Sabah developers set conditions for affordable homes

by Cheryl Tay
Sabah residential developers have laid down three conditions to the state government, in an effort to ensure that the industry will not be jeopardised by the 30 percent affordable homes they are required to build in every new project starting next year.

According to Datuk Susan Wong (pictured), President of Sabah Housing and Real Estate Developers Association (Shareda), developers want the State Government to consider building “the 30 percent in a separate site where the land is much cheaper and with ready infrastructures.”

Secondly, developers assert that there must be no limitations on the floor size of the affordable houses, which usually measure 800 sq ft each.

“An 800 sq ft floor size house is just nice to squeeze in three bedrooms and two toilets,” she said, adding that the price of RM250,000 translates to a cost of RM312 psf.

If developers build houses with smaller floor sizes, they would have to be priced at a rate lower than RM312 psf.

Moreover, the third condition requireds the government to review and revise the prices of the affordable homes every five years, as the country will become a high-income nation by 2020.

“By 2020, the price for affordable homes might no longer be RM250,000 but RM300,000 or higher. Furthermore, wages of workers are also getting higher along with the cost of living.”

New Management Act to provide more power

By Andrew Batt:

The Strata Management Act of 2012 (SMA), once passed, will enable the management of a gated community to apply for a court order to seize and auction the property of a unit owner who failed to pay the monthly management fee.

Owners of strata titled properties are fully aware that they need to pay a monthly management fee for the security services rendered, according to Housing and Local Government Minister Datuk Seri Chor Chee Heung in an interview with the Sin Chew Daily. This rule also applies to condominiums and gated apartments. The SMA will replace the Building and Common Property Act of 2007.

The Building and Common Property Act of 2007 already empowers the management of strata titled properties to take the above stated action against delinquent property owners. However, many people are not aware of this since it is not clearly defined in the law, explained Chor.

But the government cannot do anything to unit owners who refuse to pay for security services, if there is no stipulation for such in the sale-and-purchase agreement.

Moreover, unit owners of a housing area need only get the approval of 51 percent of all the residents to establish a guarded community, compared with 80 percent under the present law.

Chor also pointed out that roads within a gated community are considered private property. Therefore residents in the area have the right to deny access to non-residents.

“On the other hand, roads within a guarded community are public property. The security guards have no right to deny non-residents access to the area,” he added.

Property with a view to die for

By Andrew Batt:

In Southeast Asia, a view overlooking a 200-year old cemetery isn’t considered to be a strong selling point, but that’s not the case in other parts of the world.

The famous Montmarte Cemetery (pictured) in Paris' exclusive 18th Arrondissement is the resting place for impressionist artist Edgar Degas and writer Alexandra Dumas. Montmarte was once considered to be the seedy underbelly of Paris, but it’s now the city's chic bohemian bourgeois centre.

Directly overlooking the cemetery and with views across to the Sacré Coeur, this luxurious and highly rare collection of just 76 new apartments features striking contemporary architecture and is just minutes from the nearest metro, ideal for exploring Paris. The project, called Le Factory, provides apartments which feature generous outside space, a rarity itself for property in Paris.

Home to many of the city's most famous film producers, directors and models, property in this district is highly sought after.

Nick Leach, Partner at Athena Advisors, said:  "There are only a few places in the world where a view this ghoulish can actually be a selling point and this is definitely one. But regardless of the view, real estate in this area of Paris is extremely popular with international buyers, especially those from the United Kingdom, United States and Russia, mainly due to the rarity of new-build property in this location."

Prices for these rare and uniquely-located studio, one- to four-bedroom properties start from €440,000.

1Beaufort: The Next JEWEL of Beaufort

FOR MORE INFO PLEASE CONTACT:

WAH KHENG WU (016-810 0663)

kwwah88@gmail.com

Daya Materials signs MoU for RM250m GDV project in Sabah

By Syarina Hyzah Zakaria of theedgeproperty.com
Tuesday, 23 October 2012 15:55

KUALA LUMPUR (Oct 23): Daya Materials Bhd's unit Daya Land and Development Sdn Bhd signed a memorandum of understanding (MoU) with Chang Cheng Realty Sdn Bhd to develop four pieces of land in Sabah with an estimated gross development value (GDV) of RM250 million.

In a filing on Bursa Malaysia, the group said the MoU is to jointly develop and construct a 28-storey retail block, forty blocks of four-storey shopoffices and eight blocks of three-storey shops in Penampang, Sabah.

