Tree Residency @ One Residence
“Less is more” is the design philosophy of notable architect Ludwig Mies van de Rohe. With the Tree Residency, the values of minimalism are fully exuded, conveying a sense of harmony that comes from simplicity.
The minimalism in Tree Residency, however, is not one of emptiness, but one that is out of the box, with bold use of lines, geometry and ratio instead of fluff to achieve a clean and elegant look. More importantly, the materials used to construct Tree Residency are environmentally friendly, as such bringing its inhabitants close to nature.
The overall design of Tree Residency is skewed towards garden living, with eight different designs to suit the different requirements of buyers. The club facility of Tree Residency is complete with badminton court, half-sized Olympic pool and other recreational facilities that will bring out the athlete in you.
Location : One Residence, Sungai Ara, Penang
Property Type : Corner Duplex, Link Duplex, Twin Villa
Land Tenure : Freehold
Total Units: 316
Developer : Ideal Property
Contributed by reader (Update 27/2/13)
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Contributed by reader (Update 24/6/13)
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Contributed by reader (Update 25/8/13)
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Contributed by reader (Update 18/9/13)
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The developer is not pushing for the S&P. My case is i want to get it done as i might go outstation in the coming weeks. Actually type 22 is not not bad.
@Bryan
I’ve booked type 22 finally after someone released it and go for type 24. Some how my wife still worry about land sinking in Dua Villa whether it will affect TR.
Talked to my Sales Girl about the Air-Well. Seems that a lot of concerns party may have asked about this because when i talked to her, her immediate response was to address the material changes on the Air-Well covers right now has changed to better material compared to previous Sathu and Dua. Previous project has a lot of complaint on leakage and even start to grow mould. She also said that the overall design will not be changed but only better on the material usage.
@Ahaun72
hello Alhaun72,
Actually I looked at 24 again and compare it with 22. 22 is quite okay actually. I like 22 quite a lot and I won’t list what I like, since it will be compared with 24. But I share what i don’t really like about type 22.
1. No small room for maid. So need to create one. I might need to put a wall at the back so no more dry yard. Then shift the wall so that the guest room will be square. Then have to shift bathroom door so that guest has access to bathroom. The newly created maid room might be quite small so I might have to make the bathroom a bit smaller.
2. Next is sun lighting for the guest room. It will probably through the bathroom. Need to create a high semi transparent window between guest room and the bath room.
No worry! The banker will extend the offer letter valid date.
Type 22 is not bad. In fact it is almost perfect for me. Minors things are:
1. Small dry yard. I still don’t know how to utilize it.
2. Family hall. Many place wasted because of the location of the bedroom door.
3. Not enough store room space for me.
4. Small wet kitchen. Slightly smaller than my current condo’s wet kitchen, and not sure how to fit in a 4′ sinky.
I also a bit worry. But look at Dua villas, not a units affected by the land sinking. Also, knowing this problem occurred, the developer should have make sufficient preventive action for TR, I hope so.
@kaki
kaki. I’m a bit confused. So now you book type 22 or type 24?
Anybody know if there is new access road planned around 1R? Or may LRT station or something.. hehe.. (trying to jerk up 1R price). What about commercial? There should be something like Tesco, Giant or even shopping complex to support the population around Sg Ara. Anyone has any inside?
Last time the monorail by Badawi, the nearest station should be at the airport. Another nearby station was at sPICE (PISA).
Tescon, Giant, Jusco, not likely. The population here is not high enough. 1R is just ~3km away from Sunshine, Giant and Jusco (if really go to Elite). From Setai Tri-angle forum, there will be a McD as a beginning. I think Setia Tri-angle is the only modern commercial center there. So far, not sure what commercial lots will be built by Ideal in 1R, that land a bit small. Another new commercial lot is the Vision Park. Btw, the new condo for Vision Park is opened for booking.
@Bryan
Could you please share with us where is Vision Park located? Thanks
@Bryan
Any idea where is the location for Ideal Vision Park?
@chew
@charles
It is suppose to be at the other side of Jln Tun Dr Awang. There is a piece of land covered up by fence. Not sure is it the actual location.
@kotun
I booked type 22. Still concern about the land sinking issue.
dun worry la..with dua villa defects ..i am sure they know what to do this time..
i am signing s&p tomorrow..
@Ahaun72
When is the OC?
nearly 1 mil still can buy ? wonder what job you r doing so affordable.
Debt until die..
What price considered affordable?
It is common. Even if not taking up this debt, you will have other type of debt, until die.
When I free from debt of my housing loan, I took up a dept for my car. After I free myself from the car debt, I take up this loan. I think it is a never ending story….
Does anyone know about any feng shui reveal for Tree Residency? Based on type 22 design location of stove in the wet kitchen very near to the toilet, is there any clash?
@Kin
Hello Kin,
Check this site out. The shifu gives some review on one residence. Few good feng shui on Tree Residency,
1. Unit either face north or south.
2. Master bathroom is not directly above the main down down stair.
Kitchen close to toilet, that one need further clarification from the master.
forgot the website,
http://penangfengshui.blogspot.com/2012/05/feng-shui-review-of-one-residence.html
Any one know when the OC obtained for TR??
