Penang Property Talk

Today 1st day launch, any news?
Selling per sf how much?

from ~500psf after discount, commercial title, free air-cons and nothing else.

It is > 600psf after rebate 8%. They have a promotion at Gurney until 2nd Jan. Most corner units reserved while middle units are still plenty (update as of 31st Dec 8pm).

Another thing is that purchaser need to pay 5K for deposit and signed the SnP within a week. Need to pay 10% which is about ~60K or more depending on the purchasing price. The trick here is the SnP will include a clause that the developer can opt to go for stamping up to 18 months. Which means one may only get the VP after 18+36 months=54 months.

Thanks for ur info.

I have just booked one at unit 7, any others? For me i like about the design, and the integrated concept, although the commercial portion can be further improved. At least recently can see quite alot of efforts from the management to promote pts, such as new year celebration, and penang master chef, which proven quite successful as well. There is a hear-say Jusco will be coming over in phase II, this can be a real delighter if true, as the current Sunshine supermart in phase I really doesn’t paint the right “class” of image to the whole development. In the future if the Monorail project comes to life, this place will sure boom. Would like to hear from your comments as well.

SPP, may I know how much did you pay for unit 7? Thank you!

510psf, higher than 10th floor.

i will never buy project from ivory anymore, they will took 3 years to sold off units and another 3 years for completion, super duper slow!

Yes, that’s right, bcoz they have a practice of taking booking first. But whether the 10% worth the invest, judge for yourself: times square 200k, 10island plaza <300k, the residence < 450psf, so no complaint right? Anyway, you should have known this earlier anyway, what's point if complaining?

This high rise building will be able to view the sea? Becos so many tall building surround….

For the higher floor corner units e.g. unit 7, should be able to get a glimpse of penang bridge view, but since there is a distance away from sea, also as what u said many tall buildings on the way, it will not be that perfect.

Penang Transport Masterplan shall be completed first half of the year, Iam eager to see if the LRT/Monorail plan get revived again. Base on the old 9th Malaysian plan, there suppose to be a station along dato karamat, just opposite PTS in this case, hopefully it will retain and get materialised, then this will be a super boost factor for pts. I don’t mind if it is 10 or 15years from now, Penang Island really need a more efficient public transportation system, even Malacca has it and Johor is under planning.

Commertial title?What the heck?Have to pay more for electric n cukai taksiran?Good luck to you buyers abd Ivory…

For Birch the plaza and Birch Regency, Ivory has translated the commerical title to residential in achieve lower services payments.

The tall buildings between this development and Penang Bridge are far enough away to allow views of the channel. And anyway, the height of these buildings (except comtar) is relatively lower than the proposed. after all, the first 11 storeys are car park, commercial and service floors.

Andy

Yep, SPP is right about Sunshine Supermarket – budget to say the least. The Management of for Times Square Phase 1 seems to be really geared towards cheap. They must have come from some pasar malam set-up.

And the comments on Ivory – also true. Ivory is a speculative developer out to make cash from it’s development. The fittings are cheap, the finishes cheap, and layouts are squeezed in. Completion times will be arranged to max benefit to Ivory.

What else do you complainers expect ? Fair play from a developer ?

i booked a unit today.Actually, i like unit 7 because of sea view. But unit 7 is fully booked,a little sad.
Another corner unit 12 still have 2 or 3 unit,it face to west-north.Also a little sad to me.
Finally, i choose unit 8.
Anyway, congratulation me! haha

@ioukgk

Congratulation. Anyway, which floor and how much? Heard Ivory is giving away RM28888 rebate during CNY, u got it?

Actually , i should thanks to u because of your information about your unit per price.Finally , i got 28888 rebate.
I am on higher than 9th,515psf.
Nice to be neighbour:)

My unit is higher than 14th floor located on the 07 unit. Any idea when they will release the sea view for reservation?

Everyday have to round round the 11 floors car park before reach to your units. Very challenging la

how much is the price after the 28888 rebate?

The “everyday carpark so troublesome saga” was also used about Birch the Plaza. And by folks who hadn’t used it because it wasn’t frigging built yet.

Sama sama The Wave.

The Birch Plaza car park is easy to use, except by morons who couldn’t drive a car down an airport runway without hitting the next field.

It’s a matter of sophisticated and capable drivers. If you’ve only ever driven around the kampong then stay out of town.

Inner city residences will get inner city style car parks. It’s a given. It’s like night following day.

andy

The car park wasn’t that bad after staying there for three weeks. I’m kind of used to it now. I heard from the contractor complaining about difficulty to renovate the unit because the wall is of a solid concrete. Glad they did that.

Any unit available ?

@Kyle
There is but not sure if the Ang-Pow money of RM28888 still available after CNY.

The 28888 is given as deduction of the selling price or the downpayment?

Checked today at Times Ivory. Sales person said no more 28,888K discount.

I was told that work would start mid 2013.

still got how many units left?

Corner Suite 1,245 sf (plus foyer 45 sf) from RM747,800.
Intermediate Suite 1,300 sf (foyer 45 sf) from RM754,800.

Note : These suites (rather than residential units) do not have the usual descriptions – bedroom, kitchen, bathroom – on the brochure plans. Rooms are referred to as – ROOM1 etc. Bathrooms are TOILET1 etc. The kitchen is a PANTRY.

These suites can be used as offices, stores, day centres, child care, general offices, SOHO, as fits a commercial development.

The WAVE is orientated East/West so all units will get either morning sun or afternoon sun.

The internal lightwells on a 32 storey building (less podium levels) will be pretty dark on the lower floors.

