BLand unit to acquire land from Selangor Turf Club

By Bernama
Tuesday, 18 December 2012 18:21

KUALA LUMPUR (Dec 18): Berjaya Land Bhd's (BLand) unit Selat Makmur Sdn Bhd has proposed to acquire 99.06 hectares of leasehold land in Sungai Besi from Selangor Turf Club for RM640 million.

In a filing to Bursa Malaysia today (Tuesday), BLand said the acquisition included all existing buildings and structures erected.

BLand said Selat Makmur has also proposed to acquire about 303.514ha of freehold land in Sungai Tinggi from Berjaya City Sdn Bhd.

The company has also proposed to appoint Berjaya City as the turnkey contractor to carry out the construction of the new turf club for RM605 million, it said.

BLand said Selangor Turf Club and Selat Makmur had agreed on the layout and building plans, designs, drawings and specifications for the new turf club. — Bernama

Malaysian economy to grow 5.5% next year

By Farah Wahida:

Malaysia’s gross domestic product (GDP) is expected grow between five percent and 5.5 percent in 2013, said Deputy Finance Minister Datuk Donald Lim Siang Chai.

The good economic growth will likely be driven by healthy domestic demand and more income inflow from the tourism, construction and services sectors, he said in a report by The Borneo Post.

“On fiscal deficit, we expect it to be reduced to four percent or below next year, from the current 4.7 percent.”

Furthermore, the government aims to cut Malaysia’s fiscal deficit to three percent by 2015.

Investments to see boom time in 2013

By Farah Wahida:

More investments are expected to flow into Malaysia in 2013 given the number of ongoing and upcoming projects, according to Frederico Gil Sander, World Bank Senior Economist for Malaysia.

Majority of these projects are from the property, infrastructure, as well as oil and gas (O&G) sectors.

“Notable projects in the O&G sector include the RM60 billion Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor and the RM3.8 billion Sabah Oil and Gas Terminal (SOGT) in Kimanis.”

Moreover, progress of various property and infrastructure projects such as the RM26 billion Tun Razak Exchange (TRX), the RM4.45 billion Second Penang Bridge and the Mass Rapid Transit (MRT) project will also encourage investors to invest more.

“These investments are directly and indirectly linked to the structural increase in commodity prices over the past six or seven years. The challenge for Malaysia going forward is to ensure investments in non-commodity sectors, such as manufacturing and knowledge-intensive services, also pick up,” he noted.

“With respect to portfolio investment, we expect these flows to remain volatile as they depend on the sentiment of foreign investors, which is likely to shift as countries approach and turn back from various policy cliffs. For example, the United States fiscal cliff or the debt overhang issues in the Eurozone.”

Nonetheless, Malaysia is expected to remain an attractive destination for overseas investors in the long-term due to its potential for higher-than-average growth.

BCB gets good response to condo project

By Wong King Wai of The Edge Financial Daily
Friday, 21 December 2012 12:29


KUALA LUMPUR: The second phase of BCB Bhd's Concerto North Kiara condominium project, which was launched on Dec 1, has already attracted some RM52.3 million in sales.

Phase 2 of the condominium development, situated north of the main Mont'Kiara area which borders Segambut in Kuala Lumpur, offers 162 units housed in two blocks called Ballade and Carol, each with 81 units.

Concerto North Kiara has an overall gross development value of RM520million and offers a total of 440 units. It is the Johor-based BCB's maiden property venture in the Klang Valley.

Phase 1, which was launched on July 7, featured two blocks named Adagio and Etude. They also featured a total 162 3-bedroom units with built-ups starting from 1,500 sq ft and prices from RM1.1 million. All the units have since been sold.

"Concerto North Kiara has been very well received by our purchasers and has also been receiving good comments from property investors, real estate agents and visitors in general," said project general manager Sean Tan. "Our pricing is below RM700 psf. For such exclusive condominiums which emphasise privacy and security, they are definitely a good buy."

The 3+1 bedroom units in Phase 2 will have built-ups from 1,590 to 1,818 sq ft and are priced from RM1.1 million onwards. Each unit comes with a private lobby measuring 120 to 156 sq ft that belongs to the purchaser.

Concerto's unique selling point is its same floor drainage system that prevents water leakages from affecting the units below. When completed in 2015, Concerto will feature five blocks.

On the outlook in the coming months, Tan acknowledged that the economic climate is still uncertain but he is positive 2013 will see better growth in Malaysia and the region. US President Barack Obama and Chinese Premier Wen Jiabao's pending visits to this region show that opportunities abound in Malaysia, said Tan.

"Our Ministry of Tourism will also be embarking on an MM2H (Malaysia My Second Home) programme roadshow to China's major cities to attract investors to come to Malaysia to stay and do business … I foresee a good market for our Concerto North Kiara units for Phase 2 and Phase 3 next year," he said.

BCB's next yet-to-be-launched project is in Kota Kemuning, Shah Alam, where 513 bungalows and 49 shophouses will be developed. The RM1.8 billion project will offer bungalows priced from RM2 million. The built-ups will be between 4,500 and 6,000 sq ft, with land area sizes from 6,000 sq ft.

BCB's main development activity is centred in Johor, particularly in Batu Pahat and Kluang. Besides residential projects, such as Taman Bukit Perdana, Evergreen Heights and Bandar Putra Indah, the company is also the developer of BCB Plaza in Kluang and U-Mall in Skudai, as well as a hotel, Prime City Hotel, in Kluang.

This story first appeared in The Edge Financial Daily edition of Dec 21, 2012.

Intro of PEMUDAH Malaysia

The idea for a high-powered task force to address bureaucracy in business-government dealings was first introduced in the Prime Minister’s annual speech to the Civil Service on 11th January 2007. It was recognised that a concerted cross-ministerial initiative was needed to effect greater improvement in the way government regulates businesses. To be truly relevant, it was also essential to have active participation by the private sector.