When is the access road to Jalan Dr. Awang open to use?
@Tan
@JY
Not so soon…
TR – Still many thins to do. Normally need another 6 months at least.
New road – As per yesterday, the road just covered by sand. The 2~3 trees at the center of the road still stand firm there, unless they do not plan to cut it down. Maybe still need another 2~3 months.
Most Likely it will take much longer than usual to open the trunk connection road as heavy construction has begun on the Fiera Vista. They might just leave the tree there till they are ready. If not heavy traffic commuting on the road will incur road maintainence by developer before handing over to State Govt of JKR
Fiera Vista has another access road. The worry should be the construction lorries from the projects near SPI. I think they will use the new access road. Some more, Vision Park will be launched soon. So, for the next 3~5 years, I think the road condition there will not be good.
Better don’t open that connection road.. just ruin the overall peaceful feel of One Residency nia…. No good at all by connecting to the SPI area.
anybody sign s&p yet? How come developer not pushing it? Are they playing any trick? What would happen by delaying sign s&p? Shouldn’t we push for snp as developer is trying to delay it? I’m guessing that delaying snp is good for dev, and not so good for buyer.
I think you will be disappointed soon.
What is the reason that delaying the S&P signing will benefit the developer? Because they don’t need to serve the interest because of the DBIS?
My guesses are:
1. Maybe the procedure of releasing the bumi lots not yet completely done.
2. Now the competition is more on condo. They need to ensure the confirm sales of One Imperial, and the Vision Park.
3. They allow you to take more time to get a loan package suit to you. Once you sign the loan offer letter from bank, they will call you for SPA signing.
Talking about the loan, for bumi lot released buyer, what loan package you are getting right now?
My loan from Ambank approved, but no flexi link facility. I still want to look for more banks.
PBB can give flexi link package, but MLTA is compulsory. Total additional 8~10K just for that.
Any other good bank loan suggested? I guess we got limited choice.
I sign liao. Maybank Islamic is flexi but only BLR-2.4%. Stamping in a week or two.
What is the advantages and disadvantages of Islamic loan? Actually, what is the different with normal loan?
Can give me the contact?
mplcycmy@gmail.com
TQVM
@Bryan
I thought we can only apply Affin, MBB and Ambank? PBB can meh..? My salesperson told me that there will be problem with DIBS if choose other than the 3 banks. I also got my loan approved. The best offer is from Ambank. Best since,
1. Lowest BLR-X%
2. Longest Loan tenure.
3. MRTA/MRTT is financed.
You could ask your Ambank agent to provide the home flexi link facility. But they can only switch it after project completed since the bank want to maximize the interest that developer has to pay during construction.
Islamic Loan has the advantages of settling full payment without penalty.
i did ask the lawyer what if the procedure of bumi lot not complete and start selling. The lawyer told me they don’t do this kind of things.
What is the project name for condo in vision park?
Bryan and kotun, when are u guys signing s&p?
@Bryan
I found this article on islamic vs conventional loan, so far is the clearest explanation I manage to get while searching tru forums, you may take a look.
http://loanstreet.com.my/learning-centre/islamic-vs-conventional-financing.htm
after reading this i decided just go with conventional (just to skip the headache of unable to monitor how much diff etc when i perform additional repayment to reduce principal under the flexi facility…. ultimately if BLR really continue to goes up, then bank will offer fixed rate like last time i think, then can consider switch to fixed rate? Tried to get fixed rate loan (those offer by AIA/ING/Citibank) to compare but unfortunately they dun offer to project under this developer (not big enuf??reputation not good?? ), some more doesn’t make sense for project with DIBS too.
my loan with MBB (conventional, with semi flexi facility) also approved, but pending the rate, the agent said try to apply -2.45 for me, also request to waive MRTA.
can anyone share what’s ur rate with Ambank? Any lock in period?
PBB also approved my loan but only with -2.4, MRTA compulsory.
Anyone tried before to ask ur sales agent to show the release letter date about the bumilot release? I tried but my sales agent was unable to disclose that document to me, even just for viewing at their office.
My worry is that how to confirm that buying this bumilot, it will not have any hiccups later if one day i need to sell it. I had friends that sold a bumilot to non-bumi, whereby need to get the signature of the “yang di pertua” etc… seems very troublesome…
checked with some lawyer friend, they said supposingly developer will have already get the release document to allow them to release bumilot to non-bumi, and the date of SnP for the non-bumi buyer shd be later than that release document’s date. Perhaps this the reason they not rush us to sign SnP?
I saja informed my sales agent that I will sign after CNY, then she say ok without hesitation/prob further to get it settle this/next week (my loan actually approved 1 week ago), as if cin-chai whenever i feel like sign then she just arrange… anyone experiencing the same? feel a bit wierd, but delaying shd be no disadvantage for buyer rite?
I feel weird too and share the same feeling. Anyone can help??
Actually, there are more penal banks, just that, the quota is full. PBB has just increase their quota for this project, so I received a call from them.
Convert to flexi link after VP, is doable but with charges ~RM500.
@Ahaun72
Don’t know yet when to sign snp. I want to delay longer since, I plan to use my cash for IPO (Tune Insurance) application first. Then only that pay the 10% downpayment. But I really hope that delaying longer will not cause any problem to me, eg developer suddenly cancel my booking or what not..
