Tropicana Bay Residences @ Penang World City
Bay Residences, the phase 1A of Penang WorldCity development by Tropicana Ivory Sdn. Bhd. Strategically located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong. Comprises four 22-storey residential tower, with condominium unit size ranging from 455 sq.ft onwards.
Property Project : Tropicana Bay Residences @ Penang World City
Location : Bayan Mutiara, Penang
Property Type : Residential
Land Tenure : Freehold
No. of Blocks : 4 blocks of condominium
No. of Storey : 22
Built-up Area : 455 sq.ft. – 1,945 sq.ft.
Indicative Price: RM359,900 onwards
Developer : Tropicana Ivory Sdn. Bhd.
Register your interest here
Contributed by reader (Update – 02 Oct 2013)
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@Believe
I think when they wrote this article they have you in their mind. LOL, their exact sentiment. https://www.penangpropertytalk.com/2013/10/expert-penang-property-market-speculative-in-nature/
increase RPGT to 90% for 10 years then no more speculator in property market ==, ppl buy property for stay only then will over supply sure can control the property price
Banks hv to stop giving out loans to projects that come with Dibs..
the property price in Singapore already falling, after so many round of cooling measures.
the signal already there, if property price still going up, next maybe RPGT 50%, or cannot sell for the first 3 to 5 years, min purchase for non resident increase to 1.5M, and so on.
Every government need to take care of themselves too…so they cannot let property price keep going up.
Correction bound to happen, but the issue is when and how much, but until then prices will still continue to increase so end of the day still not much changes. You buy a property RM600K five yrs ago n today its going for RM1.2m, in few yrs time its Rm1.3m but when correction comes how much do you think the price will fall? Back to Rm600K. I really doubt cause remember when prices start falling demand will again be generated as more people can afford some of those houses
New projects will still see investors as RPGT has less impact on new project which normally takes 3 years to complete. Earn 10% less is insignificant..
Subsales will be much less attractive for investors.
The question is whether there are real demand from own stay buyers…
1 April 2015 GST 6%, property price increase 6% in 2015
* Prohibit developers from implementing projects that have
features of Developer Interest Bearing Scheme (DIBS), to prevent
developers from incorporating interest rates on loans in house
prices during the construction period.
* Financial institutions are prohibited from providing final
funding for projects involved in the DIBS scheme. Malaysia’s top
three banks are Maybank, CIMB and Public
Bank.
Those already paid booking fees to lawyer for projects that yet to be approved by government, this is no good… unless additional rebate is given to buyers.
I predict Msia property price will still increase until 2018. HK and SG also take years to cool down the property price.
why need to increase? GST is for buyer and pay to government. Nothing to do with seller.
All I can see is for the property which already in the market, coming next April, developer may need to absorb the 6% GST to attract buyer.
But for new property after April next year, is depend on market conditions. Smart developer may increase the new housing price, then offer to absorb the GST. So buyer, do your own calculation, note down and compare the details of the housing price, don’t get outfox by the developer or seller.
wah….very emotional night for everyone here!….:D
That was quite a warning shot fired by our PM. Let’s put it this way, that shot was not intended to kill anyone, just a warning shot. The gun is still loaded though, so if the situation warrants it, they will not hesitate to fire a 2nd shot.
That’s how Spore does it. measure after measure until you see the desired result.
So if the gov is sincere and committed to reducing speculation, and most of all, reduce household debts, they shouldn’t stop at outlawing DIBS and 30% RPGT. Developers/agents will think of ways to circumvent the law. New schemes will be developed in no time to replace DIBS. Enforcement officers have to be constantly on the field, heavy penalties are needed for banks/developers/agents flouting the law….:)
Last but not least, PR1MA to fully stock the market with nice affordable units….:)
@NT
Maybe an additional 20% GST for buyers who are catagorized as speculators…..:D
Material used for construction will be affected by the GST, who pay?? You buy you pay, developer buy, developer pay, pass to who??
agreed…developer will not absorb the price @Felicia
*Sale, purchase and rental of residential properties as well as selected financial services are exempted from GST.
So, GST no impact for property price. Anyway GST start 2015, not next year.
@tomyam
Tropicana Ivory called me on 23/10 and asked me to pick up the SPA from their sales office at the PWC site. I guess they had to stamp the SPA before Budget 2014 because already announced that DIBS no more allowed for any future development.
As mentioned, you buy you pay. Developer buy material steel bars, cement, administrative paper, photocopier, printing ink, electricity, etc all these attract GST component!!!
Just wait & see.
See today news, Tan Sri Liew stated cost factor in the construction industry increase with GST, haha who pay??? purchasers lah
@KL Lang
i already rejected due to loan. u can goto ask agnes sales person
30% for first 3 years,
20% on 4th year &
15% on 5th year
Non-resident – 30% for 1 to 5 years & 5% thereafter.
What is government trying to do?? Discourage non- resident? Statistic show only 8% are foreigners.
I guess for new properties especially high rise building has little impact as vacant possession is 36 months as per schedule H. 3 years later at 20% is nothing should capital appreciation is 25 to 30%.
