iProperty.com Issue 106 December by iproperty.com

Voted No.1 Property Magazine 2010/11/12/13 by A+M Magazine

Positive energy surrounds

Scott Towers@Larkin The Spotlight Is On SoHo Budget 2014: Property Experts' Analysis

MCI (P) 139/08/2013 KDN PP 13368/04/2013(032224) ISSN 1823-8726

771823 872006

Issue 106 | Dec 2013 | RM8.00, S$8.00

CEO’S

FOREWORD

EDITOR | ROSHAN KAUR SANDHU WRITER | ONG XIN YING DESIGNERS JASON KWONG | WING WONG DEVELOPER SALES MANAGER HOW YONG KIEN SOON CAMPAIGN SPECIALIST SITI SARAH ABU SAMAD MAGAZINE COORDINATOR NURULHIDAYAH ABD RAHMAN

A GREAT 2013 AND TO AN AWESOME 2014 It’s December! Another year is soon to pass and rather quickly at it too.

AGENT ADVERTISING AGENT SALES MANAGER LEON KONG AGENCY LIAISON MANAGER ERNEST BERNARD TOWLE

While it is a joyous month, it can also be quite a busy one. It’s a month to wrap things up, set new directions for the New Year and work towards making 2014 a fantastic year. We are extremely excited to have clinched two prestigious awards, Property Portal of The Year and Property Magazine of the Year, from Advertising + Marketing magazine.

MARKETING

Without your support we could not have obtained these awards. I’d like to pause and say thank you to each and every one of you who has and continue to journey with us, for playing a huge part in the iProperty Group’s growth and success. It’s this spirit of teamwork and working together; whether it’s our clients, our partners, our service providers or our staff that enable us to be the leading and most preferred property portal in Asia.

CHIEF EXECUTIVE OFFICER SHAUN DI GREGORIO CHIEF FINANCIAL OFFICER ROBERT GOSS CHIEF MARKETING OFFICER BECKY LENG GENERAL MANAGER, BUSINESS OPERATIONS LOH-LIM SHEN YI

On behalf of the team, would like to take this opportunity to wish you a Merry Christmas and a very Happy New Year! Enjoy the holidays and I will see you again next year!

CONSUMER MARKETING MANAGER LYDIA CHEW CUSTOMER MARKETING MANAGER ANGELA SARGUNAN MANAGEMENT

iProperty.com Malaysia Sdn Bhd (600850-K) 45-6 The Boulevard, Mid Valley City Lingkaran Syed Putra, 59200 Kuala Lumpur, Malaysia. Phone: (603) 2264 6888 | Fax: (603) 2264 6900 Sales enquiries: my.sales@iproperty.com Editorial matters: editorial@iproperty.com General enquiries: my.info@iproperty.com Subscription: subscription@iproperty.com iProperty.com Magazine is published monthly by iProperty.com Malaysia Sdn Bhd 45-6 The Boulevard, Mid Valley City, Lingkaran Syed Putra 59200, Kuala Lumpur, Malaysia.

Shaun Di Gregorio Chief Executive Officer The iProperty Group

DISCLAIMER Although every reasonable care has been taken to ensure the accuracy of the information contained in this publication, neither the publisher, editor nor their employees and agents can be held liable for any errors, inaccuracies and/or omissions, howsoever. We shall not be responsible for any loss or damage, whether direct or indirect, incidental or consequential arising from or in connection with the contents of this publication and shall not accept any liability in relation thereto. The views by our contributors expressed here are their personal opinions and do not necessarily reflect iProperty.com’s views. Unless otherwise noted, all artwork and ad designs printed in iProperty.com Magazine are the sole property of iProperty.com Malaysia Sdn Bhd, and may not be reproduced or transmitted in any form, in whole or in part, without the prior written consent of the publisher. PRINTER Percetakan Osacar Sdn Bhd Lot 37659, No. 11, Jalan 4/37A Taman Bukit Maluri Industrial Area Kepong, 52100 Kuala Lumpur Malaysia. DISTRIBUTOR MPH Distributors Sdn Bhd

CONTENTS 4...................................................................CEOâ&#x20AC;&#x2122;s Foreword 10........................................................................................ News

View Point 16........................................................................ Budget 2014: What it means to the property market?

COVER STORY Scott Towers@Larkin Positive energy surrounds Scott Towers@Larkin

20 FEATURED PROPERTY 24............................................. Apartment Putra Heights A new address of distinction 28......................................................Ken Rimba Township Living it up at Ken Rimba 30...................................................................................Tin City An engine of economic growth

SPECIAL FOCUS SoHo Property: Gaining Momentum In Major Cities

36................................................................................ Aeropod A perfect exchange of formality and spontaneity

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CONTENTS Talk Point 38............................................... Mah Sing Group Berhad: A future-driven development

Talk Point 42.................................SoHo: The spotlight is on SoHo

Home Design 46............... Signature Kitchen: A signature of lavish distinction Bumi Expo 50...................................................... Bumiputera property showcase draws good response

Talk Point

52...............Budget 2014: Property expertsâ&#x20AC;&#x2122; analysis

CONTRIBUTORS 58................................ Oregeon Property Consultancy A look at Selayang 62............... The National House Buyers Association Housing loan: Reality check (Part 2) 64............................................................................... Joey Yap The trouble with busy environments

68..............................................................................AceScube Optimising your property investment returns 70................................................................... Chan Ai Cheng Getting clarity in SOHO, SOFO and SOVO 80.......................................................... Agencies Directory 84.............................................................................Classifieds 103...................................................................... Subscription

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NEWS

FOURTH TIME’S THE CHARM FOR iPROPERTY.COM Cementing its distinction of being Malaysia’s number one property website, iProperty.com’s monthly publication has once again clinched Advertising + Marketing’s ‘Property Magazine of the Year’ award for the fourth year in a row. Attributing the magazine’s success to team effort, iProperty Group’s CEO, Shaun Di Gregorio said, “The award is a reflection of iProperty.com Malaysia’s commitment to deliver quality content and property related information ensuring that property buyers and investors have all the right information to make an informed decision. iProperty.com Malaysia is committed to providing property buyers and investors with the best platform to search for property.” The magazine, that is also readily available online, has been in the market since 2005 and boasts an impressive array of property news, expert insights, comprehensive interviews and sought-after listings.

hotel • f&b • retail • neo suites • residences

“We would like to take this opportunity to personally extend our heartfelt appreciation to all our readers and customers. Thank you for your continuous support and for making us not just the No.1 property portal but also for enabling us to snap up the title of property magazine of the year 2013 for four years straight,” added Di Gregorio.

MAH SING PREVIEWS MERIDIN@MEDINI PHASE 2 Mah Sing Group Berhad successfully previewed Phase 2 of Meridin@Medini at the Meridin@Medini Sales Gallery. The RM1.1 billion purpose-built development is located on 8.19 acres fronting Pesisiran Pantai JB-Nusajaya, the protocol road leading to Johor Bahru’s new administrative centre of Kota Iskandar. The preview saw a full crowd of people discovering the components of the new phase which comprises a tower of Meridin SOVOs (Small Office Versatile Offices) and two towers of Meridin Suites, the hospitality component of Meridin@Medini. SwhengTee International’s founder, Dato’ Sri Gavin Tee was present to sign a Memorandum of Block Purchase underwriting Meridin Suites’ Tower B to his company and gave an exclusive property talk entitled ‘Prime Properties in Iskandar Malaysia’.

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The two blocks of Meridin Suites include studios as well as 1- and 2-bedroom suites with builtups ranging from 318 sq ft – 885 sq ft. Meridin SOVO offers studios and SOVOs of 1-4 room configurations with built-up areas of 341 sq ft – 1,053 sq ft. With the successful preview of Phase 2, the entire Meridin@Medini was unveiled to the public.

NEWS Development Authority’s (URA) initiative to rejuvenate the Bugis district. With a gross development value of RM10.2 billion, DUO comprises two towers: one featuring 660 premium residences, and the other offering prime Grade A office spaces, a five-star hotel, and a unique retail gallery – all set within a park-like environment.

KHAZANAH AND TEMASEK TO MAKE A GREAT DUO DUO Residences, one of the two major projects in Singapore developed by M+S Pte Ltd, a joint development between Malaysia’s Khazanah and Singapore’s Temasek, recently showcased a brand new gallery at Plaza Mont’ Kiara, Kuala Lumpur. Complementing Singapore’s Central Business District (CBD) along the Beach Road-Ophir Rochor corridor, DUO is the centrepiece of Singapore’s Urban

“DUO is unique; there is no comparable development within this city locale,” said Ms Kemmy Tan, Chief Operating Officer of M+S Pte Ltd. Designed by internationally acclaimed architect Ole Scheeren on 287,267 sq ft of land, the residential tower includes studios, 1-to-4 bedroom apartments and penthouses, all fitted with imported European appliances and fittings. Residents will also enjoy an exclusive entrance and secured private lift lobbies together with four landscape decks featuring a 50-meter lap pool, wellness facilities and recreational lounges.

BANGSAR TRADE CENTRE: AN ADDRESS THAT SAYS IT ALL Twin Pavilion Development Sdn Bhd’s Bangsar Trade Centre is slated to be a world-class office and wholesale complex located in the heart of Klang Valley’s most trendy and affluent suburb. It has been conceptualised as an integrated mixed development and purpose-built business facility. When completed, it will host a conceptual food & beverage wholesale mall, a 23-floor corporate office tower designed to attract blue-chip conglomerates and well established multinationals as well as a 378-room hotel with room sizes ranging from 441 sq ft to 1,055 sq ft to be managed in association with Best Western International Hotel, the world’s largest hotel chain. Additionally, the hotel will also feature an impressive choice of bars and restaurants,

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multi-functional meeting rooms and ample underground parking garage space complete with a convenient transport link to and from major gateways in and out of the city. The Bangsar Trade Centre (BTC) Wholesale Centre is an innovative concept intended to serve businesses operating in the F&B industry. Upon completion, the BTC Wholesale Centre will have more than 400 lots and a total gross built-up area of approximately 435,000 sq ft spread over five floors of wholesale podium. For more information, please contact Shanice Yap (016-926 2843) or Natejah (019-228 7986). Alternatively, please visit www.bangsartradecentre.com and www.btcwholesalecentre.com.

NEWS

BIG WIN FOR UM LAND SERI AUSTIN RESIDENCE Dynasty View Sdn Bhd, a whollyowned subsidiary of UM Land, was awarded ‘The Most Livable, Modern Residential Enclave’ for Seri Austin Residence at the Malaysian Reserve Property Press Awards 2013. It is one of the most meaningful property awards in Malaysia as it is not given out by an association but rather awarded by the Property Press, which has been following the major property events in the year. The award this year acknowledged the company’s success in making Seri Austin Residences an icon in Johor Bahru. The resort-like development features attractive facilities which help provide its residents with a healthy and conducive lifestyle and environment. To fulfil the demands of the modern lifestyle, the development is equipped with high speed broadband, Astro HD ready, glass gymnasium, swimming pool, outdoor gymnasium, gazebos

and a scenic tropical garden coupled with a jogging track. Priced affordably, the Seri Austin Residence Luxury Apartment is a dream come true for many potential homeowners in search of a value-for-money development combined with the assurance of value appreciation.

SUNWAY GEO RESIDENCES TOWERS A AND B WELL-RECEIVED The inherent value of Sunway Resort City’s superior integration has recently been underscored by the encouraging response received for Sunway Geo Residences Tower A. A total of 200 units were snapped up during the pre-launch event. Sunway Geo Residences is part of the Sunway Geo integrated 23.4-acre, RM 1.5 billion-GDV development, currently one of the hottest properties amongst Sunway Property’s recent launches and comprises retail shops, flexi suites, serviced apartments and residences. Sunway Geo Residences is the third phase of the development to be launched. It comprises 472 units of residential condominiums within two 30-storey blocks with a gross development value (GDV) of RM 319 million. The Residences range from 829 – 1,496 sq ft in built-up size, offer 2- to 4-bedroom

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condominium unit configurations and come complete with an Olympic length pool aqua gym, tennis court, squash court, basketball half court. The soft launch of Sunway Geo Residences Tower B took place after Tower A’s pre-launch event and received an overwhelming response from the public as well, with the event drawing a large crowd of interested property buyers.

VIEWPOINT |

Budget 2014: What It Means To The Property Market?

