TM
Loan Rejections On The Rise Who Shall We Blame?
COVER STORY
Merging Design and Purpose
HOT TOPIC
PROPERTY INVESTMENT:
CURRENT PERCEPTION & EXPECTATIONS ISSUE
70 RM9.50 (Incl. GST)
Over 150 Pages Of Motivations And Guides Enoch Khoo Takes Another Big Leap In The Real Estate Industry Knight Frank Malaysia’s First Half 2015 Property Market Report Highlights & Outlook
20.40% Terrace Houses
18.00% Condominium
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TM
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Sabah
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CONTENT ISSUE 70
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Cover Story Merging Design And Purpose: Who Says Industrial Buildings Have To Look Boring?
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Special Investing In Blue Chip Location
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Hot Topic Current Perception And Expectations
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East Malaysia Property News
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Hot Topic Knight Frank
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Contributor: Miichael Yeoh Loan Rejections On The Rise. Who Shall We Blame?
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Feature Property Event PacifiCity
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Feature Property Event SkyWorld
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Feature Property Event Enoch Khoo Book Launch
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Feature Property Event Shareda Nite 2015
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Feature Property Event Victory For Victoria Suburbs
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Feature Property Event Bandar Seri Coalfields
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West Malaysia Property News
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International Property News
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Coffee Talks • Buying a new home? Ask WHY, not just WHERE • Residential Property Transactions Sees A Slight Drop Nationwide In First Quarter Of 2015 • Property Investment? Buying And Renting Is A Good LongTerm Strategy • 1,016,000 Applicants For PR1MA?
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Sabah Property Listing
06
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COVER STORY | Delta Riverside
Merging Design and Purpose Who says industrial buildings have to look boring?
T
he strong development impulses generated by economic growth has stimulated the incursion of real estate investment, and therefore, a great demand for Light Industrial Parks. Typically, the buildings are just square, metal boxes that line up every suburban area. Yet, Delta Evershine Sdn. Bhd.’s upcoming project - the Delta Riverside Light Industrial Park - demonstrates that by putting equal emphasis in the design as in its function, Industrial Parks can also be beautiful structures that complement its surroundings.
Close Up Aerial Night View
The stunning new industrial area will be at Kuala Neutron, at Jalan Tuaran bypass, stretching across 18.69 acres of land. This new park is proposed to have 48 units of 2-storey showrooms, office and production. The unit will consist of double storey detached, double storey semi-detached and double storey terraces. The office units will have two floors – office space on the 1st floor, and a showroom on the ground floor. Besides its modern design, the state-of-the-art industrial park will have adequate lighting to illuminate the whole area and with guarded perimeter fencing, it will be the first 24-hour security industrial park in Kota Kinabalu. Terrace Street View
Detached
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Semi Detached
Detached Night View
In order to reduce carbon footprint and operational costs, clean, articulate features have been incorporated throughout the whole design. Reducing the need for mechanical counterparts, skylights and recessed vents will be strategically placed to enhance the working environment and to boost comfort.
Semi Detached Night View
The Delta Riverside Light Industrial Park will only be 5 and 7 kilometres radius away from 2 ports: KK Port – which only handles non-containerized cargo – and the Integrated Container Port at Sepanggar Bay which benefits industries, facilities import and export, and encourages shipment of products. Its location will neither be shy of various types of amenities ranging from residential, commercial, shopping conveniences, recreational, industrial and educational institutions with other notable landmarks nearby, such as the 1Borneo Shopping Mall, Likas Hospital, University Malaysia Sabah and Sabah Golf & Country Club to name a few. www.PropertyHunter.com.my
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COVER STORY | Delta Riverside
INFORMATION & SPECIFICATIONS Launch Date : 1st September 2015 Scheduled Finish Date : 31st August 2018 Listing Price : • • • Detached & Terrace Street View
Double Storey Detached, Size 7,534 Sq. Ft (RM5,959,000 to RM6,4460,000) Double Storey Semi Detached, Size 7,068 Sq. Ft. to 7,534 Sq. ft. and 8,240 Sq. Ft. (RM4,445,000 to RM5,480,000) Double Storey Terrace, Size 4,185 Sq. Ft. to 4,330 Sq. Ft. (RM2,542,000 to RM2,987,000)
“
the first 24-hour security industrial park in Kota Kinabalu
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Booking Fee : RM10,000 Price per SQFT : (RM 607 PSF – RM 855 PSF) Built-Up in SQFT : (4,185 Sqft – 8,240 Sqft) Land Area in SQFT : • • •
Double Storey Detached from 18,078 Sq. Ft. to 24,056 Sq. Ft. Double Storey Semi-Detached from 12,432 Sq. Ft. to 17,911 Sq. Ft. Double Storey Terrace from 5,425 Sq. Ft. to 9,802 Sq. Ft.
Wide span Production/Factory space Approx. Area: Area (sq.m) Type A
Type A1
Type B
Type B1
Type B2
Type C
244.80
258.30
420.00
326.70
435.6
420.00
ABOUT THE DEVELOPER
T
he story of Delta Berhad and its subsidiaries (collectively known as “DELTA” or “DELTA GROUP”) began back when it was first established in East Malaysia in 1949. The Group’s expertise and experience include some of the biggest industries in the country, namely in timber logging, palm oil, property development, shopping mall development, supermarkets, food & beverages and various types of investments. Today, its operations span across the Asia-pacific and the rest of the world, with wholly owned branches and subsidiaries in Malaysia, Hong Kong, China, Indonesia, Singapore, the United Kingdom and North America. Delta Evershine Sdn Bhd, a subsidiary of the Group involved in property development is now based in Sabah. Following the property development progression in the state, the Company’s prime activities include real estate, property development and marketing of residential and commercial properties.
For more information on Delta Riverside Light Industrial Park
+60 88 726 311 www.deltagroup.com.my
Terrace Street View
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SPECIAL
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Enoch Khoo Enoch Khoo is currently the vice president of Property Hub Sdn Bhd, an award winning MIEA Real Estate Agency based in Kuala Lumpur. He leads a team of more than 100 negotiators and has successfully brought in RM150 million worth of investments from East Malaysia to property developments in Peninsula Malaysia. He speaks at selective events in Malaysia, Singapore and Vietnam. He can be contacted at enoch.khoo@ propertyhub.com.my or facebook: Enoch Khoo Hartanah
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HOT TOPIC | Current Perception And Expectations
PROPERTY INVESTMENT:
CURRENT PERCEPTION AND EXPECTATIONS
T
he Property Hunter Sibu
property investment opportunities
among local investors to diversify
The survey was carried out with
Expo from 14 – 15 August
in East Malaysia by bringing
their property portfolios for long-
600 respondents averaging 100
was the closing event
together the industry’s major
term capital appreciation.
respondents from each expo
for the Property Hunter
players under one roof to promote
city. Key questions focused on
Series 2015 which was launched
new and upcoming projects for
A visitor survey was conducted
their personal, professional and
in Kota Kinabalu in March before
investors to explore.
during all the expos to get a better
financial profile, interest in local and
understanding of current public
international property investment,
Exhibitors from Peninsular Malaysia
opinion and interest in property
opinions on the current property
and overseas keen to tap into
investment in East Malaysia, and
market scenario, confidence level,
The expo series has been a
local investor interest were a
where this trend is heading in the
preference and affordability.
mainstay in Property Hunter’s
well-received addition at the expos
future.
agenda to increase awareness of
hinting at a growing confidence
proceeding to Kuching, Miri, Sandakan, Tawau and finally Sibu.
HIGHLIGHTS OF THE VISITOR SURVEY AGE GROUP
MONTHLY INCOME
45.90% 28.10%
22.30% 36.70% 23.24% 21-29 years old
30-39 years old
40-49 years old
On average, 36.7% of visitors to the expos were in the 30 – 39 years old age group, 23.24% were aged 40 – 49 years old and 22.3% were 21 – 29 years old and 21.8% were 50 - 59 years old.
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5,000
average RM
10,000
up to RM
On average, about 45.9% of total visitors surveyed were earning RM5,000 a month and 28.1% earning up to RM10,000. Tawau had the highest percentage (37%) of visitors in the RM10,000 monthly income category.
FACTORS AFFECTING DECISION TO INVEST IN PROPERTY
28.00% 16.12% Location
Value for money
Overall, the main factors affecting property purchase were location (28%) and value for money (16.12%). For Miri buyers, security was a higher priority than value for money, with 22% of those surveyed placing it at number two after location.
Prospective buyers in Tawau singled out design and construction and property size after location as the main factors affecting their decision to purchase. Keeping with the general consensus with the main criteria of location and value for money, Sibu buyers were also attracted to facilities within the property and developer reputation in considering a property.
POTENTIAL RESIDENTIAL HOTSPOTS
25.90% Australia
18.70% Singapore
11.00% New Zealand
10.00% UK
INTEREST TO INVEST IN THE NEXT 6 MONTHS
45.32% Maybe
29.57% Yes
25.10%
INTEREST TO PURCHASE OVERSEAS PROPERTY The Top 3 countries of interest were Australia (25.9% average), Singapore (18.7% average), UK (10% average) and New Zealand (11% average). Australia was the top choice at all the expo cities except for Tawau which had the highest preference for Singapore (36%) as an overseas investment destination. Miri showed the highest preference for New Zealand (23.8%) and UK (14.3%) properties among all the expo cities.
26.80% 24.60% Kuala Lumpur
Sabah
Overall, Kuala Lumpur remains the top choice as residential property hotspot of the future with 26.8% of those surveyed opting for the capital city. Sabah was ranked a close second with 24.6% while the remaining highest percentages were shared among Sarawak, Penang, Johor and Iskandar. Melaka has gained some traction in East Malaysia with buyers in Kota Kinabalu (10%) and Kuching (3.59%) giving it a respectable vote of confidence as a future residential hotspot.
Given the current market sentiment, the majority of visitors surveyed were undecided about property investment with 45.32% saying they might consider purchasing a property in the next 6 months with the remaining 29.57% saying ‘yes’ and 25.1% saying ‘no’. This cautious attitude is clearly evident with 44.8% of total visitors surveyed disclosing that they were at the expo just to monitor the situation and the latest products on the market. Buying sentiments in Tawau, Sandakan, Kota Kinabalu and Sibu were however much more positive with visitors in Tawau (42%), Sandakan (33%), Kota Kinabalu (31.45%) and Sibu (31%) expressing a keen interest to purchase property and were at the expo to explore available options.
No
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HOT TOPIC | Property Development and the 11MP
MOST POPULAR TYPES OF PROPERTY
20.40% Terrace Houses
Overall, terrace houses (20.4%) and condominium units (18%) were the most popular choices at all the expo cities with the exception of Miri where buyers had the highest preference for semi-detached units.
18.00% Condominium
Interest in shoplots is still high in Tawau with 21% of those surveyed ranking it second after terrace houses (26%) with semidetached houses coming in third with 16%. With new supply expected to enter the market in the next two years, condominium units were the top choice of prospective buyers in Kota Kinabalu (25.17%), Sibu (23%) and Kuching (20.94%).
OPINION ON EFFECT OF GST ON PROPERTY MARKET 34.9%
BUYER INCENTIVES
10
Will Rise Again
6
33.80%
5
Will Drop
4
31.24%
1
Stay Stagnant
The property market was not spared the backlash from the implementation of the Goods & Service Tax (GST) in April this year although there are signs that confidence is returning to the market.
About 33.8% of visitors think that the property market will drop, 31.24% think it will remain stagnant and 34.9% are confident that the market will eventually rebound. This result is also reflected in the confidence level among
24% 47% 18%
prospective buyers. On the scale of 1 – 10, 47% of total visitors rating the property market at a 5, 24% at a 6, and 18% at a 4 on the satisfaction scale. Only Kuching, Kota Kinabalu and Miri had visitors rating a confidence level above 6.
Buyer incentives were introduced during the Sandakan, Tawau and Sibu expos which proved to be a big hit. Incentives that attracted the Sandakan crowd were fully furnished units, low booking fees and Guaranteed Rental Returns (GRR) on the property while Tawau visitors were attracted to discounts/rebates, fully furnished units and free loan and S&P processing fee. Sibu buyers were attracted to free loan and S&P processing fee, Guaranteed Rental Return (GRR) and fully furnished units.
Conclusion Other than the escalating property prices, a recent Knight Frank report, Malaysia Real Estate Highlights for 1H2015, had also highlighted some of the internal and external factors that are affecting the property market in Malaysia such as the current economic uncertainties with the ringgit at a 16 year low, China’s stock market downturn, Greek crisis, rising costs of living and the Malaysian political debacle. All these have had a collective contagion
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effect on sentiments and people are cautious. Results from the visitor survey has corroborated this with the reduced number of expo visitors compared to last year, and fewer transactions made during event days with potential buyers exercising more caution with their decision to purchase. This had prompted developers to become more competitive and creative with their
marketing campaigns to attract reluctant buyers, which will hopefully produce a more optimistic property market scenario to bring it back out of the doldrums. Construction of the long-awaited Pan Borneo highway which started in March this year will be a strong catalyst to shape the future of property development in East Malaysia in the next 10 years. If the highway development and
upgrading project stays on track, the fence sitters on whether to purchase property now or later will see a perceptible shift. Based on the overall visitor perception, the next 6 months will determine if confidence level in the property market and buying interest will increase as the country grapples to stabilize its housing policies, supply of desired property types and affordability.
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EAST MALAYSIA PROPERTY NEWS
EAST MALAYSIA PROPERTY NEWS
Keep track of the latest property and real estate news plus reviews in the property market in East Malaysia
Miri Ties Relationship With Taiwan In A ‘Friendship City’ MoU
A
memorandum of understanding (MoU) on ‘Friendship City’ has been signed between Miri City Council (MCC) and Hualien government of Taiwan. Miri Mayor Lawrence Lai said the MoU was signed on June 22 during an official visit by the council led by him to Hualien. “The MoU was signed to promote and enhance friendship and economic co-operation between the people of the two cities. “This understanding is also to enhance the education, cultural interaction and tourist promotion,” he told the media at a press
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conference after chairing the council’s full meeting yesterday. In addition, Lai hoped the MoU would enhance cooperation between both parties in various development aspects, particularly tourism. He revealed that officials from Hualien government were expected to visit the resort city and MCC in August this year. “We would like to thank the Minister of Local Government and Community Development Dato Sri Wong Soon Koh for giving us full support towards the implementation of this programme with Hualien government.”
Timbok Jaya Apartment Officially Launched – MyHome Scheme Offers RM30,000 To First Time Buyers
K
insanova’s affordable homes project Timbok Jaya Apartment has been officially launched on August 15, at Dewan Sulaman in Tuaran. The project of 1,200 units of apartment and 110 units of terraced houses was officiated by Datuk Haji Hajiji Haji Noor, Local Government and Housing Minister witnessed by Datuk Francis Goh, Kinsabina Group Chief Executive Officer, Datuk Muhamad Yusoff Bin Ghazali, Development of Housing (JPN) Chief Director and Mr. Gerald Goh, Operation Chief Officer of Kinsabina Group.