The estimated gross development cost of the project is at RM120 million, it said.

Location biggest factor in affordable housing

The government must consider location should as the biggest consideration in affordable housing projects, said Foo Gee Jen, Managing Director at CH Williams Talhar & Wong Sdn Bhd.

"There is always a mismatch when it comes to affordable housing. You can't build 10,000 low-cost units in Bukit Beruntung even if you sell it cheap," said Foo, during a presentation at the CIMB Preferred's 76th Financial Advisory Series.

"It is not only about building many homes. The public needs to know where."

Foo noted that instead of providing subsidies, it would be better to limit the number of items that property firms had to contribute to.

"They (developers) even pay for the traffic light. There is such a long list. Consumers end up paying for all this."

Meanwhile, Prime Minister Datuk Seri Najib Tun Razak commented last week that the government was considering a model to help developers in paying for infrastructure so that houses could be sold below the market price, adding that developers could approach the 1Malaysia People's Housing Programme (PR1MA).

Foo noted that Sungai Buloh-Kajang line of the My Rapid Transit has plots of land suitable for affordable housing projects, which include government-owned real estate in Taman Suntex and in Jalan Duta as well as Kota Elmina near Sungai Buloh.

"If the government is serious about providing affordable housing, it has to take care of the urban poor within this location, not at Kuala Selangor."

Agents scam 400 with bogus projects in Banting, Klang

Selangor cops have received around 138 reports from at least 400 house buyers who claimed they have been cheated by five property agents by marketing non-existent projects around Meru in Klang and Banting, according to media reports.

The claims were lodged in Shah Alam, North Klang, South Klang, Petaling Jaya, Subang Jaya, Gombak and Serdang, noted Selangor Police Chief Datuk Tun Hisan Tun Hamzah.

"We have taken their statements and about 400 complainants claimed to have made their purchases through a housing expo in Kuala Lumpur in 2006," said Tun Hisan in a media conference.

"A check showed that the supposed projects in Meru, Klang and Banting do not exist at the mentioned location," he added.

The victims said "the developers' representatives brought the documents to their houses and asked them to sign before arranging for the bank loans," adding that they also paid 10 percent to the property agents and signed the agreement without the presence of their lawyers.

The cops will also investigate on the possible involvement of parties from local banks suspected to have collaborated with the so-called agents. Tun Hisan noted that six banks were identified to have approved loans for the non-existent projects.

He added that cops will also summon banks and developers under Section 420 of the Penal Code.

Inroduction: See Hoy Chan Sdn Berhad Group

Teo Hang Sam Realty is a fourth-generation family run property firm. Hailing from Swatow, China, the Teo family emigrated to Kuala Lumpur, Malaysia, in the 1930s.

From supplying eggs in the 1940s to trading in commodities in 1950s, the See Hoy Chan men - Dato Teo Hang Sam, sons Soo Chuan, Soo Cheng and Soo Pin, worked hard to establish the family business. They seized opportunities and invested their resources wisely, and branched out into property development.

Hotel Malaya, built by the Teo family, was one of 3 hotels in Kuala Lumpur when it was established in the late 1960s. As the family expanded, and sons were roped in to help their fathers, Wisma Hang Sam and Plaza See Hoy Chan were built in the 1980s.

Today, Mr Teo Soo Chuan heads Teo Hang Sam Realty, assisted by his son and grandson. With a team of motivated and professional individuals, Teo Hang Sam Realty continues to make strides in Malaysian real estate with the recently completed Menara See Hoy Chan.

Pick of the Day: I&P Group Sdn Berhad

I&P Group Sdn. Berhad is a wholly owned subsidiary of Permodalan Nasional Berhad (PNB); it was formed in May 2009 after the successful mergers and rationalisation exercise between 3 companies i.e. Island & Peninsular Sdn. Berhad, Petaling Garden Sdn. Bhd. and Pelangi Sdn. Bhd.  The new entity is now known as I&P Group Sdn Berhad. The constitution gave I&P Group a standing as one of the few leading developers in Malaysia with vast experience and an impeccable track record in the property business. 

Among the group's most sought after developments, includes Alam Impian, TemasyaGlenmarie, Bukit Damansara, Bandar Kinrara, Bandar Baru Seri Petaling, Alam Damai, Seri Beringin in Bukit Damansara, Alam Sari, Bayuemas, Taman Pelangi and Taman Perling to name a few.

