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
PETALING JAYA (Feb 26): A landlord and agent were hauled off to the police lock-up yesterday after locking a woman in an apartment for not paying her monthly rent, reported The Malay Mail Online.
Her ordeal began at 7.30pm on Saturday, when the 44-year-old salesman and 29-year-old real estate agent padlocked the grille door of her rented apartment at Pandora Residence in Tropicana Metropark, leaving her stuck for 16 hours.
She eventually contacted her family who filed a police report on the incident, and was freed at 11.30am.
According to Subang Jaya police chief Assistant Commissioner Mohammad Azlin Sadari, she was forcefully confined after failing to pay the monthly rent of RM1,100 to one of the suspects.
Police tracked the duo down on Sunday and arrested them.
The case is being investigated under Section 342 of the Penal Code for wrongful confinement, which carries a jail term of up to a year, a fine of up to RM2,000, or both, upon conviction.
How many of you are Feng Shui believer?
Here is some simple guidance on Feng Shui that will bring you good luck for the year of Earth Element Dog in 2018. What that means is that the energy of this specific zodiac sign is expressed in the qualities of the Earth feng shui element, such as warmth, reliability, loyalty, stability, nourishment, and protection. The quality of Dog are well known to be very loyal, trustworthy and protective. So 2018 has the potential to be a harmonious year with a bounty of blessings for everyone of us.
Earth feng shui element is especially welcomed in the bedroom, its warm, nourishing, earthy and welcoming feel brings the best energies for the bedroom, especially when combined with a bit of fire feng shui element.
DO add some colour
In feng shui, the right use of colours can do wonders in bringing luck, wealth, good health, and even romance into your home. 2018 is the year of the Earth dog, and the earth element is a very grounding one. Decorating your home in earthy shades of yellow, brown, beige and sand are said to bring a calm atmosphere and stability. It’s a huge relief for those of us who love our neutral shades. Deck out your living room (the heart of the home) in colours of the earth element – repaint your walls or incorporate accents of taupe throws, sandy coloured rugs, light yellow cushions or ceramic pots.
DO experiment with crystals
Crystals may be having their moment but these gemstone badboys have always been the best way to bring the earth element into your home. Pop a handful of rose quartz crystals into a ceramic bowl on your coffee table, hang bespoke crystal wall hangings by your window or use mineral crystal coasters when serving drinks to guests. Do some thorough research or seek advice from feng shui experts on the placement of crystals, and types to specifically use according to the bagua, or energy map of your home.
DO bring nature into your home
Nature plays a very important part in feng shui as it brings life and vibrant qi into your home. You can’t go wrong with a money plant placed near the door to bring wealth into the home, but if you’ve a knack for killing greens, the lucky bamboo plant is easy to care for.
Add lush house plants with soft round leaves like a jade plant or philodendron and lucky flowers such as orchids and peonies. Another tip is to incorporate objects and colours related to the Earth element related such as terracotta, wood or even paintings depicting nature around your home.
DO clean up your mess
Slobs, take note: it’s never okay to live like a slob so kick your hoarding habit to the curb pronto! A rule of thumb for good feng shui is to always keep your home neat and tidy. A clutter-free living space allows qi (energy) to flow freely – resulting in good luck all year-round. Who wouldn’t want that?
DON’T forget about light
This should come as no surprise: dark and dingy homes aren’t just depressing – they’re bad for feng shui, too. Light plays an important role in balancing yin and yang for a harmonious home. If you don’t have enough windows or skylights, introduce more lighting in your home – bright lights for hallways, entrances, and outdoor areas and softer mood lighting for areas of relaxation like your bedroom.
DON’T go water-crazy
Feng shui experts usually recommend adding water elements to your home (water is an ancient symbol of abundance and prosperity). But for 2018, remember: moderation is key. Since it is the year of the Earth dog, it’s best to use it wisely as it can weaken the earth element, causing discord and disharmony in your home.
Refer from thehoneycombers.com
Lets relax and enjoy some of the great food, in fact MUST EAT food in Penang!!! Delicious!!!
MPIGHOME.COM would like thanks everyone for your support over our services. Today is the last day of 2017 and we would like to wish everyone a Happy New Year of 2018 & Bonne Chance & Année Lisse!
By Jonathan de Ho
"What? Resolution again.... IT WONT WORK FOR ME!!!"
That's the common answer you might heard when being ask on resolution.
So, How many of you do set a New Year Resolution?
The next following question will be "do you really work on it"? How do you set the resolution and how do you work it out?
It is common to hear I would like to be millionaire or billionaire. I want to drive Ferrari or Lamborghini. I want to slim down... etc...
Sky is the limit, you can set any goal you want it. But how badly you want to achieve it? How are you going to get it?
That's the common mistake / problem normally face in the goal setting.
Basically it wont really too far away from these 6 factors: The 5 W's & 1 H family
Here could be some of the common mistake or problem that you will make:
1. Realisticness :-
Your resolution have to be realistic and not way too big to be achieve. There is no right or wrong on setting you goal high as long as you know the way to achieve it. Even if its double of what you achieve last year, it can be done it you are clear on what you are doing. Remember, you need to know what and how to do to achieve it.
Example: Achieve RM350k per annum by year end (Say your previous income is around RM250-300k)
2. Clarity :-
Your resolution may not be clear or specific enough. You have to be very specific so you have a guideline to achieve what goal you set. It will be easy for you to set strategy and planning if your goal is clear cut and specific.
Example: Body weight below 85kg by year end. Cholesterol and Blood Glucose level within normal healthy readings
3. Localize or Nationwide :-
Your resolution must base on the location you set. You cant set a resolution that you want to build a business in Japan but you are not planning to go there right? Is your goal is set to be achieve just within a region, state or nationwide?
It's for who? Yourself, family?
4. Eagerness :-
How badly you want to achieve it? Do u meant it? Can you do whatever or however ways to achieve it?
Example: You want to start a business, do you stop there if you dont have enough fund to start it?
5. Confidence and Self Belief :-
It is very important that you know what are you doing and you believe in what you do and believe in yourself. Without any of this, your effort may be in vain.
Example: You are not confident in reduce weight (or also not enough strong will) as you still want to eat abundantly and but you still want to set a goal for weight reduce.
6. Inspiration :-
Is your resolution is attractive or inspire enough for you to do it? Say if your resolution is not attractive or inspire enough, you will not really fight for it till the end. The more inspire and attractive the goal setting will lead to, the stronger the will, the force and moral you will have to work towards the end and in fact, excel on it
Example: You want to be famous and getting lots of focus and attention. This is something you want it badly, so you will have the force to work hard and fight to get it.
7. Consistency :-
You can't do things half way right? Its about consistency on achieving what you set. Have you ever see Mark Zuckerberg stop thinking about the ways to improve Facebook? It something that the most hard to follow but you see from all those successful personal, which of them is not consistent in what they do?
8. Self Reliance and Self Boost :-
You must know a way to make yourself happy and continue to move on when you face problems or obstacles. Take a break and look into different angle. Self moral and confidence boost is very important steps.
Example: Watch a short inspiration movie to enlighten yourself when you feel low.
9. Timeline :-
All your goals whether short term or long term must have a timeline.
Example: Invest 5 houses in two years period... Reduce to 50kg by June 2018...
10. Progress / Check Point :-
Whatever goal you set, there must be not only timeline, but also a check point or progress. This will ensure you will be on track or how far you are away from it. So you can know what to do about it.
Example: Say your goal is to achieve RM200k annual income by year end, your check point probably is monthly, quarterly, half yearly...
11. Focus :-
This also one of the most important aspect to achieve your goal setting. Always focus on your resolution goal setting. What you do wont run away from your goal.
12. But lastly the one of the most important aspect is HOW to do? You cant set a goal that you don't know how to achieve right? If you don't know the way to achieve it, think write down and think about it. This is also a way to measure the realisticness of your goal setting.
Example: You want to increase your yearly income to RM240k which equivalent to RM20k a month. Your current income is only RM8k a month (yet plus bonus as it is variable). So what you can do to increase your income? Online business, side business or part time job or change your career...
Also you must take into your consideration for details such as your monthly fix expenses such as car loan, mortgage loan, insurance, food, entertainment, debt etc...
Reference : List of New Year Resolution
Here are some lists of resolution for your reference (Be mindful, you must know yourself best, admit to yourself and don't ignore your weakness, problem you face or bad habits):
1. Fashion / Habit / Lifestyle
- Dress more like my style, Action first or Do the priority first, Stop playing video /computer/mobile games (or play less), Buy a car, Backup my phone/computer, Get more cultured, Do something you love more, Spend more / less time on Facebook or Social Media, Dont bother on what people look or think of me, Start playing back my favorite sport, Watch less TV / Series, Go to more event such concerts / live sports event, Be more organized, Get / get rid tattoo, Get a makeover, Stop overthinking and simplify your thoughts, Have a cleaner house / car / working environment, Stop texting when driving, Stop my bad habits, etc
- Buy property, Invest in Share, Increase my income, Live within my means, Get out of debt, Plan & Prepare for Children education fund or retirement fund, Get an insurance, Increase my asset, Expand my business, etc
3. Health / Emotional
- Lose weight, Quit smoking, Get a health check up half yearly or yearly, Enjoy more by listen to favorite music, Get a six pack, Be healthier by having routine exercise, Start eating healthy, Quit drinking (Or drink less), Get more rest or sleep, Detox the body, Let go and worry less, Go to dentist, Join a Gym, Go for daily walk, See a therapist, Relax your emotion and stop being mad easily, Start taking supplements, Get off prescription drugs by get back your health, Sleep early and wake up early etc
4. Career / Direction
- Get famous, Get a mentor, Get a better job, Change of career, Do what you want to be, Start a business, Become a specialist or expert of something, etc
5. Social / Love
- Find a Girlfriend or Boyfriend, Love and spent more time with family and parents, Validate people more in my life, Love yourself more, Reconnect with old friends, More more people, Establish date nights, Get a baby, Get married, Stop calling my ex, Encourage my kids more, Get a pet, Get more spiritual, etc
6. Self Improve
- Attend courses, Learn a language, Learn a new skill (cooking, internet skills, swimming, karate, knitting, driving etc) , Be more adventurous, Complete a 90 days challenge, Start a Youtube Channel, Go back to school, Write more, Read more, Start a hobby, etc
7. Priority / Principles
- Recycle more, Stop being lazy, Stop judging people, Enjoy your moment, Start believe in myself, Be more confidence, Simplify, Stop being so negative, Start think bigger, Donate more (money / items / time), etc
8. Travel / Location
- Travel more and visit more places, reset your base or location, Honeymoon or Second honeymoon, etc
So what's your new year resolution?
