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Johor sees influx of expatriates from SG buying Johor homes.

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Segue
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Postby Segue » Tue, 09 Oct 2012 11:13 am

I have a friend who bought a plot of land a few years back in Iskandar. The project went bust and he lost all of his deposit.

I wonder if they projects now are more solidly planned.

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Postby offshoreoildude » Tue, 09 Oct 2012 8:29 pm

Segue wrote:I have a friend who bought a plot of land a few years back in Iskandar. The project went bust and he lost all of his deposit.

I wonder if they projects now are more solidly planned.


Nope. That's been going on ever since I moved to Singapore in 1991 or so and I doubt it will ever stop. What's even worse is the land title office is a mess and the whole concept of land title security is severely under threat due to some court cases two years ago where the a registered title was overturned in favor of some cockamammie counterfeit claim with the apparent connivance of the title office. Don't think have a 'lease' with some 'reputable' company is much better. Perhaps you'll be ok - perhaps not. If not, you'll spend a decade in court trying to right something that may never be corrected.
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Postby offshoreoildude » Tue, 09 Oct 2012 8:33 pm

movingtospore wrote:All of that said I know a bunch of expats living not in Johor proper but in Nusajaya. Love it there - been there several years, never been burgled, and have made a mint by buying up a bunch of land there.


But have they SOLD the land and crystallized that supposed gain? I doubt so. Until then... it's only a vapour-mint; not cold hard cash.
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Postby taxico » Tue, 09 Oct 2012 9:18 pm

Segue wrote:I have a friend who bought a plot of land a few years back in Iskandar. The project went bust and he lost all of his deposit.

I wonder if they projects now are more solidly planned.


if i remember correctly, non-malaysians have NOT been allowed to buy land in malaysia for quite some time now. my dad invested in land in inskandar - he got them for about a few bucks per square feet and sold when he and his "partners" managed to make the land value shoot to decent double digits.

from what i know, he had to pay good money to grease many palms during the investment period... even AFTER the land has been sold (when settling the accounts).

although he made a healthy profit, he swore he'd never get involved with the "thugs up north" again and is extremely unhappy he can't get no satisfaction as he was, in all honesty, dealing with well connected hoodlums and corrupt bureaucrats.

i heard "real estate investment companies" tanked from time to time, along with the investors' money. if you weren't privy to the information required to make an informed investment (actually... regardless!), the locals will take you to the cleaners pretty quick as nothing real is in your name...

edit: added a NOT!
Last edited by taxico on Mon, 29 Oct 2012 3:45 pm, edited 1 time in total.

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Postby offshoreoildude » Wed, 10 Oct 2012 8:06 am

I honestly would never invest in MY without either strong local knowledge and a local network OR the backing of a major non MY listed real estate developer. Even then I wouldn't, the country is run by thugs and gangsters as any honest, self aware MY citizen will admit.
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Postby the lynx » Wed, 10 Oct 2012 8:31 am

taxico wrote:
Segue wrote:I have a friend who bought a plot of land a few years back in Iskandar. The project went bust and he lost all of his deposit.

I wonder if they projects now are more solidly planned.


if i remember correctly, non-malaysians have been allowed to buy land in malaysia for quite some time now. my dad invested in land in inskandar - he got them for about a few bucks per square feet and sold when he and his "partners" managed to make the land value shoot to decent double digits.

from what i know, he had to pay good money to grease many palms during the investment period... even AFTER the land has been sold (when settling the accounts).

although he made a healthy profit, he swore he'd never get involved with the "thugs up north" again and is extremely unhappy he can't get no satisfaction as he was, in all honesty, dealing with well connected hoodlums and corrupt bureaucrats.

i heard "real estate investment companies" tanked from time to time, along with the investors' money. if you weren't privy to the information required to make an informed investment (actually... regardless!), the locals will take you to the cleaners pretty quick as nothing real is in your name...


