Completion of HDB sale

Tomorrow we are going out early in the morning to complete my mom’s HDB purchase of the 3rm resale unit at blk 101 chong pang city. However, the keys collection in the presence of the HDB officer will only be a formality as we are granting the sellers a six weeks extension thus we’ll be returning the keys back to them. Hopefully they do not need to delay the handover any further.

As the unit is in original condition since day 1 (40yrs old), alot of renovation needs to be done in order to make it cozy for us to move in for the next few years. We (me & wife) plan to stay there (after CNY) for a maximum of 5yrs before we will call it a day (Retire from workforce) & we’ll subsequently rent out the whole unit (MOP 5yrs) for passive income (cash 🐮). I only have a max budget of $25k to work with. Hope can stay within budget & yet achieve a decent reno outcome. 🙏🏻

Tomorrow we will also be running to afew banks to tie up the last bit of loose ends for my mm2h application. Once those are sorted out i will be able to email (tomorrow evening) the complete set of application to my agent Joystay for formal submission to Ministry of Tourism (Finally!) The amount of documentation & leg work needed to get all things in order is no walk in the park. Hopefully from then on everything will run smoothly & we can be given the approval for the visa. 🙏🏻


New tenant for my Centris unit

My previous Japanese tenants (couple with young daughter) had decided my unit (936sqft 2beds) was too small for them (stayed at my unit for 3.5yrs & recently add a baby boy to their household). They decided not to renew after their lease ends 30/9 & shifted to my neighbouring blk’s 3bed unit.

My agent found another Japanese tenant (MD of a Japanese Co) & secured a 2+1 years lease for me at $3.3k per month. Quite a good deal i must say in today’s market. New tenant would be moving in coming Mon (8/10) & i only have exactly 1 week to get the unit ready (minor touch up required).

Me & wife would be staying over next 2days (Fri & Sat) to complete the touch up as well as enjoy it (cheap staycation 🙊). From day 1 since we bought the unit back in 2015 (bought with Tenancy) we never had a chance to hang around. Centris is located on top of Jurong Point and it is extremely convenient. We plan to catch a movie 🍿 🎥 or 2 over the weekend. It’s been years since we last went for a show. 😓

Rents had been sliding since we bought. Back in 2015 the unit was tenanted for $3.8k. Renewed for $3.7k in 2016 (2yrs) & extended for another 6mths at $3.5k (2018). Now only left $3.3k and it is considered very good as past 3mths URA history shows average rents are fetching around $3k for Centris. Fortunately we did a 3yr fixed mortage loan with BOC last year at 1.68% ($2.3k per mth so still positive cash flow!). Hopefully come 2020 the rental market will recover. 🙏🏻


Submitted OTP for a 3rm resale HDB

Yesterday we placed a $1k deposit for an OTP (old 3rm resale HDB at Yishun Chong Pang City) under my mom’s name as she is eligible & owns no other properties. I saw this unit on Propertyguru (lowest asking price in yishun) & immediately text the agent to make an appointment for viewing with my mom on Thursday afternoon. If successfully concluded this would be our 8th (3 in SG & 5 in msia) & last property. 😅

Initially my plans was to buy a piece of land at Leisure Farm or Ledang Heights & build our dream home in future but with the recent developments from the New Govt especially from Dr Mahathir’s anti foreigners & investment stance in Iskandar, i decided not to commit anymore investments in Msia for the short to medium term.

Back to the yishun 3rm 🏡. Why was it listed below market price? Upon viewing we realised the reasons. First, the unit was extremely Dilapidated (Original condition since Day 1). Second, it was facing a T-junction & noisy. Third, it was on 4th level with unit no 4x (#04-4x) 😂. Below are some pics of it’s conditions. 😅

However these factors did not turn us off. My mom in particular liked the location & urged me to buy it. She even went to Bugis Guanyin Temple (Thursday evening itself after the viewing) & obtained a Good divinition lot for that unit. 😅 Sensing her keeness, yesterday i made an offer for the unit. There were some negotiations & we finally agreed on $205k. (Originally listed for $215k).

This unit was on the market 1.5 mths ago initially listed for $235k (Market value is around $250k for that location). However because of it’s conditions & facing, it was unable to sell & the agent had to persuade the Owners to lower their Asking price. The owners had to sell because their new 2rm BTO (also in Yishun blk 4xx) had TOP & going to get keys in a mth or 2.

