Buying a Condo unit from the Developer

The Park Residences 1 is a luxury resort-style condominium located in the new township of Bangsar South City, Bukit Kerinchi, Kuala Lumpur, Malaysia. This township is very strategically located near to amenities eg LRT, Federal Highway & Shopping malls. UOA has purchased 60 acres of land here in 2005. For more details on this development, just visit the developer's website : UOA.

Here are some pics of the view taken on the grounds of The Park Residences 1. This first phase consists of 2 condo blocks : namely Acacia & Begonia. The next phase, Camelia, is scheduled to be launched very soon in August 2010.

 

My hubby and I purchased a condominium unit here on July 6th 2010 directly from the developer at RM450psf after 5% discount. Sales & Purchase Agreement fees were absorbed by the developer and buyers were only required to start bank loan repayment in 12 months time. The interest incurred is again, absorbed by the developer. 

To reserve a unit, 2% reservation fee is required. I paid by credit card at the sales office located just beside the condo at The Village. Cheques and cash are also accepted. The balance 8% of the 10% down payment was then fully paid up within 14 days. This time, only cash or cheque payments are accepted. 

My hubby and I decided upon CIMB (one of the panel banks) for our home loan to finance the 90% of the property cost, and selected a panel law firm: Abd. Aziz Chen & Co. to prepare the Sales & Purchase Agreement which had to be signed within 14 days as well. On the day of signing of the Sales and Purchase Agreement, a disbursement fee of RM350 was incurred and was paid to the law firm.

CIMB was quick to give us the offer letter and then we appointed the same lawyer to prepare the bank loan agreement. This was done quite fast and within 2 weeks, we were present at the lawyer's office at Amcorp Mall to sign the necessary documents. At this stage, we had to pay the law firm about RM9200.

In the meantime, we also applied to EPF to withdraw our savings in Account II to finance the payment of the property. Our application was approved within 1 week! They were very fast and efficient.  

So now, we are patiently awaiting vacant possession of the above-mentioned property! We are very keen to design and furnish it accordingly to our budget for our own stay.