Given the reputation for quality, timeliness and innovation, a large number of our developments have become renowned landmarks. In fact, the Group has been recognised as one of the Top 10 Property Developers in Malaysia, having won The Edge 's ‘Top Property Developers' awards for eight consecutive years since 2004. At the same time, I&P Group was again the winner for The Edge-PEPS Value Creation Award 2011 for Bandar Kinrara . This marks the group's second consecutive win after being nominated as the inaugural winner in 2010 when the award was first introduced. 

This comes as no surprise because, over the years, our thoughts and actions have been guided by everything the buyer expects in a home, in a township and in a community. And we always strive to exceed these expectations. 

I&P's strength have always been focused on the quality of its products, its service and its timeliness. The company's vision to become the choice developer for all encapsulates the full set of core values we have been practising within the I&P Group, values that cascade into and are brought to life, in all our developments. The I&P Group is here to stay, to continue building sustainable communities, producing sustainable developments and most importantly, exceeding homebuyers expectations, one development after another. 

Metro Homes - The Answer for All your Property Needs!

Come and join us in Metro Homes, Sabah facebook page!

http://www.facebook.com/pages/Metro-Homes-Sabah-Real-Estate/115913018418971?fref=ts

PIHex Tawau 20th-21st October 2012

TAWAU PROMENADE HOTEL LEVEL 6
20th - 21st OCTOBER 2012

1000AM - 0800PM

Mah Sing to develop RM1.1b GDV property project in Iskandar

By Mohd Kamarul Azhar of theedgeproperty.com Thursday, 18 October 2012 14:19

PETALING JAYA (Oct 18): Mah Sing Group Bhd today (Thursday) announced that it has signed a 99-year lease agreement with Medini Land Sdn Bhd for two parcels of land in Iskandar Malaysia for RM74.7 million cash consideration. According to the group's announcement on Bursa Malaysia, its wholly-owned subsidiary Tropika Istimewa Development Sdn Bhd has signed the lease purchase agreement today. The land has a gross floor area of 2.14 million sq ft located in prime area in Medini, Iskandar Malaysia with a potential gross development value (GDV) of RM1.1 billion. The lease price was at RM34.906 per sq ft. The land is located at Medini North in flagship Zone B in Iskandar Malaysia. The project is tentatively called Meridin@Medini. Mah Sing said that based on preliminary plan, Meridin@Medini will be developed as an integrated development, comprising Meridin Suites residences, Meridin Linx small office versatile office (SoVo), Meridin Walk lifestyle retail and Meridin Exchange corporate towers. "The Meridin@Medini will further strengthen the group's foothold in Johor Bahru, following the success of of its township developments there, ie Sri Pulai Perdana, Sri Pulai Perdana 2, Austin Perdana and Sierra Perdana. "Together with the recently released Mah Sing i-Parc@Iskandar industrial project, the group will have a combined remaining GDV of RM2.3 billion within the economic corridors of Iskandar Malaysia," the group stated in the announcement. It said subject to the authorities' approval, the development is expected to commence in the second half of 2013 and to be developed over a span of five years.

How to Improve Your Real Estate Negotiating Skills

Improving Your Real Estate Negotiating Skills

As a real estate agent, you are constantly negotiating with buyers and sellers, other agents, solicitors, building inspectors, and valuers . Improving your negotiating skills will improve your success. So how do you go about improving negotiating skills? Here are some general real estate sales tips regarding negotiating that you may want to follow:

1. Learn as much as you can about the other side’s motivations.

For instance, if you are attempting to get a real estate listing, find out why the seller wants to sell. Knowing the seller’s motivations will improve your chances of getting the listing.

2. Analyze all the issues. Be knowledgeable. The more knowledgeable party usually excels. If you are in negotiations with someone who is more knowledgeable, don’t show your lack of knowledge. Ask plenty of open ended questions like, “what will you do if that does/doesn’t happen?”.

4. Show confidence. If the other party believes that you are skilled, experienced and knowledgeable, you will get better results on your listing appointments and also for your clients when negotiating on their behalf. Dress the part of success. Look successful, act successful, but don’t be obnoxious or rude.

5. Establish a rapport with the other party. You need to assess the situation to see if the other side is going to be cooperative and the only way to successfully do this is to have at least a certain level of trust as soon as you can in your relationship.

6. Have a positive attitude. Be a solution based thinker.

7. Be patient. Being pushy will often lead to the other party withdrawing from the negotiation.

8. Be a good listener. Listening is how you will discover the other persons interests. While you are talking you are not learning anything about the other party and negotiation is all about knowing your prospect so you can best help them.