I wish all of you a great year ahead and wish this article do able to help you all in your life.
Bonne Chance & Année Lisse!
What is your opinion on HSR? Do you really think HSR will be a real game changer for property development? Well I do think so. It do helps in certain angle. Here's article from TheStar.com.my on HSR
Rail link to be growth catalyst for the property market
THE KL-Singapore high-speed rail (HSR) project, which some have heralded as a “game-changer”, looks set to play a big role in the country’s transformation plan... not just in the way of public transport, but also in terms of property development.
Expected to be operational in 2026, it will include seven stations in Malaysia – Bandar Malaysia, Bangi-Putrajaya, Seremban, Melaka, Muar, Batu Pahat and Iskandar Puteri – before reaching its last destination in Jurong East, Singapore.
Zerin Properties chief executive officer Previn Singhe says the development of the HSR, which will cut travel time to a mere 90 minutes from KL to Singapore via six cities in Malaysia, will lead to numerous positive impacts and will become growth catalyst to local property market at proposed station locations.
“Bandar Malaysia, a mixed-use urban development, is set to become the next major transportation hub and serve as KL’s gateway to Singapore with excellent connectivity to other parts of Greater KL via MRT lines 2 and 3, KTM Komuter, ERL, and future access to major highway networks.”
Previn says the location of the terminal station in Bandar Malaysia, which is only 7km away from the KL city centre, will result in a multiplier effect on other mega developments such as Tun Razak Exchange and Bukit Bintang City Centre.
“The KL city centre property market and Taman Desa (located within close proximity to Bandar Malaysia) will see growth in property values and rental yield as a result of increased demand for housings. This would augur well in addressing the oversupply situation in Kuala Lumpur high-end condominium market.
“Moreover, it will also improve demand for office spaces and benefit tourism and retail sectors in Klang Valley due to tourist influx from Singapore (Singaporeans and foreigners alike).”
As for the HSR stations, Previn says the growth of the local property market in these areas will be mostly driven by major property developers with landbanks at or near the proposed stations.
“These transit stations are surrounded mostly by agricultural land as well as development land. It is expected that the proposed HSR stations will result in change of land use surrounding the stations in order to capitalise on development potential.”
UEM Sunrise Bhd, developer of Gerbang Nusajaya that will house Iskandar Puteri HSR station, is the biggest beneficiary considering the size of its landbank and proximity to Singapore,” he adds.
“Brisk sales of residential products in Gerbang Nusajaya, namely Melia Residence and Leisure Farm resort styled villas which is located two minutes away, is a testament to the HSR’s impact on surrounding property market.
“Apart from residential market which is expected to benefit from increased demand for cheaper homes from Singaporeans and expats, HSR Iskandar Puteri station is also anticipated to create opportunities in other niche markets such as development of retirement villages, healthcare and wellness, education hub, hospitality, retail and office sectors.”
Similarly, Previn says the Seremban and Muar HSR stations are located within Sime Darby’s development – namely Malaysian Vision Valley (MVV) and Bandar Universiti Pagoh respectively.
“MVV is a public-private integrated economic development area focusing on high-tech manufacturing, tourism, skill-based education and research and specialised services while Bandar Universiti Pagoh is an education hub comprising three universities, student village, business park, commercial areas and residential areas.
“Locations of these HSR stations are intended to act as catalyst for the developments through improved connectivity.”
Meanwhile, Previn says Genting Plantation Bhd and Johor Corp are the major players with landbanks near Batu Pahat HSR station.
“The Batu Pahat station is proposed within the township of Genting Pura Kencana in Sri Gading, a project launched by Genting Plantations Bhd in 2006. Pura Kencana spans 8,000 acres and will comprise residential areas, shopping centres, schools, various public amenities and a clubhouse.”
The proposed locations of Ayer Keroh and Bangi-Putrajaya HSR stations, on the other hand, will likely to benefit a larger share of beneficiaries, he says.
“Located in Durian Tunggal, 16km from Melaka town, Ayer Keroh station is anticipated to boost tourism and hospitality industry in Melaka.
“It will also benefit various townships and developments namely Bukit Katil Development by Encorp and Felda, IOI City by IOI Properties, Taman Tasik Utama by MTD Capital Bhd, Tiara Melaka Golf Club & Baba Nyonya Resort, to name a few.”
The proposed location of Bangi-Putrajaya HSR station in Precinct 14, next to Kampung Abu Bakar Baginda, meanwhile, will result in gentrification of the area, says Previn. He says the area is presently occupied by village homes on Malay reserve land plots.
“The proposed connection to Putrajaya Sentral and Cyberjaya via tram services, if materialised, will greatly improve connectivity and will encourage developments of new neighbourhoods and commercial areas.”
To the uninitiated, the HSR is a type of rail transport that operates significantly faster than traditional rail traffic, using an integrated system of specialized rolling stock and dedicated tracks.
Among the countries that have developed HSR include Austria, Belgium, China, France, Germany, Italy, Japan, Poland, Portugal, Russia, South Korea, Spain, Sweden, Taiwan, Turkey, United Kingdom, United States and Uzbekistan.
Based on reports, China has 22,000km of HSR as of December 2016, accounting for two-thirds of the world’s total.
According to the Malaysia’s official HSR website, the idea of the project was initiated through the Economic Transformation Programme to transform Malaysia into a high-income nation.
“The HSR aims to be an alternative travel mode between two of South-East Asia’s most vibrant and fast-growing economic engines,” the website says.
“The HSR is more than just a transportation project – it is an impetus towards socio-economic development in Kuala Lumpur and the intermediate cities along the HSR corridor, starting with economic clusters centred around each station,” says the official website, adding that the project will ultimately change how people live, work and travel entirely.”
Since the HSR is a long-term project, Previn says it is essential to develop a transit-oriented masterplan for each transit stations to ensure creation of well-planned and sustainable townships.
“Last mile connectivity within the locality of each transit station as well as the frequency and reasonable fare structure are also pertinent in order for HSR to be a game-changer in the local property market.”
Previn says one of the prime objective of the HSR is to improve connectivity between Malaysia and Singapore and key intra-cities in Malaysia by cutting short travel time in order to facilitate commute of Malaysians to their workplace in Singapore.
“With HSR’s Express, Domestic and Shuttle services, now Malaysians, Singaporeans as well as expats are likely to consider settling down in intermediate cities where the transit stations are located due to availability of cheaper homes and may choose to work in Singapore or Kuala Lumpur for better career opportunities.
“This would lead to creation of more dorm towns along the HSR track.”
Dorm towns are a town that people live in - and from where they travel to work in a bigger town or city.
However, Previn adds that the creation of dorm towns would be possible only if the fare structure is reasonable and affordable.
“Some may choose to commute on weekends instead of daily to reduce travelling cost,” he says.
Boost for Johor property market
It is noteworthy that a number of the HSR stations - namely Muar, Batu Pahat and Iskandar Puteri, are located within Johor alone.
Johor-based KGV International Property Consultants (M) Sdn Bhd director Samuel Tan Wee Cheng says properties within the surrounding locations of the stations will see an increase in prices.
“Actually, property, especially land, has already been factored in the effects of the HSR to a certain degree. This can be seen in the price increase in the areas speculated to be HSR stations, namely Muar, Batu Pahat and Iskandar Puteri.
“However the next round of increase will be seen when land acquisition takes place. This will take place in 2018,” he says.
Tan says the likely places to be acquired for the station and rail track are on display since Nov 1.
“We are waiting for the gazette notification either under Section 4 or Section 8 of the Land Acquisition Act. The latter section is to state the lands which are confirmed to be acquired.
“At this stage, prices of lands surrounding the proposed stations are expected to be enhanced due to their improved land use.”
Tan emphasises that the impact on the Johor market will be within the towns where the stations will be located.
“Lands will be the first sub-sector to enjoy the benefits. During the construction period, residential houses will enjoy rental demand. Hotels will be much in need due to the influx of consultants and others to the towns.
“The degree of impact really depends on what is planned to made the stations a catalyst of attraction and change in the towns. If well planned, it can even affect the nearby towns. Otherwise it is no more different than just another train station.”
Previn points out that Johor is a very sizeable state with lots of potential.
“It is timely to focus on the growth of Johor as a whole rather than solely concentrating on Iskandar Malaysia.
“As such, the proposed stations within Batu Pahat and Muar towns provides great opportunities to accelerate growth in these presently underdeveloped areas. With improved connectivity, there will greater demand for mass housings in these towns.”
In mid to long term, Previn says there will be substantial growth in commercial (retail and business centres) and industrial areas to cater for the potential increase in population.
Rallying the top guns
Earlier this week, Gamuda Bhd and Malaysian Resources Corp Bhd (MRCB) announced that they are collaborating to bid for the project delivery partner (PDP) role in the HSR project.
Gamuda and MRCB will each have a 50% stake in the entity bidding for the PDP project. Upon the successful awarding as the PDP, Gamuda and MRCB will enter into the relevant definitive agreements to formalise the joint venture (JV) and set out the rights and obligations of each party.
MyHSR Corp Sdn Bhd, which is owned by the government, had called for the tender last week to appoint the PDP for the HSR. The PDP is tasked with assisting in the Malaysian civil infrastructure portion of the project.
MyHSR Corp said the PDP will be responsible for developing the detailed design for the infrastructure works and delivering the infrastructure works on budget and on time, adding that the infrastructure design covers the station and the alignment structures, namely bridges, tunnels and embankments that are within Malaysia.
According to MyHSR, prerequisites for companies that are interested in the PDP role include those that have undertaken railway projects in Malaysia before and are able to demonstrate comprehensive knowledge of local Malaysian railway construction best practices, regulatory requirements and supply market conditions.
Other than the PDP tender, another portion that would be of focus for potential companies is the tender for the upcoming assets company (AssetsCo). The AssetsCo tender will focus on systems and trains and is expected to be launched by the end of this year. Both the PDP and AssetsCo tenders are expected to be completed in 2018.
The AssetsCo tender, which will be jointly tendered out by both Malaysia and Singapore, has already seen some interest from other companies.
