06 April 2013

E&O The Mews - A Good Buy?

Yesterday I was invited by E&O to attend its project preview - "The Mews" at E&O Gallery, next to Raffles Hotel in Singapore. There were about 10 attendants to come and listen to the talk conducted by them.

For those who are not familiar with E&O, it is one of the well known property developers in Malaysia, especially in Penang and Klang Valley. Its business model consists of property management, hotel management, as well as property development. You may go to its website to find out more.

In Klang Valley, or more specifically The Greater Kuala Lumpur, E&O has some projects ongoing in Kuala Lumpur Golden Triangle. The newly completed project is St. Mary Residences. It is just a merely 10 minutes walk distance to KLCC, a famous tourist attraction and landmark in KL. According to the salesperson in E&O, it is nearly 100% purchased by the investors & owners and now managed by E&O.

Ok, back to the topic - The Mews. This project is located at Jalan Yap Kwan Seng, Kuala Lumpur, a mere few minutes walk distance from KLCC. The indicative selling price is around RM1,500-RM1,600 psf and investor could get an early bird discount if book it in advance. There is a DIBS Scheme, which means that the investors can pay nothing but the 10% down payment until the project is completed. For Singaporean buyers, you can also enjoy loan benefit of up to 80% or 90% Loan-To-Value Ratio depending on your qualification as the panel mortgage banks include OCBC and UOB, which are Singapore local banks.

For those who are interested to learn more about this project, can contact E&O Singapore Office. I believe you can make a better decision after doing some homework to find out the background of this project. As this is a luxurious High-End Condominium project, you can target it to Expats or locals who are living and working near to KLCC. Please be aware that there will be more upcoming projects by other developers, as well as the quality of the management team of each project, as this is one of the key factors to invest successfully in high-rise project.

Last but not least, for foreigners to purchase Malaysia properties, you must fulfill the following criteria:

1. Value of more than RM500K, or around S$200K
2. Not Malays Reserve Land
3. Not Agricultural Land

There is a property gain tax applied to the profit for Malaysia properties sold within 5 years from the date you signed off S&P Agreement. You must pay 15% if you sell within 2 years, or 10% if you dispose off within 2-5 years. Anyway, this is not a concern for high rise project as it will take roughly 4 years to complete and you may just take another 1 more year to rent out to the tenants before decide to sell it to another buyers.

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