Issue 84 - Nov 2016

EAST MALAYSIA’S LEADING PROPERTY PORTAL, MAGAZINE & EXPO

HOT TOPIC

AGENT CONTROL

Hire The Right Real Estate Agent For The Job

Till Death Do Us Part : Planning & Investing In Burial Plots | Tenancy Worries No More!

Is The Australian Property Market In A Bubble? | Your First Home’s Down Payment Financial Options Warning! Read Before Signing | Legal Fee & Stamp Duty : What You Should Know

ISSUE 84 RM9.50 (Inc GST)

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CORPORATE

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Disclaimer, Permission & Reprints: This publication is not an investment advice. It is intended only to inform and illustrate. No reader should act on the basis of any matter contained in this publication without first seeking appropriate professional advice that takes into account their own particular circumstances.The publisher and editors give no representations and make no warranties, express, or implied, with responsibility of any of the material (including statistics, maps, articles, loan product tables, advertisements and advertising features) contained in this publication. The publisher and editors expressedly disclaim all responsibility for any errors in or omissions from the information contained in this publication, including all liability for any loss or damage suffered or incurred by any person as a result of or arising out of that person placing any reliance, weather whole or partial, upon the whole or any part of the contains of this publication. No correspondents will be entered into a relation to this publication by the publishers, editors or authors. The publishers do not endorse any company, organisation, person, investment strategy or technique mentioned in this publication unless expressly stated otherwise. The publishers do not endorse any advertisements or any special advertising features in this publication, nor does the publisher endorse any advertiser(s) or their products / services unless expressly stated to the contrary. Articles are published in the reliance upon the representations and warranties of the authors of the articles and without our knowledge of any infringement of any third party’s copyright. The publishers and editors do not authorise, sanction, approve or countenance any copyright infringement. This publication is protected under the Law of Malaysia Act 332 Copyrights Act 1987 and may not, in whole or part, be lent, copied, photocopied, reproduced, translated or reduced to any electronic medium or machine-readable format without the express written permission of the publisher. Copyrights 2013 Maxx Media (S) Sdn Bhd. All rights reserved.

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CONTENTS PRoPERTY SHOWCASE | 10

Paradigm Garden City : A New Paradigm for Vibrant Urban Living

PRoPERTY SHOWCASE | 16

ViiA RESIDENCE : Elevate Your Lifestyle With ViiA Residences In KL Eco City

PRoPERTY SHOWCASE | 22

SETIA V RESIDENCES : LUXURY. HERITAGE. HOME.

SPECIAL FEATURE | 32 HOT TOPIC | 36

Malaysia Budget Report 2017 AGENT CONTROL : Hire The Right Real Estate Agent For The Job

FEATURED EVENT | 40

BENCHMARK LIVING WITH BUKIT BINTANG CITY CENTRE

FEATURED EVENT | 42

Living it up with 8 Conlay

FEATURED EVENT | 46

Gamuda Berhad penetrates Sabah market

HOT TOPIC | 52

Till Death Do Us Part : Planning & Investing in Burial Plots

INTERVIEW | 56

Henry Tai : Chairman of MIEA, Sabah

HOT TOPIC | 60

TENANCY WORRIES NO MORE!

INTERVIEW | 66

Alex Ting : Chairman of MIEA, Sarawak

hot topic | 70

Is the Australian Property Market in a Bubble?

FEATURED EVENT | 74

Real Estate Fraternity’s Finest Feted at Gala Dinner

FEATURED EVENT | 76

SHAREDA’S PROPEX 2016 : Smart Property Investment, The Way Forward

hot topic | 78

YOUR FIRST HOME’S DOWN PAYMENT FINANCIAL OPTIONS

CONTRIBUTOR | 82

WARNING! Read Before Signing

CONTRIBUTOR | 84

LEGAL FEE & STAMP DUTY : What You Should Know

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PROPERTY SHOWCASE

A New Paradigm for Vibrant Urban Living If you dream of urban living in an integrated, sustainable environment with an inviting range of amenities and transportation options close at hand, WCT is set to bring your dreams to life with the new Paradigm Garden City, OUG, Kuala Lumpur.

A Development By WCT Land Sdn Bhd

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PROperty Showcase

Level 7 green lawn

Type D dining & living area

Level 31 olympic length infinity pool

H

Aerial view of Paradigm Garden City

ot on the heels of the

Paradigm Garden City is just a stone’s

This comprehensive, integrated

success that is Paradigm

throw away from amenities! The National

development offers a magnificent,

Mall Petaling Jaya by WCT,

Sports Complex in Bukit Jalil and the

well-planned area in which to live,

this acclaimed developer will

International Medical University (IMU) are

work, shop, and play. For investors and

within a short five-minute drive.

homeowners alike, Paradigm Garden City

be changing the skyline of KL South, the Overseas Union Garden (better known

represents the pinnacle of residential

as OUG) with the RM8 billion Paradigm

Surrounding the new Paradigm Garden

and commercial integration, and, as

Garden City. This freehold integrated

City development are a number of

the area’s first integrated freehold

development encompasses 63 acres of

mature communities like OUG, Old

development, will transform OUG

land and includes a retail mall, a modern

Klang Road, Happy Garden, Taman Yarl,

and stand alone as a truly new and

corporate office tower, retail offices, a

Sri Petaling, Bukit Jalil, Kuchai Lama,

aspirational paradigm.

prestigious hotel, and luxury residences.

Taman Desa, and Puchong, ensuring residents are close to well-established

Located at the fringe of Kuala Lumpur,

communities and also a host of existing

Paradigm Garden City is easily accessible

amenities. Paradigm Garden City is also

via the KESAS Highway, as well as by the

within the vicinity of two LRT stations,

KL-Seremban Highway, the MRR2, the

namely the Awan Besar and Sri Petaling

Maju Expressway, and Old Klang Road.

stations.

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Artist impression of Paradigm Garden City

And for WCT’s latest development, “garden” isn’t just a name, it’s a full concept:

G: Green Enjoy green, sustainable living through well-planned systems and seamlessly integrated accessibility with world-class infrastructure and thoughtfully designed streetscapes.

A: Amenities Satisfy your every desire for top-notch amenities with a range of leisure, recreation, shopping, hospitality, education, healthcare, and entertainment options close at hand.

R: Residence Bask in the exclusive enclave of residential high-rises, whether luxurious condos or stylish serviced apartments, with a range of floor plans and choices to satisfy growing families, singles and couples, and investors alike.

D: Design Purpose-built from the ground up, Paradigm Garden City is a fully integrated, wholly conceptualized development, harmoniously blending a seamless integration of residential, technological, and design principles.

E: Elite Paradigm Garden City sets out to be the benchmark of prestige and desirability in OUG, showcasing a refined level of class and affluence, bolstered by thoughtful planning, appealing aesthetics, and inspired leisure offerings.

N: Network

Level 33 gymnasium

Accessibility is a key component of Paradigm Garden City’s appeal, with no less than five different ingress and egress points, and unmatched connectivity to area highways and main thoroughfares, supplemented by easy access to nearby LRT stations, as well.

Making an early splash at Paradigm Garden City are the newly launched Waltz Residences. This chic urban retreat comprises two soaring towers – the 38-storey North Wing and the 33-storey

Type A bedroom

boasting up to a whopping 3,511 sq ft, Waltz Residences will be the premier place to call home in OUG.

South Wing – which will house 419

Finally, to complement the upcoming

exclusive residential units. The towers

Paradigm Garden City development, a

make a bold statement, with grand,

16,000sqft standalone WCT Sales Gallery

cantilevered rooflines that convey a

with a central courtyard is open daily

modern, sophisticated architecture

from Monday to Sunday (include public

and elevate the residences, both

holidays) ; 10.00am to 6.00pm. There are

literally and figuratively, in comparison

seven show units at this one-stop WCT

to the surrounding OUG landscape.

Sales Gallery (KL), and ample parking is

With standard units ranging from a

available onsite. Call now (03-7971 8333)

comfortable 948 sq ft to a generous

for more enquiries.

1,691 sq ft, along with luxury penthouses

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PROperty Showcase

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WALTZ RESIDENCES AT A GLANCE Project Name

: Waltz Residences, Paradigm Garden City

Location

: Malaysia, Kuala Lumpur, Taman OUG

Type

: High rise residential, Condominium

Land Area

: Approx. 2 acres

Tenure

: Freehold

Price Range

: RM754,000 – RM1,483,000

Average Price Per SQFT

: RM750

Maintenance Fee

: RM 0.38 psf inclusive sinking fund

Unit / Lot Type Range

: 948 sf – 1691 sf

Unit / Lot Types & Build-Up •

Type A: 3R + 2B| Built Up: 948sq ft

•

Type B: 3+1R + 3B | Built Up: 1,088sq ft

•

Type C: 3+1R + 4B | Built Up: 1,250sq ft

•

Type D2: 3+1R + 4B | Built Up: 1,691sq ft

•

Type D1 (Dual Key): 2+1R + Studio unit + 4B| Built Up: 1,691sq ft

•

Penthouse Units: 3 units only | 3,371 sq ft onwards | Price : RM3mil onwards | Location : 38th Floor, North Tower

Total Units / Lots & Block / Levels •

North Tower – 38 floors with 6 floors of car park (237 units)

•

South Tower – 33 floors with 6 floors of car park (182 units)

•

8 units per floor with 4 lifts & a service lift

•

Total units : 419

Expected Completion Date : July 2020 Facilities & Amenities Ground Floor : Launderette, Convenience Store, Business Centre, Child Care Centre and more.

Level 7 : Semi-Open Lounge, Green Lawn, Resting Shaded Pavilion, Garden Walk Path and more.

Level 31 : Sky Garden and Entertaining Garden Space, Squash Courts, Sauna, Jacuzzi and Steam Rooms, Yoga Platform, Infinity Edge Olympic Length Swimming Pool.

Level 33 : Multipurpose Hall, Gymnasium, Changing Facilities, Games Area and more.

Main Attractions, Public Transports and Amenities Nearby Train Station : Bukit Jalil LRT Station, Awan Besar LRT Station, Muhibbah LRT Station, Sri Petaling LRT Station.

Shopping Mall : Mid Valley Megamall, Proposed Paradigm Mall KL, OUG Plaza, Endah Parade and more.

School : Olympia College PJ, International Medical University, Stamford College, SMK Bukit Jalil, Oasis College, Asia Pacific, University College of Technology and Information.

Others : Bukit Jalil Recreational Park, Kesas Highway, Bukit Jalil Stadium, MEX Highway, Bukit Jalil Golf and Country Resort, Berjaya Golf Resort.

Another prestigious development by

To learn more about this exciting new integrated freehold development, contact WCT or visit the WCT Sales Gallery (KL) at: Lot PT 15210, Jalan Awan Besar, 58200 OUG, Wilayah Persekutuan Kuala Lumpur, Malaysia

Tel: +603.7971 8333 Fax: +603.7971 9898 This article is courtesy of Senses Of Malaysia. Visit online at paradigmgardencity.com or waltzresidences.com All information contained herein (including all illustrations and all proposed designs, layouts and/or developments) are subject to amendments, variations, modifications and/or substitutions without notification as may be required or recommended by the relevant authorities or developer’s consultants and it is not intended to form and cannot form part of any offer or contract. While every reasonable care has been taken in preparing and/or presenting this information, the developer cannot be held liable for any variation or inaccuracy. www.PropertyHunter.com.my

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PROPERTY SHOWCASE

Elevate Your Lifestyle With ViiA Residences In KL Eco City Discover opulent living in Bangsar, central to prime amenities and within walking distance to The Gardens/Mid Valley City.

A Development By S P Setia Berhad

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PROperty Showcase

1+1 bedroom with 782 sq.ft. built-up area (type B1) (artist impression only)

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Luxury lounge (artist impression only)

V

iiA Residences is located within a 25 acre mixed development, next to grade A offices, a retail podium and an integrated

transportation hub in Bangsar. This stunning residence in KL Eco City is presented to you with all the rewards of the S P Setia 10:90 promotion. Essentially, only 10% deposit is paid to secure a unit and no progressive payment is needed during the entire construction period. This creates a truly seamless ownership and investment opportunity. The remaining 90% is only paid once your unit is ready.

ViiA Residences consists of 326 sophisticated living spaces ranging from 636 sq.ft. to 1,252 sq.ft., featuring an upscale selection of units with 1-bedroom, 1+1-bedroom, 2-bedroom 636 sq.ft. layout with 1 bedroom (type A5) (artist impression only)

and 3-bedroom layouts; making it both versatile and vivacious. www.PropertyHunter.com.my

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PROperty Showcase

Residents will enjoy direct access to The Gardens and Mid Valley City via a pedestrian link bridge, exceptional connectivity via an integrated rail hub (Abdullah Hukum LRT and a new KL Eco City KTM station), 2-tier internal road system and new access ramps and bridge. This is further enhanced by a host of recreational facilities including an infinity sky pool, luxury lounge, gourmet lounge and rock climbing.

Elevate your lifestyle and indulge in the splendours of lavish living at ViiA Residences.

Gourmet lounge (artist impression only)

Lobby (artist impression only)

Infinity sky pool (artist impression only)

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ViiA RESIDENCE AT A GLANCE Project Name

: Viia Residences @ KL Eco City

Location

: Bangsar, Kuala Lumpur

Type

: Luxury Residences

Land Area

: 25 Acres of Integrated

Mixed-Use Development

Tenure

: Leasehold

Price Range

: RM1mil – RM2mil

Unit / Lot Type Range

: 636 – 1,252 sq. ft.

Unit / Lot Types & Build-Up •

Type A (1-bedroom). Sizes ranging from 636-689sq.ft.

•

Type B (1+1 bedroom). Sizes ranging from 779-810sq.ft.

•

Type C (2-bedroom). Sizes ranging from 944-957sq.ft.

•

Type D (3-bedroom) . Sizes ranging from 1245-1252sq.ft.

Total Units / Lots & Block / Levels •

Total units : 326 units (40 storeys)

Expected Completion Date : Expected by 2020

Facilities & Amenities Podium Deck (Active) : Children playground Kid’s Area Level 3 (Art) : AV Room, Luxury lounge Level 22 (Adventure) : Rock Climbing Level 40 (Arena) : Infinity Sky Pool, Children Pool, Pool Lounge, Steam Bath & Sauna, Gourmet Lounge, BBQ area, Steps Studio, Zen Deck, Gymnasium.

Main Attractions, Public Transports and Amenities Nearby Shopping Mall : Mid Valley Mega Mall, The Gardens, Bangsar Shopping Centre, Bangsar Village.

Commercial Town Centers : Mid Valley City, KL Sentral.

Educational Institution : Universiti of Malaya (UM), Brickfields Asia College (BAC), Sekolah Menengah (P) Kuen Cheng, SMK Confucian, Havil International School.

Medical Centre : Pantai Hospital Kuala Lumpur, Taman Desa Medical Centre, UM Hospital.

Packages & Schemes

Pay 10% upon signing SPA & 90% upon completion.