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3.
Miri City, Sarawak Datuk Seri Panglima Haji Hajiji Haji Noor officiating the project. Datuk Francis Goh giving an intro of Timbok Jaya Apartment to Datuk Haji Hajiji and Datuk Muhamad Yusoff Bin Ghazali
To apply for MyHomeScheme, the applicant must be a Malaysian citizen, aged 18 and above with gross house income of RM4,000 to RM6,000, and is a first time house buyer. More details about MyHomeScheme can be found on their website at http://myhome. kpkt.gov.my “At the moment, the government has approved RM300 million for the construction of 10,000 affordable housing units in Malaysia”, he said during his speech.
“Timbok Jaya Apartment is a housing scheme recognized by Federal Ministry of Urban Wellbeing, Housing and Local Government under SHAREDAMLGH Affordable Home Scheme which the selling price will not reach RM250,000”, said Datuk Goh who is also the president of Sabah Housing and Real Estate Association (SHAREDA).
Timbok Jaya Apartment will be undergone into 4 phases, with the first three phases focusing on the apartment construction, and the final phase will be the terraced houses. The construction will also include high quality facilities such as sport club house, nursery, gymnasium, swimming pool, BBQ pits, 1Malaysia mart and restaurants.
“The housing development is to fulfil Kinsabina’s Corporate Social Responsibility (CSR) pledge to build affordable homes for the lower income people,” he added.
Kinsanova Sdn Bhd which is a subsidiary company of Kinsabina Group of Companies has also presented a total of RM200, 000 fund to nine NGOs and public schools committee. The recipients were Badan-badan Kebajikan Daerah Tuaran, Chen Sin School Committee, Persatuan Hokkien Tamparuli, Sabah Wetlands Conservation Society, Rotary Club of Penampang Sabah, SJK(C) Kok Wah Committee, Lembaga Pengurusan SJK (C) Chung Hwa Tenghilan, Lembaga Pengurusan SJK(C) Chung Hwa, and RTDKK-Bog SJK(C) St Phillip (M) Tamparuli.
Around 9 in the morning, crowds started to gather inside the hall while several local banks set up their counter to provide loan application services for the interested buyers. 1. 2.
offers an incentive worth RM30,000 per unit to the qualified buyers.
MyHome Scheme, a government initiative through JPN to provide incentive for the first time home buyers was introduced to the public during the event. According to Datuk Muhamad Yusoff, MyHome scheme
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HOT TOPIC | Knight Frank
Knight Frank Malaysia’s First Half 2015 Property Market Report
Highlights & Outlook
K
OVERVIEW
night Frank Malaysia released its First Half 2015 Report entitled “Malaysia Real Estate Highlights for 1H 2015” on August 6 focusing on the market performances across various property mix including residential, office, retail and industry, and highlights the trends and outlook in the four key markets in the country including Kuala Lumpur, Klang Valley, Penang, Johor Bahru and Kota Kinabalu. “The Malaysian economy maintained its growth momentum by expanding 5.6% in the first quarter of 2015 - supported by private sector expenditure.” says Sarkunan Subramaniam, Managing Director of Knight Frank Malaysia. The report stated that the country has achieved its growth target of 6.0% in 2014 (2013: 4.7%) while the labour market conditions were weaker with unemployment
rates recorded at 3.1% in 1Q2015 (2014: 2.9%). According to Knight Frank Malaysia, Bank Negara Malaysia has kept the Overnight Policy Rate (OPR) unchanged at 3.25% at its recent Monetary Policy Committee (MPC) meeting in May in an effort to support economic growth and domestic consumption. “The real estate investment market is subdued to the current economic uncertainties with the ringgit at a 16 year low, China’s stock market downturn, Greek Crisis, rising costs of living and the Malaysian political debacle. All these have had a collective contagion effect on sentiments and people are cautious,” says Mr Subramaniam. “Effective demand for residential is squeezed by lack of bank financing whilst commercial investment is diluted by impending supply. However, the fundamentals are solid where demand for good quality residences for
“The Malaysian economy maintained its growth momentum by expanding 5.6% in the first quarter of 2015 - supported by private sector expenditure” -Sarkunan Subramaniam
PROJECTION OF CUMULATIVE SUPPLY FOR HIGH END CONDOMINIUMS
No of Units (’000)
50 40 30 20 10 0 2009
2010
2011
Bangsar / Damandara Heights Ampang Hilir / U - Thant
Figure 1
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2012
2013
1H2014
Mon’t Kiara / Sri Hartamas KL City
2H2014
1H2015(e) 2H2015(f)
Note: (e)= estimate (f)= forecast Source : Knight Frank Research
Sarkunan Subramaniam Managing Director of Knight Frank Malaysia
owner occupation and investment are strong, provided pricing is seen to be discounted to previous highs and the developers have a good reputation. Occupational demand for quality offices are also good with multinationals rationalizing their footprint and moving to better space albeit at competitive rents,� he added. For the residential market, demand for high-end condominiums is softening during this cautious market. Developers with niche high-end residential projects in Kuala Lumpur City review products, pricing and marketing strategies in a challenging market with lacklustre demand, caused by a general slowdown in the economy, tight lending guidelines, weaker job market amongst other reasons. ( Figure 1 ) The tenant-favoured office market continued to remain resilient amid high supply pipeline, according to the report when it comes to the office sector. Real estate investment opportunities are flourishing despite the challenging market with new benchmark prices in Kuala Lumpur office space. ( Figure 2 ) The report also identifies that the local retail industry is expected to grow at a slower pace throughout dampened consumer sentiment due to rising cost of living and a slowing economy. Despite the subdued market, the retail sector continues to witness the entry of new international brands as well as the expansion of existing brands and outlets, especially at prime shopping centres in Klang Valley.
KOTA KINABALU Market Indications
The first half of 2015 remained relatively static with no significant new development being released into the market, however, values across all sectors remain stable, according to the report. Transactional activity was largely limited to properties in the secondary market and balance units in under construction projects due to the tighter lending conditions and the newly implemented Goods and Services Tax (GST) which was introduced to the country in April 2015. Knight Frank believe that there is a new pent-up demand due to limited new supply, but suggest that the current stringent lending conditions need to improve before the market momentum returns. In view of the weakened Ringgit, it was reported that this has spurred an increase in foreign interest, particularly for luxury properties priced at
RM1, 000 p.s.f and above as well as prime land in the city area. In 2014, according to Jabatan Perumahan dan Pengurusan Hartanah, there was a total of 8,926 transactions in Sabah with a corresponding value of RM4.357 billion, less 2% than in 2013. 80.2% of total transfers were priced at RM1 Million and above, largely from the residential sub-sector with a total transacted value of about RM340 million or 7.8% Sabah welcomed 768,261 tourist arrivals from January to March 2015, lower when compared to the corresponding period in 2013 with 843,415 arrivals. On 27 April 2015, China opened its consulate office in Kota Kinabalu, which is the second in the country. By this, Knight Frank stated that there is an expectation that there will be an increase of tourist arrival from China. ( Figure 3 )
VISITOR ARRIVALS TO SABAH
Source : Sabah Tourism / Knight Frank Research
1,828
2005
2,091
2006
2,478
2007
2,300
2008
2,246
2009
2,504
2010 2011
2,844
2012
2,875 3,383
2013
3,231
2014 Tourist Arrivals (’000) Figure 3
OCCUPANCY AND RENTAL TRENDS 1H2010 - 1H2015
Source : Knight Frank Research
1H2010 2H2010 1H2011 2H2011 1H2012 2H2012 1H2013 2H2013
Public infrastructure upgrading progress
On 9 January 2015, the construction of two flyovers at Jalan Kolam traffic light intersection and Mile 5.5 in Jalan Tuaran were initiated and the completion is expected by July 2017. A total of RM 217.9 million was allocated and released by the Federal Government for the construction of the bridges.
1H2014 2H2014 1H2015 100 90 80 70 60 50 40 30 20 10 00 Occupancy (%)
.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 Rental (RM psf )
1,663 KM of road in Sabah (727 km) and Sarawak (936 km) that is expected to be completed by 2023. The first phase of construction began in March 2015, in Sarawak. In Sabah, the construction involves an upgrading of Jalan Donggongon to Jalan Papar (13 km), Jalan Petagas to Jalan Lok Kawi (6 km), Tawau Airport Junction to Semporna Town (15 km) and Jalan Segama Lahad Datu (5.6 km).
After 52 years since it was proposed, the construction of Pan Borneo Highway has finally begun. Costing an estimated RM 27 billion, the construction involves a total of
Figure 2
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HOT TOPIC | Knight Frank
Kota Kinabalu Convention City (KKCC)
One Jesselton Waterfront
On 16 March 2015, Gabungan AQRS Sdn Bhd has signed a joint venture agreement with Suria Capital for a proposed mixed development – One Jesselton Watefront which will be spanning over 7 acres at the old Jesselton port, and is situated along Jalan Tanjung Lipat, in the extended northern fringe of Kota Kinabalu Central Business District (KK CBD). The project will include residential units, retail lots, office tower, a shopping mall, Suria Corporate Offices, serviced suites and serviced apartments.
With an estimated GDV of RM1.4 billion, the second project of Mah Sing Group in Kota Kinabalu will be a waterfront integrated mixed development which spans over 8.4 acres along Jalan Tanjung Lipat at the northern fringe of KK CBD. The master plan consists of 3 5 star hotels, with the 5 star ones to be operated by Pullman Hotel, lifestyle retail shops and mall, office tower and serviced residences.
Gleaneagles Kota Kinabalu
Skycity
This mixed development is a joint-venture by Homesign Network Sdn Bhd and the Ministry of Local Government and Housing Sabah (KKTP) Sdn Bhd and will be located in Karamunsing and comprising of a 5-star hotel to be managed by New World Hotels & Resorts, Grade A offices, a shopping mall and two towers of serviced residential suites.
Officially opened on 5 May 2015, Gleaneagles Kota Kinabalu forms part of the Riverson mixed development which is located at the expanded southern fringe of KK CBD. It is a branch of Pantai Medical Centre Sdn Bhd under Parkway Pantai Limited and built in compliance with the Joint Commission International (JCI) standards and has a total capacity of 200 inpatient beds, 78 medical suites, 6 operating theatres, 15 intensive care units, 7 neonatal intensive care units, and 6 labour and delivery suites.
KOTA KINABALU NEW LANDMARKS
FUTURE DEVELOPMENT
Ho Hup Ventures (KK) along with Tribeca Real Estate Asset Management has acquired 70% shares in one of the city’s last prime waterfront locations at an undisclosed price in June this year. The 5 acre site is approved for a mixed use development worth of RM 185 million comprising a luxury hotel, condominiums and retail.
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Residential
No notable new launches of residential projects in 1H 2015, according to the report. Updates of selected residential / integrated projects in Kota Kinabalu are as follow. 1.
Blu Summer Suites is now known as Citadines Waterfront Kota Kinabalu, with opening expected by 2018, after Ascott Ltd (a wholly-owned serviced by CapitaLand) expanded its presence into Sabah by securing a management contract for a 253 units serviced residences.
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96 units of double storey terraced houses and 2 ½ storey townhouses of Princess Heights (developed by Hardie Development Sdn Bhd) which is located in Menggatal have been launched, with Mydin hypermarket being part of the future development of Princess Heights.
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Hap Seng Properties Development Sdn Bhd’s Kingfisher Inanam Condominium is expected to be launched by 2H 2015, and offers various layouts with unit sizes ranging from 865 sq. ft to 1,160 sq.ft.
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The Loft A and Loft B of KK Times Square Phase 2, together with the Imago Mall are now complete with OC issued. The remaining of the residential blocks are expected to obtain their OC in 2H 2015. ( Figure 4)
Office
With no new supply of office space since 2012, the existing stock remains at 6.16 million sq.ft with a healthy average occupancy rate of 91.6%. There will be a total of 298,396 sq. ft of new space from Menara Hap Seng and Riverson Suites by the second half of 2015.
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In February, SP Setia launched another phase of its Small Office Versatile Office (SoVo) suites in Block K of the Aeropod mixed development.
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Pacific Sanctuary Holdings Sdn. Bhd has launched its Grade A office suites that form part of the integrated PacifiCity development.
Figure 4
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HOT TOPIC | Knight Frank
Retail
With the completion of Oceanus Mall and Imago Mall @ KK Times Square Ph. 2, 22.7% additional space has been added to the existing supply of retail area. There are 19 shopping malls currently in Kota Kinabalu with total NLA of 5.65 million sq.ft retail space.
Scheduled to be completed in 4Q 2017 is Upyield Progress Sdn Bhd’s Inanam Mall which is located along Jalan Tuaran in the vicinity of Inanam Industrial Belt. Inanam Mall comprises of 159 units of retail lots and a 10-storey hotel with 190 keys to be constructed on top of the podium.
“Ringgit’s continuing slide against worldwide currency baskets is likely to attract a significant amount of foreign investment for the right properties and land during the second half of the year. “ THE OUTLOOK
Knight Frank hold its position by stating that the property market in Kota Kinabalu will remain stable in terms of values but transaction volumes will remain low, until lending conditions were improved.
Aerial View Of CBD Kota Kinabalu
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According to the report, the outlook on retail area will very much depend on tourism arrivals and consumer spending habits going forward. Although the completion of
Oceanus Mall and Imago Mall have significantly increased retail space in Kota Kinabalu, it is yet to be seen whether this will be sustainable. The report also stated that the ringgit’s continuing slide against worldwide currency baskets is likely to attract a significant amount of foreign investment for the right properties and land during the second half of the year.
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CONTRIBUTORS | Miichael Yeoh
Loan Rejections On The Rise.
Who Shall We Blame?
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ho shall we blame for loan rejections? Shall we blame Bank Negara (BNM), the banks or the borrowers? We are always puzzled as to why our loans can be rejected and you thought submitting a loan is easy as ABC. If you read articles on newspapers and magazines everyone is commenting it’s more difficult to get your loan approved by the banks. Yes, it’s on the rise and it’s here to stay. I have spoken all over Malaysia and overseas in exhibitions and for developers. The questions and remarks are always the same: 1.
How to get my loan approved?
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Why are the banks rejecting me?
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The banks don’t seem interested to lend anymore. They just rejected my loan.