On 7th February 2007, the Special Task Force to Facilitate Business or PEMUDAH (taken from the task force’s Malay name ‘Pasukan Petugas Khas Pemudahcara Perniagaan’) was established. Reporting directly to the Prime Minister, the team comprises 23 highly respected individuals from both the private and public sectors. It is co-chaired by Y.Bhg. Tan Sri Mohd Sidek Hassan, the Chief Secretary to the Government of Malaysia and Y.Bhg. Tan Sri Datuk Yong Poh Kon, President of the Federation of Malaysian Manufacturers.

Terms of Reference:
To review the status of the public services delivery system in terms of processes, procedures, legislation and human resource and to propose new policies for improvements;
To benchmark best practices to improve the ease of doing business;
To enhance collaboration among public and private sector agencies to improve Malaysia’s competitiveness;
To monitor the implementation of policies, strategies and procedure that would improve the efficiency and effectiveness of the public and private sector delivery system; and
To take appropriate action to address issues in line with the National philosophy of 1Malaysia, People First, Performance Now. Vision and Values



To achieve a globally benchmarked, customer-centric, innovative, entrepreneurial and proactive public and private sector delivery service in support of a vibrant, resilient and competitive economy and society, driven by the following:
A sense of urgency
Proactive public-private sector collaboration
Facilitation, not hampering
No more regulation than necessary
Zero tolerance for corruption

Govt to implement build-and-sell concept by 2015: Pemudah

KUALA LUMPUR: The government is to implement the build-and-sell concept by 2015 to stem the problem pf abandoned housing projects, according to the 2012 annual report of the Special Task Force to Facilitate Business (Pemudah).

The report, which was issued Monday, said the concept would be implemented through the financing of houses based on Syariah to buyers.

The government also imposed tighter laws through an amendment to the Housing Development Act (Control and Licensing) 1966 (Act 118), it said.

Among others, the deposit was increased from RM200,000 to three percent of the cost of physical development, including professional fees for the Housing Development Account, and a maximum penalty of RM50,000 has been set, compared to RM20,000 previously for offences under any provision of Act 118.

The amendment, passed by Parliament, also gave buyers more rights on matters of house buying, including the choice to cancel the sale-and-purchase agreement if there is no progress at the site six months after the date of agreement.

The scope of the House Buyers Claims Tribunal was also expanded to enable buyers to seek compensation from unlicenced housing developers.

A list of developers who were blacklisted and problematic housing projects were also displayed on the website of the Housing and Local Government Ministry.

According to the report, 32 abandoned housing projects had been revived by the Special Task force for Revival of Abandoned Housing Projects last year.

"The remaining 62 abandoned projects with 26,486 units and 17,400 buyers, are at various stages of revival while 22 other projects are in the planning stage to be revived by developers identified by the government," said the report. - Bernama

Property buyers seen shifting to affordability in 2013

By Kamarul Azhar of theedgeproperty.com
Thursday, 13 December 2012 13:38


PETALING JAYA (Dec 13): The trend of property buying in the country will shift towards affordability in 2013, which will see buyers gravitating towards products with lower absolute pricing, according to Hong Leong Investment Bank analyst Sean Lim.

He said property developers should respond to the shift in preference, by cutting back on the scale of property launches, reduce absolute selling price by selling smaller units and transit from selling high rise to landed units.

"Going into 2013, we expect the challenges to intensify as both property developers and buyers undergo a transition phase, with buyer preference undergoing a dramatic shift towards affordability," said Lim.

He added launches and sales is expected to moderate in 2013 compared with 2012, dismissing talk that the property market will see a hard landing next year.

"We still do not believe that a hard landing scenario is likely to transpire in 2013. Asset quality for loans continued to improve with NPL (non-performing loans) ratio at all-time low of 1.9% for residential property loans," said Lim.

However, a major risk of rising NPL ratios among banks due to Malaysians losing holding power of their properties still lingers, according to Lim.

Property developers also face the risk of margin erosion in 2013 if material prices spike or pressure from lower selling price of properties, slow down in sales or cut back in launches.

Major catalysts for the industry in 2013 include the RM46 billion worth of investments announced to be implemented in Iskandar Malaysia starting next year, and also the completion of the second Penang bridge.

"The RM46 billion of developments announced in last week's WIEF (World Islamic Economic Forum) should help sustain interest for UEM Land Holdings Bhd.

"Penang mainland is also set to benefit from the opening of Penang Second Bridge in Sept 2013. Within our coverage, Mah Sing looks set to be the biggest beneficiary, as its Southbay City integrated development has balance GDV of RM2.1 billion," he said.

As the responsible financing guideline started to take effect on property transactions, the operating environment of the property sector is expected to get more competitive next year.

Some property analysts are of the opinion that property developers with strong branding and big land bank are the ones who can remain positive above the rest.

Among the property developers with large land bank and strong brand in Malaysia include Sime Darby Bhd, UEM Land Holdings Bhd, IJM Land Bhd, S P Setia Bhd and WCT Bhd.

S P Setia targets an ambitious FY2013 property sales of RM5.5 billion, after managed to surpass its target RM4 billion of sales this year. The group's achieved record new property sales of RM4.2 billion in FY2012, an increase of 28.6% year-on-year.

However, other differs saying that gearing level and valuations are more important for property developers next year, citing the lower expected growth rate.

Meanwhile, Affin Investment Bank's analyst Isaac Chow, whose property stock top pick include UOA Development Bhd and KLCC Property Holdings Bhd, said it is more important for investors to choose property stocks with appealing valuation and strong brand equity.

In a report on UOA Development, Chow stated that the group remains Affin IB's top pick among the property development stocks because of its undemanding valuation, high dividend yield, strong cash position, strong track record and management experience.

"UOA Development remains our top pick for exposure to the property sector and we continue to like the company for its undemanding valuation at 6.5 times CY13 core EPS, 1.1 times NTA and high dividend yield of over 5%,

"Strong cash position of RM274.7 million, strong branding, strong execution track record, and experienced management team who are highly adaptable to changes in market dynamic," stated Chow.

Affin IB has a target price of RM2.40 on UOA Development, based on 25% discount on its revalued net asset value (RNAV) of RM3.17.

UOA Development share stood at RM1.70 per share as at 11.48 am this morning, up 1 sen or 0.59% from yesterday's (Wednesday) close of RM1.69.

