They are not wrong though even us Malaysia we didnt know much either. The PLS was introduced by the private entity in 2013, but ONLY till 2018-2020 it put in law under the new National land code with a chapter name "Private Lease Scheme (Sijil Pajakan Persendirian) " So what happen to those purchasers during 2012 - 2018? How can the developer/land owner sell the product without the national land law governing? Only God know. But nevertheless, rumor (from many parties) was that the PLS will be scrapped as too confusing to the banker as well as most of the bank wont give out high loan for the project. The land will revert back to its original tittle which is FH.
I think the marketers might have misled these Singaporeans, but they had already signed the contract. Perhaps they are unaware and simply content with the prices being so affordable.
@@ASingaporeChipmunk before this there another batch of 107 buyer suing the same private entitle of the PLS but different developer. (PLS only cover small part of Johor region). They won in 2020 but only get RM30k, SGD 10k each
Sometimes, omission of essential information is also detrimental as misrepresentation of information. I believe it may not be a case of misrepresentation when the marketing agents gave the impression to buyers that they could sell and rent out their bought units there. Perhaps, what they did not emphasise was that the unit they bought is under a private lease scheme which means they do not own the land, but are only tenants and have ownership (with certain restrictions) to the units they bought. This is sort of like a long term contract tenancy (99 years) with a right to sell and rent out their units (subjected to approval by the developer under the private lease). Thus, it still behaves much like a 99 years leasehold in practice. Lesson learnt from this episode is that when entering into any sales and purchase contract, we should clarify what kind of rights as owners we have legally to the land, voting rights to how the property development is managed, as well as sales and rental of the unit.
When these Sinkaporean buy, they tot they buying in Sinkapore and were greedy. Now ganna makan, said is boleh-land's fault, but the rules already there for ages liao, they had to blame their stupidity for that, nobody use gun point at their head to buy and sign on the agreement right? I think if I were the judge, I will award them with a plate of nasi padang and then ask them to pay 200% for lawyer fees for wasting their time on such stupid issues 😂
U r absolutely right. Due diligence should be done by buyers before u sign. Buy Malaysian property must always buy freehold regardless. And u r right, developer has done nothing wrong as this is perfectly legal in Malaysia. This is also not the 1st property in jb with this kind of tenure.. the moment they tell me this kind of tenure i say no thanks
Abosultely right Eric! Even the Malaysian youtuber who is a property Agent also question this, and it got me thinking too. Separately agreement stating is private lease, can still say kena scam. Then cry mother cry father to CNA say kena scam. I mean ….. come on man.
2014 era, Iskandar area was hot and these dummies thought they got a steal as they bypassed the $RM1m threshold, fast forward now, JB is now the hottest area with RTS announcement and they felt buyer's remorse having been left behind, so finding excuses to sue and perhaps back out.
I doubt so...but few month before this...alot of parties was rumour to given consent to convert the land title to FH (which its original title). the timing of this case abit strange...if happen before the rumour then they defitenly should go ahead..
This is a bit like CLOB all over again... their playground, their rules. Just leaves an extremely bitter aftertaste once the 'victims' realised that their were caught out. I think it is more like once the news is out, potential 2nd hand buyers will see that these units are less 'desirable' due to the PLS instead of the regular LH or FH property status. Lagi harder for them to dispose down the road, try their luck to go after the developers/sales agents. Not sure/Unfamiliar don't buy.
Most probably is the latter as I mention in the video, someone tried to sell and think the buyer had difficulty getting a loan for it or thought twice of buying. Then push blame to developer say kena scam. Haiz….
Can read this article: www.theedgesingapore.com/news/malaysia/buyers-take-iskandar-investment-berhad-court-over-spa-related-dispute It’s reported a month back before our CNA reported it recently.
Of course. Singaporeans keep going over there and saying everything is cheap cheap cheap. What will you do if you are a developer or real estate agent in johor? I would stay away from buying Malaysian properties if you are not a Malaysian. Various people have been saying Malaysia properties are the next big thing for the last 30 years and history always repeat itself. Don’t forget the current government doesn’t even hold a majority in the parliament and can be kicked out anytime if their policies are deemed to be too anti bumiputra
They are not wrong though even us Malaysia we didnt know much either. The PLS was introduced by the private entity in 2013, but ONLY till 2018-2020 it put in law under the new National land code with a chapter name "Private Lease Scheme (Sijil Pajakan Persendirian) "
So what happen to those purchasers during 2012 - 2018? How can the developer/land owner sell the product without the national land law governing? Only God know.
But nevertheless, rumor (from many parties) was that the PLS will be scrapped as too confusing to the banker as well as most of the bank wont give out high loan for the project. The land will revert back to its original tittle which is FH.
