 sen/kwh for first 200kwh
33.4 sen/kwh for next 200kwh

Electricity tariff for commercial
37.0 sen/kwh for all kwh

Correct me if I am wrong..
If that is the case, isn't it not worth to buy one for own stay? As you are paying 70% more (for the first 200kwh) for electricity..

BTW, the maintenance fee is RM130.

 
March 8, 2009 at 8:41 PM Su said...

Anybody know what is the total units for this project?

 
March 8, 2009 at 9:19 PM Gary said...

232 units and ~310 car parks.
Ground floor has 22 units of shops.
1st to 6th floor are car parks.

Developer: Ideal Homes Properties Sdn Bhd

 
March 9, 2009 at 5:01 AM SK said...

We better wait for everythings is properly built then only consider for this project to ensure the quality.

 
March 9, 2009 at 8:46 PM KK said...

only 310 car parks for 232 units??? which is less than 2 car parks per unit.

moreover, there are 22 units of shops.

don't you think the car parks are really a problem when completed?

 
March 10, 2009 at 12:46 AM KC said...

Please beware that it is leasehold.

 
March 13, 2009 at 10:25 AM VG said...

this is service apartment, cannot stay for long term

 
March 13, 2009 at 11:35 AM Sharon said...

purchased the 1260sqft unit. nice layout. additional car park 18k

 
March 13, 2009 at 2:07 PM tan said...

Why service apartment can't stay for long? can you explain? thanks

 
March 13, 2009 at 11:42 PM Gary said...

Anyone knows how much higher will be the quit rent and assessment charge as compared to residential's?
Treat this as commercial property as it is under commercial title.

 
March 14, 2009 at 3:24 PM tan said...

The residential assessment charge is 7%, for commercial is 10%, so it is extra 3%. But the maintenance fee only RM130 for all types, so it is acceptable. If compare with D'Piazza, the maintenance fee is RM160 for 1100sqft, RM190 for 1300sqft.

 
March 14, 2009 at 3:49 PM Edwin Tan said...

1-World only sell from 239,000!

 
March 14, 2009 at 5:43 PM Gary said...

Buyers must be EXTRA CAUTIOUS in reading S&P agreement before signing it as it is not being governed by Housing Development ACT. Which means, developer can put down anything they want in the S&P agreement.

 
March 16, 2009 at 6:42 PM viviankim84 said...

the ideal staff told me the maintenance RM 145..actually how much the maintenance fee?

 
March 16, 2009 at 8:26 PM shying said...

RM145 including the sinking fees right?

 
March 16, 2009 at 8:54 PM Tammie said...

Commercial land will be quite expensive on Cukai Taksiran, as my brother has been charged in KL for RM1600 per year for his condo which built in commercial land. Please check with developer on this too.

 
March 16, 2009 at 10:47 PM EK said...

Anyone can tell +Ve & -Ve on commersial land?

 
March 17, 2009 at 1:05 PM k said...

I heard that the loan is different for commercial title. Anyone can comment?

 
March 17, 2009 at 1:30 PM gwsc said...

for commercial property, the interest rate is normally higher and very often up to 20 years only.

 
March 17, 2009 at 1:50 PM Jry said...

For this property, the interest rate is just like any other housing properties. My friends has booked some units.

 
March 17, 2009 at 3:18 PM nic said...

rate shud follow commercial rate, is same as u buy shop lot because it is commericial lot. pintu cukai, cukai tanah, water & electrical bill also commertial rate. not worth for buying as residential stay.

 
March 17, 2009 at 4:02 PM k said...

How about the rate for telekom / streamyx? Any other things to consider for this commercial title?

 
March 17, 2009 at 4:54 PM nic said...

another thing is commercial lot unit is not protected by the gov residential law. be cautious buying this kind of property.

 
March 17, 2009 at 5:45 PM k said...

Nic, can you give some example that the gov residential law helps? I am totally new in property but thinking to get one unit for own stay. Thanks a lot.

 
March 17, 2009 at 9:43 PM nic said...

Example of story:

Taken in by the pricing of an apartment unit and its location, Yap signed the papers and began servicing a housing loan with the interest rate at a high 13%. That was seven years ago and till today, Yap and 400 other Purchasers are still stuck with an incomplete project. "We were so close," he tells Property Plus.

His unit in the first block was already 95% complete when the developer went into liquidation. Asking him about recourse gets Yap upset as he says he has none. This is because the property has a commercial title.

"I was taken by the serviced apartment idea and now realise that this does not fall under the Housing Developers Act," says Yap.

But the project has been rescued by another company and they are asking purchasers to fork out an additional 15% of the purchase price to complete the project.

"I have no choice but to pay up, on top of servicing my bank loan of around RM1,000 a month," says Yap, adding that he never thought this would happen as the previous developer was working on another large project in the same vicinity. That project was also abandoned.

So, what can go wrong? A lot. But that should actually not deter prospective purchasers from buying a home. In Lee?s case, there is always the option of selling the property, perhaps at a loss, rather than living with a poor investment choice.

 
March 17, 2009 at 11:26 PM EK said...

RM214++psf. Commercial property. Do you think is worth to buy as own stay??

 
March 18, 2009 at 12:01 AM k said...

Thanks nic.
I am wondering if there is no other Act to protect commercial property buyer?

 
March 18, 2009 at 9:56 AM Kelvin said...

I am actually looking forward to book the apartment today , but after reading this blog, i may need to seriously consider again .

 
March 18, 2009 at 11:07 AM tan said...

Nic,
The interest rate offered by the Bankers is BLR - 2%, and the IDEAL group will pay the interest for us until the OC obatained. So, the package is good than other property housing loan.

I have booked one of unit of project. If you are not interested or not the owner for this project, pls dont give your negative comments....k... anyway, thanks for your advice.

 
March 18, 2009 at 1:17 PM nic said...

i am not giving -ve comment, i m just giving the truth on commercial property since there is ppl asking. higher utility, cukai pintu n tanah n residential law, this is the common point that 1 ppl must consider b4 buying commertial property, y u so scared on the truth n dun let ppl know b4 buying. really selfish thinking.

 
March 18, 2009 at 1:23 PM nic said...

commercial rate for loan can be -2% now, so it is no surprise to get this rate. another thing, pls ask the developer when is the snp getting stamp, they use to delay in stamping snp, i-regency is a good example, delay by almost 1 year.

 
March 18, 2009 at 2:05 PM tan said...

haha, nic, u are really funny and confuse guy..how come I need to scare let ppl know b4 buying, how come I have selfish thinking. The message u start posted out already encourage not worth for buying as residential stay [quote from ur message March 17,2009 3:18PM] ,now u said that u not giving -ve comment, haha.... U are confuse with ur own mind...

We have to analysis out the +ve and -ve, not kept saying not worth to buy. It is not help at all. Because it is commercial land, so this apartment price is more cheaper...

 
March 18, 2009 at 2:35 PM nic said...

if u r not selfish, then y u stop ppl from telling the truth ler, not worth for residential stay doesn't mean not worth for investment, investment is another story.

another point is, first time i heard ppl saying commertial lot is cheaper. if the proeprty good enuff, commercial proeprty price shud be higher, go check out the service apartment at KL. this proeprty is selling cheap on the commetial land, please think twice why develoepr sell it cheap. haha.

do ur home work b4 taking on property.

