@SP
sierra residence going to open for booking on next Friday & Saturday (12/23 & 12/24).

@KK
Newspaper advertise rm345 sq/ft. Take for example, Tower7 Level 5(1400sq ft), it is 362 sq ft

@Ah Lee
Ya. I had received their letter of invitation email and mail on yesterday. The price abt RM311/sqft. I think will be long queue up again like golden triangle. I hope you can get a unit there. Good luck.

already receive call from PBB…from BW…
any others bank from island..? can we request to loan others panel bank..?

Hi SP, can I know what do you mean by long Q? At what time usually ppl start to Q during golden triangle launch,tq.

@QQ bb
One day b4 the launch date ppl start queue up and many ppl going to queue up. There were occured on during TGT & Elite Height project launching date.

Any buyers for Fiera Vista already obtain and sign off letter of offer?

not yet… have you done so?

Already obtained but haven’t sign yet …

Yes, I already obtained but don’t know want to take up which bank. All banks offer BLR-2.4% and tied up 3 years from 1st draw down?

XX, WK, which bank you guys apply so far? All flexi loan?

Anyone taking up the HLB islamic loan… no tied up period and rate is BLR-2.4% with advance payment to reduce the interest and it is flexi loan. Is this loan good?

@CS

Affin, HSBC, OCBC and etc…. Yes, all semi flexi but HSBC is full flexi that monthly need to pay RM10.

HLB bank officer also told me like that but at last I didn’t apply thru HLB.

Are we need to sign offer letter before 2012 ? bank officer told me bank negara may impose new regulation next year …

@XX
huh, what regulations is he/she referring to?

@WK
Any reason why you do not take the HLB islamic loan, it deal sound better with no tied up period and no need pay Rm10 for full flexi?

Affin & OCBC give longer loan tenure and lower monthly installment.

Yes, BNM new rules but are they going to implement or not? Not sure.

any news on the other 2 towers?

CT you waiting for other 2 towers?

Should be left only Tower 3 not yet launch.

CS,
any info regarding tower 3 and tower7?

WK,
really? how about Tower7?

CT, you can call to ideas office to ask. I don’t have any info for the remaining towers.

@CT

Tower 7 already launched last month (refer to above posts).

any of you sign SnP already?

Not so soon the SnP. Will be after Feb.

SP :
Not so soon the SnP. Will be after Feb.

IC, then can keep in FD and earn 1 more month interest. Haha….

SP :
Not so soon the SnP. Will be after Feb.

Oh… after Feb mean some time in March? Where do you get this info? from Developer?

Should be after CNY somewhere on Feb.

any good offer for bank loan…got BLR-2.4% from PB, no lock-in period but RM10 per month for full flexi account. Anyone know which bank without monthly charge for full flexi? Saw earlier post HLB got, but is Islamic type..heard that Islamic loan the interest rate calculation is different.

@LT
OCBC, BLR-2.4…no monthly fee, no lock-in period

@YY <
Any term and condition if no lock in period? My understanding no lock for selling but lock for refinancing in 5 years period. Please clarify.

@LT
flexi islamic have the same interest calculation as others loan and it is better i think… You better go and ask for it… it protect the buyer from BLR increase too…

Semi-flexi only available under HLB but the max tenure only 30 years. That’s mean higher monthly commitment and loan amount stated under BNM is total loan amount + interest charges.

seem like OCBC is better… no lock in and iIt’s Not Compulsory to buy MRTA from them.

@CS
My OCBC letter of offer was ready to sign. But it is locked for 3 years start count on 1st drawn out. My agent was offered me no lock as well but with condition cannot refinancing in 5 years. In fact, OCBC has a requirement that the 1st installment will start after 37months upon letter of offer sign off no matter VP or OC complete or not complete. But the MRTA was not the must buy item.

@SP

so you decided to take OCBC? how about other bank, are they have the same requirement that the first installment will start after the 37months upon letter of offer sign off no matter VP or OC complete or not complete? Base on my understanding, other bank is a MUST to buy the MRTA from them.

@CS
HLB not force to buy MRTA. PBB can apply to waive but have to submit your personal life insurance as support document. I only knew HLB 1st installment will start after OC. How abt you? Which bank you going to select as your loan banker.

@SP

I’m still considering but most likely will go for OCBC. Since it is not required to buy MRTA.
HLB offer full flexi?

I am not sure HLB got offer full flxi or not. But their max loan tenure period can offer is just up to 30 years or 65 years old whichever come 1st.

AM Bank – MRTA is an optional. Financing up to 70years old. Full flexi, monthly fee RM10.

Any offer during CNY? Heard that with 2 free car parks?

Yea… saw the newspaper advertisement… got 2 free car parks and 10k for down payment ? … not sure the selling price per sqft for this CNY offer. Anyone went to Ideas office to get some update?

Lower floor (level 1 – 3A) on Tower 5 less than RM360/sq ft for 1650sq ft unit

I went to the show unit. The sales person explained that only need to pay RM10000 and no more fees until vacant posession. Is that true? won’t they collect 10% downpayment after signing S&P? The road to the Sunway Tunas will be opened in 2015 parallel to the completion of Fiera vista. there will be total 4 towers, now only launched 2 towers.

@bibi
i think what she meant was 10k is just the booking fees only. u still need to come up with the 10% in order to borrow 90% loan during the signing of S&P.

