More to benefit from 1Malaysia Maintenance Fund

More to benefit from 1Malaysia Maintenance Fund - StarProperty.my

The 1Malaysia Maintenance Fund (TP-1) has now been extended to the private medium low-cost housing schemes, said Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik.

The fund was set up to repair and maintain private low-cost flats whose Joint Management Bodies (JMB) could not afford to pay off the entire sum for the work done.


Nong Chik said he received many requests for the fund to be extended to the private medium low-cost housing schemes which are priced at RM80,000 and below.


This is good news to those apartment / flat that do not have sufficient fund to repaint their property. It is recommended that high rise building should be repaint every 5 years; else the property will look "old and ugly", and it will also cause extra moisturise sneak into your house when the outer layer of the building is no longer protected by paint.

I used to own a condo that is about 12 years old, and the condo never re-paint since handover. No matter how many times I repaint my internal wall, the paint will "drop out" after few months. After consulting few "paint expert", they said that nothing much they can do even though my internal wall have been painted with "water proof" paint, as the water will sneak through the wall during raining. I highlighted this to the management office, they responded that the JMB do not have sufficient fund to repaint the 4 blocks of condo, which cost RM1 millions +- to repaint it.

Ascott @ Uptown

http://www.theascottlimited.com/en/4ascott_strengthens_its_leadership_position_in_malaysia_and_indonesia_with_two_new_management_contracts____.html

ASCOTT STRENGTHENS ITS LEADERSHIP POSITION IN MALAYSIA AND INDONESIA WITH TWO NEW MANAGEMENT CONTRACTS


Singapore, 24 May 2011 - CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has strengthened its leadership position in Malaysia and Indonesia with two new management contracts in Petaling Jaya, Malaysia and Jakarta, Indonesia. The 200-unit Somerset Damansara Uptown Petaling Jaya and the 187-unit Somerset Kencana Jakarta are slated to open in 2016 and 2014 respectively.

Ascott’s entry into the fast-developing Damansara Uptown in Petaling Jaya also extends the company’s footprint to a new city in Malaysia. With the addition of Somerset Damansara Uptown Petaling Jaya, Ascott remains the largest international serviced residence owner-operator in Malaysia with over 1,500 apartment units across 10 properties. Somerset Kencana Jakarta also reinforces Ascott’s leading position in Indonesia, with over 2,000 apartment units across 10 properties.

Somerset Damansara Uptown Petaling Jaya

Somerset Damansara Uptown Petaling Jaya is located in Damansara’s main commercial district. The new serviced residence will be part of an integrated development that includes a 400,000 square feet retail mall and five commercial towers housing multinational corporations such as Deloitte, FedEx, L’Oreal, Lenovo, Symantec and Unisys. It is also close to Damansara Heights and Bandar Utama which are host to many Fortune 500 firms.

The property will offer a range of furnished studios, one- and two-bedroom apartments with fully-equipped kitchens. Guests will be able to enjoy facilities such as a gymnasium, swimming pool, restaurant and sky lounge. Business travellers will be able to make use of the business centre and a conference hall which can accommodate up to 900 people.

Housing for average income earner - MUST READ

Housing for average income earner - StarProperty.my

This is very good article, not to be miss.

House prices have gone up many times beyond the average household income.


Yeow says the scenario of low-occupancy and falling prices can be found in KL City Centre and Mont’Kiara.

He says expatriates are the ones who mainly occupy these units. Many who bought into that location are local and foreign investors who expect a certain yield. When they do not get the yield they want, they may decide to sell it instead of holding on. When this happens, there is always the possibility of prices coming down.

The people need medium-range housing priced around RM300,000, says Yeow

However, he notes that it is difficult to find houses with this price in the Klang Valley or Penang and this is worrying. Yeow says that the most pressing issue now is escalating prices and the question of affordability among the ordinary wage earners.


His concerns are very real. House prices have moved far ahead of wages. Yeow says the average monthly household income is about RM7,500 while Fernandez puts it at close to RM6,000. He is quoting a private survey done for the Klang Valley this year.

House prices, as against annual household income, is normally calculated at three to four times. For example, if a household monthly income is about RM6,000, which is what the average Malaysian household earns, at four times, the price of the house should be about RM300,000 (6,000 x 12 = 72,000 x 4 = 288,000).

While housing prices have gone up, rental has not.


A double-storey house in Petaling Jaya was priced at about RM500,000 about two years ago while rental was between RM1,500 and RM1,700.


Today, that same house is priced at about RM800,000 but the rental is only RM1,800 to RM2,000. So although house prices have gone up, rental rates do not reflect that rise.

Says Yeow: “We are in a situation where people are using the property market to gamble.


“It is purely to flip. This is bad because it will only drive prices higher. This deprives the average wage earner of buying his own house.