 
March 18, 2009 at 3:26 PM tan said...

Can you find an apartment in penang with at least 1160sqft start from 240k? When developer selling cheaper, then u suspect it having problem. When developer selling higher, then u sure comment other -ve reason....bla bla bla.....

Pls bear in mind this is penang, not KL as u always mentioned. Do your homework in penang property first before voice out any "valueble" points, little kid...

 
March 18, 2009 at 3:43 PM nic said...

haha, i bet u didn;t check on the developer b4 buying, good luck to u then.

read ur snp whether it is really 1160sqft or smaller? haha.

 
March 18, 2009 at 3:56 PM Sdr said...

I just want to clarify something on this project:-
Total it have 26 floors
Ground floor is shop lots
1st-5th floor is car parks (~420)
6th floor is recreational area
7th-26 floor is design for resident(280)

Since this project launch from last Thu until today, it's 50% sold, seems the response not bad.

 
March 18, 2009 at 4:22 PM Hoo said...

Just now I called Ideal developer, it is really 1160, 1260, 1310, 1330, 1560 sqft.
Nic, do you really or ever go to Ideal developer office to check this project? If yes, pls let me know who is the sales administrator you talked to, then I will ask her/his. If not, pls stop your childish behavior.

I'm still consider on this project, but I do not hope anyone not interested but still provide wrong info and influence others...too bad!!!

 
March 18, 2009 at 4:32 PM Sdr said...

Hi Hoo,

Some personal comment to you, I did take a look on the plan design for the 1160,1260,1310,1330,1560 sqft. I'm still remember 1260(is 1259) but 1310(is 1312)if I'm not mistaken :-), that's only a little bit different of the sqft. I believe the developer only want to standardized and ease up us to pick the unit, not much different and I don't think they are trying to tease us in this way. You may get the sales admin to share with you that plan design to further confirm on the unit you are in consideration. Hope this helps!

 
March 18, 2009 at 4:46 PM nic said...

good luck,hope the developer really correct their past behaviour starting from this project onwards. No delaying and do something weird on snp. keep ur finger cross. Haha.

ya, prepare to face with those in house contractor after completed built ya. good luck in dealing with them.

 
March 18, 2009 at 5:00 PM clv said...

it's a typical case to face with in house contractor after completed built. same history happened on regency height, sunshine garden, and lot more...no surprise to me if this happen on this project.

 
March 18, 2009 at 5:07 PM Sdr said...

clv, let me second you...1-world, 1-dream, 1 step ahead... and 1-inhouse contractor...hahaha...

 
March 18, 2009 at 5:09 PM Hoo said...

Yes, the in house contractor is suck.
I am still figure out how we can avoid to use in house contractor? Find DAP? haha.

Anyone how to avoid them?

 
March 18, 2009 at 5:10 PM nic said...

seem u r ready to face with it, good!
ya, sori to tell u that it is not project base, it is developer base, the ideal boss allow them to cari makan there, haha.

 
March 18, 2009 at 5:13 PM nic said...

oops, more n more -ve point pop up.

 
March 18, 2009 at 5:17 PM clv said...

As far as i know, delay your renovation is one of the way to skip facing with those in-house contractor..anyone can help comment more on this?

 
March 19, 2009 at 8:43 AM k said...

Anyone know when to sign the S&P and when they start the work?

 
March 19, 2009 at 3:48 PM helen said...

anyone who can give comments on 1-world? should i buy to stay and not for investment?

 
March 19, 2009 at 9:06 PM RuEe said...

Alright, here are the
-ve
1. Leasehold
2. Commercial land mean assessment charge is 10% (normal apartment is 7%)
3. Electricity and Water supply more expensive.
4. Developer – Ideal Home – Not sure is good or not?
5. Facilities not enough – No swimming pool, sauna, basket ball court

+ve
1. Strategic and nice location (Good for Bayan Lepas workers)
2. Cheaper than others
3. Loan and loan interest only start after OC obtained.
4. Early bird booking before 26th March, get RM5000 discount.
5. Nice layout and apartment size is acceptable
6. Maintenance Fee not expensive RM130, sinking fund – RM13
7. Good package - Free S&P and Loan agreement (can save a lot $$$)
8. 14 units per floor – 4 lifts per floor
9. Should be no problem to rent out if for investment.

Not a bad idea if for stay. The areas have market, bank, school, hypermarket…
You can make your own compare based on –ve and +ve above, then decide.

p/s: I had book one unit for own stay.

 
March 19, 2009 at 9:48 PM nic said...

add on -ve point:
6. 1 carpark, need to top up 18k for 2nd carpark.
7. in house renovation contractor from developer
8. condo success depend on the shop lot at the ground floor. if less shop occupied, the price of condo will drop.


no swimming pool and facilities, rm130 still cheap? oh my god.

location good? i think we can take d-piazza mall as reference, check out how many shop open there in future months. bayan mutiara location is better.

14 units per floor, that is a lot.

as for rental, there will be a big competitive from d-piazza condo, 7++ units from d-piazza and 2++ units from 1 world

 
March 19, 2009 at 10:08 PM nic said...

let say u use 200kwh,

residential:
0.218 x 200 = rm43.6

commertial lot:
0.37 x 200 = rm74

normal household with aircon, washing machine, heater, tv, fridge, normally will use > 200kwh, the total of electric fee is a lot for commertial lot, not yet calculate for water bill, assessment fee, cukai tanah.

 
March 20, 2009 at 9:53 AM RuEe said...

1. if compare with mutiara pica, the extra car park for mutiara pica cost 20k.
2. regarding in house renovation contractor, most of the apartment and condo also have this kind of contractor except u buy landed property. You better suggest a good solution instead of kept repeating the same point.
3. I only stated facilities not enough, doesn't mean not have facilities. It still have gym, tai chi area, meeting room, tea house, landscape garden....
4. rm130 not cheap!! then how about D'Piazza? D'Piazza 1100sqft maintenance fee is rm165, 1300sqft is rm195.
5. Oh... good.. Mutiara Pica in Bayan Mutiara cost 370k onwards...you still suggest this condo?
6. D'Piazza 1100sqft 20 units per floor. Then, I believe you need thanks a lot x thanks a lot!!!!

Nic, which project you hard sell now? Do you mind let us know you are sale guy from which company/project? Mutiara Pica or D'Piazza?

 
March 20, 2009 at 11:07 AM house said...

1 world I personally dun like this place. I found that its gonna be very packed and due to the business env, u will have all sorts of ppl loitering around your apartment..

 
March 20, 2009 at 11:22 AM nic said...

haha, there is property in penang that dun hv in house contractor, pls find out b4 u speak so loud.
if i am sales, i will promote, pica, ummer place, n d-piazza, but not 1-world. simple facilities like swimming pool, tennis court, basketball court also dun hv, rm130 is not worth, somemore it is leasehold. pica n d-piazza is freehold with full facilities, and it is on residential lot. summer place although is leaehold, but with full facilities and good quality from ijm. oh ya, ijm property will not hv in house contractor.

1-world, really no point to promote it. haha

 
March 20, 2009 at 12:36 PM helen said...

so, there is a lots of tve and -ve comments on 1-world! but i still dun know hw to decided if to buy it or not!actually im gonna to have my first house which is around 270K and 1000sqf-1300sqf, any others suggestion and comments?? Thanks guys!

