Tropicana Bay Residences @ Penang World City
Bay Residences, the phase 1A of Penang WorldCity development by Tropicana Ivory Sdn. Bhd. Strategically located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong. Comprises four 22-storey residential tower, with condominium unit size ranging from 455 sq.ft onwards.
Property Project : Tropicana Bay Residences @ Penang World City
Location : Bayan Mutiara, Penang
Property Type : Residential
Land Tenure : Freehold
No. of Blocks : 4 blocks of condominium
No. of Storey : 22
Built-up Area : 455 sq.ft. – 1,945 sq.ft.
Indicative Price: RM359,900 onwards
Developer : Tropicana Ivory Sdn. Bhd.
Register your interest here
Contributed by reader (Update – 02 Oct 2013)
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@KL Lang
why you guys always receive call from developer and i never receive? always need myself go and ask status.. wonder why.. +_+
@tomyam
I am asking about Phase 1A TBR.
Anyone here managed to get a Block D high floor unit 1,2, 3 below RM700 psf?
@KL Lang
Which Block and what SIZE you purchased?
AT RM730 PSF is a good price for 22nd Floor?
I decided to give up as RM/SF for 615SF is just not worth it.
@tomyam
You already bought so they don’t sms to you. Register again and see what happen.
Sorry – supposed to be for KL Lang
@Ask
Ya, I am buyer for TBR phase 1A block D buyer. So far when the day open, the avg price already > = 700 psf.
The minimum price before rebate discount from the lowest floor is about 620k onwards
@Felicia
Block D, 872 sqf.. someone drop out due to loan problem so I quckly grab it.. just the right timing. abit skeptical at first due to water tank right above but after developer clarify that it is located above the lift area then is ok..
@tomyam
WHAT TYPE U BUY ??? AFTER DISCOUNT PRICE ????
from what I gather from developer, blk E is going to launch soon but the min size is >1k sqf. hence the absolute amount will be much higher
@KL Lang
how much per sft for the coming launch unit in blok El
Same old trick from developer.
Normally water is on level 14. Hope your unit is not on level 13…
@ANDY
i bought 872 sf unit in block D. As mention earlier, lower floor from 620k onwards, avg 1 floor add 3k. For earlier launch all is 5% discount only.
@KL Lang
Are you still entitle the earlier price or the new price?
Anyone of you here signed and initial the complete SPA,DOA,FA,DOMC and POA already?
@tomyam
So fortunate of you to get 872 SF
@tomyam
Your 872sft unit should be facing west (garden) right?
Those 872sft facing east units have been covered up since lauchingf from my obser
Anyone manage to get unit facing east?
@tomyam
Your 872sft unit should be facing west (garden) right?
Those 872sft facing east units have been covered up since lauching from my observation.
Anyone manage to get unit facing east?
I manage to get one, 872sf block D facing east, 12-15th floor at ~720psf. No afternoon sun, and depending on luck, it may still be able to offfer seaview in the future. Block E should not be a threat as far as the layout plan is concern, but the quaywest residence may give some problem. Any expert here would like to comment whether quaywest would block the seaview for block D unit-3 type-C?
@ttt
Excellent but at RM720 PSF, QueyWest is really a threat to the beauty of this TBR!!!
Those who purchased 615 SF unit at above RM800 PSF, at this RM/SF versus the bigger sizes unit might be a concern especially for flipping
@Felicia
I wanted 872 SF unit but could not get
Nothing to shout about….
455,615, 872, 1020, 1320 sq ft in Block A-D available now from the chart…
Can go and buy tomorrow 😀
Nothing to do with luck or not, previous purchasers dump many units
You guys really believe loan cannot approve?
😀
Or those early purchasers dump their units..
Don’t believe me, stop by at sales gallery , Bayan Mutiara and see the charts!
Whatever sizes also got…:D
Lucky la, timing la, you try to digest why others dump their units ? 😀
Block B, 20th floor – 872 sq ft available now
Even better and higher floor than Kl Lang 😀
Drop by at the office tomorrow morning !!!!
Don’t believe me? Call first to verify 😀
@Pen-Condo
It is true that smaller unit has less flipping margin due to the higher psf.
However, bigger sizes will face the affordability of the future buyer as well when come to unit pricing.
@Felicia
Do you manage to get any unit at last?
@islander_ori
Gave me 615 SF unit which I do not want as is too high as compared to 872 SF unit
615 Sq ft too many, every block also got!!
neither here nor there. Expensive half a million !!
Either smallest studio at limited units (455sq ft) or go for big one 😀
455sq ft- people can simply let go at RM450K- RM500K with good profit margin later…
To me, studio is studio. 455sq ft or 615sq ft no different as buyers look for affordable unit.
Queywest I see already min 728s.f ,price from 603k for small unit no sea view 1 carpark RM828 Psf ,all type sold ,left 1700++s.f only rm675 Psf 2 carpark all sea view.but AG has reserved many units of 728s.f to penang people who has never own a house yet and need to draw. the prices from 350k to 400k . I find out that this quaywest is very complicated due to some units can sell directly and some units need to draw. Furthermore there are two types of different pricing.
@islander_ori
I getting facing east unit. I am in the building queing up for wholeday when i heard block D might going to launch.(All type of rumours that few days) The are calling number at the spot, whoever wait there get the priority. So happen Block D formally open time is at 4pm, so i able to get the middle queue number when so people already back to work. When i go in, only floor 7, and 8 is all covered by sticker no matter which direction. Those people in front of me already book those unit facing east, is lucky that i also get the facing east unit as i am not comfortable with west facing unit based on my current staying experience.
@Felicia
I believe you can still leave your contact to ivory and let them call you once 872 sf available. I personally think that with so many unit launch, for sure in the middle got people drop off, cancel, loan reject or whatever internal release to earn the margin.