George Kent (Malaysia) Bhd had in October formed a pre-consortium agreement with Siemens Aktiengesellschaft, Germany, and Siemens Pte Ltd, Singapore, to bid for the AssetsCo tender.
George Kent and Siemens will bid for the development, financing, construction, technical operations and maintenance of the HSR.
Another contender, MMC Corp Bhd, had said in July that it was bidding for the AssetsCo tender of the HSR with a Japanese consortium. The ambitious KL-Singapore HSR planned track alignment tracks closely with the North South Expressway and is estimated to cost around RM60bil.
The famous Ming Tien food court is finally end their operation yesterday night. By 9pm, almost all food stalls is already packing and ready to end their business there. Anyway, dont worry, most of them will relocating their business to the building previously known as Zam Zam cafe near Bandar Utama Police Station. It is scheduled to start operating on 16th Nov 2017.
Yesterday is the last day of operations for 17-year-old Ming Tien food court in Taman Megah, Petaling Jaya, as it makes way for a mixed development project.
The Taman Megah badminton hall located next to the food court will also be ceasing operations. Adjacent business Fun Cheer souvenir shop has already closed while Megaherbs and Food supermarket relocated to a nearby shoplot in Jalan SS24/8.
Ming Tien, comprising over 60 stalls, was known for its wide variety of hawker food, open-air ambience and waiters dressed in Hawaiian shirts.
On Aug 17, StarMetro reported that developer PPB Group would offer a piece of land near Cheras Leisure Mall as alternative site for Ming Tien’s hawkers to relocate.
PPB Group Berhad, through its property arm PPB Property Development Sdn Bhd, plans to build a mixed development project at the site currently occupied by Ming Tien food court and its neighbouring businesses.
StarMetro reported that the project comprising residential and retail spaces will occupy a 1.36ha of the plot in Taman Megah.
There will be two access points for the commercial side – via Jalan SS24/9 and Jalan SS24/8, while the residential block will be accessible from Jalan SS24/10.
PBB Group property division chief operating officer Chew Hwei Yeow said Taman Megah residents had been briefed since 2015 at several meetings and townhall sessions.
Traffic plans were modified based on residents’ feedback and the company also redesigned the project to accommodate concerns such as parking space.
Chew said the proposed redevelopment project received planning permission from Petaling Jaya City Council (MBPJ) on Nov 2 last year while the approval for the building plan was received on May 15 this year.
Work is expected to start either next month or in December and will take four years to complete.
“PPB Group has identified a site in Taman Segar, Cheras, which we are offering to Ming Tien food court hawkers as an option in the relocation.
“We have submitted the necessary applications to Kuala Lumpur City Hall for their approval,” Chew added.
City council’s approval
MBPJ Corporate Communi-cations assistant director Abdul Hakim Khiruddin said the council imposed strict conditions on the proposed redevelopment project.
“The developer had to take into account issues such as traffic flow, pedestrian walkway, bicycle lane, community facilities, noise pollution and residents’ feedback,” he said, adding that the developer’s plan had to include building a covered walkway from the project to the nearest LRT station.
“Another condition was that the developer had to conduct briefings for affected residents and shopowners on their construction schedule and how they planned to mitigate traffic,” he said, adding that the entire process took about a year, before approval was given.
Residents await traffic plan
Taman Megah Residents Association chairman Alex Leong said residents had not received the finalised traffic plan from the developer.
“We are unclear about the traffic flow here during the construction stage.
“The developer last told us that they were awaiting MBPJ’s approval,” he said, adding that the association’s last meeting with the developer was in August.
Leong said the developer had also assured them that no workers would be staying in “kongsi” houses within the construction site and that only certain roads would be used by its heavy vehicles.
However, residents were unclear which roads would be affected.
SS25A Rukun Tetangga vice-chairman Steven Ng reiterated his concerns about the project’s impact on traffic congestion in the neighbourhood.
“No signage has been posted at the site, so we are still do not know the project’s final details,” he said.
Swansong for SS15 eatery
Today is also Asia Cafe’s last day.
In August, it was reported that the famous food court in SS15, Subang Jaya, would close at the end of the year but no exact date was given.
Asia Cafe general manager Raymond Khoo confirmed that the date was brought forward, but did not elaborate why.
“We need to start the project very soon. We have already started relocating power cables,” he said.
The food court will be demolished in mid-November to make way for a 30-storey small-office-home-office project.
Khoo said he was not sure where the food court’s 25 tenants would move to as they were told to find a new location on their own. They were given three months’ notice to move out.
Asia Cafe, which began operations in 2004, was open from 7am to 4am daily.
In 2003, Mediaraya Sdn Bhd acquired the land that Asia Cafe sits on.
Speaking of how Asia Cafe was set up, Khoo said that initially, they did not know what to do with the land but realised that the crowd consisted of mostly students.
“Students want a place to hang out and so we created an area where you can have food and entertainment. In that way, we were different compared to the usual food courts,” he said.
Asia Cafe also housed a bird enclosure and the birds had been given to a pet store.
Khoo is thankful for all the support Asia Cafe customers have shown over the years.
“In the future, if we open Asia Cafe again, we hope they will come back and support us again,” he said, adding that they would consider reopening Asia Cafe in the future if there was a suitable place.
Khoo clarified that a banner advertising the opening of an “Asia Cafe 2” at the former PappaRich in Jalan SS15/8 had nothing to do with them.
“I have spoken to the person advertising it and told him that they cannot call it Asia Cafe 2 because we have already trademarked the name.
“If they want to use the name, they have to ask us first.
“It is good if they continue the concept but they must not use our trademarked name,” he said.
Refer from thestar.com.my
The following is a status checklist for all new launches of Non-Landed - Highrise and Commercial stratified-type real estate in the whole of Klang Valley from the start of year until today.
The listing below is published according to the project's Year of Sales Commencement or Sales Preview, or the official launch year when not applicable. Each property is sorted by its specific geographical location and its targeted market.
The listing below is a brief extract from PTLM Research's Greater Kuala Lumpur Movers & Shakers Compilation. The status column indicates the last known status of the said property in the market. No pricing information will be published at this juncture.
Readers may use the listing below to know another similar developments that were launched in the similar location and vicinity during the same year. It is hoped that readers will do their own due diligence when comparing these developments.
All readers are welcomed to express their feedback or provide additional input for further improvement.
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Best viewed on web. Updated as of 6 February 2016.
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No. of highrise - residential and commercial office tower launches: 114
Note: * indicates a development under Affordable Home Scheme.
1 Liberty @ Arc Central, Ampang Heights Ampang - Hulu Kelang, Bukit Antarabangsa, Ukay, Kemensah
2 Pangsapuri Jenderam Indah, Dengkil *Bangi, Nilai, Dengkil, Salak Tinggi, Sepang
3 Tiara Imperio Residence @ Bangi Bangi, Nilai, Dengkil, Salak Tinggi, Sepang
4 Casa Green @ Bukit Jalil Bukit Jalil - Bandar Kinrara, Awan Besar, Bukit OUG, Muhibbah
5 Residensi Hijauan @ Bukit Jalil *Bukit Jalil - Bandar Kinrara, Awan Besar, Bukit OUG, Muhibbah
6 Residensi Puchongmas *Bukit Jalil - Bandar Kinrara, Awan Besar, Bukit OUG, Muhibbah
7 Rica Residence @ Bandar Kinrara Bukit Jalil - Bandar Kinrara, Awan Besar, Bukit OUG, Muhibbah
8 The Park Sky Residence @ Bukit Jalil City Bukit Jalil - Bukit Jalil City, Alam Sutera, TPM
9 Landmark II @ Bandar Sungai Long Cheras - Cheras South, Alam Damai, BTHO, Sungai Long, Balakong
10 Lavender Residence @ Sungai Long Cheras - Cheras South, Alam Damai, BTHO, Sungai Long, Balakong
11 PR1MA @ Alam Damai, Cheras *Cheras - Cheras South, Alam Damai, BTHO, Sungai Long, Balakong
12 Saville @ Cheras Cheras - Cheras South, Alam Damai, BTHO, Sungai Long, Balakong
13 Symphony Tower @ Cheras South Cheras - Cheras South, Alam Damai, BTHO, Sungai Long, Balakong
14 The Netizen @ Bandar Tun Hussein Onn Cheras - Cheras South, Alam Damai, BTHO, Sungai Long, Balakong
15 Cheras Centre Point Residence Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
16 Eko Cheras Hotel and Office Suites Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