Government fails to see the investment area available, put money in FD, return of 3.05% is rather miserable, put in stock market – high risk, put in currency too high risk, put in business – unless you have good business venture, put in ah long business – run the risk of being lock up, WHERE ELSE CAN THE EXCESS MONEY BE PLACED IF NOT PROPERTIES?? All inputs to construction has escalated, GST impose, labour cost escalated, land prices gone up, urbanization with land scarcity in the CBD, you think the prices will come down??
Poor & unreliable public transport, I really pity the majority of working population including me!!! Owning a car is no longer cheap. Petrol, road tax, insurance, parking, toll, maintenance. Does the government understand the plight of the nation? I wonder.
Which unit, what price?
If everyone invest in property sector, property bubble will occur which will caused our ecomomic bubble too, this will help to curb the price from increase like crazy,
@bain
IC, may be I should call them can check with this.
I wonder the no longer have DIBS is effective immediately now or year 2014. Hehe.. sure the phone kena ring non stop on Monday their office time.
If already stamp, then I should take and start plan to get from the EPF account.
look at the new budget.. feeling no much benefit to me.. haiz.. should decrease the income tax % with immediate 2014 Jan 1 ma..
@Felicia
u can email me if interested,i still consider to let go..
wongaichin@gmail.com
Wow, so fast can flip??
I thought cancelation if booking, developer return deposit & developer re-open returned unit to market.
First declared that already rejected, then said still considering when more people are interested.
Why don’t just mention how much to consider letting go?
So is PWC still entitled for DIBS?
Also what do you guys think the impact will be on Blk E and F… will the price be lower?
@TPC
dun think price will be lower as there is still some people from block A-D not yet sign snp etc.
The most i think can gv is like gv you cash rebate, free reno, free aircon or kitchen cabinet. You can see everyyear CNY ivory advertisement, angpow 8888 or 12888 if you book now.
Marketing dept wont let the “price” down.. but those rebate etc all fancy fancy one might be implement.
@Pen-Condo
Haha….settle down. You are right. I think the way they count the years is flawed. They should start counting the first year for RPGT only after OC, and a more punitive rate of 50%-60% would probably be more meaningful…:D. Otherwise it won’t be fair for those who buy from secondary market…..:)
But this is only the first shot. They can come and fire the second shot anytime they wish.
Well, I do agree with you that property investment is attractive. But if you look at RPGT and no-DIBS, they are only trying to discourage SHORT-TERM investment. For long term investors, things still remain the same…:)…No??
@tomyam
You made a good point. All the hidden “freebies” thrown in to the purchase price, and subsequently financed by banks, which is almost as bad as (if not worse than) DIBS.
As our PM put it “Increase transparency in property sales price, where property developers will have to DISPLAY DETAILED SALES PRICE including all benefits and incentives offered to buyers such as exemption of legal fees, stamp duty, sales agreements, cash rebates and free gifts”.
DISPLAY DETAILED SALES PRICE, four simple words.
(1) DISPLAY – where to display? when to display? only during roadshow? only at the sales office hidden in one corner? on the net published for everyone to see?
(2) DETAILED SALES PRICE – how detailed? down to every single piece of free gifts? what about fully furnished units? different units sold at different stage could come with different level of free gifts? detail for every single unit transacted must be published?
Last but not least, does this only apply to developers selling direct to buyers? What about selling through agents? What is the penalty for anyone found flouting this law? A gentle slap on the wrist? or a jail term for the agent? or a suspension for the project approval? Is there an online complain form for whistle blowers?
Very easy to say, let’s see how good their enforcement is this time…..:D
@kintakunte
I really dun trust this lor..
you see the car park issue already quite a concern issue in this project. House price somemore hard to display, like same block price up so many times, the advertisement sure say from XXXK and above.
If really want to very clear and transparent, can only buy those OC obtain one.. what you see is what you get. If not mistaken from year 2015 onwards, they want to enforce all build n sell. That time no more this issue. But dunno how many developer will force to go out from market since then.
Today i already heard few friend’friend fast fast go out see those DIBS project. Plan to get one n stamp before end of this year.
Then some forum people comment dun buy and wait price adjustment that coming.
Same budget plan, different people different approach.
@tomyam
That’s precisely the problem now. Buyers are being taken advantage of by unscrupulous developers, who adjust pricing/car-parks/freebies as and when they like. Just imagine walking into a restaurant, and not knowing what to expect each time in terms of price, depending on how busy the restaurant is. If they are busy, be prepared to pay double….:)
Just call Ivory, Ivory say no worries on TBR project on the removal of DIBS as the project already approved. So, whether you already stamp snp or bank loan will still ok.
Most of the snp already stamp and ready to collect but Block D snp is not yet reach their side, still in lawyer side. Once ready, they will call and no worries.
@tomyam
The only one who worries are the flippers. Are you a flipper or a stayer? If you are the former, i hope the recent budget will affect your subsale price.
@KK
Even i hope to stay, i will not hope the budget will affect my condo price.
What do you guys think about the state gov’s suggested measure of imposing 3% tax on purchase price for foreigners?…:)
Wonder why DIBS only affects the flippers??
We all know that DIBS projects already have the interest included into their pricing, and when DIBS is removed, then there is a challenge in pricing reduction… So it actually affects ALL the project buyers.
@KK
The removal of DIBS at current stage for sure will affect us. As a buyer, when you purchase, you already have a budget plan in your mind. We already purchase the house i would say at a future price during we make the booking, so we will fully utilise this 4 years for saving etc.
