No inheritance, capital gains tax in budget
The much-speculated taxes on capital gains and inheritance will not be introduced in Budget 2019.
Sources said both capital gains tax (CGT) and inheritance tax may only be introduced over the next few years if found feasible..
With only less than three weeks before the national budget is unveiled, the source also said that the additional tax measures to be announced would likely focus on the digital economy and tax incentives.
“The study on both CGT and inheritance tax need more time to be completed to assess the potential implications on the economy. It is not possible to decide on these taxes before the tabling of the upcoming budget.
Towards this end, the government had set up a Tax Reform Committee on Sept 12 to look at the current tax structure and how to broaden tax base.
On the potential digital tax to be introduced by the government, the source said it would not be an entirely new tax.
Instead, it will likely be an extension of the existing Sales and Service Tax (SST) on online businesses, particularly on foreign digital service content providers.
“For now at least in Budget 2019, there will be no dramatic introduction on the taxation of the digital economy.
“Maybe in the next few years, the government will look at imposing tax on the income of online players if it is feasible. The process may be more complex.
“It makes sense to tax these businesses similar to the traditional brick-and-mortar ones and it is only fair to do so,” said the sources.
The Institute for Democracy and Economic Affairs (Ideas) has previously said that the introduction of a digital tax could increase prices for consumers and businesses, particularly for new start-ups and small and medium enterprises.
The think-tank said an “indirect digital tax” – applying SST to digital purchases from abroad – is less controversial than a new “direct tax” and many countries have already taken this approach.
“Doing so in Malaysia would also level the playing field between foreign and Malaysian companies, as local digital firms are already subject to SST. It would, however, still increase the cost of digital goods and services in Malaysia and drive up prices,” it said in an earlier report.
The source said that the Tax Reform Committee is also currently reviewing all the existing tax incentives in Malaysia.
He pointed out that any changes to the tax incentive structure will be gradual and progressive over the next few years.
“Certain types of tax incentives that are no longer needed or are no longer effective should be abolished. Instead, the committee is looking at recommending new tax incentives that can stimulate private sector activities.
“The best way to do this is to introduce tax incentives for new and innovative businesses of the future. The idea is to focus on the new sectors that the government would want to encourage,” he said.
The government’s plan to introduce new taxes in order to pare down the national debt of RM1 trillion became the talking point after Prime Minister Tun Dr Mahathir Mohamad, Finance Minister Lim Guan Eng and Bank Negara governor Datuk Nor Shamsiah Mohd Yunus all spoke about it during the Malaysia: A New Dawn conference on Oct 9.
Incidentally, Bursa Malaysia saw a bloodbath the next day, with the FBM KLCI shedding 39 points, falling the most in nearly five months.
While there has been no indication from the government, the market fears the implementation of the CGT – a tax usually imposed on gains made from the stock market.
Former prime minister Datuk Seri Najib Tun Razak has also criticised the CGT, warning about investors exodus if a tax is imposed on shares trading.
Former Inland Revenue Board director-general Tan Sri Hasmah Abdullah has been appointed as the chairperson of the Tax Reform Committee. The committee is joined by finance and tax experts, namely Dr Verinderjeet Singh, Datuk Chua Tia Guan and Amardeep Singh. Tax Department secretary Datuk Khodijah Abdullah, Tax Department deputy secretary Mohd Sakeri Abdul Kadir and Fiscal and Economic Department deputy secretary Mohd Hassan Ahmad represent the Finance Ministry.
Refer from thestar.com
Penang Sentral first phase to open in December
The Sun Daily reports that Chief Minister Chow Kon Yeow said the facility will include the main bus terminal and a railway hub.
"It is another step to improve public transport connectivity between bus, railway and ferry services, " he told reporters.
“It will make travel in the northern region by public transport easily accessible.
“The rail services frequency to Penang and northern region can be improved especially the commuter services from Butterworth to Kamunting or Butterworth to Alor Setar,” he said.
A catamaran service will be introduced to supplement ferry services. Penang Sentral has an allocated site for the purpose.
“The location for the catamaran was already identified in Penang Sentral,” he said, as quoted by the Malay Mail.
The whole Penang Sentral project is expected to be complete by 2030, and will include Light Rail Transit (LRT) services.
