Setia Alam: Medium Low Cost Akasia Apartment

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Setia Alam: Medium Low Cost Akasia Apartment – Part 1
Looking for medium low cost apartment? Akasia Apartment, the latest apartment for sale in Setia Alam was launched on 12th September 2009. The project is developed by SP Setia Berhad, the best property developer in Malaysia. Visit their sales gallery asap, they are selling fast!
Features of Akasia Apartment
Medium low cost apartment
Freehold
220 units
2 car parks
Built up: 825 sq. ft. (Type A and Type B)
Panel bank: MBSM (100% financing)
Free dryer
Selling Price
Level 1 (Ground floor) – RM72,000 + RM31,200 (upgrade package)
Level 2 (1st floor) – RM72,000 + RM31,200 (upgrade package)
Level 3 (2nd floor) – RM72,000 + RM31,200 (upgrade package)
Level 4 (3rd floor) – RM70,000 + RM31,200 (upgrade package)
Level 5 (4th floor) – RM68,000 + RM31,200 (upgrade package)

Upgrade Package:
2 car parks
Ceramic tiles for living, dining and all bedrooms

Remarks
The staffs of SP Setia Berhad have taken up almost all the units from level 1 to level 3 (ground floor to 2nd floor) before the project was open for public.
Malaysia Building Society Berhad (MBSB) is offering home loan margin of 105% (inclusive of MRTA) and 100% loan for upgrade package exclusively for home buyers of Akasia Apartment.
There are two SPA (sales & purchase agreement) will be signed; one for the unit, another one for upgrade package.
For more information, please visit Setia Alam website

Setia Alam: Medium Low Cost Akasia Apartment – Part 2
No money to invest property? Where to invest property with zero down payment? Akasia Apartment, the latest project at Setia Alam is now fully financed by MBSB.
It means 100% home loan. No down payment is required. Is it a good buy for investment? Below are some of my reviews on Akasia Apartment:
Case Study: Akasia Apartment, Precinct 6, Setia Alam
Higher Interest Rates of MBSB Home Loan – High Installment
MBSB Conventional Home Loan (Bank Panel)
Loan Amount: RM103,200 (RM72,000 + RM31,200)
Interest Rate: 6.05% (ECOF + 0.5%)*Assumes flat rate
Loan Tenure: 30 years
Monthly Installment: RM622
CIMB Bank Home Loan (Loan Amount below RM100k)
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Loan Amount: RM103,200 (RM72,000 + RM31,200)
Interest Rate: 3.50% (BLR – 2.05%)
Loan Tenure: 30 years
Monthly Installment: RM463
Units Available at High Level 4 & 5 Only – Less Rental Income
For 5 storey walk-up apartment, there are usually different of 20% – 30% on rental rates for unit between level 5 (highest) and level 1 (lowest). Unit at lower floor always carry better rental fee. It is different story for those high-rise apartments or condominiums come with lift service; the unit at higher level with better view is more demandable but not really affects the rental fee much.
Difficulty of Financing for Sub-sales Buyer – Less Demand
Two S&P agreements are compulsory to be signed for unit and upgrade package. It is a bit tricky for me. Will sub-sales buyer able to secure a home loan for an ‘upgrade package’ from bank in future? Else, any buyer is willing to pay RM31,200 in cash for the ‘upgrade package’ and another 10% down payment for the apartment?
Will you invest in Akasia Apartment? Welcome for your sharing here.