@Andy pg
wow, i should go to register as I am penang lang and never own a house before. How lucky if can get the 350k to 400k unit.
Wonder will there any difference for this type of unit and other 728sf unit?
I am surprise!!! They said no more 872 SF, and 615 SF only few, now everything surface??? I even have my RM 5 k refunded. Could be a lot of purchasers just pay RM5k and when asked to sign Sales & Purchase Agreement, decided to withdraw
Two weeks ago when i went to the sales office, not many units left. Only left those 615sqft unit facing west or highway (noisy), and some big units >>1000sqft. The price has increase >>50K for 615sqft unit since the 1st launch, although they maintain 3%+5% rebate.
Heard that the plan has just being approved by state government. Stamping of SnP will be started. Anybody has been called to stamp the SnP?
Now the 455sf seems like ‘limited edition’ with only 57 units. .. they open up more units all size, did they increase price again?
@Pwc
Betul kah, units keep coming out?? Fishy?? or Purchasers realized of …..??? Those who withdraw, please share
Ang, can u explain more details which project offer for first time buyer. @Andy pg
@Pwc,
Just wondering, what can you do with the 455sf unit? The size of a typical car park lot in Penang is about 160sf. 455sf is only about 2.8 times of a car park lot….:)
@Pwc
How to buy 455 SF, tow unit add up together is 910 SF, just add the total price together, is so much higher than 872 SF unit.
I have a feeling investor club bought a bulk of these TBR units too. Apparently they shifted their targets to Asia Green now (I was informed Asia Green open BLK A for bulk purchase only).
So choices are available again now. But at a higher price already.
Anyone can share a near comparison (psf,size,which floor,facing direction,view and etc) between a unit in TBR vs QWR?
In kl, the first to be sold out in any development is usually studio even though psf is higher. Low absolute price is probably the main reason. Similarly in Light collection 2, studios were the hottest.
It could be the gen Y or single professionals want a simple place but spend most time outside working, social etc. I see the trend in KL but whether it works in penang, only time will tell.
In the case of PWC, if they flood with say 300 studio, then it is worrisome, but 57 unit is ok
Agreed, good to make comparison as they are in the same location, one development nearer to sea front, one nearer to highway
I’m abit confused here.. is developer opening the roof top garden for sale??
very interesting!!
That’s is the problem of booking or buying something without APDL, purchasers at the mercy of developer as developer is at the liberty to amend plan subject to authority approval.. In addition, this is 42 months from booking whereas after stamping will be 36 months.. What an excellent way to market, developer has plenty of time to juggle with respond and gauge market situation.
@KL Lang
Highest floor is 22th storey. You bought between 12 to 15th storey right?
@Felicia
If I am not mistaken, it will be 42months after stamping date to complete and deliver (VP).
This is stated in the SPA. Now, some mentioned APDL is approved and Lawyer said stamping should be around this timing. But I have not initial and signed all pages of the SPA yet.
Personally, if Ivory wishes to revoked the sales and give us back our money, I am totally fine with it. That would only mean I will target a sea view unit in QWR or some other options in future.
But it would probably mean that Ivory will have to re-start the entire sales again which I think they are at the losing end unless they want to re-submit a completely new drawing for approval (which takes months). Then sell it all again in a way more attractive somehow somewhere (I don’t know, maybe cheaper, again unlikely…).
Confirm AG QWR is located at seafront?
No offer lah, all sold finish ,left 1700++s.f 2 carpark all sea view unit and waiting to draw unit only ,why here said have “850s.f” ,they have 728s.f,1000s.f,1200s.f,1500s.f and 1700++s.f only…
@Bryant
mine is blk D, 22nd floor facing east.
@KL Lang
sorry, mistaken your units with “ttt” above which got a same facing of 872sqft as well btw 12 to 15th storey. I guess roof top open for sale then. hehe.
May I ask your opinion, do you think highest unit at 22nd storey will be more warm from the heat above?
@andy
Do you know the psf pricing for those “sold out” units (specially the 1000sqft) and 1700sqft?
@Bryant
this is a very good question.. I think it also depend how the sun angle beating down on your window.. guess i need to pay more on my aircond bill..
This is how rumours spread, your comments made it sound like so many units 872 sqft are opened up.
I called up the office. Only 2 units of 872 sqft available, one in Block A and one in Block B. One facing west and one facing east.
@KL Lang
At least when roof leak to your unit, is management responsibility whereas those with unit above them, should upper leak to their unit, hassle ler
@Bryant
1700s.f RM675 Psf
As per 1000sf, the salesperson did not mentioned about it.
Now can see sea, after that cannot see
Personally I feel TBR is a testing ground for PWC to determine how much more they can sell for the future phases which are closer to the sea and others that are behind the D’Residence. Even with Quey West blocking the view of TBR, still purchasers cramped the sales gallery to buy, like buying diamond at the price of gold. Each new block put into market with 20% price adjustment, really high demand or artificial demand??
We will never know its genuine or artificial.
Everyone is buying thinking it will sell 30% more
Upon vp. We will only knows by 2016 or so…
mayb this budget as well
@Neo
For own stay, holiday home or has holding power, no issue at all
Smaller sq ft 455 size are selling for Rm860 per sq ft after discounted, still overprice?
455 sq ft for more than 420k.
Many ppls booked this unit cancelled the booking, somemore the,layout out.
@jo
I too think us overpriced, nothing given except 1 miserable air-conditioner.
@Pen-Condo
860psf is really over price..Look at subsale..if you looking buy for own stay..many choice you can choose from city with price is lower than RM860psf. Maybe like summer place, The spring, The oasis,Penang time square,The sandiland(New),&many more which is within the city area. All this condo price still in within 620 to 650psf..which is good to buy for own stay as you can see right now all the new condo which was newly launch is start from RM850psf minimum or up to RM1000psf in the city.
