Platino Condominium

Platino a new luxury condominium, located within thriving neighbourhood of MetroEast-Udini, is set to be the prestigious address of the area.

Distinctive contemporary architecture strategically angles Platino’s two tall towers to take in striking views of Penang Bridge, Georgetown and the sea. Views which residents will be able to admire from the 228 freehold sky bungalows.

The condominium is near to the Penang Bridge, next to TESCO Hypermarket and e-Gate, a retail and F&B hub. It is conveniently a short drive from Penang’s vital destinations such as Georgetown, Penang Bridge, Penang International Airport and Pulau Jerejak Jetty.

Property Project : Platino Condominium
Location : Gelugor, Penang
Property Type : Condominium
Tenure : Freehold
No. of Blocks : 2
No. of Storeys : 25
Total Units : 228 ( Tower A - 115 units, Tower B - 113 units)
Units per Floor : 5
Built-up Area: 1,819 - 2,659 sq.ft. (Typical), 3,850 - 6,405 sq.ft. (Duplex/Penthouse)
Developer : IJM Properties

Facilities / Amenities
Swimming pool, wading pool, Jacuzzi, Sauna, Gym, Tennis court, Pavilion, Landscape garden, Water fall / water features, Security, Function room, All units with minimum 2 car parks lots (basement car park).

838 comments«Oldest ‹Older 601 – 800 of 838 Newer› Newest»

August 9, 2011 at 7:53 AMTim: If you still cannot sell your unit at your current asking price by now, be prepared to hold for anoter 6 mths at least.

Perfect storm - pay cut, no OT, no bonus, no hiring, no increment, high inflation, high interest...etc.
September 14, 2011 at 1:27 PMTim: 有价无市
I understand that there are only 2 studio units.

Today, it is still floating on the market for sales for ~1 year.
September 14, 2011 at 2:37 PMPenang Fan: Tim, I was told the Studio unit was offered at $700K but owner no longer want to sell. So your facts were not correct.
September 14, 2011 at 2:55 PMsan: The remark from Tim may not be correct at this juncture of time.

But, we cannot deny the fact that the owner failed to sell for ~1 year.

It is a good indication of the poor market acceptance to Platino and its price
September 14, 2011 at 3:25 PMPenang Fan: Platoon is a big condo. There are many units sold and there are units for sale because owners are greedy and want higher prices. These are the unsold units and that does not equate to Platino being not popular condo for sale. It's only that the owner has more holding power and wants a higher pricing. The studio unit was offered at $700k and that is quite high but owner is not selling and prefer to rent it instead. Collection III will be asking $800 a SF and the owner has reason not to sell the studio for the high price $700K for now. The studio is 1076 SF so at $800Sf will be $800K.

Tim is a sour grape and just want to bad mouth Platino for reasons only he knows why.
September 14, 2011 at 4:47 PMpetestop: Ask any agent, market is slow right now, some already start cutting on advertisement budget.

Many MNCs factory here also undergoing hiring freeze right now, on expectation of slower sales the remainder of the year and the next.

Those who have not succeed to dispose their units, be prepared to hold for quite some time, probably at least until the next GE, where most likely will be another turmoil in the market.

With so many units coming into market right now, it is likely will be a glut for a long time.
September 14, 2011 at 5:05 PMRoman: petestop is right. Some MNCs are in hiring freeze now. The global economic outlook doesn't looks good and it's gonna affect the property market in Malaysia too. However, it will affect those investors/speculators with limited holding power only. Those with strong holding power will continue to hold the units.....
September 19, 2011 at 1:08 AMavatar: break in happened last week... lousy IJM which they claim they are luxury condo and high security... Price surely come down if more peoples know. Better sell now even I moved in.
September 19, 2011 at 1:23 AMBayswater88: Aiyoyo! IJM reputation going down the drain la like this. Their 1st high end project already break in?

Security sleeping or a sleeping partner?

Must be insider job!

If I were speculator in Platino, I will quickly sell. Some more I heard, Platino looks more like Kampung India nowadays.

So many functions organised downstairs with so many outsiders coming in....surely break in la...

Every weekend also got Wedding, Birthday celebrations and etc etc...
how to control outsiders?

Then my friend say got snakes in the sauna room! Got spiders also!!!!!!

Their 4 season landscape looks like desert landscape ....all their plants dying!!!!!!!
September 19, 2011 at 6:39 AMPenang Fan: Bayswater and Avatar sour grapes. Cannot afford to stay in Platino hence the neg. comments. The Detective suspected the owner as the culprit as they seems to be reluctant to answer questions when interrogated. Lost 4 Rolex watches and gold bars. All not kept in any safe but hidden. How does a robber break in clean with no damage to the doors and knows where the treasure were hidden. Was it insured is any one guess. Go figure!
September 19, 2011 at 12:53 PMele: wow..what type of owner is this? maybe the watches n gold bars don't belong to him/her in the first place maybe because involved in some illegal activities? go figure
September 19, 2011 at 1:05 PMcondomana: Hello guys,

Break-in in condos? Normal lah! This is Malaysia, a land of lowly paid security guards! Even the security who are suppose to transport cash for the banks stage their own robberies. What do you expect??...:D.

C'mon guys! You want 5-star security, you want 5-star facilities, but when asked to pay 5-star maintenance fees, everyone cursing! Pay peanuts, get monkeys, simple as that.

Now Penang Fan seems to have implied fraud, of which I am not suprised. Credit card fraudsters, drug pushers, gambling organizers, smugglers make lots of quick and easy money nowadays. You buy a "luxury" condo thinking you gonna get high class intellectual elites as neighbours? More often then not you get "ah bengs" who wear rolex and drive "masili" with questionable backgrounds...:)
September 19, 2011 at 1:16 PMele: soooo true condomana..exactly my point and don't forget very often 'ah beng' has an 'ah lian' too and usually has an ugly "designer" dog too when they very well known it is against the housing laws for owners to keep pets in condos..well then again semua boleh.
September 19, 2011 at 10:24 PMDD: what are the chances a thief breaks into a house/condo and found 4 rolex and gold bars? Unless the "thief" is well informed and aware of what and where the "goods" are. If this is a random break-in, the thief may think that he just strike a lottery.
September 21, 2011 at 9:56 AMPenang Fan: Attention Platino owners. In 2 weeks we will have a meeting and vote. Please vote and fight for you rights to get IJM to install surveillance or alarm system which should have been part of the luxury condo package in the first place. We were sold by their promise of security as expected of a luxury condo. IJM should bear full cost for the installation now that it seems the security is being breached due to lack of security system.

We should not have to pay a cent from our fund. The responsibility is IJM. If they do not agree we should get a lawyer to fight for us.
September 21, 2011 at 10:42 AMPenang Fan: If owners or observers can give some suggestion here would be useful for the coming meeting. It seems the apartment was broken in through the Kitchen glass louvres window. Beside installing cameras or alarms. A cheap alternative may be just installing barb wires at entry point for thieves.
September 21, 2011 at 11:19 AMcondomana: Dear Penang Fan,

Now you're complaining about IJM? I thought you said you are very happy with IJM in the other blog (The Light Collection II)?
September 21, 2011 at 12:14 PMPenang Fan: Condomana, this is a new incident. So far IJM has been very responsible. IJM has held 1 meeting to hear about complaint about the theft within a week after the incident and they are again organizing another meeting in 2 weeks time. That is commendable. My issue is not about the running management but with IJM inadequate security thus leading to the theft. It is an oversight that can happen to any condo. It's more important how they resolve it in a timely fashion. So far IJM has been good.
September 21, 2011 at 3:50 PMBayswater88: Security doesn't necessarily means installing CCTV everywhere. Installing CCTV is to catch thieves. The idea is to prevent the thieves from entering in the 1st place.

First, the main entrance itself have to be re-designed. Everybody who walks in should be recorded and screened. At this moment, anybody can just walk in as they like.

Once they get into the compound, they can then proceed to the carpark without any hindrance. From the carpark to the units, they can take the stairs without being caught on cameras!

It is sooooooo easy to get in!
September 21, 2011 at 9:03 PMPenang Fan: Bayswater,you need access card to get into the stair case. The only way to get into the building proper is that someone allow a stranger in after they swapped their card. I think we should advise all resident not to allow any one to get in if they do not have an access card. Of course the 1st front line is the security guard. If they do not do their duty every thing is futile.
September 21, 2011 at 9:44 PMBayswater88: Penang Fan,

You do not need the access card to get into the stairs from the carpark.
Please go and try before you open your mouth.