 
March 20, 2009 at 12:47 PM helen said...

as i know, ijm property do hav their own in-house contractor, for eg. Penang court!

 
March 20, 2009 at 2:29 PM nic said...

but there is no in house contractor for condo, for eg. alpine & bayswater. :)

 
March 20, 2009 at 2:40 PM helen said...

ok, thanks for your information!

 
March 20, 2009 at 3:14 PM Sdr said...

I heard that the model of the layout and home design will be available in Ideal Homes today, anyone interested can visit to the developer's office....

 
March 20, 2009 at 4:00 PM merican60 said...

Hi,

Went to see it just now. Quite interesting. I like the 1550 sqft, got pavillion.

 
March 20, 2009 at 4:07 PM helen said...

then how is the respone of 1-world? sold out already?

 
March 20, 2009 at 4:48 PM Mei Ling said...

I went to the sales office and enquiry a lot of info abt the 1-world project.

I'm interested with 1550 sft unit.

My only big concern now is the commercial title. This term is new to me. Could someone advise on the pro/con of commercial title vs residential title? What are the items that are protected by residential laws but not in commercial laws?

I'm not a rich ppl and those are hard earn money. I just try to make sure this is a right project to invest.

Thanks all!

 
March 20, 2009 at 5:09 PM keng su said...

Not a bad choice if you don't mind it don't have full condo facilities. RM130 is fairly reasonable. Its location is attractive too.

 
March 20, 2009 at 5:36 PM RuEe said...

Let think from this way, if your apartment is more cheaper than other 20k ++ and maintenance fee reasonable. Then, you may use this money to cover the electricity, assesment fees... should be fair, right?

 
March 20, 2009 at 6:31 PM EK said...

Just now went to Ideal office, the scale model very attractive.

 
March 20, 2009 at 8:29 PM Tan said...

Hi,.. i have a question relating to the commercial lot in which since it has been charged with the tax with commercial rate and the bill as well,.. is it this means that the apartment can be used as office or commercial purpose as well? ... However i just booked a unit as well due to it strategic location and nice layout.....

 
March 20, 2009 at 10:49 PM nic said...

Properties on residential land is governed and regulated under HDA. One important thing of this is the S&P is regulated. U can download the standard copy in HBA.org.my
Residential properties on commercial land (sometimes called serviced apartments) isn't governed by HDA (yet). As such the S&P contents is totally up to the developer, so make sure u check it very carefully. Also commercial land comes with higher utility and assessment charge (commercial rates), doesn't matter even if it is for residential purposes.

HDA stands for Housing Development (Control & Licensing) Act 1996. HDA regulate among other stuff, the completion date of apartments/condominium to be not more than 3 years from date of S&P.

 
March 20, 2009 at 10:58 PM Sdr said...

Hi Tan,

From my understanding, yes, you are right. What you bought is home office, it can be either residential or office used. From copy of the typical layout has stated that as "Designed to serve a Double Function", you may check from there. I have did this project survey..hehehe....Ehmmmm....I think this is valuable.....what you think?

 
March 20, 2009 at 10:58 PM nic said...

for commercial title apartments, be careful of the developer as they are not governed by law to handover your keys within 3 years unlike residential high rise whereby its stated the handover must be within 3 yrs.

 
March 20, 2009 at 11:01 PM nic said...

Says a property source: “There is a holding cost when a developer leaves a piece of land empty. He unlocks its value by developing on it. Land that comes with a commercial title has the most value compared with residential, agriculture or industrial land.

He has to pay a premium converting a residential land to a commercial. But when he converts it back to residential land, he does not get a refund from the land office.

“So the next best thing is to carve up the land (you can do that with commercial land) and built offices, complexes, a cinema or apartments. This is where service apartments come in,” he says.

“Being commercial land, utilities could be 20% to 30% higher. So he creates smaller units, to make it within reach of potential buyers. That is why smaller service apartments are easier to move compared with larger ones. A condominium is different; utilities are under residential rates.

“In a condominium project, the issue is density, how many units irrespective of size, on a plot of land. In a service apartment, it is plot ratio, or built-up versus land area,” he says.

More service apartments are being launched of late because generally, it is the smaller players who are launching them. There is a cash flow advantage to build service apartment. They incur less cost because a developer can bill customers on commencement of work, not completion.

There is flexibility of the handover date. It could be 48 months or whatever, versus a condominium project, which must be handed over in 3 years. A service apartment can also be launched without an advertising permit,” he says.

Service apartments need not necessarily mean housekeeping services are being thrown in as part of maintenance service. In some development, there is that option on a monthly or weekly basis. The monthly maintenance and sinking fund is, however, not an option.

The differences between a condominium and a service apartment do not so much lie in what is seen as what is unseen. It is not so much the exterior, the services provided, for example, but goes deeper than that.

Because of the demand and supply situation – there is more demand for living quarters than there is for shop lots and other commercial properties at this point in time – developers opt to build service apartments. Because these projects are (not) governed by the Housing Development (Control and Licensing) Act 1966, they have more flexibility to manoeuvre things around.

A legal source says most home purchasers do not know the difference between a service apartment and condominium. It may be called service suites, service residences or even a condominium.

Says the property source: “A condominium project has an accessory parcel for the air-conditioner ledge and parking bays. A service apartment does not come with this accessory parcel. It is up to the developer whether they want to provide a car park with the unit,” he says.

The legal source says the service apartment versus condominium issue arise because some developers do not explain the differences. In the case of The Plaza Condominium, it is stated in the advertisement that “the schedule of payment of the purchase price differs from that required under the Housing Development (Control and Licensing) Regulations, 1989.”

Says a lawyer: “Developers may say that the property is located on commercial land. Period. They do not elaborate on the implications of that. They eventually accept the situation with a certain amount of resignation because they have already paid the first 10% or some form of booking fee, which is in itself, not legal.”

Buyers either do not ask questions, or they do not know what to ask. Purchasers are also not allowed to scrutinise the Sales and Purchase Agreement before opening their cheque book. In a non-service apartment projects, these documents are pretty standard, says the lawyer. Both the legal and property source suggest that buyers check the following:

·Progress payment collection

This is the first thing developers of service apartments tend to change. Under housing law, homebuyers pay progress payment upon completion of the work. In the case of service apartment, it may be upon commencement.

·Claim on defects

A buyer who takes possession of his property has up to 18 months to get the developer to make right any defects. In a service apartment, this period may be shortened to 12 months.

·Late payment compensation

A developer will charge buyers a 10% compensation for late payments. In a service apartment project, he can charge more.

If a developer takes more than 3 years to hand over possession, he has to pay for late delivery. In a service project, it is up to the developer's discretion.

·Assessment rates - Ask the developer to evaluate and estimate the rates.

 
March 20, 2009 at 11:03 PM nic said...

hope the above sharing help in the desicion making. :)

 
March 21, 2009 at 2:43 AM SK said...

Please be careful of this developer and all their linked company. I dont want to say too many things on it but TRUST ME, consider many many time if you are think to buy a unit from them. Good luck for those was signed the snp!

 
March 22, 2009 at 1:53 AM Darren said...

why taking risk to buy when there's so many -ve comments. should wait and see. there's so many projects in penang, if you smell rat, better watch out.

 
March 22, 2009 at 10:39 AM kevin said...

