Below are one of the property buyer in Penang, Malaysia illustrated how he own a house during new launched project fully sold.
How do I buy new launch even it is fully sold out?
When I relocate back to Malaysia and Bukit Mertajam (BM) is the first place I have visit. My impression is the area quite confusing as there are too many access which can lead to the same place. In another words, the connectivity to one place to another place good. In the beginning of 2004, I had quite a hard time to recognised the road clearly. At that time, GPS (Global Positioning System) is not available in Malaysia yet.
In 2009, I have to search for house to stay in BM due to my son will start his Primary education in 2013. I have look around at that time near the Alma and Kota Permai area. At first, I am interest in the double storey terrace house at Alma. At that time, the price is $230,000. Since it is still quite early, so my wife and me take time to look for better house. After 3 months of searching, we found that the first house we view at Alma is the best. When we want to place the booking, the owner said we are just late as the house is sold a week ago. Oh, we are just a week late.
No choice, we have to look for another one. We expand our scope to the new launch as cannot find a good one from secondary market. However, to my surprise, all of the new launch price are above $300,000. There is no new launches below $250,000. Even the price above $300,000 all are fully booked.
I dropped by a show house in Kota Permai, I like the location and the design. The price is $360,000 for semi-detached house. There is no unit available because all fully taken out. I only able to put down as back up buyer. To my surprised, I am number 16 interested buyers. There are 15 buyers in front of me. In order to get one unit there, I have only one choice. That is to call them every day and check if there is anyone drop out.
In one usual day, I called to the developer and check again if there is any unit available for me. The person over the phone said, “Today there is one unit loan is not approved, so do you want to see the unit?” I jumped in joy and replied, “YES, I WILL TAKE IT, and I will paid DEPOSIT straight!”
I am thankful that my hard work is paid off. In fact, not really hard work right? It just the consistency and persistence that being rewarded. That is why I always shared with those young investors or new beginners, complaining the price is too high and cannot find any below market value properties etc.
I told them that in order to find the gems stone, you have to work extra hard to get it. If it is easily available, would it be called gems?