I plan to exercise the OTP (additional $4k deposit) in the coming week if additional ground surveys are satisfactory both in the day & night. I will be driving my Grab & hanging around that vicinity in the coming days to do some investigative works. 😂 Buying this unit at below market value allows us a decent budget to renovate the unit to our liking (cosy). This blk is scheduled for HIP soon (already announced by HDB in nov 2017). So i can save some costs on the 2 toilets, main door & grill, all pipings, ceiling works & an upgraded electrical power loading.

We expect to complete the transaction & get the keys in Dec. I hope i can use the month of Jan to complete the renovations before CNY. CNY in Chong Pang City is bustling. Im not exactly fond of it but my mom is looking forward to it. 😅. This unit will serve as our backup home going forward (in case prior to obtaining mm2h (1yr long process) anyone of us is barred re-entry into JB.) The Johor inmigration is tightening following the suspension of MACs.

There are plans for me & my wife to stay in this yishun home (5days a week) next year & we’ll only make our way back to Cascadia (JB stay 2days) during our Off days coz the Daily traffic Jams at woodlands CIQ is getting worse & my wife is in for a promotion (high % will realise next year after CNY thus this unit will help us transit back to SG). Her new role as communicated by her Boss will be in Operations (Oversee 6 retail stores + manage 1 herself so definitely she can’t stay in JB like what she is doing currently).

I am also looking to rent out the common room next year for $600. This 💰 ($600 x  60mths = $36k) will help us recoup back the Initial Renovation costs. By then 5yrs later MOP we would have been Retired (staying in JB with mm2h visa😊) & we can lease out the whole unit for more passive income (Estimated btw $1.5-2k).

Hopefully all plans will materialise & ends well & come 2022 we would be happily retired with MM2H in JB. Look forward to working even harder next few years so that we can cross the finishing line in a better position!


Latest HSR & Iskandar updates

It was reported by Media quoting Msia’s Economic Minister Mr Azmin that the HSR had been shelved / delayed indefinitely with the terms of the compensation to be ironed out with the SG’s counterparts over next few mths. However recently SG’s state media Straits Times reported that SG had not agreed to the Deferment & talks are still on-going. 🤨

In the meanwhile, there is no news on the crucial RTS linking Woodlands North (SG) & Bukit Chagar (JB). I have a sneaky feeling this RTS could be Msia’s bargaining chip when dealing with SG on the HSR deal & the associated cancelation/termination costs. This RTS is badly needed to relieve the ever increasing Congestion at both CIQs. It is getting real bad. 😫

Also reported this week in the media, Khazanah (msia’s sovereign wealth fund) wish to sell away both it’s stake in a joint investment with SG’s Temasek (sg’s sovereign wealth fund). This joint investment was created by Past administration (Between Mr Najib & our Prime Minister) from the successful KTM railway land swaps. Are ties & relationships between SG & Msia cooling? 🧐

Lastly there was a news article Quoting Mr Lee Guan Eng (Msia’s Finance Minister) that they are looking to dissolve some Govt Bodies with IRDA (Iskandar Regional Development Authority) being one of them. Already, MACS (Msian Automated Clearance Authority) under IRDA’s purview had been suspended since 12th June. IRDA is crucial to the development of Iskandar Msia i can not fathom dissolving it. 🤦🏻‍♂️

MACS is a fastrack custom clearance initiated by previous Najib’s administration for Investors in Iskandar Malaysia. With MACS, students, investors, business people, frequent travellors for both travel or medical etc can avoid having their passport stamped & it also expedite the custom clearing process which helps alleviate Jams. This sudden suspension without prior notice or reasons does not bode well for Iskandar.

Dr Mahathir’s also recently commented after his working visit to China that he is not agreeable to the Massive influx of chinese nationals from the few massive property development projects in JB via MM2H especially Forest City. It seems to me that Dr Mahathir is not seeing eye to eye with the Sultan of Johor on the overall direction of Iskandar Msia’s progress & developments.

I have mix feelings about Dr Mahathir & his new Govt’s approach & will reserve judgements till later. It is still too early to tell what is the going to happen with regards to HSR, RTS, Iskandar etc. In meantime i will be keeping a close watch on any new developments. Hopefully common sense & logic prevails & i am sure the Sultan of Johor will not allow the economy of Johor to stagnate & investor sentiments to deteriorate. Interesting times ahead. 🧐🤨

I have a Dream!