A Development By

KL ECO CITY SDN BHD Joint venture with Kuala Lumpur City Hall (DBKL)

To learn more about this exciting project contact S P Setia or visit Setia International Centre at: Lot 215, Pantai Baru, Jalan Bangsar 59200 Kuala Lumpur, Malaysia

1-800-18-5522 www.viiaresidences.com

KL ECO CITY SDN BHD (185140-X) • Project Name : ViiA Residences • Developer License No. : 11889-2/09-2018/0735(L) • Validity : 24/09/2016 - 23/09/2018 • Advertising & Sales Permit No. : 11889-2/09-2018/0735(P) • Validity : 24/09/2016 - 23/09/2018 • Land Tenure : Leasehold 99 Years (5 December 2113) • Restriction in interest : “Tanah ini tidak boleh dipindahmilik, dipajak, dicagar atau digadai tanpa kebenaran Jawatankuasa Kerja Tanah Wilayah Persekutan Kuala Lumpur” • Land Encumbrances : Nil • Approving Authority : Dewan Bandaraya Kuala Lumpur • Approving Building Plan : (17) dlm.BP S1 OSC 2015 3378 • Expected Date of Completion : End 2020 • Total No. of Units : 326 units • Type A (1 bedroom) : RM1,252,000.00 (Min) - RM1,426,000.00 (Max); Type B (1+1 bedrooms) : RM1,395,000.00 (Min) - RM1,608,000.00 (Max); Type C (2 bedrooms) : RM1,690,000.00 (Min) - RM1,941,000.00 (Max); Type D (3 bedrooms) : RM2,016,000.00 (Min) - RM2,470,000.00 (Max) • Built-Up Area : Type A : 636 - 689 sq.ft., Type B : 779 - 810 sq.ft., Type C : 944 - 997 sq.ft., Type D : 1245 - 1252 sq.ft. • 5% Bumiputra Discount • This visual is strictly for the use upon the request for information by the enquirer. It shall not be construed, in any way or under any circumstances, as an offer to sell the products described herein or taken as the identical representation of the actual unit or parcel that is to be or being purchased by you or part of an offer or contract. All pictures and illustrations including the layout of furniture and fittings contained are artist’s impression only. All statements and illustrations are subject to change without prior notice, as may be required by the developer’s consultant and/or the relevant authorities. Whilst every care has been taken in providing this information, the land proprietor and the developer including their employees shall not be held responsible for variations. For avoidance of doubt, please refer to the sale and purchase agreement of the relevant unit or parcel for the actual specifications and descriptions.

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PROPERTY SHOWCASE

LUXURY. HERITAGE. HOME. Sophisticated urban living and timeless heritage come together at Setia V Residences, creating a luxury living experience unlike anything else.

A Development By S P Setia Berhad

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PROperty Showcase

Sky Aqua Gym

Infinity Pool

Sky Lounge

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BBQ Area

W

elcome to a residence that is brimming with elegance; one that also celebrates the timeless heritage of its beautiful island locale. Its

address is nothing less than strategic and soughtafter as this last piece of prime land is situated along the 2-km stretch of waterfront promenade of Gurney Drive, a renowned tourist destination.

Whether it’s a stylish 1,376 sq.ft. dwelling or a majestic 7,119 sq.ft. bungalow in the sky, the collection of living spaces here stands as an expression of exclusivity that emanates opulence.

The myriad of 6-star facilities across multiple floors, extends an invitation to residents to escape to their very own personal paradise at their whim and fancy.

And suffice to say, the magnificent ocean vista presents itself as a majestic backdrop where life can be well and truly enjoyed. The presence of such indulgences like a jacuzzi, sky terrace, infinity pool,

Children’s Pool

and sky gym only serves to enhance this sense of luxury even further.

There are those who live, and there are those who live well. Setia V Residences embraces this belief holistically, which is why it has been tailor-made to cater to the latter.

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PROperty Showcase

Grand Entrance

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SETIA V RESIDENCES CITY AT A GLANCE Project Name

: Setia V Residences

Location

: No. 25, Lorong Burmah, George Town,

10350 Pulau Pinang, Malaysia.

Type

: Luxury Condominium

Tenure

: Freehold

Price Range

: RM 2,328,000 – RM 10,030,650

Average Price Per SQFT

: RM1,200 – RM1,400

Maintenance Fee

: EST RM0.40 psf

Unit / Lot Type Range

: 1,450 sqft – 7,119 sqft

Unit / Lot Types & Build-Up Tower A •

Type A1: 4118 sqft (4+1 bedrooms, 5 bathrooms, 4 Carparks)

•

Type A2: 2753 sqft (3+1 bedrooms, 4 bathrooms, 3 Carparks)

•

Type A3: 2624 sqft (3+1 bedrooms, 4 bathrooms, 2 Carparks)

Tower B •

Type B1: 1450 sqft (2 bedrooms, 2 bathrooms, 1 Carpark)

•

Type B4: 1869 sqft (2 bedrooms, 3 bathrooms, 1 / 2 Carpark, depend which floor)

Facilities & Amenities Badminton Court, Squash Court (double-volume height), Sky Garden with Viewing Deck, Function Hall, Children’s pool, Children’s playground, Dance Studio, Sky Gym, Yoga Deck, BBQ Garden, Concept Kitchen with Private Dining Area, Sky Lounge, Sky Aqua Gym, Sky Garden, Infinity Pool, Sauna & Steam Room Main Attractions, Public Transports and Amenities Nearby Nearby Amenities : 1.0km – 7.0km away from other primary/secondary schools and International College, 600m to Wet market (Pulau Tikus), 3.0km to Georgetown, 19.0km to Penang International Airport, 15.0km to Penang Bridge, 29.0km to Penang Second Bridge, 850m – 3.0km to shopping complexes and hypermarkets (Gurney Plaza, Gurney Paragon Mall, Island Plaza, Tesco Tanjung Pinang, and Cold Storage, Surrounded

by Exclusive Residential Address and a minute to food outlets and restaurants.

Packages & Schemes Only 1% Down Payment, Attractive Rebates, Gold Rewards, Buyer-GetBuyer Rewards.

Total Units / Lots & Block / Levels •

Total units : 178 units

Expected Completion Date : First quarter of year 2017

A Development By

Kay Pride Sdn Bhd

To learn more about this exciting project contact S P Setia or visit the sales gallery at: Setia Sales Suite, No. 25, Lorong Burmah, George Town, 10350, Pulau Pinang, Malaysia

04-228 2255

www.setiavresidences.com Kay Pride Sdn Bhd • Setia V Residences : Condominium (178 units) • Housing Developer’s License No : 11978-1/04-2018/429 • Validity Date : 04/04/2012 – 03/04/2017 • Advertising and Sales Permit No: 11978-1/032017/01387(P) • Validity Date: 03/03/2016 - 02/03/2017 • Tenure of Land : Freehold • Expected Date of Completion : December 2016 • Approving Authority : Majlis Perbandaran Pulau Pinang • Reference No : MPPP/OSC/ PB(6349)/13 • Land Charge : NIL • Price : Tower A Min RM 3,325,624.00 Max RM 9,745,980.00 • Tower B Min RM 2,331,600.00 Max RM 3,415,752.00.

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PROPERTY NEWS

PROPERTY, INVESTMENT & BANKING NEWS KEEP TRACK OF THE TRENDS IN PROPERTY AND REAL ESTATE

Sabah

SB IN

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SW

International

Sarawak BK

WM

West Malaysia

Banking & Investment

One-Way Traffic System for KK Soon, Says Mayor The Economic Planning

package the developments

Unit (EPU) under the Prime

so that the roads could be

Minister’s Department

developed at the same time.

SB

has, in principle, approved an allocation of RM643

At the moment, he said

million to implement a one-

KK Times Square had

way traffic system in Kota

implemented its own

Kinabalu, as reported in

package and City Hall would

Borneo Post.

coordinate the remaining road developments that had

Mayor Datuk Yeo Boon Hai

yet to commence.

said the one-way traffic

Future road works

system would re-organize the

As to how much the

Liaw’s suggestion to create

said the BRT system would

road system for the whole

respective shopping malls

an exit to the main road near

run from Kota Kinabalu

of Kota Kinabalu to ease

were allocated, Yeo said the

Public Bank in Api-Api Centre

International Airport (KKIA) to

congestion in the city.

quantum was up to the Prime

due to the traffic congestion

Wawasan Plaza and Inanam

Minister’s Department to

at the commercial area. Liaw

Bus Terminal.

decide.

had said that he once took

He said the shopping malls in the city were actually tasked

more than an hour to exit Api-

Meanwhile, he said the

with developing the space

“We will implement a one-

Api centre via Wawasan Plaza

extended routes to

between the malls and public

way system very soon,” he

during Christmas time.

Penampang and Indah Permai

roads with the public utility

assured during a courtesy call

fund allocated by EPU.

by Kota Kinabalu Funei Li Taiji

Apart from the one-way traffic

Association headed by Datuk

system, Yeo said the RM2

Seri Winston Liaw yesterday.

billion Bus Rapid Transport

“Details will be announced

(BRT) system would also serve

by the Federal and State

to ease traffic congestion. He

Governments,” he said.

Nonetheless, Yeo said the Kota Kinabalu City Hall (DBKK) would coordinate and

He said this in response to

would come later as part of

Borneo Highway PDP Holds Networking Luncheon Borneo Highway PDP Sdn

involving an 11.7km stretch

Bhd carried out a business

from Papar to Donggongon

cum networking luncheon

took place at the end of April

at the Pacific Sutera with

this year.

the BRT project.

SB

members of the media and fellow BHP staff. Borneo

The second package, a

Highway PDP Sdn Bhd

5km stretch from Tawau

(BHP) was appointed as the

to Sandakan took place at

Project Delivery Partner

the end of May, with both

(PDP) to carry out this

packages awarded to local

project.

contractors respectively.

Managing Director cum

The Sabah project was

Chief Executive Officer, Ir.

reportedly divided into 35

Shahelmey Yahya (JP), said:

packages which mostly

“The two remaining awards

The highway project

“the first phase of Pan Borneo

includes upgrading of the

will be done by the end of

will change Sabah’s

Highway in Sabah, involving a

highway into a four-lane, dual

this year towards Sindumin

infrastructural landscape

706km stretch from Sindumin

carriageway and is expected to

and another stretch in

and provide a more efficient,

to Tawau, will be fully

be completed in 5 years time.

Sandakan,” said Ir. Shahelmy.

comfortable and safer

The third package will see

“We will award the other 30

Out of the five packages that

a 7km Lahad Datu Bypass,

packages sparingly next year”,

will be awarded this year, the

which will be launched

he added.

first package of the 706km

sometime next month.

completed by Dec 31, 2021”.

Prime Minister Datuk Seri Najib ABdul Razak with Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi and Sabah Chief Minister, Datuk Seri Musa Aman witness the signing of the project delivery partner agreement for Pan Borneo Sabah Highway on April 11, 2016

connection for several major cities in the state and its 3.74 million population.

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NEWS

Kinarut, Pan Borneo Highway’s Gateway to the Future There is something about

indicating the area as a

Kinarut that appeals to

prime investment hub. With

many. Its scenic coastal

the scheduled completion

line to the east fronting the

of the Pan Borneo Highway

South China Sea and lush

stretch between Penampang

hilly greens on the west

and Papar by early next

towards the Crocker Range

year, developments are

tells of geographical contrast

expected to boom alongside

that makes it unique. In

the roads along with the

the middle of it all is a

steep appreciation of

growing economic hub of

property values. According

light industrial activity and

to property reports prices

property developments that

of land with a road, frontage

tells of the potential within

has risen by three to five

the area which comes under

folds in the Kinarut area and

the Papar district but serves

rentals expected to double

as a gateway to the State

at the turn of the year. The

capital of Kota Kinabalu and

economic pull that comes

a passage that will open up

with the rapid growth of

new opportunities as the

Putatan, Penampang and Kota

Pan Borneo Highway – a

Kinabalu will make Kinarut the

route described as a game

perfect location to receive the

changer in East Malaysia -

spillovers. It will also revive

takes shape.

its position as a transit point

With the Malaysian government embarking on its most ambitious high impact project, the RM13 billion Pan Borneo Highway, and with Kinarut sitting right alongside, things can only get better.

The first phase of the project will see the construction of a dual carriageway that will link the district of Penampang to Kinarut that is already connected to the six-lane Putatan route to Kota Kinabalu, promising greater connectivity and possibilities.

Once completed the 1,236km Pan Borneo Highway will see Kinarut playing bigger roles in providing housing and industrial needs of the nearby districts as it serves as the gateway.

At least six housing development projects assert the potential growth in Kinarut apart from

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for more people expected to arrive from neighbouring Brunei and Sarawak as the Pan Borneo Highway takes shape in the years to come.

Asian Pac saw the opportunity and is now developing a new mixed development called “The Zil” that will bring in a new lifestyle in Kinarut and its surrounding. A new mixed commercial and residential development along the Pan Borneo Highway route in Kinarut will set the trend that will transform the area and become its latest landmark. In anticipation of rapid business growth in the in the area, “The Zil @ KK South” will complement the projected demand for

SB

The Checkpoint of Tomorrow

modern business and housing needs in the future.

project developed by Taman

Equipped with more than

density condominiums on an

200 parking bays, The Zil

exclusive expanse of freehold

Avenue, which means ‘a way

land.

of entering into a place,’ also features tall glass windows for a panoramic view of the surroundings, and 13-feet high ceilings on the ground

Bestari Sdn Bhd Sutera Bukit Tunku in Kuala Lumpur - 24 units of high-end, low-

About Asian Pac Holdings Berhad Asian Pac Holdings Berhad

floor for a spacious ambience.

(APHB) is a WWcompany

Starting price for the

Bursa Malaysia. Incepted

commercial lots is RM400 per sq ft. The project is scheduled

listed on the Main Board of in 1913, the company and its subsidiary companies’

for completion in 2019.

interests are principally

Meanwhile, the housing

in investment holdings,

component of the project will

property development and

include 118 units of terraced

investment, mall and carpark

houses, and is expected to

ownership and trading in

start building by the first

building materials. Their

quarter next year. It will be a

subsidiary companies are as

gated housing community. A

follows: BH Realty Sdn Bhd,

condominium component is

Syarikat Kapasi Sdn Bhd,

expected to be introduced at

Changkat Fajar Sdn Bhd,

a later date.

Prousaha (M) Sdn Bhd, BH

focused towards operations

Builders Sdn Bhd, and Taman About the land owner/ developer Taman Bestari Sdn Bhd will head this project. They are a subsidiary of Asian Pac Holdings Berhad, a public listed company on the main board of Bursa Malaysia Securities Berhad. Other

Bestari Sdn Bhd.

www.PropertyHunter.com.my

31

#bAjET

2017

32

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SPECIAL FEATURE

Malaysia Budget Report 2017 The Prime Minister, Datuk Sri Najib Razak tabled Malaysia’s Budget 2017 in Parliament on Oct 21, 2016. The budget was formulated based on the theme, “Accelerating Growth, Ensuring Fiscal Prudence and Enhancing Well-Being of the Rakyat”.

Initiatives for first home buyers To enhance first home buyers’ affordability, the government will build 10,000 houses in urban areas to be rented to eligible youth at a below-market rate, for up to five years.

given until 31 December 2016 for eligible first home buyers only.

The stamp duty on instruments of property transfer worth over RM1 million will be raised to 4% from January 1, 2018.

Through the National Blue Ocean Strategy (NBOS), the Government will provide its vacant lands at strategic locations to Government Linked Companies (GLCs) and Perumahan Rakyat 1Malaysia (PR1MA) for the development of more affordable homes priced

Goods and Services Tax The implementation of the Goods and Services Tax (GST) announced in Budget 2015 was apparently

between RM150,000 and RM300,000.

made due to the decline in global crude oil prices.

A new special “step-up” end-financing scheme for the

dropped to only 14.6% in 2016 from 41.3% in 2009. As

PR1MA programme was introduced in the budget.

Through this special scheme, financing will be easier and more accessible to the buyers with a total loan of 90 percent to 100 percent.

The country’s revenue from oil and gas has drastically of October 19, 2016, the GST collection has reached nearly RM30 billion.

To the relief of Malaysians, GST will not be increased next year.

The Government will also drastically reduce the loan rejection rate. The application process for this scheme will be implemented effective January 1, 2017. The scheme is in collaboration between the Government, Bank Negara Malaysia (BNM), Employees Provident Fund (EPF) as well as four local banks, namely, Maybank, CIMB, RHB and AmBank.