17 J.Dupion Residence, Taman Pertama Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
18 One Residences Kuala Lumpur Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
19 PR1MA @ Bukit Bintang, Jalan Jubilee *Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
20 Residensi Razakmas *Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
21 The Holmes Residence, Bandar Tun Razak Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
22 The Locus @ KLCV, Jalan Cheras Cheras - Maluri, Chan Sow Lin, BTR, Taman Pertama, Connaught
23 The Sky Residence @ Shamelin KL Cheras - Pandan Jaya, Desa Pandan, Shamelin, Pandan Perdana
24 Caldesia Tower (T3), LakeFront Residence @ Cyberjaya Cyberjaya
25 Diandra Tower (T4), LakeFront Residence @ Cyberjaya Cyberjaya
26 PR1MA @ Laman View, Cyberjaya *Cyberjaya
27 Centro V, Bandar Utama Damansara Damansara - Bandar Utama, Mutiara, Damansara Utama, SS2
28 The Ivory Duplex Suites @ SS2 PJ Damansara - Bandar Utama, Mutiara, Damansara Utama, SS2
29 Emporis @ Kota Damansara Damansara - Kota Damansara, Damansara Perdana, Sri Damansara
30 Lumi Tropicana Damansara - Kota Damansara, Damansara Perdana, Sri Damansara
31 Rumah Selangorku @ Bandar Rimbayu *Jenjarom - Bandar Saujana Putra, Bandar Rimbayu
32 Rumah Selangorku @ Bandar Saujana Putra *Jenjarom - Bandar Saujana Putra, Bandar Rimbayu
33 The Parque Residences @ Eco Sanctuary Jenjarom - Bandar Saujana Putra, Bandar Rimbayu
34 Rumah Selangorku @ Jade Hills, Kajang *Kajang, Saujana Impian, Jade Hills
35 Kepong Square Kepong - Bandar Menjalara, Sri Segambut, Jalan Kepong, Jinjang
36 Residensi Enesta Kepong *Kepong - Bandar Menjalara, Sri Segambut, Jalan Kepong, Jinjang
37 Residensi Kepongmas *Kepong - Bandar Menjalara, Sri Segambut, Jalan Kepong, Jinjang
38 The Henge Residence, Taman Metropolitan Kepong - Bandar Menjalara, Sri Segambut, Jalan Kepong, Jinjang
39 VIM 3 @ Desa Park North Kepong - Bandar Menjalara, Sri Segambut, Jalan Kepong, Jinjang
40 Westside III, Desa ParkCity Kepong - Desa ParkCity
41 Rumah Selangorku @ Bandar Bukit Raja *Klang - Bandar Bukit Raja, Aman Perdana, Meru
42 Maple Residences @ Canary Garden Bandar Bestari Klang - Bukit Tinggi, Bandar Botanik, Johan Setia, Bandar Bestari
43 Pangsapuri Azaria and Asteria @ Bandar Parklands *Klang - Bukit Tinggi, Bandar Botanik, Johan Setia, Bandar Bestari
44 Trifolis Apartment @ Bukit Tinggi 2 *Klang - Bukit Tinggi, Bandar Botanik, Johan Setia, Bandar Bestari
45 Anggun Residences, Off Jalan Sultan Ismail Kuala Lumpur City - Bukit Ceylon, Dang Wangi, Jalan Pudu, Others
46 Safuan Suites Kuala Lumpur City - Bukit Ceylon, Dang Wangi, Jalan Pudu, Others
47 The Colony by Infinitum Kuala Lumpur Kuala Lumpur City - Bukit Ceylon, Dang Wangi, Jalan Pudu, Others
48 8 Kia Peng Residences @ KLCC Kuala Lumpur City - Inner City
49 Aria Luxury Residence @ KLCC Kuala Lumpur City - Inner City
50 Stonor 3 Kuala Lumpur City - Inner City
51 The Grid, 21 Kia Peng Kuala Lumpur City - Inner City
52 The Manor Kuala Lumpur Kuala Lumpur City - Inner City
53 Tropicana The Residences, Kuala Lumpur City - Inner City
54 YOO8 Serviced by Kempinski @ 8 Conlay Kuala Lumpur City - Inner City
55 Damai Residence, Off Jalan Ampang Kuala Lumpur Fringe - Ampang Hilir, Jalan Ampang, Embassy Row
56 Picasso Residence, Off Jalan Ampang Kuala Lumpur Fringe - Ampang Hilir, Jalan Ampang, Embassy Row
57 Reizz Residence, Off Jalan Ampang Kuala Lumpur Fringe - Ampang Hilir, Jalan Ampang, Embassy Row
58 Novum @ South Bangsar Kuala Lumpur Fringe - Bangsar, Mid Valley, Lembah Pantai
59 Robson Hill Residency Kuala Lumpur Fringe - Bangsar, Mid Valley, Lembah Pantai
60 Secoya Residences @ Pantai Sentral Park Kuala Lumpur Fringe - Bangsar, Mid Valley, Lembah Pantai
61 Court 28 @ KL City, Jalan Ipoh Kuala Lumpur Fringe - Jalan Ipoh, Jalan Kuching
62 Pano @ Jalan Ipoh Kuala Lumpur Fringe – Jalan Ipoh, Jalan Kuching
63 EkoTitiwangsa Kuala Lumpur Fringe - Jalan Pahang, Titiwangsa
64 Agile Mont Kiara Mont Kiara, Sri Hartamas, Dutamas, KL Metropolis
65 Arté@Mont'Kiara Mont Kiara, Sri Hartamas, Dutamas, KL Metropolis
66 Hermitage @ Sri Hartamas Mont Kiara, Sri Hartamas, Dutamas, KL Metropolis
67 Kiara 163 Hotel Suites, Mont'Kiara Mont Kiara, Sri Hartamas, Dutamas, KL Metropolis
68 Residensi Sefina @ Mont'Kiara Mont Kiara, Sri Hartamas, Dutamas, KL Metropolis
69 NK Residences @ North Kiara North Kiara, Bukit Prima, Segambut, Jalan Dutamas Ray
70 Sanjung @ North Kiara North Kiara, Bukit Prima, Segambut, Jalan Dutamas Raya
71 Suria Serviced Suites @ North Kiara North Kiara, Bukit Prima, Segambut, Jalan Dutamas Raya
72 CitiZen @ Old Klang Road OKR, Kuchai Lama, Taman Desa, Taman OUG, Sri Petaling
73 Gen KL @ Kuchai Lama OKR, Kuchai Lama, Taman Desa, Taman OUG, Sri Petaling
74 The Nest Residences, Jalan Puchong OKR, Kuchai Lama, Taman Desa, Taman OUG, Sri Petaling
75 Biji Living @ Section 17 Petaling Jaya Petaling Jaya - Central, Section 13-17
76 Boulevard 51 @ PJ Petaling Jaya - Kelana Jaya, Sungei Way
77 HighPark Suites, Kelana Jaya Petaling Jaya - Kelana Jaya, Sungei Way
78 Rumah Selangorku @ Taman Putra Prima *Puchong - Puchong South, Taman Tasik Prima, Bukit Puchong
79 Saville @ D'Lake, Puchong Puchong - Puchong South, Taman Tasik Prima, Bukit Puchong
80 The Linq @ Kinrara Uptown Puchong - Puchong South, Taman Tasik Prima, Bukit Puchong
81 SkyVilla @ D' Island Residence, Puchong Puchong - Pulau Meranti, 16 Sierra, Putra Perdana
82 Le Pavilion Residences @ Bandar Puteri Puchong - Pusat Bandar, Bandar Puchong Jaya, Bandar Puteri
83 O'Hako @ Puchong Puchong - Pusat Bandar, Bandar Puchong Jaya, Bandar Puteri
84 Twinz Residences @ Jalan Pipit, Puchong Puchong - Pusat Bandar, Bandar Puchong Jaya, Bandar Puteri
85 Conexion @ IOI Resort City Putrajaya Administrative Centre, IOI Resort City
86 Rumah Selangorku @ M Residence 2 *Rawang
87 LakePark Residence @ KL North Selayang, Bandar Baru Selayang, Templer Park
88 Vega Suites @ Selayang Star City Selayang, Bandar Baru Selayang, Templer Park
89 Residensi Sentulmas *Sentul, Jalan Sentul Pasar, Bandar Baru Sentul
90 Sky Awani Residence @ Jalan Sentul Pasar *Sentul, Jalan Sentul Pasar, Bandar Baru Sentul
91 Bennington Residences @ SkyArena Setapak - Genting Klang, Jalan Gombak, Danau Kota, Air Panas
92 Danau Kota Suite Apartments Setapak - Genting Klang, Jalan Gombak, Danau Kota, Air Panas
93 KL Traders Square, Jalan Gombak Setapak - Genting Klang, Jalan Gombak, Danau Kota, Air Panas
94 Chymes @ Gurney, KL Setapak - Semarak, Setiawangsa, Datuk Keramat, Jelatek
95 Residensi Gurneymas *Setapak - Semarak, Setiawangsa, Datuk Keramat, Jelatek
96 Lexa Residence @ The Quartz Wangsa Maju Setapak - Wangsa Maju, Sri Rampai, Taman Melati
97 Temasya Eight @ Glenmarie Shah Alam - Bukit Jelutong, Glenmarie
98 Parisien Tower @ i-City Shah Alam - i-City, Bandar Setia Alam, Kota Kemuning
99 Rumah Selangorku @ Bandar Setia Alam - De Kiara, De Palma and De Bayu *Shah Alam - i-City, Bandar Setia Alam, Kota Kemuning
100 Setia City Residences @ Bandar Setia Alam Shah Alam - i-City, Bandar Setia Alam, Kota Kemuning
101 The Armanna @ Kemuning Prima Shah Alam - i-City, Bandar Setia Alam, Kota Kemuning
102 Danau Perintis @ Shah Alam 2 Shah Alam - Others, Denai Alam, Puncak Alam
103 Olivina Residences @ TTDI Alam Impian Shah Alam - Others, Denai Alam, Puncak Alam
104 Pangsapuri Alam Budiman, Seksyen U10 *Shah Alam - Others, Denai Alam, Puncak Alam
105 Sentrovue @ Puncak Alam Shah Alam - Others, Denai Alam, Puncak Alam
106 Opal Residensi @ Seksyen 7, Shah Alam Shah Alam - Seksyen 2-21
107 Stellar Residences @ TTDI Gateway Shah Alam - Seksyen 2-21
108 Reo Suite @ OneCity USJ Subang Jaya, Subang, USJ 1-27, Putra Heights
109 The Edge Residence @ USJ 1 Subang JayaSubang Jaya, Subang, USJ 1-27, Putra Heights
110 Nidoz Residences @ Desa Petaling Sungai Besi, Bandar Tasik Selatan, Salak Selatan
111 The Starz @ KL South Sungai Besi, Bandar Tasik Selatan, Salak Selatan
112 Trinity Aquata, KL South Sungai Besi, Bandar Tasik Selatan, Salak Selatan
113 Residensi Suasana @ Damai Sungai Buloh, Kampung Selamat, Damansara Damai, Sierramas
114 The Zizz Residence @ Damansara North Sungai Buloh, Kampung Selamat, Damansara Damai, Sierramas
Written by Jonathan de Ho
Lets see some of the facts on Airbnb on Malaysia.
1. Growing Rapidly - Malaysia is enjoying 130% y-o-y growth in terms of Airbnb listing in Malaysia.
2. In Malaysia, home-sharing services remain unregulated.
3. Revenue from Airbnb, should it be take into calculation for income tax purpose?
While all these regulation and taxes issues is yet to be regulate, it seems Malaysia is enjoying this period. But beware on your investment into this module. I foresee this will not be a long term strategy as you have to take into consideration of the safety of local residence, housing regulation and high rise community regulation. Especially to those under HDA regulation, they have the highest chance of being phase out if action is taken. Airbnb attract a lot of stranger into the residential community, safety issues have to be taken seriously into consideration. Consider there is always new faces in where you stay, with your love one, do you feel safe when you are away?
Perhaps those property not regulate under HDA will be a safer bet. Anyhow, while Malaysia still Boleh, perhaps those involve should take into consideration how fast you get back your investment and start profiting. Is it worthy for you to spend the time and effort with the return you get? Also taking rental income into taxes inclusion.
