AirBnb, Short term stay, homestay, etc. Whatever you call it, we do agree on this below new. It is lucrative in return but its hotel/lodging business model and it create lots of uneasy in terms of safety issue.
MPIGHome.com do think that all these only suitable for commercial building, not residential or HDA status properties. Try to think, one of your neighbor do short term stay rental just right beside your home. There are always new faces in and out within your housing vicinity, what you feel? It will be the same feeling that the others have if you run it at your investment property. Yes, its still loop hole in Malaysia rules, but be prepare for all investors who doing this, we do believe it will be more strict rules on this business.
Now is in Penang, but sooner or later will be in within Malaysia
Doors shut on home share venture
GEORGE TOWN: A home share operator who tried to sue the joint management body (JMB) of his condominium for not letting him operate had his claim thrown out by the Strata Management Tribunal.
Tan Sung Hai had tried to claim damages from the JMB of Birch Regency Condominium in Jalan Datuk Keramat for loss of business through the tribunal.
He was, however, spared a counterclaim by the JMB when tribunal president Kamarulzaman Abdul Rahman ruled that the body did not have supporting docu-ments.
The JMB wanted Tan to pay a compensation of RM50,000 or any amount deemed fit for depriving residents and families from a secured home environment, resulting in mental stress and anguish.
The body also wanted Tan to compensate for utility, repair and maintenance bills of RM1,000, security cost of RM2,000, additional management office expenditure of RM2,000 and cost of banners put up in the condominium to warn against home-sharing activities estimated at RM300.
“I already decided in favour of you. I now advise you to file a separate case against the claimant,” Kamazulzaman told the JMB’s representatives.
Outside the courtroom, JMB committee member E. B. Lim said the committee will decide later whether to pursue the matter.
This is believed to be the first instance in Penang where a home-sharing operator tried to seek his legal right to run his business.
In 2016, Penang Island Municipal Council ruled that home-sharing was illegal here because residential properties were not properly fitted to cater for hospitality or commercial activities.
The city council then began a crackdown and fined many residential owners for operating illegal businesses.
Penang has a large number of home-sharing operators, owing to high tourist arrivals.
Read more at https://www.thestar.com.my
OMG!!! Co-Living as answer to affordable housing in Hong Kong?
Yes its that serious that due to scarcity of land and also ever increasing of property price, Hong Kong is facing serious problem on affordable housing where lot of them cant own a house by themselves.
We Malaysian are lucky that we still have plenty of lands and property price is still among the lowest in Asean countries. Even said so, the property price surge in the last few years have been very aggressive which over take the income increment speed of fellow Malaysian. You can see the last two years, more Malaysian feels struggle to own a house or even struggle to pay for house loan. This will be a serious issue if the property price keep increasing.
Relief enough that property price have been stable for past one year and more affordable housing project is proposed (MPIG have some reserve on this as due to excessive of supply and some complain on the workmanship in some completed project).
Here's how the situation in Hong Kong:
KUALA LUMPUR (March 14): Could co-living be the solution for increasingly unaffordable homes in the world’s urban centres? Does one have to own a property to call it a home?
Some people are thinking out of the box. One example is Richard Yue, chief executive officer of Hong Kong-based Arch Capital Management.
Yue believes co-living will be a major factor in the ex-British colony’s property market in the future. Not surprising as Hong Kong’s real estate segment is the globe’s priciest.
So, what is actually co-living?
According to The Collective’s (developer of a co-living project in London) website, “Co-living is a way of living focused on a genuine sense of community, using shared spaces and facilities to create a more convenient and fulfilling lifestyle” – basically, you still get your rented room or apartment/flat but you have to share all the space outside and the facilities.
The co-living formula has proven to be a success in the US and Europe, reported Hong Kong’s South China Morning Post.
“Asians want to own as much as they can, but prices have gone to a level beyond affordability for a lot of people. So what you see is people are less willing to buy, but they still have a housing issue to address,” Yue told the daily.
He feels that the co-living concept is the solution for those who have been priced out of Hong Kong’s home market, especially those just starting out in life such as students and young professionals.
