Summer Place Condominium by IJM Land is the final residential phase of Bandar Seri Pinang development scheme located at Georgetown, Penang, off the Jelutong Expressway. Summer Place Condominium comprises three blocks with a total of 531 condominium units. Each unit come with spacious built-up area ranging from 1,012 to 1,464 sq.ft.
Property Project : Summer Place
Location : Georgetown, Penang
Property Type : Condominium
Tenure : Leasehold
No. of Blocks : 3
No. of Storeys : 20 & 22
Built-up Area : approx. 1,012 - 1,464 sq.ft.
Total Units : 531
Developer : IJM Properties
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1,372 comments«Oldest ‹Older 401 – 600 of 1372 Newer› Newest»
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«Oldest ‹Older 401 – 600 of 1372 Newer› Newest»Hui Leng,
Please clarify what you understand on flexi loan?
As I know Maybank is providing flexi, which mean you can withdraw additional money that you had pay to housing loan.
Gim,
why is flexi not better than fix, to me flexi mean u can pay more when ur more relax. Else who can advice on this further as this is my 1st and all those MRTA & overdraft thing are alien to me.
By the way i book type D and what are those RM2085 u paid for? issit same for everybody?
Thanks
gim,
can you share with us what is the difference between fix and flexi loan? And why fix is better?
Gim,
I think you are refering to fix interest rate better than flexi interest rate that fluctuate based on BLR. Please clarify.
Vlee, the loan i mention is from EON Bank. And i got offer from Maybank too.
For all the S.Place owner, i got some question here. IJM sale representative say we nil to pay single ringgit until completion, but the bank offer 0% interest just for 12month (Maybank), and 18 month (EON Bank).
My question is after the offer period by bank, what happen if S.Place still pending OC. I got ask Banker about this and they say will start charging interest after the offer period.
So, IJM will pay the interest for us after the offer period? If yes, how? (Bank definitely will send the bill to us but not IJM).
Anyone know this detail????
let me advice you all on the loan since i have buy a house before.
Currently there are 2 types of loans
1) flexi home loan
2) Non Flexi home loan
Flexi home loan means you can throw as much money as you like and withdraw the money easily by using ATM cards. The bank will charge you if you try to settle the loan within 5 years or depends on the term and condition from the bank that you have borrow.
This is better deal cause you can easily reduce the interest as you dump more money to the bank.
As for the non flexi home loan, you just pay the amount that the bank requested and you cannot pay more even you have extra money. This actually will cause you to pay more interest to the bank since it is fixed.
As for the interest, this depends on the bank offer. Some offer 5 years fix rate and some offer different rate on every year. But the best is to choose the 1st 5 year lowest interest as you will do refinancing after the 5 years. Besides, please beware of the BLR cause some bank offer higher BLR(~0.05%) like citibank,UOB and HSBC as compare to local bank.
Gim, if its fix rate, can you tell us what is the interest rate for fixed rate?
i just pass by...
for those understand mandarin, please spend some time to go through the forum below before you trust the words from the so called supex loan consultant. it will also help you to understand flexi loan better.
【专题讨论】SxPEX 真假贷款节息，你真的已明白清楚了？？？
http://cforum5.cari.com.my/viewthread.php?tid=1215321&extra=page%3D1
The initial flexi package from EON is now being revised. Per the latest information i got, they are doing away with the flexi loan package.
projectupdate,
IJM should be paying the interest till completion. So it doesn't really matter what the bank offers unless IJM completes before the given free interest period by the bank.
Do you mind sharing the package you got from maybank for comparison? Thanks
LucasKing, KK88,Nyee Han, n others:
u can check it out it at www.supexmortgagereduction.com
it need intro. ID to register to c the info: SMRMY1076.
And plz use mozilla firefox to open.
if u wan to know more details, plz left ur email or either contact no.
i been told by IJM sales, they said the rate all is same. BLR-2.2 for fix rate.
Yup, for flexi loan,the back officer will tell u when u got money, u can pay more to deduct the principal n u can withdraw the money when u need it.
THINK!! if u r paying extra money n they already deduct the principal, do u think they will let u withdraw it back??
And normally flexi loan will open a current account for u, they will ask u want to apply cheque book or not... y we open loan account, but they free us current account?? THINK!!
They r purposely n got attempt...
Thx vlee & kp. that mean u paid for the RM1430 also? but how come kp no need??
anyone been charging something fee like (loan amount x0.5%)?
Hi Gim,
Thanks for further clarification.
I did not study the www.supermortgagereduction.com yet. But regarding to the Flexi loan, it does really allow owner to withdraw money but need to paid rm25 for processing fees. It was stated black n white in my Maybank loan offer letter. To me I still feel flexi loan give me better flexibility as I can pay more and request withdraw excess money later if I need it for renovation or buying furniture.
Regarding the open current account, I am not being force to do that. Just curious, which bank are you refering to?
Thx
hi gim, I jux know about Supex yesterday as well. seriously can work? what are the different if we follow the step and approach the banker personally?
I'm scared to register at that website. Can someone share what is Supex all about?
As what you said on flexi that they will open a current account for you to withdraw money, just make sure u restrain urself from doing the wrong thing and everything will be fine :P.
SO, as you said now there are no more flexi loan for SP buyer. Any other way to get a flexi loan? Else which of the following 3(EON,Maybank & CIMB) offer the best deal?
Thanks.
i'm just told be eon bank banker i'm no allow to apply flexi loan fot this project? its true?
I am not sure abt other charges, coz i pay only RM 190 when sign S&P.
Sinking fund is the money the management collect so that after a few years they use this money to repaint or fix the whole building. But some lousy management will took away those money.
Vlee,
I apply for all 3 bank loan facilities and all approve. I got the offer letter from Maybank and EON Bank. CIMB not get it yet. So, i just compare the offer by Maybank and EON as below.
1. Both bank offer same BLR-2.2 after the oc and completion.
2. Lock in period both bank is 4 year after full drawdown and penalty is 2.5% from loan amount.
3. Maybank offer 0% interest for 12 month and EON offer for 18 month. (Noneed to take k as IJM will bare the interest for us)
4. Maybank can finance up to max. 95% loan only and not allow to finance MRTA if u finance max. 95% loan. By the way, EON Bank can accept 95% financing + MRTA.
5. MRTA from Maybank cheaper than EON Bank. (Exp. 20 year MRTA, Maybank only RM7k++, EON Bank RM9K++) 2k difference.
6. The lowest interest charge from Maybank will be 0% if current BLR still lower down by Bank Negara. EON Bank will be fix at 3.35%.