Generally, there had some +ve & -Ve. However, i find that very difficult to look for good property with reasonable price. Since the selling price is low & the developer can provide 0% interest during construction period. I think i will consider buying.

 
March 22, 2009 at 11:53 AM TM said...

I agreed with SK. I am the one have the experience. How cheap they launched the project also, i will not touch on it.

 
March 22, 2009 at 12:26 PM Tan said...

Ya, u are right Kevin. The interesting point is we no need to pay anything until the project completed and this will make the developer to move fastin order to save up the interest they pay. Buying any properties will have the risk one, the point is after this project successfully completed then the price will be totally different, such as I-Regency or PP, previously before the project started there has a lot of -ve, but after OC passed the price increse 25% still have a lot of ppls asked for........ hehe, this is just my onservastion....

 
March 22, 2009 at 2:40 PM nic said...

too early for u to say that it will be sccessfully completed. another fact is, i-regency not yet obtain OC, and whether able to get or not still a question mark.

 
March 22, 2009 at 5:35 PM Hoo said...

i-Regency is expect to get OC on july or Oct 2009. So, what is your problem? How you know they not able to get OC? Again, please go to the sale office to clarify your doubts before you continue criticize at here based on what you seen in other projects!

 
March 22, 2009 at 5:43 PM Hoo said...

I went to sales office today. The S&P is almost same with residential S&P. The Ideal will provide 18 months warranty for any defect after O.C. obtained.

Another good news is they do not fix we need use in house contractor, so we able hire outside for renovation.

 
March 22, 2009 at 6:27 PM Hoo said...

Another thing is after clarified with the Ideal, the cukai tanah and cukai pintu is more 2.8% if compare with residential rate.

Example, if cukai pintu/tanah in residential land is RM216, then for 1-world is RM300.

 
March 22, 2009 at 10:12 PM Darren said...

nic, i admire ur efforts in alerting some folks over here but for those already placed a booking, nothing much can be done except for defending their positions.

well, for those interested u better do ur homework.

u know ur own positions. whether u r already a purchaser or an interested purchaser or sideliners (like myself).

again, nothing personal just hope folks who are following up this forum make a right decision for themselves.

cheers!!!

 
March 23, 2009 at 12:28 PM CL said...

TQ Nic for posting so many comments. I would definitely be thinking like you if I AM A FIRST TIME BUYERS. I recommend that you should first shoot these questions to the developer before posting your comments. We are here to help others to make decision on buying their dream home or embarking into a good investment. I am sure the developer would be more than happy to give us all the answer. This would greatly help all and also to spend our time on more quality matters. I have just booked 1 unit as i see that in Bayan Baru, it would not be easy to find another property of this kind due to scarcity of land. I do agree that commercial title add up the cost but taking into consideration the short time of community daily to do my chaos, it is worth paying the slightly expensive TNB bill. I can see that i only need to walk to the wet mkt, shops and etc in future. Good for retirement, really...

 
March 23, 2009 at 1:55 PM CL said...

Tq Nic. I just booked a unit and check with the developer all your written concerns.
1. Loan is 90%, residential rate. Usually commercial is 80% margin only.
2. Completion period is 36 mths from date of SPA
3. Can sign SPA immediately, however they advised that to get our loan application approved first b4 signing to avoid forfeiture. How sweet of them, customer care company ya?
4. Penalty clause - 10% applies for buyer and developer (similar to control HDA Agreement. Whether it is a commercial or control HDA agreement, A contract is A Contract! Any dispute, just refer to the contract. The Developer practise a fair game on this i.e. 10% from either parties on default
5. Carpark - allocated carpark are under common property. Purchase lot comes with accessory parcel.
5. Their progress payment schedule is on COMPLETION la..
6. Claim on defect - similar to clause as per the Control HDA Agreement - absolutely NO FRILLS
7. My view on TNB rates, NIC i supposed you do not light up only 1 bulb in your current dwelling place to enjoy the lowest TNB rates. For a household of such built-up area, i supposed it is common to pay around RM100 per month. I estimate that the bill on commercial rates still justify if i pay some RM135 per month after taking into consideration of the conveniences that i enjoy i.e less daily commuting, ease to just walk downstair and buy my daily needs. That translate into parking fees, fuel, time saving! I booked a unit this morning after checking out your concern NIC. You have help me to enquire thoroughly and make my decision making easier. A good buy is my rating especially D' Locational Advantage factors. Cheers

 
March 23, 2009 at 2:01 PM CL said...

BTW, for avid investor. I would say that this is a much better bet than land banking, unit trust or etc. As upon completion, I foresee that it will definitely appreciate by 10% or so which is almost 100% of our capital investment( capital outlay say 10% and return is 10%. What's more, we are given 18 months payment plan. FD is only 2 to 2.5% and definitely not wise to put investment else where as SSM and Bank Negara are now actively investigating these company from abroad... you judge what's best and what's not.

 
March 23, 2009 at 2:40 PM nic said...

hi, CL, glad to hear that u hv channel all the doubts to the developer. 1 concern here, although they said that can sign snp any time, but it need to be stamp in order to get the 3 years completion counted from the date of stamping.

in their previous project, it is laucnh in 2005, but on ly stamp in 2007, so buyer stil need to wait for another 3 years. hopefully this project no more delay in stamping.

 
March 23, 2009 at 2:51 PM Sdr said...

I went to see the scale model last weekend, it's look attractive and fantastic! Either you are interested to buy or not, also recommended you to take a look.

 
March 23, 2009 at 4:32 PM CL said...

I know the lawyer as they have earlier acted for my other purchases. They confirmed that I can sign anytime if I want and also stamp document. So it is really no frills. Anyway by next year,there would be ppl who sigh why didnt i buy lst year. All those out there, if you think this is not the right time to buy, i really dont know when then... just like share, buy low, sell high and this is already at the lowest. there goes without saying the interest rate too.

 
March 23, 2009 at 4:51 PM clv said...

Hi CL, thanks for your help to verify all concerns that brought out by Nic. Appreciate inputs from Nic too because he has provided very valuable inputs here.
By looking at the trend of development in Penang, I can foresee the strategic location of The One would be definitely become one of the selling point in future. So I also went to book for 1 unit just now. I like the 18 months payment plan and also 0% interest during construction. :)

 
March 23, 2009 at 9:50 PM kevin said...

Thks so much for CL. U give us a lot of pts n verify a lots with the developer. Anyway, i think that so low amount entry is so much attractive. After 3 years, i think very difficult 2 find such property in pg. Right 2 invest now, pg had limited land only.

 
March 23, 2009 at 11:54 PM Tan said...

Ya,...i have few frenz have just booked the unit as well due to its location and layout for investment,so i believed that it able to sold out more than 50% before the official launch of the project,.....

 
March 24, 2009 at 3:55 AM SK said...

It seems like there are the developer in the forum to promote this property!!! Good luck to all the purchaser !!!

 
March 24, 2009 at 4:03 AM SK said...

Find out more info about the developer and their past history project from those who had purchased a property from them before. I think they will tell you a good story.

Dont be too happy to what you see now but care about what you will get after!!!

 
March 24, 2009 at 11:46 PM JS said...

hi sk, agreed with you. the track records for this developer will tell everything. their drawings are always contradicting with their actual product.

 
March 25, 2009 at 11:35 AM lynda said...

can anyone tell me where is B-Suites (new project) located n developer

 
March 25, 2009 at 12:14 PM myidishere said...