Your Are Truely Champion !

Thanks to those contribute to Wick Foundation Fund :)

Tropics Designer Suites ?

PETALING JAYA: A 26-year-old foreign woman fell to her death from the 14th floor of an apartment building onto a passing car near a shopping mall here.

 It is believed she was in the apartment of a local man in his 40s. The woman, who was naked from the waist down, died on the spot.

Petaling Jaya deputy police chief Supt Meor Hamdan said police received a call about the incident at around 10.45am yesterday.

“When we arrived at the scene, we found the body of a woman on the ground several metres away from a damaged Proton Saga.

“We are questioning the man, a manager, who lives in that apartment unit,” he said, adding that the case has been classified as sudden death.

Details here: http://www.chinapress.com.my/node/220436

Ken 3 Photo Update

Managed to capture some photo of Ken 3 yesterday, picture below show that the retaining wall for Ken 3 is completely "vanished".

I am not sure this is river, or monsoon drain. Picture below show another part of the river/drain retaining wall is already collapsed "half way".

This is near Ameera / Five Stones projects, the retaining wall still intact so far.

Chinese top foreign buyers of Singapore homes: report

Chinese nationals were the top foreign buyers of private property in Singapore in the March quarter, report said Wednesday, the first time they have topped the list.


Buyers from China accounted for a record 24 percent of private home purchases by non-Singaporeans in the three months to March 31, property research firm DTZ said in a report."It is the first quarter that they are the top foreign purchasers of residential properties in Singapore," the report stated.

If they also turn their radar to Malaysia, then they might sweep away the bubble threat, in fact may cause another round of price hike to Malaysia property, especially those high end unit...
 
http://www.starproperty.my/PropertyScene/AgencyNews/12219/0/0

Collapsed partition wall causing fear among condo dwellers

Collapsed partition wall causing fear among condo dwellers - StarProperty.my

Residents of Ken Damansara 3 Condominium, Petaling Jaya are going through a nightmare as the partition wall in front of the condominium has collapsed 10m into nearby Sungai Penchala.


To make matters worse, the wall opposite the condominium also collapsed due to erosion following continuous rainfall on Tuesday.


Three weeks ago, the perimeter wall surrounding the condominium had collapsed. Large amounts of soil and vegetation were swept into Sungai Penchala due to strong currents.


Part of a 40m retaining wall — from the condominium to the bridge near the SS2 Mall — also collapsed due to the strong currents.

Petaling Jaya City Council (MBPJ) councillor Mak Khuin Weng said the situation was not getting any better. “I am unable to get the developer to agree to rebuild the retaining wall. As an immediate measure, MBPJ has to take responsibility and rebuild the wall and bill the developer. MBPJ has to do it as the safety of the residents is paramount,” he said.

This is so bad news, I have two colleagues live there. The developer few weeks ago told the press they going to be responsible and do something. After so many weeks where is the "take responsible and do something" ?? Mr Listed Company, you want to see Hulu  Langat incident repeat only do something mer....

http://wickinv.blogspot.com/2011/05/developer-accepts-responsibility-ken-3.html

Google Blogspot Bug

Not sure why, it is just so hard to write comment in this blog nowadays, the website just keep on asking me to sign in even though I have signed in.

For now, I will temporary enable anonymous mode until google fix this issues...

External Factor - Joint Management Body (JMB)

One of the factor you should consider when buying a second hand property (condo/apartment) is the strength of the Joint Management Body (JMB). JMB concept is made mandatory by government few years back to enforce each condo/apartment to form it own management team consist of the resident and the developer.

In short: A strong JMB committee will make your property value increase, and vice versa.

For your information, expenses of a condo/apartment is very high, it reach million per year. Therefore the income (maintenance fee + sinking fund) must tally and more than the expenses, else your condo will "loose face" sooner or later.

Go and flip through the AGM meeting minutes sent to you every year, you will be shock seeing how much money is spent on every single items. A team of guard may cost rm20k per month, Gardener + Landscapes material maybe cost rm8k, lift maintenance maybe rm15k, electricity rm10k and so so..... I can assure you is not cheap.

So now let's imagine, if your condo do not have enough money,
- How can you afford to repaint your condo every 5 years?
- How can you afford to maintain the lift and ensure it is working all the time? 
- How can you afford to hire Nepalese guard instead of cheaplak guard?
- How can you afford to hire gardener to maintain the landscape or just let the weed grow?
...many more....

On the other hand, every condo is live by many different people, with different personal interest. As JMB, they will receive all different weird request from those residents. Some may request JMB to provide drink and tower at Gym area, some request shuttlecock to be provided at badminton hall, more light install at certain area and etc. If a JMB is not strong and not able to balance which request should be fulfill and what is not, then you either sell your condo fast fast, or vote to change the JMB in next AGM.