9. Have a reputation for personal integrity. Always keep your word and only tell the truth even if there is no chance of being found out, because at the end of the day you will always know that you are not trustworthy and this can often come across to other people you are looking to work with. We all have a great instinct, especially women and when you live by your word, it comes across to others and helps you defeat the obstacle of early trust which is and always wil be the biggest barrier to business.

10. Be able to resolve the conflict with acceptable compromises. Always be looking for win, win outcomes. The world is a small place and your service area is even smaller, sooner or later most people will either be looking for your services again or know someone who is. Even if you have to be tough on people as long as they feel at the end of the day that the negotiation is fair, they will respect that and feel comfortable to work with you again.

11. Always be friendly and act in a professional manner. Most people love down to each straight shooters. Pretend every prospect is someone you care about and respect and treat them accordingly.

Committed to Innovation and Lifestyle for the Real Estate Professional

cold calling techniques - underpinning principles

cold calling techniques - underpinning principles

Important basic cold calling techniques are:

1. Preparation - self, environment, knowledge, and who you represent
2. Introduction - key phrases explaining and positioning yourself and your purpose
3. Questioning - help, facilitate and enable rather than assume, sell and push
4. Objectivity - the mark of an advisor - do not sell
5. Listen and interpret - do not sell
6. Inform and educate - do not sell
7. Involve and coordinate - do not sell
8. Keep in touch - keep notes and keep informed - keep ultimate ownership (by now you will probably be selling)

You will notice an over-riding theme of not actually selling during the cold calling process. Arguably of course all of this theory is selling of a sort, but it is not selling in the traditional sense of pushing, telling, advancing the features or benefits of your own products or services. Generally the aim of cold calling is simply to open dialogue, to get to first base, and possibly (if it suits the prospect) to make an appointment for further discussion and exploration.

An appointment need not be a face-to-face meeting. It can instead be an appointment to talk on the telephone again. Or a conference call. Or a video conference. It should be whatever suits the prospect's needs and processes and situation.

1. preparation

Preparation for effective successful cold calling is in three parts:

1. the supplier/product/service you are representing
2. your mental approach - the way you see yourself and the cold calling activity
3. and your understanding of your offering/proposition in relation to your prospects and their situations.

In detail:

1.1 Ensure you are representing a good quality ethical supplier/product/service

Your products and services do not need to be the most expensive or highest quality, but they must be completely fit for purpose for the given market and application, and they must meet the expectations created by your marketing and advertising communications. Similarly your organization does not need to be the most ethical and socially responsible and environmentally friendly on the planet, but again the ethical standards of your organization must meet the reasonable expectations of your target market. If either of these criteria is not met then you are building on sand and you should find another supplier or product/service to represent.

1.2 Your mental approach - the way you see yourself and the cold calling activity

Read and absorb the notes above. See cold calling as strategic and empowering, and yourself the same. Leave behind any temptation to treat cold calling as an indiscriminate or impersonal numbers game. If you want to succeed at cold calling then embrace it as the powerful process that it is and aspire to be great at it. Address and alter other factors which affect your attitude and mood for cold calling, for example:

Your working environment (change it to suit yourself and the cold calling activity as far as you can - see tips in time managementespecially). Standing up rather than sitting can make a remarkable difference, as can posture and ergonomics of desk and equipment.

Avoid behaviours that add to your stress levels. Eat and drink properly. Exercise. Take breaks. Manage interruptions and other demands. Cold calling is much easier when you are relaxed, fit, focused and free of distractions.

Have some personal goals and aims - whatever is meaningful and achievable - aside from whatever daft targets might be imposed from above - incorporate cold calling into your own personal career plans and aspirations. Focus on developing your ability, confidence and experience in dealing with ever more senior people, and discussing issues on an ever more strategic level.

Visualise how you want to be regarded by the people you speak to - and you will grow into and live up to that image. For example: "People I speak to will regard me as a highly professional business person - beyond a sales person or a telephone canvasser - they will think of me as someone they can trust - an expert in my field, someone who can enable improvement, clarity, cooperation, solutions, etc., completely irrespective of my actual job title." See the assertiveness and self-belief pages.