@bibi
10% downpayment for sure must be paid upon SNP sign. There are total of 4 towers (1,3,5 & 7). All had opened for sell except Tower 3.

@SP
Previously I’ve heard there were going to launch tower 1,5,3,7 in this sequence….seems like they’ve change to tower 1,5,7,3….

YY :
@SP
Previously I’ve heard they were going to launch tower 1,5,3,7 in this sequence….seems like they’ve change to tower 1,5,7,3….

ok thanks for the clarification. RM10k is for the booking fees. Upon signing S&P, we have to come out with the 10% and pay nothing until vacant posession. Do you know when is the S&P signing?

@bibi
I think not so soon. But according to them will be sign on Feb.

@YY
I am not following the launching sequence to introduce the tower no. But if want to follow the launching sequence, your statement is correct.

TQ SP for the info

How much is the selling price? I’m interested with this by the way its look good.

@SaThi10
It’s around of MYR360/sqft. Some unit got discount of 15K and come with 2 carpark. U may find out with them for detail.

Where is the actual size showroom?

@Miku
at the One office lot there…

Anyone get the affin bank offering?

Affin bank compulsory with MRTA. Anyone know when to sign S&P and pay the balance 10% deposit?

WK :
Affin bank compulsory with MRTA. Anyone know when to sign S&P and pay the balance 10% deposit?

I think quite a number of buyer already signed the S&P.

Anyone know if there are any units left for 1,450sqft ?

@kulikia

Is it? Loan agreement or S&P? You already signed both docs?

Yes. I signed both.

@kulikia

Welcome FV residence

Only signed and not yet stamping, am I right?
BTW, which Tower & loan u take?

WK :
@kulikia
Welcome FV residence
Only signed and not yet stamping, am I right?
BTW, which Tower & loan u take?

Hehe… you are right.. Not yet stamping. I m tower satu…. I took OCBC… how about u?

Also OCBC but Tower 5

oh nice! so have you sign the S&P?

may i know what is the max tenure period that OCBC offer? how about the interest rate? BLR-2.4%?

i think can go up to 36 years but you may need to check with the banker.

Anyone here get more than BLR -2.4%?

Not yet and lawyer firm only called me to sign loan agreement but I didn’t signed because wait for S&P, then just sign it together. OCBC rate is BLR-2.4% and max tenure is 65 years old.

How much is the MLTA for fiera vista?

OCBC MRTA is optional but Affin compulsory and can go for min around RM1.8K

@WK
RM1.8k? so cheap only? how much value/years does that cover? This is for 1 person right?

I never asked. My final goal is any bank can borrow me without MRTA or monthly charges will do.

anyone has OCBC contact?

OCBC-Lionel, 0124202050 is a young guy but with good service. Which Tower u bought?

thanks WK. i got 1 unit on tower1

Aiyo, all Tower 1. Facing swimming pool? Anyone from Tower 5?

this developer not good… until today my landed cannot transfer name………

@WK
Hi WK ,
Y u dont want to buy the MRTA ??Because of investment purpose ???

Mine is also Lionel…good service!

@transfer

Hi transfer,

May I know what is the landed project? Thanks.

Already received letter to sign SNP. Had to prepare cheque for 10% down payment …

@WK
WK, i am from Tower 5, pool view. Going to sign S&P this Saturday.

@SP
Hi SP ,

Which bank u take ? the developer call u to sign S n P or u call up yourself ?

Good, at least got someone from Tower 5 now. Haha….

I also got 1 unit on tower1, but worry my loan not approve. alr rejected by Ambank, any one can teach me how to do?

ambank reject you or only approve you lesser loan amount?

@ck
I am applied 2 banks and finally I take HLB. Yes, will going to sign on tomorrow.

@PY
My advise you shud apply at least 2 banks at the same time. Try OCBC chances is higher.

@kulikia

Totally rejected me.

@SP

But just received a call from Lionel -OCBC, my loan has been approved. Strongly agreed, a guy with good service.

@PY

try OCBC and affin , the loan tenure can up to 40 years ,more easy to get approval

they called me to sign SnP tomorrow. anyone know when can we draw the car park location?

Yah…..how/when we’ll know the actual carpark loc..?

we need to draw for the car park location? I though this will be assign by the developer?

What? The car park by draw? No advantage for early or higher floor purchaser?

most of you buy additional car park?

if buy additional, i know some car park not side by side, have to draw, by luck..

@PY
If the carpark is a free additional carpark, usually will be back to back carpark. I think when you first paid 10K booking fee and letter of offer by developer got mentioned about your 2nd carpark whether is side by side or back to back. However, as I know we have to go thru draw process by developer for define our carpark location. But correct me if I am wrong.

according to ideal officer, they told me purchase of additional car park will be side by side… Not sure if this change… did anyone sign the SnP already? did this statement list down in the SnP?

@SP

free additional carpark? do u mean that some unit come with 4 car park? i have buy additional carpark, they never inform me whether is side by side or back to back, they said have to draw..

somemore not guarantee side by side , maybe alternate, must go thru draw process.. anyone know more info for the additional paid car park?

I am noticed that the facilities specified in SnP is very little (abt may be 7 or 8)compare to their advertised. Any one observed?

Hahaha …. this is their reputution …. too late if you realize now …..

When the signed S&P will be stamped?

@Rejected Permai
FYI, I am not feel any regretted bcoz it’s still a good and affordable project. Left less than 30 units only but all are 1650sqft. Why u so happy to see ppl regret?
MYR180 monthly maintenance fee only. What you expected?

early of next month will stamped.