@cm
I got -2.45% from 2 banks (Affin and Ambank). MBB only gave me -2.4%. There are few more factors that I look at to maximize my ROI per annum. I have a spreadsheet that I come up with to compare your ROI, after say 5 years, for 3 different banks. If anybody here want it, please let me know your email add, and I’ll forward to you. Or can I actually attached it here?
@Ahaun72
Since you have already signed S&P for bumi lot. Do you managed to get the release letter for bumi lot as mentioned by cm?
I recall the sales girl says their panel lawyer is Sxx Associate. I guess all buyer will sign S&P there.
In other words, no lock-in period. Thanks!
I think after CNY. If March event better.
Thanks for the link. I also not prefer Islamic loan after reading it. In conclusion, Islamic loan is no that flexible when come to loan restructuring and refinancing. Also, looks like it is not transparent and charges may incur for early settlement or extra payment.
Look like MBB is the best right now. I will try to approach MBB.
@cm
I think delaying the SPA signing is advantage to buyer. Any other opinion?
If you get 90% loan of cheapest unit, 938K, the difference of 0.05% is about RM35/m, and reducing according to your balance loan principle. In my case, I prefer the flexi link package more than the 0.05%.
They will not show but the Lawyer said no problem.they don’t do dirty work.
Where else can we check whether the bumi lot is being release?
@Bryan
Yes I also prefer the flexi link package. You can dump yang monthly salary there, and help to reduce the interest. And Ambank might be able to give it to you if you ask. The 1st answer from Ambank would be it is not allowed for DIBS project, but you can ask them to put it in the loan offer annexure, that the loan can be converted to flexi package (at minimum admin cost) once project is completed.
Anybody got -2.5% package? No one answer yet, but can we apply PBB also?
Hi Kotun, Bryan,
Do you have the contact for PBB, AMBank and Affin Bank?
Can share it here?
thanks.
@TCM
The best I think is to get the contact from your salesperson. When you contact the banker, you should specify what you want, and they will try to meet your requirement. These were my wish list,
1. Loan Tenure till 75 years old
2. Flexi Loan Facility
3. BLR-2.5%
4. MRTA financed in the loan.
You could request for no lock in, but I don’t really care for lock in since I don’t plan to sell within 5 years…
My current approved loan is what you mentioned. I event try 1 step further by apply the flexi loan directly but not successful.
Now PBB give me some lights that they might able to waive the MLTA, plus the possibility to get up to 90% loan. And it is flexi loan package, 1 year lock-in. Although it is only BLR-2.40%, but it is justifiable.
As for MBB, will probe on what can they offer.
Leave your email here, or send email to me. mplcycmy@gmail.com
I personally feel the lock-in period is very important. I have 2 time experience getting the impact from it. In both cases, my initial plan is not going to sell it as it is for own stay. Therefore, never care about the lock-in period.
My conclusion is, what you think today may not be the same tomorrow. There are many things can change your mind. So, best get the loan package with maximum flexibility.
@Bryan
yup, the 0.05% different not much, key things i look for is flexi loan & no lock in. Too bad MBB conventional plan hv 2 yrs lock-in, still trying to get the agent to help get it waive for me.
Anyone explore the possibility to go other bank? heard foreign bank more aggresive, maybe the offer better rate & flexi options? Can DIBS work with non panel bank? i.e. buyer pay bank interest & claim back from developer if go with non panel bank? possible?
@cm
Actually, will the DBIS a lot as the construction is almost 60~70%, and the sales mentioned that VP by June? But I don’t think non-panel bank can support the project which is still in construction. Besides, developer will not bare the legal fees of the loan facility agreement anymore.
I will try MBB, full flexi, lock-in 3 yrs.
Anyone knows the ceiling height for tree residence. Is it 10ft or 12 ft? I was thinking how to create one small room for my maid, and I think I pull it off.
Anybody know if we can ask developer to do a bit customization in the house, eg shift the wall, shift the door and all?
I think ~11ft or more, but look like lower than Sathu.
Forget about the customization, unless the customize package from developer, which is none in this case. Some more, all the walls are done now.
Maybe you can consider to convert the wet kitchen to maid room + store room, and shift you wet kitchen combined with the dry kitchen? May need to add 2 walls for this. Otherwise, consider to make a small room near the staircase, outside the small store room.
@kotun
consider use partition wall at the family area to create a small room? but might need to shift the room door a bit.
I also tried to ask to close up the courtyard too but guess will hv quite some reno to do myself later then. headache is one thing, feel really wasteful all those materials build in then tear down…ideal sales said this time they dun entertain customize request as previously they experienced customer complain they do wrongly on the customize request. just too bad.
@Bryan
think MBB is semi flexi, coz agent told me fully flexi means those combine with current account, which will charge RM200 setup + some monthly fees.. u can find out more too?
MBB never mentioned about the RM200 setup, just RM5 per month. Semi flexi RM25/ withdraw, more expensive compare to other banks.
@cm
Mine is type 22. I’m going to close the dry yard, and then make the guest room square. The maids room (between guest room and the covered dry yard, will be around 8’x6′. I need to be creative on the sun lighting for the guest room now.