7. Maybank hv stated all solicitor fees, stamping fees and misc. shall be borne by IJM but EON bank indicate the fees shall borne by us. (although they say is borne by IJM orally when i ask but is better got black and white, more safe to us)
projectupdate,
thank you. that's really good information. i've not received the offer letters yet and i'll share it out if it's different from this. did you manage to get a flexi loan from EON?
nang,
yes, i was previously getting mixed information from different EON bank reps about the flexi loan. latest update i got is that flexi-loan is not an option anymore. i do not know what will happen to those already signed the documents that offered flexi laon.
gim,
there are a few kinds of flexi loan. in general, they allow pre payment and interest will be re-calculated on the remaining principal. And yes you're allowed to withdraw and the interest will again be recalculated. note that the interest is usually calculated daily.
the flexi-loan with a current account allows quick transaction. only the overpaid amount will be allowed withdrawal unless you opt for overdraft facility which always have a higher interest rate.
Yes, it would great if someone share could share on the Supex mortgage. Thanks
i wonder why you guys only talk about EON, Maybank and CIMB these 3 banks. what about Citibank and Public Bank?? They don't have a good home loan package?
mypenangproperties,
Please study about the project before post question.
mypenangproperties,
These 3 banks are IJM panel banks for Summer Place. So i guess they offer better rates and benefits. Actually i was curious and thought about enquiring from other banks but wanted to avoid the hassle. I'm also afraid that there'll be complications between IJM and the non-panel that may occur.
To mypenangproperties,
For this SP project, only EON,MAYBANK and CIMB is the IJM panel bank and only these banks have agreement with IJM to subsidise or loan interest during construction.
Thx
I just sign the S&P yesterday.
IJM sales said, they will increase price Type A&B 5k ~10k. Type C&D will increase 15k~25k.
If this is true, this will appreciated the early bird like us.
vlee,
yesterday early morning i received call from eon banker told me that EON bank can give me flexi loan.
i think i will take EON bank flexi loan. since i submit same document to maybank and maybank. eon bank already approved me within 4 days and until now more than 10 days maybank still no any update to me.
nang,
yes, i just got the same response that flexi loan is back. i keep getting different information so i'll wait till i get them black&white. did you get a 95% loan approved with eon? are you purchasing MRTA?
Has anyone credit card from Maybank being rejected? Mine got rejected. I wonder IJM can wait until when. I already told my lawyer I'll sign tommorow. But I really scared I can't get my Maybank credit card.
GOOD NEWS FOR ALL SUMMER PLACE OWNER, IJM announce price increase today on Summer Place. Type A increase 10k, Tower 1 facing bridge view increase 25k, Tower 2 facing jetty and sg. Pinang increase RM15k. All pool view increase RM10k. (Pls amend me if I wrong).
vlee, actually, i'm not sure whether eon bank offer is call flexi or not. For my understanding, flexi is we can pump in money anytime and take it out anytime also depend on bank condition. EON Bank also can call flexi but if you want to pay principle, u need go to counter. Maybank noneed, u can bank in anytime via cash deposit machine. So, maybank more flexi than EON Bank.
TO ALL SUMMER PLACE OWNER, SUMMER PLACE LATEST PHOTO UPDATE ARE AVAILABLE AT
http://penangprojectupdate.blogspot.com/2009/03/summer-place.html
vlee,
i'm just apply for 90% loan only and without MRTA.
Hi anyone know what is the big pond on the other side of Sg Pinang?
projectupdate, thanks for latest news :) what about toweer 2 facing pg bridge?
I have ask Maybank to cancelled my credit card application due to maybank still cannot give me the card when sign S&P, so no point i apply the card. I ask my relative use her maybank card to pay 10k for me. Damn slow for the credit card application. Loan approved earlier but not credit card.
Heard that we need to pay another 2k++ for government tax against our loan, is it true?
Dear all summer buyer,
we need to pay 2k++ for government tax against the bank loan?
To all,
May refer to the citibank link to understand for the legal fees that need to pay.
http://www.citibank.com.my/global_docs/propertyportal/buyingguide4.html
projectupdate, towers 1 and 2 increase rm25k EXCEPT those facing sg pinang on tower 2 and both towers unit 07. these and tower 3 increase rm10k.
well already owners no complaints for sure... considering recent news posted on 17/3: http://www.propertyinvestment2u.com/penang-property-ijm-condo/
btw thanks for the night view photos on your blog. great shots. am interested to see view of the pool at night if as nice as the artist's impression...
Great news ! Both tower 1 and tower 2 garden view already sold off (except bumi lot).
IJM raise the price just to make us happy?
hahaha
Hi pgites,
I think the pond is Indah Water facility.
mydream-summer & summer
yes, i already paid the government tax. seem like some ppl no need to paid, like kp. which bank loan u took, my 1 is maybank.
the supex mortgage will conduct 'The 8 benefits of mortgage reduction seminar'(Mandarin) in B-suite hotel on 9th April from 7pm-11pm. RM50
'Understand ur house loan seminar'(English) in YMCA on 18th April, from 2-4pm. RM20.
Anyone interested plz email to thgim117@gmail.com
kp,
can i know which bank u choose? u mention ur lawyer firm is stella hsu, right?
captain,
didi u paid for the government tax when sign the s & p?
my lawyer is oscur & khoo (behind city bank 1)
oh tks M.Business... is that good or bad?
Pgites,
the ponds is takung mencegah banjir...to prevent flooding.
May i know the price increasing how much for tower 3 and tower 2 facing sg pinang?
Hi all,
Just called IJM. It's official!
Tower 1 facing pg bridge/pool view : +RM25K
Tower 2 facing sg pinang : +RM10k
The different so much is due to tower 1 almost finish, tower 2 still only in 6th floor. Material cost usage/spending different.
The pond you may check at wikimapia. To prevent flooding built by Pg gvmt.
Thanks so much guys. Phew... sweated a bit just now liao haha. They also increased tower 2 facing pool view/bridge to rm25k but i heard those facing pool on towers 1 and 2 non-bumi also sold out during soft launch. So the increase should apply only to the bumi lots now for those facing pool.
anyone got latest news on tower 3? how's take up there?
i have not paid the gov tax yet though my lawyer told i will need to later when they got the loan agreement out. i just signed the bank facility and snp. maybank loan.
kp confirmed no need to pay? interesting...
I signed my S&P last friday. Only pay RM 190 to the lawyer. No one ask me to pay tax or stamp duty.
I get loan from Maybank.
To KP,
I guest you only sign the S&P agreement document (between you and the developer) and the lawyer charge RM190 nett. You have not sign the loan agreement yet(between you and the bank)so that why you have not pay for the loan agreement stampping fee yet. Try call up your lawyer and ask when the loan agreement ready for you to sign and please also ask your lawyer to give you stampping fees quotation.
Thx
Did you guys get car park side by side but with beams in between? Do you guys like it? Or prefer no beams?
I went to see the site and noticed that the project is being surrounded by all the low-cost flats and there seems to be a row of light industrial shop lot and a black dirty river. I think it will turn to be another Falime or Rifle Range man
oh ya, some local agent also told me that there are around 60% of the Spring Condo people wanted to sell because they buy for speculate and sub-sale only. So it will happen in Summer place as well since many buyers are really speculators and not a real home owner or long-term investors.