So is it good or bad for Airbnb in Malaysia so far? What do you think?
Here I share the article on Airbnb in Malaysia 2017. Article is refer from www.edgeprop.my
Airbnb listings in Malaysia increasing rapidly
Uber. Grab. CouchSurfing. HomeAway. Airbnb. Having taken the world by storm, the adoption of the sharing economy has been pushed forward by factors such as trust, convenience and a sense of community, according to accounting and consulting giant PwC in its “Consumer Intelligence Series: The Sharing Economy” report.
As of July, Airbnb has about 18,000 active listings in Malaysia, which is a 130% y-o-y growth, says Airbnb Southeast Asia, Taiwan and Hong Kong country manager Robin Kwok.
Offering income opportunities
Kwok tells TheEdgeProperty.com that there are more than four million listings on Airbnb, in 65,000 cities and 191 countries globally.
“This figure means we offer a huge variety of accommodation options depending on what travellers are looking for — whether it’s a spare room in a host’s house, an entire place to themselves or a serviced apartment. Hence, there’s plenty of space and opportunity for different types of hosts to benefit from Airbnb,” she says.
The majority of hosts — in Malaysia and around the world — use Airbnb to share the primary space in which they live.
“[On average], a typical host earns RM5,569.20 [annually] and many hosts tell us that this is a vital supplemental income, helping them support themselves as well as their families and make ends meet.
“Our hosts come from all walks of life. Some are freelancers, who use the extra [income] to pursue their own passion or start their own businesses; others are senior hosts who use the additional income to support themselves in their retirement. Home-sharing is also an opportunity for them to be an ambassador of their own city,” she adds.
Founded in San Francisco, US, Airbnb has seen a 231% growth in guest arrivals to Malaysia in 2016 — 638,000 travellers to Malaysia last year utilised the online hospitality service, Kwok says.
“Unsurprisingly, Kuala Lumpur is a huge draw, with a 201% y-o-y increase in inbound guest arrivals, but people from all over the world are also attracted to lesser-known tourist spots, such as Ipoh, Cameron Highlands, Port Dickson and Lumut,” she adds.
At the same time, Kwok notes that Malaysians are equally eager to experience life as locals around the world where Airbnb saw a 169% outbound increase from 2015, with Tokyo, Osaka, Taipei, Seoul, Kyoto and Bangkok being top destinations.
“Malaysians aren’t just using Airbnb to see the rest of the world; they’re also exploring the best of what their own country has to offer. Domestic travel is also thriving, with KL, George Town, Ipoh, Melaka and Johor Bahru emerging as favourite destinations [among Malaysians],” she adds.
The significant market for the home-sharing leader plays a key part in Southeast Asia’s tourism growth.
“We can continue to grow in Malaysia because tourists increasingly want unique and authentic experiences when they travel. Known for its rich culture and traditions, it’s not surprising that Malaysia is particularly popular and one of our top destinations in Southeast Asia,” shares Kwok.
Wait… Is Airbnb legal in Malaysia?
In the Asia-Pacific region, Japan is the first to legalise home-sharing in June 2017, allowing proprietors to let their properties to guests for up to 180 days a year. Homeowners will have to register with local authorities and are subject to the local government’s restrictions and rules.
“This is an important milestone that gives hosts — and people who want to be hosts — in Japan the clarity and certainty they need. It’s also great for guests who increasingly want new, adventurous and local experiences when they travel,” says Kwok.
Besides Japan, Airbnb has reached agreements with policymakers in over 275 jurisdictions where London, Chicago and Tasmania have passed “fair and progressive rules” for home-sharing, she shares.
Meanwhile, in Malaysia, home-sharing services remain unregulated. Kwok says Airbnb “is having meaningful and productive conversations with Malaysian authorities, who are excited by the prospect of home-sharing and the benefits Airbnb is already bringing to tourism in Malaysia”.
“We look forward to working with them [Malaysian authorities] to help them maximise this potential to allow everyone to get the best out of home-sharing,” she says.
The firm is also aware that every city is unique and has its own set of challenges and priorities. “What works in Tokyo may not work in Chicago, and what suits London might not be right for Malaysia. That’s why we strive to work closely with governments and policymakers in every city we operate in to develop clear and simple frameworks that work for them while addressing local needs.”
Airbnb wants to pay taxes
Working closely with governments also means paying taxes. “Airbnb wants to pay taxes,” Kwok stresses.
“We’ve partnered with governments all over the world to make it easier for our hosts and guests to pay their fair share.”
“As of May 1, 2017, we have collected and paid more than US$240 million (RM1.03 billion) in hotel and tourist taxes on behalf of our host community, ensuring a simple and streamlined process for them and lightening the administrative burden for authorities.
“We’re continuously working with governments and policymakers around the world to expand our programme and find a proper way to collect fair tax revenue from our host community — and Malaysia is no exception.
“Travel and hospitality in Malaysia are showing no signs of slowing down, and we believe in working hand-in-hand with governments to develop fair regulation and taxation to help contribute to this positive and sustainable growth,” she says.
On news reports of guests having caused damage to Airbnb hosts’ properties, Kwok states that out of more than 30 million trips in 2016, significant property damage — claims reimbursed that are over US$1,000 under its Host Guarantee programme — was reported in only 0.009% of stays.
“At that rate, you could host a new reservation every single day for over 27 years without expecting to file a significant property damage claim under our Host Guarantee,” she adds.
Clashing with the hotel industry?
There have been more than 200 million guests using Airbnb worldwide since it was founded in 2008. However, Kwok says that “even as more people share their homes, traditional hotels around the world continue to take in robust profits with consistently high occupancy rates”.
“We believe that for us to win, no one has to lose. Home-sharing helps more people travel, meet new people and experience different cultures, and that should be good news for everyone.
“Around 74% of Airbnb listings are outside of traditional hotel districts, so travellers get to experience neighbourhoods that they otherwise would not have seen,” she says.
According to Kwok, Airbnb’s mission is to democratise travel including in Southeast Asia.
“Travellers are no longer satisfied with the usual cookie-cutter experiences and increasingly want to live like a local — discovering hidden gems that only locals know about and having a more social travel experience.
“By giving curious travellers the opportunity to explore cities and communities outside the traditional tourist traps, Airbnb is driving more footfalls to local businesses that don’t normally benefit from tourist spending.
“With Airbnb, guests also tend to stay longer in cities than when they stay in hotels — 4.2 nights compared with 3.6 nights — and spend more during their stay, supporting local coffee shops, boutiques or independent bookshops. The increased economic activities are great boosts for cities around the world,” she claims.
Charting further growth
Until recently, the home-sharing platform has been about homes, transforming people’s travel experiences through where they stay.
“Last year, we launched Trips, where we expanded beyond accommodation. Trips brings together amazing homes, authentic local experiences, tips and recommendations from local insiders and social events all into one place, and all powered by local people.
“Specifically for Experiences (which is one of the features under Trips), travellers can book unique activities — designed and led by local experts — that you won’t find anywhere else, like a pottery-making class at Singapore’s last remaining dragon kiln, or a Muay Thai master class in Bangkok led by a professional fighter,” she says.
Airbnb has over 1,800 Experiences available to book in more than 30 cities. This includes Singapore, Bangkok and Ho Chi Minh City — all launched this year — and it hopes to have Experiences in 50 cities by end-2017.
This story first appeared in TheEdgeProperty.com pullout on Aug 18, 2017
WHAT does the term “affordable homes” mean? After all, what determines whether a house is affordable is based on the income of the targeted consumers.
According to Khazanah Research Institute and Bank Negara Malaysia, the sign of a well-functioning and affordable home market is when the median price for the housing market is three times the gross annual household income.
Bank Negara would add that the monthly payment for the house should not be more than 30 per cent of the income. Payments of more than 30 per cent would be considered overburdening for the consumer.
Based on the above criteria, Bank Negara would suggest that an affordable home in Malaysia, based on the monthly median income of RM4,585 and the annual median income of RM55,020,
is between RM165,000 and RM242,000.
In Malaysia, house prices are 4.4 times the median income. Further, zeroing in on the states, house prices in Kuala Lumpur are 5.4 times, 5.2 times in Penang Island, 4.2 times in Johor and in Selangor, four times the median income.
While, according to Bank Negara, the affordable home is priced at RM242,000, in actual fact, the average price of houses in Kuala Lumpur is RM490,000; in Selangor RM300,000; Johor, RM260,000; and Penang Island, RM295,000. To put it simply, houses in Malaysia are simply not affordable.
Efforts should be made to reduce the prices of houses to an affordable range of about RM250,000 to RM300,000. Yet in 2014, only 21 per cent of new housing launches were priced below RM250,000.
There was a gross oversupply of houses above RM500,000 and an undersupply of houses below RM250,000. No wonder there is a mismatch between demand and supply.
Bank Negara would suggest that between 2012 and 2014, there was a housing supply average of 85,000 units, while 118,000 households were formed.
Instead of putting policy interventions into place to reduce the prices of houses, developers are putting pressure on banks to give loans to consumers who cannot afford these expensive homes.
They want banks and Bank Negara to ease lending practices to make it easy for house owners to own properties. The principle seems to be not to build houses that consumers can afford, but to build overpriced houses, and then put pressure on the lending institutions to give loans to the consumers.
Never mind the risks to the banks and the financial burden to consumers. Developers want to sell the overpriced homes that they have built.
There have even been proposals to set up a fund so that consumers can save early to afford overpriced homes. The risks and burden is being pushed to the banks and consumers, while developers can continue to build overpriced homes.
The Federation of Malaysian Consumer Associations (Fomca) calls on the government to ensure that priority is given to homes Malaysians can truly afford. The number of 1Malaysia People’s Housing (PR1MA) homes being built is way below the demand for new households.
The government needs to intervene and regulate the private sector to supply more affordable homes. The government also needs to strengthen measures to eliminate speculation in the market, which inflates home prices. Polices should make speculation expensive to protect first-time home buyers.
Housing is a basic right of consumers. It is the government’s role to ensure that all Malaysian have access to affordable homes. The government should also focus on promoting a thriving rental market so that renting becomes a viable option for consumers.
Fomca proposes that government invests more in financial education for all consumers, especially young workers, to create awareness and build knowledge and skills on prudent financial management and making informed decisions in the market, including purchasing major assets such as houses.