The Government will also subsidise up to RM20,000 per unit to build 5,000 units of People’s-Friendly Home (PMR).

Orang Asli and Dilapidated Housing Projects The Government will allocate RM300 million under the 1Malaysia Maintenance Fund (TP1M) to repair facilities of flats and 113 People’s Housing Programme (PPR) in urban and suburban areas.

With an allocation of RM350 million, a total number of 17,000 units of destitute and dilapidated houses in remote villages and orang asli settlements will be built and refurbished.

Tax and Stamp Duty To enable more people to own their first home and to reduce the cost of buying a house, the Government has increased the stamp duty exemption on instruments of transfer and housing loan instruments to 100% for

As for Second Generation House infrastructure developments, a sum of RM200 million is allocated to FELDA, RM100 million for FELCRA and RM100 million for RISDA.

houses priced up to RM300,000. The exemption will be

www.PropertyHunter.com.my

33

SPECIAL FEATURE

BR1M (Cost of Living) 7 MILLION RECIPIENTS WITH AN ALLOCATION OF RM6.8 BILLION

TARGET

2016

2017

E - Kasih

RM1,050 and RM1,000

RM1,200

Households earning RM3,000-RM4,000

RM1,050 and RM1,000

RM900

Singles earning below RM2,000

RM1,050 and RM1,000

RM450

Bereavement Scheme

RM1,050 and RM1,000

RM1,000

SMEs •

RM75 million is allocated for SME Master

Infrastructure •

Plan.

•

RM200 million from the Working Capital

Accelerate the implementation of Pan Borneo Highway in Sabah and Sarawak.

•

Upgrading Jalan Lok Kawi – Pengalat – Papar

Guarantee Scheme (WCGS) Fund allocated

roads in Sabah and the reconstruction of

for startups.

Sandakan Power Station Project, amongst others.

•

All SMEs tax rate on chargeable income up to the first RM500,000 is reduced from 19%

•

Allocation of RM2.1 billion for infrastructure

to 18% effective from year of assessment

and socioeconomic development in

2017.

five economic corridors, namely, Sabah Development Corridor, Sarawak Corridor of Renewable Energy, Iskandar Malaysia, Northern Corridor Economic Region and East Coast Economic Region.

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To implement MyBeautiful New Home,

PROPERTY

especially for the B40 group, with an allocation of RM200 million. At the initial stage, a total of 5,000 units will be built with prices ranging from RM40,000 to RM50,000 per unit. The Government will finance RM20,000, while the remaining will be paid as instalments by each owner.

To complete 30,000 units of Perumahan

A total of 11,250 PPR houses are being

Penjawat Awam 1Msia, to be sold between

built with an allocation of RM576million.

RM90,000 & RM300k which is 20% below

The PPR houses are to be sold between

market price

RM35,000 and RM42,000.

Civil servant’s housing loans to be raised to RM200,000 and RM750,000, from RM120,000 and RM600,000.

A total of 9,850 units of houses to be built under the People’s Housing Program with an allocation of RM134 million.

RM275million is allocated especially for the B40 group = Expanding the MySuria Programme with an allocation of RM45 million.

Three more Rural Transformation Centres (RTC) in Selangor, Sabah and Sarawak will be built with an allocation of RM100 million.

PR1MA

PR1MA is well-received. To date, more than 12,000 units worth RM3.3 billion has been booked, while 85,000 units are at various stages of approval.

An applicant with a monthly income of RM3,000 will only be eligible for a loan of no more than RM187,000. However, through this special financing scheme, an applicant will be able to borrow more than RM295,000.

Rental up to 5yrs, below than market rate PR1MA financing to get "step-up": buyers to get loan up to 90%-100%; loan rejection rate to be reduced drastically.

www.PropertyHunter.com.my

35

HOT TOPIC

AGENT CONTROL

Hire the right real estate agent for the job

By Property Hunter

In the 80s, due to the resurgence of the real estate market in Malaysia, the growth of brokers was on the rise and was going out of control. The government saw the need to regulate estate agency practices and at the same time, to protect the public from malpractices and frauds.

I

n 1981, ACT 242 was passed in

into existence. With the approval from the

Negotiators (REN), and as of August 2016,

Parliament. This act was to provide

Minister, the Board of Valuers, Appraisers

there were 1,938 registered estate agents

for the appointment of a Director

& Estate Agents introduced the Rules in

(REA), 658 probationary estate agents

General of Valuation and Property

1986.

(PEA), 20,500 real estate negotiators (REN)

Services and for the registration of

and 990 real estate firms.

valuers, appraisers and estate agents.

Since 2014, BOVAEA has carried out a

Thus, the Estate Agency profession came

massive exercise to register Real Estate

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Understand the Different Terms Who is a Real Estate Agent (REA)?

day course called the Negotiators

•

Certification Course (NCC), where

Have passed and undergone a two-

the MIEA Sabah Branch organises

year Executive Diploma in Real Estate

Have completed two years of post-

•

have passed the test of professional

A REN will need to seek work under

interview before they are eligible to

a registered agency and submit their

register as a Registered Estate Agent.

certified as a “real estate negotiator”.

•

BOVAEA will certify and designate a

Who is a “Broker”?

•

accredited real estate agent illegally

REN for identifying purposes. This

which their names will be placed in their registry.

tag must be worn by them whenever

An estate agent can operate his/her

The public is strongly advised to ask

own real estate firm.

for this tag before engaging with

and their knowledge of the market and industry are mostly based on

they carry out their agency’s services.

hearsay and are unreliable. They are also unregulated by the government and do not follow the set of scale

estate negotiators to represent •

Able to provide real estate services in

them in a sale or renting of their

selling, leasing properties or finding a

properties.

property for the clients.

Who is a Probationary Estate Agent •

Can employ up to a maximum of 30

(PEA)

(RENs) to assist the real estate agent

•

in providing real estate services.

Who is a Real Estate Negotiator (REN)?

•

fees that are prescribed by BOVAEA. •

Under Section 30 of the Valuers, Appraisers and Estate Agents Act 1981, anyone who commits this offence is liable upon conviction to

A Probationary Estate Agent or PEA

a fine not exceeding RM30,000 or

have passed Part 1 and 2 of the

imprisonment not exceeding 3 years

Estate Agents Examination and has a

or both.

Diploma in Estate Agency.

A real estate negotiator is an individual who has attended a two-

“Brokers” are untrained individuals who carry out the works of an

REN number and issue a tag to the

competence (TPC) with BOVAEA, after

•

training with a registered estate

application to be registered and

estate agency firm.

Have completed tasks 1 & 2 and

Is undergoing 2 years practical agent and will be attending an oral

practical training with a valuer or real

•

•

regularly in Kota Kinabalu.

Agency.

•

Probationary Estate Agent

•

Has registered with BOVAEA as a

What to look foR in a Property Agent or Negotiator First of all, shortlist a few EAs, PEAs or

miss it. They will call you when there is

agent has failed to follow up or is sloppy

RENs

a good opportunity at hand, be it for

with emails and texts, the agent could

Ask family, friends and neighbours for

buying, selling or renting. They will give

be inefficient with dealing with potential

a personal recommendation. Compare

you updates on everything, even without

buyers, especially after you have hired

them based on facts, such as how quickly

you asking.

him or her.

to achieving the targeted price. Don’t feel

Communication

Hunger & Ambition

pressured to hire the estate agent that

Establish right away how you both will

Estate agents who are willing to make

you bought your house from, unless they

communicate. What sort of media will

time for any deal big or small, are

did a great job with it.

be used for communication and what

the ones you should hire. This shows

they can sell, how close they have come

frequency are you comfortable with

humbleness and means that they can

Approach a few estate agents and

hearing from your agent? Call, Whatsapp,

relate with the average person. The

pretend to be looking for a house that’s

email or all? There should be some sort

kind of agent that you need is the kind

similar to yours. See if they’re professional

of understanding from the start and both

that will go to the ends of the world;

and competent with their selling skills.

parties should approach the sale as a

calling prospects and pursuing any deals

team.

relentlessly. These are the ones who will

Proactiveness

find the right buyers with the right price,

No matter how busy an agent is, a good

Also, observe how the agent responds to

and will be the most successful in what

one will always return your call if they

you and communicates with you. If the

they do. www.PropertyHunter.com.my

37

HOT TOPIC

Property Specialisation

Estate agents would usually list your

Do It Yourself

Is your house an expensive or unique

property at a low price in order to make a

William Supple, author of How to Sell

property? You might want to choose an

quick deal, which is why they would offer

Your Own Home said, “Properly priced

estate agent that specialises in homes like

a low commission. They would rather

and advertised, a house sells itself.” With

yours. Go online and check out agents

make a quick buck instead of taking

more and more property websites online

who are listing houses that are similar to

the time to haggle for a couple more

that allow you to list your house on the

yours.

thousand dollars as their commissions do

market. If you have the time to list it,

not increase that much.

manage calls and viewing with potential

Honesty & Integrity

buyers, then by doing so, enables you to

Some agents will try to get your business

But if an agent wants recommendations

opt out of paying an agent’s commission,

by promising a low commission or high

and to keep a good reputation, they’re

hence allowing you to sell the house

valuation sale. Some agents will give you

going to have to prioritise the client’s

cheaper than market price.

a high valuation so to make you think that

best interests. Do a little bit of your own

you can fetch a higher price with them,

research first and trust your gut feeling.

Just take note that you may be paying

but then they try to talk you down after

Pick the one that you think is the most

much more if you don’t get the best price

you’ve chosen them.

honest and realistic about the valuation.

than paying for an agent.

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Questions home sellers should ask agents Now, once you’ve narrowed down the

this question. Sellers should find agents

list of agents, you should see them one

with enough sales under their belts and

by one and ask them some important

who would handle deals from listing to

questions. Estate agents often say that

closing with ease. Also find out if they’re

only a few sellers actually take the time

familiar with the area. Make sure you ask

to ask other questions beyond: “How

the agent about their recent listings.

much will I get?” and “What is your commission?”. Many people usually

“How much will you charge?”

hire the first agent that they meet and

The standard percentage that agents

mostly it’s based on appearance. After

charge here in Malaysia is a maximum

all, selling your house is a very important

3% of the agreed selling price for your

transaction, so getting to know the agent

home. See if you can negotiate with the

you’re about to hire is crucial.

agent for a lower fee, depending on your requirements and expectations for selling

Approach the meeting like any job interview, since hiring them means that they will be working for you. Prepare a set of questions to ask before making a decision. Here, we’ve come up with some to help you find the right match in the world or real estate.

“Are you a registered estate agent or negotiator?”

First things first. No tag, no deal. Make sure that when you engage with a negotiator, they are wearing a tag. REN tags contain a QR code that you can take a photo of to identify. Estate agents and probationary estate agents, however,

the house “How much do you know about home loans?”

It’s sure valuable to stick with an agent

A house won’t sell itself. So, it’s important to know how the agent is planning on marketing your house to as many potential buyers as possible. Find out what the agent’s philosophy is for marketing listings. Do they use online portals such as Property Hunter, Mudah.my and Property Guru? Check online to see their past listings to gauge how well the agent raises a home’s visibility online. Do they use quality, clear photos? Do they include concise information on the listings? Most potential buyers search for homes through online listings these days and a poorly presented listing will usually put customers off. Also, make sure you ask if the marketing costs

that knows the ins and outs of home

is included in his fees.

financing because home loan issues can

“What would happe if I decided to sell

make or break a deal. You could end up facing the headache of dealing with delays or the whole deal could fall through. For a home sale to go through without any problems, you need a buyer who has a good loan servicing record, in order to secure the home loan. In a perfect world, buyers should have their finances in order when making an offer for a house;

carry a card.

so a good and experienced agent can

“What’s your experience?”

and well connected with quality and

It may seem obvious, but surprisingly,

trusted lenders.

salvage a deal if they’re financially fluent

many sellers don’t ask potential agents

What kind of contract do you use?

“How would you market my house?”

with another agent at a later time?”

Just like every partnership, not all will work out due to differences of opinions or incompetence of the agent. Say you were unhappy with your current agent – for whatever reason – and decided to go with another agent. How much notice should you give your current agent? And, in the event that your new agent manages to sell your property for a better price, do you need to pay any fees to the previous agent? The answer lies in the type of appointment and the following question.

property. The appointed estate agent

fee is divided on whatever was mutually

will be paid the agreed fee regardless of

agreed on. The client also has the

whether or not the estate agent was the

flexibility to hire more estate agents and

cause of the transaction.

compensates them if he so chooses OR he can have one estate agent in control.

Depending on what you want, there

SOLE AGENCY – Both the client and

are different types of contracts or

real estate agent can sell. This contract

JOINT AGENCY – More than one agent is

appointment terms out there to suit your

is similar to the exclusive agent, but, the

appointed, but the agent or agents that

needs. Knowing what they are will help you

client has the flexibility to close a deal

closes the deal gets paid. The number

decide whom or which is best to go with.

him/herself without the obligation of

of agents allowed to sell is limited and

paying the agent the full fee. Usually, a EXCLUSIVE AGENCY – Exclusivity is given

everyone involved must be aware of the

discount or an “allowance” can be agreed

to ONE real estate agent who assumes

appointment of each other.

upon when the client takes on a more

all responsibility on behalf of a client. This

active role on the transactions.

agent deals with all prospects and other

AD HOC BASIS – Also known as ‘open listing’, the client can appoint as many real

estate agents. This agent is left to do

SOLE JOINT AGENCY – The client and

estate agents as he wants on an ad hoc

the closing of a transaction even though

real estate agent works as a team. This is

basis. Fees are only paid to the agent that

the client made the introduction to the

a variation to Sole Agency, whereby, the

successfully concluded the transaction. www.PropertyHunter.com.my

39

FEATURED EVENT

BENCHMARK LIVING WITH BUKIT BINTANG CITY CENTRE Where life is deemed spectacular. Destined to be the new heartbeat of Kuala Lumpur, Bukit Bintang City Centre (BBCC) is set to complement the all-inclusive grandeur of future living and to rejuvenate the thriving Golden Triangle of Kuala Lumpur.

By Property Hunter

40

www.PropertyHunter.com.my

S

panning 19.4 acres, this much-anticipated multibillion Ringgit innovative development by the consortium of UDA, EcoWorld and EPF is poised to redefine the ecosystem of urban living.

The team held a private and exclusive preview of

Bukit Bintang City Centre on 15th & 16th October at Magellan Sutera Harbour, Kota Kinabalu to draw attention to avid homebuyers and investors. They were more than thrilled to see the crowd’s participation and interest at the exclusive event BBCC is an all-inclusive hub that is open to the world. It is designed to welcome visitors from all corners of the globe.

It will be a comprehensive destination of work and leisure comprising state-of-the-art office towers, carefully designed residences and luxurious hotels surrounded by lush parks and gardens.

Shopping and dining experiences are in abundance, with an electrifying entertainment hub perfectly complementing a dazzling lifestyle mall. With the birth of BBCC, the most vibrant triangle in the city is set to become even more golden. www.PropertyHunter.com.my

41

FEATURED EVENT

Living it up with 8 Conlay Conceived with its guests and residents in mind, this one-of-a-kind mixed-use development in the heart of Kuala Lumpur is the perfect marriage of style and substance.

By Property Hunter

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www.PropertyHunter.com.my

S

ituated over four acres of prime freehold land amid Kuala Lumpur’s Golden Triangle and the KLCC area in downtown Kuala Lumpur, 8 Conlay is a

mixed-use development by KSK Land.

Featuring cutting-edge architecture from renowned firm RSP Architects, the development comprises YOO8, a collection of branded serviced residences designed by Steve Leung & YOO, a five-star Kempinski Hotel as well as lifestyle retail quarters.

The KSK Land team had an intimate and exclusive dinner at Vino Vino, Kota Kinabalu on 21st July, prior to their private event which took place on the weekend of 23rd and 24th July at The Magellan Sutera, Kota Kinabalu.