Worse is when people have lost their trust to JMB, the those resident will stop paying the maintenance fee, means no income to the condo. Then lift will start not functioning, rubbish may only clean once a month and etc.... Flip through newspaper you will be able to see this kind of news almost every week.

China Property Market - How Does it Impact Us?

I met an old friend online recently, where he have moved from Malaysia to China since few years back. When he was in Malaysia, we used to talk a lot about property and share.

During our chat, he share his view with me about property at China, especially in Guang Zhou where he live. The property price at China have gone up like crazy in past few years, currently a condo at Guang Zhou city is selling at around 15,000 yuan psm (translated to about RM750 psf), to me sound ok .....with assumption KL is on par with Guang Zhou. But what is not so ok is most of the property there are left empty, not able to find tenant. Even those able to rent out, the rental return is not attractive. He

On side note, my friend also said that that most of the property in China is leasehold status with 60 years left. So for those so concern about leasehold status in Malaysia, you should not worry so much as Malaysia leasehold property usually come with 99 years tenure :)

The Chinese government have implemented few control to cool down the market, and it seem work. But what make us worry is how long can those owner hold their unit without able to rent it out? What will happen if there are many owners fall under this category, will it cause another round of property bubble?

There is a saying when US sneezes, Malaysia will catch the cold. With China emerging become as world economy now, if China sneezes, we might catch H1N1 !!

Jokes about Mukesh Ambani’s 27 Storey house

http://www.excite4.com/home/archives/1422

Mukesh Ambani (India richest man) in his 27 storeyed House, where himself, his wife and 3 kids living there, serve by 600 maids

The day the earth moved - StarProperty.my

The day the earth moved - StarProperty.my

Financial consultant Francis Arulanandam, 60, said when he was looking down at the mess of the first landslide in Jalan Wangsa 3, the road in front of him caved in as well.


“I am one of the first residents of Bukit Antarabangsa in 1989. Since the landslide I get nervous whenever it rains heavily,” he said.


Tita said it was common for large trees to fall along Jalan Wangsa 1 during heavy rain.

Really feel sorry to hear this, home is no longer a safe home where there is fear living there...

Another similar article here today:

http://www.starproperty.my/PropertyScene/PropertyNews/12165/0/0

KUALA LUMPUR: At least five landslips took place at Kampung Bukit Sungai Puteh here on Saturday evening but residents have opted not to move out despite being advised to do so.


“They (officers from the Ampang Jaya Municipal Council) told us our houses are built on the same hill where the orphanage collapsed and our lives are in danger, but where can we move to?” asked Faridah Burok, 51, yesterday.

Not everyone can afford to "just move" like that...

Willow Park Semi-D @ Denai Alam

Join us for the launch of Willow Park, 2 & 2½ Storey Semi-detached Homes at Denai Alam and it gives us great pleasure to offer you the privilege of being among the first to view it.

Date: 26th - 29th May 2011 (Thursday, Friday, Saturday, Sunday)

Time: 9.30 am - 6.00 pm

Venue: Denai Alam Sales Gallery,

Persiaran Metafasa,

Seksyen U16, Denai Alam,

40160 Shah Alam, Selangor.

Tel: 603 7839 3939

Seaside and Hilltop Property

In Penang, a lot of properties is selling at premium price because for those who purchase the property will get to enjoy the ocean breezes everyday...

There are also people willing to pay "extra" to buy property that built on the top of the hill, as the air is fresher and they also able to enjoy magnificent city view from their house...

However, there is also possible risk buying properties nearby sea side and on top of hill . For example, when Tsunami hit Penang, people who live nearby seaside will be the first expose to the risk. Therefore sometimes people may think is good to live next to seaside once a while, during vacation, instead of live there daily.

Same for those live at hill side, when the landslide hit Bukit Antarabangsa, the condominium and bungalow value there drop to almost "zero". Recently there is also report that retaining wall at Bandar Puteri is falling, this cause great concern to those live there...

So sometimes, maybe, conservatively, probably, is safer to buy property at "flatten" land :)

Retaining wall collapses during landslip - StarProperty.my

KL Eco City Open For Booking

Dear Sirs/Mdm,

Thank you for your keen interest to purchase KL Eco City Residential Tower. Based on your registration; we would like to inform you that the Residential Tower 1 is now ready for booking.

You are cordially invited to our KL Eco City Marketing Office to make the necessary booking deposit.

Date : 25th May 2011 (Wednesday)
Time : 10am – 5pm
Venue : KL Eco City Sdn Bhd

Suite 5.01, Level 5, The Gardens South Tower,
Mid Valley City, Lingkaran Syed Putra,
59200 Kuala Lumpur

Office Tel : 603 2287 5522
Fax : 603 2287 5225

: Please call for appointment. First come first serve basis.