I believe what SK said on March 24 was true. Dear purchasers to be, please be careful when deciding to buy this property.

1. Please dig out all the histories of the developer. As an example, please check what the developer claimed to provide for THE CEO project (beside Vistana Hotel) and what they are providing now.
2. Project delivery date. None of their projects completed on time!
3. Built-up area. Please be careful for useable area and net-area. Please check properly on the built-up area that will be recorded in your final title because most of the developers tend to cheat on this. Net area might be 950 sf but the usable area might be added up to 1300 sf!
4. Maintenance Fee. That is almost impossible for the amount of RM130 per month to sustain in the near future. 232 units x RM130 = RM30,160. Can this amount sustain TNB bill, lift maintenance service contract, security guard, club house facilities? That might be marketing gimmicks only.
5. Utilities bill. Why should we paying for extras for residential? Example, streamyx for residential RM 88, commercial RM148! IWK: residential RM 5, commercial RM 20! Choices are there. We can always find other projects around that area, right?

 
March 25, 2009 at 12:48 PM lynda said...

anyone hv the info for this new project (B-suites) ..... as i knw the B-suites is near to vistana n the C.E.O project .... right ???

 
March 25, 2009 at 1:16 PM nic said...

yes, cannot imagine how is the maintenance for the property with rm 130 x 232 =30k, it will be a nightmare if there is no tight security especially it is a commercial lot, with lot of ppl loitering around.

 
March 25, 2009 at 3:18 PM myidishere said...

come on lynda dear.. you must have been not going to Bayan Baru area for years! Go to the big roundabout in front of i-Avenue, turn your head around and you will sure find B Suites! It's a service apartment behind i-Avenue.

 
March 25, 2009 at 3:50 PM CL said...

I bought 1 unit I-Avenue years back and today am still enjoying a 9% yield yearly. So I am confortable with 1-World purchase as Bayan Baru has population growth, development growth, good infrastructure and other ++ such as amenities. Oh not forgetting the 2nd link is now underway. Please check out Batu Maung development lately, the landscape is changing fast. PDC & Koperasi owned most of the land and they develope them very slowly and unlikely to offer prices like Dpizza or 1-World. Today Dpizza condo buyer is asking 100k above their original buying price. So Summer Place or 1-World = what i am going to profit out of it at the end of the day. My bet is still on 1-World. Those tel, streamyx line, if subcribed under individual name would only be charged residential rate. Pls check it out. In this modern day, i use Power Mobile and soon PI Wimax when they are in Bayan Baru. Cheers

 
March 25, 2009 at 4:16 PM merican60 said...

CL....totally agree with you...all the facilities is just nearby....

 
March 25, 2009 at 10:00 PM Hoo said...

myidishere... previously I also have the same concern the points you mentioned out, but finally I did asked the developer.

The developer will not follow I-Regency case, which mean the S&P will state the exactly sqft that purchased, no more extension case happen.

Maintenance fee, I think it able sustain since only 1 block. The security mainly hire in lobby, the rest using CCTV and card access.

For streamyx, we definitely using the residential, dun worry. We still have penangfond, wifi, broadband.

 
March 26, 2009 at 10:35 PM Darren said...

About I-Avenue, it's quite a nice location. Agree if you have good rental yields. However the finishing is terrible. The walls are not even at all. I have been to one of the units. So i have doubt on the quality....furthermore when inside, can hear the conversation next door. This shows how "thick" is the wall and how dense it is. Try knocking....its hollow. So I back off when the owner asked whether I am interested to purchase.

Just sharing my point as its very obvious we have their people in this thread. Be wise.....

 
March 27, 2009 at 10:52 AM P said...

Any show unit in developer office?

 
March 27, 2009 at 10:42 PM Hoo said...

Darren, I don't think have developer people in this forum because some of posts here are the 1-World purchasers that I knew. If you still suspect, we can call out to meet but you must be the our future neighbour first.

To P, no show unit in developer office, only has Scale model.

 
March 28, 2009 at 4:10 AM xiong said...

My concerns mostly for this project are commercial title and the quality.

 
March 28, 2009 at 7:29 AM science said...

Anybody knows in front of 1-Square, which is currently the Motorola Car Park, What will be developed there in the future? Is that part of The One project also? Cause I saw their wedsite circle that area together while indicating "The One" project location.

 
March 29, 2009 at 9:48 PM Hoo said...

Who else already get approve for the bank loan?

 
March 29, 2009 at 10:38 PM TeeWee said...

Hi Guys

I have a question here , in the unit's layout , there is an area call "yard". Izzit a room ? It occupied quite a big area . Eg : 204 sqft out of 1370 sqft

 
March 29, 2009 at 11:00 PM KK88 said...

TeeWee,

I remember the sales lady said that the yard have only wall up to 4 feet. So if you want to make a room out of it, you need to build wall yourselves. Else, its just open space...for gardening... LOL

Anyway, I personally think Type E is the best since its biggest and maintenance still at RM130.

 
March 29, 2009 at 11:30 PM TeeWee said...

Type E fully booked D...

The package looks like quite attractive.

I am thinking to buy an apartment for own stay ... but this one is under commercial title .... and quite a number of ppl complaint about the build quality of the past project by this developer. Dont know it is a good option for own stay or not.

I ask the sales Lady today, she say will have show unit ready on May ...

Maybe wait until that ?

 
March 29, 2009 at 11:48 PM KK88 said...

TeeWee

You should book today to get those packages. I don't know if they will give such packages later. But surely the carpark will be at higher floor. Now the carpark is still at 2nd floor. Also, its a must to get extra car park. Factor that in.

And if you decided not to buy, you can claim back your RM1000.

 
March 30, 2009 at 9:17 AM Sdr said...

TeeWee, do you know where the show unit will be available for viewing? I'm interested to take a look. Anyway, my bf have booked 1 unit:-) Personally, I feel it's quite good for own stay because it has a strategic location.

 
March 30, 2009 at 9:35 AM KK88 said...

To Type E buyer,

Do you guys realise that the layout is not square? According to Feng Shui, this is a very bad layout. Any comment?

 
March 30, 2009 at 8:39 PM TeeWee said...

Hi SDR
The show unit will be at the construction site ...
But I think is better for you to call them to verify that ... the date and location ..

 
March 31, 2009 at 10:39 AM LH said...

the show unit will be available sometime May this year...at the construction side...

 
March 31, 2009 at 5:59 PM CL said...

I understand that they will launch the show unit on 1st of May, 2009. They would like buyers to see the show unit and check out the finishes before signing the SPA. Not too bad ya... at least they do not hurry us to sign the SPA until we are really sure that this is the right decision. BTW best sellers are unit 6 & 7 i.e. type E & F. I heard that there are long waiting list for both types.

 
April 1, 2009 at 8:37 PM KK88 said...

Times Square (Birch Plaza) also commercial title. But all still sold out. I wonder why people scared of commercial title in this one???

 
April 2, 2009 at 5:41 PM SK said...

The developer will sweet talk to all the potential buyer and keep on promise whatever you like to listen. The objective is to let you jump into their net.
We can only judge their personality or moral quality by seeing what they had done in their history.
We should give them a lesson by stop purchase their property. Let them know that today buyer is not stupid anymore and please make improvement or a big change if they still want to survive.
Penang still have a lot of quality property player and why should we take risk for our investment?
Always remember "Buy cheap pay more"

 
April 3, 2009 at 8:37 AM HJ said...

why SK said that? do you have any prove? we would like to know details...Thanks!