Property market to remain bullish in 2013

By Farah Wahida:

Despite several concerns this year, the property market is expected to remain bullish in 2013 and prices are unlikely to drop, said Nixon Paul, President of Malaysian Institute of Estate Agents (MIEA).

In a report by Business Times, Paul noted that investors were coming back in the second half of 2012, particularly in the last two months while transactions remained strong.

He said one of the misconceptions that emerged was the oversupply of office space as manufacturing based companies relocate to China.

“And then there was Bank Negara Malaysia's responsible lending guidelines which affected the market initially but the market bounced back eventually,” he said, adding that the valuation part, where banks disagree with the price initially agreed upon by the buyer and seller, was the biggest frustration faced by the property market.

“But other than that, it has been a good year for the property market and will remain that way next year. Prices will generally be stagnant and not likely to drop. In areas where there is land scarcity, prices will go up a bit,” he said.

In concurring, Gerald Kho, Chief Executive Officer of Reapfield Properties, said “the market will remain strong next year where prices will continue to increase if the stock availability remains tight.”

Since the implementation of the responsible lending guidelines, the quality of buyers stayed strong with the last month being a very busy month for property agents, added Kho.

“If this continues into the first half of 2013, there is no reason the second half can't be stronger.”

Home buyers cry over miscellaneous fees

By Farah Wahida:

Home buyers of Endora, a formerly abandoned residential project in Ijok, Kuala Selangor, were surprised that they are being charged RM5,000 in miscellaneous fees after the project’ rehabilitation, reported The Star.

Selvaraj S. Balaguru and his wife Lothermary Singarayar said they received a letter citing the name of a law firm based in Section 13 in Shah Alam to which they should pay the amount, but the firm failed to give them a breakdown of the fees.

“Lothermary and I were happy when we found out that the housing project in Taman Alam Perdana in Ijok, which was abandoned eight years ago, was completed following the rehabilitation of the project by the state government through Mentri Besar Incorporated (MBI),” he said.

However, Selvaraj claimed that the Selangor Mentri Besar Tan Sri Abdul Khalid Ibrahim had not mentioned of these fees during three meetings at the Stadium Malawati.

The letter advised them “to give the cash and that the Sales and Purchase Agreement would be handed to us for the bank to process the ownership of the house. If we do not give the RM5,000, the bank will not be able to restructure the loan for the delay in compensation, which comes to RM30,000,” he explained.

Selvaraj said many buyers face the same situation as theirs and they hope Khalid would help them sort this out. As such, he has sought help from the Selangor MCA Public Complaints Bureau chief Datuk Theng Book.

Theng responded and urged the MBI to explain the need to charge RM5,000, as it was unethical to collect the fees that were not previously announced.

More should consider Malaysia as investment destination: report

By Romesh Navaratnarajah:

Malaysia is being touted as a hotspot for foreign investors looking for favourable gains, particularly as property prices there are more affordable than other countries in the region such as Singapore and Hong Kong.

A recent report by The Standard highlighted Malaysia’s key attractions, including “prospective economic growth, stable housing market and pleasant living environment”, which helps attract overseas buyers.

Moreover, Malaysia offers stable prices, guaranteed rental yields, high GDP growth and a similar culture.

The capital of Kuala Lumpur has comparatively more relaxed property regulations and affordable living. Property prices here have risen by 15 to 30 percent in the last five years. Rental demand is also strong as more expatriates now live in the capital.

Meanwhile, Penang took up 28 percent of foreign direct investment in 2010 and 2011, credited to the state’s vibrant economy and young population of 1.6 million.

The northern state can also capitalise on its capital George Town, a UNESCO historic city listed by ECA International as the eighth best place to live in Asia.

The report added that “properties in the region have a proven track record...with prices expected to increase steadily over the next four years”.

Penang to get affordable houses: Najib

By Farah Wahida:

Penang will get 20,000 affordable houses and a monorail train service, should Barisan Nasional (BN) regain the state, announced Prime Minister Datuk Seri Najib Tun Razak at Universiti Sains Malaysia during the Promises Fulfilled Tour last weekend.

He revealed that 10,000 units will be developed by Perumahan Rakyat 1Malaysia (PR1MA) Berhad while the rest will be built by the Penang Regional Development Authority and government-linked firms Syarikat Perumahan Nasional Berhad and JKP Sdn Bhd.

“As the Government, we will fulfil this promise to the people because we are bound by our word,” he said during the launch of the nationwide online PR1MA registration.

“Register (online) for the PR1MA homes and we will conduct transparent and sincere balloting (for the units).”

Najib also promised that these houses will cost significantly less than the market price, reported Asia One.

“If the market price is RM500,000, we will sell at RM300,000 to Penangites. This is my promise to all of you... (We are) not like Pakatan Rakyat that failed to fulfil its promise to the people of Kampung Buah Pala that their village would not be demolished.”

“The state government has not built even a single low-cost house here (according to the Auditor General’s Report 2010) so who can you trust Barisan or Pakatan?”

Moreover, the state will also get a monorail like the LRT in Kuala Lumpur to provide good public transportation for Penangites.

S P Setia buys KL land with RM1b GDV

By Janice Melissa Thean of theedgeproperty.com
Wednesday, 05 December 2012 16:31

KUALA LUMPUR (Dec 5): S P Setia Bhd has purchased a 12,456 square metre plot in the heart of KL for a total purchase consideration of RM294.97 million via its wholly-owned subsidiary Setia Hicon Sdn Bhd.

"The estimated gross development value (GDV) of the proposed integrated commercial development on the property... is approximately RM1.04 billion,” said S P Setia in an announcement to Bursa Malaysia today (Wednesday).

The freehold property is currently occupied by the British High Commission and is located on "Embassy Row", in the immediate vicinity of KLCC within the Golden Triangle.

The group will also come into ownership of the buildings and amenities which currently sit on the property, including 3-storey building, a 2-storey clubhouse with ancillary buildings and a swimming pool.

