Infiniti 3, Wangsa Maju

A commenter asked me about it some time ago and I said I didn't check it out ... and wasn't particularly planning to either because I thought it was already launched and sold out etc.

ANYWAY, coincidentally a relative wanted to go see the showroom so I tagged along - seems to be a theme going on of me tagging along! and so I DID actually check out it.

So here's the deal:


  • This is the last parcel of land by the same developer of Villa Wangsamas and it is the plot closest to the Sri Rampai LRT station (surprised? Of course not, save the best of last, isn't it?).
  • 3 towers of about 30+ floors if memory serves me correctly
  • Leasehold
  • Big-ish layouts, starts from 1.1k sf, 1.3k and I think the biggest is close to 2k sf thereabouts
  • Price is about RM800 per square foot
  • About 8 units per floor, each unit is like a "corner" because they are arranged in a circle around the lift column - so 4 pairs each, then each unit can have corner windows.
What do I think?
Location-wise is quite good - next to the LRT but the good thing is that the train tracks are on the other side of the road away from the building.

What I don't like about it is this - the so-called "7% discount" that the developer is giving buyers so that they can get what is effectively a 100% loan from the bank with a minimal down payment.

Sigh.. of course, to a lot of people, this is a 'good' thing because  they don't have to pay RM100K for a RM1.0 million condo and still get a loan of RM900k by just paying a minimal RM30,000. So the developer is being "kind" to you by making it easier to buy their unit... really? if you really believe that, then I have nothing to say already...

But the question is - are you then buying a 1 million condo or a 900k condo? Are you deluding yourself that you have a "valuable" property or one that you got through colluding with the developer to cheat the bank?

I can tell you, some banks know about this practice and will reduce the loan amount down to RM810k because your condo is effectively valued at 900k, not 1 million. Hence, your loan can only be 90% of that.

So is it a good buy? 

Well, for the location and amenities around it - I would say, Yes, it is a good buy.

But if you are looking to make a big profit on it based on the discount you got and stuff - which you will, no doubt - then you only have your conscience to deal with. Personally, I would feel bad about it and this kind of money, you don't want to make la... who don't want to be rich? But there are ways and means of doing so without bending the law (actually you are breaking the law by colluding with the seller to misrepresent the true price of the property - basic misrepresentation and cheating, my loves. Don't do it)

So would I personally buy a unit here? 
No, I wouldn't due to the discount.

Buy if you want (it's a good deal overall), and I wish you the best for it; but I think there are better and more honest options out there.








Comments

Anonymous said…
Hi, stumbled upon your blog.

Point taken. But don't the banks know this practise of giving "discount" is prevalent? I mean anyone can walk in and ask regarding the price of the property and the margin of discount given.

I've been to several sales office of a few developers and practically ALL of them offer some kind of "rebate" and discount. There isn't a developer who is not giving some sort of discount or rebate ( at least I cannot find one ). I cannot possibly boycott all of them to find a home.

I agree it is misleading and "helps" buyers who cannot afford to purchase tghe property otherwise. It is unhealthy and detrimental to the property when these purchasers cannot hold and cannot flip it later. But I suspect the banks are closing an eye or perhaps also subtly colluding with the developers.

What are your thoughts?
22 August 2016 at 03:01
Scorp said…
Yes, the banks do know of the practice and don't like it for the reason that it is a distorting / depressing factor to future property prices. This causes a risk to the collateral value of the loan.

I guess it all boils down to the final intention of the buyer.

If you are planning on making that unit your permanent home, going to stay there long term - then all of the above doesn't really matter.

If you are thinking of speculating on the property for a short term gain, then you may get burnt. In the end, it's up to the individual to make the risk vs benefit assessment according to their own financial capacity. There's never any definitive answer that covers all situations, it depends on your circumstances.

All I'm saying is to weigh all the pros and cons first to make an informed decision.
26 August 2016 at 21:58
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