Almost 90% still empty...NO BUYER ??.
The gate is closed due no tenants ........
Anyone agree with the below statement ( from the public).
I am dead against anyone buying any properties in Kuching and this is for a variety of reasons.
Among them:-
1. Cos do not justify what you get
2. Kuching have been over built
3. Buyers are enriching the developers and the ruling family
4. Buyers are paying for inefficient and out dated construction technology and via this Sarawak/Kuching contractors take 30-40 percent extra time to built houses and this is translated to hefty labour and holding cost for the developers/contractors and subsequently pass on to buyers
5. Many buyers are buying for investment and hoping that it will appreciate in value and subsequently resell it. The question is how many have actually make money investing in residential houses!!
On the Tribunal, it will take a long time and I suggest DAP start a column blacklisting Property Developers and their Directors instead as have been done by ad-hoc bodies in Semanjung in the Past.
It is a shame that we cry when we discover we are fleeced by this unscrupulous developers when no one is high lighting the present mirco economics of the housing situation in Kuching.
Is it true that Kuching have been over built...now just look at the empty apartment (pic above) still empty since completed about 10 month ago (if I'm not mistaken).
3 comments:
Assalamualaikum Uncle Awang
I could not not agree more than what you have written. To buyers it is an investment. To developers it is business investment. To project proposer it is business. To collaborator it is business. To authorities it is economic activity.
It is sound very capitalist. Our HDA act a little outdated and onesided where buyers are not protected to errant and irresposible developers.
Even compared to our neighbour Indonesia, the buyers protected. If house not delivered with stipulated time, the developers will be fined of certain amount as written in tri-partied agreement; developer:buyer:financier
i actually hope that condominiums will be cheap since they usually have small space.
Salam hormat;
Came across your entry on SPNB's flats:
What is the actual problems here? Uncompleted projects or unwanted residential units? 90% empty, meaning 10% occupied.
Some of your listed reasons sound interesting BUT they do not apply to a completed projects; ready to be occupied or don't understand why mention about tribunal.
89k meaning low cost plus units. Target market, medium to low income earner. Unfortunately, these people are proud people. They do not like flats or apartments. They don't act like medium to low income earners with two or more luxurious cars to their names - even when spouse don't drive.
HOWEVER, the emptiness you see is most probably due to credit cards debt where financier would not issue them loans. Deposit is about 5k to which they do not have enough savings in hand; and having their parents continue to pay for their food, shelter and clothing is still sweet and keeping the family close-knitted, they said.
SPNB is from KL meh. They might have spoiled the housing industry with their 3000 upfront demand. BUT I do suggest if you wish to bring up an issue, take photos of really abandoned projects.
p/s Awang's friends: We are protected with LAD for delayed projects; we might not be protected for abandoned projects; SO CHOOSE A RELIABLE DEVELOPER.
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