The location enjoys good transportation connectivity via the Ampang-KL Elevated Highway (AKLEH), Duta-Ulu Klang Expressway (DUKE) and Middle Ring Road 2 (MRR2), as well as close proximity to the Ampang Park LRT station.

"Over the past few years the group has steadily grown its network of high-net-worth property purchasers who have strongly supported the launch of its numerous investment-grade projects such as KL Eco City in Bangsar, Fulton Lane in Melbourne and 18 Woodsville in Singapore," it said.

"The proposed acquisition therefore provides a unique opportunity for S P Setia to acquire a piece of prime freehold land at the very heart of Kuala Lumpur to build investment-grade commercial and residential products to suit the needs of this highly discerning and sophisticated clientele."

S P Setia intends to finance the acquisition with internal funds and bank borrowings. It is estimated that the acquisition be complete by the first half of 2013.

RM46b projects for Johor

By M Shanmugam of theedgeproperty.com
Wednesday, 05 December 2012 14:56

JOHOR BARU: A RM3.5 billion facility to cater for regional motoring enthusiasts is one of a slew of development agreements, amounting to more than RM46 billion, unveiled yesterday for Iskandar Malaysia and Danga Bay.

The Motorsports City project, which will be built on a 270-acre tract near the Tuas Second Link, will be jointly developed by FASTrack Autosports Pte Ltd, a company controlled by Singapore billionaire Peter Lim and UEM Land Holdings Bhd, a Khazanah Nasional Bhd-controlled company.

The facility will cater for all car companies. It will have a 4.5km test track, dubbed the "Nurburging of Iskandar Malaysia", that will be Formula 1-compliant and designed by an internationally acclaimed track designer.

Apart from the track, the area will also have an integrated mixed commercial development to house service centres, car showrooms, a spare parts and accessories hub and centres to enhance and upgrade cars.

Lim, a former remisier who is now an investor in several companies including McLaren Automotive, said the F1 track is not meant to compete with the existing facilities in Sepang and Singapore.

"The idea is not to build an F1 track to compete with the existing tracks. This track is to cater for motoring enthusiasts and car companies. I believe we can build a sound business model with the competitive cost structure and availability of labour," he told a press conference after the exchange of documents in conjunction with the World Islamic Economic Forum yesterday.

UEM Land Bhd managing director and CEO Datuk Wan Abdullah Wan Ibrahim said it is hoped the race track will be completed by 2016. The facilities will include a bonded warehouse for cars.

When completed, Motorsports City, which is 70% owned by FAStrack Automotive and 30% by UEM Land, will have about 8.25 million sq ft of gross floor area and create employment for more than 5,000 people.

The other major deals signed yesterday were:

(i) Country Garden Holdings Co Ltd, a China-based developer acquired a 11ha piece of waterfront land in Danga Bay for RM900 million;

(ii) Sunway Bhd's Sunway City Sdn Bhd is buying 779.07 acres in Pendas, Nusajaya, through a joint venture with Iskandar Investment Bhd (IIB) for RM412.7million or RM12.16 per sq ft;

(iii) a MoU between UEM Land and Chinamall Holding Pte Ltd to develop a China trade and exhibition centre in Nusajaya;

(iv) a collaborative agreement between UEM Land and Telekom Malaysia Bhd (TM) for the provision of communication and ICT infrastructure to realise a connected Nusajaya; and (v) a memorandum of collaboration among UEM Land, IIB, TM, Cisco Systems International BV and Centios Co Ltd to establish a Global Innovation Centre.

Wan Abdullah said UEM Land and Chinamall are looking at signing a definitive agreement within the next six months.

According to UEM Land's statement, the trade mall will cater mainly to merchants from China.

UEM Land will grant a lease of the mall to Chinamall Holding to operate it as a master tenant with the operating and management concept to be benchmarked against the Dragon Mart in Dubai, United Arab Emirates.

Sunway's tie-up with IIB for the acquisition of 779.07 acres of land is expected to generate an estimated gross development value (GDV) of RM12 billion over 17 years.

The acquisition was in addition to the 691 acres acquired a year ago, bringing Sunway's total development land in Johor to 1,558 acres, with a potential GDV of RM25 billion. Sunway is one of the largest land owners in Iskandar.

"In Johor we want to reach new frontiers. This is to be the most exuberant, exciting and exceptional integrated township," said founder and chairman of Sunway group Tan Sri Jeffrey Cheah in a statement.

At a separate event, Iskandar Waterfront Holdings Bhd (IWH) major shareholder Tan Sri Lim Kang Hoo signed an agreement to divest 55 acres of waterfront land to Country Garden Holdings Co Ltd.

This article first appeared in The Edge Financial Daily, on Dec 5, 2012.

Semi-Detached Houses for SALE!!

Semi-Detached Houses for SALE!!!

1) Taman Adamas 118, 2.5-sty SD Int, LA 2,770 sq ft, 4+1R4B, selling RM950k
2) Prima Jaya Phase 3 Semi-Detached, LA 4,690 sq ft, 4+1R4B, selling RM1,443,520 (Developer price RM1,388,000 + 4%)
3) Prima Jaya Phase 3 Semi-Detached, LA 3,229 sq ft, 4+1R4B, selling RM1,203,280 (Developer price RM1,157,000 + 4%)
4) Prima Jaya Phase 2 Semi-Detached Corner, LA 4,081 sq ft, 4+1R4B, selling RM1.35 mil
5) Taman Damai Phase 1 Semi Detached House, LA 4,000 sq ft, 3+1R3B, selling RM980k
6) Taman Sindo Semi-Detached (2-sty split into 4 semi levels), LA 4,100 sq ft (CL 999), 4R4B, selling RM880k
7) Taman Golden City 2-sty Semi-Detached, LA 3,620 sq ft, 2+1R3B, selling RM880k
8) Taman Orkid 2-sty Semi-Detached, LA 3,380 sq ft, 4R3B, selling RM820k
9) Taman Ujana Seri Fantasi 3-sty Terrace Corner, LA 3,360 sq ft, 4+1R4B, selling RM1.3mil 
10) Taman Luyang Phase 6, SS Semi-Detached, LA 4,270 sq ft, 3R2B, selling RM750k
11) 2-sty Semi-Detached nearby Eden Height, LA 4,100 sq ft, 3+1R3B, selling RM848k
12) Taman Reservoir Phase 1, 2-sty Semi-Detached, LA 4,116 sq ft, 5R4B, selling RM880k

Properties named above for sale are ALL Semi-Detached houses. Basically i will HIGHLIGHT Prima Jaya Phase 3 as they are selling at near to Developer's Price.

