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My experience with MALAYSIA

Discussion in 'Buying Overseas Property' started by docmood, Sep 27, 2008.

  1. docmood

    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 !
     
  2. KhanatMarina

    KhanatMarina New Member

    what is the situation now???
     
  3. NZPropertyFinder

    NZPropertyFinder New Member

    The lesson everyone should learn from this is " ALWAYS GET AN INDEPENDENT LEGAL ADVICE, AND DO YOU INDEPENDENT RESEARCH."
     
  4. mortagage

    mortagage New Member

    Sosorry to hear this horror story that just outlines the issues of buying overseas. Research is vital as is some local knowledge.
     
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