To be fair to the Malaysian Property Developers. I have the following to
tell to my fellow Singaporeans:
Not all Malaysian properties marketed in Singapore are scams.
But beware of the " rental guarantee of x%% per annum." If they have no money
to pay you the guaranteed rental, there is not much you can do.
I have purchased TWO properties in Malaysia in the past. Thank God, I
managed to sell them (after holding them for years at a small profit, but
lost on the money exchange when I convert them back to SGD).
One condominium property (after owning it for fifteen years) could not be
issued with a Strata-Title Certificate -- finally I sold it off based on the
Assignment Documents. Because there was no Strata-Title Certificate, the
Management Corporation could not be formed by the Subsidiary Proprietors --
hence the developer may call the shots on the maintenance fees.
To rub salt into my wound, the rentals I received , after deducting all
expenses, were taxed at a flat rate of 30%% ( tax law for foreigners). That
is to say for every one thousand ringgit I received, it was taken as my
income, and I have to pay MR 300.00 for income tax.
My relative was not as lucky as I was. He bought a high-end condo near
Ampang. After paying up to 80%% based on the Architect's Certificate, the
developer went bust, and not all the purchasers agreed to put in some more
money to complete the project. It is now about 20 years already, and one can
only see concrete columns and beams -- no brickwalls , windows, or plaster
finishes. So beware!
Especially if your are buying an expensive cond (which is intended to be run
as a hotel), read the documents very carefully. You may end up getting paid
your "guaranteed rentals in credit notes" which may be used to set-off
against your monthly maintenance. The developer may own the units which are
run as hotels and collect the rent. So your units will only be rented out
after all the developer's units are occupied during the peak periods.
So read your Sale & Purchase Agreement and the Rental Agreement very, very
carefully. Best spend some money and consult a Singapore lawyer.
"pg"
catholic.org> wrote in message
news:d0fe812a-71f2-4adf-b929-0fb2af9e5f07@p39g2000prm.googlegroups.com...> Do you know what I own in Malaysia?
>
> Besides books, I own an old car, some computers, and a small office.
>
> No land, no house, nada.
>
> Why? Because Malaysia is definitely NOT the country for me to buy any
> property.
>
> What you said below, is only half of the picture. There _are_ more to
> it, much, much more.
>
> Many of my friends are developers too, those unscrupulous kind. Hey, I
> gotta say that I did learnt a lot from them. :)
>
>
> On May 9, 8:28 pm, "SLOW DEATH"
gmail.com> wrote:>> My relative is a property developer in Malaysia. He is a multi
>> millionaire
>> who made his money cheating people. He is proud that he is untouchable
>> as
>> all the politicians, police and judges are in his pockets.
>>
>> His modus operandi have always been to start a project by borrowing
>> massively from corrupt bank managers with land from an ignorant and
>> greedy
>> owner. He will then market the project cheaply to unsuspecting buyer, who
>> are held to ransom by deleberate construction delay. Each time enough
>> buyer
>> pays up, he will do a bit more and this goes on and on.
>>
>> Whatever units that could not be sold are then marketed in Singapore with
>> guranteed returns. Unsuspecting buyers in Singapore bought them not
>> knowing
>> that the Company offering the guarantee only have a paid up capital of
>> M$2
>> Ringgit!
>>
>> Most projects are never completed and when buyers take things into their
>> own
>> hands, they found a mountain of debts owing to the banks, suppliers and
>> even
>> the Malaysian gorvernment over development taxes, strata title payment,
>> etc.
>> On closer inspection, the buyers will discover that the sewage systen
>> ends
>> in a hole in the ground, the electricity supply connects to nowhere and
>> there is no water supply.
>>
>> In the end, all buyers lost all their monies and nothing could be done.
>> Many
>> of these projects are overtaken by lallangs and trees and mosquitoes.
>>
>> Meanwhile, my relative is fast becoming a billionaire with more such
>> offerings in Singapore. To him, Singaporeans are the world's number one
>> IDIOTS with a pocket full of monies!