Hereby is the web address linking to my property details:

http://www.iproperty.com.my/realestateagent/14499/Wah_Kheng_Wu

Thank you!

--

Best Regards
for Metro Homes Sdn Bhd

Real Estate Negotiator 
WAH KHENG WUMetro Homes Sdn BhdMobile  :+6016-810 0663
Office    :+6088 486 060
Fax       :+6088-486 033
Email    :kwwah88@gmail.com

  

E-28-5, Block E, KK Times Square,

Off Jalan Coastal Highway, 
88100 Kota Kinabalu, Sabah, Malaysia.

..............................................................................................................................

Asia Pacific Property Awards 2009.  Winner for "Best Malaysia Real Estate Agency Website"

Real Estate Website  : www.metrohomes.com

MM2H Website         : www.mm2hnet.com

Understanding the Financial Crisis

A very well explanation regarding Financial Crisis happened in 2008. Check this out!



http://www.youtube.com/watch?v=qqUGoVez8xg&feature=share

Resorts World Bayshore to kick off in 2013

By Farah Wahida:

Genting Hong Kong Ltd will begin works for phase one of its Resorts World Bayshore in the Philippines, a development three times larger than the existing Resorts World Manila, according to The Star.

Notably, Genting Malaysia Bhd owns 18.4 percent of Genting Hong Kong Ltd.

“Following the success of Resorts World Manila, we hope to do the ground-breaking soon for the first phase of Resorts World Bayshore. We have already signed up Westin as one of the hotels there,” said David Chua, President of Genting Hong Kong.

The RM3.41billion development on a 16ha plot, which eyes RM1.7billion initial investment, is scheduled to be completed by 2016. Resorts World Bayshore will comprise two 800-room upscale hotels, a mall, a 3,000-seat grand opera and residential towers surrounding a casino, once completed.

The development is part of efforts by the Philippine government to build a 100ha leisure and gambling haven to compete with Las Vegas and Macau. Resorts World Bayshore is just 20 minutes apart Resorts World Manila and will take up eight sq km of reclaimed land in Manila Bay.

Meanwhile, ground-breaking ceremony for the third phase expansion of Resorts World Manila has been carried out by Genting group chairman Tan Sri Lim Kok Thay. Expected to be finished in 2016, the expansion will add over 1,000 hotel rooms, gaming facilities, retail space and other international hotels to the integrated hotel.

VALUE BUY: 1Borneo Condominium with Cottage Style Furnishing

Warm Greetings from Metro Homes, Sabah!

1Borneo Condominium is standing tall on a 23 acre development along Jalan Sulaman-Coastal Highway, elements of the whole development comprising of 2 blocks of Condominium namely 1Borneo Condominium Tower A and B, 1 block of Super Condominium namely Prince Tower, 1.5 million square feet of retail space, 2 blocks of Office Towers, Private College namely Mahsa College and Ascot Academy, and 1 block of Office cum Shop Lots with 3,500 car park bays provided.

Public Amenities within close proximity would be State Immigration of Sabah, Educational Institutions such as University Teknologi Mara (UITM), University Malaysia Sabah (UMS), Mahsa College, Ascot Academy and Politeknik Kota Kinabalu. In terms of Medical Facility there is Hospital Likas located at Kingfisher area only 6.5km driving distance away. Within only 13 minutes drive or 13.4km away, you may reach classy 6-star resort namely Karambunai Resorts with world class 18 holes of golf course and spectacular sea view overlooking Sepangar Bay. 

Property Description:

This unit available for sale is located at Tower A, 900 sq ft which is fully renovated with built-in cabinets, quality furnishing with hard wood material, kitchen wall is tiled at fully height, overall the whole unit is designed and furnished with sense of "Cottage Feel". It is ideally resided for single individual or couple whereas 2nd bedroom has been converted into study room with built-in book shelves. The living room is overlooking spectacular "Kampung View" and Crocker Range view providing serenity for its dwellers. 

Property Address: 1Borneo Condominium, Tower A (High Floor)

View/Scenery     : Kampung View/Alamesra View

Area/Size            : 900 square feet (Corner Unit)

Selling Price       : RM400,000

View to Appreciate!

Call now for more info and viewing appointment!

Thank you! 

--


Best Regards
for Metro Homes Sdn Bhd

Real Estate Negotiator
WAH KHENG WU
Metro Homes Sdn Bhd
Mobile :+6016-810 0663
Office :+6088 486 060
Fax :+6088-486 033
Email :kwwah88@gmail.com

  

E-28-5, Block E, KK Times Square,

Off Jalan Coastal Highway, 
88100 Kota Kinabalu, Sabah, Malaysia.

..............................................................................................................................

Asia Pacific Property Awards 2009.  Winner for "Best Malaysia Real Estate Agency Website"

Real Estate Website  : www.metrohomes.com

MM2H Website         : www.mm2hnet.com

Twin condos poised to be Sabah's highest building

By Farah Wahida:

Luyang will be home to the highest building in Sabah, once a twin tower condominium development with more than 50 storeys is completed there in the coming years, according to The Daily Express.

The twin tower would exceed the 30-storey Menara Tun Mustapha, the 38-storey Sabah State Administration Complex as well as the yet-to-be-built Tawau Times Square which is said to be the highest building planned in Tawau and Sabah.

The Central Planning Board and the Sabah State Cabinet have approved the project but the development’s name and design has not yet been finalised. The developer is still incorporating the best practices and international standards for the planned 540 units to lure locals as well as expatriates.

“The engineering design allows tolerance of seismic tremors of up to 5 or 6 on the Richter’s Scale. Consideration in design for exclusive lifts and lobbies are still being worked out after a visit to Singapore to look at the very best,” said Sabahan Architect Jeremy John Lo Vui Ken.

