End of last Dec 2013, my another team book a new development unit at Jelutong called Urban Suite.
Below is the basic information on the unit we bought:
Building: Block A
Level/Unit:23A/05
Floor Area 630 sqft
Purchase Price: $401 666.67
Car Park Price: $ 38 000.00
Total Purchased Price:439 666.67
Per sqft price = $697/sqft (Before discount)
The loan margin is 85% due to it is under commercial title.
Discount given is 10% on the unit price, exclude the car park price.
As such, after 10% discount of $401 666.67, it will be $361 500.
Done the site survey on the surrounding. Refer to the photo taken during the sute visit.
After 7 months till today,we still not able to apply loan due to some of the documentation from developer not ready yet.
Sale and Purchased agreement also not able to execute yet even tough has made the $10 000 booking.
The current selling price for the Block C is $30K more.
When bought into this, the strategy is to sell upon completion.
Conservatively, the price will increased to $800 per sqft. which is $100 profit.
This is quite reasonable. Based on the past few years trend, any new launch price will appreciate at least $150K upon completion.
Selling price = 630 sqft x $100 psqft
= $ 63 000 (Gross profit)
Since this project is without DIBS, estimated the interest payment for the past 3 years is 4%.
Total $440 000 x 4% = $17 600
Nett profit = $63K-$17.6K + initial 10% rebate
= $45.4K + $40K
= $85.4K
Below are some of the information I gathered.
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