The access card reader is there but it is not functioning at all.

I just used it 10 minutes ago.
September 21, 2011 at 11:13 PMThink again!: Penang Fan,

As suggested!
Remember to open your mouth wide enough prior to using the access card to get into stairs from Carpark.

If no mouth open, dun think the card reader will function properly.
September 22, 2011 at 9:48 AMDD: Think again!, please have constructive discussions here, and not personal attacks. The card readers are there and may not be functioning properly, thus need management to rectify that. Hope we can be more civilized in the forum.
September 22, 2011 at 10:53 AMcondomana: Guys,

You can't install card readers at fire exit stair case, coz you might forget to bring along your access card during a fire escape...:)

I think you can't really set up anything fool proof. Furthermore, the number of break-ins in condos are already far lower than landed. Why so kan chiong? Buy house content insurance loh. What's the big fuss??...sigh!
September 22, 2011 at 4:31 PMDD: Installed card readers at entrance of staircase, not exit of staircase. Without a card, you can't enter but can exit.
September 22, 2011 at 11:27 PMBayswater88: it's not just installing more card readers....the attitude of the residents should also be improved...we cannot have contractors, drivers, cleaners of the residents being given the access cards freely so that they can roam around the compound.
obviously, these people are 1st time condo-dwellers. Some are still behaving like they live in kampungs....where they can keep their doors open without fear....

and the amount of festivities held at the community halls is like having thaipusam in your front door...

with so many non-residents roaming around, Security is the main concern
September 22, 2011 at 11:59 PMPenang Fan: Bayswater88 got a few points right! Outsiders attending any socials function held in the common areas should be restricted to where they can go and not allowed to venture freely. I also agree that some owners gave access card to contractors without considering other residents security. This is very irresponsible behavior. Beside all access card entry should be checked for malfunction periodically to make sure they locked out would be intruders.

I think some sign should be posted around reminding intruders that they are been watched and video recorded.
September 23, 2011 at 11:32 AMcondomana: You guys want to treat your guests like school kids during party, cannot go here, cannot go there, can only go to toilet when the bell rings...:D...C'mon!
September 23, 2011 at 12:40 PMPenang Fan: Guests should respect security of the condo. The Condo are open to social events to be held by residence but it should not be abuse. If they go to a party why should they be allowed to loiter around or have use of the swimming pool, sauna, gym etc.

They should only be allowed to have access to the function room. All areas should be out of bounce for them. We don't want bad visitor to walk around and look for weak spots to be burglarized.
September 23, 2011 at 2:32 PMele: guys..you are all missing the point..the problem with people here in general is that they are selfish, inconsiderate and behave like si-rusa masuk kampong...what do u expect of people who may have a "bit of money" but no class ...in other words platino may be a luxury condo but the residents n their friends , at least some of them are uncultured. until n unless people learn what civil behaviour is...these sorts of problems, what we would call 'anti-social" behaviour will persist
September 23, 2011 at 2:49 PMPenang Fan: ele, kindly explain by your term anti-social. As residence we have rights to disallow strangers loitering around our home premises. Do you allow strangers to use your garden or swimming pool if you have one?

There is nothing unsocialable to restrict visitors movement inorder to safe guard our property.
September 23, 2011 at 3:54 PMele: penang fan...u missed my point which is residents who allow their guests to roam freely in the premises n use the pool facilities etc are "anti-social" because not only are they selfish but also cause inconvenience to other residents..similarly residents who give their access cards to non-residents to use...get my point?
September 23, 2011 at 4:39 PMPenang Fan: So I see ele. Thanks for the clarification! I totally agree with you.
September 23, 2011 at 9:55 PMBayswater88: Platino should be renamed Pelita Condo...
IJM make a huge spelling error!

10% of the units are sold to only 1 owner and that owner do not know how to take control of his guests!
September 27, 2011 at 11:09 PMavatar: wat u mean Pelita Condo?
Pelita is Nasi Kandar la...

Come everybody....next meeting is on Sunday 2nd Oct 3.00 pm!

Come make sure...
1) Guard house must be relocated.
2) Security must be tightened.
3) Landscaping must improved...(fake 4 seasons also never mind la)
4) Snakes, spiders and unwanted animals must be get rid of.
5) Visitors and guests must be stopped from roaming around the compound.
6) Safety issues like slippery tiles, low barricades must be addressed.
7) Hometouch system must be working 24/7

Come one, come all...the more the merrier....
September 28, 2011 at 10:02 AMcondomana: Hi avatar,

Wah...IJM so bad meh?
September 28, 2011 at 2:02 PMele: Well, going by the complaints, it looks like platino, hence IJM has redefined the meaning of luxury condo.
September 29, 2011 at 6:51 PMElson: wow, interesting interesting....
September 30, 2011 at 1:25 AMDD: Normally, owners would not trash talk their property that badly in open forum (hurting property price). In this case, owners even labeled their condo as Pelita condo. I guess this condo is not worth considering to stay at all. Good luck to all the other owners who wish to sell.
September 30, 2011 at 9:50 AMcondomana: DD,

For all you know, these people might not be owners of Platino. Could be from Bayswater and the Light trying to sabotage Platino, thinking that would minimize competition when they need to flip their properties...:D..Well, when times are bad, you just need to put in a little bit more effort and do the extras!!>>:D
September 30, 2011 at 3:58 PMDD: Good observation... but I am still puzzled. Even Bayswater or Linear owners wouldn't want to see Platino price tank, right? same developer same location, will affect their property prices as well. I guess it will be better for owner to bring up their complaints to IJM directly. I doubt IJM would take notice of the comments here, only the existing owners will be affected.
September 30, 2011 at 7:48 PMPenang Fan: Many Bayswater's owner are looking across, eyeing Platino the next door luxury condo with envy and would have love to move into Platino if they the money but they are priced out. The average price of Platino unit is about a cool million. To live in Platino is a status symbol. Bayswater will always be a medium cost condo as it was meant to be.

So as the story goes. The fox said the grape is sour because the fox couldn't reach it as it was too high up in the vine.
October 1, 2011 at 3:35 AMCK: Living in Platino is a status symbol? You definitely have a very low expectations on status. Sorry my friend, have no intention to be rude but I couldn't disagree more with your statement.
October 2, 2011 at 2:03 AMPenang Fan: CK, another typical sour grape example. Don't have a million to buy a Platino so you tried to downgrade Platino. Sorry I totally disagree with you too. With the Light Collections, Pearl Regency all in the million Rm range Bayswater look like a poor sister. It would be still be a mid range condo no matter what. Face it! There is no comparison!
October 2, 2011 at 4:22 AMCK: Penang Fan,

It's okay to disagree, no problem at all.

Firstly, No, I am not sour at all with your property here. Not at all. Mind you, If I may, you need not keep boasting the 1 mil mark for Platino as you had no idea what crap you are talking about. Do not gauge your own situation with others.

Platino is your fruits and I bet it tastes very sweet especially to you. No problem at all. And I have no appetite for your forbidden fruit. Not yet.

I did not come here to degrade Platino, Did I? Therefore do stop linking myself with Bayswater also.

My response is to your 'status symbol' remarks. I think it's a decent project but again, living in Platino represent status symbol?
You are so mediocre my friend....
October 2, 2011 at 8:38 AMPenang Fan: CK, If you don't understand English I don't blame you. "Status Symbol" means having achieve a high level in society. In this case it is money and for people who are successful enough to afford a million dollar or more condominium which is Platino, branded as a luxury condo.
October 2, 2011 at 9:07 AMjeremy tan: RM 1 million mark and you have already achieve a "high level" in society ? I am sorry to say that your standard is very low. Just being honest. All Penangites who owns a landed property on this island are on average millionaires already depending on the location of the property.