Do you mean that all Tower 1,3,5 & 7 small unit (1450 sq ft) already sold out? What interest rate you have been offered by your bank?

@2298
Yes no more 1450 sqft for tower 1,5 & 7. Correct me I am wrong. Tower 3 still not launching. According to them will be higher about 30K from current tower price. It’s make sense bcoz that tower is low density. Here is standard interest rate offered by developer panel bank.

BLR-2.40% (locked 3 years)
1st & 2nd year BLR-2.45% (locked 5 years)

SP,
what are the listed facilities in the SnP?
if i recall it correctly, their latest brochure (photocopy leaflet) only listed down less facilities compare to what they advertised earlier (during Tower1 Launch)

How many unit still left? What facility is missing from SnP?

I doubt Ideal going to stamp the SnP so soon. They have not even launch the Tower 3 yet. (Tower 3 + ~30 units left no) = abt 120 units left. Are Ideal going to take up the 25% units now and sell at later time and bet for better price?

Signed until hand pain and wanted to rush to other appointment. No time to read and concern too much that time and also many buyer come to signed that time. But however most of the major facilities still there. I am not too concern abt that.
I am not think we can do anything if they want to delay for SnP stamp. But I am foresee no benefit for them if hold it for too long.
The Tower 3 will be sell it 30,000 higher than current tower according to them but no official. I think want to sell the size of 1450sqft in Tower 3 will be very fast if maintain as current.

I thought Tower 3 already open for sale, I saw the pricing for Tower 3 in their selling price book when I place the deposit on Tower 7, it started minimum from RM520K & all Tower 3 unit already changed to 1450 sqft unit according to them.

2298 :
I thought Tower 3 already open for sale, I saw the pricing for Tower 3 in their selling price book when I place the deposit on Tower 7, it started minimum from RM520K & all Tower 3 unit already changed to 1450 sqft unit according to them.

tower 3 unit by right is what sqft? 520k still is a buy…. vertiq is selling 520k (low floor) for 1000sqft…

Tower 3 is six units per floor, each floor originally came with 4 units of 1450sqft & 2 units of 1650sqft, heard from the sales that due to demand on 1450sqft, they plan to change all unit to 1450sqft

@ transfer,

which landed property? please share, very eager to know.

Really so high demand for 1450spqf meh?

@MVP

@MVP
why do people like the smaller units? can someone please tell me?

shld b affordable range and better layout. lastly pool view as well.

All, I will sign the S&P soon. Usually, the S&P terms are always site to developer and we as buyer have no choice but to accept it. But never mind, if the developer did not hand over the unit on time as per S&P date and whith poor quality, we can always get a lawyer to sue the developer. Few years ago, I did sue one developer where I bought the house in 2001 but only obtained the OC in 2005 but the S&P mentioned should be in 2003. All the terms are site to developer and they claimed the delay is due to other local authorities such as TNB, PBA delay their approval and also shortage of material in the market. I refuse to accept their explanation and hire a lawyer to sue them in the court. I won the case in 2010 (after 5 years sueing ) and get all my compensation plus daily interest. Developer can give all reasons and execuse but if we as buyer gather together and sur them, the chances we win the case is very great. Developer always think the buyer will not take sue action against them and they also think most of the buyer don’t know how to sue them. So, just sign the S&P and see what happen. But I still hope Ideal Property will recover their reputation in the market and One Residence & FV project is the good opportunity for them to proof so. I hope the unit can be completed on time with good quality as per the show unit with all facilities in place as what Ideal has been advertist in the newspaper and in their exhibition. Hope after 3 years later, we as buyer can move in a new condominium with happy heart and no sue case will happen. This is the win-win situation I wish to see BUT IF IDEAL PLAY DIRTY WORK IN FV PROJECT AND CHEAP THE BUYER, I WILL 1000% TAKE LAYWER ACTION TO SUE THEM AND WE ALL SHOULD STAND TOGETHER TO SUE IDEAL, but I hope this situation did not happend. We work so hard to earn the money and borrow 90% of loan from the bank to support Ideal FV project and Ideal should appreciated all the buyer for their TRUST to them and deliver the FV condominium ON-Time with Superior Quality and Superior Facilities. I hope Ideal people READ THIS MESSAGE CLEARLY and TAKE FULL OWNERSHIP IN THIS FV PROJECT.

@koi
Hi Koi, very good sharing and appreciate that.

Agree. Our buyer should defend our right …

@MVP
MVP i’m one of the buyer, just sharing my thought.

– Is near FIZ, where i work and most employment is located at that area
– 10min to nearest shopping mall QB moreover 1 min to airport
– The radius of the development is more less you know what is building in the surrounding area – all landed property and coming soon they will be 1 commercial building beside and SP setia is coming with a local community mall nearby
– 1450 a more descent space for family of 4 and the price are more reasonable compare to most of the surrounding project or you can compare the latest Vertiq almost 500+ per sqft

– Negative
– Near airport might have minimal disruption of aircraft sound.

