First Time Property Buyer... Still the strong sector in property sales thought market is soft
Yesterday we are talking about market soft but certain project still selling very well. Today we are looking into which group of buyer is the one moving fast. Basically, its "if you don't buy now, its hard to buy later" concept.
Here's some good sharing from Christina Chin.
Demand from first-time buyers still strong despite affordability challenge
BY CHRISTINA CHIN
Refer from TheStar Online
PETALING JAYA: Instead of blowing their cash on pricey gadgets, young Malaysians are saving up for their first home.
While most Gen Y shy away from owning property in developed countries and big cities, demand from millennials here is still holding, especially with parents assisting them with the downpayment, Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Seri F.D. Iskandar said.
(Gen Y, also known as millennials, are commonly referred to those who are born in the early 1980s to 2000s. They are sometimes referred to as the strawberry generation).
Demand from first-time buyers, including the younger generation, remains strong although housing affordability is a challenge, said Bank Negara.
The central bank added that they accounted for 75% of 1.47 million borrowers.
Owning and investing in a house remains a priority for many Malaysians.
This is reflected in the household borrowing trend where the buying of homes continues to be the fastest growing segment of household lending, with annual growth sustained at double-digit levels (11% as at end-March 2016), said Bank Negara in a statement.
Those who cannot afford it themselves, and do not have parents to help, turn to their friends.
In his 30s, Daryl Toh, and two of his college mates own a condominium in Penang; they pooled their resources to purchase the unit five years ago.
“It’s in a premium area and since we couldn’t afford a place on our own – at least not prime property, we became joint owners.”
Financial adviser Yap Ming Hui said it makes perfect sense to own.
“Of course the Gen Y here are still keen on buying. You pay the instalments and eventually own a home. Only those who can’t afford to buy are forced to rent.”
Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia adviser Wong Kok Soo said property prices in Hong Kong have escalated beyond the purchasing power of the Gen Y but the trend hasn’t caught on here – yet.
Wong, who is also a consultant with the National House Buyers Association, however, said there were signs that the Gen Y could no longer afford to live in big cities like Kuala Lumpur, Penang Island, Johor Baru and Sabah.
“Parents are chipping in for the downpayment. And, commuting from the suburbs to the city centre is still an option.
“But when prices get inflated far beyond their means, the same will happen here (as in Hong Kong),” said Wong, who, however, felt that even if demand dropped, it would not be substantial.
Iskandar agreed, saying that although the property market was slow now, the drop was manageable.
“Like everything else, it’s cyclical.
“The property market goes up for years and after some time, begins falling before rising again.”
He said the market would pick up with the completion of infrastructure development and public transportation facilities.
Rehda, he said, was working closely with the Government to find ways to facilitate home acquisition especially among first-time buyers.
“We proposed a review of the financing guidelines that have negatively impacted buyers’ ability to secure financing,” he said.
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Property market have been slowing down since mid of last year. Actually not only property but its overall market. Its also funny that we keep hearing certain projects sold high percentage, X amount of units within X days. Its not one but it happens quite frequent for the same period of slow market. So which is true?
Here's another news that the latest launch in Kota Damansara is selling like hot cake.
This news is pluck from Starproperty.my
Buyers camp for Emporis launch
PETALING JAYA: Purchasers queuing up overnight to buy a property seemed hardly news in the good old days of property market boom, but in these days, it is an increasingly rare phenomenon, especially in a soft launch event.
SCland Group’s Emporis project at Kota Damansara, which has yet set a date for its official launch, had sold 90% of the duplex suites, 75% of the serviced residences and 70% of the three and five-storey retail shops.
Emporis had held a soft launch event of its first phase of Block A on last Saturday, June 18 at the Emporis Sales Gallery. The event opened to registered buyers has seen buyers flying in from Kota Kinabalu and queuing overnight to seal the deal.
Roy Ong, an investment consultant, 37, was the first buyer to purchase a RM700,000 unit at the event.
He said he and his friend had waited there the night before to ensure they would not miss out on the deal.
Location, price and future property demand in the area were among the factors of his eagerness to secure an Emporis unit.
Pang Swee Foo, 34, said he learned of this event through other buyers and bought a 880-sq ft unit for investment purposes.
He listed mature township, location, transport infrastructure, education facilities and affordability as the reasons of his investment.
Situated at the bustling Kota Damansara, the 6.9-acre leasehold land will comprise of two blocks of serviced residence with 308 units each, retail shops of three and five stories, and one block of 204-unit duplex suites.
The built-up areas of the residential units range from 750 sq ft to 1,047 sq ft with price ranging from RM561,720 to RM959,000. The price per sq ft starts from RM750.