RM1 million maybe 20 years ago is something to brag about. Besides, i bet you still owe the bank money for this property...so what is there to brag about?
October 2, 2011 at 12:16 PMCK: Penang Fan,

Can you park a dozen car or 'chit loe' into your condo and occasionally wash the bird shits from your car roof? In your private compound? Not to worry, I bet you can do that across in Tesco and walk across the street while waiting for the lift with your groceries... :P
October 2, 2011 at 6:54 PMPenang Fan: Jeremy Tan you just lost your bet. I paid mine in cash! By the way Platino units ranges between 900,000 Rm to 3.5 millions. I don't think that is something to scoff at. Definitely that would priced out even for most so call middle income group with 5,000 Rm per month. At 90%. The loan is at averaging about 8,000 Rm per monthly repayment. If you earn less then 12000 Rm you are priced out. So, how much did you said you earn Jeremy??? Ugh! if you earn less then that you shouldn't be so arrogant.
October 2, 2011 at 9:57 PMTIMAS: Penang Fan - For sure everyone is paying repayment in CASH! Dun be so lansi.......
October 2, 2011 at 10:41 PMCK: Yeah right.... Yours the studio unit correct? Pigs can fly..... I believe you
October 2, 2011 at 11:18 PMPenang Fan: CK and Timas we can meet at IJM office 15th Floor. Put down 500Rm each. We can then go to the accounts office and have the accounts clerk verified that I indeed paid full sum cash for my unit. You want to take the challenge or you want to chicken out? Send me an apology if you are chicken. I don't really need your money. If I win I will donate it to old folks home. This will teach you all not to challenge the truth.
October 2, 2011 at 11:29 PMpetestop: Pelita Condo as a bragging right..... snigger...snigger... ;-)
October 2, 2011 at 11:56 PMPenang Fan: CK, read what your write. You're the one that talk big and full of smelly garlic breath. If 500 Rm is too small lets play 10000 Rm for charity sake. I dare you, "CK" hmmm is that abbreviation for chicken! You are a looser!
October 3, 2011 at 7:45 AMTIMAS: Penang Fan 10k bet does not suit you; you buying few hundred thousand property so let's make it 100k. Today 2pm i see you there.
October 3, 2011 at 8:47 AMPenang Fan: Timas, It's on. How are you paying the 100K? I can bring my check.Meet me Monday Oct 3 2011, 2pm. at lobby in front of the reception. I will be there. Make sure you are a man of your word. How can I tell it is you. Don't chicken out and let me wait. i will do anything for 100K charity work when i win the bet from you. The old folks will be so thankful.
October 3, 2011 at 8:57 AMjeremy tan: You own a studio unit and you are talking as if you own the entire Pelita condo building. Haha.

How old are you Penang Fan?

How much do i earn? i cannot disclose that to you in public.

I am pretty sure your old folks will be happy that you will be donating their money on their behalf : )
October 3, 2011 at 9:56 AMTIMAS: Penang Fan dun worry, i wait you at Mr. Liew office. Thanks for your 100k in advance. but i dun think you will come.
October 3, 2011 at 11:00 AMPenang Fan: It will be and make sure you have your 100K and not a bounce check too. I will win. See you at Mr. Liew's office today at 2pm.
October 3, 2011 at 11:10 AMcondomana: You guys just gave "Status Symbol" a whole new dimension!..:D....a big thumbs up! I Like!
October 3, 2011 at 11:20 AMTIMAS: anyone free can come also, can be witness.
October 3, 2011 at 12:06 PMElson: LOL, "Status Symbol", achieve "high level" to own million condo to Penang Fan which mean can be Lansi? the way u talking and your action, i guess your status / level SO SO only, =p (correct me if i am wrong, ^^)
October 3, 2011 at 12:26 PMPenang Fan: TIMAS, which floor is Mr. Liew's office? I see you there don't back out. Be a gentleman.
October 3, 2011 at 12:32 PMPenang Fan: TIMAS, you try to slime your way out? I called IJM there is o such person as Mr. Liew. So can we meet at the accounts office then 15th floor at 2pm sharp.
October 3, 2011 at 1:15 PMPenang Fan: TIMAS, why no reply? Are we meeting or not. Be a gentleman and up hold your words please. The old folks can do alot with the 100K donation from you.
October 3, 2011 at 1:36 PMPenang Fan: TIMAS still no reply. 1/2 hr time is 2pm. Is it Mr Liew Hau Seng, The Project Manager you are refering too? I will be at his office. Called he is not in today but I will meet you there to get the 100K check from you. Don't chicken out please.
October 3, 2011 at 1:56 PMTIMAS: Penang Fan- where are you? i'm in his office.
October 3, 2011 at 3:07 PMTIMAS: Penang Fan- disappear ? not dare to come ?
October 3, 2011 at 4:27 PMDD: Interesting. I guess this forum has been "infected" by Malaysian politics "virus". I dare u, u dare me. There are many people who bought properties in cash, even above RM1m or RM2m, quite common. No need to brag, no need to challenge. Pelita is a very successful business and I am sure the owner is very rich (I wish I had that kind of money to buy so many units). As long as you have the money, you can buy any property and how many you like. As long as it is legitimate, you can invite yr friends, employees to stay, no one can stop you. So relax guys...
October 3, 2011 at 5:14 PMPenang Fan: TIMAS, you are nothing but a bragging big mouth and has no shame to leave me waiting at Mr. Liew's office. I spoke to Mr. Liew secretary Ms. Lily about expecting someone there. You never show up what a chicken. So where is the 100K you promised? Please be a man of your word. Don't challenge others if you cannot carry out the promise. So shameless. What a bad looser you are. Go and hide your face now...
October 3, 2011 at 5:19 PMPenang Fan: TIMAS, on reading you are a liar too. I went there with my friend as withness. I was there at 2pm sharp. Spoke to Lily and your weren't there. How dare you lie. you want to make another appointment tomorrow. I dare you again, you big fat liar. I just got home from Queensbay Mall after leaving ijm office and found your lies in here.
October 3, 2011 at 5:45 PMPenang Fan: TIMAS, bring your 100K check and I meet you at Platino guard house tomorrow any time during office hour and we can go to IJM office together to verified my cash purchased you big fat liar!
October 3, 2011 at 6:20 PMTIMAS: Penang Fan - no use barking with you here. Sia sui penang
October 3, 2011 at 10:42 PMPenang Fan: TIMAS, First you suggested 100K when I agree you chicken out and starts to lie. I called Lili Mr. Liew's secretary. You never showed up at all. The one that "sia sui Penang" is you. Boh hoot. Pondan not a man of his word.
October 4, 2011 at 7:44 AMPenang Fan: TIMAS, where is your 100K check for the old folks home? I suggest you be a man and pay up. Go to Platino and I will see you at the guard house today. Register with the guard house as proof that you are here. Anytime is fine with me. I dare you. You big liar and a chicken. "Boh hoot"
October 4, 2011 at 9:22 AMTIMAS: Penang Fan- who you think you are? Please grow up!!! What a shame platino with this kind of resident!!! For sure it cannot sustain "one million" status. shouting like monkey maybe can renamed as "Pelita eco park".
October 4, 2011 at 11:22 AMPenang Fan: TIMAS you are nothing! Cheap liar boasting about raising bid to 100K bed and then fail to carry out. You are a scum and scammer. Not worth a cent to your name. I pity the old folks as you cheated the 100K donation I wanted for them. What a liar you are. Well at least I tried and thanks God I live in a nice Condo with wonderful neighbors. thanks God you cannot afford to live here.
October 4, 2011 at 12:31 PMElson: haha, damn funny.... platino standard.. lol
October 4, 2011 at 2:13 PMTIMAS: 10 years ago if you said you pay cash we agreed but today you pay cash you're so stupid. The flexi loan facilities were special created for those really rich and can dump in money clear all repayment without LHDN investigate on your income tax. For those who dump in all clear all repayment will keep quiet scared LHDN la, you know how much you have to declare in order to buy a property in cash?
October 4, 2011 at 3:43 PMpetestop: Elson, not platino standard, it is pelita standard ... lol

Just imagine they become the Management Committee, then will be pulling out cheques and stack of cash to I dare, you dare someone...ha..ha..
October 4, 2011 at 4:06 PMCK: wahhh... Still tak habis habis with the challenge...

No la... It's simply no standard... Social rejects... See the way he have spoken, It's enough to remove all doubts... Poor Sia Sui Penang...
October 4, 2011 at 4:21 PMElson: petestop, ck, that i doubt, someone said stay/own "pelita condo" mean got "standard" la, "high level" la. i own only fewsssssss 300k above condo... i guess i dont have that "level" to own million high "standard" condo....
btw, i damn happy reading this blog, damn interesting, hahahaha
October 4, 2011 at 10:26 PMKevin: my goodness... staying at platino is something like a status symbol? hahaha... this is really funny... i am LOL now... hahaha...

well... if that's what makes the owner happy and feel like whatever status symbol they think it's about... then good also... it's their money...as long as spend already syok... sooner or later... the apartment will get old...and we'll see about it's 'status' ... :)
October 8, 2011 at 1:53 PMPenang Fan: Kevin,
Old or new if the condo cost a million and over. It's a status symbol. As an example Silverton is the oldest luxury condo and staying there is still a status symbol because it still cost more then a million to own a unit there. Only the rich can afford it. Why are you so shallow?
October 10, 2011 at 5:49 PMmax: Inland Housing advertised 2056ft at 840K with a big note "SELLING AT LOSS".