Enoch Khoo, one of the prominent names in Sabah, introduced the project to 30 invited guests during the dinner.

Upon completion of its final phase in 2020, this exciting development is set to raise standards for premium city living in Malaysia and beyond. It will feature a collection of 1 bedroom to 3 bedroom units with sizes ranging from 700sqft to 1,308sqft.

www.PropertyHunter.com.my

43

NEWS

Sheda May Have the Solution for Unaffordable Housing A proposed scheme by Sarawak Housing and Real Estate Developers Association (SHEDA) could become the solution for those who think that it is near impossible to buy any house in the state, as reported in Borneo Post.

SW

counter throughout the threeday roadshow.

“SHEDA appreciates the state government’s recent directive of increasing the density of residential housing to 10 units (for landed) and 30 units (for strata) per acre, respectively.

SHEDA President Joseph Wong Kee Liong said that based on a recent study, Sarawak continued to top the list when it came to ‘extremely unaffordable housing’ in Malaysia – even beating metropolitan Kuala Lumpur.

Under the SHEDA proposed scheme, a house with a minimum area of 850 square feet could be built and sold at a maximum selling price of RM250,000.

“The scheme, however, would require amendments on certain planning criteria such as the removal of density control for landed properties, adoption of plot ration density for strata developments and exemption from building low-cost and lowcost plus houses,” he said after having declared the opening of SHEDA Home and Property Roadshow and BCCCI Business Trade Fair 2016 at Bintulu Commerce Square Mall on Friday (July 29).

Wong pointed out that in line with this proposed solution, the association undertook the ‘SHEDA Affordable Housing Survey’ for the purpose of using the data collected to show to the state government that such a scheme was necessary towards resolving the widening vacuum in the market.

He pointed out that visitors to the mall could participate in the survey, which would be conducted at the registration

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www.PropertyHunter.com.my

“However, SHEDA is dissatisfied that PR1MA developers are given an advantage over local private developers,” he said, listing the benefits to PR1MA developers as being able to build up to 12 units (for landed) and 50 units (for strata) of houses per acre, respectively; and being exempted from building low-cost and low-cost plus houses like those required of local private developers.

“PR1MA housing schemes are being subsidised by the federal government. At the moment, the selling price for PR1MA houses has been capped at RM400,000 per unit,” Wong said.

SHEDA, he said, requested that the selling price be capped at RM300,000 instead, which would be more in line with the affordability range of first-time housebuyers in Sarawak.

“SHEDA is confident that if local developers were treated equally and given the same planning criteria and exemption as those enjoyed by PR1MA developers, we would be able to build PR1MA- approved houses with a capped selling price of RM300,000 (per unit).

“SHEDA does not require federal subsidies; (it only requests for) the same planning criteria and exemption be extended to Sarawakian developers.”

Wong said should PR1MA is

Bintulu port

unable to meet the standards proposed by SHEDA, the state government should allow Sarawakian developers to build houses and subsequently sell them to PR1MA, who could then utilise federal subsidies to offer them to the public at lower prices.

“If the state government agrees with these requests, I as SHEDA president would personally take up the challenge of building 1,000 units of this type of affordable houses in Bintulu – each unit, with a minimum area of 900 square feet and comprises three bedrooms and two bathrooms, is located in prime locations. Each would cost between RM250,000 and RM300,000.”

Wong also urged the State Planning Authority and Housing and Urbanisation Ministry to urgently look into ways to increase the options for affordable housing in Sarawak.

He said through suggestions put forth by him, many members of the public, who had been previously disqualified from buying or unable to purchase other houses in the market, would be able to purchase their ‘first home’.

“I am urging Sarawakian developers, especially those

from Bintulu, to join me in making by building more affordable houses in Sarawak.”

Wong later recalled that on April 21 this year, the Chief Minister’s Department hosted ‘An Evening with Chief Minister’ – an event attended by members of the professional community in Sarawak – where he highlighted this list of issues to Chief Minister Datuk Patinggi Tan Sri Adenan Satem in the presence of the state secretar.

He said the Chief Minister basically agreed that Sarawakian developers should be treated as equally as their PR1MA counterparts.

He added the session was followed by submissions of letters on the matter to the chief minister, state secretary, the Housing and Urbanisation Ministry, and Resource Planning and Environment Ministry.

“When I visited Deputy Chief Minister Datuk Amar Abang Johari Tun Openg – also Housing and Urbanisation Minister – a few weeks ago, he was aware of the Chief Minister’s remarks. We hope to see directives leading towards the implementation of such equal treatment soon.

“We also understand that with regard to Sheda Affordable Housing scheme, directives have been given to the Minister of Housing (and Urbanisation) to initiate a discussion with SHEDA and SPA,” he said.

On a related matter, Wong said on May 21 last year in Kuching , SHEDA representatives attended a lab session promoting amendments to the Strata Title Ordinance (STO).

According to him, currently there are a few thousands of strata titles being left unissued in Sarawak – some of which have

“I personally foresee the failure of issuance of strata titles as a ‘ticking time bomb’ that could explode at any moment – detrimental to the developers, purchasers and strata property market if the existing STO is not amended soon.”

has rejected the proposal by Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar to allow property developers to act as bankers in providing housing loans, as reported in The Malay Mail.

State Deputy Chief Minister Datuk Amar Abang Johari Tun Openg pointed out that the move would cause financial complications.

Among others, he was reported as saying that it could result in developers increasing the costs of endfinancing.

“One thing for sure is that the developers may not be as experienced as the banks when it comes to providing buyers with housing loans.

They (developers) may experience problems in loan repayments.

“Collecting money from the buyers is not an easy task.

The banks are more experienced in doing that than the developers, who are

The opening ceremony yesterday was performed by Assistant Minister for Urbanisation Datuk Talib Zulpilip, who represented Housing and Urbanisation Minister Datuk Amar Abang Johari Tun Openg.

He said SHEDA was urging the Land and Survey Department to work towards issuing all individual strata titles within six months from the date when the occupation permits (OP) were issued.

Sarawak Says Won’t Allow Developers to Give Out Loans The Sarawak government

He believed that allowing Type A and B surveys to be conducted as soon as possible, without having to wait for the completion of the building, would be one of the solutions to get these strata titles issued soon.

been outstanding for over 10 years.

SW

independent private companies. The developers should only worry about selling houses, not burdening themselves further by providing loans to their buyers,” he was quoted as saying yesterday.

Saying that the Housing

Amar said the move would cause financial complications

Development Corporation (HDC) had similar experiences in the past, Amar dished out several alternatives to Noh’s

The report also pointed out

Abdul Ghani, who deemed

that the state has introduced

the proposal illogical and

the Affordable Housing

unsustainable.

proposal.

Policy and Guidelines to ensure there were sufficient

The move was initially

“To address end-financing

affordable homes for the

thought to be for the full

lower and middle-income

loan amount and at interest

classes.

rates of up to 18 per cent

problems affecting house buyers, the state government has in fact set up Mutiara

as allowed under the Earlier this month (Sept), Noh

Moneylenders Act. It was

announced an initiative for

later clarified that these

property developers to offer

would be for shortfalls

the low-income group.

bridging loans to consumers

in down payment and at

who could not come up with

interests marginally higher

“For the time being, it focuses on loan for public housing projects under the Program Perumahan Rakyat (PPR) and HDC’s own affordable housing projects,” he was quoted as saying.

the higher down payments

than bank loans.

Mortgage and Credit Sdn Bhd, a fully owned subsidiary of HDC, to provide loans to

due to the lower loan-tovalue ratio set by Bank Negara Malaysia.

However the proposal has been met with fierce opposition, including from his very own colleague, Second Finance Minister Datuk Johari www.PropertyHunter.com.my

45

FEATURED EVENT

Gamuda Berhad penetrates Sabah market Having transformed the nation’s landscape with state-of-the-art infrastructure and developments for 40 years, Gamuda Berhad, under its property arm Gamuda Land has penetrated the Sabah market, joining the other big names in the development sector.

By Property Hunter

B

ukit Bantayan Residences,

“We are looking towards future expansion

of 10 percent deposit is staggered into

Gamuda’s maiden

in Sabah and we want to concentrate on

24 months with the remaining 90% made

residential development

becoming a successful developer so that

upon the completion of the unit,” Phang

in Sabah, has received an

we can establish a strong foothold in the

explained.

encouraging response since

State.”

Being the trendsetters for highland

its launch in April with an approximate take up rate of 80% for non-Bumiputeras.

Gamuda recently won the respected

retreat living concept within the area,

Builder of the Year Award at the 2016

Phang said, it is also integrated as it

The development consists of 296

Malaysian Construction Industry

hosts a neighbourhood retail centre

condominium units in its first phase with

Excellence Awards in conjunction with its

catering to the needs of the community

four different unit layouts. The homes

40th anniversary.

with conveniences within reach such as,

will come with an abundant facilities and amenities.

fitness centre, childcare centre, hair salon The group took the opportunity to launch their “Paling Menang Easy Payment

Gamuda Land General Manager

Scheme V2.0”, an improved version from

(Marketing) Simon Phang Wah disclosed

their previous 20:80 payment scheme.

Gamuda’s next endeavour to penetrate deeper into the local development sector

“This new version is a 10:90 payment

with more joint venture projects.

scheme; where the buyer forks out a booking fee of RM3,000 and the balance

46

www.PropertyHunter.com.my

and more.

www.PropertyHunter.com.my

47

NEWS

S P Setia Rewards Customers WITH Complimentary Movie Screening

S P Setia continues to reward

“No other property developer

its customers with exclusive

has executed a reward

lifestyle experiences and

campaign on such a big

privileges under its Citizen

WM

Datuk Wong Tuck Wai (Left) Deputy President and COO of S P Setia Berhad and Dato’ Khor Chap Jen (right) President and CEO of S P Setia Berhad officiating the launch of Citizen Setia and Triple A Gold Rewards

scale. This is truly privilege

Citizen Setia can expect

any participating S P Setia

Setia reward campaign.

at its best. It is part of our

more exciting and exclusive

properties through the

Citizen Setia will enjoy free

appreciation towards our loyal

activities planned specially for

Introducer Reward Points (IRP)

movie screenings which will

customers who have stayed

them. On top of the popular

pay-out and rewards will also

take place from now until

with Setia for many years and

movies that we have selected

be handsomely rewarded.

December 2016. The first

our way of saying thank you

from now until year end, our

Instead of the usual 1% of IRP,

group of customers will get

to those who continuously

team is still diligently crafting

the rewards are now being

the opportunity to watch

believe in the Setia brand,”

activities that we know our

doubled to a 2% cash reward

Inferno in selected cinemas

said Datuk Koe Peng Kang,

Citizen Setia will enjoy. We

that will be paid within 30

nearest to them throughout

Executive Vice President of S P

will announce these activities

days upon signing of Sale &

Penang, Klang Valley, Johor

Setia Berhad.

from time to time so do check

Purchase Agreement (SPA)

back on our Facebook page

with signed and stamped loan

Since the programme was

and social media platforms to

agreement. On top of that,

launched earlier this year,

enjoy your privileges as Citizen

99.99% Gold Coins worth up

S P Setia has planned the

Citizen Setia has been

Setia,” Datuk Koe added.

to almost RM30,000 (price

locations of the cinemas

enjoying various lifestyle

and Kota Kinabalu on 13 October 2016.

according to the current

at various sites to ensure

privileges which include a

Besides the movies, upcoming

convenience for Citizen Setia

Broadway musical, exclusive

activity that is planned

to attend the movie screening.

landscaping and gardening

exclusively for Citizen Setia

These locations include GSC

workshop by award-winning

include the locally produced

Setia City Mall, TGV D’Pulze,

landscape architects and now

“Yours Musically” by Dama

TGV KLCC, TGC 1-Utama, TGV

an exclusive first screening for

Orchestra, a multiple award-

SetiaWalk and TGV Cheras

the movie Inferno.

winning music theatre

The Triple A Gold Rewards is

gold price) will be given out depending on the value of the property purchased. Value of property purchased needs to be RM500,000 and above.

company, well known for

available from 5 September

Citizen Setia in Penang will be

Citizen Setia who purchase

their exquisite blending of

2016 until 31 December

able to catch the screening

any selected Setia property

East-West harmonies in their

2016 and the rebates

at TGV Gurney Paragon while

this year will also stand a

musical performances. The

vary according to each

those in Johor can catch the

chance to win an exciting

musical will showcase the

participating projects. For

movie at TGV Bukit Indah and

trip to London to catch the

best-loved English, Chinese,

more information please call

TGV Tebrau. The screening

prestigious and celebrated

Malay and Indian songs.

1300 13 2255.

will take place in GSC Suria

Royal Horticultural Society

Sabah in Kota Kinabalu.

(RHS) Chelsea Flower Show

To further reward our

Ticket collection is available in

2017.

citizens, Citizen Setia who

Selatan in the Klang Valley.

selected S P Setia sales gallery nearest to them.

48

www.PropertyHunter.com.my

introduces their friends or “In the weeks to come,

family members to purchase

www.PropertyHunter.com.my

49

NEWS

Malaysia Gateway to Asean, China, for UK Investors

IN

United Kingdom investors

serve related companies in the

the investments

should look at Malaysia as a

region or by using Malaysia as

being in the

gateway to the Asean market

the launch pad to penetrate

chemical and

and major economies in

Asean, which is already the

petroleum

the world including China,

seventh largest economy in

products

HSBC Bank Malaysia Bhd

the world,” he said.

industries.

HSBC Bank Malaysia is the

Mukhtar said

said on Tuesday, Sept 27, as reported in Borneo Post.

local subsidiary of British-

working in

In a statement, chief

based multinational banking

partnership

executive officer Mukhtar

and financial services

with UK firms

in conjunction with “Choose

Hussain said Malaysia, with

company, HSBC Group.

would represent particular

Malaysia” Campaign, a

opportunities for Malaysian

collaboration between the UK

its strategic location at the

KL Sentral at night

heart of Asean, offered

Malaysia is the UK’s second

companies aiming to move

largest trading partner in the

and Malaysia’s private sectors

numerous advantages such

into higher-value products.

Asean region, with total trade

to showcase Malaysia’s

as unmatched connectivity, as well as pragmatic, prudent

between the two countries

“The UK’s strengths in science

and business-friendly policies.

amounting to RM16.07 billion

and technology, for example,

in 2015.

support innovative businesses

“With its strong historic ties,

strengths and diverse sectors through segment-specific tailored events.

in fast-growing sectors such Foreign direct investments

The three-day campaign

UK investors should leverage

as software, technology and

from the UK to Malaysia stood

which began on Sept 24 was

on Malaysia’s strategic

materials,” he said.

at 3.4 billion British pounds at

aimed at drawing investment

location, either by setting up regional establishments to

the end of 2015 with half of

The statement was released

Sluggish Property Market to Recover Only in 2018 The current property market

not worse,” he told

slowdown may only recover

TheEdgeProperty.com.

to the country and the region.

WM

in 2018 and the market environment may dip further

MIEA deputy president

before that, as reported in

Eric Lim concurred,

The Edge Property.

adding that people are concerned with the job

“Nothing much has changed

market as it will affect

about the property market

their loan repayments.

recently, at least not the external factors such as consumer sentiments and lending policies,” said Malaysian Institute of Estate Agents (MIEA) past president K Soma Sundram.

“As we know, whatever that goes down must come up but with the property market, it doesn’t happen overnight — it takes time.

“So I think 2018 might be the

“Furthermore, banks are still very strict in giving out loans so I urge them to be more liberal. On the other hand, we do not see many property launches nowadays and you don’t expect property prices to come down much,” he said.