If DIBS removed and our purchase price remain, it will become a burden. Of course, if DIBS removed and they immediately revise our booking price we wont have any concern.
I also believe no matter how they wont drop the initial launching price for new property. EG: 650k unit
A)DIBS: 650K + 0 interest
B)600k(after revised price if removed DIBS) + 50k progression interest
DIBS
I feel the concept is like job salary.
Your basic let say 8k now, so now company propose new scheme become basic 6k + allowence 2k.
For sure all worker have concern as future when you try to get new job, new company will look at basic 6k. If someone refuse to do so, you cant say that person is not loyal to company, but the first plan is better.
I am buying this house for long term until i find another dream house to upgrade. wont buy n flip but for capital protection n prevent inflation.
@tomyam
good for the cash rich. can save 50K base on your calculation.
@Never
Where are you going to save ? Bank releases payment to the developer as
part of the progress payments as time goes by and who is going to pay the
interest if not you ?
With DIBS, developer absorb interest but actually they costed in the selling price
Without DIBS, purchasers pay for the interest during progressive payment.
By right, developers should reduce selling price BUT I doubt they will. as construction input cost will be higher after 1 April 2015 with imposition of GST…..Labour cost escalating, salary increase …..
Cash rich ppl buy cash, no loan from bank. Tak payah kena interest.
@Never
How to save 50k interest? Full cash bought the house? +_+
I dunno how many percent buyer can do this. If their capability so strong, I bet they already invest the $$ to somewhere else as those investment club will teach them borrow money is a smart decision, bla bla bla..
@Felicia
2015 not only GST, still got the new rules build and sell. If this law really make it happen, I bet by end of 2014, most develepor will push their new launching out the market. In order to force all potential customer to buy, they will tell you after 2015 either no new project launch or the ready new house will be in a sky high new pricing as they take higher risk.
So those approved projects with DIBS then will not be affected. If this is true, then QWR will have their DIBS feature removed, since their project planning has yet to be approved. Lets see what other incentives developer (asia green) gonna come up with to “compensate” DIBS removal. So the same applies to Tropicana 218? As far as I know, same situation as QWR.
May I know what is the development on “THE WOOD ZONE” site? I saw the clear the land on the “THE WOOD ZONE” site.
@Bryant
They dont even have to give DIBS. Their selling point will be, we block TBR view completely. Haha.
@KK
Good for QWR then with such a solid selling point.
But that is only almost correct as the view is not completely blocked. Buyers of QWR has to pay at a premium price of perhaps 100 to 200K extra (since no more DIBS and non guarantee of unblocked seaview from future development further in front?) Not to forget, maybe 2 or 3 more years before their plan is approved. Just like the Clovers. Keep on DELAY.
Many of TBR buyers are AWARE that there will be future development in front before we place bookings. To me, this is not a concern. To those buyers with pool view, shouldn’t be any concern either.
Nah, you are lying. Many TBR buyers are aware that there will be future development across the road where the current office is. They are caught off guard when Ivory sold the same plot of land to AG. And how do you know AG pricing will be more expensive? From what was posted in this website, infact it was cheaper. Anyway, flippers will have worrying days to come.
@ken
What’s wood zone site?
@KK
Who is the builder for that plot of the land is not important.
Anyway so long it brings the successful of the overall project of penang world city as a whole.
@KK
Okok, I am lying. You are right. QWR is the best.
@ken
The wood zone is where the TNB sub-station or whatever you want to call it will be placed.
Nothing new mate, KK is pro QWR mah..
@TPC
I believe so…That is why I decided not to talk so much. Waste of time.
All forum got such people exist. Only then there will be balance. Hahaha…
@Bryant
Remove of DIBS is effective 2014? If yes, they still got 1 month plus to work out the approval.
@Bryant
Ya thanks to him we have half past insider information.. hahahahaha
@tomyam
QWR sales told me that their tentative planned S&P signing is on June 2014. So if their plan not approved and DIBS removal enforced, then QWR will be affected. Applies to all other projects which falls in the situation.
@Bryant
LOL, i do not think QWR developer to be good anyway. But what is bad is some ignorant buyer of TBR was led to believe that the property they purchase is next to Putra Place and nothing infront of them. Some were even told of seaview previously before the land was sold to AG. LMAO.
@KK
Developer will grab any chance to get more profit from buyer just because of their selling point, some more is seaview.
Buyer need to pay for the “selling point”.
Do you still think QWR will be cheaper than TBR?
Developers are very smart, they have gone through few rounds of ups and downs, they sure can device methods to overcome this DIBS & RPGT things with no sweat while still protecting their interest and shareholders’ interest.
Rental guarantee,
Developer Bear Your Interest (DBYI) similar to 5/95 or 10/90 scheme.
They are entrepreneur lah, government only collect revenue from public to spend, just can’t beat …..
@KK
If there’s such ignorant buyer.. either they are stupid or was misled by sales person.. i have nothing to say much….
If we collect rental do we need to collect GST?
@TPC
You need to declare the rental for income tax form.
Sale, purchase and rental of residential properties as well as
selected financial services are exempted from GST
So those commercial tittle service suits and SOHO would need to collect tax i guessed
Okok, Ivory not honest to buyers, AG also not good. You are correct. So please stay away from these developer… Not good, but only for you. I totally agree with u.