*nod*

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the lynx
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Postby the lynx » Wed, 10 Oct 2012 8:32 am

offshoreoildude wrote:I honestly would never invest in MY without either strong local knowledge and a local network OR the backing of a major non MY listed real estate developer. Even then I wouldn't, the country is run by thugs and gangsters as any honest, self aware MY citizen will admit.


*nod*

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Postby movingtospore » Wed, 10 Oct 2012 6:10 pm

All true..but...there are literally hundreds of expats living in Nusajaya now, with properties they've bought, and all doing pretty well. Houses around Leisure Farm, East Ledang etc all sell as soon as they come on the market, and usually to S'poreans or expats. I suppose MY could expropriate their land or something crazy. But these days I almost expect that to happen here.

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Postby offshoreoildude » Wed, 10 Oct 2012 8:42 pm

movingtospore wrote:All true..but...there are literally hundreds of expats living in Nusajaya now, with properties they've bought, and all doing pretty well. Houses around Leisure Farm, East Ledang etc all sell as soon as they come on the market, and usually to S'poreans or expats. I suppose MY could expropriate their land or something crazy. But these days I almost expect that to happen here.


Singapore NATIONALIZE private property? You'd need a war for that.
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the lynx
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Postby the lynx » Wed, 10 Oct 2012 8:51 pm

movingtospore wrote:All true..but...there are literally hundreds of expats living in Nusajaya now, with properties they've bought, and all doing pretty well. Houses around Leisure Farm, East Ledang etc all sell as soon as they come on the market, and usually to S'poreans or expats. I suppose MY could expropriate their land or something crazy. But these days I almost expect that to happen here


Buying a unit off a development project is one thing -- easy stuff. Buying a land to invest for new development -- now that's the iffy bit.

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Postby sundaymorningstaple » Wed, 10 Oct 2012 10:52 pm

offshoreoildude wrote:
movingtospore wrote:All true..but...there are literally hundreds of expats living in Nusajaya now, with properties they've bought, and all doing pretty well. Houses around Leisure Farm, East Ledang etc all sell as soon as they come on the market, and usually to S'poreans or expats. I suppose MY could expropriate their land or something crazy. But these days I almost expect that to happen here.


Singapore NATIONALIZE private property? You'd need a war for that.


Not really. I've seen 'em take a number of feet/meters of'n a number of private land owners in order to widen a road with no problem. Just depends how badly they want it. Doesn't even matter if it's 999 year lease. Freehold is a different matter, but they will only pay based on their valuations and not the open market.

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Postby nakatago » Wed, 10 Oct 2012 11:05 pm


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Postby dpot » Thu, 11 Oct 2012 7:28 am

What about buying in a place like Penang? We considered it...wife grew up there, but impossible to say what prices will be like in 15 yrs when we want to sell.

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Postby offshoreoildude » Thu, 11 Oct 2012 7:32 am

sundaymorningstaple wrote:
offshoreoildude wrote:
movingtospore wrote:All true..but...there are literally hundreds of expats living in Nusajaya now, with properties they've bought, and all doing pretty well. Houses around Leisure Farm, East Ledang etc all sell as soon as they come on the market, and usually to S'poreans or expats. I suppose MY could expropriate their land or something crazy. But these days I almost expect that to happen here.


Singapore NATIONALIZE private property? You'd need a war for that.


Not really. I've seen 'em take a number of feet/meters of'n a number of private land owners in order to widen a road with no problem. Just depends how badly they want it. Doesn't even matter if it's 999 year lease. Freehold is a different matter, but they will only pay based on their valuations and not the open market.


The management committee can fight the offer though and push it up. I've seen a MC get a huge amount of money by fighting a compulsory purchase of small strip of land for a sewer - they made so much money they had over a million in their sinking fund! You won't see that in MY.
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Postby offshoreoildude » Thu, 11 Oct 2012 7:35 am

dpot wrote:What about buying in a place like Penang? We considered it...wife grew up there, but impossible to say what prices will be like in 15 yrs when we want to sell.


I imagine - that in a desirable location - prices will go up if there is no global calamity in the mean time. Your big issues will be property management and building maintenance. Why not work your wife's network and see what they know?
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