New Zealand bans foreign homebuyers
WELLINGTON (August 15): New Zealand's parliament passed a law on Wednesday to ban many non-resident foreigners from buying existing homes, reports Reuters.
Jacinda Ardern, New Zealand's popular 38-year-old prime minister, campaign promises included clamping down on price growth and reducing the high rate of homelessness. One of the proposed solutions was by banning foreign buyers.
"This is a significant milestone and demonstrates this government’s commitment to making the dream of home ownership a reality for more New Zealanders," Associate Finance Minister David Parker said, as quoted by Reuters.
Buyers from China and neighbouring Australia comprised the majority of foreign buyers, the news wire cited data from Statistics New Zealand.
However, the ban will not apply to Australians, and negotiations with Singapore may result in an exemption. Singapore’s free trade agreement with New Zealand currently allows foreign ownership.
New Zealand has seen average prices in their largest city, Auckland, almost double in the past decade and rise more than 60% nationwide, drawing criticism of foreign home buying.
Reuters cited official figures that suggest the overall level of foreign home buying was relatively low - about 3% of property transfers nationwide.
This did not include property bought through trusts. Property transfers that involved foreigners tended to be highly concentrated in a few areas like downtown Auckland or Queenstown, a southern scenic hot spot.
"Is the ban wise or useful? We think it’s neither," the news wire quoted spokesman Dave Platter of Chinese real estate portal Juwai.com.
"Foreign buying ... tends to be focused on new development, making clear again that foreign investment leads to the creation of new dwellings. That's vital in a market with a housing shortage, like Auckland," he said.
House price growth in New Zealand had tapered off in the past year, partly due to lending restrictions imposed by the central bank, in a move to counter the financial stability risk of an overheated market.
Median house prices had slipped 1.8% to NZ$550,000 (RM1,478,000) in July from the previous month, although they were still 6.2% higher than the same time the previous year.
Mandatory supervision to resolve abandoned housing projects — Raja Bahrin
Its deputy minister Datuk Raja Kamarul Bahrin Shah Raja Ahmad Shah (pictured) said most of the PRIMA housing projects were abandoned believed to be due to poor project supervision.
“In the construction of housing projects, it is the duty of the consultants (engineers and architects) to monitor the progress of the projects, but when the housing projects are given directly to the contractors, less importance is given to standing supervision.
"This matter will be discussed at the ministry level to ensure that whatever the circumstances, supervision is carried out so that projects are completed successfully to overcome cases of abandoned projects,” he said yesterday when winding up debate on the Supply Bill (Reallocation of Appropriation Expenditure) 2018 for his ministry.
Refer from www.edgeprop.my
Its finally its CONFIRM! MRT 3 is SCRAPPED AND CANCELED!
Finance Minister Lim Guan Eng reaffirmed that the MRT3 project has already been cancelled.
Refer from www.edgeprop.my
MRT3 to be revisited when country’s finances improve
KUALA LUMPUR (Aug 1): The mass rapid transit Line 3 (MRT3) project may still see the light of day as the government will be revisiting it if the country’s financial situation improves, according to Finance Minister Lim Guan Eng.
Nevertheless, Guan Eng reaffirmed that the MRT3 project has already been cancelled. “The prime minister has already said that the MRT3 project is scrapped,” he told reporters in Parliament yesterday.
On May 30, Prime Minister Tun Dr Mahathir Mohamad said the MRT3 or Circle Line estimated to cost RM40 billion will be discontinued due to the government’s burgeoning debt.
Earlier yesterday, Transport Minister Anthony Loke Siew Fook said the implementation of the MRT3 has been postponed and not scrapped, to reduce the burden of government debt.
He said the cabinet would determine when the MRT3 construction would resume but stressed that major projects such as the MRT3 would be given priority when the country’s financial position recovers.
“Any such big decision needs to get the cabinet’s approval.
“But at present the government’s priority is to reduce the rate of national debt first, but for crucial projects like the MRT3, when the country’s financial status recovers, it will certainly be given priority to be reviewed,” he told Dewan Rakyat yesterday.