Anyone got their bumi release s&p stamped?
@kotun
At the very 1st begining, PBB was part of the panel bank. I think that early they would have finished the quota allocation and left with AMBANK and MBB. I signed on earlier and later about 6 months down the road AMBANK call me up to offer loan deal. So what you are signing up right now is what quota allocated to AMBANK by developer.
Checked out the site this weekend. Found that they are starting to cement the outer wall. I am wondering if Ideal going to vacate those nasi melayu stand at the corner junction road or not. Not appealing to have those around as i see that they start to build permanent extension structure on the wall.
@Mookster
I think the stall will remain there kot, as well as the pasar malam on Sat night. Doesn’t matter, they are our additional FOC security guards.
Another progress is, the new connection road was tared. I think it will be done soon.
It also pose a security breach as the structure can be use to climb over the wall. Will have to talk to the management as when we are near to get VP
@Mookster
Yes, we must united in order to voice our concern to Ideal
So, Bryan,kotun and Mookster..it appear we are from the same group?( i mean we just bought the bumi release lot).
@Ahaun72
Sure I am, and still in question where the earlier buyers went? There are total 15X units, right?
True…. never thought of that.
Great to hear that.. sooner or later. we will need to creat a private group for TR to communicate with all residence.
Yes still buying. I’m still negotiating with one of the bank, asking them to remove the lock in period. They offer 2 years lock, but I want request for no lock in.
I happen to drive through one residence last weekend, and stop by at Dua Villa security guard. Chat with the security there, and he mentioned that so far there is no break in, in Dua Villas, but some break in in Sathu Villa. He told Tree Residence should be better security wise, as it is surrounded by main road. Hopefully this will be true.
@kotun
Hi Kotun, Bryan, let me know if you manage to get the waive of lock-in, both PBB & MBB offer with 3 yrs lock in, seems like quite impossible to waive… (MBB no lock in unless take islamic, which already shared the reason why I dun prefer islamic)
agree we can create a private chat group later for TR.
btw, anyone has concern on the Vision Park? seems super high dense to me, anyone know if Jln Tun Dr.Awang can be further widen or with plan to do so? Or they will open up a road to connect with the road near STAR / Sultan Azlan Shah?
Anyone be invited to the VP pre-launch booking who might hv info on the access road planning? pls share, TQ
I plan to book Vision Park before, but might cancel as seems like too high density. 1000 units sounds too many. I also have a feeling that by the time Vision Park is completed, there will be a surplus of apartment in Penang.
@cm
Definitely jam like hell in the future…2000 more condos at Vision Park and with Heng Ee and SIS schools around. Some more SPI will directly link through the access road cut across 1R. Super duper jam!
@Mad
Agree. Government should widen the road and improve public transport.
seems like can’t avoid for more high rise eventhough is near airport, the other side (setia side)when Clover, setia Pinnacle, Garden Ville, Setia wave, Meridien etc all up oso > 2k unit, not to mention those already OC like Zan,Reflection etc.. the whole south west population really increasing, which is inevitable with the demand increase (means Penang is blooming?? more ppl ‘migrate’ to PG) , just hope there’s proper town planning by the PG gov to avoid end up like farlim/relau, effort to widen the road, some flyover etc will help i guess, & ofcoz best the monorail is on with station nearby.
On the other hand, i think Heng Ee & SIS is value added to 1R actually, won’t really contribute much to extra jam i guess.
I’m also awaiting the offer letter by MBB & PBB. Going to engage Affin soon with up to 75 years old I think.
@cm
The connection road to SPI is totally unnecessary. SP Setia should do their own works to widen the access road toward Sg Ara & Bayan Baru.
Everyday SPI owners drive through and see how nice our house is, no good meh? Just joking.
The connection road is important to me to access to Jln Tun Dr Awang.
1. I will use that road to Bayan Baru.
2. When back to 1R, no need use the U turn at traffic light after the Bayan Lepas roundabout.
Besides, commercial lots to be built at that junction, as well as the commercial lots at Vision Park. Need some crowd to make it success.
@Bryan
Just change the guardhouse location of TR facing Jln Tun Dr Awang will do. Why need to open the end of the road to SPI access? Everyday SPI owners pass by to laugh at the sinking Dua Villa nia. Can just forget about commercial lots in Penang lah, difficult to success..penangites are burdened with housing loan, kiamsiap on spending. The Ideal One World is an example.
I second the suggestion. The TR Guardhouse should be somewhere else and not infront of the Traffic Light Junction. It will cause inconvenience to the residence as at the front exit of the guardhouse there would be a security barrier pillar that will only let 1 car pass at a time. So how many car that can be after the pillar before the traffic light ?? maybe 2 or 3 cars. During peak going to office hour will sure jam like hell.
the land sinking issue will slowly impact the rest of 1 and 2 residence… all of the houses are on the same piece of land… just wait long enough and see the imminent risk to happen…
TR perimeters do not have any interface with Jln Tun Dr Awang.
It is a problem to have the traffic light in front of TR guardhouse during normal time. At the same time, the traffic light will also help if there is a traffic jam. Otherwise, you can’t get out.