 
April 3, 2009 at 12:44 PM Cheah said...

Lease hold for 75 years only, not worth to buy. Thinking to let go my unit.

 
April 3, 2009 at 1:04 PM viviankim84 said...

lease hold for 75 yrs only? not 99 yrs?

 
April 3, 2009 at 1:08 PM Hoo said...

Cheah, please check first before you posted any commment. I have asked this question to iDEAL before, they will apply to 99 years again after the construction complete.

 
April 3, 2009 at 1:13 PM Hoo said...

Some of the guys like to come here "hu ha" and continue said nothing. If you not interestedYou may back to your own summer place or mutiara pica there to "hu ha" and stop "kacau" here.

 
April 3, 2009 at 1:23 PM KK said...

hey hoo, cheah is right. 1-world's lease left only 77yrs. he is not creating any "hu-ha" as i believe this blog is meant for sharing info.

ask yourself, why the developer only apply for 99yrs upon completion but not now? get the developer to show the black & white. verbally confirmation is not enough to cover buyers' concern.

anyway, i don't own summer place, mutiara pica or 1-world.

just my general view.

 
April 3, 2009 at 2:39 PM Sdr said...

Anyone know why it's left lease for 77 years only? What is the reason Ideal only want/can apply after construction complete. I'm curious to know the details.....

 
April 3, 2009 at 3:15 PM nic said...

normally the develoepr say will apply after complete, just to comfort the buyer, the real fact is not so easy to apply for it, the application process is complex,need to pay extra money for it, n need to get agreement from all buyers, as need to bear the cost of conversion. for example, try to convert leasehold to freehold, it is also not so easy as well, good to buy property which oledi get freehold. now i know y they selling cheap, because it only left 77 years, once completed after 3 years, 77-3 mean only left 74 years, the subsale buyer will hard to get 90% loan from bank, the value of property also will not increase, since it left so few years.

 
April 3, 2009 at 3:36 PM Nee Hyan said...

I previously asked the sales agent 2 times (at sales office and at pisa property fair), they told me 99yrs leasehold but non of the agent ever told me about only apply it after completion. (Who can guarantee the approval to convert to 99yrs after complete?) I am not creating “hu ha” to say bad thing on this property itself but I am not satisfied with the developer that is not giving full details info to the potential buyer until buyer start to question them. I recommended this property to my friends and relatives but I think now I need to call them up and explain this to them. Just feel disappointed on the developer agents.

 
April 3, 2009 at 4:31 PM Sdr said...

Hi Cheah, may I know which sales agent told you it's left lease for 77 years only? I think to have better clarification, is to read on S&P. I'm going to ask my bf take the S&P back to read the details.

 
April 3, 2009 at 4:40 PM Mr.Business said...

Below is a link from HBA to explain Leasehold extention and renewal.



http://www.hba.org.my/news/2002/1002/leasehold.htm





After you read the article...

1. you will know how tedious work to extend leasehold;



2. you need to pay premium rate imposed to extend leasehold . The premium rate is calculated based on the current market value of properties in the area.

So if the developer want cheaper premium rate, he should extend leasehold before project start and nothing on the site. Once project is completed and OC obtained, the market value sure be high and premium rate will be high too.

 
April 3, 2009 at 4:45 PM myidishere said...

I am sure there must be "something" with the 77 years lease. Think from developer's side, if you can apply for 99 lease, why don't you do so before release it to the market? You might have the opportunity to place higher price! Unless they planned like what Nic said, to get the "fee" from purchasers. Or they might push the responsibility to the Joint Management Committee to apply for it after a year from O.C. Who knows?

As for KK88's concern on commercial title {Times Square (Birch Plaza) as compared to this development}, we should consider the project's scale, overall planning, built quality, developer's profile, location and most importantly WYSIWYG (what you see in what you get). In my opinion, it's totally different class to be compared. Just take a look at the end product and we will all convinced. We need to see from the end product rather than the sweet promises before construction.

Please be careful in decision making especially when buying commercial title properties because we are not protected under Ministry of Housing.

 
April 3, 2009 at 7:17 PM Sdr said...

I just take back the S&P and read it now, it's stated as 99 years leasehold. If it is only lease 77 years, and Ideal will not or failed to apply after construction, can we sue them? Anyone can advice/comment on this?

 
April 3, 2009 at 7:35 PM KK said...

get the title from the developer. title will tell how many years is left for the lease.

i do not think the S&P is schedule H cos it sits on commercial land & it's not governed under the HDA as per myidishere's comment.

 
April 3, 2009 at 9:37 PM SK said...

Hi HJ, Please read the above comment and find out yourself from their past project or from the purchaser before like TM posted on 22 March who feel pain and regret to buy.
Do you think that they can change thier character overnite? If so, why dont we let them complete the project and we can see the real things then only consider?
Have you ever see a property in this forum which have so many -ve comment?
Why should we take high risk on our investment? You should go for those developer with good reputation and track record.
Invest Wisely my friends!!!

 
April 3, 2009 at 10:57 PM tan said...

To SK, mydishere, TM(summer place guy), nic(summer place or mutiara pica guy or talk song nia):

The -ve comments only always come from you few guys, anyway I am not interested whether all posts eventually post by same guy or not.
Million thanks for the baseless comments. Please provide some evidence as what you all mentioned. If your comments are not correct,
will anyone of you come out and apologize due to making the huh hah? I would like to believe in you and will ask for more
advise from you if you dare to take up the responsibility.

Again, don't come here "huh hah". There is no perfect property to buy, I bet we can easily list down 5 negatives for every property.
Please la, we are not kids and we have our own reason to buy it, you can go for other project if not interested. Don't post baseless comments.

 
April 4, 2009 at 4:07 AM SK said...

For those who already bought the property, I will suggest do not come into this blog to view ppl comment if you are emotional.

This forum is let ppl to post their comment or opinion as a reference for those consider the property.

When you saw a -ve comment you should find out how true it is by surveying around and not feel unhappy due to ppl not stay inline with you. Please be mature.

As I always say look into their past history then everythings will be clear. It is a very good evidence on their quality. Ask around the previous property purchaser, do the developer deliver whatever they promised and follow all the specification given when selling? Do the developer transparent to buyer? Dont blindly trust on what I said but find out yourself.

If you strongly believe your own sight, just ignore all the -ve comment and bet on your own risk. It is your money and nobody will care about how you use it.

 
April 4, 2009 at 6:10 AM Ng said...

I saw the plan...
I like it most.
I had book 1 units.

 
April 4, 2009 at 12:08 PM kp said...

If this project abandon or stop, who should we look for? Can we go and knock the boss house and ask for money back?

 
April 4, 2009 at 1:12 PM Hoo said...

Tan, just ignore this few guys. They are not come to sharing, just come for fun or troublemaker. If their -ve comments are true, we are really welcome them, but mostly are........

Which of iDEAL projects having problem and not complete? Don't always say ask around and check developer past history. If you know, please mention out!!!! Thx

 
April 5, 2009 at 9:39 PM KK88 said...

Hi all,

Anyone interested with 1560sqft, please send me email. I've one unit to let go with 2 car park. First come first serve.