1.3 Your understanding and wording of your offering/proposition in relation to your prospects and their situations

You must understand your business extremely well. If your boss tells you that your job is simply to 'get leads' and not to bother with knowledge about anything else (for example products and services, the organization you represent, the market, the competition - seePorter's Five Forces for a much wider strategic list) then find another employer. Your usefulness to the market is defined by the way you help reconcile needs with information. Your success is ultimately limited by your knowledge. So inform yourself. Become expert, and the world will open up to you. You must also research large organizations before calling them. For all organizations, large and small, you must prepare and understand well your initial or basic proposition - whatever it is - as it relates to the organization and/or the organization's situation. This might not require you to research the prospective customer in any great detail, especially if you are calling domestic consumers, but you must have a good strategic appreciation of the issues faced by your prospect in relation to your basic opening proposition. This is an absolutely fundamental requirement and when omitted will drastically reduce the effectiveness of cold calling. The prospective customer has a very keen sense of what is important to them and what is not - and if you fail to acknowledge this in your opening exchange, or worse demonstrate personal ignorance about their perspective - then your cold call go no further. Bear in mind also that your basic or initial proposition should not make assumptions as to the final offering or product/service specification, which, especially in the case of large organizations might be several weeks or months away from defining. And even in the case of simple small supply situations, the customer must necessarily be involved later in the selling process in defining the precise specifications. So instead, your opining or initial or basic proposition must be of a strategic quite general nature, but at the same time sufficiently important, different, new, interesting, etc., in order to be worthy of continuing the dialogue and exploring possibilities in greater detail. This crucial strategic positioning is typically achieved by refining several different short introductory statements, or questions, which you can mix and match according to the situation. It comes with preparation and practice, and constantly seeking and adapting the words that you use to achieve the desired results. You must write down these phrases as you develop and refine them. Most sales people fail to do this - and then they wonder why their opening statements don't work. See thesales theory page and especially the section about the 'product offer'. Your opening proposition in the introduction should be a broad strategic interpretation of your more detailed product offer - this is both to save time and also to avoid making assumptions about what the prospect actually needs and how the final proposition might eventually be formulated.

2. introduction

Be very clear and concise about who you are and the purpose of your call, and have a powerful strategic basis (your main reason) for requesting dialogue, now or to be scheduled later, depending on the availability of the other person at the time. Base your opening proposition on your more detailed product offering, but keep it concise and strategic - not detailed and specific. See the guidance and explanation about product offers, propositions and benefit statements on the main sales training page.

3. questioning

Prepare and ask good facilitative questions which help the other person to see the situation more clearly, and which invite them to consider and explain how they decide about such issues. Sharon Drew Morgen's Buying Facilitation methodology is particularly helpful in developing superb and helpful questions.

4. objectivity

Remain fair and neutral - objectivity is the mark of an advisor. It's a tricky thing to do given that you are selling your products and services, but ironically the more you 'push' your own solutions and services, and the more you denigrate or criticize the alternatives, then the more you will damage your chances. People don't want to be 'sold' - they want to be helped and guided by an expert in a particular field to make and then implement an informed decision. This of course makes it important for you to be representing a supplier or products/services which are genuinely excellent. If you act on behalf of a crappy or unethical supplier then you will ultimately damage your own personal reputation. This comes back to very early preparation - you can afford to be objective only if you represent a good quality supplier.

5. listen and interpret

It is far better to listen and interpret from the customer's perspective, as would an expert advisor, rather than act as as a biased one-sided self-interested sales person. The former behaviour is helpful and appealing - giving - whereas the latter traditional pushy sales approach is seen immediately for what it is - taking. Remember your visualised image of yourself: how you want people to see you, and behave like it.

6. inform and educate

You are the expert in your service or proposition or technology (not necessarily in great technical detail, but strategically, in overview definitely) and if you are not then you need to be, otherwise you are wasting your prospect's time. Giving information and fair and useful feedback - educating effectively - in response to customers' requests for answers is much better than leaping in to 'close the appointment'. It's not a race or a rush. The aim is to build understanding and identify whether there is a potential useful fit between what you can offer and what the prospect might need. Do this and the situation quite naturally develops. Focus only on the appointment and you'll tend to skip the all-important stage of establishing yourself as a helper, information-provider, and enabler.

7. involve and coordinate

Involve the prospect in the discussion and decision to move to the next stage. Ask how they would find it most helpful to explore or move matters forward. Be guided by the prospect and also be guided by your own organizational systems and protocols. The prospect knows their systems and processes; you don't. Identify how the situation can be coordinated in order to progress things. You are the pivotal person. Revisit the cybernetics principle. You must aim to be the unit in the whole system which orchestrates events and people - on behalf of your prospect - to achieve what the prospect needs in terms of process and outcomes. This is your value to the prospect. You are the bridge, the interpreter, the enabler. Aspire to this role and you will begin to acquire a personal value and reputation greater than anyone.