Contact Persons :
Jasmine How , Assistant Sales & Marketing Manager /Mobile – 6012 6235503
Sue Anne, Senior Sales & Marketing Executive/Mobile – 6012 960 2120

Payment Requirements
a. Booking Deposit : RM10,000 per unit
b. *Cheque Payable to Soo Thien Ming & Nashrah
c. Name/s of Purchaser/s
d. Photocopy of Purchaser/s Identification Card/s

*For purchase under Company name, kindly issue cheque under the same Company

For the financing package, we shall be providing 10:90 scheme where developer shall be absorbing the interest during construction period and SPA/loan disbursement fees. The list of panel bankers include AmBank Berhad, CIMB Bank, Hong Leong Bank, Maybank, RHB Bank, United Overseas Bank (UOB) and HSBC Bank.

Please note that we shall open up your unit/s without further notice to another potential purchaser should you fail to make the necessary booking deposit on the said date and time.

Thank you.

Warmest Regards,

KL Eco City Sales & Marketing Team

Sky Vista @ Cheras Taman Pertama - Update II

This property also advertise in The Star today as below:

Total Units: 206, about 6-7 units per floor, 2 parking lots per unit
Price:

• - 1700sf from RM680k - RM761k
• - 1450sf from RM580k - RM656k
• - 1600sf from rm640K - RM697k
• - 1500sf from RM600k - RM677k

In average, this cheras condo is selling about RM400 psf, topup another RM100k I will be able to get Kiaramas Ayuria @ Mont Kiara :)

http://www.iproperty.com.my/propertylisting/767578/Sky_Vista_@_Taman_Pertama_Condominium_ForSale

Amara Residence @ Batu Caves

This property is one of the latest discussion in Internet since few weeks ago, due to it attractive selling price RM220psf. Heard that it is almost sold out. Strange enough the developer today go and advertise it again in The Star Metro FRONT PAGE ! Still don't understand why they need to advertise it since almost sold out ....

Land: Freehold
Type: Service Apartment
Total Units: 696 units
Price: RM219k - RM670k
Location:

Details can find here: http://www.iproperty.com.my/developments/developmentreview.aspx?pid=2050

BLR Will Rise Again ??

第三季升息幾率高

經濟前景獲看好，券商一致揣測，國行將在第三季再調漲隔夜官方利率水平，惟會在7月或9月的貨幣政策會議（MPC）后宣佈升息，卻意見“分歧”。

豐隆投銀引述國行總裁丹斯里哲蒂博士昨日匯報會指出，國內經濟走穩，單月通脹率高過3.5%可能性不大。

再者，國行7月7日舉行貨幣政策會議時，僅能以首五個月的數據進行評估，加上海外經濟數據仍受歐債等因素影響，7月尚未有充分理由升息。

“因此我們更確定國行將在9月份才會宣佈升息0.25%至3.25%。”

http://www.chinapress.com.my/node/217775

If BLR keep increasing, those who bought multiple properties must faster "improve" their income, else their holding power will be "challenge". If they not able to pay the monthly installment for their multiple properties, then shit lor.......

Six arrested over string of robberies

KUALA LUMPUR: Police have busted an armed robbery syndicate with the arrest of six people and the seizure of a revolver and 14 bullets.

Sentul OCPD Asst Comm Zakaria Pagan said the six suspects, including two women, were detained when police raided a condominium unit in Segambut at about 2am on Wednes­day.

“We believe the suspects, aged between 26 and 42, can help us solve at least 10 robbery cases reported in Sentul recently,” he said.

Guess where is this place ? In another newspaper, it claim that these syndicate also like to rob those stay in the same condominium. Personally I know someone where his car were robbed when he live in this condo few years back, just dunno whether is robbed by this gang or not....

http://thestar.com.my/news/story.asp?file=/2011/5/19/nation/8711976&sec=nation

Latin American Festival

Seremban Property ...

     

Condotel Part II

Someone post this in internet forum about Empire City Condotel:

This Condotel (block E) is the latest launch and nearest block to Penchala Link and Damansara side area. Total of 43 storey block which consist hotel (from 3rd level upto 16 level; about 300 rooms). The are various sizes available for this Condotel units from 350sqft (fully sold) next 387sqft, 400+sqft, 500+sqft and so on, price from RM300k onwards. These units are from level 17 up to level 26.

Some of the selling points are:-

1)Within the Petaling Jaya Golden Triangle (Damansara Perdana - Mutiara Damansara - Bandar Utama area). LDP Toll free after Bkt Lanjan (Kepong) up to Sunway Toll.

2)Easy access from Damansara Perdana, LDP and direct link to Penchala Link.

3)Low down payment - RM5k, balance 10% upon signing of S&P within 14 days after getting loan approval.

4)5% Early Bird discount

5)Developer Interest Bearing Scheme (DIBS) during construction period.