1 good thing is, no traffic light from the new access road to Jln Tun Dr. Awang. This will provide a smoother flow of traffic. Bad 1 is, cannot right turn at the junction. You have to follow the path, and drive along the road until a new U turn to be built there. Actually, no point already as you almost reach Bayan Baru at that point, unless you want to go to Vision Park. Similarly, those drive from SPICE cannot make a right turn to 1R, but make a U turn at the roundabout.
Talking about the Vision Park, there will be ~4 blocks of residential. The rest maybe commercial. there will be a road connecting to Jln Sg Tiram 3, cross junction with Jln Tiram 6. Both road connected to Jln Sultan Azlan Shah. And Heng Ee will be some where nearby here, not in 1R.
I heard Ideal provides 20 years warranty for the house because someone complained about the back yard cracked. Is that true?
Hopefully Ideal will learn from this issue and ensure proper development on Tree Residency. Btw, ONLY the porch and the backyard of Duavillas were (I think they have fixed it) sinking. Someone told me they use cheaper contractor and this contractor did not do any piling on the porch and backyard. Again to clear things out, the houses are NOT sinking, just the porch and the backyard. No issue that I heard of on Sathu.
The road sinking is quite normal I think. IJM light linear and the vicinity will have road and fence sinking problem.
There should be a traffic light at Jln Tun Dr Awang exit and allow for right turn. Only then the traffic can be diverted to both directions (toward Bayan Baru or airport roundabout) to go to FIZ, and not all one way flowing toward the bottleneck at Jln Tengah!! in this case who is responsible for the lousy road planning? MPPP or Ideal? Is the plan already firmed? How to rectify it?
@Mad
Did I mention all the traffic have to flow to Jln Tengah? There will be a U turn lane near the last block of the Vision Park, for those who want to turn into Vision Park, or go to the airport.
It is a typical thinking that a traffic light will improve the traffic. To me, we need more this kind of road design to ensure the traffic to all directions are smooth (speeding lane for the small road connecting the main road, specify U turn lane, divider between the lanes with opposite direction…). Traffic light should not used on main road if there is a choice.
Go to Ideal office, check the Vision Park model and the routing, and chat with your sales person for more info.
@Bryan
The stretch of Jln Tun Dr Awang is only 1 lane each direction, u turn??? unless Ideal going to widen that stretch of road lah… and also there will be long queue for U-turn, since the access road is located near to the end of the Jln Tun Dr Awang, and only for entry into/crossing 1R, I see no problem to have traffic light. Only cars from airport direction need to stop by the traffic light and the car volume flow is relatively low. Also with traffic light can use the Jln Tun Dr Awang to enter 1R directly and no need to goto airport roundabout.
@Mad
Go to Ideal office. Unless the model is built to tell lie. Otherwise, there will be 2 lanes each direction. Again, please go to the site and check. The land beside the road is under clearing. The width can cater another 2~3 lanes new road. All the trees could be remain as the divider (not sure about this). The U turn lane is similar to the 1 in front of Petronas at Bkt Gambier. And it is near the South Homes, where the road already widen to total 4 lanes.
Traffic light method only suit to secondary road with lower traffic flow. See further in future. Jln Tun Dr Awang should be built for higher traffic volume and this is a good time to do it.
You may travel a bit longer distance but with a shorter time.
@Mad
Normally traffic light will be installed after many requests from the residence. Traffic lights sometimes causes more jam. Not a sure good thing.
Building a flyover at the Teluk Kumbar junction towards Batu Maung + road widening would probably help divert some traffic. Currently, Jalan Tengah is virtually the only road going to many FIZ factories coz the traffic light at the junction is super long …. 5mins due to priority on main road towards Teluk Kumbar.
How many contributor and followers in this forum is actual owner and planning to stay @TR? How many are speculators and investors ?
I think not much investor/ speculator on bumi released lots. if have, should be those purchased at 7XXK 2 years ago.
Anyone able to check if that area flooded 2 days ago when there was a sudden heavy rain?
I’m buying to stay and not speculator. Cannot say I’m not an investor. Plan to hold medium to long term at least 5 years. Will even keep it if I am moving to KL.
I’m also wondering if there is any flood 2 days ago. Anyone knows?
wonder those buying at near 1mil during the bumi lot release work as ? businessman or factory worker or accountant/lawyer ?
@ho
Me just engineer.
taking 90%+ loan la…but what to do…
@ho
I’m an engineer too. But sakit a bit once start to pay.
Pay a lot monthly. Good thing is, this will force you to save on unnecessary expenditure eg sport car, oversea trip, weekly/monthly buffet in 5 star restaurant, and probably start to loose weight also. If you have extra cash monthly, and not doing anything about it, then high chance you will spend it on the above unnecessary expenditure. So just dump it on the house.
different people got different perception on life quality… some may think you have missed a lot of fun but just constraint yourselves to the 22×70 DST…of course, just my personal opinion..
@kotun
Me a bit better. 50% installment can be covered by existing condo rental. To me, just like install another 500K condo from day 1.
I m engineer too. i believe nowadays both husband n wife working… the combination with EPF acc 2 should be able to lessen the burden of the huge loan…. just 2 cents of my opinion….