Past week, i started to fantasize about the possibility of buying a piece of land & constructing our Dream 🏡 on it. One that has ample land for my dogs to run around unleashed, space for my mom to plant her favourite trees (maybe 1-2 durian trees as well? 😅) & room to construct a small pool for me & wifey to 🏊‍♂️ daily in future (retired). As we have limited budget, we can’t aim for a big piece of land. At most up to 15,000sqft.

After speaking to my wife & mom about this crazy idea, this dream of mine officially no longer becomes a personal fantasy. Both of them gave me their approval & support but my wife insisted that we can only act after obtaining our MM2H (Alot of funds & time required here). We will need to prioritise MM2H first as we have insufficient  funds to concurrently embark on both endeavours.

Today, i secretly brought my mom (can’t tell my wife 😅) to Leisure Farm. We went to the Developer’s gallery & did some enquiring. They still have limited plots of land available for sale (12-18000 sqft) priced between $160-180myr per square feet. The sales consultant mentioned that there is no discount currently as Developer Mulpha International is not keen on selling land currently but is opened to offers from genuine buyers. A quick calculation shows the smallest land will cost me $1.9m myr a pop! 😅

We drove around the different Precincts (can’t go in as they are all Gated & Guarded) & observed from the outside. Although many of the parcels were sold but not developed, the plots were well kept (no debris or overgrown shrubs). The common areas (infrastructure & landscapes) were also very well kept. Security was tight & i saw alot of Singapore plate cars within the compound. I had a good impression of this place thou my budget ($1.5m tops) did not agree. 😂 My initial plan was to source for a piece of land for appx $1 – $1.2m myr & another $1m myr to construct a simple 🏡 on it + landscaping & fencing etc.

Next we visited Ledang Heights UEM Show gallery & was told that the entire Ledang Heights plot (501) were long sold out. The sales consultant offered us an alternative project instead Noble Park Villa series phase 4B and i choked when i saw the indicative price starts from $3.9m myr! 😅. I humbly told him this is way beyond my budget. Upon hearing this, he told me that actually there is a plot in ledang heights that an owner is looking to let go within my Budget & ask if i am keen to view. However as it was nearing 5pm, he can only show us the plot the next morning at 10am and we readily agreed!

Thou we are not able to commit anytime soon, i would still be meeting the UEM sales consultant tomorrow as i would like to enter the estate to view the plot of land + get a feel of the entire Estate so as to be able to do a comparison with Leisure Farm. Currently Ledang Heights has an advantage based on location (better connectivity & more commercial activities & schools etc nearby) but i am generally more concerned about the Estate upkeeping itself as this 🏡 is meant for our own stay (retirement) after obtaining MM2H.

After tomorrow’s viewing i would have a clearer picture on where i would prefer & can focus on looking for a good buy next year once my MM2H is obtained. If i managed to get my land next year at a good price, till 2022 we gotta work DOUBLY hard to earn & save up more money to try clear off the mortgage for the land. And if the market conditions are favourable come 2022 (Officially retiring this year! 🤞🏻), we will sell off our Cascadia 🏡 , Sunway’s Citrine Lakehome terrace + KLCC condo to finance the construction of our new 🏡 (Do not want to have any debts when we retired). No rush on this part thou as long as we have gotten the land we wanted (rising land prices). Building the dream 🏠 can wait till the conditions are right.  🤞🏻





Both my msia condo VP soon?

Today received a watsapp from Skysuites@KLCC developer asking me for my details for TNB registration. Asked her any estimated VP date the lady Esther mentioned 4Q 2018. 😱 Was surprised at the pace of construction when the developer send me this current pic 👇🏻

Developer Monoland only started construction in late 2015 & selling the units in 2016. I missed their phase 1 launch & bought phase 2 in late 2016. Can’t imagine i am going get my keys 🔑 soon (under 2yrs from signing S&P). This is a 63 storey development with a huge Sky recreation deck & Infinity pool. Developer took less than 3yrs to complete it… 😅

Coincidentally last weekend i pop by Puteri harbour and took a picture of SMR. Texted my sales with regards to VP & she also indicated 4Q 2018! 😅. Both projects are suppose to only VP in early 2020! Dunno should i be happy or not… 😂