@Pen-Condo
This is very true from my personal experience staying in a condo. Is very subjective who is responsible to fix it when a leaking problem happened. The mgmt office as always will push it to the resident.. Such a nightmare experience.
Personally I think RM860psf is still ok to buy.. If benchmark against quayside which is going for up rm1900 psf.. Also taking into consideration absolute price n location..
@KL Lang
TQ
Can you calibrate with data as i was interested to know what do you mean with your comment “which is going up rm1900psf..also can consider”…???
Look like there is a consensus has been reached in the buyer pool in responding to sub sale market now.
If seller asks for future price (match their existing property price to the new launch price nearby), there will be no buyer because the buyer will go for new launch.
If the seller asks for current price, limited buyers are available because most of the buyers adopt “wait n see” approach. (Especially those buyers already have the 1st property and they can just wait and delay the 2nd purchase as well as upgrade).
So, the pressure in sub sale market is tremendous.
The trend is different from the yuppie market, previously it was “Location, Location , Lication”, the current trend or since 3 years back has been “Location, Timing, Branding”, excellent brand or rather reputable Developer can easily command 29% premium. The thing to watch out for is the new kid or rather old horses with 150 years of combined experience, they ate making inroad not only in Penang but many parts of Malaysia; EcoWorld.
I venture into 218 Macalister at above RM1000 PSF, make your own judgement.
@Andy pg
I personally find out more information about quaywest in order to compare its potential with respect to TBR.
For those QWR bulk buyers of BLK B, they are getting a good deal with seaview. Selling psf from 660psf after rebate for biggest units @ 1744sqft. (For bulk purchase, selling psf could be even lower then 660psf, because they may get more rebate). Take note that only biggest units comes with direct seaview while smaller ones (1200sqft – sapu finished by investor club) comes with side seaview.
The shape of BLK B is U-shape, Most units are facing each other but I do not know how far or near between those units facing each other – because U shape. In the same block, there are smallest units of 728sqft where eligible buyers can only purchase. These smaller units are equivalent to affordable housing scheme where one needs to be eligible, and 5yrs restrictions applies for re-sale (details unclear to me). All smaller units do not have seaview. Only sea breeze I guess. That makes the density around 700+ units for block B. So, there are pros and cons. Higher density, but cheaper seaview units with affordable housing scheme within a single block.
Now Block A will be launched in Dec (planned). Units sizes above 1000sqft and a huge % comes with seaview. Density is lower ~ 500+ units. But the selling price then will be RM1000psf onwards (I assume before rebate). On the price chart you should see the tag above RM1Mil.
There is no affordable smaller housing scheme units in this block. But, more expensive.
Absolute value above 1mil. With the tightening of LTV ratio, I guess buyers must have deeper pockets for more then 10% dpymt.
One little thing to note. All units in QWR do not have balcony. Yes, it is more functional to use the space for other purpose, or balcony lovers then do not have an open space to enjoy the seaview/breeze.
The plans/APDL and whatever approval now is in progress. Expected signing of SPA in June 2014. Of course, if all according to plan and timing. But If what happens to clovers happens to QWR, where they re-submitted the plans for another round of approval, then it will take longer.
The RM10K booking fee then will be paid to the lawyer (I assume their stakeholder). Balance downpayment shall be paid only when signing SPA. So, RM10K…and nothing else till signing SPA. Quite similar as TBR just that TBR needs to pre-sign the SPA and pay the dpymt.
If my information contradicts or wrong, please let me know. So now I believe you guys have clearer pictures to compare TBR and QWR.
@Bryant
Great, appreciated!!!
Great info @bryant
it seem there will be no <700k normal units. .I think the pricing and sizing is designed such that it does not conflict with TBR. For 1000sf, if after rebate probably rm900psf, is quite rightly speculated for seaview units.. the concern for big unit owners in block B will be their units will be 'diluted' with special 728sf units. .if asiagreen stick to this plan, I think TBR will be fine.
Congratulations !!! All purchasers of TBR has make paper gain
@Bryant
Those 728sqft selling at around 660sqft as well?
Is it based on balloting?
@islander_ori
Yes sir, not just balloting, eligible buyers cannot choose the unit also.
Example 7th floor, unit 5..balloting now…so whoever’s name being called out get that unit.
This is what I understood. If you know someone who are eligible, just grab it!
Selling price, not sure. But if its affordable homes, then shouldn’t be 660psf because that would translate to RM480K min… not affordable at all.
Some mentioned above around 350K to 400K…
@islander_ori
Never own a house yet and need to draw the prices from 350k to 400k only, 480psf~550psf
very cheap . if u no draw want to buy type 728s.f prices from min 603k (828psf) but all finish.
@pwc
After knowing the info as shared above, I feel that TBR and QWR main difference is the absolute quantum which a buyer would be willing or eligible to own their property.
Quantum is lower for TBR due to unit sizes.
Imagine the price fetch a 1200psf in 2016, that correlates to ~RM550K for 455sqft (smallest unit)
Now I assume QWR (BLK A) smallest unit is 1Ksqft, so the price tag easily hit RM1.2Mil.
The selling price in Dec 2013 for BLK A is RM1Kpsf. Upon completion in 2017, I doubt it will be RM1200psf either. But only in 2022, the competition will kick in for 728sqft units being able to legally sold in market.
can someone update how many units of tbr are available and sizes?
Hi.
I quote this comment from another forum, can sifu’s here pls clarify this? Is this true? And what are the bad points if really true?
“this land is actually with restriction in interest. you need to get state consent when you purchase and take loan and sell in future. the developer has never mentioned about this when we pay the booking fee, so who is going to pay for the state consent fee for taking a loan? us as the Purchaser?”
I am referring to the entire piece of land in PWC.
@Ask
I never heard of this matter before. But many buyers already had their loan approved.