For instance, the staff will have separate lifts from the occupants.

“It will be the highest condominium complex in Malaysia and Southeast Asia with a 360 degree panoramic view of Kota Kinabalu sited on a five-acre land in an excellent location with good convenient accessibility,” said Datuk David Chu, the developer of the project.

Bolton signs JV for RM480m GDV Sabah development

By Ho Ching Ling of theedgeproperty.com
Wednesday, 21 November 2012 16:44


KUALA LUMPUR (Nov 21): Bolton Bhd has entered into a joint venture agreement with Mobuild Sdn Bhd for a residential development project in Kota Kinabalu, Sabah worth an estimated gross development (GDV) value of RM480 million.

The project — which represents Bolton's maiden project in East Malaysia — will consist of 500 units of luxury condominiums and 50 units of landed villas on a 10.33 acre land at Signal Hill and is slated to be launched in the first half of 2013.

"As you know, we have primarily been a Klang Valley developer, but we view Kota Kinabalu as a very good market," said group executive chairman Tan Sri Azman Yahya at the double signing ceremony today.

According to Azman, the partnership will be a 50:50 collaboration in which Mobuild will provide the land while Bolton will be responsible for the working capital and development of the units.

Azman added the group will be announcing more joint venture collaborations in the near future specifically one development in Penang and another in Kota Bahru, the latter which will be announced by end of this year.

"Bolton is currently being sought after as a desirable joint-venture partner due to our flexibility and adaptability when dealing with our partners and the type of attractive development concepts we bring," he said.

The group also signed a RM370 million financing facility with Affin Investment Bank today consisting of RM230 million Islamic medium term notes programme and a RM140 million revolving credit line, which Azman said will be largely utilised to finance land acquisitions and project financing.

"The facility also gives us the funds to undertake further land and development acquisitions to move us closer to our RM1 billion annual sales target we set to achieve in a couple of years," Azman added.

The property developer currently has a land bank size of 1,300 acres with the largest plot being the 625-acre land in Sungai Long.

"We expect to launch the first phase of this township comprising 160 acres within the next two years with a target GDV in excess of RM1 billion whereas the remaining phases will be developed over the next 10 years and could further generate GDV in excess of RM2 billion," he said.

RHB raises fair value for Mah Sing to RM2.58 after 3Q profit

By Cindy Yeap of theedgeproperty.com
Monday, 19 November 2012 17:46


KUALA LUMPUR (Nov 19): RHB Research Institute retained a neutral stance on Mah Sing Group Bhd but raised its fair value by 3.2% to RM2.58 after the property developer reported a 27.8% year-on-year jump in third quarter earnings Monday afternoon.

In a note following Mah Sing's results release, RHB said Mah Sing's 3Q earnings was "in-line" with expectations but it is raising its price target from RM2.50 to RM2.58 to account for higher gross development value (GDV) for the developer's Southville City and Sutera Avenue developments.

"We maintain our market perform rating on Mah Sing, as sentiment on property stocks is likely to stay cautious ahead of the general election," RHB said in a note today (Monday), adding that its price target was at a 15% discount to its revised revised net asset value estimate of RM3.04 per share.

RHB did not change its forecasts for Mah Sing, whose unbilled sales stood at RM2.95 billion.

May Sing is targeting RM3 billion sales for 2013, a 20% increase from 2012's target of RM2.5 billion.

"We believe the major contributor would be Southville City in Bangi, where GDV for the township project has been revised upwards to RM3.63 billion from RM2.15 billion as a result of proposed changes to the development components to include more commercial content," RHB said in the note.

Downside risks for the stock include softer economic growth dampening property demand.

At 4.31pm, Mah Sing was up 1 sen or 0.44% to RM2.28, off an earlier intra-day high of RM2.29, with about 1.4 million shares done.

RHB's price target of RM2.58 implies a 13.2% upside potential.

9 TIPS AND TRICKS FOR FIRST TIME HOME BUYERS – SUBSEQUENT SALE (AFTER ACCEPTING THE OFFER)

9 Tips and Tricks for 1st Time Home Buyers – Subsequent sale (after accepting the offer)

1.   Time is of the essence. Once you have accepted the offer to purchase, you will need to look for a lawyer as soon as possible to represent you in the sale and purchase transaction.

2.   You have to monitor the time period for the execution of sale and purchase agreement (“SPA”). Normally, the SPA is to be executed within fourteen (14) days from the date of acceptance of the letter of offer by the seller. In the event you fail to execute the SPA within the specified time due to your own delay in engaging your lawyer, the seller is entitled to forfeit the earnest deposit you have already paid to them.

3.   Always request an inventory list to be attached in the SPA if the property is sold with fixtures and fittings.

4.   Sort out your loan financing as soon as possible once you have accepted the offer, as late payment interest might be incurred if the delay in obtaining the loan cause the late completion of the SPA.

5.   You are eligible to withdraw your Employees Provident Fund (Account 2) to finance the purchase of property if you are a Malaysian Citizen or Permanent Resident, provided that you maintain at least RM500.00 in your Account 2.

6.   Be prepared that the transfer of your property might take a little longer if it is a leasehold property with individual title, which requires state consent. This does not happen if your property is still held under a master title.

7.   You are eligible to a once in a lifetime 50% remission on ad valorem stamp duty for the purchase of a unit of residential property with a purchase price of not more than RM350,000.00.

8.   You are eligible to a once in a lifetime  50% remission from the stamp duty chargeable on loan agreement to finance the purchase of a unit of residential property with a purchase price not more than RM350,000.00.

9.   Remember to file your Form CKHT 2A to the Inland Revenue Board. Every disposal and acquire of property must be declared to the Inland Revenue Board. 

More Britons choosing mortgage over marriage

By Romesh Navaratnarajah:

A growing number of couples in the UK are having to choose between getting a home loan or proceeding with their wedding, considering that nuptials cost around £20,000 (S$38,784) on average — roughly equivalent to the deposit for a home.

A new study by Barclays shows that Britons prefer to get a new home rather than splurge on lavish weddings. Specifically, 52 percent of Britons said they would rather spend their savings on a home loan deposit than a wedding.