8. keep in touch - keep notes - keep ultimate ownership

Information and knowledge are crucial to your ability to act as interpreter and coordinator at the start of the cold calling process.

You must therefore take full notes and keep clear records of the cold call at all stages.

You should also take notes or keep yourself informed as the situation develops, whether the development of the opportunity remains your responsibility or not.

If you stay informed and knowledgeable about the resulting sales relationships then you can keep a watchful eye on situations, and thereby grow your personal standing and role beyond canvasser or sales person.

This is not to say that you must be 'hands-on' involved at all times. On the contrary; your role as coordinator - together with the systems and processes within supplier and customer - should ensure that other people are brought into the situation as required to progress and develop the opportunity and the trading relationship as it grows.

You are however the ultimate owner of the relationship and responsibility - whatever your title - if you want to be.

How you meet your commitments to your customer counts more than your job title or job description. It's a matter of personal integrity.

Staying involved and informed is not be easy in certain organizations which rigidly compartmentalise sales and after-sales activities, especially sales organizations which marginalize cold calling or canvassing teams, but whatever structures exist, you should try to maintain an awareness and background involvement - especially with large customers - whenever and however you can.

You have a responsibility for all relationships that you begin: to your customer contacts - and arguably a personal commitment which transcends organizational systems and policies. Many customers, especially personal contacts who put great faith in you at the beginning of the relationship, will expect and appreciate your staying in touch - if only as a last resort in the event of unresolved problems.

For junior people this is not always easy, but retaining an informed and ultimately responsible interest in relationships that your cold calling instigates, is the sort of behaviour and determination on which great careers and reputations can be built.

This last piece of advice might not fit the divisionalised sales processes of certain organizations, in which case if you personally are serious about building a career in selling or business - or if your organization is serious about developing people - then you might discover that your cold calling activities will benefit from defining them more in terms of personal integrity and commitment than mere numbers on a board.

Calculating Stamp Duty for Rental

		When lease/tenancy is for a period
Without fine or premium when average rent other considerations calculated for a whole year	Not Exceeding 1 Yr	Exceeding 1 Yr But Not Exceeding 3 Yrs	Exceeding 3 Yrs
(i) Does not exceed RM2,400	Nil	Nil	Nil
(ii) For every RM250 or part In excess of RM2,400	1.00	2.00	4.00

For example: If a property is rented out for RM800 a month for a 2 year period:

The yearly rental shall be RM9,600.

The stamp duty shall be: (RM9,600 – RM2,400) / RM250 = RM29 X 2 years = RM58 (for the original copy)

Chor: New amendment to Strata Management Bill

In view of complaints from building management practitioners that the Strata Management Bill of 2012 would allow valuers to monopolise the industry, the Housing and Local Government Ministry has proposed new amendments to ensure that valuers will not get exclusive right to manage properties.

"After listening to all MPs, it became clear that not amending the Bill would create a monopolistic situation whereby only licensed valuers can be property managers," said Housing and Local Government Minister Datuk Seri Chor Chee Heung.

"This would not be good for cheaper housing as they do not require a trained valuer to manage their property but can work with a building manager."

Under the new amendment, the term ‘registered property manager' will be replaced with a newly defined ‘property manager' so that non-registered property managers can still manage stratified buildings.

Chor noted that being a trained valuer doesn't necessarily mean that a person is already a good property manager.

"However, I do acknowledge the need for a regulatory body to ensure proper standards in the industry and am given to understand that a regulatory body is soon to be set up under which all building managers can be registered and be held accountable to."

However, some industry practitioners want the term ‘registered property manager' to remain.

"During the drafting of the Bill, we all agreed on the term ‘registered property manager' to ensure regulation in the industry and that the people are truly cared for," said Ishak Ismail, President of Malaysian Institute of Professional Property Managers.

"This last minute proposal to change the definition, which was never agreed to by the Drafting Committee of the Bill, will open wide the Pandora's box for the proliferation of unscrupulous illegal property managers," he added. The new definition of ‘property manager' will also create a direct conflict with the existing provisions under the Valuers, Appraisers and Estate Agents Act of 1981.