No idea, but didn’t see any for the past few times I passed through when there was a rain (not too heavy though). Having said that, I once passed through the traffic light junction from SPI during a light rain. It seems potentially the short stretch of road from SPI towards Desaria could flood when there is heavy rain coz water flow (from higher ground towards Sathu Residence) is blocked by the road divider in the middle. May be no “pass through” hole on the divider or blockage? Not sure if that will be fixed …
@Bryan
Would like to seek for your opinion.
Keep condo for rental or sell condo to reduce your principal? Which one is better option?
I am currently holding a condo as well, was thinking whether to sell it or keep it after move to TR.
EPF dividen (~6%) is more than the loan interest! Should keep it with EPF. Engineer should be able to do simple calculate mah..
and in case one of the couple been retrenched, then only consider to withdraw the EPF 2nd account and may tahan for few more months..
U all engineers live with no quality of life just want to buy houses. Hope the factory downturn cycle come now and all of u will wipe off like year 1997.
Good point Bryan. I actually have a condo as well. And the rental for the apartment (good location) is higher than the rent for landed. Once I rent out my current apartment, I only have to 50% (maybe less) of the installment.
Hello Joshua,
If I may help to answer as well. You need to do some calculation and assumption. Say your rental yield is 2% (you got some + cash flow monthly), and let say the apartment yearly appreciation is 5% (long term average). Your total return yearly is then 2%+5%=7%. Say your landed loan interest is 4.2%. In this case, it is better to keep your apartment. For property in penang, your rental yield is usually low (maybe -) but the appreciation is higher.
But if you know any ‘lubang’ say BN introduce new Amanah Saham, with guaranteed return 8.5% per annum, then by the number, you probably should sell the aparment and dump your money at this 8.5%. There are my simplications and many more factors not considered here, but this is the rough guidelines.
Quality of life varies from person to person. It is very true some or maybe many of us spend a huge part of our $ into houses, but a reasonable person would be able to judge the gain vs loss vs risks. Even if I couldn’t get a house, I still wouldn’t hope for an economy fall as that is very selfish. I do hope there is a price correction not due to factory downturn, but due to others reasons like earning power hasn’t caught up, very tight control from government to create more healthy, sustainable future rather than highly speculative.
Hello Dress code,
We buy house for own stay, not to speculate around. And if possible, let’s try to have a good heart here, and not pray bad things to happen to other people. Why would you want downturn to come and wipe us (engineers) all? Will that make you a happier and better person? What goes around comes around you know. As it goes in magic movie, you cast 1 bad spell magic, you got 10 bad spell in return.
Asking this question of investor or residence is more meant to gauge what sort of civil level of neighbourhood that TR has as when we face with issues to resolution.
The safest thing is to borrow within your means. When you borrow to finance the property and then take the rental to finance another property, then you are living on the edge. Your job is the only real income. Of course, if you get retrenched, your last fortress is your savings. One should have at least 1 year of savings in the bank so that it gives you at least 1 year grace to regain your position.
Many ppl here never gone thru 1997 which the interest shoot up to 11%. If now interest go to 8% without -2.4% many ppl will jump building already. Let wait for that history to repeat.
Can you share with me? xiuyuan83@gmail.com
Thanks a lot in advance!
I have the same scenario with you. I will keep the condo if able to get a good rental income. I calculated that for the 30 years loan term for TR, the condo rental will be able to install ~800K which is about half of the total installment. At the same time, I still own the condo.
But if not able to get a good rental, will sell it. And by selling it, the money is sufficient to settle the loan for TR in my case. The question is, after the TR loan settle, you start to have positive cash flow every month. Then you will start to think what to do with the cash on hand if want to fight the inflation. And again, you start to think of invest a condo for rental. At this point, the condo price already very high and you will start to regret why you sold your condo earlier.
So, as long as you can tahan, hold your condo for rental.
The money in EPF is like the price appreciation of a property. The money and the gain is not yours until you retired or sell the property. If you want to compare the return, property return (price appreciation) + the interest saving is higher then the EPF dividen.
You may learn how to utilize the full flexi link housing loan.
Obviously you don’t know how it’s work. You no need to be 100% use your money to buy house. You can use other people money to do so. I only paid 300K to me existing condo, and somebody will use his 600K to help me pay for TR.
And when FIZ goes down, I don’t think you still can cari makan in Penang.
If your condo location is good for rental, definitely keep. You need passive income when retire.
1997 is anwar ibrahim year…. hope he is not back again for another 1997 scenario
@Undress Code
You need to understand what causing the recession in 1997.
@Mad
Today, alot of people hit the jackpot in lottery….. we don need the EPF at all actually n the maths cal is no longer needed. Robert Kuok once mentioned that to be rich , need to be bold. That explain y middle class income population is reducing n the low income pop is increasing at exponential rate. Any simple maths to use ….Mad Maths??
Recessions is cause by people greed…….. Anwar ibrahim is the catalyst in hiking up the interest rate in 1997 during 1997 recession. Opps… too much politics discussions n i should stop now
@Undress Code
Partially right, not good enough.
@Bryan
Yeah…. i will ask Paul Krugman to give us lecture about US economy recessions. Haha… Happy Chinese New Year 2013 to you and your family….