The current property market slowdown may only recover in 2018

“The situation will probably

Lim noted that this issue has

persist until early next year, if

to be looked into seriously

not mid-2017. It also depends

although it will affect the

on Budget 2017 that will be

household debt which is

announced soon,” he added.

already a major issue in

Soma said the government should be working with the banks to rethink their lending strategy and policy in order to help the lower-income to mid-income group invest

turning point, but until then I

However, this may be a good

in properties, especially the

think the market will continue

time for foreign property

younger generation.

to be where it is now, if

investors here, noted Lim.

50

www.PropertyHunter.com.my

Malaysia.

www.PropertyHunter.com.my

51

HOT TOPIC

Till Death Do Us Part

PLANNING & INVESTING IN BURIAL PLOTS

By Property Hunter

They say nothing is as certain as death and taxes. Therefore, to prepare for something so certain, it is only wise to start investing in the afterlife. It may even provide you with an opportunity to make some serious cash.

Malaysia’s future as an ageing nation According to a projection by the United Nations, by the year 2030, Malaysia will be an ageing nation. This means that by then, 15 percent of Malaysia’s population will consist of citizens aged 60 years and above (source: National Policy of the Elderly).

The National Statistics Department (NSD) Population Projection 2010-40 also projected that by the year 2040, many Malaysians will be aged 36 or older. In fact, the elderly population aged 65 and above are projected to increase by more than threefold in 2040, compared to the population in 2010.

With old age, comes another important question to ponder: what happens when we pass on? Which will lead us to the topic of purchasing our own burial plot ahead of time.

According to Nirvana Asia Group’s Chief Marketing Officer, Olivia Lim, most Malaysians would normally buy burial plots after the age of 55. This is understandable, as younger people below the age of 30 would focus their spendings on things like a car, life insurance and their first home. However, death is certain and unpredictable, therefore, it’s always wise to prepare.

Even if it isn’t for the purpose of making the burial plot their future home, young people should also see burial plots as investment opportunities.

“Nirvana encourages young Malaysians to invest in pre-need burial plots as a form of investment for the future,” said Lim. Currently, the trend is for families to buy

touted as an ‘unmissable investment opportunity’ for investors who are looking for an alternative to the buy-tolet properties. Londoners can now buy burial plots at GBP8,000 (RM41,425) as a minimum investment and expect to enjoy a guaranteed investment return of 40 percent in just two years.

place’. Many of the buyers also tend to

“People make a lot of money out of

fork out money from their Employee

death -- from cemetery land and coffins

Provident Fund (EPF), which means that they do understand the rapidlyappreciating nature of burial plots -- just like any landed properties out there.

Burial plots are expected to become a lot less affordable in the future. In fact, statistics show that the price of burial plots have doubled in the past decade or so. Just like any property, burial plots are priced differently according to their locations.

An average family lot on Nirvana is priced somewhere between RM228,000 to RM1.4 million. There are also ‘couple’s lots’ for two people that are priced at RM30,800, for a package of burial ground and tomb. For lots without the tomb, price starts at RM23,300. The cheapest package thus far is the columbarium that accommodates two people, which is priced at RM8,200.

Presently, the price appreciation rate for burial plots increases at a steady rate of 10 percent per annum. Therefore, generations around the age of 30 to start planning for their burial plot investment in order to lock the price for future use.

www.PropertyHunter.com.my

In London, burial plots are being

family lots, which is like a family ‘resting

it is really advisable for the younger

52

Making profit out of loss

to funeral parlours,” said Hugo Llewelyn,

Burial plots present a great opportunity

23 percent or 538,000 of the 2.4 million

Managing Director of Newcore Capital

for freehold landed property investment.

senior citizens in Malaysia suffer from

Management, London. “This is due to the

If you buy up a lot of well-located

empty nest syndrome in the recent years.

fact that not many people want to do it,”

plots and establish a good marketing

he added.

programme, you will be able to make a

In the past, families may have 10 children

passive income out of reselling plots to

who are able to chip in to take care of

“Making funeral arrangements is no

families in need. Doubling your money

their parents’ burial. Today, as more

longer a taboo. In the past 15 years, more

is not impossible and in the long term,

and more Malaysians opt to make fewer

and more people have become aware of

even if you don’t get to sell your plots

babies and even choose to be single for

the importance and practicality of making

immediately, your inventory appreciates

life, it’s paramount to be independent

prior arrangements for death,” said Au

in value more than you can imagine.

and be prepared for their future afterlife

Kok Huei, NV Multi Corporation Bhd’s Chief Operating Officer.

Buying cemetery plot ahead of time will save you and your next of kins a lot of money when your time comes. Even if you change your mind about your resting place later in the future, reselling your burial plot can earn you some lucrative profit.

needs. In short, one has to be able to

An alternative to the trusty EPF The UN Development Programme (UNDP) stated that about 90 percent of EPF contributors in Malaysia do not have enough money to even live a simple lifestyle comfortably for five years

afford to die.

After all, investing in a burial plot is nothing but a win-win decision -- lest you do not rest in peace in it, you still can make some profit letting someone else rest in peace.

following retirement. It is also found that

Tips for investing in burial plots

1

Check out local laws.

In some places, it is forbidden for people in the cemetery business to resell plots.

2

Pick your location carefully, make your investment and be prepared to wait patiently for your clients to come.

3

You can buy a section of the cemetery at a big discount and improve it with plants and other features in order to increase the value.

4

Be careful that you have enough funds to take care of your burial lot. You are in fact, looking for a worry-free real estate asset that has someone else trimming the lawn for you.

www.PropertyHunter.com.my

53

NEWS

Fitch: Property Developer Lending Can Stroke Risks in Malaysia

IN

The decision to grant lending licences to property developers can add to the risks associated with rising household debt, says Fitch Ratings, as reported in New Strait Times.

The scheme is likely to encourage unregulated lending to households with weak financial profiles, and undermine the strength of the financial system if not implemented prudently, it said in a statement earlier

The decision to grant lending licences to property developers can add to the risks associated with rising household debt

this month (Sept.)

Minister for Urban

Lending by property

Local Government Tan Sri

The composition of new

collateral, and up to 18 per

developers will fall outside

Noh Omar had on Sept 8,

household loans has also

cent on unsecured loans,

the purview of Bank Negara

announced that property

improved with lending by the

compared with an average

Malaysia (BNM). This means

developers can now apply

unregulated non-bank sector

home loan rate of around 4.5

it will not be subject to

to his ministry for a money

has cooled more than lending

per cent.

the same level of scrutiny,

lending licence for housing

by banks, while growth in

risk management and

loans worth of up to 100

unsecured consumer loans

“Many households could

underwriting standards, as

percent of a property’s value.

having slowed more than

struggle to service loans

mortgage lending.

at such high interest rates.

lending by banks.

in eight years.

Wellbeing, Housing and

interest rates of up to 12 per cent on loans backed by

He said the move would

The systemic risk posed by

The scheme also runs

provide an additional

Nevertheless, household

counter to measures

financing source for

debt is still rising and high by

depend on the willingness

introduced by the central

borrowers who may not

regional standards, at around

of property developers

bank over the last six years to

qualify for a bank loan.

89 per cent of the Gross

to take part, and on the

Domestic Product.

market’s willingness to fund

rein in the rise in household

the scheme will ultimately

debt, said Fitch.

The Cabinet was briefed on the programme on Sept

Leverage ratios are

In January 2014 BNM banned

14 after some of Noh’s

particularly high among

the developer interest

colleagues expressed

lower-income households.

bearing scheme (DIBS), which

reservations over it.

For example, those earning

They have no access to

less than RM3,000 per month Noh said he had been asked

credit bureau data, which

have debt equivalent to

to adjust the plan to avoid its

will make it difficult to assess

around seven times their

misuse, but it was not being

the creditworthiness of

annual income, compared

abandoned. He added that

borrowers.

with three times, among

several developers had already

higher-income households.

allowed homebuyers to put down a small amount upfront and pay the rest upon completion. The programme appeared to have stoked property speculation.

BNM has also introduced property gains taxes in 2010 for properties sold within five years, raised the maximum loan-to-value ratio, and reduced the maximum tenure for residential mortgages and personal loans.

54

www.PropertyHunter.com.my

been given the licence.

developers. Large developers are likely to be cautious,” Fitch said.

Furthermore, their core business has proved

It is precisely those Fitch believes macro-

profitable in the last few

households with weaker

prudential tightening has

years, and any move into

financial profiles and poor

been largely successful.

lending would leave fewer

access to bank loans that

resources available for

are likely to be targeted by

property development.

Household debt growth

developers.

eased from a peak of 16.8

However, weaker developers

percent in 2011 to just 7.3

Moreover, developers have

percent in 2015 - the slowest

could be tempted to lend ramp

been told they can charge

up property sales, Fitch said.

www.PropertyHunter.com.my

55

56

www.PropertyHunter.com.my

INTERVIEW

Henry Tai

Chairman of MIEA Sabah

By Property Hunter

Photo By Suchen SK

Henry Tai, founder of Henry Realty in Kota Kinabalu, began his career as a real estate agent back in 1989 as one of the first batch of agents to become registered estate agents by the Board of Valuers, Appraisers and Estate Agents, Malaysia (BOVAEA). As the current Chairman of Malaysian Institute of Estate Agents (MIEA) Sabah, Tai has served in the Institute since its inception in 2000. He is also a Public Licensed Auctioneer for the Districts of Kota Kinabalu, Penampang and Tuaran in the state since 1985. In this issue, Tai took some time off his busy schedule to talk to us about the role of real estate agents and what he thinks of the property market prospects in Sabah.

Good morning, Henry. Tell us,

as the academic collaborator.

what’s your story?

In Sabah, the course will only resume in 2017.

Well, I have been in the realty business since 1989 and have

There seems to be confusion

been in the practice close to 30

among the public in

years now. Back then, my batch

differentiating the different

was one of the first registered real

terms for agents. Can you

estate agents that were exempted

tell our readers, what are the

from taking the Diploma for

differences between real estate

registration. During my time,

agents, real estate negotiators

licenses were granted through

and brokers?

field interviews. Today, to become a registered real estate agent, you

Basically, as defined by the Board,

must undergo a proper two-year

real estate agents (REA) are

Diploma course, followed by a

individuals who are registered

full two years’ field training and

with BOVAEA and given the

finally, a 2-hour professional

authority to practice under Act

competence interview. MIEA was

242. These agents have the

the first to offer such a course

required academic qualifications

in Sabah to prepare students

and have completed two years

for BOVAEA’s external exams.

of practical training and have

Currently, we have put the course

passed the test of professional

on hold as we are designing a

competence. Real estate

more comprehensive syllabus

negotiators (REN), on the

in such a way that our Executive

other hand, are salespeople

Diploma will be fully accredited

who are employed by the real

by BOVAEA. In West Malaysia,

estate agents. There are also

this new comprehensive course

probationary estate agents

has started with Imperial College

(PEA), people who have already

www.PropertyHunter.com.my

57

INTERVIEW

By doing this, they can already practice legally under the umbrella of their principals. For those who wish to obtain a full-fledged authority to practice as real estate agents, they must go through the two-year Executive Diploma in Real Estate Agency. We require a lot of endorsements and exposure by the media. BOVAEA has also been spending plenty of money to raise public awareness by conducting seminars and other awareness campaigns, to attract the public who are interested in the realty business to become real estate negotiators. Through these seminars, I passed the parts 1 and 2 of the Board

if they find some irregularities in any

examinations, who hold similar

dealings. All registered estate agencies

academic qualifications, and that are

under BOVAEA are also well indemnified

currently undergoing practical training.

with a Professional Indemnity Insurance.

On the other hand, “brokers” are those that practice real estate agency

Is BOVAEA taking any measures to

without the proper licenses and are not

curb this problem?

registered with BOVAEA. Hence, they are deemed illegals under Act 242.

BOVAEA has been working very closely with the police by passing them all

Then why do people still use brokers?

complaints received from the public with regards to illegal brokers. And every year,

Ignorance. The public doesn’t realise

BOVAEA will hold a Public Awareness

that the real estate agency is regulated

Campaign to educate the public on

by the government and put under the

dealing only with registered estate

purview of BOVAEA which is under the

agents. Nonetheless, consumers still

Ministry of Finance. The weakness in the

must take it upon themselves to be more

enforcement over the years from the

street savvy. In the past, many probably

authorities have also played a part as to

had to resort to illegal brokers as there

why there are so many of brokers in the

were only a few registered real estate

market.

agents around. Today, there are about 22,000 registered real estate agents and

What are the dangers of hiring a

negotiators under BOVAEA nationwide,

broker to do an estate agent’s job?

so there’s really no excuse not to be doing business the proper way.

Brokers are untrained and their knowledge of the industry are based

Can these illegal brokers also get

mostly on hearsay and are unreliable.

registered and obtain a proper license?

They are also unregulated by the government and do not follow the

Yes, they can. Just like everyone

scale fees as prescribed by BOVAEA.

else, they will need to attend a 2-full

Therefore, when a deal goes sour,

day course called the Negotiators

the person in question will not have

Certification Course (NCC), where MIEA

anywhere to turn to. There is also a

Sabah organizes regularly in Kota

greater risk of being conned by them as

Kinabalu. After which, they will have to

they are accountable to no one. Unlike

find employment under any registered

the case of dealings with registered

estate agencies in Sabah and to submit

estate agents, a person can lodge a

their applications to be a registered

complaint to the authorities like BOVAEA

and certified Real Estate Negotiator.

58

www.PropertyHunter.com.my

can proudly say that we have now about 300 real estate negotiators in Sabah.

Tell us about the current slowdown situation in the Sabah market.

Statistically, the volume for market transactions is currently on the downside since the past few years. I don’t think we will see a turnaround in 2017 and this is due to the stringent

measures taken by the banks, the

the long haul, I do think that the stringent

I agree that over the last few years, the

weakness of the Ringgit against the

measures will help to recalibrate and

focus was more on the developments of

major currencies, the impending general

bring about a healthier market.

medium and high-cost condominiums.

election and the overall performance of the country’s economy.

And what is your opinion about the

But we also must look at the reasons Do you think the market downturn is

why the developers are shying away

also caused by the imbalance between

from building low-cost housings. Mainly

supply and demand?

they’re due to the rising costs of land,

stringent measures taken by the banks?

building materials, labour and many Not across the board, only for the

others. The government has stepped in

medium and high-cost developments,

to address and alleviate this problem

The stringent measures have definitely

which have come in quite a fair bit over

as of late by launching a few incentive

made an impact on the market because

the past few years. It is not really a case

schemes for first-time home buyers.

the availability of ready buyers has

of oversupply, but rather this category

And finally, I hope that everyone

been significantly reduced and they are

will face stiffer competition in getting

involved in this industry will play their

no longer aplenty. It will further drag

buyers or tenants to their properties.

part in bringing about a healthy and

down the total volume and amount of

Nonetheless, I think this is a good time

sustainable market.

transactions in the market. I believe

for real estate agents and negotiators

that Bank Negara is trying to send out

to build a good rapport with sellers and

a strong message to potential buyers

developers and prove their worth.

to exercise more caution in view of an anticipated slowdown in the market

I think the focus up until recently has

performance. Buyers should re-

been more towards medium and high-

evaluate their financial positions before

cost properties. Would you agree that

committing themselves to a long-term

Sabah doesn’t have enough low-cost

loan. Sure, it will take time for the market

housing?

to recover and adjust to this ruling. But in

www.PropertyHunter.com.my

59

Hot topic

NO MORE

TENANCY WORRIES

Co-writers: Wilson Lim, Chung Yaw Vui & Jason Lee of Lim Chung & Zahbia

Dream Tenant

A dream tenant is someone who pays the rent on time and takes good care of your property. Every landlord wants to pursue the dream tenant but in reality, these tenants are hard to come by, especially during a bad economy. If you end up with an unfavourable tenant, you will fall into a lot of trouble with them.