6)Developer bear S&P legal fees (developer's appointed panel lawyer).

7)Developer bear loan legal fees (buyer has to pay stamp duty & disbursement). Panel bankers are AmBank, Public Bank, UOB and Bank of China.

8)Fully furnished (cost approx.10% of purchase price).

9)There will be different thematic street at different blocks. The bars/pubs/lounges street is just right beside this Condotel block.

10)The whole Empire City is a vibrant and exciting intergrated mixed commercial development. Expected completion of whole project on 2015.

Hillslope project too fast and too close for comfort - Empire Residences

Hillslope project too fast and too close for comfort - StarProperty.my

Residents of Armanee Terrace Condo I in Damansara Perdana, Petaling Jaya, are concerned about a hillslope project near their homes which they say will lead to environmental degradation and declining property value.

“The number of machinery increased swiftly and work has picked up speed. About a third of the hillslope was gone by February this year,” he said.


“When we took over the 52-acre site, we amended the approved layout for four condominium blocks with 3,353 units to 750 houses. We have reduced the density from 60 units per acre to only 14,” he said.


Mammoth Empire assured the residents that it had taken measures to address concerns about hillslope development, including working with government agencies like the Committee for Development of Environmentally Sensitive Areas, Mineral and Geoscience Department, Public Works Department and Ikram to ensure the guidelines had been adhered to.

Guess this is the site for recent launch Empire Residences Semi-D. Using 52 acres of land to build 750 houses...average only 14 houses per acre, that's why this Semi-D is million and above :)

Condotel ? @Empire City

Read about this new terms at the property forum, Condotel (Condo + Hotel) :)

Heard Mammoth Empire is launching their Condotel now at Empire City project, those interested may head towards their sales office at Empire Subang. The concept should be similar like Empire Subang Hotel, whereby the developer will lease from you and operate it as hotel.

Recently this developer very "active". Just launched the Empire Residences (Semi-D), now Condotel...look like they focus in Damansara Perdana now...

The Rich is Everywhere - Desa ParkCity's The Mansions@ParkCity Heights 86% sold during priority sales

http://www.theedgeproperty.com/news-a-views/7298.html

KUALA LUMPUR: Desa ParkCity's The Mansions@ParkCity Heights achieved an 86% take-up, representing total sales of RM480 million, during its priority sales launch last Saturday, May 14, said its developer Perdana ParkCity Sdn Bhd's group managing director Lee Liam Chye.

"We were quite surprised by the robust demand (despite the price). We had originally targeted 75% to 80% of units to be sold, and 75% is already good, now it has exceeded our expectations," he told theedgeproperty.com during the event.

The event saw some buyers picking up several units of the super-sized linked homes — with built-ups from 4,376 sq ft to 7,218 sq ft, and prices from RM2.7 million to RM7.5 million — according to Lee.

Business @ Service Apartment

Nowadays lot of developer like to launch service apartment type of projects, whereby the property is build on commercial land and there will be shop or hypermarket operate at the ground or lower ground of the apartments.

Quite a numbers of people like this type of property as it is convenient for them to shop for household, buy lunch/dinner, send their kids to nursery and etc. Few examples are Kuchai Avenue, Park Lane, Scott SOHO, Empire City and etc....

Today, at the front page of a chinese newspaper reported a complain case about one of the service apartment, whereby people using it to do "special business". You may guess which apartment is this by looking at the photo below :)

http://www.chinapress.com.my/node/216579

Can You Believe This ?

Saw this news today, really can't believe human will do such things to their baby...

DAYTON, Ohio -- Jurors in an Ohio woman's third trial found her guilty Friday of killing her baby daughter by cooking her in a microwave oven.
China Arnold was convicted of aggravated murder in the death of 28-day-old Paris Talley in August 2005. Arnold could receive the death penalty. The sentencing phase will begin Monday.
Prosecutors have said Arnold, 31, intentionally put the baby in the microwave after a fight with her boyfriend. The defense had argued that someone else was responsible.

Medical experts testified that the baby died after her temperature reached 107 to 108 degrees Fahrenheit and that she probably was in the microwave for more than two minutes, dying quickly afterward.

"She died because she was overheated," said Dr. Marcella Fierro, retired chief medical examiner for Virginia. "She was cooked."

http://www.huffingtonpost.com/2011/05/14/jury-convicts-china-arnol_n_861984.html

Tesco @ Scott Garden

Finally the Tesco at Old Klang Road is open for business. I brought my family to shop there today ==> not bad at all the environment. The parking is ample, is FOC currently, hope Tesco will maintain it. Tesco hire many security guards to guard the area, which is something good. The crowd is growing by the time of 11am, seem like people around OKR, OUG, Taman Desa are all pull over by Tesco power.