Some participants are not even buying their first property because they already feel rejected. All the negative news that they read is not helping either. Do you know that developers were telling me that they have to sell much more than the available units because of loan rejections? For your information, based on the statistics, out of 10 cases submitted to the banks, less than 5 are being approved. SHALL WE BLAME BANK NEGARA MALAYSIA? When I did research on other countries, I found out that our country is not the worst in tightening policies. There are counties far worse than ours. One of the reasons why BNM are tightening their lending policies is because our debts to income ratio is as high as 146%. This means that every 1 dollar that we earn, RM1.46 is the debts. We are one of the highest in the world. If BNM did not start tightening policies, we will suffer like the United States during the subprime crisis. SHALL WE BLAME THE BANKS? Many of us start blaming the banks when their loan is rejected. If we look from their point of view, they are a profit organisation in which they are accountable to the shareholders. They need to
make profit for them to survive. Putting yourself in the shoes of the banks, would you lend money to someone where you know the likelihood of default is very high? If you won’t, then how about the banks? SHALL WE BLAME THE BORROWERS? When I was in banking and I started my mortgage consultancy many years ago, approval was so much easier. You don’t see borrowers with so many debts for credit cards and personal loans. There is always a reason why the banks are not lending to the borrowers. The banks feel insecure in giving out loans. If you go to shopping malls especially on weekends, there are booths set up to sell you credit cards and personal loans. These are the culprits why most loans get rejected. MY TAKE When BNM started tightening policies, they targeted property investors but to the dismal it also affected first home buyers too. I do hope that BNM gets feedback from people like us before introducing policies. For instance, the abolishment of Developer Interest Bearing Scheme (DIBS) should be targeted to property investors only but the policy is for all purchases. As for the banks, I would like them to be more lenient in approval for genuine home purchasers. Are you aware that in certain banks they have a minimum loan amount such as RM100,000 or RM200,00? To them the job for RM50,000 loan and RM1 million loan is the same. That is why they concentrate on the latter. For the borrowers, one of the main reasons your loan is rejected is because your debts are too high or you are too ambitious in buying a house that is out of your budget. You will need to plan properly. Do read my article at http://www.miichaelyeoh. com/2015/08/mortgage-planning-the-way-forward/. I feel that we should blame everyone for the rejections. It is not fair to blame just one party alone. If we cannot change the situation why don’t we change ourselves instead? Make ourselves ‘loanable’ to the banks.
Miichael Yeoh He has over 15 years of experience in the mortgage and investment industry and having worked for prominent companies such as Standard Chartered Bank, Hong Leong Bank, HSBC and Hwang DBS Unit Trust, Miichael has helped thousands of loan borrowers by providing comprehensive mortgage advice and solutions. He regularly conducts mortgage course and speaks regularly at property exhibitions and seminars. You can get in touch with him at www.michaelyeoh.com.my
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EAST MALAYSIA PROPERTY NEWS
RM32 Billion For The Approved Project In SCORE
On the other hand, the authority’s chief executive officer (CEO) Tan Sri Datuk Amar Wilson Baya Dandot reported on the progress achieved by Recoda over the past year, as well as on the overall development of SCORE. “After five years of working to develop the corridor, what we have done today is epitomised by the size of the work in terms of scale, speed and quality done simultaneously across all and leading to the five growth nodes,” said Wilson.
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he approved projects across the Sarawak Corridor of Renewable Energy (SCORE) have been receiving investments totalling RM32 billion, said a report by The Borneo Post.
The investment update was presented by State Planning Unit (Chief Minister’s Department) director Datu Haji Ismawi Ismuni, in his capacity as a board member of RECODA – the leading agency as far as SCORE development goes.
This was among the points highlighted during the sixth board of directors’ meeting of the Regional Corridor Development Authority (RECODA) recently.
The Tuesday conference was overseen by Chief Minister Datuk Patinggi Tan Sri Adenan Satem, who is Recoda’s board of directors’ chairman, at the State Legislative Assembly (DUN) Complex here.
The meeting was attended by the board’s deputy chairmen namely Deputy Chief Minister Datuk Patinggi Tan Sri Alfred Jabu, and Resource Planning and Second Environment Minister Datuk Amar Awang Tengah Ali Hasan. Current term board members are Chief Secretary to the Government Tan Sri Dr Ali Hamsa; State Secretary Tan Sri Datuk Amar Mohamad Morshidi Abdul Ghani; State Financial Secretary Dato Sri Ahmad Tarmizi Sulaiman; Economic Planning Unit (Prime Minister’s Department) Director-General Datuk Seri Dr
Rahamat Bivi Yusoff; Public Private Partnership Unit (Prime Minister’s Department) Director-General Dato Ahmad Husni Hussain; Malaysian Investment Development Authority CEO Dato’ Azman Mahmud; MH Marican Advisory Sdn Bhd chairman and CEO Tan Sri Mohd Hassan Marican as well as Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah represented by Sarawak Federal Finance Officer Datu Jabidah Monseri at the meeting. RECODA advisor Tan Sri Rafidah Abdul Aziz, who is senior independent non-executive chairman of AirAsia X Bhd, was also present. After being briefed on the updates, Adenan remarked: “Despite all the challenges that we face, we have done pretty well and I look forward to see more progress being done across all five growth nodes.” The tenure for the current board of directors is three years – from Aug 1 last year to July 31, 2017.
Miri Airport Project To Be Finished By Year End Assistant Minister of Communications Datuk Lee Kim Shin said the project was crucial for the airport, strained under the heavy load of passengers because it had already exceeded its capacity. The additional taxiways would ease congestion of aircrafts lining up for take-offs and taxying to the apron.
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he RM70 million-Miri Airport extension project is slightly behind schedule and thus is expected to be completed by end of this year instead of October, reported The Borneo Post.
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The project involves expanding the parking aprons and adding two more taxiways to accommodate 10 ATRs, four Twin Otters and five Boeing and Airbus 320s aircraft at any one time.
MAB reported that 2.3 million passengers passed through the airport in 2013 which was only designed to handle two million passengers annually. The congestion has called for urgent expansion of the airport infrastructure and facilities including
the terminal building, which Lee hoped to get the Minister of Transport to give the nod to.
“I have written to the ministry two years ago for it (expansion) to be included in the 11th Malaysia Plan, and I will be pursuing it with the minister again,” he said.
Developers Cash In On Steady Take-Up Of Apartments In Kuching
Sapphire on the Park (206 units) along Jalan Batu Lintang and The Royalle (76 units) along Jalan Stampin. “Condominium units at these development range from 1,000 to 3,000 sq ft and can command rentals between RM1,500 and RM3,000 per month, depending on the location, furnishings and unit size.
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igh-rise residential developments are sprouting up in the Sarawak state capital as more developers cash in on the good demand for apartments and condominium units amid a slow market, according to Star Property. The supply of condominium units is expected to jump by 50 percent in the next two years as some 5,000 units are currently under construction or undergoing earthworks, according to C H Williams Talhar Wong (WTW). Last year, more than 1,000 units were completed, and the real estate services company says the sub-segment continues to outshine other sub-segments of the residential sector.
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Sarawak state assembly building in Kuching Miri Airport Highrise development sprouting in and around Kuching
The newly completed condominium projects are Sky Villa (576 units) along Jalan Batu Kawa, Riverine Emerald (168 units) along Jalan Petanak, D’Jewel (118 units) along Jalan Sherip Mashor, Tribeca (104 units) along Jalan Urat Mata and Uplands Serviced Suites (54 units) along Jalan Simpang Tiga. Ongoing high-rise condominium projects include P’ Residence (276 units) along Jalan Batu Kawa,
“Prices for condominium units continue to record increases of between 10% and 15% for the year (2014), with prices as high at RM700 per sq ft for units at Sapphire and Lagenda,” WTW says in its newly released 2015 Property Market Report. Sapphire on the Park is one of two upmarket high-rise developments by Naim Holdings Bhd. The other is The Peak condominium project in Bintulu. The report says the condominium sector is expected to enjoy good take-up rate and an increase in prices this year. Ongoing high-rise apartment projects listed in the report include Samarahan Greens @ Samarahan (308 units) along Jalan Mohd Musa, Ryegates III (130 units) in Jalan Airport, de LOFTS @ Emporium Kuching (120 units) on Jalan Tun Jugah, The Cube @ Dogan (94 units) in Jalan Dogan and The Echelon (82 units) at Lorong Lapangan Terbang 5. According to WTW, take-up rates of apartments generally remain steady at between 50 percent and 70 percent within a year of launch. The more affordable units priced below RM400 per sq ft such as those in the Stutong area enjoy even higher sales with some of them snapped up within a month. According to a developer, strata-titled condominium and apartment units are popular among the younger generation, especially professionals. They like the conveniences, security features and facilities provided.
“High-rise residential units offer a more affordable alternative to firsttime house buyers. Landed properties in the city have become too expensive and are beyond the reach of many wage earners,” one of the developers tells StarBiz, which confirms the WTW report that semi-detached houses in the city prime location had breached RM1.5mil in 2014 due to the increase in land and construction costs. He says developers find it more lucrative to build high-rise residential projects because they have a higher density and have a growing demand. He says sales will be good if they are fairly priced. In the industrial town Bintulu, diverse sizes and concepts offered help to boost the market. The 100-unit Peak Condominium in Bintulu Paragon offer sizes ranging from 868 to 1,592 sq ft priced between RM540 and RM668 per sq ft. The other is 80-unit Seaview Court @ Bintulu Town which offers larger units with built-up areas of 1,776 and 3,917 sq ft, priced from RM473 to RM507 per sq ft. In Sibu in central Sarawak, WTW says several strata-titled apartment projects were launched last year. These include Waterfront Residences (104 units) at Jalan Hospital, Development @ Jalan Alan (48 units) and Salim Height Apartments at Jalan Salim. On the landed property market, the take-up rate of new units in the primary market have slowed in the city but those in the outlying suburban areas like Matang, Batu Kawa and Jalan Muara Tuang are “more active”. Double-storey terraced units continue to be the mainstay of the landed residential sector, followed by semidetached houses. The consultancy expects sales to be slow, with prices moving up on a slower rate.
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FEATURE PROPERTY EVENT | PacifiCity
PacifiCity Community At Heart
En-route to making Kota Kinabalu the Most Exciting, Culturally Vibrant & Liveable city in South East Asia
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acific Sanctuary Holdings Sdn Bhd has organized an appreciation event “PacifiCity’s Bankers & Agents Night” on August 5 earlier last month at their sales gallery. Around 80 people which consists of bankers, buyers and property agents attended the event to get the latest update of the construction progress. General Manager Sales & Marketing Jeff Lu and General Manager Operation Andrew Farbian were also present at the event.
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According to Pacific Santuary Holdings, Kota Kinabalu has every potential to become one of the most exciting and vibrant cities in Asia but it will take vision, commitment, resources and efforts from both the government and the people including themselves to make this reality. PacifiCity, a multi-phase mixed development on a 25-acre land, is said to be the largest integrated Residential, Commercial, Retail & Entertainment hub in Sabah. It is located in Likas Bay, which is considered as the most prestigious suburb of Kota Kinabalu.
Generally, the current development of PacifiCity is divided into 3 types – Pacific Parade, Pacific Enterprise and Pacific Heights. Construction updates revealed during the event are as follows : Pacific Parade (Completion progress Parcel B: 55%, Parcel C: 85%)
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A vibrant marketplace-style operation encompassing a diverse group of retail businesses ranging from food & beverage, fashion, arts & crafts, and IT and services
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Pacific LifeStyle Mall has already been tenanted for about 50% with leading domestic and international brands including Sabah’s first IMAX cinema.
Pacific Enterprise (57% completed) •
Office oriented, it is designed to meet the top class category of business centre. In addition to small office suites, Pacific Enterprise also offers large spaces from 7,000 sq. ft and above, with conference rooms equipped with the latest audio visual and teleconferencing facilities.
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Pacific Heights consists of 3 luxury residences; accessed by signature lobbies with tight security and managed by first class residence management. The first block is available for sale and set for completion in year 2016.
The construction of PacifiCity is set to expand the supply of the much needed office space in Sabah, particularly the Grade A category. The development will remain relevant in this growing city of Kota Kinabalu for the next 30 years to come, according to the developer
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General Manager Sales & Marketing Jeff Lu giving some insight on the current progress of the development PacifiCity’s General Manager Operation Andrew Farbian delivering his talk. Visitor paying attention during the briefing Bankers, buyers and property buyers attended the event.
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EAST MALAYSIA PROPERTY NEWS
Broken Ground! New Initiative By SHAREDA Youth At The Wallace Blind Centre, Tuaran
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he ground-breaking ceremony for a new building, a detached single storey house, was successfully done earlier this afternoon by Sabah Housing and Estate Developers Association (SHAREDA) at The Wallace Blind Centre here in Tuaran.
the centre has several timber based buildings which have been affected by natural causes such as termite attacks and floods. The new concrete building will be built and the present buildings will be renovated in the nearest future,” he said when asked about the current situation of the centre.
Dato’ Ir John Chee, SHAREDA’s Vice President says that the new building is expected to be completed within the next 6 months. “A total half million ringgit was donated to The Wallace Blind Centre in order to support the project ‘Centre of The Blind’. We are very honoured to be part of the project.” The Wallace Blind Centre’s President Datuk Rosalind Chew Bee Koh was present at the conference and is thrilled for the project for it will bring a better living for the blind community and their families, thus will enhance their life quality and unity in society.
The new 3,165 sq. ft concrete building will include 8 rooms, where each room is unsuited with its own bathroom. Tiled kitchens and toilets, 2 living rooms with open kitchen and eatable linear gardens and an outdoor plaza are also part of the proposed design to the building. Mentioned sponsors include Panabalu Tenway Sdn. Bhd, Cement Industry, Alluminium Y.S Sdn. Bhd, Kilang Papan Hiong Tiong Sdn. Bhd, City Top Enterprise Sdn. Bhd and Kiong Sing Sdn. Bhd.
SHAREDA Youth’s spokesperson Mr. Roy Chiew stated that the idea of the project has been discussed last year. “Presently
Also present during the conference from SHAREDA’s Council Members were Datuk Susan Wong Siew Guen( SHAREDA’s Immediate Past President), Sr. Chua Soon Ping Mr. Wesley Chai, and Mr. Benny Ng Su Pei.