@Undress Code
1997 got anything to do with US recessions? Anyway, Happy CNY to you too!
@Bryan
Your question is similar like……..Dr. Lin See Yan got anything to do with Paul Krugman?? No, becos one is ang moh and one is ting lang….. Yes, becos both are well known economist…. Just joking… bro… Chill Up.
@Bryan
For rental, maybe can get return around RM1k, but for the TR loan, monthly interest will charge more than 2k. Aren’t this negative 1k monthly.
But if you sell your condo, you can settle your loan, and not being charged interest. Am I missing something here?
You are right, for the first few year. Interest reduce every year, rental increase every year and condo price increase every year.
So you have to decide whether cash or property is important at the moment. For me, I still choose property as cash may depreciate.
@Bryan
in the nutshell….. just follow your gut feeling….. sell or no sell.
Gut feeling….. I cannot play around with just a gut feeling. I only take calculated risk, by my way…..
@Bryan
In Robert kiyosaki book, gut feeling is d mandatory requirement other than d calculated risk in making the right real estate deal.
That guy ar? His actual strength is able to make the readers believe him and make him a fortune. His western way, higher risk, and I follow my own eastern way, more conservative and secure.
I guess your calculative method is your gut feeling………
Gut feeling must have ‘secret reason or instincts’ to judge
@Bryan
You are wrong. Robert Kiyosaki teach people to create positive cash flow and is conservative. If buying properties by loan, the net rental yield must be at least able to cover the interest of the installment. If the cash flow is negative and you just put the hope on price appreciation, then you are just gambling and exposed to great risk. Sad that this is the case in Penang now. It just need some catalyst for the bubble to burst.
eastern , more conservative and secure way == gambling with greed & always in denial
All. What Bryan said is quite true. I used to read his book also before, and some of his comments were hard to grasp. Eg ‘If you go broke, go broke big…’.. and few others. Why don’t you all try to google something like “robert kiyosaki bank…” and read more.
If you are buying on area where raw land are still abundant, and you are getting negative cash flow, then I think you will be in trouble. In Penang Island, if you buy and hope for appreciation, I don’t think it is gambling. You know the land is limited (less supply), and statistically, price per sqf (not only in Penang), always appreciate in the long run. It is more like an educated guess, than gambling.
Again, try to google something like “robert kiyosaki real estate portfolio..” and share with us if you find any…
Roberts philosophy is good for reference and don’t take into heart. Robert is a bankrupt. Now even bankrupt he is still well off with his monies park to his close partners. Now in US you will not go hungry with social welfare coverage. All this self-improvement books do take with grain of salt.
Anyone visit the Ideal Haus showunit yet ?
The show unit will b ok on 11/2/13.@Mookster
agree with you.
any units available? …missed the boat!
R u looking for the ideal hauls ?@yapp
Oh really? You must have benefit from his theory and become a rich dad by now. Buying home with loan create a negative cash flow, and waiting for price appreciation is referring to gambling, while follow the gut feeling, is conservative and able to create a positive cash flow…. this guy must be a god because I really don’t get how his theory work.
Anyway, I still prefer my own way.
Peace all. Happy Chinese New Year. Have a good holiday.
Ideal Haus show unit open on 11 Feb? But I didn’t receive any SMS, where you know it from?
Tree Residency @ One Residence Type 24
kotun,bryan & mookter,
Is the unit we bought(bumi release lot) allow us the title to be transfer to non bumi?
I mean , can we sell it to non bumi later?? How are we able to find out?
I think for Penang, it is not stated in the SnP if it is bumi lot or non bumi lot. Other states like Kedah yes. Plus for the units we book, it is bumi released unit, which I think is quite different than bumi lot..
Summary, I think no problem
I checked this before. 1st, need to differentiate the different between bumi lot and bumi reserved lot.
Bumi lot: Those property built on bumi reserved land. The title will mentioned the lot is bumi lot.
Bumi reserved lot: Those property built on non-bumi reserved land, but the property reserved for bumi. The title is normal as other normal lots.
In Penang, majorities are bumi reserved lots. No problem to transfer to non-bumi in future.
I bought Platino bumi lot. Already sold last year, no problem. It is not stated in the snp bumi lot or non-bumi lot. Actually, in Penang there is bumi price, not bumi lot.
i think there is still unit available for type24..why don’t u go to the Ideal office?
Hello Ahaun72,
I’ve been trying to get type 24 too. My currently booked is type 22. Went to the office a week ago and seems all type 24, even 22, are fully booked. Any sales person that you know that I can contact?
i sign s&p end Jan 13. Any idea when stamping will be done?
Hello yapp,
Seems like you are quite active in property investing. Do you plan to stay or flip later on Tree Residency? Any other project you are eyeing at the moment, if you don’t mind to share? I’m waiting also for Victoria Bays, next to Queens bay… but don’t when they’ll launch..
Type 22,24 fully booked.
Victoria Bays is much better than Parcel 1A PWC. VB real seafront, some more next to QB. Next phase of PWC will be much better than Parcel 1A.
Trehaus Bukit Jambul by IJM is good for own stay n investment(in term of location).
@kotun
@yapp
Those waterfront projects, need many many money. The future buyers will only be foreigners, I guess. And this area this heavily depends on the FIZ.