Is it correct that selling at loss?
October 17, 2011 at 10:57 PMBayswater88: Aiyo! Another security break in! Thieves are now targetting Platino because of IJM's sub standard security design.
October 20, 2011 at 1:43 PMWarner: Max, that might be low floor. Some of those low floor units selling at below market value.
October 20, 2011 at 2:22 PMLeong: What a lansi character. If man enough please post your unit number here or even your picture. After all, what is the use to bark and shout if no one knew who you are. Kow kow chan, mo pong chan.
October 20, 2011 at 6:03 PMElson: Leong, who u refer to?
October 21, 2011 at 10:44 AMLeong: Hi Elson
Referring to Million Dollar man
October 21, 2011 at 12:57 PMElson: i c i c... btw, no matter how rich we are, born naked, "go" also naked, nothing to lansi one....
last sentence, read in mandarin:" body at heaven, money at bank." lol
October 24, 2011 at 7:57 AMlim: Property sales slip on economy worries, polls talk
KUALA LUMPUR, Oct 24 — Property sales have fallen off their 2010 peak while investors and home buyers move to the sidelines as worries of a global economic slowdown, government cooling measures and uncertainty due to the upcoming general election start to bite.
The slowdown is most severe in the luxury high-end segment which has seen prices drop by as much as 25 per cent due to oversupply and unattractive rental yields, prompting more developers to start paying attention to the more affordable mid-market segment which is expected to be less affected by a softening of demand.
OSK Research said in a report last week that Sunway, one of the nation’s biggest developers, expects the property market to soften over the next six months while Paramount Property Development managing director Datuk Ricque Liew told The Malaysian Insider that there has been a “marked change” in terms of sales from last year to this year especially in the high-end segment.
Property analysts contacted by The Malaysian Insider meanwhile expect sales to slow from a high of 21 per cent growth last year to between zero and five per cent growth next year or even contract if the economy takes a turn for the worse.
Patrick Chay, founder of PropertyTalk & Lifestyle Malaysia, a social media platform for property investors with 448 members, said the mood among members has turned conservative with gloomy economic news and the looming general election, which must be held by the first half of 2013, weighing on decisions on whether to buy.
Paramount’s Liew said developments in the high-end segment in areas like KLCC and Mont Kiara were the most affected by rulings such as the 70 per cent cap on loan-to-value mortgages for third properties and the inability to attract tenants for rental yield as some properties sit empty for as long as 15 months or more.
October 24, 2011 at 2:31 PMtanprop: Property Market is definitely slowing down currently. There is no need to refer to any press or report to make this statement, trust me most of these information are either out-dated or a mere "massage" figures. Just talk to anybody you know surrounding you, who happen to be a negotiators, agents, lawyers, or loan officers, and they would tell you how bad the subsale market transactions are if they being honest.
October 24, 2011 at 4:38 PMpetestop: Can't imagine a million-dollar investment, sitting empty for 15 months with no tenants and you not using it yourself.

Can't get tenant, can't dump in market bcoz nobody wants, and still not want to dump at a loss? The longer you hold, the bigger the hole you going to dig.

I wonder whether the Light will ended up as another white elephant investment project with many investor's money stuck.
October 24, 2011 at 6:03 PMtanprop: Holding power is the key. Current bank rate still relatively low so most investors don't feel the pain. Furthermore for early purchasers who bought their units at fairly low price during launching, even to dispose below current market rate they can still make profit out of it. There is even an option to rent the unit out cheap, lets say 2k, should be attractive enough to find some tenants, at the sametime sufficient to cover for at least interest portion. So no panic yet, wait and see, only time would tell.

The Light would be an white elephant? It may, but trust me, IJM will try their very best not to let it fails. It is a flagship projects which lotsa of their directors/staffs/investors partners investing in.
October 25, 2011 at 7:24 AMewelee: the property price will not drop, but more and more properties for auction if the downturn comes. but these are the past track record.
October 25, 2011 at 8:20 AMTIMAS: Who did not own any properties always hope there will be a slump in property price.
October 25, 2011 at 11:18 AMtanprop: This is a very naive thinking isn't it? Imagine if the Property market does collapsed one day, BLR hikes to 12%, which means there is a need to serve ~3k of monthly installment in order to own a decent 400k apartment. And dun forget, property loan contributed to majority of the banks earning, all sectors and industry would also be affected for sure. You may be worrying of lossing your job at that time. So in this case it is again too expensive, too risky, and un-realistic to own a home for most of the average income people. Therefore back to square one, people who cant afford a home now, still cant afford one then. Just stop complaining now and buy one within your affordability is always the way to go, when come to home buying.
October 28, 2011 at 11:19 AMDD: tanprop, by the time the BLR hike up to 12%, the economy would have collapse anyway. Most people would not be able to repay the bank with such high interest rate, result is high NPL. Banks would have to close down or consolidate (like 1998). Property prices would have tank bottom. I can't see how 12% BLR will result in higher property price.
October 28, 2011 at 1:44 PMtanprop: DD, perhaps you got me wrong, I never mentioned that the property price will maintain at the current high level, or even increase if the market collasped. However I also do not see that the price will drop rock bottom, and people with cash will be able to jump in and make their purchase cheaply and hapily. The situation at that time will be too chaotic for most people to put their money into property anymore, that's what I am trying to say. Unless you are a tycoon who are super cash rich and purposely try to clinch oppourtunity from downturn, like YTL did in the Bukit Bintang during the last 1997/8 crisis.
October 28, 2011 at 2:05 PMtanprop: When most people chose to stay away from the property, YTL swooped 98 acres of Bukit Bintang prime real estate, including Starhill, Lot 10 and JW Marriott during the last 97 crisis, and turned in into a successful and luxury destination. The property price could have been doubled or tripled up now, nobody knows but it must be beyond imagination. We, speaking on behalf of the ordinary working class on fix wages, will not have the cash and gut to go against the tide and do it.

So most ordinary people will just follow the wind, ride on the property cycle and hope to buy low and sell high and make some quick profit afterward. Some even desperate one would hope market clashes so that they can finally afford to buy one, this is un-real.

Property price is almost, if not already reaching the peak right now. Whoever missed the low-tide period(before 2009) and still willingly throw themselve into property market now is asking for trouble. However if you are looking for long term staying, or ready to buy and hold, then go for it, long term it should not be wrong.
October 28, 2011 at 4:03 PMDD: Sorry I misunderstood. Anyway, whatever it is landed properties in Penang can hardly drop in price. May stagnant during downturn but unlikely to head south.
October 28, 2011 at 4:58 PMcondomana: Dear tanprop,

Your statements are full of contradictions!..:D
November 15, 2011 at 6:41 PMlim: 4-Nov-2011
AMD announced yesterday intentions to lay-off 10 per cent of its global workforce, along with the termination of existing contractual agreements, in an effort to make $200 million of operational savings in 2012.

3-Nov-2011
SAN FRANCISCO—NOR flash memory vendor Spansion Inc. will cut 750 jobs, or about 20 percent of its workforce, in connection with cost-cutting measures announced last week, the company said in a regulatory filing.
January 20, 2012 at 5:41 PMalan: Malaysia unlikely to escape euro storm, says RHB
By Lee Wei Lian
January 20, 2012
RHB noted that the Malaysian Institute of Economic Research (MIER) Business Conditions Index (BCI) had declined for two consecutive quarters and falling below the 100-point threshold, which indicates that “businesses have turned negative on the outlook, as Malaysia is unlikely to be fully insulated from the impact of the debt crisis unfolding in Europe.”
MIER yesterday revised its 2012 GDP growth forecast downward to 3.7 per cent due to external headwinds, which is markedly lower compared with its growth forecast for 2011 of 4.9 per cent.
January 25, 2012 at 9:35 AMtan: Selling at Loss?

The price dropped further to 800K for 2056 ft on 10-Jan.

Yet, still no buyer.

http://www.mudah.my/Platino+Condo+Seaview+2056sf+2Carpark-13269609.htm
January 25, 2012 at 3:22 PMlim: Let's get 20 speculators of Platino to fork out 40K each to buy this 800K unit.