Up to 100% Loans Now Available for First Time Home Buyers
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ocal banks in town are now offering loans up to 100% margin of financing to the first time home buyers. CIMB Bank, as quoted from their website, My First Home Scheme is for those who “are thinking of purchasing your first home.” Among the stated eligibilities are, the applicant must be a Malaysian citizen, aged 18 years to 40 years, monthly gross income not exceeding RM 5,000 per month and the desired property value must be around RM100, 000 to RM500, 000. Last Friday, the issue regarding of the bank loan rejection has been addressed by Datuk Francis Goh President of Sabah Housing and Real Estate Developers Association (SHAREDA) during SHAREDA’s annual dinner, SHAREDA Nite 2015 at Magellan Sutera Harbour. The guest of honour of the event was YB Datuk Joachim Gunsalam, Assistant Minister of Local Government and Housing. Joachim, who also delivered a speech during the night, agreed to the issue and said, “The challenge to own a home is a huge one for many Malaysians, especially the younger generation who are trying to buy their first home. Property prices in Malaysia have outpaced the growth of wages.”
affected to many developers and investors. His advice to bankers was to be more accepting to buyers’ loan applications, in order to realise the half a million home ownership visualized by the Prime Minister, Datuk Seri Najib. “SHAREDA opined that for the government’s home-ownership policy to succeed, the Prime Minister who is also Minister of Finance must impose a loan quota for affordable housing on all of the 2,300 bank branches in Malaysia. This quota will compel the banks to perform their corporate social responsibilities by granting automatic 100% loan to the firsttime buyers of affordable homes.” According to Francis, affordable homes such as built by PRIMA, PPA1M and SHAREDA are 20% cheaper than the prevailing market price and this should not be an issue for the banks to accept the loans applied by the buyers. Potential applicants may seek advice from representatives of the banks for more enquiries. For more details about CIMB’s My First Home Scheme, please visit http://www. cimbbank.com.my/en/personal/ products/loans/property-loan/ loans/pme-scheme.html
SHAREDA has been actively involved in addressing the current issues regarding property market of Sabah. Francis, in his speech, has also listed down the key factors attributed to the drop of Sabah property market which have been
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SHAREDA council members and SHAREDA Youth members with Datuk Rosalind Chew Bee Koh
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FEATURE PROPERTY EVENT | SkyWorld
Skyworld Shows Off RM12 Million Property Gallery In Appreciation Night For Partners
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kyWorld Development Sdn Bhd opened the doors to its brand new RM12 million SkyWorld Property Gallery at SkyArena, Setapak today to 500 of its business partners, employees, guests and to a night of glitz and glamour. “We are proud to host this party for our business partners and employees at one of Malaysia’s largest showroom gallery, in dedication of their support that has contributed to the success of SkyWorld in these early years.” says Managing Director, Datuk Ng Thien Phing. “We wanted to thank SkyWorld’s business partners and employees for the success we have enjoyed with Ascenda Residences @ SkyArena, where Phase One was fully sold out within nine months based on word of mouth alone,” Ng says.
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With that success, SkyWorld is set for greater heights with Phase Two, namely Bennington Residences @ SkyArena. This new development will feature 580 units of condominium residences built amid lush garden spaces and modern conveniences. A mega mixed-development project covering 28 acres, SkyArena, Setapak aims to nurture a vertical community built around health and wellness and designed around a 9.4-acre multifacility sports complex. With full completion slated for 2021, this mega-development will feature SOHO residences, a retail mall and commercial space, as well as a boutique hotel. SkyWorld aims to be more than just a property developer, according to Ng. “We aim to be the best urban sky living developer to elevate living experiences and community lifestyle to greater heights,” he said after the Appreciation Night.
The highlight of the evening were models gracing the runway, showcasing an array of outfits embodying the essence and uniqueness of SkyWorld’s projects. SkyWorld owns prime landbanks in Setapak, Jalan Sentul Pasar, Bandar Baru Sentul, Taman Danau Desa, Bukit Jalil and Setiawangsa with potential gross development value totalling more than RM5 billion. SkyWorld’s Appreciation Night was hosted by celebrity Nadia Heng (former Miss Malaysia 2010) and emcee CK Lee with celebrities Cathryn Lee, Joanne Yew and Wilson Tan attending as guests.
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SkyWorld’s Property Gallery, SkyArena at Setapak one of the largest Property Gallery in Malaysia
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Managing Director Datuk Ng Thien Phing thanking business partners and employees at SkyWorld’s Appreciation Night
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SkyWorld’s Managing Director, Datuk Ng Thien Phing and top management welcoming celebrity guests (from left- Emcee Nadia Heng, local celebrity Joanne Yew, SkyWorld’s management Alan Ho, Managing Director Datuk Ng Thien Phing, SkyWorld’s management Lee Chee Seng, local celebrities Wilson Tan, Jennifer Foh)
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The evening’s fashion show grand finale - models and celebrities posing with SkyWorld’s top management and Managing Director Datuk Ng Thien Phing (third from left- local celebrity Joanne Yew, SkyWorld’s management Lee Chee Seng, Khin Lee, Alan Ho, SK Lam, SkyWorld’s Managing Director Datuk Ng Thien Phing, Tan Sri Wong, Mr. Kok, Dr. Kor, local celebrities Wilson Tan and Jennifer Foh)
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About SkyWorld Development Sdn Bhd SkyWorld is born from the idea that design, when executed to perfection, can elevate living experiences to new heights. At SkyWorld, we aim to be more than just a property developer. We pride ourselves to be the developer that creates unrivalled sky living experiences, and a provider of urban and modern lifestyles in the heart of major cities.
The foundation of our business lies in our everlasting passion for design. We strongly believe that aesthetics plays an important role in shaping living experiences, and that belief motivates us to prove that form and function can indeed go hand-in-hand. SkyWorld is here to celebrate the intricate and interwoven connection between a development, its residents and the beauty of design. Which is why, our promise to the world is to Design The Experience for the finest urban sky living developments.
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FEATURE PROPERTY EVENT | Enoch Khoo Book Launch
Over 150 Pages Of Motivations And Guides
ENOCH KHOO TAKES ANOTHER BIG LEAP IN THE REAL ESTATE INDUSTRY
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noch Khoo, a young, successful real estate negotiator has recently launched his own book in Sabah on 8 August 2015 at ShangriLa Tg. Aru Kota Kinabalu The event was the second launching ceremony and the biggest compared to Kuala Lumpur’s, where his first book launch ceremony was held.
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Enoch officiating his first book in the presence of his close friends and relatives
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The event offers limited edition of the books, which attracts a huge crowd
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The inspiring book “Cock & Bull of The Real Estate Industry” reveals on how Enoch tackles the hurdles of becoming a successful figure in the business and shares a lot of valuable information and advice to the readers, focuses on how to be successful in a real estate industry. The ceremony was filled with lots of inspiring appreciation speeches from Enoch’s friends and family.
About Enoch Khoo He used to be an ordinary guy who grew up without any fancy background. He’s been through a lot of hardships before he became what he is today. Bought his first investment property at the age of 21 and with more than a decade of industry & investment experience, he founded ENK Ventures Sdn Bhd – one of the leading niche consultancies in East and West Malaysia which provides full coverage of property market solutions to property developers. In 2013, Enoch was named as one of the Top 20 Property Negotiators in Malaysia by PropertyGuru. The book is now available at selected local bookstores.
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FEATURE PROPERTY EVENT | Shareda Nite 2015
SHAREDA Nite 2015:
Moving Forward And Beyond
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“Bankers Should Not Fear Giving Full Loans” -Datuk Francis Goh
According to Francis, based on the 2015 interim mid-year report the property market appears to be on the continuous decline
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abah Housing and Real Estate Developers (SHAREDA) has recently organized its annual event on 31st July known as “SHAREDA Nite 2015” at Magellan Sutera Harbor. The event was packed with entertainment including magic, ballet and ethnic dance, and singing performances. During the night, SHAREDA’s president Datuk Francis Goh has expressed his concern to the property market trends in Sabah.
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as the total Gross Development Value of properties launched so far is only RM928 million, a significant decline of 43 % compared to last year’s RM3.747 billion which also is a decreased amount compared to 2013’s RM7.563 billion ringgit. The key factors contributing to the drop of Sabah Property Market were, the impact of Goods and Services Tax on market sentiments, 30% increase in electricity tariff, stringent loan approval from banks, increase in Real Property Gain Tax, scrapping of developer’s Interest Bearing Scheme, and the weakening of the ringgit.
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FEATURE PROPERTY EVENT | Shareda Nite 2015
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Francis also stated that the recent earthquake that occurred in Sabah, and the kidnapping have shown the loss of confidence from the investors and buyers due to the security concern. Above all matters, Francis said that the developers are switching to build more affordable apartments with price range from RM250,000 to RM400,000 since there is a big demand of the affordable house – but the sale of the affordable house is being severely affected by bank loan rejection, as a rate even higher than high-end condominium.
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“According to our research, there is ample supply of completed affordable homes in the market this year. Through the Perumahan Perkhidmatan Awam 1 Malaysia (PPA1M), the government is building 5,000 units of affordable houses in Sabah. Prima Development Berhad is building another 12,600 units and SHAREDA’s members are building another 5,000 this year in KK and Tawau, “ he said during his speech. “We commend the government for its attention to build 500,000 units of affordable homes in
Malaysia, but for this home-owning dream to come true Malaysians must first qualify for bank loans in order to avail themselves to these affordable houses. This has not been happening. Bankers should not fear giving the full loans because most of the affordable homes such as those built by PRIMA, PPPA1M and SHAREDA are 20% cheaper than the prevailing market price. In case of foreclosure or auction, the banks can easily recover their principal amount forced sale value”
YB Datuk Dr. Joachim Gunsalam, Assistant Minister of Local Government and Housing was present during the event. SHAREDA council and members have also successfully collected a total of RM595,500 to SHAREDA Charity Fund and the fund was donated to Sabah AntiTuberculosis Association (SABATA) and to the casualities, victims and mountain guides that were devastatingly affected by the 5.9 magnitude earthquake in Ranau that hit Mount Kinabalu on 5 June this year.
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SHAREDA Council Members with Guest of Honor, Assistant Minister of Local Government and Housing YB Datuk Dr. Joachim Gunsalam.
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The Dance Academy made the night colourful with their dancing performances.
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Glam and Fabulous – SHAREDA council members walk on the red carpet entering the hall.
Akoustik Connexion entertained the night with their wonderful voices.
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Guests registering their seat for lucky draw competition.
Moment of suspense – who is the lucky winner?
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Momento hand-over to Datuk Joachim by SHAREDA honorary treasurer general Mr. Wesley Chai, witnessed by Datuk Francis Goh.
Panoramic view inside the grand ball room of SHAREDA Nite 2015.
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Lucky draw winner walks away with a round trip tickets for 2 to Tokyo, Japan.
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David Lai wow the audience with his bizarre magic tricks.
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SHAREDA President Datuk Francis Goh delivering his speech.
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( 7 & 8 ) SHAREDA Charity Fund has managed to collect a total of RM595, 000 which was delivered to SABATA and to the warriors’ next-of-kin, mountain guides and the affected victims of the recent devastating earthquake which hit Sabah last June.
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HOT TOPIC | Victory For Victoria Suburbs
The New Apartment Hotspots Of Australia
Victory For Victoria Suburbs
The New Apartment Hotspots Report National Top 10 1. 2. 3. 4. 5.
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Fitzroy, VIC Melbourne, VIC Richmond, VIC Collingwood, VIC Adelaide, SA
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6. Toorak, VIC 7. Abbotsford, VIC 8. Mosman, NSW 9. Southbank, VIC 10. Bondi Junction, NSW
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HOT TOPIC | Victory For Victoria Suburbs
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he New Apartment Hotspots report by realestateco.au says that Victoria is the most popular state to buy new and off-the plan apartments. In the past three months, almost 50,000 people have been viewing development projects in the northeast suburb that’s bordering the Melbourne CBD. At number one is Fitzroy, which according to Michael Ratliffe of DealCorp, a number of factors have attracted interest in Melbourne’s oldest suburb. Factors such as good restaurants, good amenities, the parks and an eclectic mix of people have driven people to look into apartments that can suit their contemporary lifestyles. DealCorp’s C.F Row Apartments on Napier St. have been designed to support individuality. Apparently, people now prefer boutique blocks – which they can customise the finishes and configuration of their apartments to – over high-rise, cookie-cutter tower apartments.
“It’s the people that make a suburb, not the buildings,” says Ratliffe. Surprisingly, most people who are looking at C.F Row are locals, with 80% lived in by owners themselves which, according to Ratliffe, would be the other way around under average circumstances. Adelaide, one of two non-Victorian suburbs comes in at number five; a switch from February’s results when South Australia barely had any interest. Tony Mathews, General Manager of Built Form – Connekt Urban Projects, is not surprised at the shift.
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“We’re a very affordable destination in comparison to other states,” Tony Mathews, on South Australia’s sudden popularity.
Fitzroy
Richmond
People. Perfect for those who want a diverse population united by a creative, bohemian independent spirit.
People. A diverse population of both young and old with a large number of people in their 30s and 40s turning Richmond into a neighbourly home.
A one-bedroom in Connekt’s U2 apartments in Adelaide starts at $298,000, whereas Spenser Street apartments in Melbourne starts at $359,000.
Lifestyle. Walk to the city, or take a tram north or south. Brunswick Street is an energetic strip of bars, record stores, outdoor diners, buskers and bookstores while Johnston and Gertrude Street are much quieter choices.
Lifestyle. For those who seek a cosy home with all the conveniences, Richmond is a concentration of all the good things in life. It’s urban, yet tranquil flanked with major gourmet supermarkets with and Asian grocers. If you need a different pace, Richmond train station makes it easy to get out, and there are plenty of trams intertwining the suburb.
“Our U2 apartments have been on the market about four to five months and sales are about 60%,” Mathew says. According to him, Adelaide is catching up to Melbourne in terms of culture, with good city vibes that were not present 24 months ago. Licencing laws have also relaxed and a rise of laneway culture is now happening in Adelaide. A smaller city compared to Melbourne, people can practically walk to anything – Chinatown, Central Market or the new Riverbank Precinct Development. And yet, it still all boils down to being value for money, according to Mathews.
The New Apartment Hotspots Report National Top 10 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Fitzroy, VIC Melbourne, VIC Richmond, VIC Collingwood, VIC Adelaide, SA Toorak, VIC Abbotsford, VIC Mosman, NSW Southbank, VIC Bondi Junction, NSW
Homes. History is engraved through the architecture of Fitzroy, as it’s one of the city’s oldest suburbs. Many of the old, distinctive terraced houses, both double- and singlestorey, have been lovingly restored. Fitzroy’s industrial history is also portrayed in its sleek warehouse conversions that sit side by side with new apartment complexes.
Homes. Rows of Victorian terraces restored to former glories. Old manufacturing factories, some still bearing vintage logos have been converted into bright, spacious loftstyle apartments. Collingwood
Melbourne
People. Those who seek the convenience of everything on your doorstep within a cultural urban utopia. Lifestyle. Living and working in the city is easy, top-notch transportation systems makes getting to and from town very convenient. With close proximity to businesses and universities like Victorian College of Arts, Melbourne University and RMIT, it’s perfect for students and young working adults. Homes. Melbourne’s CBD is a stylish mix of older charming buildings and new designer apartment complexes with expansive views and convenience.
People. Independent people who love gourmet food, the arts and a thriving bar scene. Lifestyle. Collingwood used to be a grungy, not-so-family-friendly area, but has since had a massive transformation into a characterful, stylish place with Smith and Johnson Street filled with award-winning restaurants, lively bars, pubs, vintage furniture stores, galleries, large supermarkets and side streets filled with little parks and pop ups. Homes. Double-storey terraces and gorgeously renovated Victorian workers cottage in the side streets and parallel to Smith Street are apartments converted from factories or expansive new development.