Why not use the same money to invest in projects that local ppl also afford to buy in future? 1 unit in waterfront may tread for 3 units. The total gain also almost the same.
Anyway, my personal opinion is that those short to mid term investors, who already invest some in the past 2~3 years, should trying to sell in 2013, not buy more. Towards 2015, you will get the hard time to sell, although the price may not drop.
Cf and vp is issue based the whole project or parcel to parcel basis?
Will the bumi released lot get vp later than the normal unit?
Hello Bryan,
Can you share why it will be getting hard to sell from 2015 onward?
@kotun
Just comment in general. 2012 is the best time to sell, and 2013 may be the the last chance to sell. This is only my opinion as I am a conservative type. When there are too many uncertainty in the market, I will cash out.
As for the waterfront projects, it is very risky as I believe when VB launch, it will be a few steps nearer to 1000psf mark. With that money, you want to buy the property near FIZ? I suggest you choose those near to tourist spot. The economy activity is more diversify.
@Bryan
Hello Bryan,
Thanks for your input. I think the VB is more “angan-angan” for me. Don’t think will have the bullet anyway. What’s your opinion on the build-then-sell regulation than government might implement on 2015? What would be the effect?
Now eyeing for property in KL/Selangor, but need to calculate first if got more bullet left. If I buy 2nd and 3rd property and sign snp on the same day, then both will be considered 2nd property right (only 10% downpayment)?
I saw one type 22 released, when I visited Ideal Haus show unit. If you want it, you better grab it fast. Type 24 might be harder to get. I’m also looking for type 24.
If you bought 2nd and 3rd property on the same day then both will be considered 2nd (10% downpayment) and 3rd (30% downpayment) property
dunno why people are change their mind..is the booking fee refundable?@kotun
Hello Alhaun72,
Probably loan is not approved or something.
When you apply for the 2 loan (assuming different banks), they will approve for 90%. On the record, you only have 1 property. What will happen if a person got away with this? Will the bank later on reject the loan or will Bank Negara come and get you or something?
The reason I ask is, I know one rich friend in KL who bought >5 properties at the same time, and all >5 are with 10% down. He has been asking me to adapt the same technique, but I’m scared later on the bank refuse the loan or something.
Yapp and the rest of the sifu,
Is there any risk in buying this bumi release?
Is there any special procedure incurred later on? example the rest of the unit can get VP liao but the bumi release unit need to wait for some other approval which will further drag??
@kotun
how does your friend do this? Can share? Or maybe emailing me?
YES. Both banks will know that you have applied two housing loan at one time. Both banks will approve 90% and asking their respective officer in-charge to summit your loan application as soon as possible. Definitely only one (the fastest bank) will get 90% loan. (The second bank will offer you 70% loan). THAT is from my experience (You need to ask your bankers for details) The rule and regulations pertaining housing loan created by Bank Negara is very smart. It is so difficult to override it.
The reason I ask is, I know one rich friend in KL who bought >5 properties at the same time, and all >5 are with 10% down.
……..once the bankers get caught he will suffer for the rest of his/her life!
THE SHORTCUT road is shorter than the normal road but actually it is longer and danger!
Hello yapp,
Somehow he manage to do it. I think the bank only look at ccris before the offer letter is issued. Once issued, maybe the bank won’t look at it again. But as this is not the normal way, or the way trying to outsmart Bank Negara, then I think I should avoid it for future problem.
Hello, I forgot how much is type 24?
i think is 1.03M
Dang…. quite expensive… dunno is I can afford.
have u sign ur s&p?@kotun
not yet. I haven’t even accept the loan offer. Still trying to get a better deal. And waiting for type 24 if available.
how much you guys think type 24 worth, after OC?
i think easily 1.2M or above
@kotun
Hello yapp. May I know the reason why you prefer type 24 over 22? I want to learn from the taikor… hehe…
@kotun
Do you know the plot number?
It is in front of the semi-d. If I’m not mistaken plot 25… It was free last Tuesday…
24 End lot for own stay, considered luxury and spacious,good ventilation and light. For investment, 22 better, easier to get buyer, AND subsale for 22 vs 24 is not much different.
better avoid type 20.
I’m not the taikor…..!
Now you “have” 1 million rm. Where to invest?
Here, Tree Residency@one residence? PWC? Victoria Bay?
Icon Residency Penang by Mah Sing, Gurney drive?
Trehaus by IJM, Bukit Jambul?
Location 3x
I like sea view @ waterfront very much BUT just don’t like reclaim land.
For own stay I prefer landed.
I bought 24 in Shah Alam. Behind my house is type 22 series. Subsale 22 series is 670-680K. My unit sold at 720K. So, for investment better buy type 22, extra money reserve for down payment next property. ( BUT If you have big money, you can buy whatever you want, not a big problem)
@yapp
Thanks. Will stick to 22 then. If you don’t mind, please share with us your next booking of landed in KL/Selangor. Would like to understand the reason.
Your TR is for investment? Personally, I think this location is still not that good for investment, unless something really happening happen here. For the same money, can get at least 2 good condo in sub-sales market and have immediate rental return.
For own stay, then I think this location is good. Not too crowded as town and not too less in amenities.