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I spoke to the settlement agent about the extension but he said the interest charged is 9%. I have managed to save the stamp duty and is just offsetting my mortgage..therefore around 6.5% interest. Im still deciding what to do about the extension though.
Yeah I agree about the contracts and the lack of information.
Seems like the developers never wanted to build. The infrequent updates we do get either say that the developer is selling or finding a builder or getting approval with it never going smoothly. Too hard basket maybe.
I guess everyone has the news now that a new developer has an unconditional contract to buy the site.
What is everyone's thoughts on what they will do?I originally thought the would be crazy not to make a few changes and hike up the price, but then they have to sell them all again etc when it seems all the approvals are in place to just start building and make a quick $$$.
We will see though..off to pay the stamp duty with nothing to show for it…
@matt re; Tambrey Karratha
I still think they will be a good buy once they are built due to the positive gearing and high depreciation. All indicators point to reasonable growth too. The only problem is that you only get the benifits when the unit is built.
I would ask them about the builder situation – and could you let us know…Maybe even let them know about this forum so they send some correspondence to investors…
When I purchased the unit there were short and long stay ones, I believe all the long term ones were sold pretty much straight away. The short stay ones were cheaper and included furniture I believe.
What type of apartment you looking at, and what is the cost now? I bought a long stay one so will probably be more expensive.
If they are still waiting to sell the last few apartment so sell before they get all th finance together, they may be desperate and sell you one cheaply. Not sure though, I think they are well priced.
There a new development – not sure of the name- in Karratha where one bedroom apartments are going for around the mid $550K. So I think it is worth getting the 2 bedroom for not too much more in the scheme of things..
Hope this helps
I purchased one of the Tambrey units earlier this year. Every few months I would check in with Jeremy GILMORE (sales agent) who would say that they were close to the start of construction but said finance was an issue, since all the short stay apartments weren't sold. I was first told construction would start in the next 2 months when purchasing the unit, then 'definately' before the end of the financial year etc
Most recently I spoke to another sales agent from MLG (Melissa GREEN, I think she is now the main sales agent) who said that the developers went overseas to try and get the finance. This was about 2-4 weeks ago. she said there was a positive breakthrough with finance and she anticipated construction starting soon (I have heard this a few time before though). She anticipated contruction to be completed by the end of 2011.
I was not told about the builder going into liquidation. I might follow this up and speak to someone at MLG about it. That is a bit concerning.
This is SCG securities first development so there was always going to be problems.
I too hope that it is built sooner rather than later. This is the first time I have bought off the plan and its starting to get to me a bit, its annoying not being updated. Hopefully we hear something soon.