The 5 keys to property description mastery

A property description is the meat of most promotional material. When buyers read a property description and are convinced of the information incorporated in it, they’ll set a viewing appointment with the private seller. Therefore, it’s necessary for private home sellers to know how to write convincing and credible property descriptions.

If you can’t persuade and convince potential buyers initially through this means, negotiating with them in person will be even more difficult. The inability of any private seller to create an effective property description is going to be unfavourable.

It’s vital that you are credible and assertive in your property description so people will know that you are good at what you are doing. The possibility of having appointments with potential buyers with great offers will become higher. Writing an outstanding and believable property description greatly affects your chances of having your property sold.

1. Know what attracted you to your property

First and foremost, you have to know what key features attracted you  to your property. As the owner, you have firsthand information in terms of the assets and features your property possess. In a property description, you ought to be able to showcase and inform the readers of these features.

For example, if your property is located close to a famous tourist destination, you could mention this in your description. Be specific in your description and avoid vague adjectives.

2. Translate property features into benefits

People must be made aware that your home is a good buy when they read your property description. In writing it, make sure that each detail you give serves a purpose. In addition, you must translate your property’s features into benefits.

For instance, a four bedroom house can be described as “plenty of space and suitable for a large family”. Doing such makes the feature more convenient and useful.

3. Avoid over describing your property

A lot of property descriptions published today are impressively well written. But a number of them are actually not factual and are just mere bluff to sell properties which do not really live up to what their descriptions say. Property descriptions are used to attract home buyers but not to the point of exaggeration.

As mentioned earlier, be specific with your descriptions and avoid over describing your property. Instead, stick with the facts and write about them in the most appealing manner.

Be credible and honest with the information you write in the property description because you don’t want to disappoint an interested buyer when he visits and can’t see the things you’ve written.

4. Describe how your property provides solutions

In a property description, it helps to mention details that would provide solutions to home buyers’ longstanding problems. For instance, you can mention the close proximity of your property to a health facility if you have in mind retired individuals as prospective buyers. As well, you can emphasize the accessibility of shopping malls and other recreational facilities for families with children.

5. Include a call to action

Lastly, you must tell your readers what to do after they read your property description. They must feel that they are an active participant in this interaction and that they need to do something.

In most cases, you should encourage your readers to pick up their phone and call you or visit you during your Open Home. This is a call to action. It needs to be incorporated into your property description since, as a home seller, it’s want you want to happen in the first place.

You should strive for excellence in every promotional activity you undertake as home sellers. Property descriptions must be taken seriously and written with skill. It not only serves to entice and attract potential buyers but also sets your reputation and credibility as a private seller.

Your property description, together with your headline and photos, go a long way in promoting your property and eventually getting it sold. Hence, make sure you do it right.

Understanding the sub-sale contract

Introduction: The first rule of conveyancing is ‘buyer and seller must engage own lawyer’. Consult a lawyer right from the start and not after you have paid the deposit. Reasons to use your own lawyer:
Under the law you are deemed to have read and understood every document you have signed.

Furthermore, promises made by the seller or someone else about the deal may not be enforceable if the promises are not in writing unless you are able to provide proof of the same.

A lawyer cannot represent both the Vendor and Purchaser - if you are using the Vendor‘s panel lawyer, often, when disputes happen, the lawyer is unlikely to represent you against their bigger client.

A lawyer in general practice will be able to complete your purchase; however, lawyers with a focused real estate/conveyancing practice may prove a better choice if you are unsure of what to do, or have complications in your purchase agreement or mortgage. While you may think that you cannot afford the services of your own lawyer, consider whether you can afford not to.

Check out the FAQ on the HBA website: www.hba.org.my

Typical Sub-Sale transaction: A sub-sale of a property (“Property”) occurs when a Purchaser purchases a Property from a Vendor who is not a developer. Many purchasers sign sale and purchase agreements (“SPA”) without understanding the legal implications of the terms and conditions of the SPA.

A Purchaser should not hesitate to seek explanation from his Solicitor at all times, especially prior to the signing of the SPA and whenever amendments are to be made to the SPA, so that he is informed of the terms and conditions of the SPA. The Solicitor should and is expected to explain the terms and conditions of the SPA to his client.