Adelaide
People. Students on a budget, office workers and mature independents, that look for the urban vibe of work, live and play. Lifestyle. For those who seek convenience and exciting urban life, yet still want a relaxed and easygoing atmosphere, you won’t get bored in Adelaide. Get around with buses, trains and trams and head to Rundle Street for coffee, movie at the Palace Nova, Asian food at Chinatown. Houses one of the best foods in Australia, the Central Market, the legendary Exeter Hotel, the University of Adelaide and UniSA and one of the state’s top public schools, Adelaide High School. Homes. In the east you’ll find elegant two storey brick houses, classy single-fronted stone cottages and stylish new townhouses, while in the west you’ll find heritage workers cottages, contemporary townhouses and most of the city’s apartment towers. Toorak People. A lot of couples and families and young independent people who love its location and luxury lifestyle.
Lifestyle. A leisurely, luxury place for some of Melbourne’s social elite, Toorak is a suburb filled with five-star restaurants, boutique shopping and excellent private schools and has some of the most beautiful homes in Melbourne. Although many older couples live here, a lot of young independent people are setting-up homes due its close proximity to both the CBD and
South Yarra. Take the #8 tram to the city, or head to nearby Chapel Street for a more cranked up atmosphere. Homes. Grand historic mansions, luxurious contemporary homes and period houses are the stamp for Toorak. Yet there are plenty of new apartments that are ultra-modern or mid-century blocks with decent sized flats to suit your preference. Abootsford People. Single, independent, innercity dwellers of all ages who like to be close to the city.
Lifestyle. A tale of two cities, it’s got all of the inner-city attractions, but also a very laidback and organic outdoorsy element. Busy Hoddle Street bustling with traffic on one side, and green Studley Park harmoniously spread out on the other with people cycling, buying produce at Collingwood Children’s Farm and lounging beneath the stars at the Abbotsford Convent’s outdoor cinema. Well situated for Eastern Freewway access, public transport includes trams, trains and buses.
the healthy population of seniors. There are still plenty of younger people, but they are generally in the minority. Lifestyle. Located just 8kms from the CBD over the Sydney Harbour Bridge, Mosman is one of Sydney’s grandest suburbs where many aspire to live in. With stunning scenery and plenty of shops on Military Road, Sydney Harbour National Park is situated on the Eastern side of Mosman ,and Balmoral Beach offers a more relaxed atmosphere. Boat sports are popular with clubs dedicated to sailing, rowing and yachting, found towards Spit Junction. Excellent private and also public institutions can be found in Mosman. For travel, there are plenty of buses going into the CBD, a community bus for short trips, or the ferry for a bit more adventure. Homes. State-of-the-art modern townhouses and simple block units. But Mosman is popularly known for its well-preserved Federation homes, which boasts spectacular views. Heritage-listed mansions and architecturally designed townhouses line-up the meandering hilly streets, Mosman has plenty of choices for the perceptive buyer. Southbank
Homes. Space is at a premium, and what you will find are Victorian workers cottages, some renovated, and a vast array of industrial buildings which have been converted into modern apartments. Contemporary townhouses and super ultra-modern new apartments can also be found here. Mosman
People. People tend to stay in Mosman for a very long time, if not indefinitely, as evidenced by
People. Go to work in the city and come home to breathtaking views of the river and watch the sunset. Lifestyle. A newcomer on the Melbourne block with lots of potential, living in Southbank is like a perpetual city getaway. Combining luxurious high rise apartments with impressive cultural and entertaining offerings like the Arts Centre, sunset dining at the riverside restaurants, or a nice stroll home from the city’s best bars with a backsplash
of stunning views. Flinders Street is the local station, and residents don’t have to worry about finding a cab. You can wander over one of the pedestrian bridges and get everything you need in the CBD. Convenience is the best in Southbank. Homes. A range of high rise towers with all the conveniences of a modern city apartment. Bondi Junction
People. For the active, social butterfly. Lifestyle. Sydney’s fifth largest business district offers great connectivity to the city and the beach, with dynamic shopping and entertainment, wonderful for those who want an active lifestyle. Shop til you drop at the multi-storey Westfield shopping centre with every store imaginable or catch up with friends at the local restaurants, parklands and cafes which are all within walking distance to Australia’s iconic beach. Slow down the pace at the Centennial Park, or take a stroll down Bondi Road to the world famous beach, or catch a drink after retail therapy at the old-fashioned pubs. There are many things to do for the insatiably social person. Homes. A range of sleek apartments and units house the majority of the residents, although townhouses and a few Victorian and Federation style terraces can still be found on smaller streets closer to the Centennial Park.
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FEATURE PROPERTY EVENT | Bandar Seri Coalfields
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BANDAR SERI COALFIELDS
A Jewel in the Sungai Buloh West Growth Corridor, Greater KL North
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LK Land Sdn Bhd, the property development arm of listed plantation company KLK Bhd, has organized a showcase event “KLK Property Showcase 2015” focusing on their latest project – Bandar Seri Coalfields on 8 August at their sales gallery in Kuala Lumpur. According to KLK Land, its latest offering in the Bandar Seri Coalfields township development in Sungai Buloh will make ideal homes for young families. The two-storey link houses of the Ixora Residences phase feature expansive built-up areas between 2,281sq ft and 3,033sq ft, four bedrooms and attached bathrooms, two built-in units
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of storage water heaters, 12ft high ceilings and pre-installed automatic gates. Prices for the homes start from RM630,000. The company has plans for a total of 226 units, which will be built in three phases – with the second having just being launched. Units of the second phase are still under construction and are expected to be completed by mid-2017. This latest development is part of the company’s comprehensive 1,000-acre Bandar Seri Coalfields township, a freehold development with dedicated commercial hubs, public amenities like schools, hypermarkets, police station, and recreational facilities like a private clubhouse and 20-hectare park.
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IXORA Residences 22 x 75 Terrace Home ( Artist’s Impression ) Speaker and property expert Mr Ho Chin Soon elaborating details together with KLK Land managing director Datuk David Tan Thean Thye Mr Ho Chin Soon answering questions from the visitors during Q&A session BSC Central 1 Shop Offices ( Artist’s Impression )
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WEST MALAYSIA PROPERTY NEWS
WEST MALAYSIA PROPERTY NEWS
Sharing news and information about various issues related to the property industry from Peninsular Malaysia.
Malaysia World’s Sixth Most Attractive Investment Destination
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alaysia clinched the sixth spot in this year’s Baseline Profitability Index (BPI), up five notches from last year’s 11th place.
Published by the Foreign Policy Magazine, the BPI is a ranking of destinations of attractiveness for foreign investors. Among the Asean countries, only Singapore and Malaysia were listed in the top 10. Indonesia took on the 12th spot, Vietnam the 23rd while Philippines and Thailand took on the 30th and 38th place respectively.
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“This ranking, which covered 110 countries across six continents reaffirms that Malaysia is an attractive profit centre in this region for investors,” said the Malaysia Investment Development Authority (MIDA) in a statement to Bernama. MIDA chief executive officer Datuk Azman Mahmud said the endorsement dissolves any lingering misconceptions about the country and attested to its improving economic fundamentals as well as the government’s proactive, pragmatic and
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prudent policies to diversify and restructure the economy. “The ranking is a reflection of the continuous improvement in the delivery of public services and overall efficiency of the government machinery.” It also sends a clear message that the country offers a friendly business environment which makes it an attractive destination to invest. The BPI utilises a holistic approach based on eight factors which will affect the success of a foreign investment. These factors include financial stability, economic growth, corruption, physical security, exploitation by local partners, expropriation by government, exchange rates and capital controls. The BPI calculation also includes the changes made by the World Bank in the measurement of gross domestic product like the revised method to compare living standards among countries.
Naza TTDI Strengthen Presence In Selangor With Opening Of New Head Office Building In Shah Alam
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he Naza TTDI Group continues to strengthen its business presence in Selangor with the opening of its new Head Office building in Section 13, Shah Alam. The Group had relocated from its previous office premise, also in Shah Alam where it operated over 20 years.
started by developing townships and eventually progress to larger scale developments such as KL Metropolis, Platinum Park and the recent TTDI Gateway in Shah Alam.”
A ceremony was held this morning to officiate the new office building named “Menara Naza TTDI” by the Selangor Menteri Besar, Mohamad Azmin Ali accompanied by Naza TTDI Deputy Executive Chairman and Group Managing Director SM Faliq SM Nasimuddin. Also present at the ceremony were state government officials and business partners.
Naza TTDI is currently developing three key projects in Selangor. The projects are the 208 acre township of TTDI Alam Impian, the 113 acre township of TTDI Grove Kajang and its new business lifestyle hub in Shah Alam, the 38 acre RM2.5 billion TTDI Gateway. At TTDI Gateway, Naza TTDI recently announced the presence of Thailand’s HomePro who will locate its flagship home improvement store there.
In his speech, SM Faliq said that move to the new office building marks the progress and expansion that the company underwent over the past 42 years. He added “ We
Menara Naza TTDI is a 20 storey office tower strategically located in Section 13 Shah Alam. The building has a gross floor area of 306,000 sq ft and 250 parking bays. Facilities include gym, swimming pool and café.
MARA Is No Longer Buying Overseas Property
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uying overseas property is not an option anymore for Majlis Amanah Rakyat (MARA), instead decided to sell some of the properties, including Ashley House in London which was bought 4 years ago. This is to ensure that MARA will gain profits and to repay the loans taken when buying them, according to the Former MARA chairman Tan Sri Annuar Musa.
“If we get good offers, we will sell the assets (properties) to make profit and repay some of the loans. It is a good time to sell property in the United Kingdom,” Annuar said when during the parliament’s Aidilfitri open house here yesterday to The Borneo Post. It is said that the decision has been made when Annuar still holding the Chairman position before his tenure ended on 17 July.
Annuar also added that the Malaysian Anti Corruption Commision (MACC) has received direct cooperation of the Australian Police and Investigator when asked about the investigation into the purchase of properties in Australia. “The weaknesses are unnecessarily criminal but in terms of governance where it is unnecessary to wait for the final report, we must take immediate action. For me, it is important to have good governance, transparency and a high level of integrity. Elements that are not good must be weeded out and any misconduct must be nipped in the bud.” said Annuar, referring to the alleged news of a group of rich senior officers from Malaysia paid A$4.75 million (RM13.8 million) more for the apartment block in 2013
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2 All MARA officers has been reminded to conduct the properties’ sale and purchase in honest and transparent manner through open bidding.
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Kuala Lumpur Menteri Besar Selangor officiates Menara Naza TTDI with Naza TTDI’s GMD, SM Faliq, Deputy Mayor Shah Alam Shukri b. Mohamad Hamin (in blazer) and Chief Strategy Officer of Naza TTDI, Idzham Mohd Hashim MARA official website
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WEST MALAYSIA PROPERTY NEWS
Sunway Property To Launch Six Projects With GDV Of RM1.5 Billion
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unway Berhad’s property division, Sunway Property, will launch six property developments in the Klang Valley, Penang and Johor with a gross development value of RM1.5 billion in the second half of 2015.
Cheah said the group, which has clinched sales valued at RM500 million for the first half of the year on its ongoing projects despite the weaker sentiment in the market, would maintain its 2015 sales target of RM1.7 billion.
Sunway Berhad Managing Director of Property Development Division for Malaysia and Singapore, Sarena Cheah, said the projects would be in phases beginning in the third quarter of this year.
“We will watch the market for one or two months before reviewing our sales target,” said Cheah.
“We wanted it slightly earlier but the change in the Strata Management Act has shifted it a little bit. There is a likelihood that some projects might move over to next year. “We are still reviewing as we need a lot more clarity,” she told a media conference today. Among projects lined up for 2015 are 259 serviced apartments and 34 retail units in Sunway Gandaria in Bangi, Selangor with a GDV of RM226 million and the RM336 million GDV Casa Kiara 3 condominium in Mont Kiara. Sunway Property will also launch 48 units of landed houses in Sunway Cassia in Batu Maung, Penang with a GDV of about RM90 million and 196 units of landed homes in Sunway Iskandar, Johor.
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New Range Of Affordable Housing To Be Considered In Penang
The group’s unbilled property sales of RM2.5 billion, combined with its remaining landbank of 1,352.86 hectares as of July 2015 with a total GDV of RM50.4 billion, will keep the property division busy for the next 15 years. Sunway Property has total assets under management of more than RM7 billion as at Dec 31, 2014, and a total lettable area exceeding 8.3 million square feet.
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tate housing exco Jagdeep Singh Deo announces that Penang State Government is considering to open up a new range of affordable housing in response to high loan rejection by banks. He said the new segment would offer affordable houses, priced RM120,000 to RM150,000, for applicants earning net income between RM3,500 and RM6,000.
“In one year from August last year, my housing department released nearly 5,000 names to these pioneer developers. Out of the 5,000 names, 30 per cent were rejected at the RM6,000 to RM10,000 income cap,” says Jagdeep to reporters after a media briefing on the Malaysian Secondary Property Market (MASPEX). Bank should relax conditions on loan applicants for house buyers especially in the low, medium and affordable cost segments, according to him. He also said the state government was also considering to allow developers to sell affordable units
to non-listed buyers, adding that the percentage should be not more than 30 per cent. Priced between RM350,000 and RM2 million, The MASPEX 2015 will showcase over 3,500 secondary properties for sale. MASPEX chairman Mark Saw said Penang’s property sector saw a slight drop in the last quarter and the market had moved downwards. The secondary market was likely to improve in the second half of this year with buyers expected to relook for properties in secondary segment, according to him.
