Most of us know that serviced apartment in Malaysia is covered by Housing Development (Control and Licensing) Act 1966, which has been amended in 2007 to protect house buyers who bought homes built on commercial land. But, how about those so called SoHo properties?
Compare Sale and Purchase Agreement
I found out Setia Walk SoHo unit was using standard Schedule H Sale and Purchase Agreement. Whereas the Empire Damansara SoHo projects did not using the same purchase sale agreement under Schedule H.
Why? Exception? Double standard? Anyone?
Compare Home Loans of Serviced Apartment and SoHo
For serviced apartment – the home loans interest rates are the same as residential property.
For SoHo project – so far from what I have heard from most of the bankers are, SoHo is considered as commercial property. Therefore, it will follow commercial rates. In another words, the interest rates are much higher compare to residential property.
Confuse, confuse, confuse!