This is to remove the eye sore that affecting subsale price. (To stop it from setting lower benchmark continuously)
January 31, 2012 at 7:50 PMTim: I saw from Kwong Wah today.

The asking price of the studio is 690K.

Still no buyer.
February 1, 2012 at 11:15 AMDD: at 690k for studio which is 1076sft still RM640psft, still consider high.
February 1, 2012 at 7:39 PMAmin: New bank negara ruling on net income will further reduce the buyer affordability.

Platino (high end condo) is sure to be affected.
February 10, 2012 at 10:46 AMKenny: Hi Condomana,

From the report link you provided, I am unable to find any Platino exchanging Hands till June 2011.
Any luck on your side?
February 10, 2012 at 11:43 AMcondomana: Hi Kenny,

Neither could I find anything. Honestly, I am surprised. I know the market for properties > RM 1 mil is very small, but zero transaction more than half a year after OC, in spite of all these "perceived" bullishness, has taken me by surprise. Is it the bad location? Is it the bad quality? What happened to "IJM" project?...:) Or there is simply no market demand in resale market?
February 12, 2012 at 9:27 PMKenny: Hi Condomana,

I have the same questions in mind. Not sure if I should invest in the same area. I heard many units at Platino and Bayswater up for sale and rent but no takers.
It could be due to the recent economic slow down, maybe in years to come it could recover ?
February 12, 2012 at 10:53 PMSCC33: Guys,

Do you think it's worth while to buy at RM500/sft for own stay? It seems that most sellers are trying to fetch at least at this value. I've enquired on a few units with some even trying to push for RM550/sft. guess thats the reason of low or zero transaction. furthermore, as I've mentioned before certain units view are blocked by bays water or may be blocked by the upcoming Pearl Regency.
February 13, 2012 at 7:23 AMsan: "Many units up for sale and no taker" is not only applicable to Platino.

It is applicable to all the hi end condo/house (Brezza, Central Park, Southbay, Zan Pavillon...etc.)
February 13, 2012 at 10:59 AMcondomana: hi san,

Brezza & Central Park also considered high end meh? One unit in Central Park changed hands very recently for RM780k (that works out to be RM288/sgft). Not high end lah with that pricing!!
February 13, 2012 at 4:17 PMThink again!: omg! Condomana,you are such a no brainer to take 1 transaction as your guide for high or low end.

Pathetic.... like i always said, the more you talk(type), the dumber you look....
February 13, 2012 at 8:16 PMlim: Gurney Paragon and One Ritz also stuck. No taker.
February 14, 2012 at 9:17 PMtan: SCC33,

Wait. There are so many units around.

Let the investors hold first.

They are paying >RM4,000/mth (interest loss + maint fee)
February 15, 2012 at 10:16 AMRoman: Hi Tan,

What makes you think that the investors are paying > RM4k as interest and maintenance fee? Appreciate if you have any data to share with us....
February 15, 2012 at 3:32 PMcondomana: Hi Think again!,

I wouldn't disagree with you for pointing out the fact that I shouldn't judge the value based on 1 transaction. The reason I mentioned that transaction is because that's the only sale I know actually took place (as the buyer was a relative) very recently. You are right, I heard there were sellers who are willing to let go at lower price (for middle and lower floors).

Hi Roman,

I think what tan meant was the overall monthly payment including interest + maint fees (assuming the buyer took a loan).
February 21, 2012 at 4:27 PMPenang Fan: Recently I was offered 690K for my studio unit but I rented it for 4000 a month instead. Not too shabby egh!
My friend sold his 23rd floor unit for 1.3 million- in contract now. So all you blogger trying to bad mouth is wrong.
February 21, 2012 at 6:03 PMSCC33: Penang Fan,

Mind sharing which unit type on the 23rd floor your friend sold?? 2314sft on Tower A?? That's one of the units that got the best view IMHO..

Those units on 23rd Floor of Tower A has an advantage of only 4 units per floor (if not mistaken).
February 21, 2012 at 8:28 PMPenang Fan: The unit sold recently was in Block A Type B. Many people here are just Platino envy trying to bad mouth it hoping that will lower the asking price. Most Platino owener will rather rent it then to sell below market value so bad mouth hopeful dream on...
February 21, 2012 at 11:15 PMMathew: Just to add some real data to the statistic, one type E high floor unit at block A was recently (end last year) sold at RM930K on cash term to a foreigner couple. I learnt this from the seller personally.
February 22, 2012 at 11:00 PMSCC33: Hi Penang Fan

Thanks for the reply. But if not mistaken Type B belongs to Tower B. Anyway, it's quite a good price both for the seller and buyer.

If one is to really survey the market, high floor units (say 18th & above) in Platino that are available in the market are only a handful. So my 2 sen opinion is it will likely to hold its price.

Cheers!!
February 23, 2012 at 12:17 AMproperty guy: Why talk so much? IF want to buy, just go and call up the number from mudah and find out. Why listen to others here? Likely people are throwing out news for their own benefit :) (either as a buyer to pull up sales, or as a seller to pull down pricing).
February 23, 2012 at 1:08 PMcondomana: Hi property guy,

You have a point. Want to know facts, have to do your own ground work. The land office is also a very good source for facts...:) With so many units coming into the market (especially IJM projects), and bank financing control (there seems to be a big impact in car industry), I think a little bit of wait-and-see wouldn't hurt. Unless you're getting married next month and your wife just can't get along with your mum!..;)
February 25, 2012 at 5:19 PMcondomana: Hi kuku,
wah, so specific one ah? 22nd floor can or not? Or you are actually trying to sell your unit on 23rd floor?....;)
February 25, 2012 at 10:26 PMproperty guy: WHY this particular unit? Very good feng shui? Condomana, that is why i say, people here doing this for own benefit only. Maybe we contact him and offer the sale? :)
February 26, 2012 at 2:30 AMPenang Fan: To SCC33,
My appology, the 23rd floor unit sold was A1 type with 2659 at 1.3 million Rm. which works out to 500Rm. a sf. Consider cheap for top floors with today's pricing in a luxury condo. Sold to a German and his Indian wife. Comes with 3 car parks.
February 26, 2012 at 6:51 PMSCC33: Penang fan,

Thanks for sharing the info. Very good price indeed.
February 28, 2012 at 11:04 AMcondomana: Hi property guy,

Ya lah, human nature mah. Self defense and survival skills are the key to human propagation. However, not only we propagate, we have to make sure gene refinement is a continuous process. Therefore through the process of natural selection, not all who defend themselves would survive, only the fittest. So, for the case of "I am looking for 23rd floor Type A1", "Oh, 23rd floor Type A1 just sold"....:))), we'll just have to let natural selection take its own course.
February 28, 2012 at 5:47 PMSCC33: Guys,

If you've been up to 23rd floor of Tower A, then you'll know why some people have preference for this floor, in particular Type A1 & Type C. Cheers!!
March 6, 2012 at 6:06 AMtan: The unit selling at LOSS at 800K+ 2056ft still in the subsale market.

Just simply no buyer around.
March 12, 2012 at 6:34 PMPrestige: Hi all,

Here's something less heavy duty to encourage residents' response & reduce tension arising from tenancy, subsale, interest rates, appreciation, $$$,etc..

Any Platino resident/owner who're serious tennis kakis, looking for regular sparring partners/doubles competitors on weekly basis? Ur new court looks new & interesting enough to host some guest players & a few hrs of brilliant hitting, social & competitive fun.

Feel free to contact me for some tennis sporting fun. I've a ready team of 3-4 established, friendly & professionally-mannered players around NTRP level 3.5-4.5. In return for ur gracious hosting, I'll sponsor the new balls.Court costs (if any) can be shared amongst the team then

Rgds,
PTC
March 29, 2012 at 2:57 PMOPATEfm - other projects are too expensive for me: Platino launched about 3 yrs ago priced RM790k & above. Now it's selling at around RM800k. Almost no appreciation.

I guess buyers are shifting to The Light.
March 29, 2012 at 7:27 PMPenang Player: Hi there,

OPATEfm - It's incorrect to say that Platino prices have not appreciated. There are early homebuyers/investors who have enjoyed quite impressive gains.

For example,Type F units (1,819sf) were originally in the 600k region (+/- depending on which floor, of course)........

I know of one unit sold in Block A (soon after OC) at a profit of 46% and one in Block B (sea view)at a profit of 54%.

I accept that prices may have softened since their peak but, even so, I don't see Type F units at anywhere near their original prices.

I concede that larger condos at Platino and some less favoured ones may have provided poorer returns but there have been plenty of winners.