I just can’t understand, why people still buy although they are not happy and don’t have the confidence… This is a funny world.. as if Ideal is the only developer in Pg

FTZ. The FV design, layout and facilities as shown in the exhibition are very good and attractive. This is the reason why people are willing to buy. But this does not mean that we accept the poor quality and long delay. I heard in the past, Ideal has several bad project which did not complete on time and that made their reputation badly. I have visited the Ideal Regency built by them and it looks good. The owner of Ideal did advertised FV in the newpaper few months ago and he did explained why several of his project are be delayed. He also mentioned FV and One Residence project is his ” hope ” to gain back the good reputation in the market. Well, I hope what has been promised by him in the newspaper to public is True and that’s why I willing to ignore what was their past and look forward for the good commitment from Ideal on the FV project. I trust Ideal will keep to their promise unless FV is their LAST Project and after this, the will quit completely from the construction project which I belive Ideal will not do so. Housing project still is a booming business in Malaysia and will keep booming. So, to Ideal Property, please keep your good promise on FV project and gain back your reputation in the market. I trust you can do so and that’s why I am one of FV buyer.

@koi

Do you keep the newspaper cutting?
What newspaper is that?

@YK

Fully support you and have a Yahoo group to connect all the FV buyers.

@koi

Thanks for the sharing. I think now the question is when will IDEAL stamp the SnP? The date of completion is count from the SnP date of stamp, not date of sign. This is the gray area where developer happily collected the 10% downpayment and there is no commitment date for project completion. Buyers can’t do anything. Now i see they have not even launch the Tower 3 yet.

Yes, when to stamp the S&P since APDL already obtained since last year. Anyone get an update from developer because they told me will stamped once S&P had been signed. Is it same feedback from you all?

@YK

The officer told me will stamp a month.

@YK,

You never ask whether IDEAL means will stamp when “ALL” the S&Ps have been signed? haha :p . that can be unknown duration depends on the sales of remaining units… now they have not even launch Tower 3 yet.

I think for FV buyers, if u r call upon to sign S&P, should question IDEAL on the status and not just simply pay the downpayment. Since they cannot commit a date for S&P stamping, why pay so early?

@LT

Hi LT, that’s mean yours one not yet sign your S&P as well lo? I will signed next week then maybe will postponed as well until I get final stamping date from them. When you plan to sign your S&P and loan agreement?

@LT
I am actually asked the lawyer. She said will be on early of this month. If it is not yet done. I will call her and screw her until get it. haha…

Hi MPV,
The newspaper is Kwang Meng Jit Poh dated 28-Sept-2011 ( Wednesday ) on page B14.
It is almost a full page taking about how Ideal started in their construction, their past few projects, why Ideal Regency was delayed and how Ideal overcome it and their latest FV project. The speaker is Datuk Ooi Chee Leong (pronunciation of name may not be so correct as I translate it from Chinese name ), Ideal Group CEO. I still keep the newspaper cutting with me and will keep it until the FV project is fully completed and OC obtain. If Ideal did not delivered as what had promised, then this newspaper cutting will be sent to Datuk Ooi to help him ” remember ” what he has said in the public.

@koi

Can scan and share here? Hard to find back 5 months back newspaper.

I can scan but don’t know how to attach it into this forum.

@YK

I think the earliest time FV buyers should sign the S&P is after launching of Tower 3. Reasons:
– This is condominium project and OC only can be obtained if all towers + facilities are completed. Do you think IDEAL will stamp the S&P so soon and legally start the count down to project completion, while now they are still talking about change of layout for Tower 3???
– ~300buyers with average ~RM50K downpayment is ~RM15million. The yearly interest alone ~RM500K which may enable them to maintain a small sales office, while temporary holding the launch of Tower 3 to target for a better launching time (economy recovery??).
– These are reasonable doubts (judging from the past record) which IDEAL should provide clear direction/answer. And as buyer we should protect our interest (which every FV buyer should do).

For those who have signed SnP, please keep us update whether IDEAL is keen to keep the promise on the stamping dateline, in order to redeem their reputation.

The Arena near PISA is one of the earlier project said to be linked to IDEAL. I heard the S&P was signed few months back. Who know what is the status now (stamped or not)? Looks like no sign of work begin at construction site yet.

koi,

Great job! I think there are few Ideal project that will be completed soon, if not mistaken the one opposite D’Piazza… not sure if it is still open for visitors. Maybe we can have the 1st hand look on the workmanship and etc etc

I just called up the Ideal Sales Manager, Nancy to ask about the stamping status. I have not yet sign the S&P yet but Ideal has called me to come to sign it at anytime. I told her that we as buyer should not pay the 10% balance until the stamping is done. We will just sign the S&P and wait for Ideal to call us again when the stamping is done, then at that moment, we will pay the 10% balance. She told me that the stamping will be started this month 15 -March onwards and if we sign the S&P today, we can put down the date in our cheque with date 15-March-2012.

@koi

Thanks koi for the update. For newspaper scan copy, maybe can seek for admin@penangpropertytalk.com to help upload.

when i signed the SnP, ideal told me that they will get stamping on sometime in March. Let me call them again to follow up see whether they provide the consistent info… will update if there is any news.

@koi

Good! Keep the newspaper till the project is complete.

I heard that from somemone who went to the Ideal office to sign SnP, you could see a stack of FV’s SnP already been stamp at the right side of the office which stack up to at least 1m high.
Could someone please verify this?

Lastly, did any one clarify with Ideal on car park allocation? They told me not finalize yet either draw or assign accordingly.

MVP :@koi
Good! Keep the newspaper till the project is complete.
I heard that from somemone who went to the Ideal office to sign SnP, you could see a stack of FV’s SnP already been stamp at the right side of the office which stack up to at least 1m high.Could someone please verify this?