Hi Joanna,
why not:
"oh ya, some local agent also told me that there are around 60% of the Bayswater Condo people wanted to sell because they buy for speculate and sub-sale only. So it will happen in Summer place as well since many buyers are really speculators and not a real home owner or long-term investors."
Missed the opportunity? Don't jealous, next time queue earlier ya :)
Hi Holland Rose,
I guess you are one of the buyer right? Good for you and good luck.
I guess I am not that kind of a speculator but rather a long term investor on good properties.
hi Joanna, when you said "light industrial shop lot" is where? Beside SP will be Lots 28 and beside that will me Maritime Tower, you can check out their model at the IJM office. IJM plans to develop Lots 28 to be the next E-Gate and this one with promenade by the sea.
Also Bandar SP is already mapped out to be mixed development so we all know that there will be residents from rm70k to rm1.5m there. Personally don't see a problem.
Ya, am a proud owner of SP and plan to stay there as have been looking for an affordable new home that I can be lulled to sleep by the blinking string of Pg bridge at night and wake up to the sight of sea outside my window.
Guess everyone has their own fix :)
Joanna, i think the light industrial shop lot u mention is Lot 28. Lot 28 is a modern design shoplot. (Pls refer to model of shoplot at IJM Land sales office beside Tesco). For me, is nice design.
Yup, u mayb right on the view that THe Spring got 60% buy for speculate. U shall focus on it coz i guess the u can got a good price on it.
Btw, u shall not compare the Summer Place with The Spring. Most of us buy it for stay and not invest. If you line up at soft launch day, u shall get the answer on it coz most of the purchaser are couple. U think they invest?
The sea front promenade is very nice... did't u notice it....
Joanna,
Thx for the baseless comments. Please provide some proof or evidence that most of the SP buyer is not for own stay.
"oh ya, some local agent told me that Joanna cry because missed the opportunity to buy the SP."
Please la, we are not kids. Don't post baseless comments.
Thx
Dear joanna,
I realised that u r very concern about those buyers and your comment is too negative, but u cant compare farlim, rifle range with SP location, they r totally different development concept ( SP area is a mixed development,low end to high end ). With the same price do u think people will buy SP if it is built in farlim n rifle range..??? Nowadays, with the current economy situation, people r very causious when consider to invest n they r not stupid.....the sales responce has proven that the property is worth considering??? IJM is not stupid either, do u think they will sell at RM269psf if there is no low/medium cost apartment surrounding the area. Just compare with the lights, i guess they will priced it at abt RM350psf onwards, end value more than 550k ( 1600sf...) How many people can afford ??? pls check the demand & occupancy rate for the view .. Ya, the light is nice but when come to sub sale...it is going to be a ???. bad or good times, people will always look for afforable properties...
Joaanna, if u do your homework well, pls share with us which is the best property to invest right now ( the same budget as summer place ) at let see whether is worth buying or not? I bet we can easily list down 10 negative element...there is no perfect property investment...neither is SP. But if IJM do well on lot 28, maritime sq and economy recover before it handover. then i would like to congratulate all buyers who spent their night lining up.
By the way any news on Lot28? IJM want to sell to separate owner or sell all to 1 party?
Joanna where else u think is a good long term investment? Mind to share?
I am waiting for CIMB loan to approve. By the way, how will the parking be, side by side or front back? Thanks to advice.
hi just want to find out how much is the price diff from one level to another (same built). Thanks
Lucasking, the car park is side by side.
hi Lucasking, do you mind sharing the package that CIMB is offering? Thanks
Oh dear Joanna, I seriously admire your enthuism in all these blogs. Just a few clicks and this is what I've found. Everyone knows that the buyers of The Spring will have to hold on tight now due to a drop in demand. I sincerely pity them, no need to throw sticks at the fallen, especially in THEIR blog. Then, some poor souls wanted to sell their properties in Straits Regency, and again you had your share of negative comments. So apparently, now its time to 'shoot' at SP huh? Too much of negative energy is not good for health my dear...
Dear lucasking, The car park will be side by side. Pls call up you sales person. They already have the exact lot on where your cars will be parked.
Actually the goverment should have come up with a law that prevent people from speculating the properties like in Singapore even buy properties there require interview and particularly on the second properties. This way will help the new home owner and the poor to get a home.
Dear All,
For your attached car park can check with ijm marketing/sales person or check inside your S&P Agreement. for what i know is only Ground & Level 3 have a link bridge direct access into the building.
Just need some opinion. is it worth paying RM330K for tower 2 pool view?
Hi Guys,
pls I was just sharing what I know ok, if you think it is a good buy, then let it be. Don't have to be so offensive and defend all the facts and figures. After all is your money.
Danny, can we walk inside the construction area?
I din actually go to site and have a look.
Thanks TM & Soon Huat, to know they are side by side is good for me. I will ask the detail once i sign the S&P.
Vlee,
the term as i talk to the CIMB banker similar as how you describe before anyhow now it is possible to loan up to max 95% (MRTA not included). I will share with you the detail once i get the agreement. It ake CIMB, just for convenient sake.
how much is surin now alen?
Hi kp,
The constructions is going on sure that the contractor won’t allow we go inside the
construction area, I just post some wide’ angle view photo taken last two days to share with you all at the front pages of this blog. hope can make you more clear for the unit view.
hi Danny Goh. Re "Ground & Level 3 have a link bridge direct access into the building.", do you mean the link is only to Tower 3? It will be quite a distance walking to Tower 1 & 2, correct?
Joanna,
Seem like you and Amber is a property agent that keep promoting Surin for Mr. Allen in this blog on different property project. Now it is clear that your intention and your strategy is to post negative comments and then promote Surin at the same time.
If you really want to promote Surin, then be an honest agent and promote it properly and not by talking bad on other projects. Shame on you.
I can easily list a couple bad comments for Surin if I want. But no point for me to do that.
Thx
Hi Joanne & Amber,This is Summer place blog not for both of you to sell Surin in here.Pls go back to Surin blog to promote surin..thanks
Hi Danny, Nice photos
any more photos for this SP project.
nice pics with overall surrounding of the project going on...
oh wow Danny, great shots :) I like especially the sunset pic across Sg Pinang... there right back at you Joanna, whatever you really are.
Fyi I almost parted with ~rm50k for Surin last yr but after going to the site, I decided against it since the sea-view of the tower being offered is blocked by another building, and is hillside. Well I don't want to harp more on why I didnt buy Surin becuase I dont like to embarrass myself saying things I don't know is fact or not. For SP, I have been following up on it and comparing it with other projs for more than 1 yr and I am still smiling away :)
Nice work, Danny. U use adobe photoshop to create the photo?
hha Lisa you are good. I did see Joanna promoting Surin in Surin blog using exactly the same words as Amber. What a joke. So dumb, use lah diff ID then we got things to talk about.
haha HollandRose, that was funny :):)
I signed my S&P last Friday n so surprise my carparks were predetermined by IJM... so sad its level 5th carpark!! I checked the model again n found it will be roofless end of the day... I am questioning them n the reason given is due to my lot is type-D...:( hey, I guess this is not a good answer, I m buying a RM282K condo now.. not a cheap flat 40K... I can forsee 2 yrs down the road I ll be suffer everytime when it rain (buying groceries, carrying bb etc.)... Is anyone know how can I feedback this problem to their top management? I WANT TO COMPLAIN!!!