 
April 5, 2009 at 11:51 PM Turtle said...

Hey KK88, I went tru all your previous comments and looks like you are previously one of the great supporter of 1-world, but I m surprise & curious on your last comment today... any abnormal things you found on the S&P? Please share...

 
April 6, 2009 at 2:03 PM HJ said...

hi kk88, which floor of the 1560sqf unit u have? why u want to let it go?

 
April 6, 2009 at 2:12 PM KK88 said...

Turtle,

I change my mind about going too high gear now. So got nothing to do with 1-World. If I don't have other property, I might go ahead with 1-World. Just want reader here to benefit. 1560sqft is the best unit IMHO... :)

HJ,

Not comfortable to reveal here. If you're interested, please email me or leave comment in my blog. I'll email you back.

Else, I'll just claim back my RM1,000 deposit. This is service for this blog reader. :)

 
April 6, 2009 at 2:38 PM Sdr said...

KK88, mind to share when you have booked this unit? You still can claim back your RM1000 deposit right now? I thought it is RM3000 deposit instead.

 
April 6, 2009 at 2:48 PM HJ said...

ya,kk88, my friend also told me that the deposit is rm3000, hw come ur's rm 1000?

 
April 6, 2009 at 4:13 PM KK88 said...

I booked during the Property Fair. :)

 
April 6, 2009 at 4:55 PM LH said...

Hi KK88
what unit you have booked? and the selling price?
is it come together with additonal car park?

the booking fee is RM1000 during property fair. the show unit will be ready by 1 May as stated in confirmation letter of booking. it's what wrtiten in the letter which i received last couple days. we can cancel the booking, and get 100% refund later if you change ur mind.

 
April 6, 2009 at 5:11 PM HJ said...

hw come earlier booking rm3000, while booking during properties fair rm1000? dun knw what the developer think!

 
April 6, 2009 at 5:24 PM KK88 said...

LH,

The unit is the biggest one. 1560sqft. With extra car park. Means 2 carpark. Selling price please contact me through email. I'm not speculator. So don't worry. Else, I'll just give back the unit to developer.

 
April 6, 2009 at 5:28 PM CL said...

i will check with the sales ppl and share on the information regarding the leasehold thing. BTW, -ve or +ve comments are both good to buyers/sellers. It educate the buyers and the developers as these days we no longer offend ppl if we are not interested to buy their product. Most of the time we just walk away without commenting. I believe that the feedbacks are constructive to all developers on do's and dont!Sometimes, a project is bad-mouthed because it does well. In business, if one can keep the overhead low. It has advantage to sell at lower price and making the same profit. Just compare IJM workforce with that of Ideal. I.e IJM high revenue, high operating cost, high selling price = lower profit and Ideal low operating cost, low revenue = high profit ( I think this is possible as ppl do VSS, Retrenchment, reduced selling price and yet able to sustain business and also make profit)

 
April 6, 2009 at 5:35 PM CL said...

HJ, they mentioned that they allow RM1,000 for booking only during the fair. This is taking into consideration that not many ppl can easily come up with RM3,000 cash in hand within such a short period. During the fair, their booth is obviously most packed by ppl and best performer of the week, I guessed.

 
April 6, 2009 at 5:43 PM CL said...

kk88, my sister booked 7-6 but wanted higher floor. since you said that you not a speculator, can you please return the unit and i will ask the sales person to change for my sister. Thanks

 
April 6, 2009 at 9:12 PM Hoo said...

KK88, I saw you bought 1 unit summer place. Many I know how many condo you invest recently?

 
April 6, 2009 at 11:46 PM KK88 said...

CL,

If I do that, I need to wait one month. How about if your sister pay me RM1000, and your sister wait to get RM1000 from Ideal?

Hoo,

I'm not speculator. I only got Summer Place. :P

 
April 7, 2009 at 4:04 PM HJ said...

77 years lease? guys, what do you think?

 
April 7, 2009 at 5:06 PM HalOooo said...

DO you mean the least is only for 77 years???

 
April 7, 2009 at 5:40 PM HJ said...

ya!

 
April 7, 2009 at 8:05 PM KK88 said...

In the S&P, they'll put that they'll apply for 99 years after completion. If they apply in 2008, buyer will be at losing edge. Because this project is due in 2012. You'll lose 4 years of lease.

 
April 8, 2009 at 11:34 AM HJ said...

apply for 99 years lease only after completion? what if not get approved? How?

 
April 8, 2009 at 12:27 PM Sdr said...

Just to check, can anyone share about the chances of failure to extend the leasehold duration? As far as we know, convert leasehold into freehold is tough, but what about if just renew leasehold? Would that be tought too?

 
April 8, 2009 at 1:44 PM KK88 said...

Leasehold is almost guaranteed to be renewed PDC (government) unless of course Ideal Homes owe government money.

Another good things about 1-World is that it does not use bridging loans. Ideal Homes land is owned by them and did not pledge to bank.

 
April 14, 2009 at 8:10 PM Sun said...

Anyone know about this leasehold (99year) and what will happen after this this year, it is we have to move out from our house and get nothing?

 
April 14, 2009 at 8:15 PM KKCheong said...

Sun,

Normally its renewable. Else, they'll buy from you based on market price.

 
April 14, 2009 at 10:07 PM lolipop said...

KK, if it's renewable, how much it will cost normally? the market price for the entire house? or just a partial of it?

 
April 14, 2009 at 10:26 PM KK88 said...

lolipop

I don't have the answer for the number. Example is Summer Place which is leasehold. According to IJM, the cost is very low because its shared with all the apartment owner. So if there's 300 unit, it'll be shared with 300 unit. I remember its in the range or RM0 to RM9999. But need to confirm with 1-World. I don't know why you worry. By the time 99 years, we're not around. Unless you are talking about your son.

The market price is for entire house. But at 99 years, I think the market price is quite low. :P Who want to live in a 99 years old apartment anyway.

 
April 16, 2009 at 11:31 AM boon kheng said...

hello there, as some have always highlighted, please do a study or ask around about this developer background and history, its not clean indeed. Few of my friends are the victims. so becareful and take control of your hard earn money.
Infact they are now in the process of filing a bankruptcy to one of their sub-company which suppose to build and finish a housing project in Bukit Minyak. According to the developer appointed lawyer, a meeting was held with the buyers and the outcomes was dissapointing. They were threatened to just withdraw back their downpayment with any interest. Some did accepted the cheque but guess what? The cheque can't be cleared!!! It bounched back.

 
April 16, 2009 at 11:36 AM boon kheng said...

correction:

...withdraw their downpayment WITHOUT any interest....

If i'm not mistaken the project was launched more than 2 years ago, now its now even built yet.

 
April 16, 2009 at 9:40 PM lolipop said...

i heard that from my fren who stay at Bukit MInyak, thats why i not dare to step futher on it,eventhough the whole idea for The One is quite attractive.....

 
April 17, 2009 at 2:34 AM SK said...

Most of the purchaser belive in sweet talk on developer great plan and idea and "attractive" offer from the developer. However, they forgot that they are only seeing a piece of paper (brochure)and the "toy" model.
Even they build the show house but remember it is still a "Show House" and is not actually your house. Most never know much about the developer history and their current status and dont know who you are dealing with.

There are still many story behind between their main and sub company and is not convenience to disclose here.

