Viewing of Park View Tower 12-01

Since I arrived earlier to the Park View. I done a quick survey on the surrounding again and visit to the PJD Office.

 Entrance to the Park View and PJD office.

4 storey Shop lots in front of the entrance

 Future mix development on the empty land in front of the Park View.

 Current under construction of Woodsbury, 500m away from Park View

 Model of the Park View surrounded by Future Shopping mall with residencetial.

 Model of the Wellesley and Sea View

Poster of the Park View, Ocean View, Sea View, Wellesley taken from the PJD Office.

 View of the empty land from the PJD office. Straight in front is the Park View.

 A small garden in front of the lobby

Entrance Lobby of Park View

View of Guard house.

Viewing picture of the Unit 12-01:

 Good things about this unit 1 is in front there is a huge open area.

 Common bathroom installed with Water heater. Water heater will be taken away by tenant.

 Kitchen with build in cabinet and hood will be remain.

 Dry yard installed with Grilled.

 Master room

Master bathroom installed with Water heater. Water heater will be taken away by tenant. The folding door is broken

 View taken from master bedroom, can see the Ocean View on the Left and Sea View on the Right.

Towards the Left most will have empty land with squatters and a cementery.

Aircond in the living room will be taken away by tenant as well.

Factors that influence on MRTA premium

MRTA premium can be quite different from one company to another from the previous post.
But when the difference is too obvious, we may need want to find out the coverage differences.
As can be observed that all conditions same,age,years of coverage and sum if insured all are same,only premieum come out different.

My friend who work with Insurance company explained that, the basic mrta covers only death. But the most common ones cover 2D - death n disability.
The luxurious type covers 3D - death, disability and diseases
Even the same sum assured and same coverage, premium may be different as some may promise higher surrender values when the policy is terminated early.
Some companies don't really want to explore into this field. So basically, their portfolio is much smaller. When this happens, they charge a higher premium.
That is why Allianz is the chepeast since it is their core business, make sense?

Applying MRTA and comparison

I am apply loan for my recent purchased, at the same time, I am also want to get the coverage for my mortgage as well.

I am comparing each of the coverage options in order to help me to make some wise decision.
For the previous debate on MRTA and MLTA which is better, can refer to below post: "MRTA,MRTA or which is better "

Below is the 5 financial institutions that had contacted and reply.
It can bee seen that for the same conditions, the Premium has big differences.

MLTA or MRTA, or something better?‏

When come to protecting your mortgage loan, there are normally 2 types of insurance,namely MLTA & MRTA.

MRTA = Mortgage Reducing Term Assurance (MRTA) 

1. MLTA is almost similiar to a life policy. But at the end of the cover period, I think some policies don't return anything unlike a life insurance. You will have to do your homework and check with the agent.

MLTA =  Mortgage Level Term Assurance (MLTA)
2. Choosing between MRTA or MLTA depends on your investment strategy and keeping your options open. Some banks enforce a compulsory insurance policy, so you have to get a MRTA or MLTA.

In cases where you suddenly decide to sell the property a few years later down the line, the MRTA returns very little back to you. With the MLTA, I think you can re-assign the cover to your next property investment. And the insured amount is still the same.

3. Also please note, as you get older your MRTA gets more expensive. Just a rough estimate, MRTA for coverage of $100K for a borrower aged 25 would be around $2-3K, for a borrower of age 40+ it would be in the region of $10-12K.

So if you're you're it would be cheaper to go for MRTA.

Some other consideration factors:

• if your investment is a 'game', you may want to take more risk, especially if you're young and nothing much to lose.
• if is to leave a legacy for family members - good for you take a snapshot of your networth now.
• what happens if - you're not able to earn an income, or you passed on (touch wood!)
• what would happen to said properties? who will pay for installment?
• how is tenancy rate like? 80%? 90%? 20% (you chose a wrong property). Unknown? (because you bought developer unit).
• can your family member manage the tenancy? property maintenance issue?

If is high tenancy rate, and your family member can manage the property - no need buy too high insurance/required.

There is no right/wrong answer. View all your property investments as a BIGGER picture portfolio. Overview all the risk factors. And based on the risk factors, you can quantify and decide how to shift this burden of risk to insurance - which offers best rate, flexible enough to increase/reduce in future (as your tenants help you pay off and increase your equity through the years).

With some banks (e.g. Public Bank sometimes) - they force you to take MRTA. If no other loan options, you just have to agree and take it up.

My takes:

I tell you all what I choose for all my investment properties.

1) Buy MRTA

2) Buy 50% of the bank value for 5 years or 10 years

     - Reason is after 5 years, the rental should be positive and properties value is appreciating. At least the equity is 50% of my purchased price

So we need to decide on this and put this to the loan together.

So there will be no cash outlay required.

Is there something better out there?

Have found some comparison info at the link below

http://mhartanah.files.wordpress.com/2012/09/comparison_between_mrta_and_mlta.jpg?w=547

but which actually gives the BEST dollars and cents 

 

How do Penang MPSP calculate "Cukai Pintu"

How do Penang MPSP calculate "Cukai Pintu"

The calculation is based on the 70% of the monthly rental.
It is reviewed every 10 years.

CEO viewing adventure report

After a few SMS and call to the agent, managed to arrange viewing THE CEO this afternoon.

View from the small road, in front there are 2 rows of shop lots, on the left is Bukit Jambul Condo and on the right is Vistana Hotel.

 This shoplot is direct facing to The CEO.

 This is the main road access to The CEO

 This is taken in front of the access road.

 Beside is the VISTANA Hotel

 Front View of the CEO

 Another row of shop lot in front of The CEO

 Another view

 There is a a huge car park in front of The CEO. Car park in The CEO is charge RM5 per day. If rent by month will be RM150.But outside is FREE. So the car park is not an issue

 Front shop

More front shop

First check on the occupancy rate:

Average occupancy rate is 60%,seeing few more units are under renovation and expected to be rise over time.


Detail floor plan, the unit number also label into it accordingly.
So that later we talked about which unit and have the feel where should it be.
Unit 1 till 16 is facing North, the rest will be facing South

Photo for unit 8-19:

Photo for unit 7-19:

Photo for unit 13-18:

View from the window can see the Bukit Jambul Condo,this is facing South.

Photo for unit 8-3:

 Viewing from the window,facing North

Photo for unit 12-30:

 So what is the deal?