To ensure a good living environment, the facilities deck that spans more than two acres include a 50m Olympic pool, tennis court, basketball court, gymnasium, exercise lawn, seating nests, playground, BBQ terrace party deck, garden pavilion, games’ room, reading room, multipurpose hall, Jacuzzi lounge, herb garden and etc.
The five-storey Market Place with retail spaces ranging from 12,000 sq ft to 20,000 sq ft poises to be a great location for supermarkets, restaurants, family entertainment centres IT marts and more.
Situated at the township of Kota Damansara, Emporis is short drive away from the shopping precinct of Giza and Nexis, as well as comfortable close to the business and commercial area of Dataran Sunway the The Strand.
Segi University, UniKL, Sri KDU and St. Joseph International School were all within easy reach of Emporis, while the established Tropicana Medical Centre promises convenient health care for the residents.y
The development is strategically located at the Persiaran Surian corridor and within close proximity to the Kota Damansara MRT station, which is reachable on foot or by feeder bus.
Emporis is highly accessible via NKVE and LDP, while the proposed Dash highway interchange will provide easy passage to Mont Kiara and Shah Alam.
The development is expected to be completed in 2020.
How many of us seen a 7 Star hotel? This is how the claimed China's Richest Kid spent his family riches to build Shanghai's First 7 Star Hotel. This article also shows some of the design and facilities that is provided in the hotel.
China’s Richest Kid Spent Over $500 Million to Build Shanghai’s First 7-Star Hotel
Article refer from http://nextshark.com/wang-sicong-wanda-reign-7-star-hotel/
Many of us can’t afford to stay at five-star hotels, so chances are we don’t even know what a seven-star hotel looks like.
The son of China’s richest man, Wang Sicong, recently spent $516.7 million dollars building Shanghai’s first seven-star hotel. Thanks to him, we can now gawk at the beautiful pictures online.
The Wanda Reign on the Bund, conveniently located on the Bund, Huangpu River, is scheduled for its grand opening this Saturday, June 18, in Shanghai.
Those who are able to fork out an arm and a leg to stay at one of their luxurious rooms can bask in its opulence and take in the scenic views of the Pudong skyline.
The hotel features 179 rooms and 14 suites that are “digitally controlled and equipped with wireless control dashboards, valet services boxes, Hermes or L’Occitane amenities, and the “Bed of Reign” that features “exquisite bed linen.”
Sicong, who is known as China’s richest son, gained publicity when he blew thirty grand at a nightclub and over$380,000 at a karaoke bar on another night.
For his hotel, Sicong hired famous British architect Norman Robert Foster to design the Wanda Reign.
According to Shanghaiist, Foster is known for his work on landmark office buildings in the U.K.
The Wanda Reign on the Bund also boasts a number of restaurants that include buffet breakfasts, Shanghainese afternoon tea and all-you-can-eat dinners.
MARC, a French fine-dining restaurant and club, is headed by two-star Michelin chef Marc Meneau.
The hotel also has a grand ballroom, conference and multi-purpose function rooms for various events.
Sicong is aiming to make the hotel both a business and recreation destination.
The “Club Reign” is described as a private luxury club of Wanda Hotels and Resorts.
“The extravagant recreational facilities and majestic views of the city will create an intimate, exclusive business and leisure environment. Club Reign will generate a profound sense of dignity for VIP members,” according to the hotel’s website.
Photos from the website also show a dazzling pool and a well-equipped fitness center
It is great to hear that this mega project is ready to construct. It will bring further excitement to the area which already happening enough. It will further appreciates the property values nearby. Lets read further from the news from The Edge websites
Bukit Bintang City Centre project to start in September 2016
The development of the Bukit Bintang City Centre (BBCC) (pictured), the country's new iconic project in Kuala Lumpur, is expected to begin in September, UDA Holdings Bhd chairman Datuk Mohd Shafei Abdullah said.
He said the project would be completed in stages, of which the first phase expected to be completed in four years' time.
The first phase, with a gross development value (GDV) of RM4.7 billion, comprises a hotel, the bazaar people, offices, a condominium, a Mitsui Shopping Centre, a 2.43ha green park and a concert hall, he added.
Personally I am very happy to hear this news as its the way of going towards a cleaner and beautiful environment. I do know a lot people don't like it such as "business loan", "Property agent", "Aircond, lorry, mover, etc"... What do you think this move? Will it help?
DBKL: Advertisers now face harsher penalties
BY SHALINI RAVINDRAN
WHETHER they are tied up, glued on, nailed or framed, one can see illegal advertisements everywhere – on streetlights, trees, and even road signs.
From advertisements of upcoming events, and moneylender services to the sale of adult toys, such advertisements have become an almost permanent feature of Kuala Lumpur’s landscape.