Here are some simple tips to help you pick that dream tenant: 1. Take your time selecting your tenant.

2. Do a background search and get to know the potential tenant.

3. If you have an uneasy feeling about the potential tenant, do not be afraid to say no.

4. Engage the service of a reputable real estate agent. Treat the property agent like your business partner who can assist you in your property venture. Property agents possess market information and client insights; therefore, they are more experienced and capable in screening off bad tenants. A good agent will always be happy to offer you advice and help you secure a good deal.

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ORE! Tenant from Hell

When you have a Tenant who doesn’t pay the rent on time or simply doesn’t safeguard your property, what can you do as the landlord?

The landlord can terminate the tenancy and evict the tenant when there is a breach of the material terms of the tenancy agreement. Examples of breach of the material terms of the tenancy agreement are:

It’s common to see a term in the tenancy agreement which allows the landlord to take appropriate measures to regain possession of the property in the event of a default of payment of rental or breach of the terms of the agreement. However, we cannot stress enough that self-help measures are prohibited by law, and you risk yourself being sued by the

1. Failure to pay rent

tenant for any loss of belongings or damages for

2. Unauthorised subletting

trespass. To evict a delinquent tenant, first you

3. Causing damage to the property

must issue an eviction notice to the tenant, and

4. Conducting illegal activities within the property

if they fail to deliver vacant possession of the property, only then can you proceed with legal action to enforce your rights. www.PropertyHunter.com.my

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HOT TOPIC

Standard Tenancy Agreement?

A Tenancy Agreement is a contract between the landlord and the tenant whereby all the terms and conditions of the tenancy are stipulated. There is no so-called “standard� tenancy agreement. Every agreement is unique. Both parties have a free hand to negotiate and agree on the terms of the agreement. However, it is important to remember that the signed agreement is legally binding, and therefore it is always prudent to seek legal advice to ensure that all the terms agreed upon during the negotiation process are stated in the agreement.

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Q&

Commonly asked questions on tenancy issues Q:

Q:

Who pays for the cost of preparing the tenancy agreement?

A

What happens if the landlord decides to sell his property?

Usually, the landlord will ask the tenant to pay for the

ANSWERS: If the tenancy/sub-lease is registered with the

costs. However, parties are free to negotiate and decide

Land Office, you have a registered interest and the title

themselves.

of the landlord will pass and vest to the purchaser. The Land Law in Sabah states that any sublease for a term not

Q:

How much security deposit should the tenant pay?

exceeding one year shall be valid without registration. It is

imperative for parties to include the necessary terms in the tenancy agreement to cover the eventualities of a sale of

the property by the landlord especially if the tenancy/sub-

It is common for the landlord to request for a security

lease is not registered.

deposit which can be used to pay for damages caused to

the property and to cover unpaid rent or any other charges

Q:

incurred by the tenant. It is up to the parties to agree as to

how much security deposits are to be collected, and the landlord must refund the security deposits at the end of the tenancy after necessary deductions (if any).

How is the stamp duty calculated?

The stamping fee calculation is based on the amount of monthly rental payable and also the tenancy period. You

Q:

Do we need an inventory list to be included in the agreement?

do not need to pay stamp duty if the average annual rent does not exceed RM2400. The simple formula is as below:

(Yearly Rental – 2400)/250

and statement condition of the property including the

Multiply x 1 (if less than 1 year)

furniture and fixtures to be included in the tenancy

Multiply x 2 (if 1 year to 3 years)

agreement. This will form the basis of any claim against

Multiply x 4 (if more than 3 years)

It is important to ensure that you have a detailed inventory

the tenant of any damage done by them. The tenant has to make good at their cost and expenses on any damage caused to the property.

For example:

If the monthly rental is RM2500, and the tenancy period is 2 years.

[(2500 x 12months) – 2400]/250 = 111 X 2 = 222

The stamp duty payable is RM222.00.

Disclaimer: This article is written for your information only, and does not constitute as legal advice. You should seek professional legal advice for your specific needs.

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NEWS

Chinese Interest in Malaysian Property Increased Five-Fold in 2016 Chinese buyer enquiries

cannot afford to purchase

for properties in Malaysia

in a market like the US or

soared 550 percent in the

Australia. Unlike, say the UK,

year to August 2016, with

Malaysia does not attract

views of properties listed

many buyers motivated by

online flew 52.7 percent, as

education.”

WM

reported in Property Report.

Real estate players in “For Chinese buyers, Malaysia

Malaysia are well aware of

is a nearby, easily accessible

such interest and making a

country with an appealing

concerted effort to attract

and very affordable housing

Chinese buyers. “They are

market,” Charles Pittar, Chief

locating and designing

Executive Officer of Juwai.

projects to appeal to Chinese

com, explained to OPP Today.

as well as locals, and they are

“Money invested there is

marketing them in China,”

perceived to be at greater

View of Penang from The Kek Lok Si Temple

drove 59 percent to snap up

year across the board, not

Singaporean properties. Only

just in property,” Pittar said.

15 percent of Chinese buyers

“Some of the investment in

in Malaysia are driven by

industry and development

Pittar reported.

education, while 23 percent

has positive spill-over effects

of buyers in Singapore are

for residential property.”

larger economy like the US or

While speculation motivates

driven by investment.

Australia.

the Chinese to buy property

risk than it would be in a

in Malaysia, the reverse Malaysia tends to attract

is true in neighbouring

buyers pursuing investment

Singapore, Juwai.com data

or lifestyle strategies,

showed. Investment drove

who have other family or

54 percent of Chinese

commercial ties to the

buyers to acquire Malaysian

country or who simply

properties, while education

Even so, Chinese buyers In Malaysia, the Chinese are

make up only a significant

also shifting serious cash,

minority in the Malaysian

with the average value of

marketplace. Malaysia ranks

property searches hovering

only 11th worldwide on

at USD224,000. “China was

Juwai.com for Chinese buyer

the biggest source of inward

interest.

investment to Malaysia last

Penang Alter Affordable Housing Quota for Developers Property developers in

Felix Ooi at the recently held

Penang island can now

Penang Island City Council full

sell housing units priced

meeting.

WM

at RM400,000 on the open market, as reported in

“The council is the executor

Property Guru.

for the state government’s policies so we will abide by

This comes after the

the new rule,” said Ooi, who

state Planning Committee

also serves as the alternate

abolished the requirement

chairman of the Planning

for developers to ensure that

and Development Standing

five percent of the housing

Committee.

units offered at their projects are priced at RM400,000 or

Previously, property

below.

developers were required

Tanjung Bunga

by the state to ensure that In fact, the state has adjusted

five percent of the units at

RM400,000 could not be

“There is already a glut on the

the developers’ quota for

their projects are priced at

considered as affordable,

units priced at RM300,000

affordable housing to 20

RM400,000 and below, 15

Real Estate and Housing

as many potential buyers

percent units at RM300,000

percent at RM300,000 and

Developers Association

are having difficulties getting

and five percent at

five percent at RM200,000

immediate past chairman

housing loans approved. I

RM200,000 and below.

and below.

for Penang Datuk Jerry Chan

don’t see what this policy will

does not see how the change

improve,” he said.

The adjustment was

Although he acknowledged

in policy would resolve

announced by city councillor

that homes priced at

housing woes in Penang.

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65

INTERVIEW

Alex Ting Chairman of miea, sarawak At first, Sibu-born Alex Ting Kuang Kuo had studied to become a Civil Engineer before deciding to dive head-first into the realm of property development as a registered valuer. Today, he is the Chairman of the Malaysian Institute of Estate Agents (MIEA) Sarawak and one of the forefounders of the Sarawak Housing and Real Estate Developers Association (SHEDA). Ting talks to us about the challenges faced in the Sarawak property front, as well as why the younger generation should get involved in real estate.

By Property Hunter Photo By All4One

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INTERVIEW

Hi, and good morning Alex. You have quite an interesting background.

Mind telling us the story?

Hello. Well, I was born in Sibu, but as a young boy, I had moved and grew up here in Kuching. After completing my secondary school, I continued my studies in New Zealand in Civil Engineering, and worked there for a year before finally returning home. Ten years after working as an Engineer, I became a registered valuer after passing the examinations of the Royal Institution of Chartered Surveyors (RICS), United Kingdom.

What piqued your interest to become a valuer?

Engineering is still my first love, as it is a creative and exciting field. In valuation, there are four main branches of business, which are, valuation reports, real estate marketing, property management and auctioneering. I decided to concentrate on real estate marketing. I have never practiced as a valuer, however, a real estate agency license is given automatically to registered valuers. This is how I got my first head start in real estate marketing.

In many ways civil engineering and real estate are very much related.

And, was this around the same time you founded SHEDA? I founded SHEDA along with a group of 10 or so developer friends -- this was back in 1993 as Protem Chairman.

Today, we have more than 200 members. I was the president for SHEDA between 2002 - 2004 and currently am one of the Advisors.

What about property development?

We are currently working on a housing

Yes, you are correct. I think this is

project in Matang area, which is

because Kuching still has plenty of land

approximately 6 kilometers from the

space to build landed properties. But

Kuching city center. It is a landed

I foresee the property landscape in

property project and we have three

Kuching will be changing a lot within the

other high-rise condominium projects in

next five years’ time, as land becomes

Kuching awaiting approval.

more and more scarce. KK had a head start of at least 15 years in high-rise

Looking around, it appears to me

condominium living. One of the very

it?

that Kuching doesn’t have many

few large scale mixed-developments in

mixed-developments, compared

Kuching is VIVACITY which has a large

Yes, I am still very much involved in

to homogenous developments

shopping mall with more than 600-unit

property development, with several

(residential, commercial or

condominiums in the tower blocks.

ongoing projects.

industrial). Is this correct? And can

The shopping mall has recently been

you tell us why?

completed and the condo is still

How much are you still involved with

And what are some of the projects that you’re working on currently?

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under construction.

When do you think high-rise condos will become a trendy development in Kuching?

The construction cost for high-rise condominiums is much higher, when compared to building single-storey houses. And like I said earlier, Kuching still has plenty of land space, but land has become more scarce and landed properties have become more expensive; hence more people are shifting towards buying high-rise properties. There is a definite change in lifestyle in Kuching, towards condo living, with security being one of the reasons for this shift. There are a lot of benefits in buying condominiums besides security, such as better amenities, like gymnasium, swimming pool, children’s playground, which are suitable for younger families or empty nesters.

As the Chairman of MIEA Sarawak, can you tell us what is the current landscape of estate agents and what are the challenges that they face here?

Presently, most of the real estate agents in Sarawak consist of senior citizens.

Therefore, MIEA is trying its best to get more young people on board. We have been offering Diplomas in Estate Agency and provide tuition classes for candidates who are sitting for the Board of Valuers, Appraisers & Estate Agents Malaysia (BOVAEA) exam. The exam standard is high and only a handful of candidates have passed the exam over the years. Each Estate Agent can employ up to thirty negotiators and we are focusing on training negotiators; to be more knowledgeable and skilled in the property field.

I must say that our biggest challenge right now is the ongoing issue of illegal brokers. To date, registered estate agents and negotiators are only capturing about 20 per cent of the property transactions, while 80 per cent of the businesses are conducted by illegal brokers. Hence, BOVAEA is spending about Ringgit Malaysia, One

Million annually to educate the public

at a low RM350,000 as compared to

about the perils of dealing with illegal

RM1 million in other states. Are there

brokers.

strong plans for Sarawak to attract

And how many real estate agents and

foreigners to invest here?

negotiators are there currently in

The State Government has been very

Sarawak now?

successful in attracting investments in heavy industries (in Samalaju) owing

Presently, we only have around 40 to

to the low cost of energy from the

50 real estate agents and around 500

various HEPs; however, it has not

real estate negotiators in the state.

put much emphasis on attracting

Admittedly, business has been rather

investors in property development,

slow this past year, not because there

either commercial or residential. I

are less buyers -- there are plenty

hope the Government will change their

of buyers -- but the banks are more

policy in this area as it can contribute

stringent in approving loan applications.

significantly towards the increase in GDP.

What do you think is the main problem in Sarawak’s real estate landscape?

Sarawak is one of the few states in Malaysia that doesn’t have a published masterplan. I think this is the underlying issue in most cases. Developers buy land not knowing what development can be approved. Our State Planning Authority can just reject an application

I believe less than 1% of the houses and commercial buildings are owned by foreigners, including Malaysians who are non-Sarawakians. We, therefore, have a huge potential in this area. Another reason is land tenure. In Sarawak, very few land are freehold or has more than 60 years lease. If the State Government can change the land tenure to 150 years or longer, I feel confident that many more foreigners will invest.

without giving any reason. This system must change in order to attract more investors.

One last thing. With its very strong culture, heritage buildings and beautiful surrounding nature, Sarawak is sort of like East Malaysia’s best-kept secret. Sarawak’s foreign property ownership also remains www.PropertyHunter.com.my

69

HOT TOPIC

Is the Australian Property Market in a Bubble?

By Yaron Gal

Is Australia’s property market about to crash?

That’s the big question every Australian property investor has on their lips right now.

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A

s a rule of thumb, house prices in the short term moves based on a few factors, such as disposable income, availability of banking credit, interest rates, and the yield on other asset classes.

Surprisingly, it depends less on actual supply and demand in the short term.

These factors and the influx of overseas property investment in the big cities of Sydney and Melbourne have seen housing prices hit stratospheric levels.

Sydney’s median house prices are back above the $1 million mark after declining for 6 months.

Despite a slowing economy and slow growth in income, Melbourne’s median house price has still increased over the past year.

This has attracted a lot of negative attention to the Australian housing market.

A host of bears, both local and international, have taken to our shores with predictions of a calamitous drop in Aussie residential property prices.

The latest being US researcher Jonathan Tepper and his partner, hedge fund manager John Hempton.

Back in February, Tepper and Hempton pretended to be a gay couple and wandered through Sydney’s western suburbs to determine the extent of what they believe is a housing bubble in Australia.

Their conclusion: “It’s worse than we thought.”

“The further west I went, the more irrational it felt. Lots and lots of supply and prices that bore no resemblance to construction cost and income of people around there,” remarked Hempton, Chief Investment Officer at Bronte Capital Management Pty Limited.

Tepper expects property prices to plummet by 50% like they did in Ireland and Spain due to the high household debt to GDP ratios and ‘overvalued’ property prices.

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71

HOT TOPIC

To him: Australia now has one of the biggest housing bubbles in history.

He’s not the only one with this bearish attitude.

Jeremy Grantham, the founder of the $100 billion fund, GMO, called it in 2010, that Aussie housing is a “time bomb” with an overvaluation of 42 per cent.

Well, it is 2016. The market has not exploded and neither has it stopped climbing.

The fact that none of that has occurred has given ammunition to those who perceive it never will.

Christopher Joye at the Australian Financial Review, probably the biggest detractor of Temper’s research, says “most of the concerns highlighted

by Tepper, have been addressed by Australia’s regulators.”

He has a valid point.

The Australian Prudential Regulation Authority took a rather aggressive stand in its crackdown on Aussie banks’ lending policies.

He further cites Bank of America Merrill Lynch’s Dr. Alex Joiner, who demonstrated that when you take the median house price in 1985 and adjust it only by disposable household income growth between 1985 and 2015, you will find something interesting.

The change in borrowing capacity over this period using declining mortgage rates, the 1985-adjusted value is merely 1 per cent above current median prices.

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What does this all mean?

This means that Australian property is fairly valued.

In fact, it’s slightly undervalued as long as interest rates remain below current rates.

So what does this all mean for those of you who want to venture into the Australian property market?

Firstly, stop listening to the noise out there.

In any market, there’ll be the bears predicting doomsday and the bulls predicting happy days.

Property investing means much more than this. It’s less about trying to pick the bottom of the market or forecast its peak, anticipating that you’ll catch it at the “right time.”

