by *john on 29 Feb 2012Well for all interested in this developments and as an Architect I have the right to say that this building was designed by Australian Architectural company for the Chinese offshore market mainly and definitely not for the Malaysian market. And I see now Magna Prima have and are promoting that Malaysian singer, Datuk Siti Nurhaliza Tarudin has signed to buy one (is this a Marketing Ploy?) – this may be as thru what i have experineced to date over my purchase that i say this has been done just to sell of the remaining apartments. I expect no deposit was paid and the image of the singer signing the Sales Contracts are pretentious, so Magna Prima’s credibility and all those associated with them should be questioned – here is the reason why:
I bought one of these apartments (Dynasty Living – Melbourne, Australia) from Yucai Australia Pty Ltd. thru their agents Chinese agents in Elite Properties Pty Ltd Australia. After securing one apartment by signing a Sale Contract and outlaying 10% Deposit they ALL have along with there solicitors have since been non responsive to my emails and in particular letters from my Property Lawyer/Solicitor – extremely poor and unprofessional. I have since on 11/10/2011, 21/12/2011, 23/12/2011, 27/12/2011, 04/01/2012, 11/01/2012, 16/01/2012 and 13/01/2012, sent emails to Magna Prima Berhad and Cc Maddocks and they too have yet to responded satisfactorily. The world is greedy all about money, Prior to one signing up they all treat you as sweet as icing on a cake, and only after they have received your signature and down payment (10% Deposit) they treat you like a lemon very bitter!!!!!!!! I advise ALL looking into this development DO NOT buy. The Development as Magna Prima Posted online that the development would start in 2011, Surprise, Surprise IT ID NOT! Have also inside information that the development may not be completed until end 2014 which is contradictory to which they Magna Prima claim will be completed by late 2012 or early 2013. The new developers (Magna Prima) are now selling these apartments starting from AUD 309,000.00 in-lieu of AUD 321,000.00 to attract buyers.
Those whom have bought into these at the higher price are also NOT HAPPY as the Magna Prima are IGNORING there financial interests only to benefit themselves to get quick cash in hand by dropping the selling price, hence they are dragging down the value of the apartments. Those considering buying into these Developments by Magna Prima BEWARE, there is a CREDIBILITY issue with this company — from ‘An Australian Buyer’ with Total Regret!!!!!!!!!!
Magna Prima marketing materials (website) have purposely left out any information about the large building which is almost completed adjacent the North East Elevation of the proposed The Istana.. Those beware, firstly you are being mislead as I have indicated above and being taken advantage of, and secondly do not buy, if your are going to buy definitely do not buy any apartments facing North East –NO SUNLIGHT AT ALL, as it is being overshadowed by a large +25 storey glass building!
Just recently I read an article about another Melbourne person who bought an apartment around the corner from this ISTANA Development, have a read (click onto the link below which I have provided) and you will see how Govt. laws are in Melbourne, they are there not to protect the owners but the investor whom brings in money and growth.
http://theage.domain.com.au/residents-balc…0227-1tyxr.html
Just recently I read an article about another Melbourne person who bought an apartment around the corner from this ISTANA Development, have a read (click onto the link below which I have provided) and you will see how Govt. laws are in Melbourne, they are there not to protect the owners but the investor whom brings in money and growth.
http://theage.domain.com.au/residents-balc…0227-1tyxr.html
If you want any further information let me know, FYI i have had +75 people now write to me informing me that they are not going to invest into The ISTANA as they believe me a current buyer after experiencing it, more than the Magna Prima and after doing there own research.
Also if you want to buy in Melbourne go to http://www.realestate.com.au and do a search of property apartment prices in the location of Melbourne 3000. If you want to invest, there are many apartments much cheaper than what the Istana Apartments are priced at.
P.S.: If you have the ability kindly spread my thoughts around the place on my behalf as it needs to get out especially to those that lack knowledge in investing offshore, as I do not want them to be trapped.
I can be contacted if you should wish to at zio_enio@yahoo.com.
Good luck to all of you in your quest in investing offshore.
by