Using figures provided by real estate services firm JLL last year, South China Morning Post reported that “while nominal wages grew 45% from 2009 to mid-2017, income growth has still fallen behind rocketing rents for mass residential properties, which increased 102% in the same period.”
And the earning power of the Hong Kong’s younger set is of course lower than the rest of the population, so they are feeling the full force of the astronomical rise in rents and property prices.
Meanwhile, architectural and consultancy practice Synergy Biz Group has opened Bibliotheque in Mong Kok last November.
According to the South China Morning Post, the property has “166 beds across three five-storey buildings. Rent, which ranges from HK$3,500 (RM1,736.06) to HK$5,500 includes bed space, cleaning services and communal facilities”.
Founder of Synergy, Keith Wong told the English paper that “over 90% of residents are aged between 18 and 35, with 20% as students and 30% working youth.”
Last year, AFP reported about The Old Oak, a co-living project located in northwest London developed by The Collective.
The Old Oak has 546 rooms and high-end facilities such as a spa, gym, library, work room, restaurant and even a cinema.
"It is extremely difficult to find a place to rent in London and young people are increasingly marginalised," said Ed Thomas, who manages the property for The Collective.
"You've got a nice spacious room (129 square feet) with big window that lets lots of light in."
And the cinema has screenings of the hit series Game of Thrones.
Refer from www.edgeprop.my
These disruptive technologies are set to reshape the real estate industry
Asia Pacific is now the world’s largest testing ground for real estate technology. It is home to 179 proptech start-ups, which have raised around USD4.8 billion in funding since 2013, according to the recent “Clicks and Mortar: The Growing Influence of PropTech” report commissioned by Jones Lang LaSalle (JLL). By 2020, funding in the region’s proptech sector will have reached USD4.5 billion a year.
Disruptive technologies weighed heavily on the minds of real estate and construction stakeholders gathered at the first PropertyGuru Asia Real Estate Summit, which was held earlier this month at Sands Expo and Convention Centre in Singapore.
“The reason why we’re so committed to innovation is that we see the numbers,” said summit speaker Dr. John Leslie Millar, chief strategic development officer at Ananda Development, the award-winning Thai developer whose UrbanTech innovation strategy has met widespread acclaim. “The average age of a Fortune 500 company in 1936 was 90 years; now it’s fallen to less than 15 years. Fifty percent of the companies that were on the Fortune 500 list in the year 2000 no longer exist.”
Real estate leaders will need to capitulate to these paradigm shifts — and fast, Millar cautioned. “Whether you adapt to disruption, whether you adopt innovation or not, it doesn’t matter. Disruption is happening. Either you will be the one doing the disrupting or you will be disrupted.”
Here are seven of the technologies you cannot afford to ignore in this changing landscape:
One of the more disruptive technologies to enter the real estate sector in 2017, blockchain revolutionises real estate transactions in that it keeps a binding, completely unbreakable ledger of transactions, which does away with third parties altogether. The groundbreaking tech is indeed a good fit for a sector in a region with high levels of opaqueness. “Blockchain will add liquidity to the property market,” said Jack Fitzgerald, founder of Disrupt Property. “It will enable us to transact property in a different way across markets with much less regulation.” Blockchain’s ability to imbue transparency into real estate transactions portends new structures in real estate in terms of relative ownership, according to Darvin Kurniawan, CEO of Singapore-based blockchain startup REIDAO. “We want to create a new model where the community as a group would be actually able to own properties and will be able to share the utilisation of these properties among themselves,” he said. “If we are friends, we can stay in each other’s properties because we trust each other. What if we bring that structure through the blockchain, remove the trust, and we allow the sharing of the properties?”