Only 10 percent of respondents said they would use their savings for a wedding. Interestingly, 16 percent of males chose weddings compared to just nine percent for females.

The research also shows that ten percent of Britons opted to scale down their nuptials, or postpone them so that they could save for a property.

“With the average home deposit costing in the region of £16,000 (S$31,027), it’s not surprising that couples are having to think twice about the way in which they tackle the dilemma of tying the knot and buying a property,” said Laoiseach Lynch, Head of Mortgage Products at Barclays.

1MDB’s KL property push raises concern

1Malaysia Development Bhd’s push into the property sector is raising concerns about the company’s rising debt and a possible commercial property glut in KL.

The company is involved in the 70-acre RM26bn Tun Razak Exchange (or TRX – previously known as the KL International Financial District) – 25 buildings and a new stock exchange – 20m square feet of floor area. It is supposed to serve as a financial services regional hub.

The government wants to remove subsidies on a host of goods, but in the case of TRX, it wants to give a host of “incentives” (notice how they are not referred to as subsidies when offered to corporations but by the euphemism of ‘incentives’) for the TRX project. These include:
exemption of stamp duty on loan/service agreements
a 100 per cent 10-year exemption from income tax.
a 70 per cent five-year income tax exemption for real estate developers operating at the exchange

Ah, subsidies by any other name… and no doubt, other property developers and owners are not jumping with joy for they could well lose business and tenants.

The Edge weekly (6 August) reported that 1MDB’s total loans and borrowings rose to RM6.8bn (31 March 2011) from RM4.4bn a year earlier. 1MDB then piled on further debt of RM11bn to finance its investment in the energy sector including buying up Ananda Krishnan’s Tanjung assets for a hefty RM8.5bn. (It is now eyeing the energy assets of Genting, Sime Darby and Bukhary’s Malakoff, reports The Edge).

When it was first set up, 1MDB’s initial capital of RM5bn was raised from 30-year bonds. About RM3.5bn of this was invested in PetroSaudi. It later sold this for RM4.2bn and invested in Murabaha notes.

The Edge also reported the firm had pumped in RM194m into properties (70 acres for TRX and 484 acres of the Sungai Besi air force base in KL) but these are now revalued at RM826m! How did this happen?

The Sungai Besi land will be turned into ‘Bandar Malaysia’ – mixed development of 62m square feet including 17000 homes of which 4000 will be ‘affordable’ (and the remainder of 13000 ‘unaffordable’?).

Both TRX and Bandar Malaysia will require RM5.4bn funding for the first phase. Now where is 1MDB going to raise the money from? The government or state-managed funds?

The following week, The Edge (13 August) carried another report saying that property players are concerned about the oversupply of office space in KL.

Let’s see, what do we have now in the pipeline:
TRX (by 1MDB)
Bandar Malaysia (1MDB)
KL Metropolis (Naza TTDI) – 1m sq feet (first phase)
KL Eco City (S P Setia) – 5.6m sq feet
the ridiculous 100-storey Warisan Merdeka tower (PNB) – 3m square feet

Current supply of office space in Klang Valley: 5m-7m sq feet per year.

At present, the occupancy rate for Grade A offices in KL is around 87 per cent.

Compare this to the time when KLCC was being built in 1997 – the occupancy rate in the city back then was a high 98 per cent. It plunged to 82 per cent soon after the towers were completed.

Are we heading for a commercial property glut in the coming years? You tell me.

(Thanks to The Edge for the statistics/data in this report).

Foreign property purchase in Malaysia plummets

By Farah Wahida

Malaysia failed to achieve its goal to attract foreigners to buy properties and make the country their second home, according to property experts.

Minister of Tourism Malaysia Datuk Seri Dr Ng Yen Yen said the country has recorded 1,659 properties sold from 2007 to August 2012 under the Malaysia My Second Home Programme (MM2H) worth about RM1.5 billion.

Property experts noted that the purchase amount of about RM300 million annually was insubstantial compared to annual total residential property transactions worth RM30 billion. The small investment is deemed to have no effect on the property market as a whole.

The non-speculative nature of investments is believed to be the cause of the small figure of property investment by foreigners.

“The MM2H programme has contributed immensely towards the creation of a vibrant domestic economy and helped spur local economy,” Ng said following a memorandum of understanding (MoU) between Bank of China (M) Bhd (BoC) and Ministry of Tourism in Kuala Lumpur last Thursday.

Ng said that from 2002 until August 2012, the country had attracted 19,488 participants from 120 countries to help promote the MM2H programme with China, Bangladesh, Japan, the UK and Iran topping the list of participants.

Singapore sales success for Thailand Property Showcase

By Andrew Batt:

Property worth more than THB 88 million was sold during the recent Thailand Property Showcase, the first multi-developer Thailand property exhibition to take place in Singapore.

The event, organised by PropertyGuru and its Thailand website DDproperty.com, saw 16 units transacted at the two-day event, as well as generating an additional 646 leads for exhibitors worth more than THB 3.3 billion.

A spokesman for Knight Frank, one of the exhibitor companies, described the event as being: “A great platform for Thai property”. The developer of H-Condominium, another exhibitor, said: “We were very impressed with how well the event was organised. The traffic we saw was far beyond our expectations.”

The event showcased 10 developments from Bangkok, Hua Hin and Phuket. Attendees also learned from experts and market-watchers in popular seminar sessions.

Thailand properties have been growing in popularity with Singaporean buyers this year, and the Thailand Property Showcase is further evidence of this, says Andrew Batt, International Group Editor of PropertyGuru.

He added: “It came as a surprise to many visitors that property prices in Thailand have been more stable than those in Singapore over the last five years. Singapore prices are volatile whereas the house price trend in Thailand is far more stable in Thailand.”

Rainwater Harvesting System

This concept may not be overly fitting for Windsor’s current financial hardship in terms of unit costs, but rainwater harvesting units could prove to be very cost-effective in the long-run.

Research has and is being done at the University of Guelph to produce a successful rainwater harvesting system. The system was designed by two engineering graduate students in collaboration with a local supplier of rainwater harvesting technology.