He was replying to a question from Khairy Jamaluddin (Barisan Nasional-Rembau), who asked the ministry to state the rationale and implication of scrapping public transport projects such as the MRT3.
Loke said the government did not deny that the MRT3 project would bring various benefits, but its implementation should be reviewed for optimum results in terms of its cost-benefit in view of the excessively high national debt at present.
He said based on the progress report prepared by MRT Corp in early 2017, the MRT3 is a 40km line that passes through areas such as Jalan Duta, Setiawangsa, Pandan Indah, Salak Selatan, Bandar Malaysia and Kerinchi.
“As the MRT3 line passes through urban centres with high density, almost 80% of the MRT3 line is underground, which contributes to the costly construction cost that is expected to reach RM50 billion,” he said.
He said to encourage the use of public transport, thus helping reduce road congestion, the government will prioritise the upgrade of various types of buses in terms of service quality and network. It would also improve the KTM Komuter system in the Klang Valley via upgrading and repair works.
“The postponement of the MRT3 project gives us the opportunity to review our budget priority, in which the government will give new focus on improving bus services and infrastructure development not only in the Klang Valley but also throughout Malaysia in line with the government’s manifesto to improve the quality and coverage of public transport services,” he added.
To encourage more to commute via public transport services, Loke noted that the unlimited access card to public transport at RM100 a month will be introduced early next year.
In June, it was announced that the monthly pass would need to be reviewed before it could be implemented.
“The monthly pass is to encourage more people to use the MRT as well as buses which are already available,” said Loke.
“We want to encourage more of the public to use the existing public transport facilities, as the MRT has been seeing an average of just around 146,842 daily commuters, about one-third of its 450,000 capacity,” he added.
This article first appeared in The Edge Financial Daily, on Aug 1, 2018.
It is great that Kampung Baru is being review for future development as the traffic there is really bad. Also good that in this news, FT Ministry Khalid Abdul Samad said that they will preserve Malay elements and protect the identity and history.
The news is refer from EdgeProp.my
PETALING JAYA (July 28): The Federal Territories (FT) Ministry will review the Kampung Baru Detailed Development Master Plan (PITPKB) as part of ongoing efforts to redevelop the 118-year-old village in the heart of Kuala Lumpur, reported Bernama.
According to FT Minister Khalid Abdul Samad, the development of the village is necessary and he will discuss the matter with Prime Minister Tun Dr Mahathir Mohamad to come up with an alternative approach that will not cost the government a lot.
“I will discuss this matter with the Prime Minister, perhaps he has his own vision of Kampung Baru’s development, because this needs a clear plan.
“If Kampung Baru is not developed properly, it could cause congestion,” he told reporters after visiting the Kampung Baru Development Corp yesterday.
He and FT Ministry secretary-general Datuk Seri Adnan Md Ikshan spent an hour yesterday at the question-and-answer session that involved 100 Kampung Baru folks.
He said the ministry will also consider plans to keep the Malay elements in Kampung Baru to protect its identity and history and gave his assurance any decision made would benefit the families of the village’s original residents, without ignoring their rights.
“At present, efforts are being made to resolve the issue of land possession and to get the agreement of the landowners, this takes time and compromise from all parties.
“We will try to get the agreement as soon as possible and the developer has to make an offer which is on par with today’s market (price). Hopefully, it is a solution which satisfies all parties and I will make sure that the owners or families are not cheated,” he said.
Brand... Status... It come with a price...
Is this Malaysia’s most expensive office suite?
Refer from edgeprop.my
Amid Malaysia’s soft office market, luxury serviced office and co-working space provider Colony Space Asia Sdn Bhd revealed a prototype for its future luxury office suites called Jamestown Suite today.
The company touts it as the most expensive office suite in the country, with monthly rents of RM46.50 psf – or RM10,000 for a 215 sq ft space designed for one occupant.
CBRE | WTW managing director Foo Gee Jen said at RM46.50 psf, it will surpass the average RM15 psf that Menara 3 commands, which is currently the highest in the Kuala Lumpur city centre, possibly even the whole of Malaysia.
However, he stressed that co-working spaces typically have short leases and come with additional features and services.