DATUK PAUL SELVA RAJ
Secretary-general, Federation of Malaysian Consumer Associations
Refer from www.nst.com.my
PETALING JAYA: Property development company Titijaya Land Bhd’s subsidiary, Aman Kemensah Sdn Bhd has been awarded the High Qlassic Achievement Awards 2017 for its Embun @ Aman Kemensah project.
QLASSIC (Quality Assessment System in Construction) is a system and method to assess and evaluate the workmanship quality of building projects, based on the Construction Industry Standard (CIS 7).
The CIS 7 was established as a mean to objectively compare the quality of workmanship among construction projects through a scoring system.
The award ceremony was officiated by Works Minister Datuk Seri Fadillah Yusof, with Construction Industry Development Board (CIDB) Malaysia chief executive Datuk Ahmad ‘Asri Abdul Hamid present at the event.
Titijaya Land Bhd group managing director Tan Sri Lim Soon Peng said: “Quality is a translation of an idea and inspiration for Titijaya Land. We strive towards building quality properties for our buyers and winning this award is a further validation of that ideology. Going forward, Titijaya intends to stay on course with its strategic focus on delivering quality homes.”
Embun @ Aman Kemensah is a low-density gated and guarded development with 51 units courtyard villa with private lifts and private club house facilities that is surrounded by lush of greenery and comes with a hilltop cityscape view.
Refer from http://www.thestar.com.my/business/business-news/2017/08/24/titijaya-receives-high-qlassic-achievement-awards-2017/#m7AjWQ3ceT8vH1cf.99
KUALA LUMPUR: Prasarana Malaysia Bhd has defended the award of the LRT3 rolling stock to a consortium formed by CRRC Zhuzhou Locomotive Co Ltd, Siemens Ltd China and Tegap Dinamik Sdn Bhd, despite it being the sole bidder to supply the train sets valued at RM1.56bil.
Prasarana CEO Datuk Seri Azmi Abdul Aziz said all the due process was observed during the procurement process that showed promise when five companies pre-qualified for the tender in May 2016.
However, when the tender closed in November 2016, only the CRRC-Siemens-Tegap Dinamik consortium put in a bid.
The supply and commissioning of the rolling stock is one of the largest systems work packages offered by the LRT3 project that spans 37km from Bandar Utama to Johan Setia, Klang, while providing 26 LRT stations.
“The evaluation was done according to established tender processes. We have checked the specifications, the submissions, and we are sure that what has been offered is of value to the project,” said Azmi at the signing ceremony here yesterday.
Also present was Chinese ambassador Dr Huang Huikang.
“A tender is not necessarily about comparisons. A tender is about the observance of process, and we have identified those who should participate. Everything is done according to procedure,” said Azmi.
While it is widely believed that the other four potential bidders decided that they could not match CRRC when it came to pricing, a senior Prasarana official who declined to be named argued that it is not always a case of the “cheapest supplier wins”.
“For example, the signalling job did not go to the lowest bidder,” he said, while adding that calling another tender for the rolling stock could also result in the same outcome, and delay the project.
In his speech at the event, Prasarana chairman Tan Sri Ismail Adam said the government had set Aug 31, 2020 as the deadline for the completion of LRT3.
“I am wondering whether we can open three weeks earlier as we saw that the Sungai Buloh-Kajang MRT line managed to open two weeks earlier than the deadline,” he said in jest.
Read more at http://www.thestar.com.my
New Residential Launches
Refer from housingwatch.my
Malaysia is doing a lot of measures to pulling Foreign Investors whether on National economy or local property market. Is it good or bad?
The below is what Chris Tan mention on the Pull Factors for Foreign Property Purchasers (article refer from www.theedgeproperty.com.my)
Malaysia offers many pull factors for foreign property purchasers
By Lum Ka Kay | TheEdgeProperty.com
Saturday, 22 July 2017 18:01:55 PM
PETALING JAYA (July 21): Malaysia is a very attractive country for foreigners to purchase properties, according to lawyer and managing partner of Chur Associates Chris Tan.
“First, you don’t have to marry a Malaysian in order to own a property here – anyone who is eligible can have direct ownership. Not only that, non-Malaysians can own a freehold title in Malaysia.
“And legally, foreign homebuyers are protected under the Commonwealth Legal System, the Constitutional Property Ownership Right under the Malaysian Federal Constitution, and the country's very own Housing Development (Control and Licensing) Act 1966,” he shared this in his talk about the legal process involved in buying a property in Malaysia, during a Facebook Live stream on TheEdgeProperty.com Facebook today.
Tan added that Malaysia has an established banking system that enables foreign buyers to finance their property purchase.“In addition to that, there is no inheritance tax for foreign homebuyers. So there is no extra financial expenses for them to incur when they transfer the property to their next generation,” he noted.
Very good move to leverage on International Partner strength. Bad news for local partner but good news on buyer perhaps. Nationally we dont really benefit on this. Its always two side of the outcome, Pro & Cons.
Titijaya Land to leverage on CREC’s strength
Monday, 5 June 2017 11:47:44 AM
Titijaya Land Bhd plans to leverage on the strength of its partner China Railway Engineering Group Ltd (CREC), one of the world’s largest construction companies, to pursue large scale, capital-intensive construction projects.
“We look forward to leveraging on its strength as a construction contractor for big projects such as reclamation works, although we have not considered any yet,” Titijaya chief financial officer Edmund Tan Kian Whoo told The Edge Financial Daily in an interview.
“We are keeping our options open. If we can work with local companies we would do so, but it depends on their skills and knowledge.
“We cannot say what the future partnership share would be as it depends on the projects. Of course, as a partner, CREC depends on us for quick approvals if they want to embark on local projects. For now, they are involved in single land projects. If there are other projects, we will set up another company for that,” said Tan.
He also noted that the China-owned CREC is a financially strong company, and required payments to be settled only after 50% of the construction is complete, thus easing Titijaya’s cash flow.
On whether there are concerns arising from the termination of Iskandar Waterfront Holdings and CREC consortium’s RM7.41 billion share sale deal in relation to Bandar Malaysia Sdn Bhd, Tan said Bandar Malaysia is a separate matter and that the aborted deal has no impact on Titijaya’s relationship with CREC.
“CREC has construction completion skills, which means there is no risk of projects being abandoned,” he said.
Titijaya is partnering CREC to jointly develop The Shore in Kota Kinabalu, Sabah, and 3rdNvenue in Jalan Ampang here in Malaysia, which have a combined gross development value (GDV) of RM2.57 billion.
“We will be promoting these [high-end] units at The Shore and 3rdNvenue in several cities in China in the second half of 2017 (2H17). We are doing this for the first time with the help of CREC,” said Tan.
Meanwhile Titijaya expects growth of its revenue to be flat this financial year ending June 30, 2017 (FY17), before accelerating to low double-digit growth in FY18 and taking off in FY19 and FY20 through the sales of ongoing and upcoming projects.
According to Tan, the property developer, which saw revenue rise 17.4% to RM400.08 million in FY16, will likely see revenue remain at this level in FY17 amid soft market conditions.
The higher FY16 turnover notwithstanding, annual net profit eased 15.6% to RM68.34 million that year from RM80.94 million in FY15.
For the nine months ended March 31, 2017, net profit has climbed 11.8% to RM59.72 million, though revenue is down 11.8% to RM258.7 million.
Nevertheless, while some developers have deferred the launch of new projects, Titijaya said it is on track to achieve its RM300 million sales target for FY17.
The group is launching five projects in 2H17 comprising The Shore, 3rdNvenue, Damansara West in Bukit Raja, Selangor, Riveria Sentral in Brickfields here and Block B of H2O Residences in Ara Damansara, Selangor. These projects are expected to be completed in six to seven years.
Tan said Titijaya, which is repositioning itself as an affordable housing developer where its units will range between RM300,000 and RM600,000, will allocate 20% of the projects for units above RM1 million.
Titijaya has outstanding unbilled sales of RM471 million and it has in the pipeline projects with a total GDV of RM1.8 billion to be launched in FY18.
Tan said Titijaya’s total land bank for development stood at about 117.35ha in the central region, Penang and Sabah, with a total GDV of RM13 billion, which will keep the group busy until 2027.
Titijaya shares closed unchanged at RM1.60 last Friday, giving it a market capitalisation of RM645.33 million.
This article first appeared in The Edge Financial Daily, on June 5, 2017.
Titijaya to launch two high-rise residential projects in Q317
PETALING JAYA: Titijaya Land Bhd aims to launch two high-rise residential projects with a RM3.25bil gross development value (GDV) by the third quarter of this year.
Executive director Charmaine Lim Puay Fung said the properties are the 2.02 hectare Riveria City @KL Sentral (RM1.45 billion GDV) and the 2.42 hectare 3rd Avenue @ Embassy Row Kuala Lumpur.
“We are going to launch the Riveria in the next quarter. It is a high-rise lifestyle office and two blocks of service apartments.The 3rd Avenue, with a New York concept, is located at a residential hot spot,” she added.
She told reporters this on the sidelines of the H20 Residences @ Ara Damansara topping-off ceremony, here today.
“The ceremony symbolises the last stage of the development and construction to be completed by the second half of next year,” said Lim.
The H20 Residences project focuses on a flexible, modern and compact layout and 70 per cent has been taken up. The selling price is at an average of RM850 per square foot.
Looking forward, Lim said Titijaya Land would still specialise in smaller units, as demand from first time home buyers is still strong.
On plans to acquire more landbank, she said the company is always on the lookout for new purchases within Malaysia, particularly in the Klang Valley and Penang.
Titijaya Land has a current landbank of 111.28 hectares with a GDV of RM13bil.
Refer from TheStar.com.my
After the cancellation of the share sale agreement between TRX City Sdn Bhd and IWH CREC Sdn Bhd, consortium of China Rail Engineering Corporation on Bandar Malaysia, a lot people is worry that what happen next? Now it seems China Richest Man from Dalian Wanda Wang JianLin is interest in Bandar Malaysia project.
Wanda interested in Bandar Malaysia
BEIJING: Dalian Wanda Group, owned by China’s richest man Wang Jianlin, has expressed “desire” to participate in the Bandar Malaysia development.
The Wanda chairman told reporters that the investment would be “really huge”, estimating it at more than US$10bil (RM44bil).