According to University of Guelph, the harvesting process goes like this: “Rainwater that lands on the home’s fiberglass roof will be collected in roof gutters and downspouts and diverted to a filtration device before it is carried to a 6,500 litre underground cistern. The stored water will be pressurized and piped into the home to supply water to three toilets, the washing machine, and the dishwasher. The collected rainwater will also supply water to an underground irrigation system. This would account for over 50% of water consumption in a typical home.”

Benefits of Inverter Air Conditioning

Inverter air conditioning is more expensive than non inverter air conditioning but with the current spiralling energy costs, is it worth the extra ££s?

Let's see what are the benefits of an inverter air conditioning compared with a non inverter air conditioning:-

• At least 30% - 50% cheaper to run as it consumes less power
• Far quicker to achieve desired temperature
• The start up time is reduced by 30%
• Much quieter
• No temperature fluctuations, maximising comfort level
• No voltage peaks from compressor
• All EcoAir inverter air conditioning are heat pumps which in itself is one of the most energy efficient form of heating

Is it worth paying more for an inverter air conditioning? 

So, in summary an inverter air conditioning can reduce your energy bill.  It will be worth paying more for an inverter air conditioning if you use your air conditioning for:-

• all year round
• used for heating

With energy costs now running at approximately 12p per kWh and still rising there is no doubt this will save you ££s in the long run. 

What is the difference between inverter and non inverter air conditioning units?

Non inverter or Fixed speed air conditioning deliver a fixed amount of power via a fixed speed. This means the compressor has to stop and start to maintain the desired room temperature.

Inverter air conditioning system, varies the speed of the compressors, delivering precise cooling or heating power as required.

How does Inverter Air Conditioning work?

The amount of cooling or heating required by an air conditioning unit varies depending on the outdoor temperature and the amount of heat in the room.

When the cooling or heating capacity needs to be increased,the compressor will operate at a high speed and will increase the amount of refrigerant flow.

Conversely, during moderate outside temperatures for example, when the cooling and heating capacity needs to be decreased,the compressor will operate at a low speed and will decrease the amount of refrigerant flow.

When the inverter air conditioning is switched on, the compressor operates at a high speed in order to cool or heat the room quickly. As the room temperature approaches the set temperature, the compressor slows down, maintaining a constant temperature and saving energy. Any sudden fluctuation in the room temperature, will be sensed and instantly adjusted to bring the room temperature back to the set temperature. EcoAir inverter air conditioning use between 30-50% less electricity to operate.

Singapore executive condominium prices exceed S$1 million per unit

Julia Richt | Oct 24, 2012 | Comments 0

There is a growing trend of ECs being priced over over S$800 (US$654) per sq ft

Research from Savills Singapore real estate agent show that over 300 new Executive Condominiums (ECs) were sold for over S$1 million (US$817,327) per unit. Although the average price quantum in Q2 2012 was still S$822,000 (US$671,843), the average price of S$731 per sq ft in Q3 marks a historical high.

The new 958 sq ft EC at the Arc sold at S$941 (US$769) per sq ft in February hits another record high. This follows the trend of ECs being priced over S$800 (US$654) per sq ft with 215 units at that price range in the first three quarters of 2012, compared to the 19 in 2011 and 13 in 2010.

According to Savills, the rising prices of resale HDB flats has provided funds for many HDB upgraders to spend on more properties.

Savills reports that there is a “seemingly growing number of young, affluent buyers snagging bigger and more luxurious penthouses…” possibly due to low interest rates, and rising incomes. However according to Channel NewsAsia (CNA), there is a growing concern that EC buyers are reaching over their limits.

Based on the S$12,000 (US$9,808) income limit prerequisite for all EC buyers, a S$1.1 million (US$899,060) purchase is a risky reach once interest rates exceed three percent. The mortgage installments would hover around S$4,400 (US$3,596) and S$5,000 (US$4,087), possibly totaling in a cash top-up of between S$2,100 (US$1,716) and S$2,700 (US$2,207).

CNA states that ECs priced below S$1 million (US$817,327) would be a safe purchase especially with loan repayments, even if interest rates were to reach four percent.

One Hyde Park - Redefine Luxurious in London

http://www.onehydepark.com

Hong Kong housing troubles unlikely to impact Singapore

Cheyenne Hollis | Oct 31, 2012 | Comments 0

Housing problems in Hong Kong are unlikely to have an impact in Singapore.

The recent property cooling measures introduced in Hong Kong are unlikely to have an impact on Singapore property prices. Experts said foreign property investors would not switch their portfolio from Hong Kong to Singapore, Channel News Asiareported.

Besides being leading international financial centres, both Singapore and Hong Kong hold some of the world’s most expensive homes.

Hong Kong tops the list, according to research from real estate agency Savills, while Singapore, fourth on the list, continues to see private home prices soaring to new highs.

Both cities have introduced a series of cooling measures to dampen prices.

Hong Kong introduced its third set of measures in two months last week, requiring foreign buyers to pay 15 percent tax. This is more than Singapore’s Additional Buyer’s Stamp Duty of ten percent that was introduced in December 2011.

To cool its property market, Singapore has capped the home loan tenure, the sixth cooling measure in recent years. However, with high liquidity in the global market, analysts said new measures would be more frequent, with one to two measures a year being normal going forward.

“At the moment, the perception is that HK is trying to fight fire… At the same time, they are trying to fight the free market status,” Colin Tan, head of research at Chesterton Suntec International, said. “We have committed to supply as much as demand, whereas they have not yet said so.”

Still, market watchers forecast home prices in Singapore to increase.

“Developers will ultimately have to pass the land cost to the buyers. You have a case where land cost has risen by 15 to 30 plus percent over the past six months,” Alan Cheong, head of research at Savills Singapore, said. “Come next year, with land being about 60 percent of development cost, developers will probably have to raise prices by ten to 15 percent for certain areas, particularly in the suburbs.”

While Hong Kong and Singapore are considered safe havens for property investing, some analysts said investors could start look to second-tier Asian markets that have less government intervention.