BUDGET 2014: WHAT IT MEANS TO THE PROPERTY MARKET? Real estate heavy hitters Rahim & Co International Property Consultants reveal their outlook post-Budget 2014. During a recent press conference, Rahim & Co International Property Consultants released some of their findings on the issues pertaining to the Budget 2014. At the conference, they also offered an internally-compiled sneak peek into the property market in 2014. The main points of discussion during this session were the new Real Property Gains Tax (RPGT) rates, the removal of the Developers Interest Bearing Scheme (DIBS) and the overall property market in 2013. THE 2013 PROPERTY MARKET Despite the 0.7% decrease in the volume of transaction, last year (2012) did see an increase of 3.6% in the total value of transactions for 2011/2012. This year, however saw a steady and more significant decline. As of 1H2013 the volume of transactions were recorded at 185,709, which marks a 14.4% decrease from 1H2012â&#x20AC;&#x2122;s 217,067 transactions.

ELUSIVE AFFORDABILITY In 1H2013, due to the shortage of houses priced below RM250,000, the residential sector saw a decrease of 20.4% in transactions of homes within that price range, compared to 1H2012. Houses above RM250,000, however, saw an increase of 9.2% within the same period. The price hikes of properties and launches of new developments do not help the situation. Combined with rising cost of living, this has multiplied the amounts of loan applications that have been declined. THE REMOVAL OF DIBS The DIBS is a popular easy financing scheme that encourages speculators instead of genuine home buyers. The hyperactivity in the market, caused by the low barrier of entry for home purchases, increases the frequency of transactions of sale phases, which in turn increases prices

PERCENTAGE CHANGE IN VOLUME OF TRANSACTIONS 1H2012 VS 1H2013 Residential

Commercial

Total

Kuala Lumpur

-47.5%

-48.5%

-47.8%

Selangor

-16.2%

-34.0%

-17.1%

Johor

4.9%

-2.7%

-3.2%

Penang

-28.1%

35.0%

-27.2%

MALAYSIA

-12.6%

-23.6%

-14.4%

Source: Valuation and Property Services Department (JPPH)

PERCENTAGE CHANGE IN VALUE OF TRANSACTIONS 1H2012 VS 1H2013 Residential

Commercial

Total

Kuala Lumpur

-26.1%

-20.4%

-27.6%

Selangor

-0.6%

-16.9%

-4.0%

Johor

38.1%

85.9%

23.9%

Penang

-4.4%

-24.3%

-7.5%

MALAYSIA

1.1%

0.45%

-2.8%

Source: Valuation and Property Services Department (JPPH)

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as developers tend to revise their pricing upwards on each commencement of new sales phasing/launching. In Rahim & Co’s opinion, the move to ban DIBS may soften the volume of primary market transactions, mainly in the high-rise residential segment. CURBING SPECULATION Calling it a “bold revision,” Rahim & Co predict that the new RPGT rates may reduce the speculative element in the market. While it may slow the market down, it will not have as profound an effect of “heavily dampening the market.” The revisions are as follows:

1 RPGT (individual)

Disposal Period

2010

2011

2012

2013

2014

1st year

10%

15%

30%

2nd year

10%

15%

30%

3rd year

10%

30%

4th year

10%

20%

5th year

10%

15%

6th year onwards

RPGT( Foreigner) Disposal Period

2010

2011

2012

2013

2014

1st year

10%

30%

2nd year

10%

30%

3rd year

20%

30%

4th year

15%

30%

5th year

30%

6th year onwards

Specific sectors that can expect to be hit are residential, commercial properties, office and industrial. The industrial sector will have minimal impact, being a comparatively smaller sector with about 2% share of total property market transactions.

is the primary reason for the rise in RPGT. This would be following suit with Bank Negara Malaysia’s loan-to-value (LTV) limit of 70% for the third property onwards. The first 2 properties would remain as per the existing regime, but for the purchases that follow, this could be applied:

While there was no tabling of additional stamp duty charges, Rahim & Co suggest imposing it for purchases of the third property and above, if curbing speculation

Founder and Executive Chairman of Rahim & Co, International Property Consultants, YB Senator Dato’ Abdul Rahim Rahman

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VIEWPOINT |

Budget 2014: What It Means To The Property Market?

Existing Percentage

Proposed Percentage (New proposal revised)

Up to RM100,000

1% + 0% = 1%

RM100,001 to RM500,000

2% + 1% = 3%

Above RM500,000

3% + 2% = 5%

AFFORDABLE HOUSING To help house Malaysians amidst the price hikes in the property market, the National Housing Council is taking steps to boost the affordable housing sector. A provision of RM1 billion in public private partnership has been allocated. This includes more land release by the government and increasing the urban density near transport terminals. Some of the additional projects mentioned in the Budget 2014 aimed at ‘Increasing Home Ownership’ include: • Program Perumahan Rakyat (RM578 million) and Program Perumah Rakyat Disewa & Perumahan Rakyat Bersepadu (RM146 million) – To increase access to home ownership at affordable prices.

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• Facilitation Fund (RM4 billion) – As an initiative to promote private, highstrategic impact projects. • Housing Facilitation Fund (RM1 billion) – This fund is under Public Private Partnership Unit (UKAS). • 1Malaysia Maintenance Fund (RM100 million) – To rehabilitate 20 abandoned housing projects involving 8,197 houses. WHAT’S IN STORE FOR 2014? Rahim & Co agree that the effects of the Budget 2014 may be a kneejerk for property activities. While prices will impact key urban areas, including rising hotspots like Nusajaya in Iskandar Malaysia, there

H O NT

will be an overall slowdown in the market. That, however, may plateau off eventually. Offices may be the hardest hit, as the incoming supply size is still up in the air. Older buildings, especially, may suffer as a result of decreasing rental. Retail developments are under the spotlight, with several successful mall operations already functioning. Strong domestic spending and steady growth may be contributing factors to increasing interest in the retail sector. It can be expected that the secondary market interest will see a spike, due to the preference for landed and freehold properties. As far as new property developments are concerned, developers will find ways to be more creative to overcome the challenge of slower take up rates.

This article was contributed by Rahim + Co International Property Consultants

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COVER STORY |

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Scott Towers @ Larkin

POSITIVE ENERGY SURROUNDS SCOTT TOWERS @ LARKIN Scott Towers @ Larkin is Medaâ&#x20AC;&#x2122;s first high rise condominium in Johor and it is highly differentiated through its eight thematic gardens, affordable pricing and positive Feng Shui. With the proliferation of residential developments in Johor Baru, it might be tricky to point out what sets one apart from another. However, with Scott Towers @ Larkin JB, it is relatively easy to acknowledge its uniqueness as the development will encompass garden space up to two acres especially designed with eight different thematic gardens. The eight thematic gardens include Orchid Farm, Fruit Garden, Bougainvillea Garden, Scented Garden, Rose Quarter, Aquatic Garden, Hibiscus Garden and Leisure Garden. Residents will have the luxury of relaxing at a different garden to visit every day of the week. Apart from the expansive landscape and greeneries, Scott Towers @ Larkin is poised to possess maximum Feng Shui potential as the development has been looked into by none other than renowned Feng Shui expert, Master Joey Yap. The gardens at Scott Towers @ Larkin will breathe positive energy all around the development. AMENITIES AND FACILITIES ABOUND Scott Towers @ Larkin sits on 5.651 acres of land and it has a gross development value (GDV) of RM130 million. The development is also within a very comfortable radius to the Singapore Causeway and Johor Baru city centre. It is located only 6.7 km from CIQ, the entrance to Singapore. Scott Towers @ Larkin also has many facilities of choice, including a gymnasium, wading pool, playground, Jacuzzi and games room.

Entrance of Scott Towers @ Larkin

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COVER STORY |

Scott Towers @ Larkin

2 Additionally, Scott Towers @ Larkin is conveniently located near the Sentral Larkin Bus Terminal, Larkin wet market (Pasar Larkin), Stadium Larkin, and Sultan Ismail library. There are also four primary schools and seven secondary schools which are reachable within a short drive. All these, together with Johor’s reputation as a hot investment destination, make Scott Towers @ Larkin an ideal place to invest and live in. There will be two blocks of Scott Towers @ Larkin, which features 352 units priced below RM400 per sq ft. There are two designs and three layouts – Type A and Type B (973 sq ft) which feature three bedrooms and two bathrooms, and Type C (1,439 sq ft) which has four bedrooms and three bathrooms. The smaller units are available from RM353,200 onwards, while the larger units are priced from RM459,300 onwards. Maintenance fee, including sinking fund, is currently set at RM0.22 per sq ft.

2 Perspective of Scott Towers 3 Swimming pool view

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Types

No. of Built-up storeys sizes

No. of units in Tower A

No. of units in Tower B

Type A Type B Type C

11 12 11

77 77 11

81 106 -

973 sq ft 973 sq ft 1,439 sq ft

Scott Towers @ Larkin will be launched in January 2014 and is scheduled to be ready by the end of 2015. Interested buyers can register now and enjoy fantastic offers on the table. Meda is offering an early bird discount that comprises free Sales and Purchase Agreement (SPA) legal fee and disbursement, and free loan agreement fee and disbursement. Bumiputera purchasers are entitled to a 15% discount. INSTILLING PUBLIC CONFIDENCE THROUGH QUALITY AND AFFORDABILITY Scott Towers @ Larkin is developed by Cemerlang Land Sdn Bhd, a wholly owned subsidiary of Meda Inc. Scott Towers @ Larkin is Meda’s first foray into the Johor Bahru condominium market. A well known and award winning project manager, Andaman Property Management Sdn Bhd spearheads this project. While most property developers have been focusing their attention on popular areas such as the Klang Valley and Johor Baru, Meda

3 chose to diversify its developments in terms of location. This is in tandem with the one of Andaman’s strategies, which is to build to meet demand, and not to create supply. Andaman recognises the huge potential in Johor especially due to the growing interest in Iskandar Malaysia. The developer is dedicated towards building the most suitable, sustainable and affordably priced developments possible. For example, Scott Towers @ Larkin boasts a selling price that is lower than those of their competitors. The group has undertaken RM500 million worth of ongoing and new projects since

LOCATION MAP

2010, and plans to take a more aggressive approach going into 2014, by giving themselves a target of RM1 billion in GDV sales. Some of the Group’s projects include The Cova Square and The Cova Suites at Kota Damansara, Kota D’sara Signature Park, Sentral at Bangi CBD, Taipan at Ipon Cybercentre, The Academia at South City Plaza, Evo Soho at Bangi, Taipan 3, Diamond Square and Diamond Residence at Serdang, and The Arc at Cyberjaya, among others. For details on Scott Towers @ Larkin, call 1700-81-8118 or 07-330 1888, or visit www.andaman.com.my.

IPROJECT LISTING QuickPro No: NC2966 Project Name: Scott Towers @ Larkin JB City: Johor Bahru, Johor Property Type: Apartment Land Title: Residential Tenure: Leasehold Built Up: 973 sq ft Listing Price: From RM353,200 - RM498,900 Developer: Cemerlang Land Sdn Bhd (352930-D) No.201, Jalan Sri Pelangi, Taman Pelangi 80400 Johor Bahru, Johor. Phone: (607) 330 1888 Project Manager: Andaman Property Management Sdn Bhd Phone: (1700) 81 8118 Website: www.andaman.com.my

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FEATURED PROPERTY |

Tin City

AN ENGINE OF ECONOMIC GROWTH The new and chic commercial hub of Tin City is set to take Ipoh by storm with its proposed suite of both commercial and residential developments Tin City will soon be hosting an excellent range of enterprises and commercial business activities within its new commercial hub. Placed within a locale that has been established since the 1900s, itâ&#x20AC;&#x2122;s location at the heart of Ipoh city makes Tin City ideal for various endeavours. A MULTI-FUNCTIONAL TOWNSHIP Spread across 25 acres of freehold, prime land which was once home to the famed Falim Mansion, the commercial hub will be home to F&B outlets, beauty and wellness centres, entertainment, retail, information technology, education, creative arts as well as light industry activities. From the 25 acres earmarked for the development of Tin City, five acres will house 82 of 3 & 4 story commercial shop offices, another 6.64 acres for a commercial complex/supermarket and 3.3 acres of SoVo residential, whilst

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Falim Mansion will be converted into a boutique hotel. The development is set to welcome an excellent array of facilities complemented by modern architectural lines and aesthetically pleasing infrastructure. Boasting elegant landscaping, 2,300 parking spaces are also available as to spur long-term business growth in the area. The commercial lots also include 4-storey corner units with individual lifts. The prices range from RM1.3 million for the 3-storey shoplots and RM2.3 million for the 4-storey shoplots. GEOGRAPHICALLY STRATEGIC Located between Ipoh Old Town and Menglembu, Tin City is surrounded by mature neighbourhoods, excellent infrastructure and public amenities for a robust development of economic activities. The development is set to spur active commercial growth in Ipoh.