Surprisingly a few project in KL that I came across has revised the selling price upwards despite removing DIBS from their package. It seems the incoming GST has more impact than the outgoing DIBS.
KK Lang for example?
UOA Southview at Bangsar South. Studio block A was 800psf net with DIbs in Sep..and new block B studio 900psf without dibs (compensated with 3% rebate)
wow
Just received call from Ivory to collect stamped S&P…how about you guys?
@Bryant
Not yet ler. Your unit from Block D?
@islander_ori
Mine is Block B..maybe Block A and B is ahead. C and D should be pretty soon.
Now just have to wait long long for completion…the stamping date was end sept.
So developer have their sweet time till Oct 2017 to VP.
Lawyer did not witness me to sign on every page of the SnP, this could be unlessful and our SnP contract may be void if go to court. How can the lawyer let us sign 2 pages then apply other page without letting us know the contents? I think we should argue this.
@Lion Boy
Aiyo, first time dealing with lawyer is it? And first time buying house is it? It’s like that one lah. What? You want red carpet and lion dance when you sign your SnP is it?
During the good times, buyers don’t question. For developers, “ai lai mai suak” (translated – take it or leave it). Talk some more, i increase price…:) What is there to question?!? Their booking charts already showing 80% booked!…:)
That’s why, during this time, also the best time for crooks to come out and con people, just make a few phone calls, tell people you are partnering with a “datuk” to build a 200-unit condo, greedy friends would be lining up to beg you to accept their deposits…:)
When times are good, everything “sooi sooi than tua looi” (translated – everything smooth sailing earning big bucks). When typhoon “haiyan” is here, you are on your own….:)
All banks is lining up to stop accepting new application for DIBS project. So is better to secure the loan fast before getting caught in between!!
@KL Lang
Confirmed?
@KL Lang
I agree if anyone still not get the loan offer yet, need to be quick and done b4 end of Dec. Although developer say teoratically project which approved with DIBS will not be impacted already.
@islander_ori
Your bank loan offer already pay and process in lawyer firm?
I keep calling CTS and they say my document is not yet ready although i already receive formal letter from Maybank CC me that ask CTS to process the document quite some time already.
Will it because block D always the last to process?
@tomyam
My bank loan agreement was handled by another lawyer.
I have signed documents and just waiting for stamped SPA to proceed.
I called PWC sales office yesterday and my SPA is ready to collect.
They request my bank loan offer letter to confirm the loan status.
I’ve collected my stamped snp about 2 weeks ago.
Any block D buyer already get call to collect thei stamp snp?
yes, I am block D buyer and just get call to collect the stamped S&P last Friday ….
@PG188
your bank loan is CTS? they already ask you to pay the lawyer fee and stamp duty?
@tomyam
collected last week.
Just collect last 2 days. … Call Direct Ivory … stamped S&P ready long time at Show Galaxy there ..
@tomyam
yes with CTS…and already paid to them
Something is cooking up on this projects ….. now it is pending for Tropicana Ivory management decision. Pls look at your SnP, pls check properly whether it is lawful or not? Is the SnP printed completely or not?
@Buyer2013
What is missing? Mind sharing? Thought once stamped then its official for the race to start to complete the property? What pending decision are you referring?
Pls check your SnP agreement, whether it is lawful or not. Pls ask 3rd party lawyer. Dont ask CTS.
@Buyer2013
Please share your finding.
@cm
I call Ivory early last week and they said block D one is not ready yet. Yesterday receive call from Ivory to collect the stamp copy. Will go to collect and time to chase for CTS for the progress.
wow, i just check on reflection project and their additional car park is only sellling at 20k from developer.I wonder how Ivory will place their price.
I really start regret to let CTS to do the snp thing. Just now call them to confirm when i can go n pay and sign, the girl say pls take note the previous quote we gv you do not include what consent fee… this is effective Nov rules. Then say in order to get leasthold status.. i say what?? is freehold.. they she say yayaya.. i make mistake.. freehold.. also need to have the fees..
then call my banker he never heard of this. and he also feeling CTS start zha so ban mong want to get more $$$.
really pening with this kind of lawyer firm.
@islander_ori
@cm
@Steven
@Buyer2013
Is the stamping date of your S&P around end sept?
@tomyam
Bro, you have black and white from them or everthing just verbal communication?
Back then when you ask for the quote, did you confirmed that the quote pricing is all inclusive? Whom did you talk to? Maybe the same person can help (Unless its Ms.Lim who resigned).
@Bryant
No black and white from them as all through phone communication. Last time Miss Lim time she said they will write it somewhere. But confirm during communication time they say inclusive all.Last time talk to Ms Lim, my banker talk to Iza but now all they ask another girl Chia Xian to handle loan snp with PWC buyer.
The reason she give is last time quote all inclusive, just effective Nov, they have one more fee to charge for the consent fee. Then i told her even Iza also told my banker all include last time, then she say she need to go meeting and discuss this blablabla and call me back end of the day.
haiz..
@tomyam
Ms.Lim wrote the quote discounted price on the a pc of quoatation which she then attached together with the loan legal docs. When Iza took over, it was stated there and She acknowledge it as well. Of course there is a consent fee included in the quote already back then (before nov).
Think you should talk to Iza. Because I talk to her and I feel that she can help.
Anyway, how much extra the consent fee is charged to you?
