Sime Darby Parade of Homes

Last last Saturday i read an advertisement at The Star newspaper.
It is regarding Sime Darby Parade of Homes programme.
They offered promotional package for home ownership of houses of them.
Low down payment, Free Stamp Duty, free legal fee, Zero Interest during construction, early bird rebate, low interest rate with arranged financier and many more.
They are many development projects offered under this package.

Ara Damansara
Bandar Bukit Raja
Bukit Jelutong
Denai Alam
melawati
Nilai Impian
Planters' Haven
Putra Heights
Subang Jaya Tropika Paradise
USJ Heights

Of course if u ask me which i love the most, i will answer Putra Heights!
I just love the location.
Unfortunately, looking at my financial ability, hm.. :(
so, i just surveying Tropika Paradise.. since the price tag seems reasonable.
did some google.. i notice this is a ready to move-in units
i wondered how can it is listed under this scheme.



so i called the agent from the hp no advertised.
en azhar on the phone.
He told me that this condo is already completed 8 years ago.
The developer sold 50% of the units and keep the remaining 50% for SJMC nursing staffs.
Then Sime Darby took over. They dont want any staff quarters here.
reputation is concerned, might be..
He told me that the are two types: low rise and high rise.

For low rise units, the price is rm 221k. 1170 sft.
booking fee is rm1k.
however, only units on 4th floor available. the others are grabbed.

For the high rise, the lowest price is rm257,000. 1360sft.
booking fee is rm1.5k.
Early bird discount is applicable for 7th floor unit upwards.

there is 10% discount. meaning that they will arrange a 90% loan for you.
beforehand u pay 1k or 1.5k booking.. and that's all.
after the purchasing transaction settled, they will redeem the booking fee since you loan already cover everything.
They arranged with maybank, HSBC and CIMB to offer BLR - 2.3% for the home loan.
considering the current BLR is 5.5%, meaning that only 3.2%.

maitenance fee is 20 cents psft for the low rise
and 23 cents for the high rise.
and there is 1 year maintenance fee waived too.

En azhar roughly estimated that for a 30 year loan tenure, the monthly installment will be around rm1130.
The projected rental income there is rm1300.
however, after do some calculation, my monthly commitment will be around rm1442 for a high rise condo. If the rental rate is rm1300, definitely a negative cashflow.

If u want to buy for own stay, it is OK.
But since it is for investment purpose, i closed the case.
:)