Tin City is easily accessible via the North-South Expressway and numerous other access roads to neighbouring townships such as Menglembu, Ipoh and Greentown Commercial Centre. To ease the recorded average traffic on Jalan Lahat of 3000 vehicles per hour, a new access road is being proposed for convenient accessibility. The Sultan Azlan Shah Airport is 15 minutes away, whilst the nearest railway station is just 5 minutes away. ABOUT THE DEVELOPER Tin City is a prestigious development by Amber Synergy Sdn Bhd, another project managed by Kinta Real Estate Sdn Bhd. The latter started with the development and management of a mix development project at Silibin, Ipoh, and went on to complete other projects including Racing Circle Ipoh, Taman Bercham Idaman Ipoh, Taman Perak Permai Kampar, Taman Pegoh Ipoh, detached homes in Meru Valley Resort, Meru Dragon Ridge in Meru Valley Resort, Taman Lang Indah Ipoh, Taman Perpaduan Jaya Bercham Ipoh and Taman Pertama Ipoh.

PHOTO CREDITS - ETHANIEL SIAW

NOVEMBER 2013 iPROPERTY.COM MAGAZINE: PHOTO CREDITS - ETHANIEL SIAW In the November 2013 issue of iProperty.com, we would like to feature the credits of some of the photos used in our Special Focus section on page 50, 52 and 55.

Page 52: The urbanization and development of Petaling Jaya Photo by: Ethaniel Siaw

Page 50: Petaling Jaya: Yesterday and Today Photo by: Ethaniel Siaw

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Page 55: The urbanization and development of Petaling Jaya Photo by: Ethaniel Siaw

The Growing Trend Of

SOHO

SOVO Exchange - Retail courtyard by Aeropod Sdn Bhd

SPECIAL FOCUS |

SoHo Property: Gaining Momentum in Major Cities

SOHO PROPERTY: GAINING MOMENTUM IN MAJOR CITIES The changing face of the workplace has given rise to an emerging trend in commercial real estate – The SoHo. - BY CAROLINE CHAN If studio apartment was the real estate buzz word in 90s, today it is SoHo, a concept that most developers are eager to offer as part of their portfolio. Soho which is otherwise known as ‘Small office Home office’ is gaining popularity as the demand for the convenience of working from the home environment increases. The concept of SoHo was first introduced in the mid-nineties when the advancement in information technology and mobile communications saw many multinationals decentralizing office functions as they were able to operate efficiently even if employees were not confined to one building. Companies also came to realise

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that the work-from-home concept could lower their operating costs. Advancements in computers and the internet allowed seamless connection and communication and also resulted in a reduction in the need for paper documentation making it possible for employees to work remotely. Many of these employees choose to work from an environment which allows them to incorporate their workspace into their living space. The rapid increase in entrepreneurship is another contributing factor that has given rise to the popularity of SoHos. Living in the office space reduces start up costs for small businesses especially as SoHos

feature the basic amenities of a typical office space as well as residential facilities such as kitchenettes and bathrooms. Young individuals especially favour SoHos as it offers flexibility in terms of working hours, reduces unproductive hours spent commuting as well as travel expenses and generally allows occupants to enjoy a better quality lifestyle. SOHO – THE OFFER OF AN AFFORDABLE JOINT LIVING AND WORKING SPACE The term SoHo sometimes is used interchangeably with SoFo which is short for ‘Small office Flexible office’ or SoVo also known as ‘Small office Virtual office’. All three are relatively similar in concept and offer the flexibility of being able to live and work in one place, although they may differ in functionality. In many cities of the world such as Singapore, Hong Kong and New York, where the SoHo concept is more mature, it has gained much acceptance. It has been readily embraced by developers especially as residential land is scarce in many of these overpopulated international cities. SoHos which are built on commercial land and can be used as living spaces present a viable alternative both for the developers as well as city dwellers. Most SoHos have relatively smaller built-ups and offer a lower entry investment for a piece of real estate within the city limits compared to residential properties which are located mainly in the suburbs. SOHO CONCEPT IN MALAYSIA In Malaysia, the SoHo concept made its debut only about 5-8 years ago, later than more sophisticated markets where working remotely is more prevalent. However the concept has been gaining momentum fast with early projects such as Empire Subang by Mammoth Empire Group, Centrio by YTL, PJ5 SOHO by Ong Chong Realty Sdn Bhd and Binjai 8 by UOA Holdings showing capital appreciation and healthy occupancy rates. In addition to offering purchasers a versatility in its functional concept, SoHo developments like other properties purchased in the city have to be located in self contained established neighbourhoods with good amenities. The availability of public transport such as the LRT, commuter

1 service and bus services contribute to the success of the development. Accessibility to conveniences such as retail, educational and leisure facilities is also viewed as a priority for SoHo unit purchasers. Additionally, purchasers of SoHo units are particularly influenced by the design and layout of the units. Layouts which feature flexibility of space that could be easily converted into an office/workstation area or bedroom/ private space as and when required serve as important considerations that determine the successful take up of a project. As the Malaysian work culture adopts a more flexible approach, the demand for joint work and living spaces under one roof such as the SoHo is going to grow. Affordability of SoHo units is another factor that will help drive its popularity. Developers are opting to build smaller SoHo type units near upcoming MRT stations to keep prices below RM500,000. Given their lower pricing, SoHo projects are likely to enjoy greater demand than mid to high end condominium projects which are of a higher cost.

PJ5 SOHO by Ong Chong Realty Sdn Bhd

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SPECIAL FOCUS |

SOVO Exchange

1 A PERFECT EXCHANGE OF FORMALITY AND SPONTANEITY The absolutely inspiring SOVO Exchange is just five minutes from Kota Kinabalu city centre. These stylish offices are the perfect platform to inspire business individuals and meet their leisure needs at the same time. Property launches in Kota Kinabalu, Sabah have seen healthy take-up rates and prices have now matched those in Kuala Lumpur and Penang. There is robust demand from both locals and non-locals, and the value of property transactions in Sabah had more than doubled over the last eight years. With land in the city getting increasingly scarce, developers are launching many mixed development projects. A unique project with a cohesive masterplan for wholesome living is Aeropod, a 60-acre integrated development with international flavours. Developed by Aeropod Sdn Bhd, a subsidiary of a renowned, trusted and

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The Edge Top Property Developers Awards champion for the eighth time, S P Setia. This development features a gross development value (GDV) of RM1.7 billion. Aeropod will host a shopping mall, boutique retail offices, SOVO, residential towers, hotels, railway station and corporate offices upon its completion. Additionally, Kota Kinabaluâ&#x20AC;&#x2122;s first train line will run through Aeropod and the train station is earmarked to be a modern central transportation hub. This transportation hub forms a convenient link from Aeropod to the rest of Sabah West Coast. This provides businesses in Aeropod with a large

links Aeropod to Tanjung Aru, Kinabalu Golf Club, Kinabalu Yacht Club, Queen Elizabeth Hospital, Centre Point Sabah, KK Waterfront and Jesselton Point, among others. With its strategic location and the meticulous planning of the Aeropod as a new business district, transport hub and tourism destination, Aeropod will be a celebrated landmark in its immediate future.

3 catchment population, which heightens the developmentâ&#x20AC;&#x2122;s desirability factor to the next level. SUSTAINABLE DESTINATION FOR WORK AND TRAVEL Aeropod is located adjacent to the Kota Kinabalu International Airport, Terminal 1 and Terminal 2. It is also just five minutes to the thriving Kota Kinabalu city centre. Several major roads and highways such as Jalan Mat Salleh, Jalan Tunku Abdul Rahman and Lebuhraya Pantai Baru (Coastal Highway),

LOCATION MAP

FLEXIBLE WORK STYLE FOR GREATER PRODUCTIVITY AND CREATIVITY The developer has launched the first block of SOVO (Small Office Versatile Office) â&#x20AC;&#x201C; Block K1. SOVO Exchange are ideal for either official meetings or casual gettogethers. There are four types of units and each can be transformed from a formal work area into a relaxing space that nurtures creativity. As SOVO Exchange is located right in the middle of a development hot spot, tenants and owners can opt to visit the trendy strip of shops, eateries, retail courtyard that houses a dining pod, and a roof garden. The unconventional SOVO Exchange incorporates a garden deck concept that breaks down wall barriers and delivers the promise of wide-open spaces. There are two link bridges that connect the two blocks. The link bridge on Level 7 is also where the gym sits, while the link bridge on Level 8 is where the meeting rooms are. A grand lobby greets all and SOVO Exchange is equipped with a three-tier security. A BUILDER OF DISTINCTION Incorporated in 1974, S P Setia is an awardwinning public listed company and a market leader in property development, with a sterling reputation for integrity, quality and innovation. S P Setia is a builder of distinction in Malaysia, and has delivered meaningful environments to other countries including Vietnam, Australia, Singapore, China and the UK. 1 Aeropod 2 Retail courtyard 3 Garden deck concept

Phone: (6088) 218 255 Email: aeropod-sales@spsetia.com.my Website: www.aeropod.com.my

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TALK POINT |

Mah Sing Group Berhad

A FUTURE-DRIVEN DEVELOPMENT Mah Sing Group Berhad’s mixed development D’sara Sentral is set to deliver on its promise to let people ‘live the lifestyle of the future’. - BY ONG XIN YING

Mah Sing Group Berhad has once again provided an outstanding addition to Kuala Lumpur’s property market in the form of D’sara Sentral, the proclaimed ‘latest modern lifestyle hub’ that has already captured the interest of numerous parties. Comprised of serviced residences, Small Office Versatile Offices (SOVOs) and retail shops, the mixed development is leveraging on its direct connection to a future Mass Rapid Transit (MRT) station currently under construction to become

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a point of convergence for those with business or leisure in mind. iProperty.com spoke to Mah Sing’s Chief Operating Officer (Commercial) Andy Chua to learn more about this exciting project. iProperty.com: What was the inspiration behind D’sara Sentral and how was it designed to be ‘the latest modern lifestyle hub’? Andy Chua: When we first bought the land for this project, we became aware of the plan to build a MRT station close by.

We saw this as a rare opportunity to truly make this development one that caters to a lifestyle of the future, and made full use of the MRT station’s proximity when we were planning D’sara Sentral. Two major sources of inspiration behind D’sara Sentral were Hong Kong and Singapore as the people there are heavily reliant on their local rail systems to move around due to the commonplace road traffic congestion and developments next to such stations have flourished. The MRT system is being developed in order to solve a similar issue here in Kuala Lumpur, and when it is completed the people living in the city will have a means of easily getting around without having to face the hassle of being stuck in traffic jams and hunting for parking spaces. The same can be expected of D’sara Sentral, which is designed as a lifestyle hub – less time spent traveling means people

1 D’sara Sentral will benefit from being near the Kg Baru Sungai Buloh MRT station 2 Mah Sing’s Chief Operating Officer (Commercial) Andy Chua 3 D’sara Sentral overall view 4 SOVO -Versatility to suit every office need

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TALK POINT |

Mah Sing Group Berhad

have more time to be at home with their family or out having fun. Furthermore, not having to drive means there is no need to own an extra car, which in turn means money saved for other expenses. At the moment, there are not many developments located near a MRT station which have been launched, and to top it off, D’sara Sentral’s units are very reasonably priced compared to the others. This makes it a good option not only for those looking for a place to live in the area but also for those looking for a good investment opportunity as the margin of appreciation in regards to the property’s value is much greater. iP: What are D’sara Sentral’s phases and when are their launch dates? Andy Chua: We have not officially launched any part of D’sara Sentral yet. However, this year we previewed the SOVO tower in September, the retail shops in October and the serviced residences in November.