People who have made their money in property focus on having the right strategy.

Then it’s about finding the right property in the right location guided by that strategy and being able to ride the waves of the market to grow your wealth.

In the long term, the benefits of this strategy are boundless.

The Australian property market has consistently supported this and will continue to do so. As long as there’s value in a property, the naysayers can’t shake it.

Having said that, it’s important to be guided to find the right properties in the right locations to ensure your property investments pay off.

Short-termism is a fool’s play riddled with bumps, such as market corrections, transaction costs, and tax implications.

Adopt the right strategy and you can make money in any market.

Yaron Gal began purchasing investment properties while working full time and bought 4 investment properties within less than a year. He now works as a property strategist and helps individuals identify high growth properties for wealth creation. To get your FREE copy of the ‘Top Growth Hot Spots in Australia -2016”, simply email him on yaron@investinproperties.com.au

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FEATURED EVENT

Real Estate Fraternity’s Finest Feted at Gala Dinner

By Property Hunter

The real estate industry players were recognised for their outstanding achievements and success in 2015 at the nation’s most coveted award ceremony presented by the Malaysian Institute of Estate Agents (MIEA).

T

he 2016 National Real Estate

independent judges based on real estate

One of the more notable awards was the

Awards Gala Dinner, held at

standards.

Million Dollar Roof Top Award, presented

the Sime Darby Convention

to Estate Agents who have in their

Centre on 1st October, was

Held for the 8th year since its debut in

personal capacity, collected a minimum

graced by Guest of Honour

2009, the awards saw the categories

of RM 1 million in professional fees in

YB. Datuk Johari Abdul Ghani, Finance

increase from 10 to 19 this year with

2015. Three recipients shared the award

Minister II. Also present at the Gala

over 20 winners selected from 31

this year.

was President of the Board of Valuers,

submissions. Amongst the winners, East

Appraisers and Estate Agents (BOVAEA)

Malaysia walked away with 2 awards:

Datuk Faizan bin Abdul Rahman and 800 invited guests.

The MIEA National Real Estate Awards (NREA) is presented annually to Real Estate Agents (REA), Real Estate Firms and Real Estate Negotiators (REN) who have been carefully handpicked by

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Apart from that, the Lifetime Achievement Award was also presented

1. Top Real Estate Firm (Sarawak) Of The Year: Kozin Real Estate Sdn Bhd 2. Top State REN of the year: Colin Wong Yek Fong from H. Simon Real Estate in Sarawak

to Lim Eng Chong from Henry Butcher Malaysia Sdn Bhd for his significant contribution to the growth and development of the Real Estate Agency industry over the years.

outstanding contribution to the Real Estate fraternity. To date, only 10 recipients have received this award in its history of 40 years.

MIEA President, Erick YT Kho urged the real estate agents to continue their hard work and efforts judging by the number of firms that have been faring reasonably well despite the volatile market.

“The sales volume did go down but manageable was the common response. The underlying sentiments remain strong which lead us to conclude that market conditions are cyclical but investment in property is Eric Lim, Organizing Chairman of

always a long-haul profitability,” he

the National Real Estate Awards

stressed.

Committee said Malaysia’s healthy economy and key real estate

The award sponsors for the night

developments have opened new

included TheEdgeProperty.com,

markets for the industry.

PropertyGuru, The Star and Mudah. my, with REM Magazine, Property

“As we stamp our mark internationally,

Hunter, Homefinder and Property

our standards and quality of service

Insight as the magazine partners

have improved to meet the demands

respectively. Nextdor Property

of these new clients,” he stressed.

Communications is the public

The National Council of Management

relations partner.

also awarded MIEA’s highest recognition to Board President Datuk Sr. Faizan Bin Abdul Rahman, for his

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Group picture of all SHAREDA Councils with the Guest of Honour, Datuk Seri Panglima Haji Hajiji Haji Noor, Minister of Local Government and Housing FEATURED EVENT

SHAREDA’S PROPEX 2016:

Smart Property Investment, The Way Forward

By Property Hunter

SHAREDA organized their annual PROPEX 2016 at Sabah Trade Centre from 15th – 18th September. The exhibition was graced by none other than the Minister of Sabah Ministry of Local Government and Housing, YB Datuk Seri Panglima Haji Hajiji Haji Noor.

T

he event saw major

of talks by CEO of Nano Malaysia Berhad,

KL Eco City project and Kinsabina Sdn

developers, namely,

Dr. Rezal Khairi, CEO and founder of the

Bhd for its Triconic Tower Bundusan

Kinsabina Group, Hap Seng

Singapore Precious Metal Exchange,

condominium development, respectively.

Properties, WSG Properties,

Victor Foo, Chris Tan of Chur Associates,

Wah Mie Group, Mah Sing

Dr. Daniele Gambero of REI Group, real

Kinsabina Sdn Bhd took the Best

Group, and more come out to play to

estate veteran, Colin Tan, SHAREDA’s

Creative & Unique Brochure Award 2016

entice avid investors during the four-day

Vice President Ben Kong and SHAREDA’s

with its Taman Casablanca Residence,

exhibition.

Deputy President, Mr Chew Sang Hai.

followed by Hap Seng Properties

SHAREDA Deputy President, Mr Chew

Meanwhile, the SHAREDA PropEX 2016

Inanam project and GKS Development

Sang Hai said the four-day property

Awards were presented to the winners

Sdn Bhd in third place with its Canggih

exhibition showcased up to RM10.7

at the ceremony, with Aeropod Sdn Bhd

Heights condominium development.

billion in property value, with 36

taking the Best Decorative Booth Award

developers and real estate agents.

2016 winner, followed by Hap Seng

SHAREDA President Datuk Francis Goh

Properties Development Sdn Bhd and

Fah Shun, Council Member cum Event

Grand Merdeka Development Sdn Bhd.

Organising Chairman Mr Raymond Xavier

Development Sdn Bhd for its Kingfisher

Chew said although only an approximate 4,300 visitors were recorded by the

Chan, Council Member cum Deputy

organising committee, PropEX 2016 has

The Best Creative Model House Award

Organising Chairwoman Ms Jen Kah Gen

helped pull in total sales value of RM27.5

2016 went to Marvelgold Development

Fon, as well as PropEX 16 Magazine chief

million in its last three days.

Sdn Bhd for its Emporis condominium

editor Mr Wesley Chai were among those

development, while second and third

at the closing ceremony.

Visitors were also welcomed with a series

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place went to Aeropod Sdn Bhd for its

1

2

3

4

5

6

7

8

1 SHAREDA President, Datuk Francis Goh, presented a memento created from unwanted materials, dubbed “Pipexophone – The Hajiji Series” to the Guest Of Honour 2 Ministry of Local Government and Housing’s Permanent Secretary, Datuk Ginun Yangus presenting the certificate of participation to Datuk Francis Goh, in the presence of Lord Mayor, Datuk Yeo Boon Hai. 3 SHAREDA Councils taking a group picture with Datuk Ginun Yangus, Y.B Datuk Dr. Joachim Gunsalam and Datuk Yeo Boon Hai. 4 Organising Chairman, Mr. Raymond Xavier Chan, presenting a certificate of appreciation to Victor Foo, for his paper entitled “Gold – The Preserver of Wealth” 5 Closing speech by Deputy President, Mr. Chew Sang Hai 6 The Best Decorative Booth Award 2016 – Aeropod Sdn Bhd 7 The Best Creative & Unique Brochure Award 2016 – “Taman Casablanca Residence” by Kinsabina Sdn Bhd 8 SHAREDA PROPEX 2016 Committee Team… Bravo!! SEE YOU IN PROPEX 2017! www.PropertyHunter.com.my

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HOT TOPIC

HOT TOPIC

YOUR FIRST HOME’S DOWN PAYMENT FINANCIAL OPTIONS

By CompareHero.my

Buying a home is always daunting especially with the large upfront costs including your 10% to 20% down payment. But there are options, and if you stay informed and well versed with the financial tools out there, you can plan ahead and make these work in your favour.

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Here are some tips to help you source your down payment amount for home:

1 2

Save, save, save Nothing beats the old fashioned way of saving. Put aside a certain amount of your income into an account that is not easily accessible and have a goal. In how many years do you hope to achieve your down payment amount?

Withdraw from EPF Account 2 You are either contributing 8% or 11% into your EPF account if you’re a working adult in Malaysia. 70% of your contribution goes into Account 1 which is off-limits until withdrawal age, and the remaining 30% goes into Account 2. You have a few withdrawal options with Account 2 and one of which allows you to finance the purchase of your home. There are eligibility terms and conditions, so make sure you read all of them.

3

Consider home financing initiatives from the government This includes PR1MA, MYHOME Scheme, My First Home Scheme, Youth Housing Scheme, and Rumah Selangorku. We give you a detailed breakdown of all of these initiatives in one of our articles but essentially, these schemes aim to help young Malaysians who are looking to buy their first home with a little aid to ease financial burdens. Don’t be embarrassed to look into these options, they could very well be the ticket to your dream home!

4

Islamic Home Financing loans With Islamic home financing, banks usually provide two options: the buy and sell approach (Murabahah) or the leasing approach (Ijarah).

With the Murabahah concept, you choose a property and through an Islamic home financing, you and the bank will then enter into a contract where the bank buys the property for you. The bank will then re-sell the property to you at a higher price in the form of installments over a fixed period of time.

As for the Ijarah concept, it is based on a transfer of property ownership at the end of leasing. The bank will buy the property for you, and you will buy back the property by making installment payments. This concept allows you to buy out a property from the bank while paying for “rent”.

5

Sub-sale properties This might not be a direct tip to help you save money for your down payment, but it does offer you a more affordable option. Ideally, we’d love to buy brand spanking new properties but sometimes, you can find great deals from the sub-sale market. While it’s true it may not be as affordable as developer pricing, you may be able to find deals that are below market value. This essentially means you’ll have to fork out even less down payment if you find a cheaper property.

This article is contributed by CompareHero.my, a site dedicated to empowering Malaysians with financial literacy and the tools to make better financial decisions in life. Find and compare the best credit cards, personal loans and broadband plans on CompareHero.my today! www.PropertyHunter.com.my

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INTERVIEW NEWS

Clean City Is Everyone’s Responsibility, Says Mayor With an area of 351 square

with community leaders at

kilometres and a population

the Tanjung Lipat public park

of half a million people, the

yesterday.

SB

City Hall faces an uphill task to keep Kota Kinabalu clean

He urged the community

without the support of the

leaders to encourage people

community, as reported in

to work hand-in-hand with

New Sabah Times.

the city hall to ensure Kota Kinabalu’s cleanliness.

Mayor, Datuk Yeo Boon Hai has therefore rallied some 100

They consisted of Community

community leaders to stress

Development Leaders from

strategies to achieve its vision

upon the need for all of them

Karambunai, Inanam, Likas,

and mission namely service,

to play a part in maintaining

Api-Api and Tanjung Aru

cleanliness, enforcement and

“There is an old adage of ‘tak

cleanliness.

state constituencies as well

development.

kenal maka tak cinta’. To love

Aerial view of Kota Kinabalu city

as the village, district chiefs

in efforts to clean up the city.

the city, we need to know each

“To provide an efficient service

and the Village Security and

“All our service, cleanliness

other. Only then can everyone

to the public especially in

Development Committee

and enforcement efforts must

work together to ensure the

ensuring the cleanliness of

chairmen.

be geared towards achieving

cleanliness of the city,” he said.

sustainable development

the city, all parties must work Also, present during the

so that the people of Kota

After the meeting, all the City

meeting were Director-General

Kinabalu can enjoy the

Hall officers and personnel, as

“The City Hall itself cannot

of the City Hall Datuk Joannes

development brought about in

well as the community leaders,

be doing all the cleaning

Solidau, City Hall Health and

the city,” said Yeo.

took part in a “gotong-royong”

up to make Kota Kinabalu

Services Director Robert Lipon

into a clean, green and

as well as City Hall officers.

together.

beach.

importance of fostering a

comfortable city,” Yeo said in his speech during a meeting

to clean up the Tanjung Lipat He also stressed on the

The City Hall has four

community spirit that can help

Emerging Markets Remain Attractive for Global Investors

BK

Emerging markets remain

The bank forecasts emerging

“We have seen fund managers

it would be good for Malaysia

attractive to global investors

markets’ real Gross Domestic

re-look at the asset allocations

because we are one of the few

on the back of an imminent

Product growth to rise to 3.9

due to Brexit.

net oil exporters,” he added.

US interest rate hike by

per cent in 2016 and to 4.3 per

year-end and the impending

cent in 2017, up from 3.6 per

If the money shifts out of

Eng said the local currency is

Brexit, says UOB Asset

cent last year.

Europe, it has to look for

likely to weaken to 4.15 against

another destination and

the US dollar on expectations

“Investors are searching for

emerging markets would

of a US interest rate hike.

returns in a period of low

actually benefit from that flow

interest rates.

of money,” he added.

Francis Eng said assets in

“Emerging markets are one of

Eng pointed out that the

the emerging markets offer

the bright spots where you can

decision by the Organisation

a superior growth profile

get relatively good growth,” he

of the Petroleum Exporting

The US dollar’s strength

compared to those in some

told reporters after the launch

Countries (OPEC) to cut their

tapered off when the US

of the developed countries as

of the United Global Quality

production had provided a

Federal Reserve increased the

investors are looking for better

Equity Fund here yesterday.

boost to oil prices recently.

interest rates,” he added.

Eng said emerging markets

“What we want to see is a

The Federal Reserve raised

Continued economic growth

would also benefit from the

follow-through for them to

interest rates in December

in emerging markets would

impending Brexit should

implement it.

2015 by 0.25 percentage

also help boost the region’s

investments shift out of

attractiveness to global

Europe.

Management (Malaysia) Bhd on Wednesday (5th Oct).

Its senior director and

temporary as we saw in

chief investment officer

returns.

investors, he added.

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“We think it would be December 2015.

points — its first increase since And if they do implement it, it would be good and as a result,

2006.

Sarawak Says Won’t Allow Developers to Give Out Loans

WM

The Sarawak government

They (developers) may

buyers, the state government

bridging loans to consumers

has rejected the proposal by

experience problems in loan

has in fact set up Mutiara

who could not come up with

Urban Wellbeing, Housing

repayments.

Mortgage and Credit Sdn Bhd,

the higher down payments

a fully owned subsidiary of

due to the lower loan-to-value

Minister Tan Sri Noh Omar to

“Collecting money from

HDC, to provide loans to the

the buyers is not an easy

ratio set by Bank Negara

allow property developers to

low-income group.

Malaysia.

act as bankers in providing

task. The banks are more

housing loans, as reported in

experienced in doing that

“For the time being, it focuses

However the proposal

The Malay Mail.

than the developers, who

on loan for public housing

has been met with fierce

and Local Government

are independent private

projects under the Program

opposition, including from his

State Deputy Chief Minister

companies. The developers

Perumahan Rakyat (PPR) and

very own colleague, Second

Datuk Amar Abang Johari Tun

should only worry about

HDC’s own affordable housing

Finance Minister Datuk Johari

Openg pointed out that the

selling houses, not burdening

projects,” he was quoted as

Abdul Ghani, who deemed

move would cause financial

themselves further by

saying.

the proposal illogical and

complications.

providing loans to their

Among others, he was

unsustainable.

buyers,” he was quoted as

The report also pointed out

saying yesterday.

that the state has introduced

The move was initially thought

the Affordable Housing

to be for the full loan amount

reported as saying that it could result in developers

Saying that the Housing

Policy and Guidelines to

and at interest rates of up to

increasing the costs of end-

Development Corporation

ensure there were sufficient

18 per cent as allowed under

financing.