Indeed, expect amenities such as a fully stocked mini bar, lounge set, flat screen TV, personal butler service and even a Google Home device that acts as your personal assistant by updating you about your daily schedule, turning on the lights or even drawing the curtains in the suite.
"One thing all co-working spaces and serviced offices share in common is that we spend a lot on common areas but the offices themselves where our guests spend the most time are generally basic with just a simple table and chair.
“At Colony we care a lot about our guest experience and that includes the experience they have in their own offices.
“So we're pioneering this new concept which we believe will eventually become the standard of the industry,” said Colony Space Asia founder Timothy Tiah in a statement today, adding that he hopes to pioneer the concept of "workcation" by allowing users to rent the room for RM300 a day.
Meanwhile, Colony general manager Nitaya Pirinyuang added that a price war has erupted due to higher competition among service providers offering similar-looking spaces.
“Our unique offering and premium market has allowed us to raise rates in the past year and we're constantly looking at ways to increase the value we provide our guests which correspond to higher rates,” said Pirinyuang.
Indeed, it appears to be bucking the trend by charging a premium – higher stock of spaces have pushed vacancies up and pressured rents, with the average gross rent for buildings in the CBD at RM2.26 psf per month, said JLL Property Services (Malaysia) Sdn Bhd in February.
The first Colony co-working space is located in Vipod Residences at Jalan Kia Peng, KLCC.
The company recently launched its second co-working space on July 18 at KL Eco City, on the fringe of Kuala Lumpur.
It is expected to open its third location by the end of this year at Q Sentral in KL Sentral and has disclosed RM20 million in funds raised to build spaces since its inception.
Hi all, have you all aware lately that Shopping Mall have added in some new feature to help benefit the shoppers to have an new experience in their mall?
This happen in Sunway Pyramid. Have you seen the changes? The visual, hearing, the aroma and even the skin senses...
If you have not aware on this, here is the new experience is done in Sunway Pyramid.
The article is refer from www.starproperty.my
Mall plays with soundscape to create an experiential journey
A transformation that involves the senses of sight, sound, smell and touch
PETALING JAYA: As a mall that has been in business for 21 years, Sunway Pyramid saw the strategic importance of creating experiences for their shoppers in face of intense competition both from the onslaught of online shopping and more new malls opening in the Klang Valley.
Those who visited Sunway Pyramid recently may have seen and enjoyed the stack of escalators that connects the upper-level car park floors to the retail floors through its latest asset enhancement exercise worth approximately RM250,000.
Dubbed as ‘Oasis Garden’, the exercise saw the creation of a rainforest-like environment across six floors of escalator decks through creative use of sight, sound, smell and touch in generating a life-like experience.
“When we were identifying the areas to bring out the soundscape, the escalators stood out in terms of importance and conduciveness. As two-thirds of our mall traffic utilises those escalators which translated into two million visitors per month, the location represented a strategic value to make an impression to a great number of visitors,” said Sunway Malls & Theme Parks chief executive officer HC Chan.
“The whole idea of Oasis Garden was to create a pleasant transition for people walking from the parking bays to the retail space and vice versa,” he continued.
“Furthermore, the car park is a relatively harsh environment without air-conditioning. The mall can be a very crowded place, and the sight of a rainforest-like garden helps to change the feel and mood of the shoppers, allowing them to experience something soothing, refreshing and therapeutic, said Chan.
The escalators, connecting CP7 to CP2 parking floors at the Orange Atrium, now features artificial greenery with sounds of birds chirping, crickets, frogs and monkeys. The sounds of flowing water and gushes of wind complemented the entire “garden”, creating an immersive sound experience for shoppers.
“To ensure we achieve the right soundscape, we sought the assistance of Professor Matthew Sansom, the associate dean of Sunway University School of Arts and Head of Performance and Media. He has had 20 years of experience working with sound and he explores the relationship of sound with people and the environment,” said Jason Chin, General Manager of Operations for Sunway Malls.
“The sounds of nature helped to mask the sounds of the escalator mechanism, car screeches, and just general white noise from the crowd. Authentic sound from 17 species of birds was used to create this soundscape,” Chin explained.
The mall has further enhanced Oasis Garden with scents of the forest, to create an even more wholesome experience for its shoppers.
