Becoming a property millionaire
Question:
Dear Peter,
I am 35 years old and I have three properties. I would like to accumulate more till I have assets worth at least RM1mil. That is, excluding the value of my own terraced house. But I am facing a dilemma that prevents me from going ahead.
1. I purchased an apartment in Taman Miharja (Cheras, Kuala Lumpur) over two years ago. It was my first property investment and I was inexperienced. I only found out later that this apartment doesn’t come with a title because the developer had declared bankruptcy. Till today, I am still waiting for the lawyer representing the seller or developer to allow the title transfer. Which means, in the meantime, I could not rent it out. Am I able to sell it during this process?
Actually, I quite like this unit since it is located in a good area with the Jusco departmental store and the LRT station nearby. It is also not far from the city centre. Recently, it was announced that the Tun Razak Exchange (TRX) will be developed. Will it have any effect on the market value of property in Taman Miharja in terms of price appreciation? This is a leasehold unit. Should I keep the apartment?
2. I am interested in a condominium unit at Bukit Pandan in Pandan Perdana as it is freehold. It is not easy to find freehold property in or near the KL city centre. It is well located and I have been monitoring the selling price of the condo...
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