Went to the bamboo hills residences and presales seemed pretty...

Went to the bamboo hills residences and presales seemed pretty good for the level of completion, its a bit of a weird position in front of a major freeway, direct MRT connection is probably a major plus, rep said they were mostly selling to younger professionals families. Quality of finishes seemed a bit shabby in parts and some things broken in the display apartments which was surprising, nothing priced over $1m RM, even a 3bdr 2b apartment. They seem to charge visitors that park in the apartments. Towers 1 and 2 for sale at present, 3rd tower later, a lot of apartments being built and seemed like after it was sold off and completed for awhile they would bulldoze the bamboo hills restaurants and then build another set of apartment blocks there a decade or so down the track.

So cookie cutter, smaller, superficially nice looking finishes but not really a quality build quality, like Ikea/Kmart aesthetic but at the price point you cant be expecting a quality build and seems like a fair amount of amenities available although in practice how good they are for using is probably a different matter given the number of apartments in the block.

So you could see how they could earn a margin, but the whole capital management, marginalisation of minority shareholders and lack of liquidity makes it troubling. Held a long time ago but the dilution had escalated dragging down ROE, holding costs wouldn't have been that bad with the dividend but now even that is gone.