SG Talk

Cheap is the only reason. Let’s say leasehold ocr $2800 psf vs freehold cbd rm1300 psf, which one can you afford?

(25-12-2024, 11:20 AM)WhatDoYouThink! Wrote: [ -> ]Cheap is the only reason. Let’s say leasehold ocr $2800 psf vs freehold cbd rm1300 psf, which one can you afford?

Cheap because you are renting from the Private Developer for 99 years. Fully paid in advance. 

Under the PLS purchase agreement;

The PLS is a long tenancy; to put it another way, the housing developers sell a lease to the buyers. 
The lessee will not have proprietary rights on a lease, so it is not the typical process of selling and buying a home. 

Because of this, the Housing Development (Control and Licensing) Act of 1966 (HDA).
The Malaysian Govt and property laws only recognise the Developer as the owner of the property and land for 99 years or freehold lease.

The greatest danger is when the developer falling in insolvency, the govt agency or creditors can confiscate and force sale the property for recuperating the debt.
There are many grey areas in such property purchaser agreement in Malaysia. 

Already 100 Singaporean are currently fighting in the court against the Developer. 
Wonder how many more suffering in silent. Sad

Looks like sg properties are safer. But 7 to 10 times more expensive

Cheap property often comes with a heavy price 💰🏠😟.

That's why it is cheap!

Singaporean need to fulfil certain by laws requirements to own a property in Malaysia. 
Don't forget, we are a foreigner over there.

Every countries have different property regulations for foreigner ownership. 
Singaporean cannot expect it is the same as buying a property in Singapore. That's too naive imo.

Singaporean need to buy a RM 1 million above property value in Malaysia. That is a basic requirement if I am not wrong.
There are many other requirements beside it.

Any promise by the Seller outside of such requirements is dubious and dangerous.

If you look at it as a nice palce to stay for next 100yrs for yoruself and your children when they retire....it still looks okay.

If you look at it as an investment...not good.

the point is you can't live there for next 100years if those troubles mentioned in the above posts happen.

so tough for singkees to own cars and private properties. Give up better lah

无求则无欲, 无欲则刚

(25-12-2024, 01:04 PM)Bigbluedot Wrote: [ -> ]the point is you can't live there for next 100years if those troubles mentioned in the above posts happen.

You are saying if this hapoens

Quote:The greatest danger is when the developer falling in insolvency, the govt agency or creditors can confiscate and force sale the property for recuperating the debt.
There are many grey areas in such property purchaser agreement in Malaysia. 

Its like bank collapse with your money inside.

Definitely a legal mess.

Anyway i was wondering if the developer collapse
Will the rights of creditors take precedent over that of leesees.

(25-12-2024, 01:34 PM)sgbuffett Wrote: [ -> ]You are saying if this hapoens


Its like bank collapse with your money inside.

Definitely a legal mess.

Anyway i was wondering if the developer collapse
Will the rights of creditors take precedent over that of leesees.

Found a paper on legal implications of PLS should the developer collapse and his assets seized 

There is a lease transfer to the buyers. Because of this transfer the buyers cannot be forced out.

https://www.researchgate.net/figure/Summ..._371282676

my friend bought a malaysian property . he paid cash in full to the developer. he could get the keys but not the title deed in his name. coz the developer was bankrupt and could not repay the loan. the bank withheld the title deeds.

he could stay in the unit but the unit was not under his name.

PLS is never right or good for a property buyer. 

Your house that you paid full belongs to a Private Company. That's a very risky business because no one can predict the Private Developer company future. 

It is 100% different from buying 99 years leasehold with a Government agency agreement. 

Only fool will not know it..🤣

So many people fell into the Govt’s Trap. When we are so expensive in Cost of Living, we just became water fish. Look how many Malaysians go back home to make bulk purchases regularly and we ended thinking like frogs.

Nothing is cheap in this world. All have to take risk and rewards

(25-12-2024, 12:17 PM)WhatDoYouThink! Wrote: [ -> ]Looks like sg properties are safer. But 7 to 10 times more expensive

It all boils down to affordability. For SG investors w/o deep pockets, buying a private home here is not an option, so if they must own one, they may have to turn to JB or further up north.  

PLS grants a leasehold for 99 years rather than actual ownership meaning buyers do not own the property outright; instead, are considered tenants of the developer, who retains ownership.

This means that the buyers are unable to rent or sell their properties without the developer’s permission and are not entitled to strata titles or voting rights in the management of the condominium.

Approximately 170 buyers have banded together in a WhatsApp group to address their concerns, many of whom have purchased properties for weekend use or for investment purposes, spending as much as S$275,000 (RM907,280).

Since 2022, at least 80 Singaporean buyers in two groups have initiated legal action against the condo developer and an investment firm in a Malaysian court.

At least 70 buyers filed a complaint in June with the Singapore Council of Estate Agencies against the real estate agency that marketed the property to them.

Developers however maintain that the PLS is a legally valid arrangement, and argue that the buyers are now beyond the legal period in which they could take legal action.

https://www.malaymail.com/news/singapore...ses/161061

And that braggart Handbag Loo still keep asking peepur to buy JB property and pour scorn on Singapore properties.

By the way, his 1M65 telegram channel kena banned yesterday by Telegram for promoting porn

They claim the developer was not upfront on the sale terms and conditions.

https://www.freemalaysiatoday.com/catego...ses-in-jb/

Make sure that they are not under the PLS terms.

(26-12-2024, 09:06 AM)theold Wrote: [ -> ]PLS grants a leasehold for 99 years rather than actual ownership meaning buyers do not own the property outright; instead, are considered tenants of the developer, who retains ownership.

This means that the buyers are unable to rent or sell their properties without the developer’s permission and are not entitled to strata titles or voting rights in the management of the condominium.

Approximately 170 buyers have banded together in a WhatsApp group to address their concerns, many of whom have purchased properties for weekend use or for investment purposes, spending as much as S$275,000 (RM907,280).

Since 2022, at least 80 Singaporean buyers in two groups have initiated legal action against the condo developer and an investment firm in a Malaysian court.

At least 70 buyers filed a complaint in June with the Singapore Council of Estate Agencies against the real estate agency that marketed the property to them.

Developers however maintain that the PLS is a legally valid arrangement, and argue that the buyers are now beyond the legal period in which they could take legal action.

https://www.malaymail.com/news/singapore...ses/161061

what about those who bot forest city fr country garden on the brink of bankruptcy n when bankrupt things are really complicated
no where to seek recourse

(26-12-2024, 02:48 PM)talky Wrote: [ -> ]what about those who bot forest city fr country garden on the brink of bankruptcy n when bankrupt things are really complicated
no where to seek recourse

The developer already build all the units that have been bought so there is no issue here.

Main problem is the development is far and unpopular.

Except for retirees.its no so convenient.

However the malaysian govt pledge to revitalise the place.

If buy to stay and retire i dont see any problem....if buy to invest and you want returns forget it.

https://www.tiktok.com/@kinliantan750/vi...5495047442?