Let's talk a bit about this property, which is call Scott Garden (Shop Lot), and Scott SOHO. Heard that Scott Garden is sold at around 1.x mil 2-3 years ago, and currently is asking 3 mils. While Scott SOHO is selling at RM320k++ when they launch few years back. I remember I were there when they launch. The developer is very smart, they provide 8% discount on down payment, interest bearing scheme, and partially furnish. I would say many buyer were attracted by the 2% downpayment to own a house scheme. Personally I did not purchase it as I feel quite expensive at that time RM320k++ purchasing 700sft+- SOHO, and density is very high at 1000+ units.

The Scott SOHO project is divided to phase 1, 2 and 3. Now the developer is selling the last phase (phase 3) units, at around RM450k+-.

Back to the Tesco factor, I am still thinking, will Tesco able to pull up the price of the SOHO further? Like how Empire Shopping Gallery help to pull up the price of Empire SOHO.... Instead, maybe I should ask

1. Do you want to live there as home if the rental is about RM2000 per month ?

2. Do you want to setup your office there if the rental is RM2000 per month ?

..........

The Black Friday 13 May Spell

Yesterday is super bad days for many people, seem like the Black Friday 13 Spell does work...

The core system at our customer office is "down"

The most important system in my friends department "down"

Blogger Blogspot also down...posting and comment in previous two days "lost".

Today when I login, seem like the system manage to recover most of the content, most but not all....

http://buzz.blogger.com/2011/05/blogger-is-back.html

House prices to be controlled ‘if necessary’ - TAX

House prices to be controlled ‘if necessary’ - StarProperty.my

PETALING JAYA: The Government is monitoring the spike in house prices and will not hesitate to implement measures to keep them under control, said Housing and Local Government Minister Datuk Chor Chee Heung.


“Our ministry and Bank Negara are constantly monitoring the situation.

“Of course, if it goes beyond a certain point where measures have to be instituted by the Government, then the Government will do it.

“But it may be premature to do it now. Various measures can be implemented like what has been put in place by other countries.
“These include not offering loans for the purchase of a third or fourth house or bringing back the real property gains tax (RPGT),” he said yesterday.

Very Good Video Share in FB

BLR Increase - what is the impact to you?

PETALING JAYA: More banks have announced a revision upwards of their interest rates following Bank Negara's hike of the benchmark overnight policy rate by 25 basis points to 3% last Thursday.

Hong Leong Bank Bhd, Hong Leong Islamic Bank Bhd, EON Bank Bhd and EONCap Islamic Bank Bhd said their respective base lending rate (BLR) and base financing rate (BFR) would respectively be raised by 30 basis points to 6.60% from 6.30%.

Seem like government start to "focus" back in property market, impose max 70% loan for 3rd house, increase BLR, re-introduce RPGT Tax ....

BLR have been re-adjust few times since few years ago, this definitely cause more burden to those who still have outstanding property loan with bank. Let's take this time adjustment of 0.03% for example, how much does it means to you?

If you have RM300k loan ==> Extra RM75 +- per month
If you have RM500k loan ==> Extra RM125 +- per month

Don't forget, BLR have been re-adjusted few times every year.....it increment is faster than lot of people salary increment, so, be prepare and don't over leverage...

http://biz.thestar.com.my/news/story.asp?file=/2011/5/13/business/8675369&sec=business

Jump in Penang property prices - StarProperty.my

Jump in Penang property prices - StarProperty.my

Seem like Penang house price is like Taman Tun house price at KL !!!

On the island, single storey terraced houses in Green Garden recorded an increase of 16.5%, ranging from RM455,000 to RM550,000. Similar houses in Jalan Van Praagh were transacted at a higher range of RM530,000 to RM580,000. Bandar Bayan Baru saw both its single and double-storey terraces charting gains of 16.1% and 20.2% to record RM275,000 to RM340,000 and RM403,500 to RM490,000 respectively.

Other locations which had notable increases were in Taman Sri Nibong, Taman Sri Mewah and Taman Sunway Banyan. Houses in Taman Sunway Banyan went as high as RM750,000. Other popular areas were Island Glades and Island Park, recording sales between RM560,000 and RM800,000 for its residential units.

 

Renting Office Business

Have a chat with a friends about renting office business. There are companies doing business by renting out office space to those company that wanted to have temporary office space. They will provide full office facilities like table and chair, partition, air-cond, internet connection, cleaning services, receptionist and etc. One of the example is Regus http://www.regus.com.my/

Currently they are charging a 200ft office space at around rm2-3k per month, while 500ft office space at around rm5-8k per mth, price vary based on the location.

I was thinking, since SOHO concept is start getting hot lately, why not those SOHO owner rent out their unit like Regus by providing this extra services, in which the rental return is quite lucrative???

Just some thought...