I know that some of the ppl here will be unhappy and fire me again. However, it is your money and nothing to do with me whether you gain or loss from the property.

Here I just give my advise for those who earn hard money and they should invest wisely on good property. Not like some of the rich purchaser here are afford to take risk on their investment.

 
April 17, 2009 at 10:51 AM LH said...

anyway...it's good to share pros & cons. if this the truth, then is good to let the potential buyer know ahead... and decision still still on their hand...

what is the project that you highlighted? project name? Bukti minyak one...

 
April 17, 2009 at 11:05 AM Mr.Business said...

If developer did not extend leasehold to 99 years before he sell the project (he can sell higher with 99 years leasehold pun), do not hope he will extend it after you got OC. If you think the buyers are to bear the charge, please do not hope all buyers are willing to pay. It just does not work that way.

 
April 17, 2009 at 11:08 PM KK88 said...

Mr.Business,

The developer will do it without incurring the charges to the buyer. It seems what you say is not the truth. You can be sued to defamation you know?

 
April 21, 2009 at 11:01 AM kp said...

Anyone can snap a photo on the current progress of the site???
So what is the current progress now piling?

 
April 21, 2009 at 11:30 AM Mr.Business said...

people can sue anyone he/she like, as long as he/she afford to hire a lawyer, no big deal. I do not defame anyone pun...

 
April 21, 2009 at 11:35 AM Mr.Business said...

Please take note that leasehold is not guaranteed to be renewed. There are many cases that 1 leasehold expires and someone else is given the lease of the land by the government (please bear in mind the land belongs to government).

 
April 21, 2009 at 3:48 PM Captain said...

To Mr Business,

Leasehold expired? mean Malaysia gov issue the leasehold properties since 1910?

 
April 22, 2009 at 8:43 AM Mr.Business said...

"Lease duration could be 30, 60, 99 or 999 years."

http://www.hba.org.my/faq/lease_freehold.htm

 
April 22, 2009 at 11:28 PM cristiano said...

all bros, any unit left for purchase and what's the price now? missed out this project in the property fair. thanks in advance

 
April 24, 2009 at 8:36 AM LH said...

what i heard from the sale person, 70% booked only. Show unit will available from 1-3 May.

 
April 24, 2009 at 8:45 AM Hoo said...

cristiano, you may contact the iDEAL sales person for details, the price should be around 245k - 300k++, depend on the unit sqft.

 
April 24, 2009 at 8:48 AM Hoo said...

Mr.Business, I understand your concern, but that is not to be an issue as the S&P stated 99 years, just let the developer handle it.

 
April 24, 2009 at 9:01 AM LH said...

i do have same concern about the lease duration. I called the sale person to calrify and udnerstand that the lease duration only left 75 years now, and developer will renew upon completion. it will be stated in S&P, and cost will be barged by developer.

just curious, what if developer deny to do so, can we sue them to thru MHLG/KPKT or treat it as normal court case???

 
April 24, 2009 at 9:56 AM Mr.Business said...

Hi Hoo,
Are you saying the developer promise to give the buyers the leasehold that has duration 99 years upon project completion?? Can you note down here what S&P mention about it? Thank you.

 
April 24, 2009 at 10:18 AM Hoo said...

Why we have S&P? S&P is the black and white agreement between the buyer and developer. If S&P is stated 99 years, then definetly this is promise given by developer to buyer. I will get and sign my S&P by early next month since now still pending on the loan. Or you can direct call iDEAL to clarify if you are really interestd...

 
April 24, 2009 at 10:40 AM Mr.Business said...

you need to take note that land you are getting indeed is leasehold 99 years, but the balance lease duration may not be 99 years.

 
April 26, 2009 at 12:52 PM Chin said...

Will 1-world facing this problem next time? http://www.guangming.com.my/node/47031?tid=3

 
April 26, 2009 at 12:53 PM Chin said...

Will 1-World facing this problem next time? http://www.guangming.com.my/node/47031?tid=3

 
April 29, 2009 at 9:44 PM cristiano said...

thank you LH and Hoo, will visit the developer office to chk out.

 
April 30, 2009 at 9:02 PM Hoo said...

the show unit is ready at site place start from 1st May.

 
May 1, 2009 at 1:12 PM ww said...

The leasehold left with 75 yrs seems a bit risk because after checked the S&P, its mention "will" apply leasehold renew to 99 yrs after completion and did not mentioning 100% gurantee. So, its really depend on developer's commitment to do so. Still considering this risk...what you all think?

 
May 3, 2009 at 2:57 AM Turtle said...

WW, a good question from u. I guess a lot of peoples are facing the same problem as you and me today, it's really hard to make decision. But after a long long long considerations... I decided to sign the S&P next week, bcoz why?... Bcoz I learn 1 thing from our frenz in this blog (KK88), he did bring up a good thought to me in one of his previous comment... something like NO body is willing to buy/live in ur apartment after 50, 70, 99 year (even ur kids)... so what make the different between leasehold 75yrs, 99yrs or even freehold?... I think the only different is just the feeling in our heart, imaging 50 yrs later, do u think there is still different between 1-world (75yrs) or Dpiazza (freehold), or Summer Place (95yrs)?... For me, I will said no, so I buy 1-world bcoz I like it, my wife like it, and I think my bb will like it too in the future :) I will rather stay in a high class & low density apartment like 1-World for the rest of my life rather then stay in a high density 700-800 units apartment just like a Zoo... :)
Beside, I believe all the speculators oledy 'caput cepat cepat' due to this 75 yrs leasehold case, and I see all the buyers now are really a young couple/family type of peoples and they will be low turn around in the future, means everyone of us will know each other and may be a good friends till old days... who's know. We just need to enjoy our live from today till we die, no body is going to care bout after 75yrs.. that's just my thought:-)

 
May 3, 2009 at 2:30 PM LucasKing said...

There is difference,leasehold which left about 30 years will have no bank dare to loan the buyer.if you are just planing for a short stay(5 years), it should not affect so much if its a lease or free hold.
my 2 cents ... ;)

 
May 8, 2009 at 4:36 PM Mashita said...

Feel disappointed as the show unit is only for J type. I have already booked one unit for self stay. Told by sales agent that they would not be any show unit for the other types. Must wait 3 more years to see the real one!

 
May 8, 2009 at 6:00 PM LH said...

anybody cancel your booking and able to get back the booking fee in full??

 
May 9, 2009 at 6:12 PM AL said...

i think 1-world is in trouble. everyday still receiving sms from them asking people to visit their show unit. sounds desperate?

 
May 10, 2009 at 1:35 PM Tan said...

This doesn't mean that they in trouble of asking ppls come to visit the show house, but seem they able to sell more than 65% of the unit and just leave the unit which is considered as the view is not so good....

 
May 10, 2009 at 9:58 PM Wallace said...

LH & All,
After some consideration regarding the 75yrs leasehold, decided not to proceed and canceled the booking. The refund is 100%, but only able to get back the money after 1 month - 3 months time upon the claim form submission. I thought the refund should be 2 - 3 weeks, but now have to wait for 1 - 3 months. Anyone got refund so far? :(

 
May 10, 2009 at 11:35 PM bryan said...

Hi,
I had cancel my booking on March 2009, the sales executive promised that I will have my refund back after 1 month. However, until now I haven't received any refund yet!!!!

 
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