On the restrictions to sell in future, I do not think this condition applies to all units on PWC land. Perhaps some affordable units like those in QWR will be subjected to this conditions.
I mean logically, if it is so troublesome, many will be reluctant to invest in PWC. Although already booked the unit, the state may not give you approval to proceed (for whatever reason).
So, such situation will only make PWC collapse. Furthermore, such a ruling then has to be stated in some documents where buyers need to acknowledge (signature should be required).
Everyone should keep an eye on such restriction in interest, just in case.
Only leasehold property requires state consent upon selling, since TBR is freehold, this should not be required. Nevertheless, understood that certain portion of this whole Bayan Mutiara development is gazetted as leasehold, therefore whatever built on these lands will be affected.
No issue. . this statement also in Light collection doc
Saw almost quarter of land has been cleared, viewed from LCY expressway.
Budget coming next month, expect some measures on properties
1) RPGT – adjust upwards?
2) Stamp duties – revise?
3) DIBS – remove?
These measures will some how affect purchasers confidence and take up rate??
Definitely property price will be up up up up…And the Everything will be revise…This is can not avoid..
SNP signing started?
I received my SPA last week. plan to sign this weekend and send for stamping next week.. was informed by developer that we can engage our own law firm to prepare the loan docs..
@KL Lang
what is the difference between this SPA and those pre-sign SNP copy?
is it exactly the same?
ya.. we can get own law firm to prep the docs.. but i guess really depands on the charges..
if the quote given between your own lawyer and cts is far, then get outside.. but if using cts.. then may be some process is easier n less communication break down and effort.
@tomyam
it shud be the same thing as they are using std schedule H format. was also told the carpark allocation has not been finalise. The only difference is that balance downpayment is payable to SPA lawyer or developer before and after APDL obtained.
I will most probably engage a KL based law firm as my loan is all done here in KL. Safe the hassle to courier up and down..
Hi, i have gotten the quotation from CTS. There is one item ‘state consent charges’ which is RM733.80. I guess purchaser is expected to cover this charges.
In The Star today
Tropicana – asset rich but tight on cashflow…
With apdl obtained, they will release block e/f soon, no small units, only 1000sf range..
@pwc
how much per square foot for block e/f?
Buy, buy, buy!!!!
EcoSky by EcoWorld along Jalsn Ipoh, KL, 1st block all SOLD even before official launch!!!
@Pen-Condo
Have you bought any unit?
Relatively PWC location is much better than Ecosky and price psf is similar!
@ttl, the sales people didn’t mention blk e/f price but I would assume they will likely price around 750psf for that size?
I think 750psf is a good estimated starting point too (after rebates). But this assumption based on comparison with unit size of above 1000sqft. The price should be slightly or even higher then current BLK A,B,C,D pricing.
Sorry I just don’t think that Block E and F will be priced anything below 800psf, even for units above 1000sf. The existing 1000sf unit at block A-D already priced >700psf and are quickly sold out, base on this kind of response, its only make sense for developer to price their later phase at 10-20% higher. I would say around 800-900psf range, rough bet, lets see how it turns out.
When come to “Practical use”, Ivory’s developments are always hard to deliver. Most of their projects only offer 1 car park for units =2 car parks even for studio units. Asia green now is doing it on Quay-West, encouraging.
is there any seaview unit in block e and f?
@tww
1 car park for normal units, 2 car parks even for studio units?
TBR or QWR?
@tww
I agree with you, if can get at least 2 car park for those at least 2 room unit is better.
Else later all people need to purchase additional car park or rent in the future.
Btw, i pass by the light linear everyday.. notice there is not much car in their car park lot, is it too few people move in or many car park lot allocate for each unit?
@tomyam
As what i’ve read through all the postings, light linear is having the same fate as QWR. Speculative buyers bought them and now wanted to sell them off. That is probably why many units are empty. If these bulk investor has moved their target from TBR to QWR, then at least you know that TBR may not have many empty units when O.C. By the way, every unit in light linear comes with 2 or 3 car park, if I am not mistaken.
By the way, how much would you be willing to pay for additional car park in TBR? If Tropicana sell at RM50K, will you buy?
@islander_ori
QWR smallest unit is 728sqft. Don’t think that is studio. But maybe still have 2 carpark. The affordable units can be bought at a higher price to bypass the restrictions. Need to ask more details if interested but no seaview for these units and probably sold out already.
@aaaa
BLK E will be block by QWR. Same fate as BLK A,B,C and D. But perhaps can get a narrow gap view of the sea in between blocks. Come to think of it, if QWR will be selling at RM1000psf in dec for BLK A, then TBR BLK E should be around RM850 to 950psf before rebate. After rebate could be RM50psf lower. Make more sense @tww
@Bryant
The owners/purchasers/investors/speculators of The Light Linear, whatever you want to call them, are in a league of their own. Most of them bought their units in bulk, after discount only at ~500k. Nowadays they can easily dispose of at 800k but I don’t think they are in the rush of doing that. These people are simply cash-rich, and they want to hold on for further appreciation. Bear in mind that the whole collection precinct will take shape very soon, overall design is just so impressive that you just want to yell out “wow” when you look at it, go and see for yourself. This will help to bring up demand for Light Linear. Furthermore, the phase II commercial is going to start construction early next year, the world-class waterfront convention centre, 4 season themes shopping centre, hotel and etc will definitely be the boost to the residential portion.
IJM Land is no tropicana Ivory, they really take their project seriously and they will definitely make the whole project a success. They even willing to dump in cash to improve the infrastructure, such as the u-turn infront of the view, just to help The Light Waterfront.
So in fact if you have the money and choose where to invest, I would advise you to go for The light Linear, collection I & II sub-sale instead of Penang World City. The Light collection I I do noticed some units asking for 1.1-1.2mil, ~1500sf with 3 car parks, this is damn reasonable when you are comparing to PWC 1300sf which asking >900k.