Empire City Update 2

Ok, time to write some update about this development.
http://wickinv.blogspot.com/2010/09/another-empire-mammoth-art-empire-city.html

Basically this is a huge development at 23 acres land, something like Bangsar South City by UOA, but this development is call "Empire City" by Mammoth Empire.

Mammoth Empire start as small developer at Bangsar area, subsequently they build Empire Subang, which at that time everyone still have doubt about their capability. Then magic happened, they successfully transform Subang Parade area become higher class area using Empire Subang. The success of Empire Subang bring valuable brand and followers to their company future projects. Riding of this success, Empire Mammoth aggressively launch others project like Empire Damansara, Empire City, Empire Residences and etc.

Empire City would be their biggest project launched so far, and it execute almost same times as Empire Damansara (this make me a bit worry whether they able to cope with multiple projects at same time). If you use LDP towards Kepong area, you can see they start clearing the land right opposite Damansara Perdana area. So far, they have start offer some of the Empire City for sales as below:

1. 2 blocks of Studio Office name "Halo" and "Sunday". Size about 400sf++, fully furnish, selling around RM200k-300k, total have about 641 units

2. 1 block of SOHO name "My Loft" - Size about 700sf++, same concept as SOHO at Empire Subang, using mezzanine as second floor for @ 16ft ceiling height. Selling from RM350k above.

3.  1 block of SOHO name "Colonial Loft" - Size about 900sf++, same concept as My Loft but bigger size. Selling from RM400k++ onwards.

4. 1 block of SOHO office with 20ft ceiling height. Selling from RM400k++ onwards.

So far the developer have sold most of the units above, with some leftover units. They are using "outsourcing" as they marketing tactic.

Based on Mammoth Empire Master Plan, foresee there will be more launches in future, like Hotel, Shopping Center and etc. Seem like they would like to duplicate the success of Empire Subang here, with bigger scale. This is also what their buyer hope when they buy Empire City. (FYI, Empire Subang SOHO market price now is more than double the initial developer selling price).

Personally, building Empire City is a big challenge to Mammoth Empire, looking at their company size. But it is much more bigger challenge whether they execute the Master Plan correctly, like brand it to become one of the hottest shopping area at PJ.

Never the less, the developer price the unit at quite acceptable price looking at current HOT market. Just a quick comparison with SCOTT SOHO which is now selling at RM450k++ for 700sf++ units, Empire City is only selling at RM350k++ for similar size unit at My Loft. No doubt SCOTT SOHO is using better material with higher ceiling height. However what investor is looking for is overall concept of the City, while SCOTT SOHO is just a block of building with Tesco beneath. Your choice :)

Also see below:
http://wickinv.blogspot.com/2010/07/property-101-developer.html

Sky Vista @ Taman Pertama Cheras

A friends of mine would like to buy a larger unit condo for own stay, and he came across this project: Sky Vista, at Taman Pertama Cheras. He is interested in 1700sf unit, which is selling at about RM680,000.

Below is some of the info gathered:

Developer: Orlando Holdings Sdn Bhd (Relatively small)
Previous Project: Vistaria Residensi / Victoria Condo (under construction), Sri Angkasa Home at Puchong

Location wise I am not very familiar with Cheras, need actual side visit to appreciate it, especially the road and the surrounding. However if purchase for own stay, as I mentioned in Parklane article, you have to see it from different perspective.

For own stay, people will choose the location they like to live at, the environment they want they kid to growth up with, the surrounding community, is the security ok, is the property near to family/relative and etc.

I told my friend, if you do not have any particular reason that like this location or property, then you have plenty of choice with RM680,000. Maybe is better to think what kind of environment you want to live in as start.

For those who interested in this project, you may refer to link below:
http://www.iproperty.com.my/propertylisting/767578/Sky_Vista_@_Taman_Pertama_Condominium_ForSale
http://mytotallyproperty.com/blog1/?p=628

Developer accepts responsibility - Ken 3

http://thestar.com.my/metro/story.asp?file=/2011/5/7/central/8633277&sec=central

KEN Property Sdn Bhd, the developers of Ken Damansara 3 Condominium has taken remedial measures to prevent further erosion at the collapsed retaining wall behind the high-rise blocks. Its managing director, Kenny Tan, said a meeting was held with councillors from Petaling Jaya City Council (MBPJ), consultants and a neighbouring developer to discuss the problem.

He said the affected area had been covered with plastic sheets to prevent further soil movement, including the cutting of trees as requested by MBPJ. He agreed with MBPJ councillor K.W. Mak’s statement that the responsibility for the damage should fall on the developer as the wall was designed and built by them.

Tan added that he was not aware the neighbouring developer had not handed the wall plans to the Department of Drainage and Irrigation (JPS). He also had no knowledge of the JPS refusing to take responsibility for the collapsed wall.