Those interested in the development can visit our show gallery located at Star Avenue and look forward to our official launch in the first quarter of next year. A launch date for the four towers of serviced residences has not been determined yet, but we can confirm that all towers are expected to be opened by the end of next year. iP: What would you consider D’sara Sentral’s most unique feature? Andy Chua: As I mentioned, this development’s biggest draw is that it is directly linked to a future MRT station by a covered sky walkway which will be well-lit in order to make it convenient and safe for people to commute. The MRT station will also have security features so the safety of everyone who uses the walkway and bridge is doubly assured. iP: How will D’sara Sentral benefit from its location and how will it contribute to Sungai Buloh’s growth?

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Andy Chua: Truthfully speaking, D’sara Sentral will not be a catalyst for the growth of Sungai Buloh; that position rightfully belongs to the MRT line, which by connecting the area to other prime and commercial centres of Klang Valley will bring the crowd and attention Sungai Buloh needs to flourish. D’sara Sentral’s close proximity to the station means that it will benefit greatly from this connectivity.

As for our SOVO units, we do not expect big-name companies to occupy them but rather small and medium-sized enterprises (SMEs), predominantly those in the services industry. In particular, there are several nearby businesses such as furniture factories that we believe will benefit greatly from having a signature office where they can meet their clients and customers, which is where our SOVO units come into play.

Additionally, there are several nearby developments and establishments that I believe will also boost Sungai Buloh’s growth. For example, the Employees Provident Fund’s (EPF) upcoming Rubber Research Institute (RRI) development measuring 942.92 hectares of land near here and the HELP International School which is only a short drive away have turned the whole area into a major development hotspot.

iP: Do you have any plans to develop more projects that are similar to D’sara Sentral? Andy Chua: Yes. In fact, we are already in the process of scouting out more plots of land that have a similar potential – that is, pieces of land which are close to future MRT stations. In the meantime, other than our existing projects in the three major cities of Kuala Lumpur, Penang and Johor Bahru, we are also expanding our presence in Kota Kinabalu with the Kota Kinabalu Convention City development which is located next to the upcoming Sabah International Convention Centre.

iP: What has the response been like to D’sara Sentral? Andy Chua: The response to D’sara Sentral has been overwhelmingly positive. Interest in the project’s 938 units of serviced residences has been mainly from those who live in areas within a 15- to 20-kilometre radius of the development. Furthermore, people living in other parts of Kuala Lumpur and Petaling Jaya as well as Singapore and Hong Kong have also expressed interest in these units.

5 Fully-equipped gym, overlooking a serene pool, bringing together a fit lifestyle as well as comfort and relaxation 6 D’sara Sentral’s unique collection of shops, showrooms, stores and cafes 7 D’sara Sentral SOVO drop off

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SPECIAL FOCUS |

The Spotlight Is On SoHo

THE SPOTLIGHT IS ON SOHO Is the growing property trend of SoHos, SoVos and SoFos a force to be reckoned with, or just a passing cloud?

Proving to be a popular choice for investors SoHo, SoVo and SoFo properties seem to be popping up in many hotspots especially in the Klang Valley. SoHo, short for Small Office Home Office, is a trend amongst developers, most of who are quickly seeing the benefits of these small, multi-functional spaces. SoVos (Small Office Versatile Office) and SoFos (Small Office Flexible Office) beg the question of, “What’s in a name?” Do these properties differ from one another, or is it all a matter of branding? iProperty.com spoke to Pretam Singh, lawyer; Siva Shanker, CEO - Agency of PPC International and President of the Malaysian Institute of Estate Agents and James Tan, Associate Director of Raine & Horne about this growing phenomenon.

people who work or have businesses in SoHos. They want the latest, greatest and fastest equipment, and this market has always benefited from high technology, allowing it to compete on a level playing field with the bigger companies. Especially with the convenience of faxes, modems, and personal computers, many individuals find themselves capable of competing from their homes to deliver a product that once required the facilities of large corporations.

In Malaysia, Small Office Home Office (SoHo) is a new phenomenon. Could you explain briefly the actual definition of SoHo/ SoVo/SoFos and how they are different from each other or are they all the same and the terms inter-changeable? Pretam Singh (PS): SoHo refers to the small or home office environment and the business culture that surrounds it. A SoHo is often thought of as being the smallest of small businesses. It is a privately owned and operated business usually by individuals who are self-employed. SoHo is often characterised as being small in both size of the office space and number of employees.

James Tan (JT): In my opinion, all three are basically the same. It’s a matter of marketing terms that make the three different from each other.

A number of organisations, businesses and publications now exist to support

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Siva Shanker (SS): I do not see the difference. Like most Malaysians, I don’t understand the different concepts. It is all a matter of marketing and creative marketing.

At present, does the definition of a SoHo fall under any Housing Act in Malaysia? PS: SoHo/SoVo/SoFo in Malaysia is a new phenomenon and needs to be addressed under the provisions of the Housing Development (Control and Licensing) Act 1966 to determine if it falls within the law, otherwise it may be an attempt to circumvent the law. It must be noted that the Housing Development (Control and Licensing) Act 1966 is a social legislation primarily meant

to protect weak purchasers from rich and powerful developers.

a housing accommodation pursuant to section 3A.”

It is a settled principle of law that statutes must be read as a whole.

The answer is quite simple. If it is meant for ‘human habitation’ or partly for ‘human habitation’ and partly for business, then a license under the 1966 Act cannot be avoided no matter how learnedly the agreement may be drafted. From the definition, it is clear that if the property is partly meant for business and partly for human habitation, then it ought to be licensed under the Act.

In Daiman Development Sdn Bhd v Mathew Lui Chin Teck [1981] 1 MLJ 56 – in a Privy Council appeal from Malaysia - Sir Garfield Berwick held that: “The rules impose no penalties on a purchaser who enters into a contract which does not conform to the requirements of the rules.” Similarly, Sea Housing Corporation Sdn Bhd v Lee Poh Choo [1982] 2 MLJ 31) laid the ground rule that the Act is a piece of social legislation meant to protect purchasers and not developers and hence its provisions should be given a liberal and purposive interpretation in favour of purchasers. In City Investment Sdn Bhd v Koperasi Serbaguna Cuepacs Tanggungan Bhd [1985] 1 CLJ 131 Mohamed Azmi J emphasised that: “ Having regard to the policy and objective of Act 1966 and the protection afforded by this legislation to house buyers is not merely a private right but a matter of public interest which Parliament has intended to protect.” Under the Housing Development (Control and Licensing) Act 1966: “Housing development means to develop or construct or cause to be constructed in any manner more than four units of housing accommodation and includes the collection of monies or the carrying on of any building operations for the purpose of erecting housing accommodation in, on, over or under any land; or the sale of more than four units of housing lots by the landowner or his nominee with the view of constructing more than four units of housing accommodation by the said landowner or his nominee.” “ Housing accommodation includes any building, tenement or messuage which is wholly or principally constructed, adapted or intended for human habitation or partly for human habitation and partly for business premises and such other type of accommodation as may be prescribed by the Minister from time to time to be

How different is a SoHo from a serviced apartment in Malaysia? PS: In the mid-nineties, the building phenomenon of ‘serviced apartments’ came into being in Malaysia. One the first serviced apartments that was ”exempted” i.e. confirmed by the Ministry of Urban Wellbeing, Housing and Local Government that it was not within the purview of the Housing Development (Control and Licensing) Act 1966 was the Century Mahkota Hotel Apartment in Malacca. It was ruled not within the Act because of certain criteria it had fulfilled, the fundamental requirement being that it was not meant for habitation by the buyers but purely as an investment with guaranteed rental returns. However over a period of time some developers started taking advantage of this ruling, as some were selling purely residential units but calling them serviced apartments. The laws finally caught up with them and from 2007 onwards serviced apartments are required to be licensed. In order to determine whether SoHos require licensing, references have to be made to the definition of housing accommodation in the Act. I have observed that there are many developers who disguise housing accommodation by giving them all sorts of names with the sole purpose of contracting out of the statutory provision. SS: Serviced apartments in Malaysia are not really serviced apartments. In serviced apartments you would need to have a bell counter, a reception, an operator and

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SPECIAL FOCUS |

The Spotlight Is On SoHo

such. Mostly, though, there is none of that here. SoHo and serviced apartments, in my opinion, do not differ much. They are both built on commercial lands with residential functions in mind. Can a SoHo/SoVo/SoFo be used for residential purposes? PS: There is currently no legislation prohibiting a person from sleeping in the office. What is important at the time of planning and sale of the unit is the purpose for which it was constructed and sold, not the subsequent adaptation. SS: Yes and no. If you are living in Tanjung Malim, and you work in the Klang Valley, you cannot be going back to your house every night. So you purchase a SoHo because it’s convenient. However, to optimise space, there has to be a minimum size. SoHos are essentially one-bedroom apartments, so if that is enough for its resident then it is great. JT: That depends. If you have a family, living next to where you work may not be ideal. There may be issues of security. However, it all boils down to individuals. Many of the younger generation are opting for a SoHolifestyle, and they have smaller families than average. If there are amenities nearby – schools, parks and such – then it may be a viable option. The biggest difference between a SoHo property and a condo would be the maintenance cost. As a SoHo property falls under a commercial grant, service charges and utilities will be higher. Lastly, it’s the location. Why do developers want to build a SoHo and not a condo? Is it an issue of land title, market demand, ease of approval by authorities or ease of soliciting funding from banks? PS: Developers prefer to call it a SoHo rather than a condo or serviced apartment because of the stringent requirements of the 1966 Act, especially on conditions that one cannot sell before getting a license and permit to sell, as well as the fact that all the money has to be deposited into the housing development account. For a condo, the land title needs to be ‘residential’.

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1 Market demand may be a key factor in the growth of such products. Banks, however, must be careful in lending money to projects that are deemed “unlawful”. However I have noted that there are still some banks lending to dubious projects at the expense of the purchasers’ protection (‘Caveat Emptor’ which means buyer beware). I am also shocked by the blatant abuse of this and similar words by some developers, which is possibly aided by unethical lawyers and bankers. Otherwise how can one account for water heaters, kitchen cabinets and Astro points in so called ‘SoHos’ when no developer’s license or advertisement permits have been obtained? One must remember that after the 2007 amendments, housing accommodation constructed on a commercial title has to be licensed. SS: It is primarily the fact that these properties are built on commercial zones, which are more available in prime areas. JT: It costs less to build a SoHo property than a regular residential property. Which parts of Malaysia are the top markets for these properties and why? PS: They are most popular in Klang Valley, Penang and Johor – purely driven by market demand and lifestyle of the residents.

SS: The Klang Valley. These properties seem to only be proliferating there, and nowhere else. That is fair, seeing as how it is a hotspot for migrants. It’s affordable living, so it makes sense. JT: A good example will be the primary parts of Klang Valley. Properties in Kota Damansara and Old Klang Road are also booming. What has the response been towards the SoHo market? PS: It must be encouraging; otherwise there will not be such an investment in these properties. SS: It’s been good so far, and I think it is because the quantum of the price is very low hence developers find it easier to sell. How long this will remain is the real question. Once all these projects are completed, only then will we see whether the take-up rate is good. JT: It is doing well. This can be attributed to the fact that most of these properties come at a slightly lower purchase price than a lot of other properties. Also, to date, most of the SoHo properties have been, or are being, developed close to public transport facilities. The property’s nature of being ready-tomove-in is also a factor. Being renovationfree, all consumers need to do is to move in their belongings. Any advice for purchasers when buying a SoHo property? What should they look out for so that it is a worthy purchase? PS: Make sure that they are properly licensed in order to avoid it becoming an abandoned project in the future and you lose a life time of savings. SS: My advice is to look for places that are undersupplied, so as to have a better chance at making a good investment. Also, just because you can afford it, that does not mean you have to buy it.

JT: The primary thing to look out for is the security of purchasing the property. Research should be done about the developer. A lot of these SoHo properties have ended up being abandoned, and that is something that our authorities need to fix. That is something to look out for. The location is also important, as you do not want excess time and travel cost. If it is close to the city centre, or located near a public transport system, that would be ideal. In your opinion, how do you see the SoHo market developing in the near future in Malaysia? PS: There is a need to regulate these types of properties so that there can be a stable upward growth, because no legislation is meant to stifle growth and development. Lawyers have to ascertain whether such properties should have in fact been licensed before asking the poor purchasers to sign on the dotted lines. Similarly, bankers should not finance projects which are doubtful in nature; otherwise they may be in breach of their fiduciary duty towards purchasers. Only then can this social legislation have any meaningful impact as the protection afforded to house buyers is not merely a private right but a matter of public interest. SS: I think it is a little saturated. Most probably we will see people slowly moving away from this trend soon. It is a market segment that is plopped in the middle, so people can purchase it. JT: It will be a popular trend. On the developers’ side, it is about maximising profit despite the scarcity of land. SoHo allows this through high-density within small areas.