Rgds,
M
April 10, 2012 at 6:46 AMlim: Sony reported to be cutting 10,000 jobsJapan's Nikkei newspaper has claimed Sony is to reduce its global workforce by 6% after four years in the red

Reuters
guardian.co.uk, Monday 9 April 2012
April 10, 2012 at 10:58 AMcondomana: Hi Penang Player,

I think what OBATEfm was trying to say is generally it is not easy to make (meaningful) money by flipping Platino unless you bought it cheap with early bird discount *AND* manage to get a nice unit *AND* manage to get lucky later on to find a buyer who's willing to pay good price. However, Penang being Penang, property is mostly very illiquid, you do have those transactions with good price, but they are few and far between, most speculators (or investors if you wish...:)) are stuck with it, not able to sell at good price.

Hi lim,

Do you work for Sony? Loosing your job soon?
April 10, 2012 at 12:52 PMproperty guy: Lim is just scaring people off
April 10, 2012 at 10:32 PMPenang Player: Hi Condomana,

I hope I didn't sound aggressive towards OBATEfm. I was just trying to balance the negative with some positive feedback.

I agree entirely with the points you make though and accept your interpretation of what OBATEfm is saying.

The ever-increasing supply of condos in Penang (many left unoccupied) does not bode well for liquidity or future investment returns. (Mind you, many argued this 3 years ago and prices have soared since). Would-be speculators seem to be more wary these days and I would agree that Platino condos might be tougher now to shift.

Rgds,
M
April 19, 2012 at 8:31 PMlim: First Solar to Cut 2,000 Jobs, 30% of Workforce

17 Apr 2012

First Solar plans to close its manufacturing operations in Frankfurt, Germany, in the fourth quarter and intends to indefinitely idle four production lines at its manufacturing center in Kulim, Malaysia, on May 1
April 19, 2012 at 8:51 PMDK: wow... this thread is definitely interesting to read!!!
April 19, 2012 at 9:11 PMtwyeow88: don't worry. 舊的不去, 新的不来。we lose some, we gain more.
April 19, 2012 at 11:30 PMjeremy tan: It is normal for First Solar to cut cost in this competitive industry. China produces the cheapest solar panels nowadays and eventually Bosch by next year will open their biggest solar factory in South-East Asia.

In order to be more cost effective they had to reduce cost of manufacturing by slashing down production since competition has taken a portion of its market share.

By going through with this exercise they would be able to cut cost from 72 cents/watt ro 70 cents/watt which is quite substantial for solar panels.

Their shares shot up the next day.

Hope that clarifies your doubts.
April 19, 2012 at 11:57 PMcondomana: In manufacturing industry, when there is a big shift in production to cheaper asian nations, that normally means the industry is having a tough time, therefore having to cut every corner.

4 lines idling in kulim further underscores the seriousness of the glut. Bosch would definitely slow down the transfer of investment to Penang. They might still go ahead with factory land acquisition and factory building, but purchasing of tools would be slow, hiring would be slow etc.
April 20, 2012 at 9:49 AMtwyeow88: of the 3 industries i used to work for-electronics/IT, food, oil&gas/EPC, i really think electronics is the most volatile and short cycle. shut down, 4 days week, voluntary separation, production ramp, cost down. no peace of mind. and the least rewarding also. unfortunately in penang, that's the best job we can count on.
April 20, 2012 at 1:47 PMfrogprince: Talking about manufacturing, I would say medical is the most stable.
April 26, 2012 at 7:16 PMTim: First Solar laying off 550 workers through VSS

21-April-2012

GEORGE TOWN: First Solar Malaysia Sdn Bhd, which is operating at the Kulim Hi-Tech Park (KHTP), is laying off some 550 workers supporting its four production lines that will be indefinitely left idle starting May 1.

Managing director P'ng Soo Hong told StarBizWeek that the workers, comprising technicians, operators and engineers, would be offered a voluntary separation scheme (VSS).

“Indefinitely idling four of our 24 production lines means ceasing production on the four, but we are not selling our plant,” P'ng said.

First Solar Malaysia produces solar panel or thin-film photovoltaic panels used for generating solar power through six plants on a 40ha site in KHTP. Its products are exported largely to Europe and the United States. Each plant is equipped with four production lines.

To date, First Solar has invested about RM2.9bil in KHTP since 2008, employing about 3,400 workers.

“The production at the 20 remaining lines may be idle temporarily to allow us to implement upgraded process technology changes and to better align production with expected market demand.

“This will also provide us the flexibility to increase capacity to 24 lines as we create incremental demand,” he said.
April 26, 2012 at 9:51 PMproperty guy: Hello Tim, you are trying to find fault. Of all the industries, you are picking at solar?? Don't you know first solar has its own issue where its no longer competitive in china market, and its not relevant anymore in Europe? In fact, whole solar industry in the world is not doing so well due to cut backs on subsidy etc etc (read news).

Solar cutting jobs don't mean property market affected in Penang, how many solar factories are there? Look at other industries and try to find other fault? :)
April 26, 2012 at 9:52 PMproperty guy: same thing for Lim, he can only find fault with solar =)
April 27, 2012 at 6:39 AMAmin: 高檔產業售價下調‧發展商促銷保買氣
大馬 2012-04-25 17:44
（吉隆坡25日訊）國家銀行打債行動不只衝擊二手房產和中低價房產，高檔產業也感受到寒風來襲，發展商推出的豪宅新盤開始調低售價，以及提供更多促銷配套，力保市場買氣。
http://biz.sinchew-i.com/node/59615
May 5, 2012 at 9:00 PMsan: Price drop...

2500 ft at 980K only!
May 6, 2012 at 1:08 AMPenang Fan: San you are wrong the sale at 950K is for lower floor 2056 SF Type E not 2500 SF as you claimed. Please get your facts right or you are simply lying to put Platino property down.

Check that out at Mudah ads. please!

That's still more then 350K more then original price at more then 145% increase.
May 6, 2012 at 7:58 PMsan: Price : RM 980 000
Non Bumi Lot Size: 2476 sq.ft.

this unit is low floor
Below market price!!!

http://www.mudah.my/Platino+Luxury+condo+2476sf+Gelugor-15201305.htm
May 6, 2012 at 8:01 PMsan: Price : RM 980 000
size: 2559 sq.ft.

http://www.mudah.my/Platino+luxury+condominium+2559sf+E+gate+Gelugor-13832298.htm
May 6, 2012 at 11:07 PMDD: San, I found better deal. Only Rm130k for 2476 sqft Platino in mudah.

http://www.mudah.my/Platino+High+Floor-15201316.htm
May 7, 2012 at 10:08 AMtan: Advertised by Wawasan Property in Kwong Wah last week.

~2500ft at 980K.
May 8, 2012 at 8:11 AMproperty guy: lets not deny it, it is really dropping
http://www.mudah.my/Platino+1819sf+seaview+Gelugor-15298264.htm

last time need to pay 860K for no sea view, now 850k can get sea view same size
May 8, 2012 at 8:13 AMproperty guy: But not as cheap as 2500 sq ft 960k lah

http://www.mudah.my/Platino+condo+2056sf+2+car+park-15297769.htm

only can get 2000 sq ft
May 9, 2012 at 3:35 PMOPATEfm - other projects are too expensive for me: Gentlemen, please keep in mind there's always plenty of room for nego when it comes to mudah.my prices.

Many of them are heavily marked up because agents wana get a piece, sellers anticipate the buyers to bargain, & of course - it's so damn easy to post a mudah.my ad.
May 10, 2012 at 1:12 PMproperty guy: some may look cheap, you call up, they will tell you unit sold out
May 17, 2012 at 8:26 PMalan: A multinational (has been in Penang for the last 40 years) in Penang FIZ just sold a biz unit to a Taiwanese company.

~80 engineers, executives and managers are affected.
May 31, 2012 at 7:05 PMtan: No buyer around.

They are waiting for the Greece re-election in June and then GE13 in Sep.

The effect may be devastating.
June 2, 2012 at 3:52 PMtky86: small unit 18++ sold how much?
June 21, 2012 at 5:34 PMlim: So, who else announced job cuts this year?