This is my wife & bb dream home so far... but if my concern raised up not able to resolved (either build additional roof to cover 5th floor or etc.), then I ll be regretted to signed the S&P...
SIMPLE CALCULATION FOR ' SUMMER PLACE '
*** below is my own estimate only
---------------------------------------------------
Property Value : $282,000.00
Down Payment : $28,000.00
Loan amount : $254,000.00
Annual interest rate : 3.55%
Loan period in years : 30
Optional extra payments : $-
---------------------------------------------------
***IF SOLD at RM 300K***
---------------------------------------------------
Zero Interest For 36 Months
Penalty : $7,620.00 3.00%
Insurance : $8,500.00 - MRTA
3 Years Installment : $-
Other :
Down Payment : $28,000.00
EST. PROFIT IN RETURN: RM 1880
Total Capital In This Investment: RM 44,120.00
---------------------------------------------------
***IF SOLD at RM 330K***
---------------------------------------------------
Zero Interest For 36 Months
Penalty : $7,620.00 3.00%
Insurance : $8,500.00 - MRTA
3 Years Installment : $-
Other :
Down Payment : $28,000.00
EST. PROFIT IN RETURN: RM 31880.00
Total Capital In This Investment: RM 44,120.00
---------------------------------------------------
NOT 100% CORRECT... just for fun and reference only
Turtle,
I also not satisfy with my carpark. Yesterday I met with a couple that bought Type A at RM450k. They also don't like their carpark. If we all complain, I think IJM will headache. I guess there's nothing we can do except to accept it. At least, we got two carpark compare to some apartment that only have 1 carpark although the price is well above 300k.
Hi Turtle,
Are you sure the carpark on level 5 will be roofless? Can anyone help to confirm this?
Thx
Turtle,
It's a good thing you brought up and is definitely a valid concern. If it's indeed without roof, i'm sure there'll be other buyers affected. I suggest that you write in to enquire further. A signed petition from the all affected buyers will definitely be good if you can get them. But before you do that, perhaps you may want to re-confirm the situation.
Nee Hyan/vlee,
Its not really roofless. It got roof but not
covered until the escalator/stairway. Its not
like the 1st to 4th floor where its covered
at the whole floor. 5th floor car park is just
cover the car only.
I tot every buyer should know the carpark allocation before buying the house?
Type A = 1st floor (ground floor)
Type B = 1st half to 2nd floor
Type C = 2nd and half floor to 3rd floor
Type D = 3rd and half Floor to 5th Floor
Captain, thanks for sharing. I think IJM have make their best for the carpark arrangement. From more expensive type A to type D their arrange.(That's mean the Type A got the lowest floor parking and follow by type B...)
But don't know whether their consider the level or not for the carpark arrangement.
agree KK88 plus point is got 2 car parks. i wish though we were allowed to select our car park lots on first come first serve :) but i cannot complain now becuase i was informed would be assigned by IJM before i bought.
btw surprised to hear the topmost level does not have complete roofing, i tot i saw in the model got complete roofing. turtle might want to reconfirm.
Hi All,
Jes : Yes, the 3rd Floor link bridge
is only link to Tower 3, and
from tower 3 can walk cross to
tower 1 & 2 same as the ground
floor.
Soon & Pgites : Thanks for your commend on my
photos.
Projectupdate : That’s 4 in 1 photo jointed.
HL : Refer to your calculation, small
tips for all, if for investment
and you planning to sell your
unit in between few years, you
can only need to cover the
minimum year of MRTA and looking
for the bank penalty who charge
only 2.5%. You will save more
money on your transaction.
Thanks KK88,
Turtle, I asked my lawyer again today and she said level 5 car park is covered but advise me to ask IJM for details. I will try to check with IJM again regarding lv5 carpark.
Thx
Hello All,
I am not sure why you all buy the MRTA.
For me I rather top up my life insurance then buying MRTA. Shoot me if I am wrong.
Life insurance
-saving plan, after few years money return to you.
-if something bad happen, you still get cover and money you get can pay off your properties.
my car park is in level 4; I think in level 5 also shaded no problem when raining. Just that not as convinenece compare to others.
Those who able to get level 3 are lucky enuff.
Just check my carpark level with the lawyer. It's in Level 2. Is ok for me. (My unit is type C top floor)
kp,
I'm agreed with u. I'm the one also not take MRTA and thinking to upgrade my life insurans. Ha,ha....
by the way, does our lawyer all similar?As i was called by her asking me to sign the S&P, but I m still waiting for loan approval. By the way, when signing S&P, what should we bring and what need to be aware? Thanks.
Anyhow, reading though the comment on the carpark. Still think that they should at least make the roofing cover until the lift. Similar cake different ingredient topping :P.
KP, which block & floor is ur type D?
I will call and ask the lawyer on my car park location tomorrow.
KP & projectupdate,
i'm not professional, but i think we should buy MRTA, as life insurance is to help up ur family not to cover ur housing loan. if something happen to u, what ur family get? just d house? no cashflow for them?
And somemore MRTA just a few thousands only than can cover so many years.
correct me if i'm wrong.
talking about car park, i cant help but like the spring's. looks more airy...
pls share opinion.
I was visiting IJM office last saturday,look see and paid 5K deposit for tower B type D mid level. The price is now 406K. After the excitement, go to site, notice a few -ve points,
- its really surrounded by low cost flat
- its at traditional low cost area, the five streets.....
- in front of Lot 28 will not hv enough car park, no underground, so the road going to be mess. if take the ocea park, ocean view route is equally mess.
- too near prominate, visitor will look up like watching animal in zoo
- prominate could be full of non considerate people.
- along prominate the seafront covered by stone, except right in front of SP, still muddy
- 406K is a lot of money (I think the previous booker decline to take up, IJM now increase 10K)
- economy still very uncertain now.
can share whether this is worth buying.
anyone using OCBC or HSBC...i just survey today,OCBC is offer -2.3% better than that 4 panel bank...any comment!?
yeah!If i dont choose the panel bank is that means i have to pay lawyer and s&p on my own...
MW,
U book Tower 2 type D (1000sq.ft) and the price is RM406k. I think u better check the price again. My unit is type C (1100sq.ft) and the top floor only cost around RM332k. Maybe u book one is type B (1300sq.ft) Tower 3 (center block). The starting price is RM380k onwards.
Soo Fang,
I think u need read the previous posting here. FYI, this purchaser of this project only allow to select between 3 panel bank (Maybank, CIMB & EON). I got try asking for Public Bank but is not panel bank. Some more, the offer is quite reasonable now.
MW,
Too near promenade, visitor will look up like watching animal in zoo
--> agree. If I'm in the promenade, I'll try to look up and see see. So higher floor is better.