IJM land offers most practical units to the buyers. Squarish design so easy to put furniture (you can call it out-dated, but I am sure collection series won’t give you this impression). Furthermore, most of their projects offer at least 2 car parks including bayswater, platino, Summer Place, The Vertiq, The Light Waterfront (even the studio 500+sf units).
I know that this is PWC blog and I am not suppose to brag so much on IJM Land, but these are the facts and I seriously hope PWC can match that kind of standard.
Its just too bad that IJM land is run-short of new projects in the prime land, or else I will go and queue for sure.
My advise, dont invest in reclaim land, any natural disaster happen then you will yell out Aiyoo,Ai Ai Yoo.
@tww
OKOK, wait I kena toto then I buy the penthouse at light waterfront. In the mean time, I probably go for victoria bay as my 2nd option. At least I do not have to fork out RM150K for a 1.2mil price tag unit. I am in no hurry for another investment.
Just my personal opinion, I prefer buying from developer directly. I do not feel comfortable giving my money away to bulk investors. Furthermore, early birds gets to at least choose their preffered units. I guess I am one of the people who slows down subsale and pace up new launch projects. By the way, whichever waterfront projects like IJM-light waterfront, Mahsing – SouthBay or Tropicana Ivory – PWC should be safe to invest or for own stay. In this case, I choose PWC.
Property sector are likely to be looser in 2014 budget announcement, latest news.
@say
When comes to “Natural Disaster”, be it reclaim or non-reclaim both will share the same fate. If you can recall the penang 2004’s tsunami, the whole coast-line of teluk bahang till gurney are badly affected and bear in mind, these are not reclaiming land.
I believe you are referring to problems associated with reclaimed land such as land-sinking in this case. Maybe, nobody can tell, but solid-land also not always fall-short of problems such as those hill-slope projects, and gurney park incident if you could have recalled. When to come risk-level, Seri tanjung pinang has to worry first as it really too close to the northen sea wth no barrier, at least The Light waterfront, PWC, queensbay, Southbay etc still have a western-coast and a mainland to shield from tremor from indonesia.
@Bryant
Yes, a typical house buyer’s mindset in the market right now, going for new projects from the developer instead of sub-sales. However if you are looking for long-term investment, be it rental or capital, sub-sales with good potential are really the true gem to be un-veiled.
@tww, you brought up valid points reg Light Collection.
Generally (apart from Linear), the product category is different between Collection and PWC, where all Collection units are RM1.1++mil above and will be more expensive as col 2 gets vp. The only exception is the 517sf studios where absolute price may be low (>550k now?) but psf is going above 1100psf. The biggest difference i see is there are many units in PWC approx 1200 whereelse Light Col total has <900 units on land 2 or 3 times larger and sea-fronting.
@Bryant
thanks
@Bryant
Talk about car park, actually I do think seriously on whether buy or not buy if hv the choice.
For sure, if only 1 car park alone will be inconvinience. If for own family use and there is brother sister parents and still get a unit with 1 car park, pain pain also need to buy. (in case all people squeeze in 872 sf)
For my current situation, me and my partner is both working in FTZ so car pool is still not a real issue yet.
So, will consider it is nice to have item. 50k for me is a no go decision, 15k to 20k is ok but i doubt they will place it at this price. But once future family members grows, then will just rent this out n move to some where have bigger space. (but this is 10 years story later…haha)
@pwc
asking price for studio in light collection 2 now is rm680K-690K..
@ttl
Original selling price from around 370k only…hard to believe that even studio units also can make 300k, same absolute profit when compared to light linear, collection I and collection II in this case, but relatively the profit margin is much higher due to lower selling price.
Anyway, lets see whether the demand is really there, and would there be any actual transaction. This is a good testing ground for studio units in penang at a good location.
@tomyam
Nowadays cannot get additional car park with RM15K to 20K liao. Car park in relau,farlim condo all selling from RM20K 2 years back. I may go for another car park. In the event I really do not need it, perhaps I could just rent it out or park all my family motorbikes there..haha! Maybe even sell it off. One day if I sell the unit, at least I could advertised my unit with 2cp. Those units with 455sqft and 615sqft comes with one car park as well? If not, those owners will have to buy at least a car park.
@tww
RM680K is a figure some willing to pay to own a unit at light collection. Those rich single professionals would really love light collection. Just wondering, how big is that studio?
@Bryant
er.. car park cannot charge under housing loan right.. need to fork out cash ler..
if the case i need, may be i can rent from you.. haha.. market rate now is Rm80 to Rm100 per month for additional car park?
@Bryant
516 sft
@aaaa
517 sft
@Bryant
i just calculate if using 50k 30 years, without any interest, one month for 1 car park already Rm138…
yat sang fatt!
@tomyam
Actually, the car park can use housing loan rates like BLR-2.4%. But the loan tenure is not 30yrs. Instead only 7yrs. This is true with respect to OCBC bank only. I do not know about other banks. So, there will be a supplemental agreement that comes together with the S&P for the additional purchase of car park. After 10% dpymt (5K), loan is 45K. Means monthly will cost RM620 @ BLR-2.4% for 7yrs. That’s Rm7,080 interest after 7yrs, or RM84/Month.
I bet tropicana will have additional car park for rent as well. That time we will know the market rate. Wild guess, it should be RM150/month or RM5/day. Perhaps I can consider park tepi jalan and make the road jam..hahaha…just like all the car parking at the side of the road from nearby condo.
@aaaa
RM680K for 516sqft. That’s ~ RM1300psf. In 2016/17, maybe the 455sqft units in TBR can fetch this price too. So it will cost ~Rm600K. Seems like affordable during that time.