In many ways, Oasis Garden also serves as an awareness that Sunway is committed to the United Nation’s Sustainability Development Goals. Rainforests play an essential role in ensuring the eco-system of life on land is well preserved.
It took the mall over six months to get Oasis Garden to where it is today.
“We also have a Paradise Garden in Lower Ground 1, just outside the Blue Entrance. It’s a seating area with real plants since it’s in the outdoors but the next area we are looking at to implement soundscape is our newly-refurbished Main Entrance at the Ground Floor. Professor Sansom is currently studying the area,” said Chin.
“Our success with Oasis Garden shows that we can turn science into art, and we can translate a space into something people can enjoy. When a visit to the mall is delightful, we know we have done something right for our shoppers,” concludes Chan.
Asset enhancement exercises are common for Sunway Pyramid as the mega mall went through a series of activities to keep abreast. It underwent an extensive renovation and expansion back in 2007 and added a new retail podium known as Sunway Pyramid West in 2015.
Amongst the various priorities to sustain a retail or mall business, customer loyalty is a significant priority.
However, the quest for customer loyalty has become increasingly challenging with evolving expectations.
Not only do customers at present have a high expectation of service and quality of products, but they have also come to expect more holistically and gravitate towards brands who can creatively engage with them.
In recent times, such demands created the need for retailers and malls to expedite and embrace what is termed as ‘experiential shopping’ in a bid to ensure their continued relevancy.
Its great to hear that HSR is not scrap as MPIG do believe that HSR will bring lots of good to Malaysia. It is been told that Prime Minister Dr Mahathir Mohamad is only merely postponing the HSR Project, not scrap the deal entirely. MPIG believe that if HSR is build, more Malaysian will stay in Malaysia, yet help on rebuilding Malaysia economy. Not only that, it helps shortened the distance of travelling and time saving. MPIG also believe a lot of investor have invest based on HSR elements. Lets hope for the best is coming soon.
Below is the news refer from www.themalaysianinsight.com
High-speed rail project postponed, not scrapped, says Dr MahathirPRIME Minister Dr Mahathir Mohamad has said he is merely postponing the high-speed rail (HSR) project with Singapore, softening his earlier intention to scrap the deal entirely.
Dr Mahathir told Japan’s Nikkei Asian Review that Malaysia would benefit greatly from such a project.
“There will be a need for a high-speed rail in the future, probably right through the peninsula. But we cannot afford it at this moment,” he said.
“So, we actually postponed the implementation of the project.”
Dr Mahathir’s comments are the first to indicate a softening of his administration’s earlier stance of scrapping the project entirely, a move which could incur hefty penalties into the millions.
In the interview with the Japan daily, Dr Mahathir said that while a high-speed rail would be useful in the future, its cost – which he placed at RM110 billion – was too high at a time when the government was trying to reduce the country's RM1 trillion debt.
He also said that the existing deal that would have connected Singapore to Johor and Kuala Lumpur was not beneficial to Malaysia, as the length of the tracks was too short to warrant the project's cost.
“High-speed trains are most effective where the distance is very long. But where the distance is short, it doesn't contribute much,” said Dr Mahathir.
“So, we need to rethink the high-speed rail. We cannot say we will never have a high-speed rail in Malaysia. What we can do is postpone the project because it is far too costly at this moment.”
Singapore’s Transport Ministry had last month issued a statement saying it had yet to receive an official notification from Putrajaya of the decision to scrap the HSR project. – June 12, 2018.
PETALING JAYA: All registered businesses have been told to lower prices following the Government’s move to zero-rate the Goods and Services Tax (GST) from June 1.
Customs director-general Datuk Seri T. Subromaniam said businesses must follow the ruling by passing down the 6% savings to consumers.
“We urge business operators not to exploit the Government’s intention to lower prices of goods and services for consumers,” he said in a statement.
GST zero-rated supply means the goods and services are not taxed, hence the taxable company does not need to collect any GST on sales.
GST brought in RM44bil in 2017 and the previous administration projected a collection of RM43.8bil in revenue from the GST this year.
Subromaniam said the Government has yet to announce when the SST will be implemented and the tax will not take effect immediately.
“Therefore, all businesses must lower prices which was previously set at 6% beginning next month,” he said.