20-6-2012

HP eliminated 27,000 jobs, shaving $3 billion from its annual expenses. Yahoo announced a 14% cut, and expectations are that RIM will whack between 2,000 to 6,000 jobs as well. Unmerged T-Mobile announced 2,250 jobs lost. Sprint announced a mere 100 jobs cut and Ericsson 1,400.
Sony said in April it will cut about 10,000 of its 168,000 worldwide employees, and NEC kicked off 2012 with a 10,000 jobs lost announcement. IBM cut 1,000 jobs in the U.S.

http://www.edn.com/electronics-blogs/from-the-edge-/4375431/Job-cuts-It-s-not-just-Nokia?cid=EDNToday_20120618
June 21, 2012 at 5:56 PMpgkia88: Alan, if you want to mention also mention properly la. The company you mention is Avago. And Avago don't have decades of history in Penang, but Agilent does.

The Taiwanese buyer is Pixart .

So, how does this impact the property market? No one is retrenched on this sale
July 24, 2012 at 9:02 PMsan: Price drop - Studio from 750K to 730K.
July 26, 2012 at 4:13 AMPenang Fan: San, where did you see Platino Studio price dropped???
July 26, 2012 at 2:45 PMAmin: very very low occupancy.
July 26, 2012 at 11:48 PMPenang Fan: Amin do you live in PLATINO? Obviously not as the occupancy is well over 50%. That's normal for a lux. condo of this size as most owners has more then 1 home.

I am very happy with the low occupancy as long as everyone pay the maintenance and up keep of building is spick and span. We just hired a KL lux. management team to take over IJM. This is a reputable company that upkeep a few of K.L. top 5 stars condos.

I have no problem with less people living in the condo. It is more exclusive and quieter that way. Who wants a noisy and over populated condo definitely not me. So get real.
July 27, 2012 at 2:55 AMPenang Fan: Platino with the new management and plans to have new upgrades eg. Home theater/Karaoke/AV room, Steam room and Jacuzzi in each male and female changing room. Each male and female has 2 saunas(IJM bad architect design- why 2 saunas) so converting one to a steam room seems logical. Hopefully Platino will be the most luxurious condo in term of facilities in Penang after all the upgrades are done.

We have a very professional group of proud owners in overseeing it. This is all very exciting for all of us. A well run luxury condo will definitely keep the value up for all Platino owners.

Most condos are badly run in Penang and hopefully Platino will set a high standard example for many condos to follow.
July 27, 2012 at 7:32 AMjeremy tan: Hi Penang Fan,

I doubt platino will be the most luxurious condo in Penang.

If you are talking about luxury, Springtide Residences, Sky home, 1 Tanjong, Shorefront, By The Sea, Gurney Drive Condos or even the future Quayside project with its 4 acres water park and 7 acres of greenery park.
August 30, 2012 at 7:36 PMbbheart: I just bought a unit - 2659sqft, middle-high floor, seaview, fully furnished and with tenancy to a MNC at about RM 500 per sqft. I would like to share my process of choosing this hidden gem.
I am working in mainland and my wife working in a MNC. So, the location is perfect. We want a freehold high rise property and no-reclaimed land. Looking around this area, only The View, Bayswater and Platino fits the criteria. Bayswater is grossly overvalued (apartment priced as condo). The view has wonderful view but internally, there are just too many corners (need to make a lot of built-in). For various reasons, The Platino has not appreciated much. This is bad for sellers but good for buyers. I appreciated the discussions here and in fact, I read through all the comments here before making the decision. The deficits discussed turned to my advantages as I think this helps to lower my buying price. Thank you.
August 31, 2012 at 7:24 AMlim: You shud tgt at 400-420/ft for bare unit. So, it shud be 1M.
September 3, 2012 at 11:42 PMfrogprince: bbheart, there must be a reason why Bayswater are much higher in price psf while Platino has not appreciated much.
As Bayswater are smaller, they present a lower price entry for purchasers.
And for the same location, their view has not been blocked (yet) while Platino's view is blanketed by Bayswater, two new condo projects, Tenaga.
As for the View condo, you are right the layout is a big mistake.
500 psf for a fully furnished unit and currently tenanted may sound right on current market but it is not a steal...
cheers...
October 11, 2012 at 6:31 PMbbheart: I was offered RM1.3 for renovated and RM 1.18M for bare unit (2659 sqft, same floor, same owner. I chose the renovated ones because of lower upfront cost and the tenancy give me positive cashflow. By calculation, this work out to be RM 488 psft and RM 444 psft respectively. I saw the SNP of previous owner is about RM 890-900k. Bearing in mind he was a bulk buyer, I think his selling price is fair considering the property price was on very steep upward rise for the past few years. As a buyer, you must be hoping to get about RM 400-420 psft, as suggested by some people. This will make the 1819 sqft unit RM 760k. Unfortunately, I don't think any seller is offering this price at this moment.
This is a free m,arket - willing buyer, willing seller. So you need to look for those urgent seller to get the lower price.
October 11, 2012 at 6:34 PMbbheart: I am not staying in the unit but my friend do. They seemed happy. Maintance is RM 0.21 ppsft, addition 10% for sinking funds.
The coming up Vertiq may blocked some views of Block B, just bear in mind when you are looking for a unit.
You seemed to be a serious buyer, Ihope this helps.
October 12, 2012 at 12:16 AMcondomana: Hi tan,

Another piece of info for you to make an informed decision :-

There are a total of 2 units in year 2011 that transacted above RM 1 mil (yes, only 2 units), namely :-

(i)Block A-11-5 (2314sqft) at RM 1.06 mil.
(ii)Block A-20-2 (2659sqft) at RM 1.32 mil.

If you are buying for investment, check out Mudah.com to see what your competitors are offering for rent at Platino.

Then you decide for yourself....:)...Happy house hunting!
October 20, 2012 at 9:24 AMalan: Renesas is on the verge of Chapter 11.

A lot of MNC are mulling pay cut.
October 20, 2012 at 9:25 AMalan: 2013 is defiitely not a good year.
October 22, 2012 at 11:09 AMlim: Getting more interesting in last week.

AMD announced to cut 15% of workforce.

Same to Sony to cut 2,000 workers.

Google's and Microsoft's profit plummeted 20% and 22% respectively.
October 25, 2012 at 4:27 AMlim: Is recession coming?

24 Oct Imation: 3Q revenue off 20 percent; layoffs coming

24 Oct Dow Chemical will eliminate 2,400 jobs, close 20 factories

23 Oct Weak Global Industrial Demand Hurts DuPont, to eliminate 1,500 jobs and cut its full-year guidance

18 Oct Advanced Micro Devices Inc. said Thursday afternoon that it sank to a big net loss in the third quarter and plans to lay off 15% of its workforce — about 1,770 people — by the end of the year

18 Oct UBS is considering cuts in equities and fixed income as it trims its merger advisory staff, bringing total reductions to about 400, or 10 percent of the unit’s front-office employees

18 Oct Alcatel-Lucent to cut its home-country workforce by about 15% as part of efforts to axe 5,490 jobs worldwide

16 Oct SunPower idles manufacturing lines; cuts 900 jobs

11 Oct Siemens Sketches Savings Efforts as Job Cuts Said to Reach 8,000

11 Oct FedEx Cost Cutting: Shipping Giant Plans To Shed Thousands Of Jobs, Retire Planes To Slash

4 Oct Motorola Mobility unit - More Layoffs Possible

3 Oct Applied Material cuts 1,300
October 25, 2012 at 7:49 AMAlan: You're so funny lim. You just put job losses and don't put job creations on your list. Is there a recession? Which country are you referring to?
US - still growth every quarter
China - growth every quarter
Japan - growth every quarter
Germany - growth every quarter
Australia - growth every quarter

What makes you think there is a recession? Is it maybe because you selfishly want one to happen?
October 25, 2012 at 2:47 PMsokohaw: This fella put such comments every where, must be a young boy who has shallow thinking. Always hope to get cheaper house by providing irrelevant facts. Job cut, VSS,factories shutdown in Penang? Yes, I heard all these since few decades ago but the fact is that I never see property price going down..........
October 25, 2012 at 2:54 PMSCC33: Regardless of market going up or down, there are always opportunity to be grabbed. It all depends on one's vision.

So to put that market crash means dooms day, that only shows how narrow vision one can be.
October 25, 2012 at 6:29 PMDD: Younger generation may feel that the current global economic down turn is devastating. But for those who have worked for more than 15 or 20 yrs, this is just another cycle. Property investment will always be a safe bet if you have holding power. At least safer than investing in stocks or non bank backed gold schemes. Penangites in particular, have long culture/habits of not spending on fine dining, expensive cars, luxury goods but instead saving all the money to buy up properties. Even abandoned projects (during the 98 crisis) were all revived and making good returns. Property prices in Penang may stagnant or temp go down a bit during major economic crisis, but in long run always positive.
October 25, 2012 at 11:34 PMcondomana: Hi sokohaw,

To say "....never see property price going down" is not true. During 97 financial meltdown, property price got hit big time in Penang, and it took many years to recover to pre-crisis price level.