Since there are no 455sf studios in block e and f, the approx 8 balance units will be sold out fast, current price about rm400+k. However we cannot compare pwc studios with col2 studios.. different league
@pwc
agreed. collection 2 is in diff league….
@pwc
RM1300psf for col2 studios in 2013 vs Rm1300psf for TBR studio in 2016/7. Really not comparable?
@Bryant
Still not comparable. Lets see what a standard studio unit at The Light collection II having:
2 car parks, free air-con, free heaters, kitchen cabinet with hood and hob, vacuum port, and fiber-ready for high-speed broadband connection. Red-bricks, 2×2 floor tile, powder coated frame and high class tinted sunscreen. Low-rise and low-dense. Residents free to share all available facilities within The Light Collection and Light Point’s precinct, there are many swimming pools, tennis courts, basket ball courts, gyms and etc are at their convenience. Coral-reef pool at collection I. Yatch for residents to rent.
And now, what PWC studio is having? Maybe DIBS, this is one thing IJM land did not offer for collection II. Maybe mnt fee, but since built-up so small, it doesn’t make much difference. I am simply not able to pin-point any absolute +points of PWC studios over The Light Collection II.
@tww, all points very valid.. and the top reason col2 studio can get high psf coz it is the cheapest absolute price to ACCESS the whole Collection development, and also get bragging rights that you stay in Col2
@bryant, if pwc studio hit 1300psf in 2017, I will buy you big makan!
@tww
Good! So lets wait till The complete Penang World City plan is revealed. IJM light collection are years ahead of PWC. I am pretty sure Tropicana has benchmark Light Collection to some extend to improve or to compete so comparing now isn’t fair. Sure TBR kalah teruk. But if col2 studio psf was sold at RM720psf, now asking for RM1300psf, perhaps its possible to have TBR asking for RM1300psf for studios which are being sold at ~RM900psf today.
Non stop talking abts property price will up,,,,,up, ,,,up sure sure wil up
Cost of living rising up up
Malaysia debt rising up up
Household debt rising up up
Fuel price rising up up
Food price rising up up
Inflation rising up up
Housing pricing up up
But
Economic down down
Ringgit value go down down
Purchasing power down down
Ppls dreaming everyday want to be millionaire by 5 year time, somepredited by 2019 malaysia bankrup.t.
Dont overdream and overcommit.
Asking price already dropped in some areas.
I have been monitoring two 2 units of 3 storey terrace corner house in Casuarina SP Setia Phase 3.
A corner hse dropped from RM1.6M to RM1.5M.
Another corner hse dropped from RM1.45M to RM1.4M
yeap subsale for The oasis and Golden triangle too drop about 20k.
Property market wil hit by budget 2014, this year budget will focus more on property cooling measures and affordable home, curb the household debt. Goverment plan to reinstate old RPGT structure.
Below 2 year – 30%
3rd year – 20%
4th year – 10%
5 year – 5%.
More affordable home will be build in 4 year times before the next GE14.
If fed goverment launch affordable home for Penang rakyat, then will be see our state goverment will became “kalam kabut” , and next day will rushing to lauch state affordable home. Ten both will fight to completed the project oso that can gain support on next GE.
@up and down
Maybe we see developer bankrupt first
@Say
If we are serious about stopping speculation, a 70% tax should be imposed for less than 2 years, and 50% for less than 5 years…:)..Why not?
@saidin87,
Can you pls upload some rose chan clips to youtube?…:)
By imposing such high taxes would have a reverse effect on prices. We all know that the more you try to control the market the worst it will become. There must be a balance.
@kc,
That’s a theory concocted by interested parties. Are you (or anyone) able to to explain why is it so? A 70% RPGT tax does not mean you can’t have a balance, right?
Might as well impose 100% for 1st 2 years for landed properties & 100% for high rise for 1st 3 years since vacant possession is 24 months and 36 months respectively, to avoid flipping. 60% to 80% thereafter up to 6 years since the objective is to curb speculation!!
@Pen-Condo,
:D, why not? You are right, if the gov said they want to “curb” speculation, that’s what I would call a full-hearted measure!
@Pen-Condo,
However, you’d still have investors putting their money in properties for long term rental returns, in which case, house price would surely better reflect the fundamentals with strong correlation between rental yields and interest rates! Household debts and GDP levels would also converge too. You’d have less players in property development, the less competitive would be eliminated. With reducing demand in housing due to zero speculative buys, we would depend less on foreign labours, less illegal foreigners would find m’sia attractive, indirectly reducing crime too…:)
At the moment it is already hard enough to get a bank loan. As long the government makes it hard enough to borrow money from the banks that should be good enough. Prices are after all fueled by cheap money. Bnm should increase interest rates instead.
Even if they tax 100 percent anything less than 3 years it makes no difference because a project usually takes 36 months to complete. The speculators can just adjust your duration to 5 years since the cost of holsing is rather cheap and they will just rent out the unit first. This will stabilize the housing market and push prices even higher up in the long term.
We have to address the core issue that is cheap money. Artificial sea of liquidity.
Hope that clarifies things.
Excellent, full-hearted measures!!! Curb speculation, give genuine needy buyers a chance..
But then, could there be certain percentage of speculators are law maker themselves?? Don’t think they wanted this, some $$$$ could be corrupted money where this can be avenue for these dark money to see the light
Talking about speculation, how about those investor club who made bulk purchase from developer? Aren’t they speculating as well?
On top of that, the law makers might do something about curbing speculation. But not too extreme. Else the effect might dampen the property market too much which may have other negative impact towards the economy. I have not really thought about it, but I just thought that everything, be it cooling measures and etc has to be moderately executed and having long term effectiveness should be the better options rather then short term.