Part and parcel of the blockchain revolution will be the growing adoption of cryptocurrencies. Dubai’s land registry has just announced its own cryptocurrency, while Singapore is tokenising its dollar under the game-changing Project Ubin – the Monetary Authority of Singapore’s ongoing distributed ledger technology trial. Powered by blockchain, cryptocurrency payments are rendered automatic. “Cryptocurrencies are obviously one of the hottest spaces in real estate right now,” said Julian Kwan, founder of InvestaCrowd. “We’re watching it very closely.” By paying in Bitcoin, Ethereum, or any of the other cryptocurrencies that have recently gained popularity, property buyers do away with lawyers, notary requirements, and other middlemen, vastly expediting asset transfers. Since cryptocurrencies are not bound by country-specific interest rates and transaction charges, it also makes it easier to conduct cross-border transactions.
3. Internet of Things (IoT)
Developers in Asia are increasingly furnishing properties with smart home appliances and devices, especially those that allow access control, i.e. control of their units from mobile interfaces anywhere in the world. “Internet of Things is just another term for sensors,” Fitzgerald said. For inspiration, developers are turning their attention to The Edge, the world’s smartest building. The 15-storey structure in Amsterdam is equipped with a whopping 28,000 sensors, allowing it to detect and respond to changes in room temperatures, humidity, lighting, ventilation, and other variables. The Edge is also a net-zero energy building, producing 102 percent of its energy needs and making it a darling among sustainability advocates worldwide. “I love The Edge Building,” Chungha Cha, founder of the nonprofit Re-Imagining Cities. “If we have a lot of these buildings, which connect the physical layer, the bricks and mortars, to a digital layer, you can enjoy additional income as a real estate developer.”
“Location, location, location” rings truer than ever for the real estate sector as mapping technologies become increasingly advanced. Maps are no longer just maps. Addresses now come with a list of data attributes, such as building types, sale values, natural hazard risks, and points of interest. Ananda is, for example, exploiting the treasure trove of data that comes with Bangkok having more Facebook users than any other city on earth. The developer is using points-of-interest (POI) data generated by social media users and linking them, via algorithms, to publicly available consumer spending data. The upshot of these lets developers make more accurate valuations and predictions as to how much revenue they can derive from a particular plot of land. “Either we can pay more because we understand the value of a plot of land better than competitors or the competitor locks up their capital in land that they can’t sell,” Millar said. That’s an example of how data gives us a competitive advantage.”
A significant part of product strategy going forward for real estate developers and property portals is the application of drones for photography. PropertyGuru, for instance, uses unmanned aerial vehicles to capture 360-degree images from various building heights, giving property purchasers unvarnished views that they can expect from their future apartments. The Asia based proptech firm also sends out UAVs to film videos of up-and-coming neighbourhoods or those poised for major infrastructural upgrades. “Most developers today are smart enough to create great visualisations,” said Hari Krishnan, CEO of PropertyGuru. “From a consumer’s perspective, they know exactly what the view is; it’s not just a visualisation. In the end, they care that they are looking at better-looking photographs and videos. They don’t care about the kind of technology that we’re using.”
6. Augmented and virtual reality
Augmented and virtual reality illustrates the full extent with which technology can execute and broker transactions in global real estate investment. The wide variety of VR headsets on offer has empowered discerning property seekers to be transfigured in the properties of their dreams—even in some cases before they exist. “Imagine a buyer in Hong Kong looking at a London property,” Shailesh Rao, Google and Twitter alumni and current board director at JLL, said at the Summit. “Here is what I think is an amazing opportunity for augmented reality to mitigate the risk of that review process and potential purchase online.”
7. Big data
With big data, companies can see the profiles that make up buyers and their interests and make more informed decisions on approaching potential clientele. Marketplace technologies, not unlike Netflix or Uber, will be able to arbitrate and connect buyers and sellers in the real estate market based on such affluence of data. One Silicon Valley startup, Opendoor, has been disrupting American real estate since its launch last year based on this principle. A property seeker goes into the Opendoor site and puts in their address; the site returns with a binding offer the home within 24 hours. “This process is all based on the integrity of Opendoor’s data,” said Fitzgerald. “That’s the kind of innovative thing that big data allows companies to do.”
This article was originally published on Property-Report.com. For more stories from Asia’s most trusted and enduring luxury real estate, architecture and design publication, visit Property-Report.com
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