The land was original freehold just for context.
I think the marketers might have misled these Singaporeans, but they had already signed the contract. Perhaps they are unaware and simply content with the prices being so affordable.
I doubt it.
But heh it’s their money to sue. Let’s see what the court final judgement says.
@@ASingaporeChipmunk before this there another batch of 107 buyer suing the same private entitle of the PLS but different developer. (PLS only cover small part of Johor region). They won in 2020 but only get RM30k, SGD 10k each
Sometimes, omission of essential information is also detrimental as misrepresentation of information.
I believe it may not be a case of misrepresentation when the marketing agents gave the impression to buyers that they could sell and rent out their bought units there.
Perhaps, what they did not emphasise was that the unit they bought is under a private lease scheme which means they do not own the land, but are only tenants and have ownership (with certain restrictions) to the units they bought.
This is sort of like a long term contract tenancy (99 years) with a right to sell and rent out their units (subjected to approval by the developer under the private lease).
Thus, it still behaves much like a 99 years leasehold in practice.
Lesson learnt from this episode is that when entering into any sales and purchase contract, we should clarify what kind of rights as owners we have legally to the land, voting rights to how the property development is managed, as well as sales and rental of the unit.
When these Sinkaporean buy, they tot they buying in Sinkapore and were greedy. Now ganna makan, said is boleh-land's fault, but the rules already there for ages liao, they had to blame their stupidity for that, nobody use gun point at their head to buy and sign on the agreement right? I think if I were the judge, I will award them with a plate of nasi padang and then ask them to pay 200% for lawyer fees for wasting their time on such stupid issues 😂
Agree. In contract agreement, substance over form prevails. Even accounting standards on leases recognise lease ownership as rights to assets.
I smell a big last video of.the year from Alvin-ge hehehhe
lol.
Eh…. I now fiming it actually.
So yeah today one not so much sadly.
But appreciate the support all the same boss.
U r absolutely right. Due diligence should be done by buyers before u sign. Buy Malaysian property must always buy freehold regardless. And u r right, developer has done nothing wrong as this is perfectly legal in Malaysia. This is also not the 1st property in jb with this kind of tenure.. the moment they tell me this kind of tenure i say no thanks
Abosultely right Eric!
Even the Malaysian youtuber who is a property Agent also question this, and it got me thinking too.
Separately agreement stating is private lease, can still say kena scam.
Then cry mother cry father to CNA say kena scam.
I mean ….. come on man.
2014 era, Iskandar area was hot and these dummies thought they got a steal as they bypassed the $RM1m threshold, fast forward now, JB is now the hottest area with RTS announcement and they felt buyer's remorse having been left behind, so finding excuses to sue and perhaps back out.
Ah…..that makes sense too!
Lol.
I doubt so...but few month before this...alot of parties was rumour to given consent to convert the land title to FH (which its original title). the timing of this case abit strange...if happen before the rumour then they defitenly should go ahead..
@@TheStudio-div FH is not safe either in Malaysia. It will be interesting to see how kim teng park saga will end up.
This is a bit like CLOB all over again... their playground, their rules. Just leaves an extremely bitter aftertaste once the 'victims' realised that their were caught out.
I think it is more like once the news is out, potential 2nd hand buyers will see that these units are less 'desirable' due to the PLS instead of the regular LH or FH property status. Lagi harder for them to dispose down the road, try their luck to go after the developers/sales agents. Not sure/Unfamiliar don't buy.
Most probably is the latter as I mention in the video, someone tried to sell and think the buyer had difficulty getting a loan for it or thought twice of buying.
Then push blame to developer say kena scam.
Haiz….
Iskandar Residence
So sad.... so much money wasted.
I'm curious which development is this in Johor as agent. Good case study
Can read this article:
www.theedgesingapore.com/news/malaysia/buyers-take-iskandar-investment-berhad-court-over-spa-related-dispute
It’s reported a month back before our CNA reported it recently.
@@ASingaporeChipmunk thanks bro.
at this rate, johore is gonna be expensive.
Of course. Singaporeans keep going over there and saying everything is cheap cheap cheap. What will you do if you are a developer or real estate agent in johor?
I would stay away from buying Malaysian properties if you are not a Malaysian. Various people have been saying Malaysia properties are the next big thing for the last 30 years and history always repeat itself. Don’t forget the current government doesn’t even hold a majority in the parliament and can be kicked out anytime if their policies are deemed to be too anti bumiputra
tiagong singaporeans all fomo to hoot JB properties cause sure huat lol
The Devil is in the details... ALWAYS...
All this people trying to bring down the market
Najib is corrupted. Lol