@kc,
For a small place like Penang, it is not easy to rent out expensive condos at decent rentals, except for a few locations preferred by expats. Interest rates cannot be increased just to tackle property speculation as other PRODUCTIVE businesses will be adversely affected. I emphasized PRODUCTIVE to point out the NON-PRODUCTIVE nature of property speculation..:)
@Felicia
I think we are in no position to speculate on corrupted money…:)
@Bryant
On the contrary, I see it the other way round. Stopping speculation would have short term pain, but long term gain…:)
@condomana
How is that? Mind elaborate a little?
Are there still many speculators bought new property with loan up to 70% max? I have a feeling most of the investors are buying their 1st or 2nd property now.
There are still many of them continue to invest with 70% LVR, I am one of them. As long as you can leverage, the additional 20% progressive payment can still be a pain, but not absolute stopper.
Many investors can borrow only 70%, that’s why we prefer no dibs as we benefit less from the interest saving..I would prefer 5% discount vs dibs but nowadays developer don’t offer this option
@tww
Mind sharing your ROI target for PWC with 70% loan?
Ya, DIBS actually costed into selling price, not beneficial to purchasers who borrow low amount
@Bryant
Can you pls provide me OCBC phone no? I want to apply for loan.TQ
Anyone of you managed to get loan with got offer? Can pls provide me phone no. TQ
Sorry, mean “good” offer or >90%
Can not be 90% la..
@ WAC, can try to contact Jason. He can hook you up with OCBC. But he is not my banker.
@WAC
So far Maybank islamic offers the best rate:
1. 1st year -2.5, subsequent -2.45
2. Zero Lock-in
3. Semi-flex
contact mavis, 0125151341, can qoute my name Mr. Tan
This piece of land are freehold, there shouldn’t be any state consent required !!
@gcd
can i know your loan amount?
my maybank banker get -2.4 for me. He said -2.45 only for either very huge loan amount or those very good customer like doing business etc. He have fight for me -2.45 but not able to get.
@tomyam
The loan amount is not high, but I am a good customer with existing loans with MBB, that could be the reason. That may have something to do with timing as well, best is to give the banker a ring and to find out individually.
Has anyone try OCBC? They give excellent package, loan + renovation + MRTA loan, long term there will be saving on stamp duties should you consider more future purchases. AIA too provide excellent cushion for BLR adjustment. Make few comparison before putting signature on dotted line.
thanks a lot guys…
@Pen-Condo
I am using OCBC..but purely on the housing loan. No renovation or MRTA. Don’t want to pay high interest throughout loan tenure for MRTA.
@WAC
I am outsource banker who representing 5 Banks : MBB, HLB, AMBANK, OCBC & ALLIANCE.
I can apply loan for you which NO CHARGES and you only have to give me 1 set of document.
Do not hesitate to contact me at 012-4706232 for more detail info
My personal experience with the out-source banker (only once, but enough to scare me off forever):
1. Poor service
2. Unprofessional. They want to force you into buying side products such as MRTA/MLTA or
credit cards, I believe this is their main source of income.
3. You don’t know what they will do with your documents.
The only advantage by engaging the out-source banker is you only have to submit documents once, then they will apply multiple banks for you. You manage to save some time but trust me, not worth the risk, as they are not able to offer better rate as compared when you engage real bank representative in thiscase.
Can somebody share whether they used any lawyer other than CTS and Bin for loan documentation?
Received pwc letter accepting our offer to purchase. . and it came with a colourful brochure..The picture in brochure show some facilities, quite nice
@pwc
Do they mention when will SPA be stamped?
The letter didn’t mention. . but sales people mentioned stamping would have been done this week.. they have APDL and they will now move fast
@pwc
That’s good news.
The land clearing is progressing as well.
@up and down that will need to keep in mind..ah jit kor is very busy to pull us investor now
@pwc
i guess it is stilll possible stamping date still remain at end of the year. Heard another Ivory project already start pilling but they do not go for the stamping yet in order the counting of the date do not start. once stamp, they need to have confidence to complete all big project concurrently, else themselves will kena penalthy.
Can check out Citi Residence project of Ivory. This project start super early than PWC but till now not yet stamping.
According to CTS and TBR agent, agreements already with CTS, jus awaiting for green light from developer for stamping, predicted to b in this few weeks time, went to the sales galary over the Sunday, many new info got surfaced, not many units left n manage to see the new model in place.. Kinda cool n happy to see the confirmed building planing with the awesome facilities in placed
@PWC
oh.. in this case i also wanna go to the sales galery already, the last time i went is when pre-sign snp..
Congratultions to all who has invested; be it a dream home, holiday home, investor and ……
Saw the TBR banner along the coastal highway…
The big advertisement show the name of Residensi Perdana project.
Anyone know about this?
Called CTS just now, SPA stamping is in progress.
Starting from Block A,C followed by B,D.
Estimated get received the stamped SPA after 2 weeks.
Need to get the loan agreement fast ….
@islander_ori
Yesterday i receive the pretty letter with brochure and gentle reminder of get loan if still not yet do.
This early morning already receive bank agent intro by ivory ask whether need bank loan bo.. public bank is giving flexi loan for this project. Haha.. public bank.. they should act fast ma.. now so last minute only find people.
By the way, after we sign the bank loan, what is the next step? is it we need to go lawyer firm to pay the loan agreement fee etc or can just place deposit only.
Since we all get discount rate from lawyer firm, did there any black and white on the amt we all agree? i just may be worry too much.. later sign those doc with lawyer liao they simply bill u the full amt but not the discount rate.
@tomyam
You know Ms.Lim from CTS? She resigned already. Another lawyer who took over her task are able to tell me the same amount which was agreed for the loan agreement fee. I guess they wrote it down somewhere for reference. Anyway, I will be meeting CTS sometime next week to sign the complete documents for the loan and etc. At the same time I will pay the full legal fee. Hope that they could give me the copy of stamped SPA by then as well.
@Bryant
oh ya.. last time i used to call her.. so now who is taking her part?