The Government, he said, will take strict measures to ensure that the prices of goods and services will be in line with the Price Control and Anti-Profiteering Act 2011.
“Business operators can refer to the questions and answer section regarding the transitional period from 6% to 0% GST at www.customs.gov.my and the department’s portal gst.customs.gov.my,” he said.
Refer from https://www.thestar.com.my
AirBnb, Short term stay, homestay, etc. Whatever you call it, we do agree on this below new. It is lucrative in return but its hotel/lodging business model and it create lots of uneasy in terms of safety issue.
MPIGHome.com do think that all these only suitable for commercial building, not residential or HDA status properties. Try to think, one of your neighbor do short term stay rental just right beside your home. There are always new faces in and out within your housing vicinity, what you feel? It will be the same feeling that the others have if you run it at your investment property. Yes, its still loop hole in Malaysia rules, but be prepare for all investors who doing this, we do believe it will be more strict rules on this business.
Now is in Penang, but sooner or later will be in within Malaysia
Doors shut on home share venture
GEORGE TOWN: A home share operator who tried to sue the joint management body (JMB) of his condominium for not letting him operate had his claim thrown out by the Strata Management Tribunal.
Tan Sung Hai had tried to claim damages from the JMB of Birch Regency Condominium in Jalan Datuk Keramat for loss of business through the tribunal.
He was, however, spared a counterclaim by the JMB when tribunal president Kamarulzaman Abdul Rahman ruled that the body did not have supporting docu-ments.
The JMB wanted Tan to pay a compensation of RM50,000 or any amount deemed fit for depriving residents and families from a secured home environment, resulting in mental stress and anguish.
The body also wanted Tan to compensate for utility, repair and maintenance bills of RM1,000, security cost of RM2,000, additional management office expenditure of RM2,000 and cost of banners put up in the condominium to warn against home-sharing activities estimated at RM300.
“I already decided in favour of you. I now advise you to file a separate case against the claimant,” Kamazulzaman told the JMB’s representatives.
Outside the courtroom, JMB committee member E. B. Lim said the committee will decide later whether to pursue the matter.
This is believed to be the first instance in Penang where a home-sharing operator tried to seek his legal right to run his business.
In 2016, Penang Island Municipal Council ruled that home-sharing was illegal here because residential properties were not properly fitted to cater for hospitality or commercial activities.
The city council then began a crackdown and fined many residential owners for operating illegal businesses.
Penang has a large number of home-sharing operators, owing to high tourist arrivals.
Read more at https://www.thestar.com.my
OMG!!! Co-Living as answer to affordable housing in Hong Kong?
Yes its that serious that due to scarcity of land and also ever increasing of property price, Hong Kong is facing serious problem on affordable housing where lot of them cant own a house by themselves.
We Malaysian are lucky that we still have plenty of lands and property price is still among the lowest in Asean countries. Even said so, the property price surge in the last few years have been very aggressive which over take the income increment speed of fellow Malaysian. You can see the last two years, more Malaysian feels struggle to own a house or even struggle to pay for house loan. This will be a serious issue if the property price keep increasing.
Relief enough that property price have been stable for past one year and more affordable housing project is proposed (MPIG have some reserve on this as due to excessive of supply and some complain on the workmanship in some completed project).
Here's how the situation in Hong Kong:
KUALA LUMPUR (March 14): Could co-living be the solution for increasingly unaffordable homes in the world’s urban centres? Does one have to own a property to call it a home?
Some people are thinking out of the box. One example is Richard Yue, chief executive officer of Hong Kong-based Arch Capital Management.
Yue believes co-living will be a major factor in the ex-British colony’s property market in the future. Not surprising as Hong Kong’s real estate segment is the globe’s priciest.
So, what is actually co-living?
According to The Collective’s (developer of a co-living project in London) website, “Co-living is a way of living focused on a genuine sense of community, using shared spaces and facilities to create a more convenient and fulfilling lifestyle” – basically, you still get your rented room or apartment/flat but you have to share all the space outside and the facilities.
The co-living formula has proven to be a success in the US and Europe, reported Hong Kong’s South China Morning Post.