SOVO Exchange Garden Deck Concept by Aeropod Sdn Bhd

Disclaimer: The opinions stated in the article above are solely of the 3 industry experts quoted namely James Tan, Siva Shanker and Pretam Singh and are not in any form an endorsement or recommendation by iProperty.com. Readers are encouraged to seek independent advice prior to making any investment decisions.

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HOME DESIGN |

Signature Kitchen

A SIGNATURE OF LAVISH DISTINCTION Redefining elegance and boasting magnificence, SignatureKitchen adds a dash of envy to an otherwise conventional space

Todayâ&#x20AC;&#x2122;s opulent homes are only as luxurious as the kitchen they contain. Luxury kitchens call for sophisticated details along with the use of premium materials and superior craftsmanships Two decades ago, since SignatureKitchen started out in Malaysia, it has since become a well-respected name in the upmarket kitchen industry both locally and throughout Asia. To add credibility to the name, SignatureKitchen was publicly listed in the Bursa Malaysia Securities in 2008 thus gaining tremendous trust and popularity amongst buyers.

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As the foremost kitchen specialist in Malaysia, SignatureKitchen offers refined design options in a myriad of finishes, thus appealing to both homeowners and professionals, such as architects, interior designers and specifiers. The SignatureKitchen cabinetry system spells lavishness and affluence in every aspect. It boasts of custom engineered compartmentalization for efficient use of space and energy, sleek stylish finishes and durable hardware to withstand heavy usage over time.

3 SignatureKitchen continues to be the market leader in Malaysia by continuously improving its operations. One of its key investments include a best-in-class customized kitchen planning and design system to ensure production and delivery effectiveness resulting in accurate orders and timely installations for customers. Backed by a large team of dedicated professionals, homeowners and professionals are able to rely on valuable

1 2 3 4

Sleek Linear design Sleek Linear design Contemporary Charm design Contemporary Charm design

4 | 47

HOME DESIGN |

Signature Kitchen

consultations by experienced staff to develop their ideal kitchen concept. As a result, SignatureKitchen is able to deliver an impressionable and hassle free experience through anticipating and fulfilling customerâ&#x20AC;&#x2122;s needs beyond their expectations. Together with the fact that Signature products reflect superb quality, versatility and design flexibility at very competitive pricing, it is no doubt that SignatureKitchen remains the most sought-after kitchen brand in the industry. To date, SignatureKitchen continues to hold the record number of retail outlets in

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Malaysia with significant presence across 15 countries internationally. Call the Signature Hotline at 1800-88-0009 or visit the nearest showroom. View SignatureKitchenâ&#x20AC;&#x2122;s new Facebook page at facebook.com/ signaturekitchengroup or log on to www.signaturekitchen.com.my.

4 Simply natural design 5 Rustic country design

iPROPERTY.COM BUMIPUTERA PROPERTY SHOWCASE

BUMIPUTERA PROPERTY SHOWCASE DRAWS GOOD RESPONSE iProperty.com recently organised its Bumiputera Property Showcase, the first time that it has held such an event, to a wave of positive reactions from both developers and the public. - BY ONG XIN YING The 19th and 20th October 2013 proved to be a truly significant weekend for iProperty.com as the company successfully organised its first ever Bumiputera Property Showcase. The landmark event was held at the Upper Atrium, UG Level and Concourse Centre of Paradigm Mall, Petaling Jaya and evoked an enthusiastic response from both the developers as well as customers. A total of 26 local exhibitors made their presence felt at the two-day showcase, proudly displaying the Bumiputera lots of their exciting developments to potential customers. The featured properties comprised both residential and commercial developments which had price tags ranging

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from as low as RM300,000 to more than RM3 million. Property seekers looked satisfied with the plethora of opportunities being offered to them. Approximately 64,500 people came to the showcase, with a large majority of them turning out to be property buyers and investors and about a quarter expressed interest in purchasing properties worth over RM500,000. Registered visitors were bequeathed a welcome gift upon completing their registration. By the end of the second day, exhibitors reported an estimated total generated sales of RM40 million making the property showcase a tremendous success.

Saufi Karim (speaker) sharing his views on the property market

Property seekers looking for great deals

While the properties on show were the highlight of the event, there were also freeto-attend seminars which covered topics of interest to visitors such as key investment strategies for Bumiputeras, investment do’s and don’ts as well as asset selection tips. The four distinguished speakers, each a prominent figure in the local property market in their own right, were Saufi Karim (prominent property blogger and author of “Pelaburan Hartanah Tanpa Modal”); Faizul Ridzuan (property investor and author of “ WTF? 23 Properties by 30”); Rohanniah Noor, (prominent property blogger and author of “Wang Besar Melalui Pelaburan Hartanah”) and Ahyat Ishak (founder of the Strategic Property Investor Program and author of “Strategic property Investor”).

Rohanniah Noor (speaker) shares her insights on the property market

Visitors who registered themselves at the event were also able to enjoy an additional aspect of the campaign which was the lucky draws. The prizes included a three-day two-nights stay at Langkawi Lagoon Resort, a three-day two-nights stay at Laketown Hotel by Bukit Merah Resort, four MedKlinn air sterilisers and 12 bundles of three rolls of Korea Wallpaper. Due to its success, there will be another Bumiputera Property Showcase organised in 2014 tentatively at Paradigm Mall, Petaling Jaya on the 10th & 11th May 2014 and at the Ikano Power Center, Mutiara Damansara on the 18th and 19th October 2014. For more information, please visit www.iproperty.com.my/ bumiputeraproperty/Default.aspx

Faizul Ridzuan (speaker) with one of the lucky draw winners

Ahyat Ishak (speaker) shares his tips on property investment

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TALKPOINT |

Budget 2014: Property Experts’ Analysis

BUDGET 2014: PROPERTY EXPERTS’ ANALYSIS Numerous measures are being implemented by the government, via the 2014 Budget, to curb speculation in the property market. What does this mean for developers, investors and home buyers?

1 BIG CHANGES IN STORE FOR MALAYSIA’S PROPERTY MARKET In light of the recent unveiling of the 2014 Budget, iProperty.com sat down with three experts to discuss the effects it may have on the country’s property market. James Tan, Associate Director of Raine & Horne, Siva Shanker, CEO- Agency of PPC International and President of the Malaysian Institute of Estate Agents and Pretam Singh, lawyer, discussed what we can all expect when the proposed implementations kick in full-swing next year. From the revised rates of the real property gains tax (RPGT) which takes effect starting January 2014, to the implementation of the brand new Goods & Services Tax (GST) that is scheduled for April 2015, the experts’ diverse backgrounds covered the multiple aspects of the budget’s repercussions on both property buyers and developers. What is your opinion on the review of the new real property gains tax (RPGT) and how successful do you think it will be in curbing speculation in the property market? James Tan (JT): The RPGT should have been implemented a lot earlier. If you look at the property price trend, there was a

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2 tremendous spike in 2009 until mid-2013. If the government had implemented the new RPGT rate in, say late 2010-2011, it would have curbed a lot of speculative activity from that period onwards. I do think that the new RPGT rates will, to a certain degree, help curb the unrestrained speculation. You need some speculation to drive up the market a bit. Some property players will find and create ways and means to reduce paying this tax as some of them would want, if possible, to pay the least possible tax. They may under declare or perform back to back sale and purchase agreements. That said, however, these RPGT rates should only apply to properties purchased after January 2014, so as to not penalise investors who purchased properties prior to the tabling of the new budget. Siva Shanker (SS): All the measures by the government to curb speculation are good and a move in the right direction. I think it will curb it to an extent, but it won’t bring it down to zero. You cannot bring any rate down to zero. It will only help slow down the property growth rate a little.

Pretam Singh (PS): The recent review of the RPGT will, to some extent, curb speculation in the near future. In the long run, however, speculators will continue to reign supreme as this is a tax on profit, and it may still be worthwhile for them to venture into speculation as the profits are greater than 70%. There are not many businesses that will produce these types of profits. It would have stopped speculation if the tax was 70%, reduced gradually, instead of 30%. Most high rise buildings these days take between 48 to 54 months to complete, and the Ministry of Urban Wellbeing, Housing and Local Government (MOH) has given approval for this completion period and the handing over of the vacant possession, thus the effect on these types of developments will be negligible. It is in the best interest of speculators to focus on these types of properties for maximum gains. Will the implementation of the Goods & Services Tax (GST) in 2015 affect the property market in Malaysia? JT: Yes, it most likely will. Even now, the retailers have started increasing the price

of food before the implementation of the GST. Once the GST is implemented, the Household Disposable Income (HDI) will drop due to an increase in inflation. The costs of living will inevitably rise further. As HDI increases, the affordability drops resulting in buyers only having the ability to buy lower priced properties. The banks have also tightened the leash on loan approvals. Even now, only one in every three loan application gets approved. As the developers will probably not reimburse or bolster the GST costs, affordability of

1 James Tan, Associate Director of Raine & Horne 2 Siva Shanker, CEO- Agency of PPC International and President of the Malaysian Institute of Estate Agents 3 Pretam Singh, lawyer

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TALKPOINT |

Budget 2014: Property Experts’ Analysis

properties will decrease when the HDI drops. PS: While there are attempts at reducing the price of houses, the introduction of the GST on building materials, constructions costs, as well as legal and consultant services will inevitably have a negative effect on price control. This will have the effect of raising prices unless specific exemptions are in place. Many state governments, local authorities and public utility companies feel that some developers can be milked, not knowing that payments that developers charge are borne by innocent purchasers. A review of these conditions may, in some ways, reduce house prices. Some experts say that the prices of properties in Malaysia are still likely to rise despite efforts made by the government via Budget 2014 to curb speculations. What is your opinion on this? JT: The prices of properties will continue to rise. The key issue is credit availability and cost of borrowing. I don’t see it falling any time soon. If the financial institutions tighten credit, like what happened in 1997-1998 during the Asian financial crisis, you will see a real drop in property prices. That said, I do not think that the prices will experience as meteoric a rise as they did back in 2009-2013. SS: I think in Malaysia, unfortunately, property prices will never come down. For example in the last downturn, prices stabilised and the growth was a little slower. We are looking at a market that will grow either at an expedited rate, or at a slightly slower rate. If you think that these measures are going to make things cheaper, the question you have to ask yourself is, “Is there anything I can buy tomorrow that will be cheaper than it is today?” Logically speaking, that is not possible. PS: Property prices in the country will continue to rise, as the 2014 Budget only addressed one of the causes of the rise in property prices i.e. speculators. Matters like land costs, constructions costs, unfair and unreasonable conditions imposed by state and local authorities, as well as government utility monopolies remain to be addressed. Land is becoming scarce, and this will not be remedied unless the government is