And also, if the wall that separate promenade and Summer Place is low, I can even see people in Summer Place swimming and doing gym. So I really hope Summer Place wall is very very high.
- Promenade could be full of non considerate people.
--> agree. People can throw things inside. Some more, many low cost flat :( Later got people climb inside in the middle of the night.
Actually I really want the promenade around Summer Place to closed to public after midnight (or better to close all the time and make it as Summer Place common area. But this is just a dream.
ijm ppl told me the fence will be as shown in the model. i think if closed up then no sea view when airing at the cabana :) but then we want to see outside then outside also can see inside ler...
MW,
406k shouldn't be a type D. Unless it went up by 100k? :)
you may want to check again. Btw, type B has one of the best view in my opinion. you have a direct 90' view on the pool and the sea.
Talk about security, did Summer Place provide security card to access the lift or anyone can be access the lift.
Now, many condo come with the security access card to lift. So, it shall be more safe for us loh. ha,ha...
Got mine Type C @RM312. CIMB 90% LOAN APPROVED.
i went to IJM office last Sat to sign S&P and I saw tower 1 & 2 almost sold out. tower 2, the sg pinang facing units,i saw red dots on the remaining units...must be people made bookings...only tower 3 (unit type b) where sales a bit slow...
Guys, i've just received the Letter of Offer from Maybank and there are a few main clause i noticed
1. Lock in period is 4 years from full disbursement. Penalty of 2.5.
2. Refinance charges of 1% penalty after the lock-in period should we refinance with other banks
3. If developer fails to pay the progressive interest in the manner the bank states, we should be liable to pay for the interest.
For those who already got their packages, any comments? I'm not sure if it's a standard format but clause (2) and (3) doesn't sound right
Btw, there's also no clause on flexi-loan package.
hi vlee, same concern on #3. maybank told me is standard. i blv ijm is trustworthy enough.
Hi Vlee & K88,
you are right, the one I book shud be type B, tower 3, the one that is slow selling (more negative now). personally it is the 2nd best location (A is best, but will be very hot due to sunlight reflection & induction heat), well, 406K is a lot of money....
WE at the HBA view with interest some housing project advertisements in the newspapers recently. They prominently state 10-90 as the mode of payment and went on to say, “Pay 10% and no payment until vacant possession.”
It would appear as if the mode of payment is similar to the Build-then-sell (BTS) 10-90 that HBA has been lobbying for and for which the Government is offering incentives to developers to adopt the system.
HBA feels that it is incumbent upon us to explain to potential house buyers the differences between the advertised 10-90 and the BTS 10-90 promoted by the Government under the amended Housing Act .
The advertised 10-90 system is actually a loan package deal whereby the buyer pays 10% upon signing the Sales and Purchase Agreement and the balance is progressively paid through the buyer’s housing loans. The loan is progressively disbursed to the developer as he builds the houses.
Hence the “… no payment until vacant possession” is not wholly true because, in actual fact, the buyer’s loan is used to progressively pay the developer. However, the interest payable for the progressive payments during the construction phase is shouldered by the developer.
In the BTS 10-90 system, the buyer pays 10% upon signing the SPA and does not make any more payment until the house is completed, with all the certifications obtained. Only then does the housing loan kick in and the buyer then pays the remaining 90%.
The vital difference between the advertised 10-90 system and the BTS 10-90 is that in the advertised 10-90 system, should the developer abandon the project, the buyer is left with a partially disbursed housing loan to settle.
The primary borrower is still the buyer and it is his sole responsibility to continue with the proper conduct of his loan from the financiers.
Banks have not been known to be sympathetic to victims of abandoned projects and the loans still have to be settled, house or no house. This is the predicament presently faced by tens of thousands of naïve and innocent buyers.
We would like to categorically state that we are by no means implying that the advertised project is likely to be abandoned. This letter is only to inform potential buyers the differences between the advertised 10-90 and the BTS10-90 systems.
CHANG KIM LOONG,
Secretary General,
National House Buyers Association.
Hi Ixorian
Its common sense that if developer run away,
surely we need to settle the loan. That's why
we buy from IJM. Kekekee...
pgites, did you get the clause on the refinancing fee?
mw, it really depends on if you like the apartment. if you really like it and it's within your budget, i guess it's ok. otherwise, there are always other options :)
MW.... don worry. Tower 3 was my 2nd choice if I could not get the particular unit and floor that I want on Tower 2. But I got my unit :) I think is slower there because yes, it is the 2nd biggest unit (hence the 2nd most expensive) after Type A. Type A not fully sold yet also.
vlee... dun quite remember tho shud be standard la. i will check when i get the loan agreement, still have not done that phuh... just chased my lawyer. 4yrs lock down that one i remember, same. we both maybank loan. btw i tot i signed up for flexi... will reconfirm that too.
When I signed the S&P, the lawyer request RM190 from me & recently called me again to sign something else and need to settle another RM2K++... I m wonderring what exactly are all these fees.. isn't it all this cost should bear be the developer? Seeking some clear explaination and clarification..
Hi lolipop,
Please read below as highlighted by TM previously. Majority of the fees is stampping fees.
http://www.citibank.com.my/global_docs/propertyportal/buyingguide4.html
Thx
RM190 is for S&P name transfer.
RM2k++ is for loan stamping.
vlee... i just realised i had maybank letter of offer all the time. I went thru... where it says refinance charges 1% after lock in? Got state tho if we cancel loan before 1st disbursement will incur penalty 2.5% of total loan, if default in repayment on the 3rd mth then loan change to BLR+1.5%, if late payment will incur penalty of 1% pa or higher.
no clause on flexi loan. states term loan. tho interest on daily rest. i recall i asked before signing that this is flexi.
wah tower 1 up to 17th floor, tower 3 up to 14th. no progress on tower 2. am also impressed, tower 2 facing sg pinang take up rate catching up. heard SP 70% sold out.. anyone can confirm??
turtle, you r rite. parking on top most not fully covered. only cover cars...
wat to do now? cover d car but not cover people, i stay d house here no need to take umbrella when raining but have to do so when i move to summerplace future, downgrade my life only, aihhh.... i oso want to complain to ijm lah
Other than the RM190 and 0.5% of loan amount, any other payment we need to pay? Like the stamp duty for S&P and MOT..........
I was under the impression that buyers do not have to pay anything cos the bank loan is under cost absorbed? Can anyone confirm?
what's covered are the legal fees. the stamp duty and MOT have to be born by the purchaser. the MOT will not come so soon...normally for a strata titled property, around 2-3 years after VP...
fees to pay for SP are as follows. if anything more than this i suggest you talk to the ijm staff.
1. S&P disbursement rm190
2. Loan disbursement rm300
3. stamping fee (0.5% x loan amount)
pgites, i was also taken a ride on the maybank loan. in all, what they offer is NOT flexi. after reading the LO, there will be no adjustment of interest despite pre-payments. the only thing is that you can withdraw the amount prepaid. Also the clause on refinance fee after the lock-in period is nonsense to me. Talk to them and ask to take it away. It's plain wrong.