“Asians want to own as much as they can, but prices have gone to a level beyond affordability for a lot of people. So what you see is people are less willing to buy, but they still have a housing issue to address,” Yue told the daily.
He feels that the co-living concept is the solution for those who have been priced out of Hong Kong’s home market, especially those just starting out in life such as students and young professionals.
Using figures provided by real estate services firm JLL last year, South China Morning Post reported that “while nominal wages grew 45% from 2009 to mid-2017, income growth has still fallen behind rocketing rents for mass residential properties, which increased 102% in the same period.”
And the earning power of the Hong Kong’s younger set is of course lower than the rest of the population, so they are feeling the full force of the astronomical rise in rents and property prices.
Meanwhile, architectural and consultancy practice Synergy Biz Group has opened Bibliotheque in Mong Kok last November.
According to the South China Morning Post, the property has “166 beds across three five-storey buildings. Rent, which ranges from HK$3,500 (RM1,736.06) to HK$5,500 includes bed space, cleaning services and communal facilities”.
Founder of Synergy, Keith Wong told the English paper that “over 90% of residents are aged between 18 and 35, with 20% as students and 30% working youth.”
Last year, AFP reported about The Old Oak, a co-living project located in northwest London developed by The Collective.
The Old Oak has 546 rooms and high-end facilities such as a spa, gym, library, work room, restaurant and even a cinema.
"It is extremely difficult to find a place to rent in London and young people are increasingly marginalised," said Ed Thomas, who manages the property for The Collective.
"You've got a nice spacious room (129 square feet) with big window that lets lots of light in."
And the cinema has screenings of the hit series Game of Thrones.
Refer from www.edgeprop.my
These disruptive technologies are set to reshape the real estate industry
Asia Pacific is now the world’s largest testing ground for real estate technology. It is home to 179 proptech start-ups, which have raised around USD4.8 billion in funding since 2013, according to the recent “Clicks and Mortar: The Growing Influence of PropTech” report commissioned by Jones Lang LaSalle (JLL). By 2020, funding in the region’s proptech sector will have reached USD4.5 billion a year.
Disruptive technologies weighed heavily on the minds of real estate and construction stakeholders gathered at the first PropertyGuru Asia Real Estate Summit, which was held earlier this month at Sands Expo and Convention Centre in Singapore.
“The reason why we’re so committed to innovation is that we see the numbers,” said summit speaker Dr. John Leslie Millar, chief strategic development officer at Ananda Development, the award-winning Thai developer whose UrbanTech innovation strategy has met widespread acclaim. “The average age of a Fortune 500 company in 1936 was 90 years; now it’s fallen to less than 15 years. Fifty percent of the companies that were on the Fortune 500 list in the year 2000 no longer exist.”
Real estate leaders will need to capitulate to these paradigm shifts — and fast, Millar cautioned. “Whether you adapt to disruption, whether you adopt innovation or not, it doesn’t matter. Disruption is happening. Either you will be the one doing the disrupting or you will be disrupted.”
Here are seven of the technologies you cannot afford to ignore in this changing landscape:
One of the more disruptive technologies to enter the real estate sector in 2017, blockchain revolutionises real estate transactions in that it keeps a binding, completely unbreakable ledger of transactions, which does away with third parties altogether. The groundbreaking tech is indeed a good fit for a sector in a region with high levels of opaqueness. “Blockchain will add liquidity to the property market,” said Jack Fitzgerald, founder of Disrupt Property. “It will enable us to transact property in a different way across markets with much less regulation.” Blockchain’s ability to imbue transparency into real estate transactions portends new structures in real estate in terms of relative ownership, according to Darvin Kurniawan, CEO of Singapore-based blockchain startup REIDAO. “We want to create a new model where the community as a group would be actually able to own properties and will be able to share the utilisation of these properties among themselves,” he said. “If we are friends, we can stay in each other’s properties because we trust each other. What if we bring that structure through the blockchain, remove the trust, and we allow the sharing of the properties?”