Hi SCC33,

Reading through lim's comment, I think he did not mention anything about dooms day. I would interpret his comments as :- "Don't blindly buy and don't assume price will continue to go up the same pace regardless of economic fundamentals".

Hi DD,

I do not think "younger generation may feel that the current global economic down turn is devastating", but I agree with your statement ..."Property prices in Penang may stagnant or temp go down a bit during major economic crisis, but in long run always positive". If you have infinite financial resources, you would probably keep buying come rain or shine. Otherwise, you would probably want to maximize your return in the most efficient way (aka doing your asset allocation correctly according to economic cycle in a timely manner).
October 26, 2012 at 12:23 AMjeremy tan: Property 101: Supply and Demand.

Simple economics but most of the time over looked
October 26, 2012 at 12:05 PMStanley: All these while, i thought IJM is a reputable company. But the recent report in The Edge Malaysia Property Excellence Awards 2003-2012 stated that IJM was ranked 10 in Malaysia. In Quantitative attributes 2012, IJM ranked number 15th in terms of Innovation & Creativity, number 9th in terms of image, product quality (number 10), value creation for buyers (number 11), and expertise (number 5th). SP Setia is top in Malaysia in all category except product quality (2nd).

From 2003 until 2008, IJM is not even ranked 30 TOP PROPERTY DEVELOPERS AWARDS. In 2009,IJM ranked 12, 2010 (ranked 10), 2011 (ranked 9). SP SETIA ranked number 1 for SEVEN consecutive years from 2003-2012. I think IJM buyers should rethink again their decision to buy any properties in future and stop speculating. It's a WAKE UP CALL FOR ALL.
October 26, 2012 at 2:22 PMalan: Give him/her a credit.

He/she is ahead of sinchew (reported on 26-Oct)

不景氣衝擊‧全球掀裁員潮

（美國‧紐約25日訊）不景氣衝擊業績，全球企業掀起新一波裁員潮，社群遊戲開發商Zynga宣佈公司史上首次裁員行動，同時陶氏化學（Dow Chemical）和杜邦（DuPont）等公司也紛紛削減人力，不少業者的裁減人數動輒達數千人。
陶氏化學裁2400人
杜邦裁1500人
面對全球經濟成長減緩，全球第二大化學業者陶氏化學23日宣佈打算在歐、美、日裁員2千400人，佔總員工數5%，並關閉20座廠房。
此外，該公司也在削減資本支出，以協助達成節省25億美元成本的目標。
陶氏化學首席執行員李弗瑞斯悲觀看待全球工業前景，表示中國客戶減少庫存和歐洲成長停滯衝擊業績。陶氏化學的競爭對手杜邦同日也宣佈將裁員1千500人，約相當於全球人力的2%，其中半數是汽車漆料部門員工，目標是省下4.5億美元。
去年首次公開發行股票的Zynga也將裁員5%，相當於約142人，並將關閉部份辦公室、結束旗下13款遊戲，以因應銷售成長放緩。Zynga打算關閉位在波士頓、日本和英國的工作室，並裁減美國德州的員工。
另據華爾街日報報導，瑞銀（UBS）將在旗下投資銀行啟動新一波裁員計劃，因業績頹勢未見趨緩。瑞銀打算分批合計裁減數千人，本周被裁的員工分散在北美、歐洲和亞洲各地，24日就會開始通知第一批。
銷售冷
美企猛刮裁員風
美國經濟成長遲緩，加上歐洲陷入深度衰退，美國企業諸如福特汽車與陶氏化學等面對銷售持續遽降，如今也相繼加入一籮筐裁員美企行列。
據彭博彙整的數據顯示，自9月1日以來，北美各大企業在海內外已宣佈裁汰6萬2千600個職位，創下2010年初以來連2個月最大裁員潮。今年迄今，美企共計裁員15萬8千100人，超過去年同期裁員人數12萬9千人。
陶氏化學、杜邦與超微過去一週來相繼宣佈裁員，累計裁員人數超過5千500人，如今福特汽車也將關閉歐洲2家汽車組裝廠，這是福特10年來首見。
美企猛刮裁員風，適逢絕大多數的美企發佈第三季營收未達分析師預測，以及美國總統大選進入倒數階段，就業情勢也備受各界關注。
橡溪投資公司操盤手桑遜指出：“企業釋出這樣的訊息，｀讓我們不要累積庫存，讓我們節衣縮食過日子，直到我們能夠確定嗅出明年景氣好壞’。如今企業眼見經濟遲遲未見回神，無不憂心忡忡。＂
據彭博彙整的數據顯示，截至目前，標普500指數已發佈第三季財報的204家成份股，其中有120家的營收落後分析師預測值。（星洲日報／財經）
October 29, 2012 at 11:19 AMDD: Condomana,

No one in their right mind would buy whether rain or shine, even he/she has infinite amount of money. BTW, there is no such thing as infinite $$ unless you are US gov keeps printing $$. No doubt, one need to diversify one's investment. Not putting all eggs in the one basket. What I was trying to say is, property investment in Penang can be considered relatively safe compared to other means of investments. Of course need to consider locations, developer's track record, personal financial capability, economic outlook etc.
October 29, 2012 at 12:12 PMDD: Stanley,

One hypothetical question: Would you pay more for SPI, Reflection or other Setia projects now you are aware that SP Setia has been rank #1 for the last 7 years? SP Setia definately wasted no time by giving all their past purchasers copies of the latest Edge and the Edge property magazine. I guess SP Setia need to hike their price again.
October 29, 2012 at 4:23 PMsokohaw: Condomana,
When people said "price never going down" of course it means "overall trend" or "majority". If you want to apply "micro analysis" concept, definitely certain year, month, or day has down trend........needless to clarify. Let's talk about now & 97, what is the price difference for a unit of Silverton condo in Gurney? RM2M vs RM800k maybe....will the price resume RM800k after crisis & crisis & crisis.....??
October 29, 2012 at 11:07 PMcondomana: Hi DD,

You're right. No such thing as infinite money, and even if there is, I am sure it won't be interested in PENANG properties!!....:D))
October 30, 2012 at 1:20 AMStanley: Hi DD,

Regarding your question, i am willing to pay higher for SPI projects compared to other not well-known developers, around 20% to 30% higher provided:

a) the location is the same or better than the other properties.
b) the facilities, amenities or the materials used are better. I'm sure they won't use cheap materials to protect their brand name, so did IJM too.

However, i won't pay higher than IJM properties coz IJM properties are always priced 50% or higher compared to other not well-known developers. I will only buy SPI property if Setia priced it 20% lower than IJM (the super speculative developer's properties are really OVERPRICE and with SPECULATOR'S PRICE TAG.

Don't be surprised if their leasehold is priced higher than their freehold in the same location (Vertiq vs Platino). Their "followers" are either damn good in speculating or just "brainless" - investing with emotions rather than with head. They will say IJM are the best in Malaysia - in what area???? Design, material, value creation??? ACTUALLY IN NONE CATEGORY...
October 30, 2012 at 9:38 AMDD: Stanley,

Wow, IJM must have pissed you off badly. To me if a developer prices their products too high, I will just walk away that's all. Just like Ghee Hiang Residence, way off. Just one correction, Vertiq and Platino are both Freehold.
October 30, 2012 at 5:06 PMOPATEfm - other projects are too expensive for me: DD's right. Why is there a belief among so many Penang property buyers that the developers are always in charge & not buyers themselves? If the price is unacceptable, don't buy. It's that simple. The money is in your hand. You call the shots. Not the person asking for your money.

We all know the developers will raise the price AGAINST the laws of the economy (increase price without any real demand/booking) & sometimes it does seem like they are in charge but we need to ask ourselves: Can this practice (raising prices without any real demand) sustain itself forever? If not, what will happen when this practice fails?
October 30, 2012 at 10:00 PMcondomana: Hi OPATEfm,

You shouldn't be surprised at all. Evidently with an almost stagnant population in Penang and the number of unoccupied (but sold) properties, property demand in Penang in the past few years has been driven by speculation rather than real demand. In other words, absolute price and value is secondary, being able to flip for a profit is primary. Even if the price is not acceptable, greed is still "in charge"...:D

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