To add on, legal fees on S&P and loan agreement are to be bourne by IJM. Also the progressive interest during construction until VP is obtained.
vlee, are you sure if you pay more, the principal is not reduced? I ask Maybank staff and they said the loan principal reduce. I need to ask them again.
kk88,
after checking the LO and questioning the maybank staff, this is what i got. i'm not sure if the offer is the same for everyone but flexi or not, it should be clearly stated in the LO. Please do check with your contact.
CIMB Terms:
- 90% of house loan
- lock in period 7 years from 1st draw down.
- 0% for the 1st year
- BLR - 2.20% (2nd to 5th years)
- BLR - 2.25% (after that til end)
- 3% fine of full amount within lock in period.
- interest rate calculate on daily basis
- prepayment of any amount (but never mention that it will reduce the principle)
I also have doubt on this prepayment clause as it never mention of reducing the principle thus reducing the daily interest charge. Any expert can explain or give guidance.
HL, thx 4 u simple calculation, got ur point.
All, KK88 is right, the 5th level carpark is not entirely roofless perhaps there'll b roof to cover both our carparks, sorry for the confusion... My key concern raised up previously is more to our convinient in the future if we plan to treat SP as our dream house.
KK88, I agreed with u that there will be a big headache to IJM if everyone want to change their carparks, that's the fact and IJM will definitely not entertain me perhaps it's not fair to others too. As such, my complain to IJM (I guess its more to a suggestion) is just a "hope" they can at least build the roof to cover/link from carpark roofs to the lift/escalator (something like Tesco/Giant - double row carparks with a walkway in between with roof & link to lift). I think this should be reasonable & just a small tiny request to IJM as compared to the whole project.
IJM (hope someone from u is watching this blog too..), I believe if u can do this for us, u r definitely great and able to satisfied a lot of buyers that support ur project. Just imaging if u came back late and carrying tons of groceries (2 hands gone) and the mummy is carrying her 1 yrs old baby (another 2 hands gone), so bad luck it is raining & ur carpark at SP 5th floor... Hummm... please let me know where can I get an extra hand to hold d umbrella... just to share with u my concern in the future..
Anyway, I just settled everything with the lawyer today, both S&P and loan agreement... I will just wait to see how it goes from time to time... Let's see if IJM really concern bout the customer satisfaction.
Danny, thanks 4 ur latest photo update.
vlee, maybe u may need to double confirm is ur LO is fixed rate or flexi, for mine it clearly stated 0% 12 months, and interest bared by developer from 13 mths onward till VP, and thereafter BLR-2.2% on daily rest for remaining months until full settlement of loan. The maybank staff explained to me I can prepay anytime tru "maybank2u" and the daily interest will calculate based on the balance only.
xterra, can u explain more about the MOT? This is something new to me and no one talk bout this before... Thanks.
Turtle,
I am not sure myself but i did ask my banker on this MOT and this is how he explain.
MOT is the transfer of land to the owner. Imagine this land own by one party, IJM. Anyhow, it need to be chop into pieces and rename to separate owner. This will take 2-3 years time for the MOT to be ready and it will cost around RM few K.
Guys, per what i've learnt, any flexi prepayment needs to be stated black and white including the interest recalculation. To be more specific, if you pay more, interest should be recalculated based on the balance. If it's not stated, you'll likely be paying the original interest + lower principal (usually offset by reducing the tenure duration). Lower principal here is due to the reason that you paid more. So in all, yes you'll be paying less but not because the interest has revised but because the principal has been pre-paid. Hope this clears things up a bit. Well, do try to enquire more with your bank rep if Flexi is what you want. I'm pretty sure Maybank offer isn't Flexi from the LO.
As for MOT, it's the Memorandum of Transfer and it's about as LucasKing explained. It's to transfer the title to individual owners. The fee needed to pay for this is the stamp duty for the transfer and it isn't a small number. A rough guideline would be 1% on first 100k, 2% on 100-500k and 3% for >500k. So if your property value is 300k, the stamp duty would be ~rm5000.
I also noticed that in the recent My Space plan that IJM rolled out this stamp duty is covered by them. Unfortunately, upon checking with the staff, SP is not under the my space plan and we have to bear the stamp duty for transfer
eh cimb looks better, after 5yrs is BLR-2.25% wo! too bad i signed with maybank already. vlee... my understanding of maybank flexi is interest on daily rest so if we pay more we reduce the principle thus overall we save on interest (due to reduced principle). i was never told their flexi meant change of interest rate, isn't this more like change to loan package?
pgites,
no i don't think that's how it works unless my LO is different from yours. if your LO states "term loan" and do not mention anything about daily interest recalculation based on reduced principal, then what you're getting is a typical term loan with the option to withdraw prepaid amount.
Last weekend went to IJM sign my S&P and Loan document. After signing, the lawyer show me the bill for the stamping and processing fees all together cost me around RM2k++.
I asking lawyer why we need pay this since the latest IJM director launch the free lawyer fee package.
And the lawyer told me this only apply to the new buyer after the RM25k or RM10k increase in condo price.
What do you all think?
projectupdate, ask for the breakdown of what you're paying for. Lawyer fees are bourne by IJM. however, we are asked to pay the SPA disb., loan agreement disb. and stamp duty on the loan.
Projectupdate,
something wrong... difference story already, my lawyer told me the RM2k is for government tax.
gim, government tax is the stamp duty.
projectupdate, to be objective i think is fair. we cant ask for it since the time we booked this was not offered. of course personally i wish we could enjoy it too. i asked too and got similar answer. no deal.
vlee... tks. i am getting confused, i will reconfirm with my maybank salesperson. i signed for flexi, i asked before i signed and was told is flexi. actually stated on my LO is term loan with interest on daily rest. they all not so gai kua!
one other thing... notice the jacuzzi, cabana, reading/games room not covered in snp? is this going to be a prob?
How can all those facilities not being included in SnP? Does that mean that they over advertise SP? We buy the Condo for its many facilities, view & location. Anybody can advice on this?!!
Just to share my experience with you all on Maybank term loan that i had now: You are allow to deposit extra into the loan account and you can choose to use this extra money to off set your monthly installment or deduct from the principal directly while continue paying the monthly installment (you need to inform them, or else it will be used to off set your monthly installment). The daily interest will be based on the total oustanding amount.I am not sure about the redraw facility, but when checked with Maybank staff, they said we are allow to withdraw additional amount thru maybank2u but will be charged RM25 per transaction.
IJM only cover small amount in legal fees and disbursement but increase 10K-20K per unit start on April, even we have to pay RM1K-2K for loan documentation disbursements, but still worth than the buyer who just buy after March and as i know the stamp duty for transfer upon strata title issued also not more than 10K lar if IJM bear for the stamp duty they also "untung".
i guess i wasn't delivering a clear message on the loan issue. let me try again
in general, when we service our loan we pay for two things - > interest and principal.