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Centre; Sunway Berhad Managing Director of Property Development Division for Malaysia and Singapore, Sarena Cheah A registered property agent introducing secondary market properties
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WEST MALAYSIA PROPERTY NEWS
Construction Sector’s Foundation Still Solid - Kenanga Research
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nalysts believe that Malaysia’s construction sector’s fundamentals are still solid despite weaknesses in big caps such as IJM Corporation Bhd (IJM) and Gamuda Bhd (Gamuda), due to their heavy property exposure. According to the research arm of Kenanga Investment Bank Bhd (Kenanga Research), the construction sector’s firm foundations are backed by healthy contractors’ outstanding orderbook providing visibility for the next two to three years. It added, orderbook replenishment prospects are still bright over the near-long term driven by both buildings and infrastructure jobs, and most contractors have delivered/met earnings expectations (which are 72 percent of its coverage), hence earnings risks are minimal. The research team to highlight that outstanding orderbook of construction companies under the research arm’s coverage are still healthy, providing two to three years earnings visibility. It noted that in fact, some of them even touched their record highs this year such as Mitrajaya Holdings Bhd (Mitrajaya) at RM1.9 billion versus historical range of RM300 to 500 million and Eversendai Corporation Bhd (Eversendai) at RM2 billion versus historical range of RM1 billion. In terms of visibility, Kenanga Research gathered that IJM, Mitrajaya and MMC Corporation Bhd (MMC Corp) have the highest, where their orderbook could last the group for the next five years. “Meanwhile, the poorest visibility is Hock Seng Lee Bhd (HSL) where
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its RM870 million orderbook could only last them until next year,” the research arm said. In terms of orderbook replenishment prospects, Kenanga Research noted that they were still bright over the near-long term, driven by both buildings and infrastructure segments. The research arm further noted that among the contract flows that will likely to happen over the next three to six months are buildings jobs which are high rise or affordable housing jobs. “This will benefit those building contractors such as Mitrajaya, Kimlun Corporation Bhd (Kimlun), Sunway Construction Group Bhd (SunCon) and WCT Holdings Bhd (WCT),” it said. Other contract flows include infrastructure jobs, which are roads, highways, water, marine-related works and civil foundation works which will benefit construction names such as HSL, Muhibbah Engineering (M) Bhd (Muhibbah) and WCT. In addition, the research arm listed contract flows of specialized structural steel for KL118 tower, which will benefit Eversendai and piling jobs for some high-rise property jobs and key beneficiaries are piling players such as Econpile Holdings Bhd (Econpile) and Pintaras Jaya Bhd (Pintaras). Meanwhile, on news flows, Kenanga Research expected the MMCGamuda MRT1 (PDP) for Penang Transport Master Plan (PTMP) to be announced in the third quarter of 2015 (3Q15), the PDP for the RM9 billion LRT3 project to be announced within three to six months from now, the PDP for MRT2 project secured by MMCGamuda last year will be signed in
the next three months while the tender will start to be called by end of 2015, more news flows on Bandar Malaysia project, and more news flows on Damansara-Shah Alam (DASH) highway. “In terms of direct beneficiaries, as for PDP of PTPM, Gamuda has higher chance securing the role given that it is one of two shortlisted contractors,” the research arm said. It added that as for RM9 billion LRT3, both Malaysian Resources Corporation Bhd (MRCB)-George Kent joint venture (JV) and SunCon could be the front-runners due to their track record in LRT Extension. Kenanga Research noted that given that these projects are rather sizeable, by large, the whole sector will benefit. The research arm noted that more specifically, the existing MRT1 and LRT extension contractors should benefit from MRT2 and LRT3. Aside from that, it said that contractors with expertise in site preparation and earthworks such as WCT, SunCon and Gadang Holdings Bhd (Gadang) will benefit from the initial stage of construction of Bandar Malaysia. Kenanga Research noted that as for DASH highway construction jobs, it will also benefit highway builders namely IJM, Gamuda, WCT, Bina Puri Holdings Bhd (Bina Puri), Ahmad Zaki Resources Bhd (AZRB), MRCB, Gadang, Muhibbah, Mudajya Group Bhd (Mudajaya) and Pesona Metro Holdings Bhd (Pesona). As for more specialised works such as segmental box girders (for MRT and LRT), the research arm noted that foundation and sub-structure piling works and structural steel works (super structure building), Eversendai, Kimlun, Pintaras and Econpile should benefit.
On the sector’s quarterly earnings review and outlook, 1Q15 results were mostly within Kenanga Research’s expectation. Out of 11 stocks under the research arm’s coverage, eight were within, one above and the remaining two below. This set of results was far better than that of last quarter where half of its coverage came in below expectations. Kenanga Research noted that IJM and Benalec Holdings Bhd (Benalec) were below expectations due to the former’s weak property profits as well as the latter’s delayed land sales. “Going forward, we expect the momentum to continue with most of our coverage companies meeting our estimates driven by healthy orderbook, improved margins as well as being on track to meeting our replenishment assumptions. “However, we remain cautious on big cap companies’ earnings namely: Gamuda, IJM and WCT due to their significant exposure in property sector,” it said. Earnings-growth-wise, the research arm estimated aggregate earnings for construction stocks under its coverage to grow by healthy 24.3 and 9.7 per cent in financial year 2015 (FY15) and FY16, respectively. All in, Kenanga Research reiterated ‘overweight’ rating on the construction sector. The research arm had ‘outperform’ calls on MMC Corp, Muhibbah, HSL, WCT, Eversendai, Kimlun and Mitrajaya. Meanwhile, its ‘market perform’ calls were Gamuda, IJM, and Naim Holdings Bhd.
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WEST MALAYSIA PROPERTY NEWS
BOVAEA to Eliminate Unlicensed Brokers In Real Estate Industry
Under Section 30 of the Valuers, Appraisers and Estate Agents Act 1981, anyone found guilty of these acts can be fined up to RM300, 000, imprisoned for three years or both. Anyone found guilty of aiding and abetting these criminal acts, are also liable to the same punishment.
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he loss of RM40 billion worth of transactions to unlicensed property brokers last year has resulted The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) teamed up with the authorities in order to stop unlicensed people from acting as brokers in real estate industry.
BOVAEA will work together with the Commercial Crime Investigation Department, the Malaysian Communications and Multimedia Commission (MCMC), as well as local councils such as Kuala Lumpur City Hall (DBKL), to stop unlicensed property brokers in the country, added BOVAEA EAPC chairman Eric Lim, earlier at a press conference.
BOVAEA’s estate agency practice committee (EAPC) awareness campaign chair K Soma Sundram said that in 2014, Bovaea recorded around RM162 billion worth of real estate transactions nationwide.
This will be done through BOVAEA’s campaign called Anti C.A.M.P., which stands for cheating, absconding, misinterpretation and profiteering. The campaign was launched yesterday, August 17.
“Of that figure, RM40 billion were deals closed by unlicensed brokers, RM60 billion by licensed real estate brokers and the rest by property owners, home owners or developers. For each transaction, the illegal brokers would make around 2-3% of the entire deal,” Soma told theedgemarkets.com today.
Anti C.A.M.P has two main components, a collaboration with government agencies to catch the culprits behind the illegal signboards as well as an awareness campaign to educate the public about the methods used by illegal agents.
This translates into about RM800 million to RM 1.2 billion per transaction, which rightfully belongs to the 16,000 registered brokers or negotiators listed under BOVAEA, according to Soma. There are about 40,000 to 50,000 unlicensed brokers operating in the country estimated by the board.
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Lim also said “On a monthly basis, we receive around 30-40 official complaints. However, we are aware that for every complaint lodge[d], there are hundreds (others) that are not lodged, because the victims felt that the amount they lost wasn’t worth the hassle of lodging a complaint.”
with your phone and it will give the full details of the broker to you immediately. Even if someone imitates the design, there will be some security features.
The public are most vulnerable to acts of cheating, absconding, misrepresentation and profiteering from the unlicensed dealers, he added.
For this case, according to Lim, aiding and abetting include publishing unlicensed brokers’ advertisement on any medium including: property portals; print mediums including newspapers and magazines; websites; and even property developers who engaged unlicensed property marketing companies. “A developer can use their own sales team to sell their properties. But they cannot simply employ outsiders as their sales agents and market their properties for them. Lim noted that some illegal brokers register themselves as real estate marketing companies. “They approach the developers to (help) sell (their properties). These companies market the property on behalf of developers and behave as licensed brokers or agents. Whether the developer is aware or not, we don’t know. But it’s illegal,” said Lim.
How do we differentiate a licensed broker from a nonlicensed one? According to Lim, 1.
A licensed broker will carry a REN tag. The tag will have a REN registration number, their name and picture, as well a QR code where you can scan it
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An advertisement by a licensed broker must have the following: company name, company registration number, fixed land line number, and the REN registration number. If the broker or the ad lack these things, they are illegal.
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Unlicensed brokers will put up their advertisements on street lamps, trees by the side of the road, online and also notice boards, as opposed to the license brokers who generally place their ads on the property itself.
Lim also advised members of the public to cross reference any brokers they are dealing with on BOVAEA’s websites. “We cannot take action against them (unlicensed brokers). Instead, the public should report them straight to the police. “But, if there is a complaint against one of our own (members), we (BOVAEA) can take immediate action, including suspending the licence or even revoking it,” said Lim. On MCMC’s part, Lim said it has started barring the telephone numbers of unlicensed brokers and preventing them from registering a new phone number, while DBKL and other local councils have begun taking down their roadside advertisements.
China-Malaysia’s Cooperation on Launching China-ASEAN Business Magazine: Media Cooperation Promoting Bilateral Trade and Economic Development
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n August 6th, The China-ASEAN Business Magazine founded by China and Malaysia held a soft launching ceremony in Garden Hotel, Kuala Lumpur. The Commercial Counselor of Chinese Embassy in Malaysia, Wu Zhengping; the vice president of Malaysia-China Chamber of Commerce Dato’ Joseph Lim Heng Ee; the director of the MalaysiaChina Business Council and the director of China-Industrial Park Dato’ Beh Hang Kong, the vice president of Malaysia-China Friendship Association Zulkifly Haji Zakaria; the acting president of China Enterprises Association in Malaysia, Keith Li; Datuk Zheng Yuanbing; the secretary-general of Malaysia-China Friendship Association director manager of Hai-O Group, Tan Khai Hee; the director of Malaysia External Trade Development Corporation (MATRADE), Ong Yew Chee, attended the launching ceremony. The secretary-general of the ChinaASEAN Expo Secretariat, Wang Lei as well as Yang Xiuping, the secretary-general of the ChinaASEAN Center, sent a congratulatory letter to the foundation of China-ASEAN Business magazine China-ASEAN Panorama Malaysia branch, expecting the 2 magazines will transfer positive energy in promoting China-Malaysia cooperation. It is learned that this is the first publication of international journal under the cooperation of China and Malaysia, and it is co-published by China-ASEAN Panorama(China) and the SKT Media Entertainment
Group(Malaysia). The China-ASEAN Business will be geared to business readers in Malaysia. Meanwhile, to transfer opportunities and promote cooperation, the magazine will also focus on spreading the timely information including the hot bilateral cooperation, China-ASEAN Free Trade Area(CAFTA), ChinaASEAN Expo, as well as the Maritime Silk Road of the 21st century, etc. On behalf of the joint sponsor in Malaysia, Dato’ Sri Gavin Tee Swee Heng introduced the basic information of China-ASEAN Business to the guests and expressed that he would support the development of China-ASEAN Business, aiming to make the magazine become one of the most influential journals in Malaysia. Apart from this, Zheng also said that Malaysia would play a vital role in the economic communication between China and Malaysia, and China-ASEAN Business would assisit Malaysian businessman in participating in China-ASEAN cooperation.
According to the introduction of Yuan Yuanhao, who is the chief editor of China-ASEAN Business, the China-ASEAN Business would focus on Malaysia’s exhibition and serve for Malaysian businessmen during the China-ASEAN EXPO. Yuan also said that, the first issue of China-ASEAN Business would be released this November and in the same time, the leaders of China and ASEAN would participate in the “10+3” summit and gather in Malaysia, then it would be the perfect opportunity for the first appearance of China-ASEAN Business.
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The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) has warned the public to beware of con artists posing as real estate negotiators Soft launch ceremony of China-ASEAN Business Magazine founded by China and Malaysia From Left: Michael Jan, Tan Khai Hee ,Keith Li, Ong Yew Chee, Dato Sri Gavin Tee, Wu ZhengPing, Gao Hang, Dato’ Beh Hang Kong, Dato Joseph Lim, Malaysia-China Friendship Association Zulkifly Haji Zakaria
Gao Hang, the joint sponsor from China, introduced the basic information of China-ASEAN Panorama to the guests, and he hoped to bring more business opportunities to Malaysian businessmen via China-ASEAN Business. With the foundation of China-ASEAN Business magazine China-ASEAN Panorama Malaysia branch, these two magazines will become an important platform for cooperation between China and Malaysia, transferring vital business chances as well as making contributions to promoting mutual cooperation and exchanges.
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INTERNATIONAL PROPERTY NEWS
INTERNATIONAL PROPERTY NEWS
Catch up on the latest property and real estate news, views and analysis from across the globe
Perth Airport Rail Link Given Green Light
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he Barnett government’s proposed $2 billion rail link to Perth Airport — tunnelling under the Swan River — has been recommended for conditional approval by the Environmental Protection Authority, as reported in Perth Now. The rail line will extend from Bayswater station on the Midland line to Forrestfield and include twin 8km-long bored tunnels passing under the Swan River.
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Subject to a two-week public appeal period and final sign-off by Environment Minister Albert Jacob, the EPA has recommended the project go ahead, provided the loss of 1.6 hectares of threatened ecological communities as well as 25 rare plant species are offset.
Australian Dollar Weakened For The First Time Against Singapore Dollar
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or the first time ever since its last closed in March 2009 during the global financial crisis, the Australian Dollar has fallen below the Singapore dollar. On 27 August 2015, the currency trading witnessed the exchange of $1 AUS to $0.9981 SIN at 11.20 am. The slowing global demand for Australian’s commodities exports and a string of disappointing economic data in the recent months has battered the oncemighty Australian dollar, according to The Straits Times. The falling Australian Dollar could see lower prices for Singapore’s imports from Down Under, although factors like weather conditions affecting supply, labour costs and demand could hold back or limit declines.
A local importer of Australian’s food - Oh Deli’s director said “The Australian dollar has been overvalued for a long time because of the resources boom, so this should bring us some stability in our price. It is
Small Improvement For Western Australia’s Property Market
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going to bring our costs down potentially, but there’s always a chance the Aussies will put their price up.” The major contributor to the Australian dollar’s weakness is also due to the slowdown in China, since the mining and agricultural sectors with their products export mainly to the East Asian plays a significant role to the country’s economy. It is also reported that the Australian dollar has slumped to its weakest level against the US Dollar in six years as a gauge of China’s manufacturing unexpectedly fell to the lowest within the last 15 months. The outlook for the Australian remains cloudy, particularly as the commodities boom which fueled the country’s growth in the decade to 2013 is now over, according to the economists. Rating agency Standard & Poor’s added that this issue may lower’s Australia’s credit rating if there is no improvement in regards to the country’s budget.
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igures from the Real Estate Institute of Western Australia (REIWA) show that in 12 months to the end of June, the state’s regional centres had seen median house prices grow by an average of 0.8%, indicating there is a sign of recovery in regional Western Australia – when Perth seems to currently be in the grip of a price correction. All 12 Western Australia regional centres are now sharing the figure AUS $383,000 as the median for house price. The best performing region of the 12-month period goes to Albany Urban Area with it recording 5.3% in its median house price to $389,750. Bayonet Head was the best performer on a suburb-by-suburb basis, up 8.8% to a median of $397,000 followed by Mount Melville, up 5% to $380,000 and Spencer Park, up 4.9% to $350,000, while region’s worst performing suburb with an almost 6% drop to $388,750 goes to Yakamia. REIWA branch chairman for Albany Barry Panizza said the news would give confidence for those involved in the Albany market. “The lift in median price over the last year really only brings us back to where we were five years ago because the market has been weak for that long,” Panizza said.