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willing to release the huge land bank it owns for purpose of affordable housing. This includes the government bearing the land cost and the developers bearing only the construction costs. How will the removal of the developers interest bearing scheme (DIBS) affect buyers and developers? JT: As far as the developers go, this removal will probably weed out the smaller players who are just entering this field, who do not have deep pockets and sufficient ready credit lines. It could create a cartel comprising the bigger players in the industry and those with deeper pockets. As for the buyers, it will heavily affect the first-time homebuyers. In today’s economic and financial climate and property prices, the average income earner or first time house buyer cannot afford a down payment on a property. The government should find a means whereby first time, genuine homebuyers can purchase properties via the DIBS. SS: I think it will slow things down on the developers’ side. I expect the take up rates and developments for the next 5-6 months to be a little slow. Some Malaysians have

a very short-term memory in that sense. The first few months will have a kneejerk reaction, but once some semblance of order sets in, everything will be okay. I predict that the 4Q2013 and 1Q2014 will be a little challenging, but the market will find its own level in the 3Q2014 and 4Q2014. Ultimately, there will be a positive property growth in 2015 and 2016. PS: The removal of the DIBS will certainly affect not only speculators, but genuine purchasers as well. The DIBS in its original form, aimed to assist purchasers, should not be frowned upon. If a developer offered to cover a purchaserâ&#x20AC;&#x2122;s interest payments during the construction period as assistance, it is perfectly okay and should be encouraged. However, if the price of houses increase just to cater these payments, it is wrong in law and principle. It is also contrary to the Housing Development (Control and Licensing) Act 1966, Consumer Protection Act 1999 and Competition Act 2010. A transparent declaration of the amount to purchasers both in advertisement and sale and purchase agreement and prior approval of MOH may be worth looking into. It is my view that the first and second time house buyers should be allowed to enjoy the DIBS scheme. Otherwise they will be victims again as they will not have the funds to purchase the property. Another issue is the removal of freebies such as free legal fees. Sometimes, I wonder why of all the fees incurred in development, only the legal fees are borne by developers. Many

purchasers have complained to the Housing Tribunal that they do not get proper advice from lawyers who represent them, who are paid for by the developers. Upon enquiry, I have noted that developers donâ&#x20AC;&#x2122;t pay the lawyers the full required fee, pushing them to the maximum discounts and in some cases, for discounts up to 70%. Developers cannot advertise free legal fees unless they pay the full legal fees to lawyers concerned, or pay the amount back to purchasers so that they can hire their own lawyers, so as to avoid misrepresentation. This is an offence under the Housing Development (Control and Licensing) Regulation 1989. Many attempts have been made by MOH to control this, but none have been successful. In 2007, the Housing Development (Building Account) Regulation 1991 was amended to stop developers from using Housing Development Accounts to make payments. The developers however got the last laugh as they were paying pittance anyway and the legal fees, which is usually a nominal amount paid by the developer to the lawyers, could have been easily taken from another source. A large amount of money is being channeled into the development of affordable housing such as the RM1 billion allocated for the building of 80,000 PR1MA homes, but could more have been done to ensure that Malaysians have affordable housing options? JT: The most important question regarding the PR1MA scheme is: Where are these houses going to be built? If these estates are going to be built a great distance away from places of

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TALKPOINT |

Budget 2014: Property Experts’ Analysis

employment, travelling cost will be higher unless there is a reliable and cheap public transport system nearby. The lower income group cannot afford to stay far away, but can only afford to buy properties that are located near to their place of employment. There are two things that could have been proposed instead. Firstly, if housing its people was the real concern, the government should have worked towards a mass housing development. This could have included subsidising construction materials or reducing the tax on these developments, so developers would have a keener interest to build them. To ensure genuine interest, these houses could come with the term that there can be no sale of the property for the first 15 years, or that property transfers can only happen within the family. Secondly, more money should have been allocated to the country’s transport infrastructure. The government should have worked on cutting their excesses and channeling that into a more reliable transport system. That way, houses could be built in more affordable places. SS: I think it’s fantastic. The governmentassisted housing plans are great. I just hope

56 |

that there is a delivery mechanism that is great as well. The last thing we want is for the rich guys to buy these PR1MA homes and later sell it to the lower income group. I am not convinced that we have a fool proof mechanism in place to ensure this doesn’t happen. My wish list includes a mechanism that can check one’s credibility and financial status, and one that sells the property to the right and deserving people. Don’t sell it to rich investors that buy 10-50 houses at a go, and sell them off one at a time. PS: In my opinion, this will work provided the right target group reaps the benefits, as it can now be observed that some occupants of low cost flats are not from the said target group. How do you foresee all these Budget 2014 allocations affecting the secondary property market? JT: The budget allocations will not have a very big impact. The banks, though, may start becoming stricter on their loan policies. These allocations may have a domino effect on loans, and that is what may or may not have an effect on the secondary property market. SS: I don’t think it will have a very big impact because there is not a lot of speculation in the secondary market. This is because there is no easy entry. You have to pay your

10%-20% down payment, your legal fees and stamp duty â&#x20AC;&#x201C; there is no one to pick it up for you. I think the speculation is limited, but because of all these measures the same kneejerk reaction will apply. Ultimately, itâ&#x20AC;&#x2122;s a trickle effect from the primary market. PS: The secondary market may be affected only about three years down the line, when more houses are completed at prices that are lower than the market value of similar properties.

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The recorded transaction prices of selected schemes within Selayang as of August 2013 are listed below:-

SCHEMES

TYPES

2-storey terraced house

LAND AREAS (SQ FT)

1,300

BANDAR BARU SELAYANG

2-storey terraced house

TAMAN SELAYANG BARU

TAMAN SELAYANG JAYA

TAMAN SELAYANG MULIA

TAMAN SELAYANG UTAMA

2-storey terraced house

Source: Oregeon Property Consultancy Research Team

1,378

1,540

1,539

1,119

1,400

YEAR

MIN

MAX

2010

275,000

337,000

2011

220,000

345,000

2012

240,000

550,000

2013

590,000

2010

240,000

410,000

2011

280,000

362,000

2012

385,000

460,000

2013

480,000

2010

250,000

450,000

2011

240,000

450,000

2012

260,000

580,000

2013

550,000

570,000

2010

425,000

560,000

2011

410,000

548,000

2012

600,000

730,000

2013

691,500

800,000

2010

247,000

2011

280,000

2012

280,000

345,000

2010

285,000

355,000

2011

300,000

430,000

2012

350,000

601,888

SCHEMES

TYPES

162 RESIDENCY

Condominiums / Apartments

CASA MILA

KIPARK SELAYANG

MAGNA VILLE

SELAYANG POINT

TAMAN JASA PERWIRA (LAKEVIEW APT)

Condominiums / Apartments

Source: Oregeon Property Consultancy Research Team

BUILT-UP AREA (SQ FT)

810 - 1,175

753 - 1,292

948 - 1,141

915 - 1,259

1,010 - 1,141

867 - 893

YEAR

MIN (PER SQ FT)

MAX (PER SQ FT)

2011

215

230

2012

204

341

2013

221

255

2010

120

210

2011

134

206

2012

132

226

2013

201

238

2010

186

221

2011

169

261

2012

233

285

2010

178

240

2011

174

256

2012

199

267

2013

207

265

2010

220

270

2011

208

287

2012

248

326

2013

294

347

2010

134

147

2011

126

167

2012

159

202

2013

167

202

PROJECTS

DEVELOPERS

TYPES

Tiara Residences

Engtex Emerald Sdn Bhd

46 Signature Pool Villas

Emerald Avenue

Engtex Emerald Sdn Bhd

188 units of SoHo suites, 122 units of hotel suites and more than 100 units of retail shops

rÂ&#x17D;s280

Joint Project by Salcon Bhd and Mepro Holdings Bhd

12-storey commercial development comprises 12 units of 2-storey shop-office and 280 units of SoHo

Selayang Star City

Sierra Delima Development Sdn Bhd

Retail and 4 blocks of 9 - 34 storey serviced apartments

Selayang Springs

Barisan Tenaga Perancang (subsidiary of Masa Group of Companies)

4 blocks condominiums 17, 18, 20 storey (1,160 units)

Selayang Heights

Syabas Pemaju

17 units 2 to 3-storey shop-offices and 352 units medium cost apartments

V-Residensi @ Selayang Heights

Multi-Bina Construction Sdn Bhd (MCT)

482 units of apartments

Selayang 18 & Edge 18

f3Capital

360 units of condominiums & commercial spaces

Bukit Botak

PKNS

1,422 units of 1-storey semi-detached houses

Taman Jasa Perwira

Tasik Primula Sdn Bhd

4 blocks of 17 & 18 storey medium low cost apartments (1,400 units)

Source: Oregeon Property Consultancy Research Team

Oregeon Property Consultancy Sdn Bhd

CONTRIBUTOR |

HBA

HOUSING LOAN: REALITY CHECK (PART 2) Part 2 of this article features the answers to questions frequently asked by homeowners when they consider taking a housing loan. Owning a home is a standard aspiration among many individuals, particularly those belonging to the current generation. However, buying a home is a huge commitment and as such one wrong step could lead to the potential homeowner becoming trapped in a financial nightmare or enslaved to an unforgiving debt. The following are some frequently asked questions in relation to this situation and their answers.

Ratings

Property Price as Multiple of Annual Household Income

Some numbers will help put this in perspective. The average monthly household incomes in Kuala Lumpur and Selangor in 2012 from data obtained from the Department of Statistics were RM8,586 (RM103,032 annualised) and RM7,023 (RM84,276 annualised) respectively. 2. When was the last time you saw a new property in KL and Selangor launched at the above prices?

Annual Household Income

Property Price

Kuala Lumpur

Selangor

Kuala Lumpur

Selangor

Affordable

3.0 & Under

RM103,032

RM84,276

RM309,096

RM252,828

Moderately Unaffordable

3.1 to 4.0

RM103,032

RM84,276

RM412,128

RM337,104

1. Is there an increasing number of young people in their late 20s and early 30s who are still living with their parents because they cannot afford to buy a home? Yes. We only need to compare the average salaries of these young people against the average property prices in suburban areas such as Puchong or even Kepong.

Average Property Prices

Based on our own search of property prices and comparing them against the average annual household income, the findings are as follows: As you can see, the outlook is indeed very bleak for those of our younger generation who wish to buy their dream homes.

Property Price as Multiple of Average Annual KL Household Income (times) (Price/income)

Property Price as Multiple of Average Annual Selangor Household Income (times) (Price/income)

Landed property in Kajang (new launch)

RM558,000

5.41

6.62

Landed property in Kota Damansara

RM830,000

8.06

9.85

Landed property in Puchong

RM662,000

6.43

7.86

Condominium in Kepong

RM475,000

4.61

5.63

Condominium in Kota Damansara

RM536,000

5.20

6.36

Condominium in Puchong

RM480,000

4.65

5.69

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3. Can people afford to buy a home now once they get married (as they will have a bigger household income)? Yes, by combining the income of both partners they will be able to secure a higher housing loan and consequently a higherpriced property. 4. What is the average price of a condominium in Klang Valley? From our own research, the average price of condominiums these days is about RM500,000 depending on location and facilities. 5. What is the average price for condominiums when comparing suburban places to the city centre, or even in specific areas like Putrajaya/Cyberjaya and Rawang/Kajang? Even in Putrajaya/Cyberjaya, the average price of condominiums already range from RM400,000 to above RM500,000 depending on the size of said condominium. There are not too many condominiums available in Kajang and Rawang as it is still not very popular due to its location and lack of accessibility. 6. What about the average price of a landed property in those areas? For Kajang, newly launched landed properties have already exceeded RM500,000. As for Putrajaya/Cyberjaya, the asking prices for existing landed properties are at RM600,000 and above. 7. What is the average age of a person upon buying his or her first home now, compared to approximately 30 years ago?

We do not have that data, but what we do know is that property prices were pretty much stable until 2004/2005 when the government â&#x20AC;&#x2DC;reduced the real property gains tax (RPGT) rateâ&#x20AC;&#x2122;. Since 2006 until now, property prices have escalated at a very high rate and risen above the capabilities of our current younger generation. This could result in a homeless generation with far-reaching social consequences. The HBA has since been calling for government intervention and hopes that the government will take serious and concrete moves to address this issue. 8. When you give the average prices of condominiums/landed properties, could you also include details like how big the condominium/house is for a particular price? The average price per sq ft (psf) for a so-called bread and butter property, i.e. normal intermediate terrace houses and condominiums for suburban areas such as Puchong, Kota Damansara, and Kepong ranges from between RM400 per sq ft to RM550 per sq ft and above, depending on the location. Most families with two spouses and two children will need a 3-room unit with a built-up size of about 1,000 sq ft for comfortable living. Such units would cost RM400,000 to RM550,000 and above. Using properties priced at RM400,000 as a baseline, one will get the following calculations: The average monthly household incomes in Kuala Lumpur and Selangor in 2012 were RM8,586 and RM7,023 respectively. Based on these figures, the average salary of a person working in KL can barely afford to buy this property.