@Bryant
Hoho.. i also ask her how much the consent fee? she say she not sure yet, is based on the loan amt, and say will call me back after their today meeting. I also ask her to check with Iza.
If she will give me the same reply today, i will call Iza again.
Oh, if the previous quotation attached with the loan legal doc is good, as least Iza can check. tq
Stamping date of S&P on 24 sept 2013.
Stamping date for S&P on 23rd sept 2013.
I am going to sign my SnP tomorrow
Just collect snp, stamping date on 27 Sep on yesterday.
I just recall when last time pre-sign snp, there is a piece of paper stating the DIBS scheme and how much developer will bear the interest and up to max -2.4 they will bear.
However, i could not find this in the snp copy, anyone have any idea where this statement will be include in the formal document?
Is it the final loan agreement?
Maybe I miss out previous message. Can anyone tell that what is that 1 small piece of land of in between TBR & drainage canal?
loan RM400K , lawyer fee is RM6500, is that reasonable?
@loan charge
need to negotiate further…
@loan charge
First time flipper kena chop? Haha
As a rough guideline, total loan fee is about 1.2-1.5% of loan amount. Some could get even cheaper..
Ask around. If you ask the right person, you will know that “changing” or “replacing” of snp pages is very common to certain developers. Anyway developers gave the biz to the legal firms they selected. U think the lawyers are going to look after your interests????? All the lawyers want is the next project from certain developers.
That is why the word “reputation” is so so so important. Buy from reputable developers. Nevertheless, you will still get your house, that is certain. Meanwhile, fasten your seatbelt.
On high side
I get around 5.5k for loan 400k++
Legal fee for loan – There is a standard
Anyone can highlight or confirm the following?
A) Loan amount
RM5 for every RM1,000
B) Legal fee:
1st RM150k is 1%
Nest RM850K is 0.7%
i get ~4.8k for 400k
What is this consense fee ? I talked to 2 lawyer A and B both have different answer, one say have one say no need. Should trust who ?
Do you quote include thos so called consense fee ? RM 630 ++ ……
@Owner Here
Frankly speaking, i dunno. What I do is, try to ask around all lawyers the final nett $$ i need to pay and get the lowest.
Lawyer outside used to give me the lowest quote so this the one i am using to nego with CTS. If they willing to charge me around the same, I will let CTS to make it easy. Just that i found out deal with CTS is not easy as every time i call , I have surprise.
Will update here once i get the final one as they told me this few days the document prep girl is on holiday.
I never trust lawyer +_+ Get some friend past experience from other project (not this developer), they have pay all lawyer fee etc and after few months still receive lawyer letter ask them to pay some additional charges which lawyer did not mention before.
End up they all need to go lawyer firm and find the big big boss to settle.
By the way, did they give you the fees breakdown on how they going to charge?
Oh ya.. islamic loan have better discount on legal fee, so the amt not only based on total loan amt but also depends on which type of housing loan you guys take.
But both loan have their pro and cons.
@tomyam
Hey, did you ask developer about the DIBS paper which we signed months ago?
My S&P was stamped on the 27th Sept too and the consent fee charged was RM959.
I do not know if consent fee are tied to the property price or not.
@tomyam
I think that you should get the receipt for the legal fee payment, together with the breakdown of the items you are paying for. This is what I requested upfront before meeting the lawyers to sign and pay. That is when I asked about the consent fee as well.
@Owner Here
I asked the lawyer the same question and he said something about leasehold land and for transaction (buying/selling), consent fee has to be paid. But for sure it is freehold land. My concern was only the part if I were to sell it in future and will there be any problem or restrictions and the answer was “no worries”. But seems that subsale buyers also have to pay this consent fee in the future??
If it is a free hold land, then why still need the consense letter, more confusr now
@Bryant
Thanks Bryant,
I have make arrangement with CTS, they say will give me the breakdown of the receipt when i pay this week.
I also request for the DIBS paper copy that we sign. CTS a girl call Chia Xian say she will send the copy to Ivory as well so i can get the DIBS copy i sign with the loan receipt. Probably you all need to call CTS to request they send you the copy. I wonder why they ask us sign but not include all this in our snp or loan agreement paper. if this week they “forget” to give me, for sure i will call them up and get again. Coz the whole stack of snp book i did not able to find the statement this project is in DIBS scheme, must play safe and get a copy.
@AngryDog
Don’t know where exactly to get the answer. No matter what, still need to pay at the moment. If things turn out to be “fishy” or invalid, then simply get the refund from your respective lawyer then.
@tomyam
The DIBS copy also must have signature or stamp from Ivory as well to say that they honour or agreed to this project as having DIBS scheme…If its a blank copy with only your signature also useless. Do update us again when you have it.
Hmm, so this how poor people purchase mid range property. Make a big fuss out of few thousand. LMAO.
Finally i got the last quote from CTS law firm, include all/everythings, inlcude the co-call consense letter RM600, total loan 400K the fee is RM5600. Can anyont of you comment if this is a good price?
Bryant,
No need to collect already confirm. Call Ivory, Lisa say the copy that we sign for the DIBS we can call lawyer firm (CTS) to send us a copy as well. But there will be no stamp or their signature in that document.
