Wednesday, September 22, 2010

Shocking Monoland

Further on to my purchase of unit in Quadro from developer Monoland, where I based mainly my decision on the property being on Residential Title and the allocation of 2 car parks, this is what I have found out:
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1. Monoland sent me an sms one morning 27th August 2010 6.44a.m. stating that the title is Commercial... apparently they only just found out!
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2. The allocation of car park was not stated in the S&P - which later they provided an undertaking in a letter with a caveat "subject to approval of relevant plans by authorities"
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Now, this is incredible. Why do they require approval from " authorities" for the plans? If Monoland has not received approval for the plans, they aren't supposed to sell. Perhaps the reason why we have signed the S&P and Monoland still hasn't explains why.
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There has also been rumours that the rooftop facilities will be owned and managed by the developer and additional charges will be charged to residents who want to use them. While I am not too bothered by this, I wonder why the developer want to make things so complicated?
It is a fact that all residential or serviced apartment properties in KL which do not provide car parks do badly or don't appreciate as much as others in the market. Examples are Bidara, One Residency and 231TR. Monoland is starting to remind me of 231TR's developer Urban Delta with this kind of tricky mentality. Perhaps it is right that someone pointed out that Monoland is an OK developer for Titiwangsa Sentral but when entrusted with Multi-million Ringgit properties, that may be an entirely different issue.
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I hope this turns out OK, this being Monoland's 1st outing in the luxury KLCC market. If they fail here, their reputation will be forever tarnished.

26 comments:

Anonymous said...

this sounds like a bad news....

hopefully in time, the mgt will clarify further......

rgds,

Clem

Anonymous said...

looks like it was a blessing is disguise to have pulled out of my purchase...this developer has got shit written all over it..all trickery..typical of these shady mysterious unknowns..there's a lesson here ..wise to stick with the established names..after all not buying roti chanai but parting with hard earned cash!!

Simon said...

that is why always to for a reputable developer.

Anonymous said...

reputable developer cut the margin very high

Anonymous said...

high risk high gain

Live Long MU Fan said...

Hi Sin Leong,
I think you can pull out of the purchase... since there is material misrepresentation (of residential to commercial) i.e. if not too much hassles with loan etc....

Check with your lawyers....

Hope this helps

Anonymous said...

Understand commercial land is not ruled by the housing law which stated 3 yrs completion period. That means even if the clause in S&P states 3 yrs completion they can delay more than 3 yrs as the clause only relevant to residential land.

Be careful when buying service apartment as many of them fall under commercial title.

sinleong said...

i thought this is no longer relevant since April 2008, all commercial titles are covered under Schedule H. however, monoland people did inform me that they are 99.9% schedule H whatever that means...

jeremy tan said...

Monoland is owned by the famous CA Goh. In Penang, his company Monoland is currently developing projects like Gurney 8 , Central Park and the completed The Cove Condominium.

His projects are basically below market price, delivers within the promised period of construction and has lots of room for appreciation after completion.

A very good example is the cove condominium: Rm900,000 for 6000sft unit. Now its going for RM1.7 million.

However, in return it is compensated through his quality of workmanship.

vicky said...

Hi jeremy tan,
Good to hear that. but how come poor workmanship = good subsale demand?
Is it cos of location?

jeremy tan said...

Yea it's the location. All his developments in Penang are beach fronting projects along Gurney Drive and Tanjung Bungah,

Most importantly its below market price.

Most of his projects always sold out within a month.

Anonymous said...

mono are launching soho....any review on this one?

sinleong said...

for me, at the moment... buying a property from monoland is like buying a mercedes from a perodua dealer. to make it worse, the S&P agreement is full of exit clauses for the seller. he will tell you he will give you sport rims and leather seats; but when he delivers the car to you finally, he can opt not to give you the sport rims because the minitry of transport has not given the approval. and then the car belongs to you but the boot you are renting...

Anonymous said...

car park = approval not yet obtained

boot=jim that needs to pay?

is it a developer that pple in general need to avoid?

sinleong said...

no approval can sell already?

also, just been reminded to add... before you buy it, they tell you the engine is petrol. after you bought it, they say they just found out the engine is diesel...

everytime u put something in the boot, you have to pay

Jenny said...

Hi, may i know when you choose the unit how much deposit paid as required by the developer? thanks.

Jenny said...

and how's the car park finally? thanks.

sinleong said...

i will not say any more because i am still pursuing the next course of action and i know the developer reads this blog.
suffice to say, i will not recommend projects by this developer to anyone.

Learner said...

Sin Leong, thanks for your honesty! It is refreshing.
I almost bought Vipod, book a unit, but backed out at the last moment.
Reading your blog, I am glad I backed out. :)
Well, maybe I look for a existing condo in KLCC...at a good price ...but no hurry...

Anonymous said...

wonder if the latest 70%LTV will affect the monoland's soho

and anyone from Vipod that has signed SNP on the spot but have not gotten a loan, can be in some trouble

it is like margin call

Anonymous said...

wonder if the latest 70%LTV will affect the monoland's soho

and anyone from Vipod that has signed SNP on the spot but have not gotten a loan, can be in some trouble

it is like margin call

Anonymous said...

unfortunately for all of us... before Monoland's reputation is being tarnished, their shareholders are already gone with hundreds of millions of dollar sun bathing in the Carribean or Mediterranean sipping their fine champagne... :-(

Dato' Chua M M said...

i booked a unit and got my loan approved..just about to sign S&P, they called me and said management has decided to sell to a bulk purchaser. this is Monoland, anything can happen.

Vellocity Props said...

Hi Dato,

I faced exactly the same situation like yours. Apparently its a lie , a few weeks later an agent called me asking me to buy the same unit which I have booked and told me that I have to pay them a 5% comm??? I was like is it a sub sales?? He said no and sign directly with developer but insider wants a cut of 3%. I hope their boss is reading this and sack all the sales team as they are all money sucking leeches

Vellocity Props said...

So if anyone is about to sign the S&P don't be surprise to find their sales people Shirley / Kalvin calling you all up saying last minute management decided not to sell anything because of bulk purchase. Its a fat lie because they are keeping it and getting agents to sell on their behalf.

Vellocity Props said...

So if anyone is about to sign the S&P don't be surprise to find their sales people Shirley / Kalvin calling you all up saying last minute management decided not to sell anything because of bulk purchase. Its a fat lie because they are keeping it and getting agents to sell on their behalf.