Part and parcel of the blockchain revolution will be the growing adoption of cryptocurrencies. Dubai’s land registry has just announced its own cryptocurrency, while Singapore is tokenising its dollar under the game-changing Project Ubin – the Monetary Authority of Singapore’s ongoing distributed ledger technology trial. Powered by blockchain, cryptocurrency payments are rendered automatic. “Cryptocurrencies are obviously one of the hottest spaces in real estate right now,” said Julian Kwan, founder of InvestaCrowd. “We’re watching it very closely.” By paying in Bitcoin, Ethereum, or any of the other cryptocurrencies that have recently gained popularity, property buyers do away with lawyers, notary requirements, and other middlemen, vastly expediting asset transfers. Since cryptocurrencies are not bound by country-specific interest rates and transaction charges, it also makes it easier to conduct cross-border transactions.
3. Internet of Things (IoT)
Developers in Asia are increasingly furnishing properties with smart home appliances and devices, especially those that allow access control, i.e. control of their units from mobile interfaces anywhere in the world. “Internet of Things is just another term for sensors,” Fitzgerald said. For inspiration, developers are turning their attention to The Edge, the world’s smartest building. The 15-storey structure in Amsterdam is equipped with a whopping 28,000 sensors, allowing it to detect and respond to changes in room temperatures, humidity, lighting, ventilation, and other variables. The Edge is also a net-zero energy building, producing 102 percent of its energy needs and making it a darling among sustainability advocates worldwide. “I love The Edge Building,” Chungha Cha, founder of the nonprofit Re-Imagining Cities. “If we have a lot of these buildings, which connect the physical layer, the bricks and mortars, to a digital layer, you can enjoy additional income as a real estate developer.”
“Location, location, location” rings truer than ever for the real estate sector as mapping technologies become increasingly advanced. Maps are no longer just maps. Addresses now come with a list of data attributes, such as building types, sale values, natural hazard risks, and points of interest. Ananda is, for example, exploiting the treasure trove of data that comes with Bangkok having more Facebook users than any other city on earth. The developer is using points-of-interest (POI) data generated by social media users and linking them, via algorithms, to publicly available consumer spending data. The upshot of these lets developers make more accurate valuations and predictions as to how much revenue they can derive from a particular plot of land. “Either we can pay more because we understand the value of a plot of land better than competitors or the competitor locks up their capital in land that they can’t sell,” Millar said. That’s an example of how data gives us a competitive advantage.”
A significant part of product strategy going forward for real estate developers and property portals is the application of drones for photography. PropertyGuru, for instance, uses unmanned aerial vehicles to capture 360-degree images from various building heights, giving property purchasers unvarnished views that they can expect from their future apartments. The Asia based proptech firm also sends out UAVs to film videos of up-and-coming neighbourhoods or those poised for major infrastructural upgrades. “Most developers today are smart enough to create great visualisations,” said Hari Krishnan, CEO of PropertyGuru. “From a consumer’s perspective, they know exactly what the view is; it’s not just a visualisation. In the end, they care that they are looking at better-looking photographs and videos. They don’t care about the kind of technology that we’re using.”
6. Augmented and virtual reality
Augmented and virtual reality illustrates the full extent with which technology can execute and broker transactions in global real estate investment. The wide variety of VR headsets on offer has empowered discerning property seekers to be transfigured in the properties of their dreams—even in some cases before they exist. “Imagine a buyer in Hong Kong looking at a London property,” Shailesh Rao, Google and Twitter alumni and current board director at JLL, said at the Summit. “Here is what I think is an amazing opportunity for augmented reality to mitigate the risk of that review process and potential purchase online.”
7. Big data
With big data, companies can see the profiles that make up buyers and their interests and make more informed decisions on approaching potential clientele. Marketplace technologies, not unlike Netflix or Uber, will be able to arbitrate and connect buyers and sellers in the real estate market based on such affluence of data. One Silicon Valley startup, Opendoor, has been disrupting American real estate since its launch last year based on this principle. A property seeker goes into the Opendoor site and puts in their address; the site returns with a binding offer the home within 24 hours. “This process is all based on the integrity of Opendoor’s data,” said Fitzgerald. “That’s the kind of innovative thing that big data allows companies to do.”
This article was originally published on Property-Report.com. For more stories from Asia’s most trusted and enduring luxury real estate, architecture and design publication, visit Property-Report.com
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
In this section we will be sharing on articles & news update related real estate and some other interesting topics.