For a flexi loan, if you pay extra, the principal will be reduced and the interest will be reduced (calculated based on loan amount minus the extra amount paid)
For a typical term loan, the extra you pay will only reduce the principal and the interest will remain the same (calculated based on the original loan amont)
note that the interest rate maintains the same for both cases assuming no chnages to the BLR and margin.
i hope it's clearer now
Vlee,
I agreed upon eesumer8 comment on the principle thing. I didn't read through the clause and found some doubt and double confirmed with the banker.
As long as, we have the term prepayment & interest is based on daily. That make us legible to pay more at the counter by emphasizing it that we will be paying the extra (eg:RM50K) to settle our principle. Then we can ask the bank officer to recalculate the installment we need to settle. Else if we never mention to settle the principle it will be considered as Advance payment. Which will ended up being how to describe it as paying extra but just o shorten the payment but not the interest.
Anyhow, anybody have any idea on this facility thing on SnP? If it never mention, i dun think it will be fair to us buyer when by completeion if it is not build we can have nothing to say bout it. Comment please.
hi vlee am on the smae page with you. i guess execution wise am not sure as this is my 1st maybank loan. will take tips from eesummer8.
lucasking, check out your snp. i asked lawyer who said this means ijm is not obligated to build. i asked ijm who said the list in snp might be old not updated. the attached site and layout plans in the snp i can see the jacuzzi and cabana boxes on the paper... this boleh pakai? i signed my snp already, how about u?
pgites,
I havent sign mine but will definitely ask the lawyer to take care of the SnP and see that everything is in place before i sign. It is never wrong to be over sensitive here, as It is few hundred K deals not few ringgit. Appreciate for all the input from everybody :). We will be neighbor in 2011, anybody left out anything that need to confirm i can help them as if my agreement have and yours don't have then does that mean that IJM need to build all the facility just for me & those SnP that included??!!!Can not be right.
For the loan portion its better to confirm with ur banker. Anyhow i am taking from CIMB so it might be different slightly with Maybank. The important thing is to clarify your doubt. As long as you still haven't sign the bank agreement you are still safe, LO is just an offer letter and you can forfeit that but need to be fine if they already prepared the loan agreement.
Now that i look at the SPA a lot of facilities are not listed including the viewing deck. I don't think IJM is going run away with these facilities but it doesn't hurt to enquire. I'll check with the staff on my next visit to the office.
i sign d s&P oledi,anyone realised that the year leasing just left 95 years, it due on 2104, 5 years had burst oledi, i sign d s&P, d lawyer quote me 2.2k leh, why mine one was expensive? the clerk there let me see the list, it quite many chargers , including the travel charges, urrggh...
Dear vlee,
It is quite normal for a developer not to list down all facilities in the SPA, simply becos there r too many to be written. If u look at bayswater SPA...it is also more or less the same. If IJM management is smart, they should provide better than what they promise . Look at bayswater quality ( no doubt they r not the best )....this is part of the result that why they r so sucessfull in selling up SP. Likewise , if they fail to provide us with what they have projected and shown us in the model / brochure , than they r no better than a small time developer and they will slowly lose customers confidence. Dont forget, they have a lot of commitment and land bank in penang, they have to be better or at least maintain their standard. Just keep our finger cross and hope for the best....
Agree with Michael. Hardly any developer wanna spell details into the S&P, a reputable developer such as, but not only, SP Setia may not do it for the sake of flexibility. On the other hand, unscrupulous developer take advantage of this, such as the Cove, for cost saving.
So, what's the motivation of your developer? Background checking can save your days down the road... suggestion: how about refer to the same developer past similar price range (very important) project, had they deliver what they promised, and what is their spec? Would you expect a marble flooring for a medium cost condo even "the show unit" have it?
Michael, theBrezza,
Well, like i said, i don't think IJM will run away with the facilities they promised. But i guess it's good to check in any case that it may be a not up-to-date portion of the SPA like what Pgites said.
Overall i don't really mind as long as the main facilities are delivered with quality. But sometimes i wonder, if we look into the SPA, there are a lot of details, including the flooring, lighting points, maintenence fee breakdown and even things like how you should wrap and dispose the garbage. How hard is it to include the same list of facilities they listed in the sales burochure? Perhaps it is like what theBrezza said, for flexibility or perhaps to protect themselves.
lolipop,
i was aware of the lease tenure. when we get our keys, it will be only 92-93years remaining. For apartments, usually it isn't difficult to extend the lease later on, so i don't think we should worry too much. Anyway 90years is a long time :)
as for the lawyer fees, i didn't know they could bill us travel charges. where did you meet your lawyer and what else were you billed? thanks for sharing
hi all
just hope tat all of us can fight for a cover carpark in level 5....
projectupdate/danny... any new pics?? :)
you know today i got a letter from ijm asking for progressive payment... man am confused, shouldnt ijm invoice my bank? so here i go again have to find out where is the disconnect.
progressive payment?y ijm post this to u?
I yet to sign the loan agreement, so need you guys help to provide information.
Thx
Don't think at this moment, IJM can modify the structure of the car park as the plan which including the apartment and car park bldg have been approved by Council. Any modification in the plan may affect the whole project.
no kidding... am i the only one? maybe my loan docs got lost somewhere and ijm tot i'm paying cash wo! i wish.
yea neighbor with lucasking and u guys :) BUT i will try to wait out until i can get my own reno ppl in. i heard will have those renovators who control the place and make it difficult for us to use other more pro renovators. one time kena enough!
Just sign my S&P and Loan Agreement last week. I'm not sure the lawyer charges reasonable to us or not.
Below is the list of charge...
1. Stamp duty on facilities agreement RM1575 (0.5% of loan)
2. Stamp duty on Deed of Assignment RM40 (RM10 x 4 set)
3. Stamp Duty on Power of Attorney RM40 (RM10 x 4 set)
4. Stamp duty on Statutory Declaration RM40 (RM10 x 4 set)
5. Stamp Duty on Letter of Offer RM10
6. Bankruptcy Search RM24
7. Land Office and other requisition searches RM60
8. Depositing and registering of Power of Attorney at Penang High Court RM56
9. Administrative Fee to bank RM150
10.Printing charges RM50
11.Miscellaneous RM50
And also standard charge RM190.
Zanyin, your legal fees almost same as mine, but i think mine one got travelling charges RM50-00, u so lucky lar your lawyer no incurred travelling fee to u. people also have to "makan" lar, we no need paid for legal fee for S&P and loan agreement actually save a lot, if not my lawyer told me we have to paid another RM3-5k for legal fee on S&P and loan if IJM not bear the cost based on our purchase price and loan amount.
Hi neighbors, except for those speculators...
No hope, everything is standard according to them. Facilities wise the same, " it is base on previous plan draft, then we saw there are space so we add more facilities". " Dun worry, you can use our brochure as prove" ..... then why do we sign the agreement for!!!
Still, have to believe as nothing we can do except the withdrawal.
Anybody know, how many percent already sold off?
heard 70%. Tower 1 and 2 sold out.
