There are 13 of units of shop lot at Taman Seri Delima, Juru, where is located south ~2km from Juru Auto City. The selling price is RM273,888 for intermediate unit, free hold, land area is 20 x 70. This Taman Seri Delima is developed by the developer name E.W. Associates. This land is owned by Tabung Projek Terbengkalai, which is belonged to Malaysia Finance Miniser. So, far there 2 intermediate units were sold out. If you have interest, pls contact Mr. Wong at 017-3380688.
Here is the Deal:
Monthly rental for 1st phase of this completed shop lot is ranging from RM1,600 to RM2,000. While the monthly rental for old shop lot around this area is ranging from RM900 to RM1,400. Based on the calculation of loaning 85% from bank at typical current interest rate offered by HSBC Bank, the gross monthly passive income is less than RM100 if the monthly rental is RM1,800.
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Lessons Learn:
Prior to sign Sale & Purchase (S&P) Agreement, as a smart purchaser, he/she need to check with banks to determine whether this particular Developer listed in Bank "Approval Developer List" (ADL). For Public Bank, the ADL is per project phase basis. For example, although XXX developer was in ADL, but this particular developer's project phase might not updated to the bank ADL. There is undisclosure time amount for bank to add this project into ADL.
Scenario:
This will delayed the loan application and loan releasing and the penalty of 10% of outstanding amount of property need to be bear by purchaser.
Workaround:
Puchaser has the right to apply for delay payment of first 10% until loan approval is granted and waiver on interest charged by the developer in this scenario by writing a formal letter to developer.
Visited Delima Sale office on 6/9, all the units same phase with our shop lot has sold out. New phase shop lot which are in-construction are selling at RM298,888. Up 9% from those previous phase after a year of lauching.
Saw the banner on the highway road side, Delima shop lot (20x75) is selling at RM320,000. A total of ~21k up from June-08.
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