The IDEAL sales manager Nancy said SnP stamping starting 15-March, but “someone” said he saw whole stack of SnP already stamped. There are already inconsistency here, so some of the info is misleading.. Anyway, if IDEAL trying to play foul, let’s warn other buyers/potential buyers..and remember they still have Tower 3 to be launched! Internet is powerful…

@LT
What yr mean the SnP will be only start stamping after Tower 3 launched? Pls advise.

@SP
The whole project need to be completed within 36months from SnP stamping date as per housing rules. If IDEAL stamp the SnP now, it means need to complete the project latest by March 2015 to avoid penalty (interest pay to buyers).
1. While now still have change on the layout for Tower3, it is unlikely to start construction work
2. If Tower3 response no good (at least in the short term while economy uncertain), IDEAL need to take up those non-taken up units and start construction to avoid penalty, which may be a financial burden to them.
So the common sense is to have Tower3 launch, gauge the response and then decide when to stamp the SnP (if the take up rate is good enough).

@LT
Base on yr explanation, do u mean the SPA will only possible to stamp after Tower 3 launched and not going to happen on March 2012?

@SP
Unlikely the SnP will be stamped before the Tower3 launch. Unless IDEAL is very cash rich and willing to take the risk of “start build before sales”.
IDEAL need to bear the interest during construction. If IDEAL start construction now with ~25% un-launched/sale unit, then they need to folk out that cash portion, or drawn from the bank loan, which mean lower profit (need to serve the bank interest for buyers’s loan once drawn out). So common sense is to get highest possible take-up rate(down payment cash) before start work in order to maximize profit (reduce loan interest).

@LT
None of us know what will happen on next but only god know. Let wait n see what going to happen on March.

@SP
IDEAL management sure have a plan in their mind. It is just whether the buyers been told about the truth. Let’s hope for the best that they are serious about the reputation, especially in this internet age.

If IDEAL is serious about the commitment to stamp the SnP in March/April, may be they should add in additional clause that “SnP should be stamped within 2 months from date of signature, after that, 10% interest per annum should be charged on the downpayment amount”. The Wave@Time Square does inform buyers that additional clauses in SnP which enable developer to opt to stamp the Snp within 18months, while buyers are offered with promotion package. Well, in this case it is willing buyers willing seller, and not a cheat.
FV buyers, perhaps all should counter-propose to IDEAL if given answer that SnP will be stamped in March.

@LT
I am never seen SPA got put such unique clause that“SnP should be stamped within 2 months from date of signature, after that, 10% interest per annum should be charged on the downpayment amount”. Unless go recruit your own lawyer request the clause include on yr SPA. For those developer put in additional clause in SPA to stamp the SPA within 18 months, is that mean that developer has declared that their project going to delayed for 18 months? If not true, why not but 1 or 2 months?
I remember u said Ideal not going to do stamping SPA before Tower 3 launch. Let wait see your thought become true or false.

@SP
Please see the comments for more info regarding the 18months option for SPA stamping @The Wave here: https://www.penangpropertytalk.com/2011/12/the-wave-penang-times-square/
Ivory is at least honestly inform the buyers and offered promotion package (8% rebate).

Well, one of the important aspect of business is manipulation of cash flow. To leverage others’ money to generate own wealth.

@LT
“The trick here is the SnP will include a clause that the developer can opt to go for stamping up to 18 months. Which means one may only get the VP after 18+36 months=54 months.”
This is what I can see. The developer told buyer they are legally to extend the project completion period up to 54 months. This is a marketing strategy. If developer not offered promotion package (8% rebate), who want to sign the SPA? Do u think those buyer signed the SPA is due to the developer honest?
To be frank, i am not really care how long they want to complete the project but worst come to worst must be completed until VP. Let them bear the bank interest and let me get the far future Penang Island property but in today price.

@SP
Ivory practices good business ethic where the project timeline is transparent to buyer. They do not mislead buyers with false expectation of project completion date. The buyers is well informed (and legally endorsed) of the potential late completion (additional 18 months) and in return, buyers are given rebate. Willing buyers willing seller, fair & square.

On the other hand, an un-ethical developer may let the buyers have the false expectation that VP in 36months, but then just simply delay the SPA stamping and use the downpayment money as interest-free loan to further build their wealth. In this case, buyers bear the risk as the SPA is not stamped, and no legally committed date for completion.

I did not mean there will be definite delay by IDEAL for this project (unknown yet), but based on calculated risk and business sense (refer to my previous few posts), it is lower risk and maximized gain for IDEAL to stamp the SnP after launch of Tower 3. I just provide my objective opinion and warn the buyers to protect own interest. If this is not the case, IDEAL have the responsibility to be transparent on the overall project timeline, convince the buyers and calibrate on the expected date on VP.

I do not agree with your opinion that “lock-in today price and no need to care about the delay while developer bear the interest”. I think it is business ethic that a developer to deliver the project as per expectation (36months), and not playing around some loop holes of housing rules to maximize gain. A buyer may lose a lot if the project delay, for example: rental loss, loss of other investment opportunities (cash tied up). Anyway, I respect your opinion and your every right to express and execute it.

@LT

Btw LT, why you so free got time to advice the people here ar? Ideal cheat you before? Please share. I really thinking to grab a unit here leh.