Reason for the mix feelings is because everything seems to be coming at the same time (2units VP, reno + mm2h application). Most pressing will be the amount of Cash flow (500k myr) that is required for the mm2h application. Hopefully my finance will not cock up (Just bought a car as well). Better not think too much wait at night cannot sleep. 😂

Nontheless i am happy that the projects are completing ahead of time & i will be able to get the keys to a completed unit (in msia, it is possible to have developer go bust & u end up serving mortgages on an abandoned project 😭). The leasing market will be very Challenging thou & i 🤞🏻 I will be able to lease both of them out within 6mths from VP (reno timeline included). Gotta be Positive! 😊

Cheers!  🍻

A storm is brewing in Medini?

A certain development had currently initiated a lawsuit against it’s Developer with the non issuance of their Strata Titles in Medini. Below is the link with some details of the complains.

Some of my friends & associates after reading this news also advise me to abort my Sunway purchases since it also shares the special Medini lease attributes and i might not be able to obtain my Strata Titles. Dilemma. 🤦🏻‍♂️ 😭

Owning our Strata titles is important as it is our legal black & white ownership of the property & the land it resides on. If u have a loan, the bank will safe-keep the strata titles as collateral.  Without Strata Titles, technically your next Buyer won’t be able to obtain financing from Banks. This will kill your resale demand hence future Capital appreciation etc.

The problem now with Medini is i believe that the current Malaysian Strata laws does not allow Private Lease land to be able to sub-divide into individual  strata titles & also change hands amongst multiple entities. Thus those current buyers whom filed their lawsuits after their homes VP’ed in Medini felt they have been deceived.

I send my concerns to Sunway & their panel lawyer & Sunway acknowledged my concerns & promised to give us buyers a satisfactory answer soon. They also told me they are going to work closely with the Proprietor (Iskandar Investment Berhad), IRDA & others to come out with an official statement on this issue.

As my purchase is on deferred plan, Citrine Lakehome (dec 2019) & Grid (dec 2020), i have yet to decide if i want to secure loans & if yes how much etc from banks. Technically i am only 5% in (deposit) & if it is confirmed that i will not be able to obtain my Strata titles i will walk away from the deal.

In the meantime i will just chill & wait for Official announcements from both Sunway & relevant Authorities. I might even be able to get back my 5% deposit as it is clearly stated in my S&Ps that applying & obtaining Strata titles prior to VP is a requirement from Sunway under strata act recently passed in 2015. I hope things don’t have to come to such extend & there will be a happy ending for all parties. 🤞🏻

I like Sunway as a developer & also the masterplan that they envisage. Thus i bought into it’s potential & actually looked forward to relocating from Tebrau sometime in the future. I believed e in their community living concept & had been to KL Bandar Sunway twice & really liked what i saw. Will be a waste if Sunway Iskandar could not fulfill it’s ultimate potential due to this Medini Strata Title saga.


Sunway Citrine Lakehomes phase 2 preview!

Was invited by my sales guy cum friend Raphael to visit the newly revamped Citrine Lakehomes Phase 2 Show unit. The unit we visited was a cluster unit 22 x 80.    I believe the nett retailing price is from $8xxk. The one i bought (intermediate terrace) during Phase 1 is smaller at only 22×70.

The exterior of the house looks nice. To me it is way nicer than my current Setia Eco Cascadia unit. Love the colour tones. Modern & smart looking home. 😍

This is the whole Ground floor. Very tastefully designed. The wet kitchen is enclosed & separated from the Dry kitchen which has an island. Love it. Great for preparing foods etc. There is also a room at this level suitable for maid or elderly to stay with a toilet.

This is the Family area on the 1st floor. It is extremely spacious. Much more spacious than my current home. Great for larger families. There are 3 bedrooms on this level & 2 baths.

These 2 common bedrooms on the 1st floor shares a common bath. They are both quite spacious & can fit a Queen bed with wardrobe easily. Love the built in carpentry (bed & study). Well designed. 👍🏻

The master bedroom comes with ensuite bath & a balcony. For this particular unit the balcony overlooks the Emerald bay lake which is a bonus to wake up to every morning. The launch of phase 2 will be happening this month (june 2018).