Property Price as Multiple of Annual Household Income

Annual Household Income Required

Monthly Household Income Required

Affordable

3.0 & Under

RM133,333

RM11,111

Moderately Unaffordable

3.1 to 4.0

RM100,000

RM8,333

Rating

NATIONAL HOUSE BUYERS ASSOCIATION [HBA] No. 31, Level 3, Jalan Barat, Off Jalan Imbi, 55100, Kuala Lumpur Tel: 603-2142 2225 | 012-334 5676 | Fax: 603-2260 1803 Email: info@hba.org.my | Web Site: www.hba.org.my

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CONTRIBUTOR |

AceScube

H O T N

OPTIMISING YOUR PROPERTY INVESTMENT RETURNS Property investing can be more complicated than investing in the stock market. There are many potential risks that need to be carefully weighed against rewards. Expert professionalâ&#x20AC;&#x2122;s advice can ensure great returns on your money because they use proven strategies to mitigate a myriad of risks. INVESTING 101 Many strategies are used in order to successfully invest in properties. If you do not possess the necessary skills or lack the time, it is wise to invest with professional property and financial experts. The best secret in ensuring effective risk mitigation that helps optimize returns is following the fundamental principles of investing in properties. There are many underlying strategies that will be difficult to implement for individuals without adequate skills or even time to actively invest in properties.

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When you work with professional property experts, you expect not only great returns on your money, but you will also enjoy a great peace of mind. They will strictly follow the fundamental principles of investing in properties as that is the secret to optimize returns especially under the current economic conditions. Returns on money invested in properties are optimised only if sound financial planning strategies are implemented.

Refurbishing properties cost effectively to add value also helps minimize risks, while optimising returns both from income and capital growth. Properties are invested in for the medium to the long-term, which ensures capital growth. That, however, should not involve high holding costs. GAINING LEVERAGE In real estate investing, leveraging is the power to control property with a small amount of money. Leverage means to use other people`s money (OPM) in an effort to increase the rewards for investing. A lot of people know that the wealth accelerating effects of leverage can substantially decrease the amount of time it takes to obtain financial freedom and early retirement. However, they worry about risks. They correctly point out that leverage or financing is a double edged sword. Just as leveraging positive gains and growth can accelerate your wealth, leveraged losses and declines can be detrimental. Those leveraged losses, in the form of interest and penalties compounded over time, can take a relatively small negative balance and make it substantial. What if the investor can take full advantage of the upside of leverage while limiting the downside? MANAGING RISKS No matter how much money you have tied up in a deal, you want to make sure you have some cash in reserve for unforeseen costs, or for a lull in the market. High leveraged investing in real estate is especially powerful when inflation is in full swing. Investors have numbers going for them because property values rise faster than the interest charges on their borrowed money. With high inflation rates there are always high interest rates. In this scenario, investor returns reduce by paying more interest and most of our property financing package ties with floating rate, referring to Base Lending Rate (BLR).

In fact, inflation hurts the bank that lends the Line of Credit (LOC) because the repayment received from the investor gradually loses the monetary power it previously held. Optimised returns in leveraging real estate are repaid with accurate monthly principal and interest amount. By following fundamental principles of banking, investors could repay their mortgage faster and reduce risk of paying higher interests when rates goes up. Assume that monthly repayment for a RM500,000 loan, with current 4.2% effective rate to repay within 30 years, is RM2,445. The repayment amount when the rate goes up by 0.5% is RM2,593 adding an extra cost of RM148.20 per month. If you have adjusted the monthly repayment amount from 30 years to 15 years of loan tenure before the 0.5% increase, the extra cost of RM148.20 will eventually reduce by 50% or more. Accurate monthly repayment amount is giving targeted saving for both interest and tenure, whilst it’s optimized leveraging returns for the impact of interest rate fluctuation. Accurate repayment amount is always adjusted in financially comfort level which doesn’t burden the investor. This is important because we are mostly under financial stress due to high living costs. Sadly, paying according to a loan contract means paying a high interest, long-term financial burden and higher risk to the BLR fluctuation. Slash all by half, and it will be perfect for every real estate investor. CONCLUSION Now, consider a property’s net worth if the down payment used was in 1998. What if you restructured the mortgage with accurate payments on a regular declining balance amortization for a 30-year loan? One thing for sure is that after 15 years, there would be no mortgage left at all. The underlying asset – the real estate investment – would have escalated in value.

This article is contributed by AceScube, which provides training in loan calculation, banking and finance knowledge and other business and communications know-how for entrepreneurs. For more info on AceScube’s BLR Management Service and Customer Appreciation Program log on to: www.acescube.com.my or contact them at (603) 9054 4033 or email them at info@acescube.com.my.

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CONTRIBUTOR |

Chan Ai Cheng

GETTING CLARITY IN SOHO, SOFO AND SOVO It may be a growing trend, but what is the difference between owning SoHo, SoVo and SoFo properties? - BY CHAN AI CHENG In recent times, many have been somewhat confused over the different abbreviations in the description of the type of properties being offered for sale. A good example would be SOHO, SOFO and SOVO. SOHO stands for Small Office Home Office, SOFO stands for Small Office Flexible Office and SOVO stands for Small Office Versatile Office. There is also the commonly used Flexi Suites, Designer Suites which pretty much have similar description to that of SOFO and SOVO. This small office concept has been well received by buyers in recent times due to its suitability for small businesses seeking a small base of operations. They are also attractive for entrepreneurs who prefer to work from the convenience of their own

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homes, especially those in businesses such as IT, design and the like. Such developments normally have telecommunications and infrastructural facilities that allow small businesses to function in ways comparable to those of larger organisations. They tend to be located within commercial centres with excellent accessibility, thus making it easier for businesses to be reached by their clients. RESIDENTIAL OR COMMERCIAL? The designs of properties such as SOHOs, SOFOs, or SOVOs are such that they are intended to be for fully-commercial or partcommercial, part-residential use. Property

buyers should consider their use of such properties, whether it is for residential purposes, for business purposes, or as an investment. For buyers who seek to use the property for their own stay, they should take into consideration that these developments have commercial titles. This means that charges such as assessment and utilities will be at commercial rates which are slightly higher than that of residential titled properties. However, if the property is designed with residential features such as bathrooms and bedrooms, then it is usually intended to be for part-residential use. Such developments are deemed as SOHOs, as the name Small Office Home Office suggests. For those who seek to use the property for business, the location, infrastructure and price make it attractive for small businesses to operate in. HOUSING PROTECTION It is important for property buyers to note that SOHOs are properties with commercial titles, but are also afforded legal protection from the Housing Development (Control and Licensing) (Amendment) Act 2007 (HDA). The Housing Development (Control and Licensing) Act 1966 Section 3A basically states that the minister may “from time to time, by order published in the Gazette, prescribe any type of accommodation to be a housing accommodation. In the event of any doubt as to whether a housing accommodation falls within the meaning of this Act, the Minister’s decision shall be final and shall not be questioned in any court”. In addition to this, according to Section 3 of the Act ‘housing accommodation,’ “includes

any building, tenement or messuage which is wholly or principally constructed, adapted or intended for human habitation, or partly for human habitation and partly for business premises and such other type of accommodation as may be prescribed by the Minister from time to time to be a housing accommodation pursuant to section 3A.” The Act also makes it clear that a “housing development” envelopes the collection of money, the construction and erection of more than four units of housing accommodation over or under any land. To be clear on the type of property being purchased and whether it is afforded legal protection from the Housing Development Act, buyers should check on the development’s property title type, the allowable purpose of the property, and whether it falls within the purview of the Housing Development Act. SOHO projects will execute the standard schedules of the HDA. SOFOs and SOVOs, and the likes of Flexi Suites and Designer Suites, all fall under office/commercial properties and their usage is deemed to be for office/ commercial use. In line with making the office cosier with the comfort of a home feel, most SOFOs and SOVOs have fully-fitted bathrooms, likened to that of residential properties, and are even equipped with a pantry. These properties do not fall under the scheduled agreement as in the HDA (although most agreements are pretty similar), and therefore buyers do not have the same protection under the Act. It is wise to research the track record of the developer and to read the agreements.

CHAN AI CHENG • • • • •

General Manager, S. K. Brothers Realty (M) Sdn Bhd Registered Estate Agent with the Board of Valuers, Appraisers and Estate Agents Malaysia Certified Residential Specialist, NAR USA Certified International Property Specialist, NAR USA Registered Financial Consultant, IARFC

* For feedback on this article or any other comments, please email aicheng@skbrothers.com.

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LATEST DEVELOPMENTS | KLANG VALLEY CONDOMINIUM

N C2 87 9

Project Name: Metia Residence Location: Section 13 Shah Alam, Selangor Property Type: Serviced Residence Land Title: Commercial Tenure: Leasehold Land Area: 3.73 acres Built Up: 809 sq ft - 1,365 sq ft Listing Price: From RM388,200 Total Units/Lots: 306 Developer: Prop Park Sdn Bhd (70874-H) Phone: (6016) 212 2202 Fax: (603) 618 84487 Website: www.huayang.com.my

96 2

Project Name: Verdi eco-dominiums Location: Symphony Hills, Cyberjaya, Selangor Property Type: Condominium Land Title: Residential Tenure: Freehold Land Area: 9.156 acres Built Up :700 - 1,442 sq ft Listing Price: From RM451,800 - RM1,045,800 Expected Date of Completion: Dec 2016 Developer: Symphony Hills Sdn Bhd (347800-M) Phone: 1 300 888 555 (Sales Hotline) Fax: (603) 8318 3442

N C2 94 2

Project Name: MKH Boulevard Location: Kajang, Selangor Property Type: Serviced Apartment & Boutique Shop Offices Land Title: Commercial Tenure: Leasehold Land Area: 3.39 acres Built Up: 575 sq ft, 840 sq ft, 870 sq ft, 1,094 sq ft Listing Price: From RM280,000 Expected Date of Completion: Nov 2016 Developer: Serba Sentosa Sdn Bhd (190102-U) Phone: (603) 8737 2323 / (603) 8737 8228 Fax: (603) 8736 9115 Website: www.mkhberhad.com

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Project Name: Sentrio Suites Location: Desa Pandan, Kuala Lumpur Property Type: Serviced Residence Land Title: Commercial Tenure: Leasehold Land Area: 1.55 acres Built Up: 570 sq ft - 1,230 sq ft Listing Price: From RM428,400 Total Units/Lots: 327 Developer: Prop Park Sdn Bhd (70874-H) Phone: (603) 9282 8889 Fax: (603) 9282 8811 Website: www.huayang.com.my

N C2 95 7

04 2

LATEST DEVELOPMENTS | KLANG VALLEY RESIDENTIAL Project Name: Enclave 30 Location: Kota Warisan, Sepang, Selangor Property Type: Semi-detached House Land Title: Residential Tenure: Leasehold Built Up: 2,649 - 3,173 sq ft Listing Price: From RM759,105 - RM1,032,316 Expected Date of Completion: August 2016 Developer: Kamso Sdn Bhd (252356-V) Phone: (603) 7727 8787 Fax: (603) 7727 9000 Website: www.kamso.com.my

Project Name: Tropicana Cheras Link Villas Location: Cheras, Selangor Property Type: 3-storey Super Link Tenure: Freehold Land Title: Residential Built Up: 3,346 - 4,009 sq ft Total Units: 85 Listing Price: RM966,000 - 1,630,000 Bumi Discount: 7% Expected Date of Completion: Mid 2015 Developer: Dijaya Property Sdn Bhd (331933-D) (A subsidiary of Tropicana Corporation Berhad)

N C2 47 6

C2 84 5

Phone: (603) 7710 1018 Fax: (603) 7725 3035 Website: www.tropicanacorp.com.my

74 |

Project Name: Embun Residence (4 Stories Walk Up) Location: Kajang, Selangor Property Type: Townhouse Land Title: Residential Tenure: Freehold Built Up: 1,155 - 1,505 sq ft Listing Price: From RM225,705 - RM307,150 Expected Date of Completion: Dec 2015 Developer: TPPT Sdn Bhd (208360-D) Phone: (603) 2274 2277 Fax: (603) 2273 5185 Website: www.tppt.com.my

Project Name: Garden Villas Location: Kajang 2, Kajang, Selangor Property Type: Semi-detached House Land Title: Residential Tenure: Freehold Land Area: 40 ft x 80 ft Built Up: 3,403 sq ft sq ft Listing Price: RM1,220,000 Expected Date of Completion: July 2014 Developer: Srijang Kemajuan Sdn Bhd (55396-D) Phone: (603) 8733 0888 / (603)-8737 2323 / 8228 Fax: (603) 8736 9115 Website: www.mkhberhad.com