According to her, that document is for their use that buyer acknowledge we understand they will bear up to -2.4 only during during this DIBS period. She say DIBS project will not write DIBS thing in SNP one (huh.. never buy DIBS property before.. so can’t comment). But she say no worries as project confirm with DIBS project status.
Anyway, i will still ask CTS to send me the copy.
@tomyam
Good to know…so settle the legal fee and shake leg till completion then..
hopefully everything is smooth sailing…
I think after this no more project on Penang World City with DIBS right, according to the new “guidelines”….
@Bryant
Ya. I guess block E and F should be approved with DIBS scheme as well. But not sure if project approved but not yet launch, if those buyer only apply loan and sign next year, still entitle or no longer entitle. I guess for existing buyer like us, better fast fast confirm the bank loan and get it stamp before 2014 to provent any issue. I just pay a visit to the sales galary and notice there is still some block A and B high floor facing west unit still open. (non 872 sf unit) still seeing some family visit there asking around whether got bigger unit like 872 or 1xxx sf unit left. Pricing wise already quite stable, just they sync block A, B, C and D already.
Oh ya.. the only 872 sf unit left is the first floor(3A) with garden when i go that day. If not mistaken the pricing is near 700k range.
The loan rules also getting tight and tight, even have discount also need to count in the loan as well. Future really dun have the “big head” cannot wear the cap.
May be they will come with semi reno package? haha…
Everyday i pass by the area and seeing the clearing progress, but now they seems focus on building the power plant first. Anyway… any progress is good progress.
@tomyam
The power plant is part of the condominium as well. I am guessing it should be TBR supply station in the future,so it is very important.
For post approved projects with DIBS, the developer and banks will honour this arrangement/agreement. BLK E and F havent launch right? Kept delaying from aug till now. I think it is difficult to launch recently due to so many new rules and still need to balance out the sales package to stay attractive and yet profitable.
As for the loan agreement, they wont be stamping it that early. My experience was lawyer only get it stamped when the first disbursement is near to completion so that the lawyer are able to instruct the bank to release the progressive payment. Till then only we can get a stamped copy of the POA,DOA and FA. So kena wait till the foundation completed only first disbursement will happen.
@Bryant
ICIC
oh.. Block E is open for sale. Today went to sales gallery, the sticker is about 5% of the total available unit. All the unit only either 872 sf or 9xx sf.
22 floor, each floor about 9 unit.
coming to the price… the cheapest is RM743900, max is 1million something..
25 Nov they already have project start ceremony and invite those YB…
Each block also got a name.. like block D name is called Dalia.
@tomyam
rm743900 is a nett price or price b4 discount?
@acro
The price is before discount price as I only view the price chart. Not so sure the rest of the discount package or whether there is any freebies.
But i did ask the lawyer and he say he believe if purchase and sign snp before 31 Dec, should be no issue to get DIBS offer as well, although it subject to bank approval. But he did say recently bank approval is getting tighten and many person that just apply loan have a higher rejection rate compare to previous. He will suggest once decide to book or purchase, get bank offer before sign snp. By law, developer can forfeited 1% of purchase price once snp is sign no matter what reason buyer withdraw.
I like the latest movie clip in the sales galery, the master plan seems clearer and tell you the whole penang world city plan. which building is the conventional center, shopping mall, hotel, service apartment and normal living residence.
The one that next to Phase 1A will be shopping mall and service apartment.
**I saw in the movie clip say, there is limited unit in tropicana bay residence can actually have the partial seaview. Not like the one we guess all will block by the quaywest. Haha.. dunno which guy is so lucky to have it, probably block C buyer??? as the price chart is writing facing seaview?
Those have very full of cash and willing to pay extra can check of block E. Now no one will rush and compete with you, you can slowly choose the direction, unit, floor, price, garden/no garden as you wish.
@tomyam
Which direction of Phase 1A will be shopping mall and service apartment?
@tomyam
thanks for the info
@islander_ori
errr.. how to describe direction…
phase 1A front is quaywest, right is putra place. Left cross the road/flyover will the those service aprtment and shopping mall. the video clip picture a bit slightly different to the pucture upload in this side.. if interested can go the sales galary take a look. Super huge screen advertisement. Hope they can really realise it in 10 years time.
@tomyam
thanks.
As expected, they have exceeded 800+psf after they get APDL, with gst and soon 10-20% electricity hike..
@tomyam
5% of the total unit being booked so far within few days? Hmm.. lets see how the sales goes.
Wonder what is the sales package for BLK E…Also which units having those seaview..
Block E facing north east unit selling fast… most of the selling unit is from this direction.
Floor 8 and floor 18 with 80% sticker up.
I feel most buyer is chinese.. haha.. fengshui… lucky number.
today tired.. CTS issue again..
they keep saying kenot find the record Miss Lim gv the best discount. can only find the first note.
they also say miss lim time no consent fee blablabla..
no matter how also want to charge me the additional fee.. really feel terrible to deal with them.
@tomyam
Tell CTS this is their problem. furthermore is not your fault that the quote was wrong (if its wrong), and you changed to CTS because of the competitive pricing they (Ms.Lim) could offer. Now that she left and price change felt like cheated ma… So whack them kao kao…
FYI, the quote ms.Lim gave me includes the consent fee as well. So I am sure she did not miss out this item in your quote.