With such a nice home (design) & ID (300k), it will be hard for keen buyers to walk away. 😅  In the coming launch, there might be great deals (due to No gst) up for grabs. For more information interested buyers can contact my Sunway consultant Raphael at 0199820028 for more details. ✌🏻


Interesting Auctions in Iskandar.

Recently i was added into a JB Auction Watsapp List thru an acquaintance of mine. Daily there are new properties added onto the Auction list & recently i start to notice more such units from Iskandar Puteri (Formerly known as Nusajaya). Wonder if it’s because of the recent news that HSR might be scrapped by the newly formed (Pakatan Harapan) govt of malaysia.

Some of the units from Medini are really cheap. They are auctioning way below their initial launch price. Example below is a unit from Medini Signature. When launched way back in 2012/3 it was selling like hot cakes at $700+ myr psf. Right now it is going for $300+ psf. Nearly 1/2 price!!! 😱

At $300k+ myr, it cost slightly more than S$100k. If i am considering to buy a 2 bed condo to retire in Iskandar this will be an excellent buy. Singaporeans can buy in Medini (No minimum price). Compared to $1m myr outlay (elsewhere in iskandar) this is much lower risk & frees up more cashflow for other retirement needs.

This year & next the number of completed high rise condos & service apartments in Iskandar will peak. With the current uncertain & weak market sentiments in Iskandar i doubt these unit’s buyers will be able resell them or lease them out easily. As such i forsee more Auctions to come up. Bargain hunters with deep pockets will have their Field Days. 🙊

My Southern Marina unit at Puteri Harbour will also be VP in 2019. I expect the leasing market to be extremely weak & challenging. There are still pockets of expats renting units in Puteri Harbour but it takes a nicely furnish unit, a good agent & some luck to get them. Price is another key factor. I am willing to rent it out at a lower rate as long as the tenant profile is good & the rent covers my mortgage interest & maintenance which comes up to $2600 myr.

In mean time gotta work harder (Grabbing) for more S$ & build up more reserves to hold over the long run. I am still cautiously Optimistic that Puteri Harbour will come good (might eventually  retire here in future). But it will take time & holding power is key to winning the battle. It might be a long winter ❄.




Co-sharing another unit with friends?

Recently i came across an ad on Property Guru for a Teega Unit in Puteri Harbour. It was a large unit of 1583 sqft 3+1 beds. And it was only going for $880k. I believe this is a 🔥 sale as this price is lower than the Original price the Owner initially bought it way back in 2014.

I immediately contacted 2 of my friends (Raphael & Johna) whom i think might have an interest & immediately Raphael helped to setup a viewing for us last Friday. Johna was busy with work back in SG thus unable to join us.

The unit was in it’s Original condition & was uninhabited since day one (roughly VP in mid 2017). It  is considered low floor (11th storey out of 37) but it has one of the best facings. Relatively unblock views all round & direct views of the marina & sea. It is also SW facing which is a bonus. The balcony & Master enjoys the best view of the Marina & Sea. It’s windy too! 😍

After viewing the unit we took a short walk around the facilities deck & left. I had a brief discussion with Raphael on the pros & cons of the unit & it’s potential (air bnb). Both if us agreed that at $500+ psf (freehold in Puteri harbour) this is a good deal. It’s below market pricing. We managed to find out from the Agent that the original SPA price for this unit was $1.2m+

Unfortunately, raphael needs to leave for Taiwan shortly and will only be back 30th April & he mentioned that he would prefer to wait after 9th May (Msia Election) to decide if wants to make a move. Johna on the other hand is concerned with the weak leasing market in Iskandar (Due to Oversupply) which is a real concern as well. There is a 90+% chance this buy will not be positive cash (rent receives minus mortgage & expenses).

However, i am looking at the Long term Potential Capital appreciation (min 10yrs up) . Puteri Harbour is a key location within Iskandar Puteri & it will develop over time. Already the latest project to VP (Puteri Cove residences) directly opposite is asking for $1.5k+ psf (resale)! 😱

Teega is just 25m away from Puteri Cove. The price difference of this Teega unit  ($500+ psf vs $1500+ psf) is a whopping 65% lower! Im trying to convince the guys that this is a good price to enter Puteri Harbour for a long term play. By spreading the buying & holding costs amongst the 3 of us (i can’t afford on my own), I believe the costs involves become palatable. Hopefully if the guys ok the buy the unit will still be around. 🤞🏻