C2 0

N C2 95 4

68 8

C2 74 7

LATEST DEVELOPMENTS | KLANG VALLEY COMMERCIAL

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Project Name: Trivo Suria Jelutong Location: Bukit Jelutong, Shah Alam, Selangor Property Type: 2-Storey Shop Office Land Title: Commercial Tenure: Freehold Land Area: 3.5 acres Built Up: 2,680 - 4,198 sq ft Listing Price: From RM1,740,000 - RM3,380,000 Expected Date of Completion: Mid 2015 Developer: Cangkat Nusantara Sdn Bhd (844903-W) Phone: (603) 6142 2727 Fax: (603) 6142 2227 Website: www.sunsuria.com

Project Name: Wangsa 118 @ Wangsa Maju, KL Location: Wangsa Maju, Kuala Lumpur Property Type: Office and Retail Space Land Title: Commercial Tenure: Leasehold Land Area: 1.9 acres Built Up: 665 - 4,257 sq ft Listing Price: From RM563,679 - RM4,713,115 Price per sq ft: RM763 - RM3,155 Total Units/Lots: 223 Developer: Seri Meraga Properties Sdn Bhd (449631-P) Phone: (603) 4149 4118 / 4188 Website: www.wangsa118.com

Project Name: SP Retail Centre @ Bandar Seri Putra Location: Bandar Seri Putra Property Type: 4 Storey Shop Office with lift (last 3 units) Land Title: Commercial Tenure: Freehold Built Up: 13,067 & 14,392 sq ft Land Area: 3,304 & 3,681 sq ft Price: From From RM3,394,000 to RM3,797,000 Developer: Bangi Heights Development Sdn Bhd Phone: (603) 8927 1611 Fax: (603) 8920 0333 Website: www.umland.com.my

Project Name: Cyberview Tower 12 & 12A Location: Cyberjaya, Selangor Property Type: Office Land Title: Commercial Tenure: Freehold Land Area: 153,846 sq ft & 197,989 sq ft Listing Price: From RM92,000,000 Status: Completed With CF Developer: Cyberview Sdn Bhd (405553-T) Phone: (603) 8315 6132 / 6035

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LATEST DEVELOPMENTS | OUTSIDE KLANG VALLEY MIXTURE

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Project Name: Uplands@Bandar Baru Tambun, Ph.18H (2 Storey) Location: Tambun, Ipoh, Perak Property Type: 2 storey Link Bungalow with basement Land Title: Residential Tenure: Leasehold Land Area: 5,100 sq ft Built Up: 4,542 sq ft Listing Price: From RM1,268,000 - RM1,623,900 Expected Date of Completion: February 2014 Developer: Total Investment Sdn Bhd (259443-M) Phone: (605) 253 6555 Fax: (605) 242 5155 Website: www.uplands.com.my

Project Name: Lakeside Mansions Location: Sunway City, Ipoh, Perak Property Type: Bungalow House Land Title: Residential Tenure: Leasehold Land Area: 9,512 sq ft - 13,486 sq ft Listing Price: From RM3,117,000 - RM4,782,000 Expected Date of Completion: March 2014 Developer: Sunway City (Ipoh) Sdn Bhd Phone: (1800) 881 998 Fax: (605) 548 6868 Website: www.sunwayproperty.com

Project Name: City Park - Shops Location: Klebang, Ipoh, Perak Property Type: Shop Land Title: Commercial Tenure: Freehold Land Area: 20' x 70' Built Up: 2,800 sq ft - 6,300 sq ft Listing Price: From RM488,880 - RM1,040,560 Expected Date of Completion: February 2016 Developer: Lunar Properties Sdn Bhd (874879-M) Phone: (605) 242 1288 Fax: (605) 242 1286 Website: www.lunarproperties.com.my

Project Name: International Technology & Commercial Centre Location: Penampang, Kota Kinabalu, Sabah Property Type: Retail Space Land Title: Commercial Tenure: Leasehold Land Area: 10.475 acres Expected Date of Completion: June 2015 Developer: Sabanilam Enterprise Sdn Bhd Phone: (6088) 762 688 Fax: (6088) 769 688 Website: www.itcc.com.my

Project Name: Lavender Height (Phase 2) Location: Senawang, Seremban, Negeri Sembilan Property Type: Double Storey Terrace and Semi D Land Title: Residential Tenure: Freehold Built Up: 1,301 - 9,609 sq ft Listing Price: From RM304,200 - RM1,007,000 Expected Date of Completion: Nov 2015 Developer: Blossom Eastland Sdn Bhd (835809-T) Phone: (606) 678 7822 Fax: (606) 677 9622 Website: www.setiaawan.com

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Project Name: Phase 1 Augusta Services Location: Hang Tuah Jaya, Melaka Property Type: 2-sty Terrace/Link House Land Title: Residential Tenure: Leasehold Land Area: 1,540 Built Up: 2,290 sq ft - 2,400 sq ft Listing Price: From RM343,000 - RM484,800 Price per sq ft: RM145 - RM201 Total Units/Lots: 221 Expected Date of Completion: June 2015 Developer: Country Villas Resort Sdn Bhd (792454-A) Phone: (606) 521 8888 Fax: (606) 521 8818 Website: countryvillasresort.com.my

Project Name: Casa Bintang Residence Location: Ipoh, Perak Property Type: Condominium Land Title: Residential Tenure: Freehold Land Area: 2.6 acres Built Up: 1,697 - 2,992 sq ft Listing Price: From RM815,000 Price per sq ft: RM480 Total Units/Lots: 51 Bumi Discount: 5% Completion Date: June 2015 (Expected) Developer: Golden State Properties Sdn Bhd (610001-T) Phone: (605) 249 2288

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OUTSIDE KLANG VALLEY MIX | LATEST DEVELOPMENTS

Project Name: Oriental Lily @ Yarra Hills Location: Tringkap, Cameron Highlands, Pahang Property Type: Semi-detached House Land Title: Residential Tenure: Leasehold (99 years - End 2110) Land Area: 260 ms (standard) Listing Price: From RM1,169,892 - RM1,888,065 Price per sq ft: RM487 - RM630 Total Units/Lots: 40 Expected Date of Completion: February 2015 Developer: Langit Saujana Sdn Bhd (714248-K) Phone: (605) 546 5333 / (6012) 368 0229 / (6012) 576 6168 Fax: (605) 545 9618 Website: www.langitsaujana.com.my

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FEATURED AGENCIES’ DIRECTORY

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CLASSIFIEDS SECTION PROPERTY BELOW RM500K RESIDENTIAL COMMERCIAL

Balakong, One Amerin, Serviced Residence, SALE, RM 400,000, 3+1r2b, LA851sqf, Calvin Leong, 6014-719 5139, UP2287423

Ampang, Sri Ampang Mas Condo, Condominium, SALE, RM 388,888, 4r2b, BU1060sqf, LA1060sqf, ah-kin, 0126858163, UP2494313

Cheras, Manda’rina Court, Condominium, SALE, RM 285,000, 3r2b, BU788sqf, Sarah Choong, 6016-666 8683, UP2476071

Cheras, Bayu Tasik 2, Condominium, SALE, RM 410,000, 3r2b, BU920sqf, Dan Low, 012-646 8861, UP2485715

Cyberjaya, Mutiara Ville Condo, Condominium, SALE, RM 250,000, Studior1b, BU500sqf, Kenny Law, 6016-668 1282, UP2521586

Cheras, Astana Lumayan, Condominium, SALE, RM 500,000, 4r2b, BU1207sqf, Dennis Wan, 6016-210 3411, UP2489764

Cheras, TAMAN CHERAS AWANA, 1-sty Terrace/Link House, SALE, RM 450,000, 3r2b, BU1600sqf, LA16X65sqf, Sarah Choong, 6016-666 8683, UP2282897

Cyberjaya, Mutiara Ville Condo, Condominium, SALE, RM 250,000, 3r2b, BU500sqf, Rayner Eng, 6013-373 7037, UP2511403

Cyberjaya, Mutiara Ville Condo, Condominium, SALE, RM 390,000, 3r2b, BU975sqf, Rayner Eng, 6013-373 7037, UP2511410

Cheras, Manda’rina Court, Apartment, SALE, RM 270,000, 3r2b, BU780sqf, Steve Chua, 6010-899 9978, UP2094631

Damansara Perdana, Direct Empire Damansara Soho 1 13-1, Condominium, SALE, RM 450,000, 1r2b, BU750sqf, See, 0123877111, UP2398880

Country Heights, country villa, Kajang, Townhouse Condo, SALE, RM 490,000, 3r2b, BU1453sqf, LA1400sqf, Elaine Ding, 6017-777 1395, UP735269

Damansara Perdana, Empire Damansara, Damansara Perdana,THE CURVE ,SELANGOR, Condominium, SALE, RM 430,000, Studior2b, BU755sqf, May Soo, 6016-687 7866, UP2480956

Country Heights, Country Villa, Townhouse Condo, SALE, RM 398,000, 3r2b, BU1432sqf, LA1432sqf, Elaine Ding, 6017-777 1395, UP843175

Klang, Dinasti Klang, Kampung Bukit Kuda, Apartment, SALE, RM 350,000, 3r2b, BU1400sqf, Maggie Yong, 0123987729, UP1013206

Klang, Office, SALE, RM 390,000, Edward Eng, 0122553710, UP2479486

Klang, Taman Sentosa Superlink Double Storrey, 1-sty Terrace/Link House, SALE, RM 322,000, 4r3b, BU1640sqf, LA20 x 64sqf, Austin, 0162125120, UP1795033

Klang, THE BOSS SERVICED SUITES, Serviced Residence, SALE, RM 316,000, 1r1b, BU388sqf, Kandy Ng, 0162233937, UP2485394

Mutiara Damansara, Palm Spring @ Damansara, Petaling Jaya, Condominium, SALE, RM 500,000, 3r2b, BU1259sqf, Kenn Loh, 6012-654 6599, UP2212927

Old Klang Road, The Scott SOHO, Condominium, SALE, RM 460,000, Studior2b, BU775sqf, Jowie Kwek, 6012889 3180, UP2397270

Old Klang Road, The Scott SOHO, scott garden, jalan Kelang lama, Soho, SALE, RM 463,000, 1r2b, BU775sqf, LA775sqf, Alicia Chan, 012-611 9096, UP2317237

Old Klang Road, The Scott SOHO, Soho, SALE, RM 440,000, Studior2b, BU775sqf, Jowie Kwek, 6012-889 3180, UP2358799

Other, ONE SOUTH STREET MALL, SERDANG, Office, SALE, RM 315,000, BU650sqf, Sarah Choong, 6016-666 8683, UP2365911

OUG, OUG Parklane, Old Klang Road, Condominium, SALE, RM 455,000, 3r2b, BU950sqf, Lo, 0127992205, UP2514692

Petaling Jaya, PACIFIC STAR @ Section 13, Section 13, Petaling Jaya, Selangor, Condominium, SALE, RM 479,000, 1r1b, BU617sqf, Cindy Loo, 6012-215 2870, UP2136625

Petaling Jaya , Jalan Gasing , PJ Oldtown ,Pj S222 , Pjs1 Old Klang Road, Office, SALE, RM 350,000, 2b, BU1800sqf, LA24x75sqf, Sylvia Wong, 6016-996 6936, UP1548919

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Bandar Kinrara, Koi Kinrara Suites, PUCHONG, Condominium, SALE, RM 488,000, 3r2b, BU1221sqf, LA1221sqf, Sarah Choong, 6016666 8683, UP2370655

iPROPERTY.COM

Desa Petaling, Vantage Point, Apartment, SALE, RM 350,000, 3r2b, BU816sqf, Lo, 0127992205, UP2514319

Damansara Perdana, Empire Damansara, Condominium, SALE, RM 299,000, Studior1b, BU345sqf, Louis Choah, 6012-390 3022, UP2523434

Kepong, Kepong Entrepreneus Park, Apartment, SALE, RM 260,000, 3r2b, BU1350sqf, Grace Chooi, 6010-900 3980, UP2504149

Kota Kemuning, Pangsapuri Kemuning Aman, Apartment, SALE, RM 270,000, 3r2b, BU736sqf, Ethan Tan, 6016-985 0113, UP2274549

Sentul, Sri Suajaya Condominiums, Condominium, SALE, RM 330,000, 3r2b, LA973sqf, Calvin Leong, 6014719 5139, UP2447699

Rawang, desa 13, bandar country homes, rawang, Residential Land, SALE, RM 360,000, 4r3b, BU1765sqf, LA20x65sqf, Cissy Tan, 6012688 5700, UP2490605