Andy

Extraordinary and surprising facade design, elegant sun protection stripes corrugate around the glazed body, rhythmatically arranged around each floor to give the impression that waves are going over the building.

An alternative view is that it’s all a bit dizzying.

Anyone planning on living there or is all this just speckies.

Any updates or news?

heard they are trying to pull in Jusco into phase III, negotiation is ongoing. There is a plan for a cinema as well. I believe once the deal(s) is sealed, they will then launch the east wing, only in this case they may have a reason to raise the price. The last time I visited the showroom, they mentioned >70% of units already sold, unit 7 already fully booked.

Anyway, price is definitely not cheap, ~510psf for a commercial title comes with only 1 car park. IJM is launching Vertiq, going to price higher at 550psf, but residential title, 2 car parks, and free interest during construction. In terms of accessibility and maturity of neighbourhood, Vertiq may show a better edge.

Thanks. That’s a great info. Hope the plan of a Jusco and Cinema will mature.

Jusco and a Cinema won’t help Ivory upgrade it’s current “pasar malam” approach to the shopping centre. Compare with the CapitalMalls Gurney Drive – now they know about style, class, quality, and mixture.

Hi, we are thinking of buying a unit here. someone mentioned that all the corner units are sold. is this true? is there any other development in the vicinity block potential views? any info is appreciated. we are offered 8% rebate and the offer ends this weekend. Not sure if this offer is still the same as before…..thanks.

Only the inner facing units are open, the sea facing sides still not open for reservation.
Probably they are waiting for the inner facing to fill up first. Marketing strategy to charge higher premium on the sea facing units. They have 12+6 term so i guessed no rush for them to open it so early.

The units facing the sea also face east so you’ll be getting morning sun from when it rises to when it moves vertically over the building around 12 noon.

The inner facing units get afternoon sun. They also face the central zone of Times Square which is advertised as an entertainment centre.

What they have in plan for entertainment city? Indoor theme park with roller coaster like times square KL?

Alot of mix remarks on pts, more toward negative side. But it looks impressive to me though, from location, design, concept perspective. Price also depreciating well, rental market also available. It is definitely not cheap like night market as someone has put it. Not many good development in the island nowadays, if taking price into consideration, this one is not bad

If I’m going to put my cash into something then “not bad” isn’t good enough.

Agreed, not many good developments in the island nowadays, so I’ll wait and see.

There is no perfect investment in this world, good one too expensive, cheaper one located at not so popular areas such as sg. ara, relau, teluk kumbar, even balik pulau.

Something good with reasonable price tag? Wait-long-long .

Nope, wait as long as it takes.

Or look elsewhere. Penang is a small island not the centre of the world.

Heard that there is a possibility of the Wave being redesigned to be much lower as it is too high to be a suitable building in a heritage zone. Is this true?

It’s not in the Heritage Zone.

My friend who just sold his Birch Plaza unit complained Ivory alot. Especially the S&P stamping took more than 1 year (i think it is really 18 months after you paid them 10% downpayment.

After that delay the completion somemore with all kind of excuses. My friend in the end rugi about $20k on interest every year for two years. Luckily he sold his unit at a higher price to cover the loss.

10% of the downpayment would resulted in RM40k loss within 2 years? I strongly doubt it. If your friend bought the unit earlier then he most propably paying ~250k, which 10% of downpayment is RM25k. If he puts this 25k into the fix deposit with 4% yield, he only loss ~2k within 2 years. Please get the math right, unless he can find an investment elsewhere which can give him 100% yield yearly.

If you are referring to Bank loan interest that doesn’t make sense neither. As these buyers did not engage loan before s&p being signed.
Anyway, taking booking fees is the standard practice from Ivory. However as far as I am concern, those buyers who gone through this way have made a big fortune through projects like 10 Island Resort and PTS etc.

If you are referring the late delivery (VP) when the loan already almost fully disbursed, i doubt it neither. I don’t know if there was an actual delay from the s&p signed date, even there is i don’t think he will loss 40k.

@stk

His unit is bigger unit, with 300 plus thousands loan to serve. That time no 0% interest until VP that kind of scheme. And the interest 5 years ago is BLR-0.1% at best only. Progress extremely slow especially the last 10-20%.

@wbk
1) What is the purchase price?
2) What is the loan ratio? 90% ? Take interest rate as BLR-0.1% in this case.
3) When was the S&P signed, and when was the VP?

@stk

Wah, need to update you with people financial status meh? Just take 350k as loan amount lar. Signed 5 year ago, and only get keys end of last year. Friends and family all joked about his apartment is like kura-kura.

Luckily he sold his unit at a higher price to cover the loss.

It isn’t a loss. It’s part of the investment and the chance that a speculator takes with the deal. Due diligence would have exposed Ivory’s practices and allowed a more informed decision than greed.

And anyway why complain ? Your friend bought the unit to sell at a profit and Ivory sold and built it for a profit. Same same, like thieves complaining there was only RM5 in the wallet.

Greed, that’s your friend’s problem, not maths.

But Ivory really make good use of my friend’s 10% booking for full 18 months. All other projects don’t collect 10% booking and ask people wait 18 months to get the S&P stamped, even though it is black and white, just my opinion.

Any updates on PTS The Wave? Did they change the design or when is the ground breaking date? Thanks.

Heard west wing already >70% booked, they are now opening for east wing – price increased by another 20%, but offering some rebate and installment plan for the deposit.

Well, this project may not be excellent but certainly one of the better choice around at the present time.

Already 70% booked. People, buy now before it is all taken up!!!!

Hehe… this is the usual tactic lar. Cover the board with stickers everywhere even before the soft launch. They want to take your deposit only. Prepare to wait for 5 years from your house lar…