He added that none of Ken Holdings Berhad’s representatives were present during the meeting where the statement was made by a representative of Henry Butcher Property Managing Sdn Bhd.

Retaining Wall Collapsed @ Ken 3

Residents want the authorities to repair the collapsed retaining wall behind the Ken Damansara 3 Condominium in SS2, Petaling Jaya.


A large amount of soil beneath the perimeter wall has been swept away by strong currents of Sungai Penchala near the condominium block. The trees lining the river bank and the temporary fence have also sunk into the eroding soil. There is a danger to the condominium block because of soil movement and the residents are worried.
Residents of the low-cost Bestari apartments nearby also voiced their concerns about the emerging cracks on the roads and pavements. A member of the Ken Damansara 3 Joint Management Body (JMB), Gavin Khoo, said about 200 condo residents fear the collapse of the wall would pose a danger to the building structure. “Most of the residents are young families and students and we want quick action before the situation worsens,” he said.

Another JMB member said he wanted written certification from the authorities rather than verbal assurance. He said several Petaling Jaya City Council (MBPJ) officers and the developer, Ken Holdings Berhad, had visited the site, but no action had been taken the rectify the problem. MBPJ councillor K.W. Mak said the council had requested for an independent audit assessment to determine the cause of the collapse by the second or third week of this month.

“In the meantime, the damaged area has been covered with plastic to minimise further soil erosion,” he said. He added that the developers should be responsible for the damage because the wall was designed and built by them. A representative from Ken Holdings Berhad said the management was waiting for the investigation report from the council.

“We will take action after reviewing the report from the engineer,” he said. He added that the local Drainage and Irrigation Department (JPS) refused to take responsibility for the collapse. “JPS claims that the developers did not hand over the wall building plans and therefore they will not take responsibility,” he said

http://thestar.com.my/metro/story.asp?file=/2011/5/4/central/8594179&sec=central

Is the 5/95 housing loan scheme a better option? - StarProperty.my

Is the 5/95 housing loan scheme a better option? - StarProperty.my

In the short term, it may seem attractive. After all, one only has to pay 5% or 10% of the price of the house and the next payment is only when one takes delivery of the house. The developer will also bear other entry costs such as legal fees, stamp duty on the sale and purchase agreement and loan agreement as well as memorandum of transfer for purchases under the campaign.


A mortgage loan officer who has done his rounds being on the panel of bankers for various developers says the conventional loans and not the interest-bearing ones, are better options in the long run.

He says that no developer will bear legal fees, interests or stamp duty for free. All these are in fact factored into the price of the house. He says that 5/95 schemes are popular particularly among entrants to the job market because they have problems forking out the downpayment, which is usually the biggest challenge when purchasing big ticket items such as a property.

Because they are young, time is on their side. Such schemes are also popular among speculators because their intention is to sell the house the minute they take delivery of it.

Interesting News - Unholy Alliance

Curb rising cost of houses — National House Buyers Association

May 04, 2011MAY 4 — Prices of Properties, in particular Landed Property, have increased substantially over the last five years. House prices have really increased steeply and noticeable in certain areas. Just to share some trends:

In Kajang, Taman Bukit Mewah, a Double Storey Link/Intermediate 20 X 75 by Metro Kajang was launched in 2004/2005 for RM238,900. In 2009/2010, the new launch for the type of Property in the same area was launched at RM327,600, an increase of RM88,700, or 37 per cent. Now, Kajang is considered a “Not Hot Area”.

In Seri Utama, at Kota Damansara, which is considered a “Hot Area”, a 22 X 75 intermediate by See Hoy Chan Group was launched in 2004/2005 at an average of RM330,000. Today, the average asking price is about RM600,000, an increase of RM270K, or 80 per cent.

In Bandar Puteri Puchong by IOI, the average asking price in 2004/2005 for an intermediate DSL was only RM400,000. Today, it has gone up to an average of RM600,000, an increase of RM200,000, or 50 per cent.

The reason lies in unsustainable speculation fuelled by easy credit and low interest rates.

There exists a ‘unholy alliance’ between certain developers, valuers and banks. In an environment of hot demand, the banks work in cahoots with developers assisted by those wayward valuers. Our ‘teh tarik syndrome’ is also very relevant. When the price of condensed milk increases by 20 sen, the entire cost of ‘teh tarik’ increases by 20 sen. Similarly, when the cost of construction increases by 20 per cent, the equivalent cost of housing increases. Greed versus the market environment!

It has always been the Government’s aspiration for every citizen to have a roof over their head and the Government should continue to push this agenda. Genuine house buyers should always have access to affordable financing as more social problems will arise when citizens cannot afford homes.

http://themalaysianinsider.com/breakingviews/article/curb-rising-cost-of-houses-national-house-buyers-association/