(HDC) had similar experiences

affordable homes for the

the Moneylenders Act. It was

in the past, Amar dished out “One thing for sure is that

lower and middle-income

later clarified that these would

several alternatives to Noh’s

the developers may not be

classes.

be for shortfalls in down

proposal.

payment and at interests

as experienced as the banks

Earlier this month (Sept), Noh

marginally higher than bank loans.

when it comes to providing

“To address end-financing

announced an initiative for

buyers with housing loans.

problems affecting house

property developers to offer

Lack of Infrastructure Hampers Kudat

SB

Efforts to maximise

forwarded several proposals

“We have also applied for

Despite having been gazetted

Kudat’s tourism potential

to the EPU during the

other allocations to build new

as a marine park as the Tun

is hampered by the lack of

meeting, one of which is

roads in Kampung Tanjung

Mustapha Marine Park, local

infrastructure, said Special

realigning the Tanjung

Kapur, Kampung Bahagia, and

fishermen still carry out

Tasks Minister Datuk Teo

Simpang Mangayau Road.

other villages.

fish bombing regularly and

He said the road is too near

“We believe that with the new

to the beach which limits

roads, we can organise the

“With beautiful islands,

the expansion of tourism

village lots which are now

Meanwhile, EPU Director-

waters, beaches such as

facilities in the area. He has

being occupied by squatters.

General Datuk Seri Dr

Tanjung Simpang Mangayau,

applied for RM10 million in

and the longest esplanade

allocation for the realignment

“This will enable us to perhaps

on her first visit to the district

in Sabah, Kudat has high

purpose and another RM5

gazette the areas as villages to

said making Kudat into a

tourism potentials that can be

million to upgrade several

resolve the squatter issue,” he

tourism attraction is in line

facilities along the 500-metre

said, adding that the tightly-

with the 11th Malaysia Plan.

long Sidek Esplanade to build

spaced houses in the villages

“But what is lacking in Kudat is

a new surau, stalls, and to

have become a fire hazard.

infrastructure,” he said when

maintain the place.

Chee Kang, as reported in New Sabah Times.

exploited.

therefore more enforcement is needed.

Rahamat Vivi Yusoff who was

She said Kudat has the potential to be developed

met after a dialogue with the

When asked about Kudat’s

into a major tourism

Economic Planning Unit (EPU)

“Since it was built, the Sidek

security needs, Teo said

destination which will,

on Sunday (Oct 9th).

Esplanade has not been

that the threats are mainly

therefore, contribute to the

maintained properly due to

from fish bombing activities

local economy as well as the

the lack of funds. So, it is time

which are detrimental to the

also the Tanjong Kapur

country’s revenue

for it to be maintained and

environment.

Assemblyman, his office

upgraded.

According to Teo who is

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81

Warnin HOT TOPIC

Read Before Signing

By Miichael Yeoh

Many people take it lightly when I say in my seminars: PLEASE READ BEFORE YOU SIGN THE LETTER OF OFFER! 82

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1

How many people actually read every clause in the offer letter? If you have signed or initialled every page of the offer letter, you are deemed to have read it, regardless.

2

I always stress in my talks to choose your banker wisely. Bankers are usually more concerned about hitting their targets and earning commissions, and therefore, will not tell you.

3

If you go to court, you will lose.

I had a case many years ago. A couple bought their first home and signed the offer letter. They were both illiterate in English, and so, they signed blindly. When the day came to release the property, their lawyer called and said that they had to put down a RM200k fixed deposit lien with the bank before the loan would be disbursed per terms in the letter of offer.

ng!

S

Imagine the couple’s shock. They tried to call the banker, but turns out, he had already resigned. Yes, the legal firm should have informed them before they signed all the documents, but they didn’t. Much to their chagrin, they later found out that the legal firm was referred to them by the banker.

This is certainly saddening. They came to me crying. Their hard earned money would have to be forfeited if it was not settled.

In the end, I managed to talk to the owner to extend the SPA, and luckily, another banker friend of mine managed to approve the loan without this condition. I hope all of you learn from this.

Always use a responsible and experienced banker.

Here’s another case. A friend wanted to refinance his loan for a lower rate. The bank approved, but with a new set of conditions. He took the new offer letter and the relevant documents to withdraw from his EPF. His application got

ometimes we only feel the pinch until after it’s too

rejected by EPF. So what happened? The new offer letter stated

late. Why do I say that? Recently I just received a

that the loan is for the purpose of personal use, and not for a

message from someone that said that the bank

housing loan.

had started his instalment for 24 months instead of 48 after the OC (Occupational Certificate) was

obtained. He called back the banker to reaffirm the condition in the offer letter. Thing is, he isn’t prepared to start the full

So please, READ BEFORE SIGNING ON THE DOTTED LINE. It doesn’t hurt to spend 30 minutes on this. If you do not understand, it is your right to ask the banker. If he can’t explain,

instalment right away.

then ask your lawyer. As a buyer, it is our right to get the

You may ask yourself why this was not mentioned during the

we did pay for it.

answers to our questions, especially the crucial ones. After all,

signing of the offer letter. Well, let me tell you this… www.PropertyHunter.com.my

83

CONTRIBUTOR

LEGAL FEE

& STAMP DUTY What you should know

I

n a sale and purchase transaction, there are other things that a buyer

Words Lim Chung & Zahbia

Purchase Price / Loan Sum (RM)

Fee (%)

1. the transfer instrument i.e. the ‘memorandum of transfer’ (MOT) for

has to pay besides the purchase

Up to

10,000.00

2.50

individual title property or the ‘deed

price. More often than not, many

For the next

40,000.00

1.00

of assignment’ (DOA) for master title property; and

people are not aware of this and

For the next

50,000.00

0.90

are often caught by surprise. Sometimes,

For the next

200,000.00

0.80

it can turn into a deal breaker, because

For the next

400,000.00

0.70

as it turns out, the buyer does not have

For the next

500,000.00

0.60

of money to pay for the other costs.

For the next

1,000,000.00

0.45

For the next

3,000,000.00

0.35

For the next

5,000,000.00

0.25

Two of the most substantial costs involved in a sale and purchase transaction are: 1. the legal fee for the Purchaser’s

to finance the purchase of the property.

The stamp duty that is payable for the respective instrument set out above are

involved is in excess of RM10,200,000.00,

governed by the Stamp Act 1949.

the legal fee will be negotiable.

STAMP DUTY FOR THE TRANSFER

In any case, there will be a minimum fee

INSTRUMENT

of RM500.00

The stamp duty for the transfer

the collector (Lembaga Hasil Dalam Negeri Malaysia).

event the buyer is obtaining a loan

Where the purchase price or loan sum

lawyer; and 2. the stamp duty that’s payable to

2. for the loan documents, in the

instrument (either MOT or DOA), can If the property is held under a master

be calculated based on the following

title, the buyer shall pay a further sum

formula:

LEGAL FEE

which is equivalent to one quarter of the

In Sabah, the legal fee that a lawyer

scale fee for the preparation of the loan

RM1.00 stamp duty is chargeable for

charges is governed under the Advocates

documents.

each RM100.00 or part thereof for the

Remuneration Rules 2010.

GST ON LEGAL FEE

first RM100,000.00

The legal fee for the preparation of the

All the legal fees mentioned above are

RM2.00 stamp duty is chargeable for

Sale and Purchase Agreement (SPA) (for

subjected to the 6% Goods and Services

each RM100.00 or part thereof for the

both individual and master title property)

Tax (GST).

amount in excess of RM100,000.00 but

and loan documents (for individual title property) is calculated based on the

STAMP DUTY

following scale:

The most substantial stamp duty that’s payable will undoubtedly be the one for:

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not exceeding RM500,000.00

RM3.00 stamp duty is chargeable for

Loan Amount

each RM100.00 or part thereof for any

amount in excess of RM500,000.00

Loan Type

It is important to bear in mind that the

A will need to pay the following:

Calculation of stamp duty for the primary

: RM720,000.00

loan agreement which is an Islamic

(90% margin)

financing product:

: Islamic

(RM720,000.00 loan sum ÷ 1000 x 5) –

stamp duty for the transfer instrument is chargeable based on the purchase

20% = RM2,880.00 1. RM6,100.00 for the preparation of

property, whichever is higher.

DISBURSEMENT 2. RM7,250.00 for the preparation of the loan agreement;

STAMP DUTY FOR CONVENTIONAL LOAN AGREEMENT The stamp duty for a loan agreement

formula: RM5.00 stamp duty is chargeable for each RM1,000.00 or part thereof ISLAMIC FINANCING FACILITY = 20%

transfer instrument i.e. DOA; and

REMISSION As the government of Malaysia is promoting Islamic financing to her citizens, one of the incentives that an Islamic financing can offer is the 20% remission on the chargeable stamp duty for the primary loan agreement, subject to the condition that the Islamic financing facility is one that is approved

by Bank Negara of Malaysia.

4. RM2,880.00 stamp duty for the primary loan agreement.

%

Fee

10,000

2.50

250

For the next 40,000

1.00

400

For the next 50,000

0.90

450

For the next 200,000

0.80

1,600

For the next 400,000

0.70

2,800

For the next 100,000

0.60

600

Up to

Total

disbursements that are payable in a sale and purchase transaction depending on the nature and/or characteristic of the transaction. However, those costs are generally not as substantial as those set out herein.

Calculation of the legal fee for the SPA: RM

Apart from the above, there are other legal fees, stamp duty and

3. RM18,000.00 stamp duty for the

involving conventional loan can be calculated based on the following

OTHER LEGAL FEES AND

the SPA;

price or the current market value of the

800,000

6,100

KNOW EARLY It is good practice to know the exact cost that is payable apart from the purchase price before confirming or committing to the buying or investing of a particular property. This will certainly allow for better arrangement of financing and to avoid the possibility of any forfeiture of money and other liabilities.

Calculation of the legal fee for the loan documents: %

Fee

Hence, the stamp duty for Islamic

Up to

RM 10,000

2.50

250

financing facility can be calculated based

For the next

40,000

1.00

400

on the following formula:

For the next

50,000

0.90

450

For the next

200,000

0.80

1,600

This article is intended for general awareness purposes only and should

(RM5.00 stamp duty is chargeable for each RM1,000.00 or part thereof) – 20% 50% REMISSION FOR FIRST HOUSE Currently, in Malaysia, IF you are buying a property for the first time AND if it is

For the next

400,000

0.70

2,800

For the next

50,000

0.60

300

not amount to any form of advice.

Total

750,000

5,800

While every effort has been made to ensure the accuracy and correctness of

RM5,800.00 + 25% = RM7,250.00

a RESIDENTIAL property AND that the

Calculation of stamp duty for the transfer

purchase price of the said property is

instrument i.e. DOA:

RM500,000.00 or below, there will be

RM

50% remission on the chargeable stamp

Calculation

duty for both the transfer instrument

Chargeable Stamp Duty (RM)

1st

100,000

1,000

EXAMPLE

RM100,000 / RM100 x RM1

Next

400,000

RM400,000 / RM100 x RM2

8,000

Next

300,000

RM300,000 / RM100 x RM3

9,000

and to obtain the following loan to finance the said purchase: Purchase Price : RM800,000.00

Total

800,000

or data contained herein, the writer accepts no liability for loss or damage suffered or incurred by anyone as a

and the primary loan agreement.

If A intends to buy the following property

the calculations, contents, information

result of the reliance on this article or howsoever arising from the use of the information or material set out herein.

Lim Chung & Zahbia is a firm that strives to provide a comprehensive and integrated range of professional legal services and emphasises in innovative planning and practical

18,000

solutions to complex issues.

Type of Property : Master Title www.PropertyHunter.com.my

85

NEWS

Naza TTDI Celebrates New KL Metropolis Show Gallery Naza TTDI launched its new

hosts the 29th South East

KL Metropolis Show Gallery

Asia (SEA) Games.

that has a gross area of

MITEC is the first component

14,000 sq ft located at Naza

of the 75-acre KL Metropolis

Tower, Platinum Park in

and Malaysia’s largest

Kuala Lumpur on Tuesday,

exhibition space. It has a

Oct 18. The KL Metropolis

gross floor area of 1 million

Show Gallery has designated

sq ft exhibition centre with

spaces for concierge, coffee

a total of 11 exhibition halls

bar, AV rooms, 2 show units,

across three levels. MITEC is

sales gallery, discussion area,

able to accommodate 40,000

and children play area.

visitors at any one time.

The launch is timely as MITEC

Apart from MITEC, KL

(Malaysia International Trade

Metropolis is divided into 8

and Exhibition Centre) will

precincts namely Met 1, Met

be operational next year and

2, Met 3, Met 5, Met 6, Met 7,

the KL Metropolis masterplan

Met 8 and Met 9.

takes a firmer shape.

Met 1 consists of two According to SM Faliq SM

office towers, one serviced

Nasimuddin, Deputy Executive

residences, and destination

Chairman and Group

mall with a net lettable area of

Managing Director of Naza

85,000 sq ft. A block of luxury

TTDI, MITEC is fully completed,

service residences located

“We expect MITEC to be fully

at Met 1 is expected to be

operational by first quarter of

launched by end of this year.

next year. We are confident that MITEC with its capabilities

Met 2 covers strata offices

to host international events

and a hotel. Met 3 will have a

will encourage further growth

lifestyle mall and a signature

to the business tourism and

tower, Luxury Condo, 5-star

MICE industry in Malaysia.”

hotel, class A office towers.

Next year, MITEC will be a key

Met 5 is a joint venture

venue for athletes as Malaysia

project with Hap Seng Land

WM

L-R: Encik SM Nasarudin SM Nasimuddin, Chairman of Naza TTDI Group; Datuk Wira SM Faisal Tan Sri SM Nasimuddin, Joint Group Executive Chairman of Naza Group of Companies; andEncik SM Faliq SM Nasimuddin, Deputy Executive Chairman and Group Managing Director, Naza TTDI

Sdn Bhd to build residential

KL Metropolis was launched

blocks and offices, and a

on 25 Oct 2011 with three

4-star hotel. Wellness suites

strategic joint ventures to

will be located at Met 7

date. On 2 September, Naza

in support of a dedicated

TTDI started collaborating

industry body, KL Healthcare

with Nusmetro Property Sdn

Travel Council or KLHTC,

Bhd for the development

that will be set up by the

of 3.29 acres with three

Ministry of Tourism to foster

towers consisting of serviced

collaboration in promoting

suites, serviced residences

and developing medical

and managed residences.

tourism in Kuala Lumpur. Met

Targeted completion for the

8 will comprise of two Class A

towers is by 2019.

office towers jointly developed

by Triterra Metropolis Sdn

Naza TTDI on 22 September

Bhd. A purpose-built 6- star

2015 established a tie up with

hotel will be constructed at

Triterra Metropolis Sdn Bhd

Met 9 to cater to exhibitors

(formerly known as Keystone

and participants of MITEC.

Impetus Sdn Bhd) to develop the 2.47-acre plot, which is Met 8. Expected completion for Met 8 is by 2021.

More recently this year on 29 January, a joint development agreement was signed with Hap Seng Land Sdn Bhd to jointly develop Met 5, which is an 8.95-acre plot. The joint development has a potential Gross Development Value of RM3.8 billion.

An artist’s impression of KL Metropolis, Met 1 facade

86

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87

APARTMENT FOR SALE

Extracted from PropertyHunter.com.my

*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

88

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89

CONDOMINIUM FOR SALE

Extracted from PropertyHunter.com.my

*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

90

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91

SEMI-DETACHED HOUSE FOR SALE

Extracted from PropertyHunter.com.my

*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

92

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93

TERRACE / LINK HOUSE FOR SALE

Extracted from PropertyHunter.com.my

*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

94

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95

COMMERCIAL FOR SALE

Extracted from PropertyHunter.com.my

*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

96

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97

BUNGALOW / VILLA FOR SALE

Extracted from PropertyHunter.com.my

*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

98

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99

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