I think BLK E buyers mostly couldn’t get good units from previous launch..now is their chance to quickly close the deal before year end…year end mad rush “sales”..hahaha…
@Bryant
Yes. I agree so. Miss Lim already say all include. Even the new clerk Jiashian also say she see it..
the lawyer come and meet up say 1) he did not see the notes.. 2) he say jiashian is new..may be not clear..
i wonder if i already sign loan doc but not yet pay, can i ask other firm that quote me cheaper previous to do bo. haiz…
@tomyam
I believe you can still change back to another lawyer…But there are minimal cost you need to pay to CTS since you already sign:
1) Paper cost aka all the paper being used to prepare the legal doc.
2) admin cost like transport fee and misc.
But is there any other cancellation charges, I do not know….
received sms, new block is launching.
@Bryant
Yes. This is what i think so, guessing they will give me another “preparation” bill which equal to the same cost.
I just feel cheated and lost confidence to the professional body. Now i feel what people told me. Lots people having issue when deal with the firm. I am the unlucky one.
But i am still happy to get my house in PWC. Will treat it as different case.
i’m going to see see look look the block E unit today. See any goodies there or not.
@Jerry
Block E or F
Didn’t say whether block e or f, just final block open for reg. May be you can find out?
Block E open for booking.
– 22 floors: 3 level car park, 3A with garden, 22th top.
– 9 units per floor.
– Total 166 units.
– 2 sizes: 872sqft, 980sqft.
Package:
– 3% discount from selling price (Price in SPA)
– 5% cash rebate from 10% downpayment
– additional 1% cash rebate for 1st 80 units. (52 units booked)
Price Before 3% discount & 6% cash rebate:
– 872sqft: 743,900~809,900 (853~929/sqft)
– 980sqft: 840,900~906,900 (858~925/sqft)
Price After 3% discount: (Price in SPA)
– 872sqft: 721,583~785,603 (828~901/sqft)
– 980sqft: 815,673~879,693 (832~898/sqft)
Price After 3% discount & 6% cash rebate:
– 872sqft: 678,288~738,467 (778~847/sqft)
– 980sqft: 766,733~826,911 (782~844/sqft)
Price in SPA = Price after 3% discount
– 90% loan for cheapest units = 650,000.
Visited sales gallery this morning.
Saw the price for Block D increased 20k from June/July.
Total ~50k price increase from February.
wow~ the block e/f price,really “hard to swallow”…
@islander_ori
Still got rebates for the dpymt..not too bad.. I guess by 2014 it will be solid 10% dpymt for those projects which havent approve.
By the way, got DIBS?
Very slow take up. Property overhang? If phase 1 already hard to swallow, very hard for subsequent phases…
@Bryant
yes, DIBS can be secured if the loan can be approved by this year.
@islander_ori
how come they only give me 3% discount and 5% rebate. Urs is 6%?
@Q
I got this info for Block E from the sale lady.
You booked Block E?
I didn’t.
@kisiao
I think subsequent phase wont be launch so early. or they can choose to launch hotel first.
The master plan is > 10 years.. still got long way to go..
If subsequence phase is seaview gurantee can still reach another price range. if still no seaview one.. i feel they really need to have moer nice thing to attract people.
unless the inflation rate in coming few years up like hell..
then all people chase to get property to secure it.
My area food court price avg up about Rm0.5 each in 3 months time. Really scary. About 10% price adjustment.
@Islander_ori,
Thanks for the good info. The 20k increase is block D only or also other blocks A/B? Tq
anyone can letme know,..why so many ppl invest this project condo(pwc) than the light,any reason…is the devp gd..??
n any special for this project,when this condo complete..??
@lwp
Reason is clear, the light waterfront no more providing new phases with smaller units and perhaps attractive packages.
may i know wat attractive regarding pwc,..any brand hotel or shopping build up..??…i saw the condo dgn soso only leh…n the price quite high…i think condo 7-800sqf not so comfortable to stay…
@lwp
Young people are buying lifestyle nowadays but without parents support
they’re not buying anything. Many also bought 455 sq. ft. for RM 360K
depending on which floor.
Hhmm…..
@lwp
I am just curious. What makes you feel that “so many ppl invest this project condo(pwc) than the light”?…:)
@BirdMan
1)-85% fully sold out in short period,2)-pwc ..comment very hot nearly 2000tm …the light only few comment,…look like so quiet ,no ppl discuss…this is only my personal idea(after research)…
@Tll
ok>>tq sharing …if ur compare pwc v the light project,which one better to invest n stay..??
@lwp
what is your budget?
no islander. I almost bought the garden block E with 980 sgft. But after rethink, i don’t have sea view. So i didn’t buy.@islander_ori
Hi all, I booked a unit @ Blk E 4days ago, around RM833psf for 980sf. 1st time buying property… Can anyone help me on the ‘loan lawyer’ issue :
1. Should I go for the developer’s lawyer or other lawyer?
2. How the lawyer charge?
Thks.
my one all banker do for me … i think +- RM 6000 like that ….
i use developer’s lawyer (CTS) ….
That easy for contract document later ….
That i feel only la ….
@KH
You can select your own lawyer but it must be approved by the bank, so it can be a non bank panel lawyer if it is cheaper. You can ask the banker to get the quote from a few lawyers for you.
If the fee is about the same, may be you can select chow tat seng as you are familiar with them already. It is up to you.