“However, it’s encouraging to think that we might now be returning to a better position of forward growth and it gives buyers and sellers a bit more confidence.” The next best performing region was the Busselton Urban Area, with growth of 3.4% over the year to a median of $460,000 and the best performing suburb where the median house price rose 15.7% to $625,000 was Abbey which is in the Busselton region. The Goldfields/Esperance region followed Busselton and experienced growth of 3.1%. The area was home to the best performing regional suburb over the year, with Picadilly growing by 20.2% to $375,000. It’s not all positives for the state’s regional areas though, with some still reeling from the slowdown in the resource sector such as Karratha’s median price dropped by 32.3% to sit at $440,000. Port Hedland dropped 12%, but still had a significant median price of $880,000, while South Hedland had a modest drop of 4.6% to $711,000. With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders.
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INTERNATIONAL PROPERTY NEWS
New Home Sales Slump 42% In June
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ales of new private homes in Singapore fell 42 percent in June 2015 from the previous month as property developers held back on launching new projects, according to Today Online. Data from the Urban Redevelopment Authority (URA) revealed that developers sold 375 housing units last month, down from 643 units in May and less than the 482 homes sold in June 2014. The lacklustre sales come as developers refrain from unveiling new projects, focusing instead on selling units at existing developments. In fact, only 219 housing units were launched by developers in June, down 56 percent from May and 48 percent lower than a year ago. “There are three reasons for the subdued buying sentiment. First, it coincided with the June school holidays when families might be away. Second, there was a lack of mass-market launches, with developers preferring to launch new projects at a later date. Furthermore, with loan curbs still in place, home buyers remained selective in their purchase decisions,” explained Mohamed Ismail, CEO of PropNex Realty.
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Botanique at Bartley in Upper Paya Lebar Road emerged as the bestselling project in June, with 59 units sold at a median price of $1,301 psf. The Panorama in Ang Mo Kio and Lakeville at Jurong Lake Link were tied in second place, with developers of each project selling 25 units at a median price of $1,231 psf and $1,320 psf respectively. All three projects are situated within the Outside Central Region (OCR) which dominated market share in June, selling 247 homes. The Core Central Region (CCR) and Rest of Central Region (RCR) saw buyers take up 49 and 79 units respectively.
House Price In Sydney Goes AUD$1 Million As Median
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ew data revealed that the median house price in Sydney has now hit AUD$1 million, after surging 22.9% over last 12 months.
Wilson, Domain’s senior economist while at the same time stating that strong growth is expected to continue for the city in the foreseeable future.
Domain’s National House Price Report says that Australia’s most heated housing market has doubled the national median house price growth of 11.7%, making it higher than in London and close to New York. With the median house price of AUD$1,00,616 it is still well behind the property price in Paris, however.
“Confidence and momentum will continue to sustain the Sydney market through the remainder of 2015, although growth rates are unlikely to match the record-breaking June quarter performance,” he added.
Domain’s senior economist, Dr Andrew Wilson says the record low mortgage rates are driving the record high price rises, and strong growth is expected to continue for the city in the foreseeable future. “The main catalyst has been low mortgage rates — the lowest since the mid-1960s. It’s a perfect storm of local supply and demand factors generating the price growth. A strong local economy, coupled with high levels of migration and a chronic undersupply of housing and record levels of investor activity have also been a significant contributor,” said Dr Andrew
Meanwhile, the executive condominium (EC) segment moved 110 housing units in June, down from 210 in the previous month. “Going forward, as developers with EC projects line up for launches in the second half of the year, developers of mass-market projects may go slow to avoid a collision as they are both catering to similar market segments,” said ERA key executive officer Eugene Lim.
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Other capital cities also reported steady growth, with the Perth and Darwin property markets the only ones to see a drop in median house price value over the quarter, according to the report. The median house price jumped 4.3% over the quarter – and increase of 11.7% over the year, nationally.
Chinese Company Built A 2-Storey Printed Modular Home In Just 3 Hours Flat
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he word modular kitchen is quite commonly used for kitchen fittings, in other words Modular kitchen is a set of all compartments (Drawers, cabinets, racks, shelves, etc) which you can readily buy it & install at your kitchen. A Modular Kitchen makes it very easy for you to pick and choose the best option for you kitchen and once selected you do not have to worry to hire a carpenter to make it at your house. All you need to do it fix the different modules in its place and you have your kitchen ready. Now think how easy life would become if we could make a modular home, no more noisy construction sites, no more pollution. That is exactly what a Chinese company ZhuoDa group showcased at the International Exhibition Center Plaza in Weihai city. This is the best modular home building we have ever seen as the building blocks of the house were made in the factory and it was shipped to the construction site. Once all the modules were shipped the assembly took just 3 hours to complete, no construction machines were used to assemble the modules.
The representative of ZhuoDa group informed us that 90 percent of the house was constructed at their factory, work like interior decoration, wiring, plumbing, kitchen sanitary ware, furniture and other facilities were already installed in the factory, they were picked and chosen as per the specifications of the house owner. To fix all the modules of the house together the workers used just a few cranes to lift the modules and place it in proper location. First, the living room was assembled followed by the bedroom, kitchen and bathroom on the first floor – followed by the terrace, bedroom and utility rooms on the second floor – all in less than three hours. Taking about this exciting 3D printed Modular home Zhuoda groups vice president Tan BuYong said “Thanks to our special materials, our rate of assembling houses is really fast. Since 90 percent of the houses we build are completed in a factory prior to the actual on-site construction, we only need to do on-site follow-up work to complete a build.” “This not only avoids the pollution caused by traditional construction sites, but also dramatically reduces construction costs by thinking
about houses as a traditional manufactured product,” he said.
approximately 100kg (220 pounds) per square meter.
Because all the module of the house was made in the the central location the company could save cost that are common in traditional construction processes that are located at an off-site location. The modular home saves cost of transportation, labor, material, machinery and assembly hence its lot cheaper than the tradition construction methods. Also they can prove to be pretty effective in controlling Pollution From Construction work.
The company holds 22 patents for the materials used in the new 3d Printed homes, they already have tied up with the local government and handling 40 different projects. Now get ready for the real surprise – Want to know the cost of the new house which includes construction and raw material cost ?
ZhuoDa group used a secrets ingredient to make this 3d printed modular house, according to Tan “the company’s new materials are sourced from industrial and agricultural wastes and are capable of withstanding earthquakes with a magnitude of 9.0 and are also fireproof and waterproof. This new material contains no formaldehyde, ammonia, radon and other harmful substances. While the company is touting their materials as being capable of withstanding the elements, they are also saying that the material can be made to meet a variety of aesthetic qualities desired by the homeowner including jade, marble, wood, granite and other decorative sheet textures. Adventurous health-conscious home owners even have the option to have Chinese herbs embedded within the walls for ‘built-in aromatherapy’.
Tan added “The house built with our new material, including furniture, kitchen utensils and other equipment, costs only 3,500 RMB/ square meter ($564),” . These lego style houses can revolutionize the way construction work is carried out and would be specially effective for developing countries that are looking for cheaper housing solutions. We wish all the luck to ZhuoDa group.
Yongliang, a Zhuoda Group R &D engineer expained further “The traditional villa can take at least six months to construct, but our 3D module villas take just ten days from the beginning of production in our factory to the final assembly at a specific build site.” This particular 2 story Modular house took 6 3D modules, each weighing
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INTERNATIONAL PROPERTY NEWS
Chinese Hare Market: Offshore Investors Will Flock To Australia Real Estate
“Those who had been investing more in equities will see there are real risks and Australian property is much safer,” he said. “If they are making more money in China, they tend to invest money there, but now that’s not the case they will move to a safe environment like Australian property.” He could see implications for businesses such as his, but also Australian property generally.
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he Chinese sharemarket collapse in which $3.7 trillion has been wiped off the value of stocks in three weeks could see a flight to the relative safety of Australian property, experts believe. And top prestige sales agents say the plunging Australian dollar has created a “perfect storm”, making Sydney’s prestige property more attractive than ever to wealthy Chinese, reported by the media. With panic setting in as the Shanghai Composite has dropped 30 percent since the middle of June - the biggest three-week fall in 20 years - Chinese investors could soon be beating down the doors of off-the-plan penthouse marketers, and even owners of established property. “I think the fact it has fallen so sharply will make investors in China think about alternatives and one of those alternatives will be Australian property,” St George Bank chief economist Hans Kunnen said. HSBC chief economist Paul Bloxham concurs. “Australia is seen as a safe place to invest that has strong growth opportunities,” he said. “There are opportunities for Chinese investors to diversify
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and if they are looking for foreign investment opportunities we will see more interest.” The principal of Sydney Sotheby’s International Realty, Michael Pallier, said the collapsing Shanghai sharemarket was already having an impact. “A lot had already taken money out of the stock market because it was getting just too hot,” Mr Pallier said. “And with the dollar being so low it’s created a perfect storm - they’re taking money out of something volatile into something that’s safe.” Mr Pallier said he’d sold new apartments in the city to Chinese buyers last week “for that very reason” and he was showing mainland Chinese buyers through a $13.8 million house in Sydney’s exclusive suburb of Double Bay that he’d just listed. “He’s already just bought a double-digit property and wants another one for his sister, who is coming out here to live,” Mr Pallier said. The managing director of offthe-plan apartment marketers CBRE, David Milton, who already sells a large amount of property to overseas Chinese investors is seeing only blue skies ahead.
positive implications for those selling Australian property. “The Chinese are learning some lessons in capitalism so they’re no doubt looking for an environment that has a friendly circumstance about them,” Dr Wilson said. “It can only exacerbate their interest, particularly in Sydney,” he said.
“A lot of the Chinese that are buying have Australian residency, but their money comes from China,” Mr Milton said. The president of the Real Estate Institute of NSW, Malcolm Gunning, says whereas most Chinese money would flow into new property, some investors would work with family in Australia to buy existing property. “Because of their strong family networks and syndicates,” Mr Gunning said. “They buy as a collective all the time on some of the larger properties. “If it comes in quickly it will come in through existing citizens.” He said the collapse could also see more Chinese applying for the $5 million Signficant Investment Visa, which grants them a quick path to Australian residency. The investments need to be in government-approved shares but they also end up buying exclusive properties in suburbs such as Point Piper or Toorak. Domain Group senior economist Dr Andrew Wilson said China’s sharemarket issues will have some
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Consolidated airport station; Tunnels reduce impact Tunnels reduce impact; CBD to Forrestfield The Australian Dollar The city of Perth WA seems to currently be in the grip of a price correction Private residences in Singapore Sydney’s property prices continues to soar 3D printed houses in China
This Page 1. The Chinese real estate invasion to Australia
Raising Investor Interest Rates By 0.27 Percentage Point, CBA Joins ANZ
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he act of the lenders to rein in the boom in borrowing by landlord buyers has cause the biggest bank in the country, Commonwealth Bank Australia (CBA) to jack up the interest rates for housing investor. The interest rates for housing investor will be increased by 0.27 percentage points, similar to the ANZ Banking Group which had also increased the rates at the same amount the day earlier. Analysts have predicted the combined profits of the “big four banks” in the region would be boosted as high as AUS $800 million, if they decided to follow the same route as CBA and ANZ. The rate rise was aimed at complying with a 10 per cent a year cap on lending to landlords, put in place last year by the Australian Prudential Regulation Authority (APRA), according to CBA.
“As Australia’s largest home lender, we support the prudential regulator’s actions to ensure lending practices remain sustainable and we have been actively managing our investment home loan portfolio to remain below the 10 per cent growth limit,” CBA’s group executive for retail banking services, Matt Comyn, said. “Despite making a range of changes to our investor lending policies in the past few months, we have witnessed ongoing investor lending growth, and at an industry level, investor lending approvals remain 22 per cent higher than 12 months ago.” Fearing Sydney and Melbourne’s housing markets are overheating, APRA is forcing the banks to slow the growth in their housing investor loan portfolios to less than 10 per cent a year. Currently ANZ and CBA are the only banks to raise the rates for all existing customers.
AUD $218 Million Of Real Estate Sold In Perth’s Top 10 Most Expensive Streets
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estern Australia’s elite continue to splash out for prestige address in the past 12 months causing more than AUD $218 million worth of real estate sold in Perth’s top 10 most expensive streets. According to independent government authority Landgate, sales are still booming in selected streets of Perth despite a slowdown in general market, with Mosman Park’s Wellington St. as the top performer, selling $33.2 million worth of homes – at an average price of $3.68 million based on nine sales.
The highest average house price in the past 12 months goes to The Esplanade in Peppermint Grove with $7.8 million based on three sales totalling $23.6 million. Nicknamed by locals “Sweet of Dreams”, Saunders St. in Mosman Park ranked second in an average sale price of $7.3 million. The street boasts Australia’s most expensive house, a $57.5 million property sold by Angela Bennet, iron ore heiress to follow mining magnate Chris Ellison in 2009. The enclave was given a boost last year when Mr. Ellison’s wife, Tia, bought the two neighbouring properties – 41A and 45 Saunders
Bank of America Merrill Lynch’s analyst Andrew Hill reported that the other banks were also likely to raise home loan borrowing costs to some degree in response to APRA’s policy. If the other banks did not follow the lead of ANZ, the report claimed that “they will likely gain more share and once again exceed the 10 per cent speed limit”. Raising interest rates will also boost banks’ bottom line when the profit margins are being squeezed by tougher competition, however. Mr Hill also stated that over a full year, ANZ’s move would lift net profit after tax by AUS $124 million, while CBA’s profit would benefit by AUS $244 million. If National Australia Bank made the same move, its profits would be lifted by $127 million and Westpac’s would increase by $296 million, As a share of total profits, raising rates on investor loans would be most profitable for Westpac, lifting earnings by 3.8 per cent “, the report said.