Fed up with illegal “advertisers”, Kuala Lumpur City Hall (DBKL) is going hard on owners of premises where an event is to be held based on information stated in the illegal advertisements.
Beginning June 1, the stakes are higher for these premises owners, such as management of shopping complexes and exhibition halls.
Any commercial advertising via banners, bunting or posters without approval can result in the suspension or termination of their business licence.
DBKL Licensing and Petty Traders Management Department director Datuk Ibrahim Yusof said the move was the next phase in its war against illegal advertisements.
“Many of the advertisements put up are by private business owners and exhibition organisers.
“Although the owners or event organisers put up the ads through a third party, the premises owner must still take responsibility.
“Previously, if we saw any banner or poster with company names or highlighting events, we would send them two warning notices.
“If they failed to comply, we would compound them.
“Now, we will revoke their licences if they do not adhere to the set conditions,” he said.
Ibrahim said commercial advertising on the streets was not legal.
“Only the Government is allowed to advertise its events.
“Those wanting to advertise their products and services have to go through the proper channels such as advertising in newspapers and on LED signboards on streets,” he added.
“The perpetrators know that even if they are caught, the penalty is low.
“That is why Kuala Lumpur mayor Datuk Seri Mohd Amin Nordin Abdul Aziz has called for a review of the fines imposed.
“We want to review the existing compounds and make amendments to increase the maximum fine from RM2,000 to RM50,000 as a deterrent,” Ibrahim said.
Currently a maximum of RM2,000 fine is imposed for the offence of putting up illegal advertisements in the city.
The penalty is provided for under Advertisement By-laws (Federal Territory) 1982 and the Vandalism By-laws (Federal Territory Kuala Lumpur) 1991.
Datuk Pardip Kumar Kukreja, a member of Pemudah (Special Taskforce to Facilitate Businesses), said illegal advertisements were one of the top three concerns raised by foreign investors, behind crime and traffic congestion issues.
Pardip, who co-chairs the Illegal Advertisement Taskforce with Ibrahim, said sterner action was needed to deal with the issue.
“The problem persists because the penalty is not harsh enough.
“Even the cost of printing the materials is cheap, so the offenders do not feel the pinch when the advertisements are removed.
“They will just reprint and put them up again,” he said.
He added that DBKL could not act against companies caught printing illegal advertisements as there were no legal provision to do so.
“As they are not violating printing laws by producing these materials, it remains a lucrative business for printing companies,” he said.
However, Pardip said the authorities had seen a significant improvement in the seven months since the establishment of the taskforce.
“We have 14 teams comprising six to eight personnel to remove illegal advertisements.
“While the first few months were focused on the city centre, we are now targetting Segambut, Kepong and Seputeh,” he said.
Last year, DBKL removed 1.3 million illegal posters, banners, bunting and stickers and was close to reaching 500,000 in the first half of the year.
DBKL also worked with the Malaysian Communications and Multimedia Commission (MCMC) to cancel the telephone numbers displayed on illegal advertisements.
Since last year, 1,829 telephone numbers listed on illegal advertisements had been submitted to MCMC of which, 1,256 were terminated.
Over 670 compounds were issued while 520 cases were taken to court.
What’s interesting is that the illegal banners were not simply discarded, but upcycled.
“Through the Local Agenda 21 (LA21), illegal banners collected in the city are made into reusable bags, aprons and stationery cases,” Pardip said.
Bukit Bandaraya Residents Association advisor Datuk M. Ali said the community had been actively keeping their area free of illegal advertisements for the past 10 years.
“We are totally against the display of bunting, whether legal or illegal, in our housing area.
“For over a decade we have been pursuing DBKL to stop issuing licences and to take legal action against the culprits.
“We also suggested that DBKL study the legal aspects and stipulate a condition in the annual permits or licences issued by them.
“We are happy that it is being addressed now,” he said.
However, Ali said digital display boards in lieu of traditional advertising being placed close to traffic lights junctions on the streetlamps were a traffic hazard.
“DBKL must not only be concerned with revenue generation but must be proactive towards safety as well,” he said.
The Mont Kiara Consultative Council (MKCC), comprising 48 entities including resident associations, management corporations and joint management bodies, said the communities must take an active role.
Its chairman Carol Lee said each member would monitor a zone to ensure it was free of advertisements.
“It is unrealistic to expect DBKL to continuously ensure there are no illegal advertisements.
“So, whenever we see any posters or stickers, we will inform DBKL before removing them.
“We must not have the perception that this is the authorities’ job and wait for them to take action,” she said, adding that the council had been actively removing illegal advertising since May.
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In this section we will be sharing on articles & news update related real estate and some other interesting topics.