This is how I select lawyer. They will give you a quotation and breakdown of charges and then give you a after discount final sum. It is the sum you should care about.
《中國報》向數家發展商查詢，針對房產新項目刊登廣告前，必須確保符合國行在15日通知銀行的事項，即不允許貸款給“發展商承擔利息計劃”項目。
“舉凡涉及“優惠”、“回扣”與“贈品”等字眼，都必須在廣告中備注解釋，比如根據國行規定，即使在本月15日前獲批的發展商承擔利息房產項目，明年起也將不再獲銀行貸款。”
Thks for yr info guys!
Frankly speaking, I didn’t do any study b4 buying & jz came to know that QWR will be blocking Blk E seaview, was it a wrong decision? &
is balcony facing South-East consider ok?
or at the 1st place I should buy QWR instead of PWC? thks.
Thks a lot guys!
Is balcony facing south-east ok?
@KH
Why not buy both? Both has pros and cons. TBR offer rebates,DIBS and NO affordable units which is approved already while QWR planning is still pending though comes with rebates and DIBS and many affordable units. As you know, DIBS is no longer applicable in 2014. Tough luck to QWR buyers. But of course QWR offers seaview which BLK B already gone kena sapu by investor club and BLk A will be at least 150psf more expensive then BLK B. the worst about both projects lies with developer. One with ivory and another with asia green.. Ivory well known with pg times square failure though picking up now in progress while asia green could not get their plan approved for the clovers for 2yrs already. Still TBR buyers has their hope high on TBR since tropicana joint venture too. Tropicana is really successful in KL.. Overall, pwc has much to offer, appreciation is definite. So why not buy both if you dont mind a thing of what i’ve said?If you can afford and not in hurry, you should..
@PWC Fan
Thks for yr kind help.
I think too much after read most of the comments above. Anyway, I’ll stick wiz it since deposit placed already.
So as u said, Blk E building approved already rite?
I will definitely stay away from TBR if Ivory is the sole developer… as Ivory is known to develop high dense product that only maximize profit. Such a strategic location will be a waste if development is the only done by Ivory. Hopefully main influence is from Tropicana that has good reputation and well known KL developer.
Although tropicana brand is popular here in kl, they are not perfect either. .But still better than Ivory, if this is called Ivory Bay Residence, I wouldn’t buy
I hope this Phase 1A doing well with more Tropicana element and throw away poor behavior from Ivory. Same to me, i bought because of Tropicana brand, not the poor Ivory. I hope this message will be read by thier staff and high management people. Pls dont spoil the name and dissappointed us.
I say again:
I bought because of Tropicana Brand, not Ivory !!
Overall TBR look impressive more like plan and design by Tropicana. In Ivory obvious case, it will be 7-10 floor car park.
@pwc understand no developer is perfect, BUT Ivory is terrible.
@KH
TBR plan is approved.. As you can see, ivory reputation is down the drain from the views of many but the trust is there with tropicana. Asia green reputation lagi cialat as they are unable to even deliver an approved plan for their project after 2yrs. So i’ll stick to TBR rather then QWR. Seaview isn’t everything and i rather bet my money on a project which is approved and still seafront and most important, a part of penang world city.
Can anyone tell me who developed Blk B launch early this year? I heard Co develop by Ivory and Tropicana.
how is the response for block E? how many % so far sold?
Hi all, thks for the comments!
3 main reasons why I bought it even though knowing that currently the price is very high are:
1. Location : Penang island – limited land
2. Part of PWC Project
3. Under LGE
– only now came to know that Tropicana brand so crutial…
by d way, I m x fr Pg…
KH, Where you from … Buy for own stay or invest only ??
@KH
Your price is after discount price right?
i check on the price list before discount for 980 sf min is 858 per sf oo..
Originally fr Kedah but converted to Singaporean 1yr plus ago.
Still do not sure 4 own stay or investment, highly depends on my biz these 4yrs (construction period).
My one is high floor, 833psf after 3+5% rebate, if 3+6% rebate is 825psf.
each level up RM2k, but level 8 RM10k more expensive than level 7, same to level 18 & 17.
May i know the price per sqft for this project?
@Bryant
Forget to ask you,
when you pay loan agreement lawyer to CTS, you get a receipt n breakdown on what they cover right, did they still still chop on the breakdown paper or acknowledge the receipt is tie to the breakdown?
the reason i am asking so is the breakdown price is the ori price. somemore in that paper
they say you can keep but there do not have any signature or indicator. I am thiking any method in future to prevent them tell us again the charges they gv us do not cover what..
as the chrages is not same with the breakdown total fees.
@KH
Then you should having the foreigner regulations like must buy property > 1mil, right?
under my wife’s name, she is Malaysian.
@tomyam
Dont mind can u pls tell me roughly how much loan lawyer charge for >RM8xxK property especially CTS?
RM400K, CTS charge RM5800
@KH
Hi, Sorry i can’t answer you as my loan amount is not at that high. But if is not based on house price but loan amt. Assume your loan amt is 760k nett
I have a wild guess the first quote they give you will be 9k ++ , the rest depends on how well you able to negotiate and negotiate with the lawyer. May be bank agent can help you too. Remember , is taking islamic loan will be cheaper 20% on the stamp duty as well. So, there is few variable determine it.
Once you get the best quote, remember get their black and white on the best quote they give you before you ask bank let them do.