@MVP
You can go ahead and grab as many unit as you like. I think this project is good (layout & location) and should make profit after 5 years, IF properly implemented.
BUT the question is, if IDEAL request you to pay the 10% downpayment immediately (said they going to stamp S&P THIS WEEK). Would you 100% believe that, while another 25% of the project have not been launched yet? Go & ask those people purchased The Arena, Golden Triangle, etc. Please get my point clear.
Developers have been taking advantage of buyers’ ignorance for so many year, and now in internet age, buyers can obtain and share information to protect own interest. IDEAL should not be worry if they are going to deliver their commitment.

LT :
@SP
Ivory practices good business ethic where the project timeline is transparent to buyer. They do not mislead buyers with false expectation of project completion date. The buyers is well informed (and legally endorsed) of the potential late completion (additional 18 months) and in return, buyers are given rebate. Willing buyers willing seller, fair & square.
On the other hand, an un-ethical developer may let the buyers have the false expectation that VP in 36months, but then just simply delay the SPA stamping and use the downpayment money as interest-free loan to further build their wealth. In this case, buyers bear the risk as the SPA is not stamped, and no legally committed date for completion.
I did not mean there will be definite delay by IDEAL for this project (unknown yet), but based on calculated risk and business sense (refer to my previous few posts), it is lower risk and maximized gain for IDEAL to stamp the SnP after launch of Tower 3. I just provide my objective opinion and warn the buyers to protect own interest. If this is not the case, IDEAL have the responsibility to be transparent on the overall project timeline, convince the buyers and calibrate on the expected date on VP.
I do not agree with your opinion that “lock-in today price and no need to care about the delay while developer bear the interest”. I think it is business ethic that a developer to deliver the project as per expectation (36months), and not playing around some loop holes of housing rules to maximize gain. A buyer may lose a lot if the project delay, for example: rental loss, loss of other investment opportunities (cash tied up). Anyway, I respect your opinion and your every right to express and execute it.

MVP, I thought you bought a unit (or more) already? Then looks like you are just someone with a lot of ‘insider tips” per your previous comment..haha

MVP :
@koi
Good! Keep the newspaper till the project is complete.
I heard that from somemone who went to the Ideal office to sign SnP, you could see a stack of FV’s SnP already been stamp at the right side of the office which stack up to at least 1m high.
Could someone please verify this?

@LT
Buy property sure need to get more insider tips from people like you la.
You think simply buy?

Back to the question, Ideal got cheat your money before or not?
If no, I will proceed to buy, if yes, I will skip this project.
There still have 1650psqft unit left.

@MVP,
Why u dont want to get your ‘insider tip’ from Ideal, but just ‘simply buy’ a RM600k property base on my experience? if u are not a buyer yet, why u so free got time to spread non-verified news abt SnP?

LT :

MVP :@koi
Good! Keep the newspaper till the project is complete.
I heard that from somemone who went to the Ideal office to sign SnP, you could see a stack of FV’s SnP already been stamp at the right side of the office which stack up to at least 1m high.Could someone please verify this?

The IDEAL sales manager Nancy said SnP stamping starting 15-March, but “someone” said he saw whole stack of SnP already stamped. There are already inconsistency here, so some of the info is misleading.. Anyway, if IDEAL trying to play foul, let’s warn other buyers/potential buyers..and remember they still have Tower 3 to be launched! Internet is powerful…

Anyway, let see this time whether IDEAL is really means to redeem their reputation. Lets monitor whether they will keep to the promise to start stamping the S&P start 15-March, or playing dirty tricks to keep delaying. Salute to internet & information technology where buyers now possible to change the rules of the game!!! Buyers, let’s get some black & white, or recorded proof if IDEAL tell u a date/time for S&P stamping, & we will monitor them!

@LT

Friend, I am asking for news, not spreading news.
If I can get “insider tip” from Ideal, I won’t be here reading this forum.
Since you so free sharing experience, why can’t other be free to listen to your experience?
How I buy and base on whose experience I believe is up to me.
The purpose of this forum here is to share experience and let other to read the experience.

To be frank, my neighbour was one of the purchaser before Ideal (rich focus), and until today still yet to obtain his title.

i’m actually interested in this project until my neighbour talks about it until i dropped my booking.

@LT and @MVP, i’m sure both of you knows about this quite well?

@Aminah

until today mean how long?

for more than 10 years

@Aminah,
which and where is the project?

My brother also bought a unit there and now stuck. Original model show got tennis court ended up nothing. Original design full height glass in master room ended up half. No strata title until now.

@Steven

What project?

its 15 march now… anyone got call to ideal to check the stamping?

@LT
I have a news for you. My SPA has been stamped together with one of my friend too. Ideal has stamped the SPA before Tower 3 launch. It is proved that your assumption totally wrong and not valid. I am signed my SPA end of Feb and my friend signed it on early of March and Ideal get it stamped done within a few week time. Is it a normal time line you want see it? If not, what suppose to be a right time line to be? Can you advise us? Do we suppose to complaint them why the stamped taken a few week to complete? Not one or 2 days time?

LT :
@SP
Unlikely the SnP will be stamped before the Tower3 launch. Unless IDEAL is very cash rich and willing to take the risk of “start build before sales”.
IDEAL need to bear the interest during construction. If IDEAL start construction now with ~25% un-launched/sale unit, then they need to folk out that cash portion, or drawn from the bank loan, which mean lower profit (need to serve the bank interest for buyers’s loan once drawn out). So common sense is to get highest possible take-up rate(down payment cash) before start work in order to maximize profit (reduce loan interest).