“While we have not reached an agreement yet, I am here expressing my stance,” he said at a joint press conference with Prime Minister Datuk Seri Najib Tun Razak at the Sofitel Beijing Hotel owned by Wanda Group.
“Wanda has confidence in the investment environment of Malaysia and its future prospects, and we are willing to share our experiences with Malaysia to build a one-of-its-kind mega integrated cultural and tourism project,” he said after meeting Najib for over an hour.
Wang said going global was an important agenda for Wanda, adding that revenue from its overseas investments made up over 20% of the group’s profit last year.
Najib said the Malaysian Government envisioned Bandar Malaysia to be an iconic development instead of a run-of-the-mill property development.
“It will have great content, with cultural values and tremendous entertainment attractions,” he said, adding that he believed Wanda Group could deliver “something extraordinary, something so imaginative” for Bandar Malaysia which all Malaysians would be proud of.
“We have not gone into details and there is no agreement as yet, but this is to indicate their desire and our willingness to discuss with them,” Najib said, adding he looked forward to a favourable agreement on mutually acceptable terms.
Last week, Malaysia’s Finance Ministry called off a deal with the consortium of China Rail Engineering Corporation and Iskandar Waterfront Holdings, which was to be the master developer of the project that would also house the main terminus of the Kuala Lumpur-Singapore High Speed Rail.
At another press conference, Najib said the formula for equity stakes in the Bandar Malaysia development would be changed and the participants would not be just Dalian Wanda Group alone.
“We will take into account the position of China Rail Engineering Corporation and other groups that are interested,” he said.
To questions on when the agreement with Wanda would be finalised, Najib said details would be revealed “when the time comes”.
Later, Najib said China had assured Malaysia that it would continue to encourage financially strong and credible companies to invest in the country.
It also pledged to continue to support China-linked strategic projects in Kuala Lumpur.
Chinese Premier Li Keqiang, he said, had made this promise during their meeting at the Great Hall of the People yesterday.
“Any company that fulfills the criteria will be given support by the Chinese government so that strategic projects can be implemented,” he said after meeting Li and President Xi Jinping separately.
In his meeting with Li, Najib said he had informed the Chinese leader that he was taking a relook at the Bandar Malaysia project.
“It will go on for sure. As for its form and the parties involved, we will decide in the near future,” he said.
On whether the Chinese government would endorse Dalian Wanda Group’s investment in Bandar Malaysia, Najib said: “We will refer to the Chinese government based on the final settlement since it requires their support.”
During his four-eyed meeting with Xi, Najib said the leader had again expressed his appreciation to Malaysia for being one of the first few countries to pledge support for its Belt and Road initiative.
“On my request during my previous visit to Beijing in November last year, China has now increased the imports of palm oil from Malaysia. The volume has doubled in the first three months of the year,” Najib said, adding that tourist arrivals from China had also grown from 1.6 million in 2015 to 2.1 million last year.
“We are hoping for the figure to exceed three million this year. Based on the statistics so far in the first four months of the year, we can achieve this goal,” he said.
Najib and Li witnessed the signing of three government-to-government memorandums of understanding after their meeting.
Two companies from China also signed MoUs with their Malaysian counterparts to carry out the second phase of the East Coast Rail Link (ECRL) and gas and petroleum pipeline infrastructure project in Pengerang, Johor.
Refer from www.thestar.com.my
Great news for low income group!!! Here help to own house with zero interest rate housing loan. Perhaps this is the best opportunity for you to own a house if you are ready for the commitment.
CIMB, Maybank offer zero interest housing loans for low income staff
According to CIMB Group group CEO Tengku Datuk Seri Zafrul, the new measures demonstrate the bank’s commitment to ensure that deserving staff are adequately supported, to help them succeed in both their career and personal lives. Meanwhile, Maybank will be offering 0% interest for the first RM100,000 on staff housing loans for selected categories.
PETALING JAYA: The country’s two leading banks have come up with O% interest on housing loan schemes for their low income staff.
CIMB Group Holdings Bhd started the ball rolling on the fresh incentives launched in conjunction with Labour Day celebration last week, followed by Malayan Banking Bhd (Maybank) last Friday.
CIMB Group has set aside RM1bil for its programme to assist lower income staff in their housing loans.
A CIMB official said about 4,000 staff were expected to benefit from the scheme.
Under the scheme, employees who earn not more than RM3,500, will enjoy 0% interest in their housing loans for a maximum of five years or three years for completed properties, on loans not exceeding RM250,000.
Eligible staff are only required to start paying the loan instalment in the sixth year or fourth year for completed properties, which provides them with a roof over their heads while relieving them of the financial burden of servicing a housing loan during those periods.
Apart from that, single parents will receive financial assistance of RM200 monthly for each school-going child aged 18 years and below, subject to a maximum of five children.
In addition, staff earning not more than RM2,000 will also receive monthly assistance of RM50 for their water bill, and RM100 through Touch ‘n Go credit to partly fund their transportation cost.
According to CIMB Group group CEO Tengku Datuk Seri Zafrul, the new measures demonstrate the bank’s commitment to ensure that deserving staff are adequately supported, to help them succeed in both their career and personal lives.
“Our staff is the group’s most valuable asset, who have contributed so much to the group’s success and performance.
“This is also in line with CIMB’s new brand promise, ‘Forward’, which for our staff is about enabling them to progress and realise their dreams,” he said.
Meanwhile, Maybank will be offering 0% interest for the first RM100,000 on staff housing loans for selected categories.
The special interest rate housing loans, effective 1 July 2017, will be applicable for new and existing loans of Maybank Group employees in Malaysia who have a basic salary of up to RM3,000 per month.
Maybank Group chief human capital officer Nora Abd Manaf said in a statement that the new scheme was part of the group’s ongoing review of staff benefits to ensure they are adapted to the needs of employees as well as in line with emerging trends in market and industry.
“We believe the new housing loan rate will provide those eligible with significant relief and mitigate the concerns that they have with regards to their accessibility to affordable housing, especially in the more urban areas.”
Nora added that employees will continue to enjoy subsidised interest rates for home financing for amounts in excess of RM100,000 which currently stand at 3% for non-clerical and 3.5% for all other grades.
Over the years the group has been spearheading many pioneering human capital initiatives to ensure that it offers employee benefits that among the best in class.
"Oh no, my loan got rejected again."
"The bank reject my application."
Kind of familiar huh? Nowadays, mortgage loan approval is the main issue for property pruchasing. So how to get or increase the chances of approval for your mortgage loan?
Here's some advice from Malayan Banking Bhd (Maybank) head of consumer finance Abdul Razak Mohd Nordin.
Raise your debt service ratio to get that loan
By Lum Ka Kay from Theedgeproperty
Thursday, 20 April 2017 19:34:41 PM
KELANA JAYA: The most crucial factor in securing a housing loan with the desired financing margin is to have a high debt service ratio, according to Malayan Banking Bhd (Maybank) head of consumer finance Abdul Razak Mohd Nordin.
Speaking as a panellist at the Real Estate and Housing Developers’ Association Malaysia (Rehda) Property Forum 2017 titled “Status quo or road to recovery?” held on April 19, Abdul Razak said one thing is to have a good credit record and the other is to have a strong debt service ratio.
“For single [loan] applicants, you can consider having a joint application with your significant other or family members to increase your debt service ratio.
“Applicants can also choose affordable homes such as those priced RM500,000 and below. For us [bankers], when we realise you are unable to service the loan based on your debt service ratio, we will reject you.
“And if you are living in an urban area with a monthly household income of less than RM5,000, you’re under the vulnerable segment,” he said.
He added that for the vulnerable segment, the debt service ratio that banks consider ranges around 40% to 50%.
“For the higher income earners, we go as high as 70%.”
The general trend among Malaysians when they start working is to get a new phone and then a car, he said.
“All these will eventually affect your ability to repay the housing loan. We also have to look at your Central Credit Reference Information System (CCRIS) report.
“It all boils down to responsible lending. Banks would love to take the risk but we are regulated by Bank Negara Malaysia,” added Abdul Razak.
The other panellists at the forum were Malaysian Industrial Development Finance Bhd (MIDF) chief economist Dr Kamaruddin Mohd Nor, Jones Lang Wootton executive director Malathi Thevendran and property investor Ahyat Ishak. The forum was moderated by Rehda deputy president Datuk Soam Heng Choon. The forum was held following the launch of Rehda’s Property Industry Survey 1H2016 and Market Outlook 1H2017.
The panel members had mixed views on when the property market would recover from the current slowdown.
According to MIDF’s Kamaruddin, from a macro and global perspective, “things have hit rock bottom in 2H2016” hence he expects a recovery of the general economy from here onwards.
“As far as the domestic market is concerned, we expect 4.9% or 5% growth in terms of gross domestic product (GDP). Looking at the property sector, it will recover but perhaps not in 2017,” he said, adding that the property market may rebound in 2018.
Ahyat, however, said the Malaysian market “has yet to see the worst”.
“For me, the market cycle is experiencing a long flat,” he said.
For Jones Lang Wootton’s Malathi, there will be “nothing much” to show for 2017.
“There will still be launches going on as there will be upgraders and a limited number of investors. And if you really market it properly, the foreign market will also see opportunities.
“With our climate and other factors, we are a haven for Malaysia My Second Home (MM2H) but we are not marketing our country well enough,” she said.
Maybank’s Abdul Razak said the property market will mostly bottom out by the end of this year.
Article refer from TheEdgeProperty
Refer from TheEdgeProperty
By Tan Ai Leng
Thursday, 20 April 2017 19:53:36 PM
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) aims to launch Tria, the second phase of its 9 Seputeh project, in May.
The five-acre Tria project will feature three towers with 734 condominium units with built-up sizes ranging between 1,500 sq ft and 2,000 sq ft, said MRCB COO Kwan Joon Hoe.
“We haven’t finalised the selling price yet, but it is expected to be about 5% to 10% higher than phase 1 — Vivo,” he told TheEdgeproperty.com.
Vivo and Tria form part of the 17.3-acre 9 Seputeh mixed development located at Jalan Klang Lama, Kuala Lumpur. The entire development, which comprises high-rise residences and retail units, has a gross development value (GDV) of RM2.1 billion.
The 7.7-acre Vivo had offered 1,111 condo units with built-up sizes ranging from 775 sq ft to 2,500 sq ft. Launched in 2014, it has achieved a take-up of 80% at an average price of RM800 psf.
