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UOA, exclusive Setapak Green project

Introduction

As part of the celebration for the thread hitting 20 pages, I am hereby compiling a summary for the key notes for the first 20 pages of the thread, and to provide everyone, both, contributors, sole readers, as well as potential contributors, a glance to the UOA, exclusive Setapak Green project.

The Developer

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UOA Group is a leading property group in Malaysia. Founded and listed on the Australian Stock Exchange (ASX) in 1987, UOA has focused on property development, construction, property investment, and property management. Since 1989, the Group has based its headquarters and business operations in Kuala Lumpur, capital state of Malaysia. As at 31 December 2009 :- The Group has successfully completed and delivered projects comprising commercial, retail and residential properties with GDV (Gross Development Value) in excess of an estimated RM 3.0 billion. For more information, see their complete group profile – here.

Project Preview

On, October 08, 2010 and October 09, 2010 – Pre-screening of the project open to UOA members with only selected floors open for prebook.
On, October 10, 2010 and October 11, 2010 – Pre-Screening of the project open to the public with most of the floors open for prebook

Location:

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Property Gallery – The Village
No.2, Bangsar South, Jalan 1/112H,
Off Jalan Kerinchi, 59200 Kuala Lumpur.
Tel: (603) 2282 9993
Fax: (603) 2282 8590

Project details

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The project is schedule to launch somewhere between the time frame of December 2010 to February 2011, due to the pending approval of AP (Advertising Permit).

UOA Going to launch Setapak Green project near diamond residence & 222 residence @ diamond square.
Price range : Between RM400-600k
Sqft : Between 1300-1700 sqft #1
Freehold with residential title
DIBS – Developer Interest Bearing Scheme

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SG is on a 4.5 acres land with one block of condo. #27

8 units KL facing view and another 8 units Genting view. One corner unit of the Genting view is directly facing the pool with the second unit slightly adjacent to it. The Genting view is priced slightly lower. #43

For 8th floor, KLCC facing view, price should be around 330 psf + or – a little, after discount. All units come with 2 car parks. SG has a density of 445 units over 4.5 acres of residential land. With a single block of 16 units per floor serve by 6 lifts it comes either with a “Semi D” or “Bungalow” design. Because of the 4.5 acres, SG facilities are quite spread out. The swimming pool is on the ground #41

There are no actual specs of SG yet. If SG is using Bangsarsouth Park Residence specs then it should have at least the following:

1. Pre install aircon piping, plenty of light points, 3 phase electricity, Water Heater points for toilets and kitchen
2. All toilets comes with vanity top (I think nicer that the ones shown in 288), Tempered glass shower screens, Mixer, Shower Rose, Stainless Kitchen Basins and Mixers (not install to cater for reno)

Bangsarsouth Park Residence comes with 12 ft ceiling clearance. #89

SG is still improving their design & layout so will see their outcome before December 2010. One nice point about SG is the L shape balcony. #64

SG had done some adjustment to the price due to resizing of some units which is now slightly bigger. Not sure if this was an error on Friday (08 October 2010), due to some change of plans. #31

Irrevocable offer to purchase (Pre-booking)

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Members and the public were given the options of pre-booking (lets use pre-booking as the more common terms), with a Rm10,000 of payment through stake holder – Joseph Ting & Co. The Irrevocable offer to purchase are directed to Sagaharta Sdn Bhd.

Just check the 2006 UOA Ltd Annual Report, Sagaharta Sdn Bhd is 100% owned by UOA development berhad. #216

My understanding is that it is our offer to UOA thru the lawyer at the purchase price indicated in the said letter. UOA should only accept our offer purchase price as stated. If UOA wanted to raise the price/sq ft, that mean they are not accepting our offer price, but instead UOA is counter-offer us at revised price. In this case, we have to right not to accept. #221

Members were given an 8% early bird discount on the first day (October 08, 2010)
Members & public were given a 7% early bird discount effective the second day of preview. (October 09, 2010).

Positive

The KLCC view is really very nice. Even when standing on the ground. Nothing blocks. Imagine you are a few level on top. #24

Another point i get UOA is bcoz as the propose drawing they have 2 entrance 1 in diamond square 1 @ Jln Bunga Tanjung. #94

So far in setapak area, there is no luxury project yet (pardon my lack of knowledge if there’s any), so its really not apple to apple comparison, Setapak is currently under major development, new road to curb traffic jam, shopping complex at platinum there, this may the start of 300++sf property for setapak. Also, setapak is so used to be a student township (TAR), let not forget, most graduate continue to stay in setapak area after joining the work force, hence, + in spending power, + development. #117

Critics

UOA is very conservative in their design. Practical interior but outdated exterior facade. #64

No brochure given at the moment. Details are subject to change. This includes the design of the building, the unit size and price. Everything is tentative, no approvals from the relevant authorities yet with regards to project design etc. Picture given looks like the same building as Bangsar South project, which will look so outdated #162

SA lacks a lot of information and being non committal is common under such circumstances other than reading from the sales kit. The specs in the sales kit is very generic from the finishing to light switches and everything else.

In terms of view, not all units have the best. The 1st floor for SG is actually the 1st floor (above the facilities floor on ground), and carpark is another complex. This carpark will block the lower floor units if they are facing that direction. Same thing goes for units facing Diamond Sq which will block units up to about 8 floor. However, this is reflected lower prices in view of this compromise. #179

Panel Bank

So far confirm Ambank (their representative is available on the preview day), UOB & CIMB (Both require confirmation),

and OCBC (as stated by the OCBC banker, see #351)

MISC

Oral representation by the sale rep is also a valid contract and form part of the contract although it might be on the weak side. It almost clear that every buyers signing up the letter were being informed by the sale rep that the deposit is refundable in any case before signing S&P.

I guess most major developers wont be very strict or wanted to forfeit your little money in the expense of their goodwill and reputation. Of course when it has a good take up rate. This is what I heard most other developers will normally refund that “booking fee” #238

Contact

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For Enquiries
UOACare Line
Toll Free: 1-300-88-6668
Fax: (603) 2245 9198
Email Contact: uoacare@uoa.com.my

Note: Compilation done on 21 October 2010, Original post at http://forum.lowyat.net/topic/1584595/+400

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