It’s the condo project near their sales office. Very low resale value without strata.

@Steven
Which condo project are you talking abt?

@SP
I am talking based on the stand point of a buyer’s risk, while you seems to like the developer so much. The problem with IDEAL is with the buyers’ trust & confidence. They have messed up with previous projects and even the Rich Focus projects still haunted them till today. If this project is by a reputable developer (IJM, Mahsing, Ivory, etc), think can even price at 400psf still people queue to buy. Glad to hear that your SnP is stamped, and hope this is not some selective cases. Internet is a double-sided sword. It can also help IDEAL to gain back their reputation if they are sincere. Otherwise will just like Rich Focus projects which still haunting IDEAL even though Rich Focus is ‘no more’ in the playing field.

@SP

Wow…That’s good news!

Hi all,

I have signed my S&P in Ideal office on 6th March. During signing, Ideal told me that the stamping will be started in 3/15. Last week exactly on 3/15, I call Ideal sales manager and she told me my S&P will be sent today (3/15) for stamping. This morning 3/19, Ideal call me that they (Ideal management) has stamped my S&P, and the S&P is now with lawyer San & Associate for stamping purpose. Ideal ask me to collet my complete stamp S&P from Ideal office on this coming Friday. Once I got it, I will share with you all.
Hopefully, Ideal is keep to their promise to gain back their reputation.

@LT
Is it yr stand point of a buyer’s risk will happen only on Ideal not for other developer such as Mah Sing, SP Setia, Mah Sing, E&O IJM,Ivory,GSD and so on? If yr answer is yes, then I think I had made a wrong choice here. If not, do you talking a same stand point of a buyer’s risk at other developer webpage comments? Why you not do so?
Who are “they still haunted up with previous projects”? Can you advise all that projects? I am new here and want to learn more history from you. If you really want to help me, share us more abt what projects are you talking and what is Rich Focus history about?

@Aminah & Steven,

Appreciate to share with us? Which Project?

Btw guys, what relation does it has between SnP stamping date, after 10 years still not yet obtain strata and super lousy access road?

Anyone seen a property forum with many positive comments like “good job xxx”, “i really like this developer”, “wow this is very much ahead of the schedule”, “so fast stamped already”, “cheap, good and big” and etc?

Seem like once the developer name is bad, no matter what name they change to later is useless. So those branded developers better not screw up, once screwed up, they are screwed for the rest of their life.

@MVP
– If 1st project screwed up , people may ‘give chance’. sometime some situation were unexpected..
– If 2nd project screwed up again, then people start worry. whether the developer is poor in project management, or they are not ‘sincere’…
– to rebuild the reputation & trust, need extra effort lah..No empty promises, what committed and displayed must be delivered……

anyone know whether I-Regency had the similar package where Ideal obsorb the interest till VP during launching. Also, did Ideal delivered project on time (before 3 years)?

Setia Triangle sold at 430 psf some more just Apartment title. Garden Ville start jump at 400 psf. Anymore project below 400 psf around this Sg.Ara area? The last I saw is Sierra Residence. I think we are hardly to find one in the future.

Risk is there as decribed by most of people about the developer. Anyway, profit margin will be high. High risk high gain. Let your heart to fine tune & get your suit sport. Importantly asking yourself whether you are a risk taker. If no, just away from it rather than can’t eat can’t sleep for 3 – 4 years started from now.

Don’t worry. Just go and get one unit if you can affort to do so.
If Ideal can’t deliver on time as per stamp S&P, then what we as buyer need to do is get a lawyer to sue them. The more buyer get together to sue them, the better chance we all win the case even though we have to wait for few years. I personally do not like the sue case happen and buying new property should be something happy in our life but if we need to take the sue case if no choice, we have to do so. I hope Ideal management take FV as their very serious project to COMPLETE ON TIME with GOOD QUALITY and gain back market reputation. Whatever past is past, moving forward reputation is more important. One Residence is a huge project and I believe in total, the numbers of buyer should be few thousand buyers.
So, to IDEAL Management, please watch up your project TIME LINE, QUALITY and ALL FACILITIES that you have promised. Few thousand of buyer eye are watching on this FV project everyday.

@LT

True, cannot screwed up too many times.
If the screw been used for many times, the thread also will start to lose right?
I think the reputation is forever gone already and very difficult to rebuild.
But if the reputation is good then it won’t be this price already.
Good reputation comes with high price.

Btw, did you buy any good reputation project?

@MVP
If I am going to categorize developers, i will rate like this:
Category 1(premier): Good reputation developer, higher price but quality guaranteed and risk is transparent to buyers
Category 2: No reputation developer, price lower than category1. Trying to build reputation by proving their capability to build quality projects, so that can get into category 1 and increase profit.
Category 3: No reputation developer, price lower than category1. Instead of putting effort to get up to category 1, they attract buyers by lower selling price but with a lot of hidden cost/agenda to maximize profit. End up buyers may pay almost similar(or more) on the total cost of ownership (delay, law suit, land title, etc) compare to category 1’s projects. Risk is uncertain.
Now we don’t know the direction of IDEAL whether is getting into category 1, or 2. So need to be extra careful and check their words. This is not particular to IDEAL but apply to all other developers as well. Buyers should support those in category 2 and should make those category3 developers out of business.

sorry typo mistake, should be category 2 or 3 for category refer to IDEAL.

