docmood
New Member
This might be helpful for anyone who is considering buy in Malaysia.
I got suckered into this by Berjaya when they launched their Times Square project back in 2001 ish. They seemed REALLY cheap at around 70k GBP for a 1 bed in this LANDMARK development in the centre of KL and it was going to be a 5 star hotel blah blah blah.
Well I bought TWO of them on the highest floor I could ( for future buyers, always buy apartments on higher floors as they command a better premium )
Since DAY 1 I've regretted buying them. Everything is in Malay language and you need a local lawyer. The local lawyer that was appointed/recommended by Berjaya and did the transaction for me is currently in JAIL !!!! I get endless bills ( in Malay of course ) for sinking funds and shared costs and so on and I can never find a decent English contact on the phone.
I went to KL to try and sort out the mess and although its a great place to visit for a holiday, the property problems just MULTIPLIED. The developer was illegally renting out the shared areas, the hotel service was FAR from 5 star and the locals all laughed at how the foreigners got suckered.
The value of the properies NEVER reached the amount I paid for them abd new properties are being launched even today at lower prices. I decided to dump them and take the hit. I was offered around 20k GBP less for each unit which I decided to take as the exchange rate covered some of the loss and the developer was undergoing some major legal action from many sides regarding this development.
I signed an agreement and took a deposit and hired a lawyer. This was in March/April this year. THE SALE PROCESS CAN TAKE UP TO 9 MONTHS TO COMPLETE!!!!
DON't BUY PROPERTY IN MALAYSIA !
I got suckered into this by Berjaya when they launched their Times Square project back in 2001 ish. They seemed REALLY cheap at around 70k GBP for a 1 bed in this LANDMARK development in the centre of KL and it was going to be a 5 star hotel blah blah blah.
Well I bought TWO of them on the highest floor I could ( for future buyers, always buy apartments on higher floors as they command a better premium )
Since DAY 1 I've regretted buying them. Everything is in Malay language and you need a local lawyer. The local lawyer that was appointed/recommended by Berjaya and did the transaction for me is currently in JAIL !!!! I get endless bills ( in Malay of course ) for sinking funds and shared costs and so on and I can never find a decent English contact on the phone.
I went to KL to try and sort out the mess and although its a great place to visit for a holiday, the property problems just MULTIPLIED. The developer was illegally renting out the shared areas, the hotel service was FAR from 5 star and the locals all laughed at how the foreigners got suckered.
The value of the properies NEVER reached the amount I paid for them abd new properties are being launched even today at lower prices. I decided to dump them and take the hit. I was offered around 20k GBP less for each unit which I decided to take as the exchange rate covered some of the loss and the developer was undergoing some major legal action from many sides regarding this development.
I signed an agreement and took a deposit and hired a lawyer. This was in March/April this year. THE SALE PROCESS CAN TAKE UP TO 9 MONTHS TO COMPLETE!!!!
DON't BUY PROPERTY IN MALAYSIA !