If the stamp SPA is ready, means after about 2 months we get the loan agreement copy as well we can proceed to apply EPF already right.
Keep us posted on your progress.. haha.. i will finalise my loan agreement sign this week. Maybank is taking weeks to revise their tnc that i feel is not nice.. so they removed for me.
*Eg: Ask to take up credit card in the offer letter.. haha
@tomyam
Another lawyer by the name Iza is using the HP number that Ms.Lim used before.
For stamping of loan agreement is another story. Sometimes lawyer will delay the stamping because developer asked them to wait. At times, they are stamped together with SPA or right after SPA (since SPA stamping is in progress now).
But I am not sure if you will need the stamped loan docs before applying epf. Perhaps you can check with your lawyer for the loan side (not CTS right)?
@tomyam
After bank sent the bank loan offer to lawyer, lawyer will call you to sign the loan agreement document.
You may pay all the amount and just get the receipt from the lawyer.
@Bryant
I will get from CTS.. after call few times to nego with Ms Lim , she is getting final appproval from her boss for the quote that i am asking. (Nearly the same with outside one already), and she say they near to not profit (ok.. she tell me they earn very few from first day.. haha).. since she ok with the rate, then i am happy to let CTS do..
**Really save more than 1k after making many many call :p
I also received the letter today from Tropicana Ivory with regards to the s&p stamping. The brochure attached together does provide a better overview of the facilities and landscape. Overall looks impressive, at least now it looks more classy as what it suppose to be.
@qww
Only now u get an overview of your intended purchase? What a screw up project. Means you guys are buying blindly previously?
Mr Power, this is not blind buying.
I think what qww means is more convincing with the current project progress now…
@Power
I am buying due to the strategic location and also the future prospect, to me design, facilities and landscaping are just extra perks. Anyway, I do believe with a price tag of >600psf, this project will definitely meet certain standards. When come to select which property to invest in, I am always very careful, in this case I can see the potential in PWC. There are currently only 5 major seafront integrated projects in Penang Island: Seri Tanjung Pinang, The Light Waterfront, Penang World City, Queensbay, and Southbay ( I omitted Metro-east, Times Square etc. as they are not directly seafront), I bet you will be not be able to see another one coming up in a near future.
PWC, from all angles, doesn’t fit into your description as “screw up” project, perhaps only a sour-grape would think this way. Next time go and queue early, doh!
@islander_ori
LOL, another blind follower. Will you buy something from a supermarket wrap in a black box not knowing whats inside despite being charge with a premium price?
@qww
I do concur with Power that you indeed buy blindly. I was one of those early VIP invited list that got the privilege to book first. I did book, and i did cancel when they could not come up with a detailed plan. And to say that the property you bought is seafront is greatly misleading as you will be block by Asia Green project. So whats the difference between yours and Putra Place next door?
@JT
so why did you book blindly in the first place? Was it due to seaview or future plan of PWC? or even the location? What detailed plan do you mean or hope to get? You know very well plan are just plan. It is not concrete or confirmed until the plan is approved. Tropicana could have just outlined a plan so good to be true to attract more buyers but that would mean nothing until they are approved. So I am curious, will you keep the unit if Tropicana was able to come up with a plan? A plan which are not approved?
They way I see it, such a huge plan needs time to design, reviewed and multiple levels of approval which needs to consider many aspects like environmental impact and etc.. I do not know about you but Asia Green having issue to get The Clovers plan approved. Just a single condo, and yet those buyers has waited 1.5yrs until today but yet to get their SPA stamped. Even QWR plan are under approval phase. Target date for SPA is June ’14. Will there be another submission of QWR building plan for approval?
I agree with you, there is no detailed plan. Doesn’t mean there won’t be. Buyers of TBR bought their units “blindly” with some trust towards Tropicana Ivory, the future PWC plan and surely its location. Just a friendly advice, you may sell your Putra Place in Mudah or just engage some agent. No need to market it here. I strongly believe buyers of TBR support new launch property instead of subsale.
@Ken (Admin)
Please upload the building model displayed in sales gallery.
@JT
No risk no gain, at least I don’t think I have not made the wrong choice. Iam in favor of “seafront integrated development”, I never mentioned the unit has to come with seaview. A seaview unit at any of the 5 seafront development which i mentioned earlier will easily cost >1000psf or 1mil. You are comparing pwc with putra place, r u sure this is apple to apple comparison?
@islander_ori
Do you have the picture of the model displayed in sales gallery? Would be helpful if you could send the pic to Ken to upload.
@HUAT
The reason i book early is because we were offered 5 units of our choice without any booking fees. But we need to confirm and pay booking fees in 2 weeks time before the VIP launching in Penang. So with nothing to lose and expecting Tropicana or Ivory to come out with the layout and plan before their Penang launching, we just ask them to hold 3 units for us. But to our dismay, they do not provide us anything even during Penang launching, so we just let go our units.
get used to it. does tropicana 218 have proper planb4 its launch? it’s quite common in kl. having said this, i hope developer has more things to share before doing any sale in future.
@JT
everyone wanted the advantage that you got ie. Vip discount and choice unit. .and you did not proceed. They did not have APDL and hence can’t show much but as buyer you still have the choice to pull out with full refund of deposit. Of course every buyer has their own strategy and preference
@JT
Surely it is clear at such early stage that plans or words from sales people pretty much empty and should be treated as sales talk only. Even today, nothing is concrete. But everyone feels different from you. TBR buyers do not think its a blind purchase. Buyers do not buy blindly. Specially when come to spending half a mil onwards. Tropicana has a good track records in their development in KL. PWC will be the next big thing in Penang. Still a very long way to go.
Can someone share the latest building photo please..
@HUAT
Everyone? What a blind statement from a blind buyer. LOL, i really have nothing more to say.