Kwan noted that Tria will offer bigger units to cater to upgraders from landed homes to high-rises.
Over at its Semarak City integrated development on Jalan Sultan Yahya Petra, Kwan said the company is now deciding on the launch date for the 27.41-acre freehold development in Kuala Lumpur city centre.
“During a slow market, we have to be careful on the launch timing as we do not want to hold too much stock. Tentatively, we hope to launch Semarak City at the end of the year,” he added.
According to MRCB’s annual report,
Semarak City comprises 3,400 serviced apartments, shops and SoHo (Small-office Home-office) units as well as a shopping mall.
Kwan said the residential component of Semarak City will be targeted at the middle income group with indicative prices from RM500,000 to RM600,000. Phase 1 will offer 1,200 apartment units.
He added that MRCB is performing well despite the soft market and the property development segment was able to sustain healthy growth and contribute to the group’s revenue and profit.
In 4Q2016, MRCB recorded a revenue of RM1.032 billion, a 166% increase from the same quarter in the last financial year, while profit before tax in 4Q2016 was RM238.6 million, mainly driven by its property development segment.
Kwan expects the growth momentum to continue as the company will be rolling out various projects catering to different income groups, including Tria, Sentral Suites, a new development at Kwasa Sentral as well as Semarak City.
“We have a landbank of 468 acres in prime areas in Malaysia with a GDV of RM50 billion. This could keep us busy for the next 20 years, and we are always looking out for prime land to increase our landbank,” he added.
Johor people is going to benefit from this. Great to hear that Lee Chong Wei International Sports City is going to realized in JB.
UMLand inks MoU with Chong Wei Binajaya to develop Lee Chong Wei International Sports City
(From left) UMLand Seri Alam head of subsidiary Freddie Lee, UMLand director Datuk Syed Ahmad Khalid Syed Mohammed, Chong Wei Binajaya chairman and founder Datuk Wira Lee Chong Wei, UMLand group managing director Dennis Ng Yew Khim, chairman Tun Musa Hitam, Chong Wei Binajaya executive director Datuk Lee Chong Hoon and project director Datuk Wayne Chew at the MoU signing ceremony. (Image by UMLand)
PETALING JAYA (March 6): United Malayan Land Bhd (UMLand), via its wholly-owned subsidiary Seri Alam Properties Sdn Bhd, has inked a memorandum of understanding (MoU) with Chong Wei Binajaya Sdn Bhd to develop part of the proposed Lee Chong Wei International Sports City.
According to a statement by UMLand, under the MoU Seri Alam Properties will contribute a parcel of 16.38 acres of converted commercial land to Chong Wei Binajaya where the latter will develop the commercial portion to form part of the proposed Lee Chong Wei International Sports City.
Located in Bandar Seri Alam, Johor Bahru, Lee Chong Wei International Sports City is the brainchild of Malaysia’s badminton star Datuk Wira Lee Chong Wei. It is envisioned to be a one-stop ecosystem that blends sports and lifestyle elements.
According to UMLand, the integrated sports city will host world-class badminton tournaments, provide wellness therapy, advanced fitness training — all in a purpose-built complex — along with accommodation, leisure, entertainment, recreation, retail shops and offices.
“The development will see the establishment of an international class sports arena in Johor, allowing the state to host more international tournaments such as the Malaysia National Circuits and Grand Prix Gold.
“It will also be a professionally managed training hub for international and local badminton players — with a sports academy as a new education initiative, offering degree certification for courses.
“Other facilities will include the development of a multipurpose hall, serviced apartments, a hotel, hostel, office tower, commercial spaces and shops for retail, food and beverage, entertainment and recreation, and ample car parking,” said the developer.
Bandar Seri Alam is a 3,800-acre mixed township development with prime commercial, residential, institutional and industrial buildings by UMLand, located in the prime growth corridor of the Eastern Gate Development of Iskandar Malaysia.
The township is recognised as a City of Knowledge with the establishment of educational institutions including University Kuala Lumpur, University Technology Mara, Masterskill University College of Health Sciences, Malaysia Art School, Excelsior International School, Nam Heng Chinese Primary School and the upcoming Foon Yew High School.
Refer from theedgeproperty.com.my
Shawn Ng | TheEdgeProperty.com
Sunday, 2 April 2017
AS land costs in urban centres like Kuala Lumpur, Penang and Johor Bahru have risen significantly due to land scarcity, property developers have little choice but to go vertical and construct high-rise projects, be they residential, commercial or integrated developments.
“Within the context of the current soft market conditions where affordability is a key consideration for both house buyers and investors, developers have been focusing more on smaller-sized units where the unit price is less prohibitive,” Henry Butcher (M) Sdn Bhd COO Tang Chee Meng tells TheEdgeProperty.com.
A little bit further away from urban centres, new township developments still offer mainly landed homes, but within the city there has been a growing trend of small-sized units within high-rises, he says.
“Studio units, 1-bedroom and 2-bedroom units — we are seeing more of these within the development mix of high-rise residential projects located within urban centres.
“These high-rise homes cater to first-time homebuyers such as young singles and new couples as well as small families and elderly people whose children have all left the nest,” Tang adds.
According to data from the National Property Information Centre (Napic), the total existing supply of non-landed/high-rise residential units in the country, including low-cost flats, flats, apartments and condominiums, stood at 1,422,560 units as at the third quarter of 2016 (3Q2016), which translates to about 28.99% of the total existing residential stock of 4,906,722 units in the country.
If the existing supply was to include commercial-titled Small-office Home-office (SoHo) units and serviced apartments which totalled 89,359 units, the figure would rise to 1,511,919 units.
Looking ahead, the future supply of all non-landed residential properties (not including SoHos and serviced apartments) stands at 523,645 units as at 3Q2016 consisting of incoming supply of 306,554 units and planned supply of 217,091 units.
Meanwhile, the future supply of SoHos and serviced apartments are 269,507 units in total as at 3Q2016, and comprises incoming supply of 164,113 units and planned supply of 105,394 units.
Nawawi Tie Leung Property Consultants Sdn Bhd managing director Eddy Wong points out that the future supply of high-rise properties shows a significant number especially considering the prevailing weak market sentiment amid tight credit conditions.
“There will be a significant pressure on prices to adjust, though the actual impact on the various sub-markets would vary depending on locality, demographics and income levels,” he says.
Interestingly, based on the Malaysian House Price Index, the high-rise residential sub-sector has registered the second highest price growth among all residential property types from 2000 to 3Q2016, coming in next after detached houses.
According to data from TheEdgeProperty.com, over the years, the average transacted price of non-landed residential properties in KL had risen by RM176 or 49.72% to RM530 psf in 3Q2016, from RM354 in 1Q2012.
Similarly in Selangor, the average transacted price had shot to RM313 psf as at 3Q2016, RM113 or 56.5% higher than RM200 psf in 1Q2012. However, since 4Q2014, the average transacted price has seen no significant growth in Selangor.
Meanwhile, as at 3Q2016, the transaction volumes of non-landed residential properties in KL and Selangor had declined 68.33% and 70.07% respectively year-on-year, to 623 and 1,196 transactions, respectively.
Looking for good buys
Wong notes that the current slowdown in the property market is a good opportunity to look for good buys, as developers are more amenable to offering good incentives to move their inventory.
He advises investors to consider the key factors such as location, connectivity and accessibility to amenities when selecting what to buy.
“High-rise developments which are centrally located, with good connectivity and with easy access to amenities such as shopping, dining and entertainment, are very well sought-after. Meanwhile, the properties around the RM500,000 price point is currently very popular given the tight credit condition which places a constraint in the purchasing power among homebuyers,” he says.
Meanwhile, Tang says investors should look for areas that offer good growth potential. In the Klang Valley, such areas include Cheras, Kepong, Setapak, Wangsa Maju, Ampang, Bukit Jalil, Puchong, Old Klang Road and Bandar Malaysia, he offers.
These areas, he adds, are able to cater to the middle income group and will see vast improvements in infrastructure and accessibility especially areas along the mass rapid transit (MRT) lines as well as the recent light rail transit (LRT) extensions.
Based on his observations of new launches over the past year, Tang says smaller-sized units with built-ups of less than 1,000 sq ft and priced in the RM300,000 to RM600,000 price segment appear to have recorded the best sales in the Klang Valley.
In the mid to longer term, the market for non-landed residential property in KL and Selangor looks positive, says Wong. He believes the market will be supported by its young demographic and the growth in household incomes.
Tang concurs. Although demand may be temporarily disrupted due to the slowdown in the economy, tighter credit availability and poorer consumer sentiments, the future will see high-rise residences becoming a more popular choice among developers and homebuyers.
“As land cost is not likely to go down, we foresee that high-rise residential properties will remain the affordable option for residents in the main urban centres,” Tang says, adding that this high-rise residential property development trend will also likely continue.
Tolerance and understanding ensure harmony
High-rise living is becoming a norm as increasingly more people are moving into high-rise homes nowadays.
However, when large groups of people live close together and share the same facilities, there may be some discomfort and strain due to the differences in age groups, cultures and behavioural preferences.
Hence, Nawawi Tie Leung Property Consultants Sdn Bhd managing director Eddy Wong says the residents should have tolerance and understanding plus civic-mindedness to ensure a happy and pleasant living experience for everyone in the community. This is especially crucial when dealing with disputes that may arise.
According to Henry Butcher (M) Sdn Bhd COO Tang Chee Meng, one way to overcome the challenges of living in high-rises is to outsource and employ a good and effective manager who is firm, fair and able to secure everyone’s cooperation while implementing rules and policies according to what has been set by the Joint Management Body or Management Corporation.
The common problems faced when staying in high-rises involve getting all residents to pay their maintenance fees on time; and residents who lack civic-consciousness and a sense of pride and ownership of the common facilities like the lifts and recreational equipment.
There could also be difficulties getting the full cooperation of residents in following house rules like keeping pets, parking of vehicles in the designated bays and adhering to security arrangements, Tang says.
Hence, he urges every owner to play their part in observing house rules and paying their maintenance fees and sinking fund in full and on time, otherwise the management and maintenance of the property will deteriorate due to lack of funds and in the long term this could have an adverse impact on the property’s value.
In addition, adequate and clear communication between the management team and the residents is also very important, he adds.
This story first appeared in TheEdgeProperty.com pullout on March 31, 2017.
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