St – for a combined price of almost $12 million. According to www.onthehouse. com.au, there are more than 900 millionaire’s rows in the Perth metropolitan area, where 99 per cent of the homes are valued at a $1 million or more. Western suburbs agent William Porteous said while luxury homes in the $7 – 8 million range had retracted from their previous height, buyers were now “coming out of the woodwork” .“There are young professionals who are moving up in the world and making their way into the tightly held streets,” he said. “In Sydney, and even in the UK and New York, the luxury market has reached an extreme where $20-40
Previous moves by banks to raise interest rates for owner-occupiers independently of the Reserve Bank of Australia have sparked political anger and risked a backlash from customers. CBA equities analyst & Victor & German, however, said APRA’s cap on investor credit growth removed some of the “downside risk” of “outof-cycle” interest rate hikes. “While in a normal competitive environment repricing changes of this nature may potentially lead to customer attrition, in this instance we believe the regulator has essentially removed that risk,” Mr German said in a note to clients. “Given that APRA has restricted the banks’ ability to grow their investor lending books, we don’t expect the major peers to target ANZ’s customers and expect the industry to follow ANZ’s pricing lead (either in the form of a higher base rate or further reductions in discount available to investors).”
million is no longer uncommon, so for those with the cash to spend the opportunity is in Perth.” Acton Cottosloe-Peppermint Grove director Bev Heymans said elite buyers were prepared to spend big to get an exclusive address. “There are certain streets in Perth that have become famous names. With streets like Sauders St. and Peppermint Grove’s View St. that are very prestigious and tightly held, we have buyers watching the streets and wanting to know whether any homes will be coming on the market, “ she said. She also added that homes with river and sea were continuing to transfix wealthy buyers while smaller streets also attracted a premium for their exclusivity.
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COFFEE TALK | Charles Tan
Buying a new home? Ask WHY, not just WHERE Charles Tan
Happy ‘GST’ thinking if you still think GST is the main reason for buying or not buying.
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omeone reminded me this important point recently. When we first think about buying our first home, how many of us would ask ourselves, ‘where?’ Many would argue that the most important question is always ‘where’ and there is nothing wrong with this. After all, property gurus would always say, ‘location’, ‘location’ and ‘location’, right? After the ‘where,’ why not ask ‘why’? The reason why prices in certain areas are already very high is because it’s attractive for some reasons. Many times, the question is just a question of ‘why.’ When we have the answer to this question, our choices suddenly increase. For example, if we say Kelana Jaya, ask why Kelana Jaya? Is it because our office is within Kelana Jaya and we want to be able to get to work and home as early as possible? If the answer is YES and we can afford it, of course it’s best to buy close to the office. However, if the answer is that it’s near to the Kelana Jaya LRT station, then you are in luck, there are many more such developments, some are even nearby MRT stations, a new attraction. If the reason is that it’s nearby a favourite mall, then please understand that the number of malls are increasing. Thus, choices next to malls are also increasing as well. If you do not want to drive too far, then
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converting this distance into duration may reveal more choices. Understand the actual time needed. Further does not necessarily mean longer driving time. Google Maps would be your best resource. With all the public transport availability you may also have a few more options too. If the choice is due to preference for low-density, why not instead visit the high-rise developments with your agent during an afternoon at 5pm to look at the number of people using the swimming pool? Look at all the available facilities as well. Actually maintenance depends on the management. Some low density developments may be very badly managed and some so-called high density ones may have better maintenance. Visit and understand, not just look at the number of units and decide. There are still many choices, both new launches and even secondary ones. According to some news I read, new launches would be continuing and the prices would continue to be attractive. This would be launched by the many state affordable homes such as RUMAWIP, Rumah SelangorKu as well as PRIMA and MyHome among others. Many of these choices would be at locations which would not be considered at all. However, think one step further, asking ‘WHY’ may reveal some good overlooked choices.
Residential Property Transactions Sees A Slight Drop Nationwide In First Quarter Of 2015
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he number of residential property transactions nationwide saw a slight drop from 60,760 transactions last quarter to 59,626 transactions for the first quarter of this year. If compared with the same period last year, there were a total 58,767 transactions in the first quarter of 2014 which means the number of transactions for the same period this year has increased. These are the latest figures released by National Property Information Centre (Napic). (Figure 1) It is noted that the number of transactions for properties in three states – Penang, Selangor and Wilayah Persekutuan – have also seen drops when compared to the last quarter of 2014. Over in Penang, the number of transactions had dropped from 5,193 units in the fourth quarter of 2014 to 3,834 units in the first quarter of this year. The number of transactions in Selangor for the first quarter of this year is 14,744 units, a slight drop from 15,613 transactions in the previous quarter. Meanwhile, in Wilayah Persekutuan, there is also a slight drop from 4,127 transactions in the previous quarter to 3,250 units this quarter. Interestingly, the number of transactions for properties priced under RM100,000 nationwide have increased to 16,733 units the first quarter this year as compared to 12,723 units the previous quarter. All four quarters of last year saw the number of transactions for properties below RM100,000 hovering between 12,000 and
13,000 units per quarter. The total of below RM100,000 properties transacted nationwide last year was only 51,140 units. The transactions for properties priced below RM100,000 has been falling nationwide since 2012.
It is noted that the number of transactions for properties in three states – Penang, Selangor and Wilayah Persekutuan – have also seen drops when compared to the last quarter of 2014. From a total 90,081 transactions in 2010, the number of transactions increased to 100,589 in 2011 before it dipped in 2012 to 97,259. By 2013, the numbers have fallen drastically to 63,528 transactions in 2013 and almost half from 2011, to 51,140 transactions in 2014. It is even more noticeable in Penang where the fluctuations in transactions for this range of properties is more dramatic. In 2010, a total 5,674 transactions were recorded before almost doubling to 10,436 transactions in 2011. However, the number of transactions began to drop in 2012 to 7,217 before falling drastically to 3,529 transactions in 2013 and 3,460 in 2014. The trend seems to continue in the first quarter of 2015 with Penang recording only 764 transactions for properties priced below RM100,000 as compared to 1,062 units in the previous quarter. The transactions for properties this range hovered between 700 and 800 in the first
three quarter last year before peaking in the final quarter at slightly above 1,000 transactions. In comparison, Wilayah Persekutuan recorded 3,772 transactions in 2010 to increase to 4,926 in 2011. There was a slight drop to 4,189 transactions in 2012 before it too dropped drastically to 1,602 transactions in 2013 and 1,404 in 2014. Meanwhile, in Selangor, the number of transactions for residential properties below RM100,000 also decreased but it was a gradual drop. There were a total 16,633 transactions in 2010 before increasing to 17,673 in 2011. The number of transactions saw a slight drop to 17,099 in 2012 before it drops to 11,403 in 2013 and 10,449 in 2014.
Raine & Horne International Zaki + Partners Sdn Bhd Senior Partner Michael Geh believed that the drop in transactions for properties below RM100,000 in Penang could be due to lesser number of such properties being built in recent years. “More of these units must and should be built because there is a lack of supply despite strong demands for such units,” he said, adding that there is also a lower rate of bank approvals for applicants in the lower income group. He called on banks to relax lending rules to allow more homebuyers to be eligible for housing loans to purchase these homes.
Noting the drop in transactions nationwide, property researcher Ho Chin Soon said it could be due to tightening measures on housing loans. As for the increasing trend for properties priced above RM100,000 nationwide, Ho said inflation and upward price adjustments could play a role in the general overall increase across the board.
Figure 1
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COFFEE TALK | Charles Tan
Property Investment? Buying And Renting Is A Good Long-Term Strategy
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ust the other day over lunch, a colleague and I were discussing about renting strategies. He asked if we should still buy property to rent out if the rental could barely cover the mortgage and the maintenance charges. From an investment point of view, my answer is a ‘yes’. Of course, if we have to keep paying for the ‘losses’ every month, it is not recommended. Let me share why and how. Why? Let’s look at the bigger picture first. Greater KL / Klang Valley’s property market continues to be vibrant because urbanization in Malaysia continues to happen. According to Economic Transformation Plan (ETP), Greater Kuala Lumpur is envisioned to have a total population of 10 Million by 2020. Today, Greater Kuala Lumpur has an estimated total population of around 7 million. Based on a ratio of 4 to one home, this meant that just from the new population of another 3 million, another 275,000 homes are needed. We have yet to calculate the demand from the existing population, many of whom has yet to own a place of their own. Consider just 50 percent of this new population has to rent for the first few years. Let’s proceed, shall we? How? Understand how much you can afford as monthly mortgage payment IF you are unable to get a tenant almost immediately. Budget wisely because this is a long term investment and most of the time,
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the income is not likely to be giving a positive return within the first 12 months. Check property portals to know the typical rental for a certain area. Once you have identified a few areas of interest, then search under properties for sale to find a bargain. A slow market is better than a hot one for price negotiations. Today, the market is slow. It would be good to have a Microsoft Excel file to help guide you objectively. Once you have viewed and listed down a few, you would be able to make a more systematic decision. You may still be wrong but this is better than deciding based on emotion. Once you find one unit within your budget and expectations, determine your type of tenant. Would you like to rent out an empty unit or a fully furnished one? My personal advice would be to rent out a fully furnished unit. The reason is because this type of property is lesser in the market. It carries a premium as well over the empty units. Furnishing a unit is likely to be just RM5,000 or lower. Look for discounts especially during warehouse clearance sales etc. Just search online and you can find many of such sales in Greater KL. If you have lots of time, then classifieds sites for second-hand furniture may also be possible. A few years ago, I managed to buy a second-hand two-door fridge for RM550. This fridge is still working well today. The extra premium from the rental would easily cover your cost of furnishing the unit
for these units may still continue because buyers are very funny. We LOVE to buy where everyone LOVES to buy. Oh yeah, in numbers it is still worthwhile.
within 18 months. Think long-term. Another choice may be students. For this market, a bare unit with fans and sufficient lights should be enough. The students would definitely be buying their own study desk, a bed and other must haves. To entice them, include a washing machine and broadband subscription. For this market, it is more price-sensitive and thus it would be easier to rent out semester after semester if you do have something extra for them. For this market, you would need more time to manage it but because you can maximize the unit by renting out room by room, it is still worth it. Looking for a tenant is easy these days. Think online. If you are confident, you can definitely do it all by yourself too. It is however good to engage an agent so that everything is in order. Thus far, I have always been engaging agents to help me because I do not have the flexibility of time. I may not be free to always bring potential tenants to view the unit. When you engage a good agent, they would soon become friends. You may even get to know some good deals from them too. Coming back to why I would proceed even if the rental return is negligible or even very slightly negative, it’s simple. Property prices in certain areas have been increasing so much that the rental returns in these areas would definitely be negative today. However, the appreciation
Assuming your rental barely covers your rental and your property is RM450,000. If the property price increases by just 2 percent per year, what would be potential capital gain at the end of 5 years? Well, RM450,000 x 2% = RM9,000 per year. This is extra RM750 per month and 5 years later, it’s at least RM45,000 potential capital gain. The average property price increase has always been above 2 percent. Search online for information or buy Ho Chin Soon’s books. Of course, the above assumes no unforeseen circumstances happen. If we want to save instead, how many of us can safely say that we can save RM750 per month easily. There are definitely lots of horror stories about tenants who refused to pay and refused to leave. However, I can safely tell you that after having been a landlord for more than 10 years, these can be minimized to a minimum. My aim is always tenants who love hassle free fully furnished units instead of those who bargained hard even for a reduction of RM50. When we do not cut corners in furnishing the unit attentively, there is little need to cut the rental. Build up your rental portfolio slowly and you would notice that soon, your rental returns would be positive. Come on, rental would always increase year after year BUT the price you paid for your property many years ago remains the same years later. Be a good landlord to your tenants. They will make you rich. Happy buying and renting.
1,016,000 Applicants For PR1MA?
Y
es, PR1MA said that is has received 1,016,000 number of applications thus far for the supply of affordable homes. It’s a number which is hard to believe because if the number is true, we are looking at demands which far exceeds whatever supply there are in Malaysia. Yes, not even the 100,000 new homes target per year is able to satisfy this demand in 10 years and by then, the demand would have exceeded supply many times over again. As per reported in local English daily, the total units of affordable houses to be approved by PR1MA’s board of directors by the end of 2015 would be 250,000 units. This is of course
nowhere near the total number of applications. Currently, a total of 153,000 units have been approved in 110 locations nationwide except for Labuan. Just like all the other affordable homes projects from the state level, all these units are targeted at middle-income Malaysians who have been complaining about their inability to buy a home due to the high prices currently. The prices for all these are at a maximum of RM400,000 and as per PR1MA, there are actually very few units priced above RM350,000. The weightage for first-time buyer is much higher compared to those buying a second property. For example, the ratio allotted could range from 9:1 to 7:3 depending
on location and said that out of the 1,016,000 applicants, 90% were first-time buyers. Despite all these encouraging news about more units being made available, the probability to get a unit seems very small. In a recent balloting of 325 apartments, every unit received 16 applicants. Probability is thus only 6 percent. Out of 100 applicants, only 6 would eventually get a unit. The rest would have to wait for the next ‘probability.’ Within 2015, despite the approved 113,000 currently, only a total of 6,240 units in right projects would be balloted.
life accounts about what the applicants really face when applying for these programmes. Not just PR1MA but all the other programmes as well. It would be great if there are full transparency about which of these programmes, whether by federal or state governments which are doing very well. As for RM400,000 or lower, there are still many secondary choices. For those who could not afford to wait, do browse online and pick one. Please use ‘necessity’ as a primary consideration and not the location or the area as your main consideration. Happy balloting to those who are in the queue.
Are you one of the applicants? Would love to hear some real
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APARTMENT FOR SALE
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
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67
PROPERTY LISTING |SABAH
APARTMENT FOR SALE
68
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
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69
PROPERTY LISTING |SABAH
APARTMENT FOR SALE
70
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
APARTMENT FOR SALE
Extracted from PropertyHunter.com.my
SOHO / SOVO FOR SALE
Extracted from PropertyHunter.com.my
OFFICE SPACE FOR SALE
Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
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71
PROPERTY LISTING |SABAH
CONDOMINIUM FOR SALE
72
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
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73
PROPERTY LISTING |SABAH
CONDOMINIUM FOR SALE
74
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
CONDOMINIUM FOR SALE
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
Extracted from PropertyHunter.com.my
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75
PROPERTY LISTING |SABAH
CONDOMINIUM FOR SALE
76
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
BUNGALOW / VILLA FOR SALE
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
Extracted from PropertyHunter.com.my
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77
PROPERTY LISTING |SABAH
RETAIL SPACE FOR SALE
78
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
TERRACE / LINK HOUSE FOR SALE
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
Extracted from PropertyHunter.com.my
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79
PROPERTY LISTING |SABAH
COMMERCIAL FOR SALE
80
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
Extracted from PropertyHunter.com.my SUBSCRIBE NOW!
COMMERCIAL FOR SALE
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Sarawak Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
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81
PROPERTY LISTING |SABAH
COMMERCIAL FOR SALE
Extracted from PropertyHunter.com.my
COMMERCIAL LAND FOR SALE
Extracted from PropertyHunter.com.my
82
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Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
SEMI - DETACHED HOUSE FOR SALE
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
Extracted from PropertyHunter.com.my
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83
PROPERTY LISTING |SABAH
SEMI - DETACHED HOUSE FOR SALE
84
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Extracted from PropertyHunter.com.my
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
AGRICULTURAL LAND FOR SALE
Abbreviation LA: Land Area BUA: Build Up Area *Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my
Extracted from PropertyHunter.com.my
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86
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87
88
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