LT :
@MVP
If I am going to categorize developers, i will rate like this:
Category 1(premier): Good reputation developer, higher price but quality guaranteed and risk is transparent to buyers
Category 2: No reputation developer, price lower than category1. Trying to build reputation by proving their capability to build quality projects, so that can get into category 1 and increase profit.
Category 3: No reputation developer, price lower than category1. Instead of putting effort to get up to category 1, they attract buyers by lower selling price but with a lot of hidden cost/agenda to maximize profit. End up buyers may pay almost similar(or more) on the total cost of ownership (delay, law suit, land title, etc) compare to category 1′s projects. Risk is uncertain.
Now we don’t know the direction of IDEAL whether is getting into category 1, or 2. So need to be extra careful and check their words. This is not particular to IDEAL but apply to all other developers as well. Buyers should support those in category 2 and should make those category3 developers out of business.

I have receive my SPA with stamped date 15-Mar-12 today. It seem to be developer have very strong financial in cash although the Tower 3 have no plan for launch.

@LT

Why wasting time to categorize the dev?

Simple rules for me:-

“Regardless white or black cat. Able to catch mouse is a GOOD cat”

translate to

“Regardless A class or D class of the developer. Can finish the job & let me make profit is a GOOD developer.

@FireDragon
Cool!!

@FireDragon

Whether black cat or white cat, still need to ‘watch’ the cat to do proper job. If not they steal fish from your kitchen and sit there doing nothing yet, or may be just give u some tiny rat while risk to mess up your kitchen. So keep an eye on them.

Hi All,

I went to IDEAL office to sign my S&P on 5-March. During that day, IDEAL told me the stamping will start on 15-March. I call IDEAL right on 15-March and call them almost every day to ask my stamping status. I got my S&P stamped copies (S&P Agreement and Deed of Mutual Covenants) on 24-March. Looks like IDEAL is keeping to their word but I guess why I can get the stamped copy so fast is because I keep calling them very often.
The time is starting clocking…………………
I hope 36 months from 15-March 2012, the FV can be successful Completed ( not later than 15-March 2015 ) with SUPERIOR QUALITY and SUPERIOR FACILITIES/UTILITIES as promised by IDEAL CEO.

Just my personal opinion, profit should come with a conscience. If you earn a lot of money unscrupulously (eg cutting corners), you wouldn’t be able to face your buyers upon your death bed. Same with the staff who work/worked for IDEAL. If they knowingly help to victimize buyers, they too would have to live with their conscience the rest of their life.

@LT

Fully agree~!

Has anyone go to the construction site to check what is the actual progress status ?

Anyone has info from IDEAL when will the piling schedule to start ?

@koi

Ideal sales girl told me pilling starts April. Since it is only 16 floors, should be fast. My banker even told me can complete in 2.5 years as all four towers can be built concurrently.

Updates:
1. Tower 5 only 1650/1655 sft lower floor units available, left 2-3 units.
2. Tower 3 pool facing units reserved (I think Ideal keeps them so that can release to market later at higher price – happy for them, happy for existing buyers if those units can really create frenzy when release 2.5 years later),
3. Tower 3 unit 2, 1400 sqft facing main road level 5 and above sold out
4. Tower 3 unit 3, 1450 sqft facing main road level 5 and above almost sold out
5. Tower 3 Unit 1 & 6, still got some selection

In conclusion, Ideal reserves 1/3 of Tower 3 for later release indicates that they have enough cash to speed up the project.

Ideal really stamping sharp by 15 Mac for those who has signed the SnP. The reason given is they want to let the whole market have a fresh & good reputation for them.

For me, It is no doubt is a good beginning but still yet can justify their performance until a good quality & on-time project delivery being accomplished.

For those who may have concern on noise pollution from airport, don’t worry. I did some study on acceptable noise contour from airport, FV is clearly outside the noise contour zone as it is not on the flight path. In fact, according to the airport design requirement on noise, Queensbay Mall area is more hazardous than FV because the mall is directly under the flight path and within the noise contour zone.

With that being said, QBM, Baystar, Summerton and Gold Coast subject to more aircraft noise than Fiera Vista.

Wah, good sharing

@wbk

Thanks for your sharing. Just some curious. Even though not under the flight path doesn’t means the noise won be spreaded widely, am I right? Have you go to the site to have a actually feel by yourself?

@FireDragon

I trust the aviation industry experts on their assessment and guidelines. The guideline says for airport with air traiffic of less than 500 flights (departure + arrival) per day, noise pollution for houses at 0.8km away from the runway is negligible. If the house is along the flight path, it has to be 4.8km away from the end of the runway.

Actually the min distance is 0.3km, but will have some level of noise if distance is less than 0.8km.

Facts:
Fiera Vista is more than 1km away from the runway. Noise is negligible.
QBM is 3km away from the end of the runway, but under the flight path. Will have some noise effect from aircraft.
Penang airport only have about 130 flights (takeoff + landing) daily. First flight is 7am, last flight is 11pm.
Only Cathay and Taiwan use larger aircrafts to Penang, the rest are smaller aircrafts. Cathay only fly once a day, Taiwan airline even less.

Based on my study, aircraft noise should not be a problem when considering to buy FV.

Tower “officially” launched last Sat. Not sure how the response. Must be only few units left as always…