I rcd the progressive payment request from IJM as well...but i yet to sign the loan agreement, so i dun think my bank wil release the payment to IJM
By the way, anyone take the loan from CIMB? Pls let me know which lawyer firm to take..
Stella Almighty is the lawyer which handle our S&P, so basically she will handle everything. Just prepare the ~RM2K that everybody paid and it should be settle just by putting your signature down on to the agreement.
This is what i think, so anybody have any other comment?
Go back to your S&P lawyer.
IJM have assigned a few lawyers for this project.
I have signed the S&P + loan agreement with K.Ahmad & Yong.
Loan -> Maybank (240k)
Fees -> RM1700 for loan agreement disbursement + misc
Fees -> Rm190 for S&P agreement disbursement + misc
The car park at level 5 too, just the roof will covered for the car.
TM, I am going to pay deposit on Thu thinking to take Maybank as well..Any other word of advise?
any comment on our neighbor the Lots 28? looks cool :)
i wish Lots 28 got underground parking, worry later traffic clogged up at the roadside... but then i think is reclaimed land so cannot do underground parking?
pity... ensure your bank is ready to pay before the dateline. may be good to highlight the dateline to your lawyer so that they can prioritize for you. penalty for late payment is 10% pa, very no joke!
Calvin,
You may compare yourself b4 decided which bank loan you prefer. This was shared by forumer previously :).
CIMB
loan: upto 90%
Interest: Daily calculated (BLR-2.2%)
Flexi: no
Lock-in period: 7 yrs from 1st release (penalty 3%)
Maybank
loan: upto 95%
Interest: Daily calculated (BLR-2.2%)
Flexi: Yes
Lock-in period: 4 yrs from full release (penalty 2.5%)
EON
loan: upto 95%
Interest: Daily calculated (BLR-2.2%)
Flexi: Yes
Lock-in period: 5 yrs from 1st release (penalty 3%)
I took maybank is because my salary bank in to Maybank and easy for me to make the payment.
Calvin,
Some shared that CIMB you may be able to get BLR-2.25% after the first few years. Also you may want to check on Maybank's flexi package offered. The last time i check, it isn't entirely flexi; you'll need to make a request to recalculate the interest if you make bulk payment.
pgites, what is the dateline and penalty you're refering to?
i also received progressive billing from IJM today, due date is 60 days from our S&P date, i just sign my loan agreement one week before, my lawyer said they not received the S&P from IJM yet after they send to them for execution and also the letter of instruction from Maybank also not received yet, so they are unable to send my loan agreement for bank execution. IJM should extend our due date to 90 days from our S&P date because the whole process for bank to release the money to IJM is not 1-2 weeks can be settled unless we borrow from "Tai Yi Long". so as SUMMER PLACE's buyer, can we all request IJM to extend the due date as 10% per anum interest is not small amount, if we do not request it when the bank cannot release the payment to IJM before due date, IJM will charge us for late payment interest, so and the end i think either the buyer or the lawyer who attend the loan agreement need to paid for that. To avoid IJM got chance to earn more money from us so all SP buyer please take it seriously as our money is not easy earning.
Vlee,
Now Maybank had offer flexi mode dy..just spoke to the officer this morning
Vlee,
I just spoken to Maybank officer this morning. Now the have flexi mode dy..
calvin, that's great. do make sure it is stated in the offer letter when you get it.
thanks for the new photos, John.
i see that the possible "show units" will be available soon :)
Hi John,
I was there on site as well same date when u took this pic..hehehe
hi vlee, it's may but i forgot which date. my lawyer said no issue to meet it. i read the penalty in the letter. it gave me a shock becuase i bought properties before just this is the first time i got this notification phuh...
Hi guys,
I have question on my SAP. I bought Type D and signed my SAP on last week. In my SAP, it stated my unit area is 98sm while in brochure is 94sm. This is same as the question which posted by Captain. Base on DannyGoh's feedback on 24/03, the extra 4sm is our car park area. Is that 4sm can fit 2 cars?
Well, yesterday my lawyer called me to sign the SAP again on this coming Sat because there was a mistake to put the unit area in 98sm and now they correct it to 94sm. I'm confused. What unit area should state in our SAP? same as brochure or add with that extra 4sm? It seems that our SAP is not standard where IJM appointed few different lawyers from different firm.
Do you guys have realized it? Please clarify me. Thanks.
Smiles,
I have the same issue with you.
The clerks told me supposed to be 94SM instead of 98SM as they have wrongly included the car park in too.
94 square meter = 1,011.8075792 square foot.
4 square meter = 43.0556417 square foot.
I think the conversion above should clear the doubt for us.
Hi TM,
Thanks for your info. I did do the same calculation as well. 94sm is make sense. I thought they added in the car park area as our unit area in our SAP. So, it means that in our SAP should be 94sm which not including car park area, right?
Thanks.
Honestly, the Lots 28 does look nice besides Summer Place and hopes it will bring prosperity to the whole development later.
The biggest problem I foresee is the insufficient of car park lots. I noted that Lots 28 does not provide any basement car parks area like E-gate. Imagine next time when all the cars are parking along the road side, it will sure jammed up the road leading from Promenade to Lots 28 as well to the entrance point of Summer Place.
Any solution IJM?
Cheers.
JOHN
Type D should be 94 sq.m. and not 98 sq.m.Is nothing affect with car park area,the broucher for Summer Place also mention 94sq.m for type D, i think all unit got 4 sq.m different if not mistaken, IJM make the mistake but still keeping issue the billing to us and somemore no extend the due date really not fair to us.
Smile,
You are right, the 94SM only for the unit Sft, the car park is not included. :)...
Per my assumption, we won't be getting the floor bigger than promised as they are urging for people to re-sign the agreement. So for those who haven't sign just don't re-sign the agreement and eventually they will have to make sure to build the extra 4sm.
What do you all think?
me like the extra 4sm... it;s in my snp and i was not asked to re-sign...
ya john, i like the look of lots28 just hope the traffic planning is smart enough since no basement parking. i realised too the road at the back (going through ocean view, sri pinang, etc) is 4-lane size but unfortunately side even now already got DOUBLE parking. one time i went in the evening got even 1 car parked right in the middle of the road! dark blue some more. so i can see the roads are big just hope eventually with school and mosque and commercial lots up, there will be more discipline enforced. then again... maybe dont expect too much :)
Lucasking, dun be stupid, your sq.m in S&P if still remain the old one is not valid, the Bank will not relaese the money to Developer, your lawyer sure going to call u later, my lawyer also just call me today. Maybe u more "lusiau" the Developer will built more 4 sq.m in your unit lar, ha ha.
Come on,just kidding. It is a Condo, so everything is very standard. Anyhow, i still haven't sign my S&P.Definitely they will reprint a new copy for me to sign. But then again, IJM build so many condo still we see this mistake being made.
So next time if you buy a faulty Nokia or Samsung LCD, don't nag too much :P. Professional do make mistake as they are mere human being.