Purchase Price and completion date: Besides the name and particulars of the Vendor and Purchaser, the SPA sets out the Purchase Price. It is usual for a deposit of 10 per cent (less any earnest deposit paid earlier, if any) to be paid upon the signing of the SPA by the Purchaser. The SPA will set out the date of the payment (“Completion Date”) of the balance purchase price (“Balance Sum”), which is usually:

• three months from the date of signing; or
• three months from the date of receipt by the Purchaser’s Solicitors of the consent from the relevant authority if the Property is subject to a restriction in interest; or
• three months from the date of the receipt of the confirmation of the developer in the case where the individual or strata title to the Property is not issued yet.

The SPA will, in most cases, provide a time extension of one month or more for the Purchaser to settle the Balance Sum. When an extension of time is granted, interest at an agreed rate, for example eight per cent, will normally be charged by the Vendor on the unpaid Balance Sum. This interest is usually charged on a daily basis from the day after the Completion Date until the date of full payment of the unpaid Balance Sum.

In a case where the Property is subject to a restriction in interest, the time for obtaining the relevant consent is usually agreed at between three and six months, and the time for obtaining the relevant consent may be extended.

The Purchaser should be aware that if he fails for any reason to pay the Balance Sum on the Completion Date or the extended date, as the case may be, the Vendor has a right to forfeit the Deposit as liquidated damages. The SPA normally provides for the Vendor to refund any money paid by the Purchaser which is in excess of the Deposit. To avoid the forfeiture of his Deposit, a Purchaser has to monitor the progress of his payment of his Balance Sum closely in co-operation with his Solicitor.

Inventory of fixtures, fittings, etc: It is the responsibility of the Purchaser to give his Solicitor an Inventory of fixtures, fittings, furniture and other items which may be included in the purchase of the Property and such inventory should be attached to the SPA to avoid any misunderstanding on the completion of the transaction. Fixtures and fittings include lights, air conditioners, fans and other items that are affixed to the Property. It is common, however, for the Vendor not to charge extra for normal lightings and fans.

Inspection of Property: It is important to note that the sale of Property is sold on a ‘as is where is basis’ and that the purchaser must be aware of the present state and condition of the subject property.

In such an event, the Purchaser shall be deemed to have inspected the Property and have satisfied himself by examination and inspection of the Property in every respect and the Purchaser shall be deemed to have full knowledge of the nature and effect thereof.

Encumbrances and redemption sum: A Property sold by the Vendor may be encumbered, i.e. the Vendor may have charged the Property to a bank to secure a loan granted by the bank to the Vendor.
Where no individual title or strata title has been issued for the Property, the security will be in the form of an assignment of the rights, title and interest of the Vendor in the Property (Deed of Assignment) and the Vendor‘s agreement with the Developer.

It is the Purchaser’s Solicitor’s duty to ascertain the amount owing to the Vendor’s bank (“Redemption Sum”). Where the Redemption Sum exceeds the Purchase Price or the Balance Sum, additional provisions are required to be made for payment of the amount in excess by the Vendor.

Purchaser’s loan and Difference Sum: The SPA will normally provide that the Purchaser will require a loan (“Loan”) to assist in the payment of the Balance Sum. Once the Purchaser has obtained his Loan, his bank (“Purchaser’s Bank”) will appoint a solicitor to prepare and complete the loan documentation for the release of the Loan.

Sometimes the Purchaser’s Solicitor may be appointed by the Purchaser’s Bank to attend to the loan documentation. It should be borne in mind that when the Purchaser’s Bank appoints the solicitor, that solicitor is acting for the Purchaser‘s Bank in the Loan transaction, and that solicitor does not act for the Purchaser in the Loan transaction even though the Purchaser may have to pay the legal fees due to that solicitor.

Where there is a title to the Property, the loan documents to be signed by the Purchaser are usually the Loan or Facility Agreement, and a Charge to be registered over the Property in favour of the bank.

Where there is no individual or strata title to the Property, the loan documents to be signed by the Purchaser are usually the Loan or Facility Agreement and an Assignment of the Property from the Purchaser to the bank as security, together with the grant of a Power of Attorney to the bank.

If the Purchaser’s Loan is less than 90 per cent of the Purchase Price, there will be a difference between the balance purchase price and loan amount to be paid by the Purchaser. This is usually referred to as the “Difference Sum”.

Although most SPAs do not specify an exact date for payment of the Difference Sum, the Purchaser should not delay the payment of the Difference Sum as this will delay the release of his Loan. When in doubt as to when he should pay, the Purchaser should contact his Solicitor. The Difference Sum must be paid by the Purchaser before the Purchaser’s Bank will release his Loan.

Conclusion: The Purchaser should be well informed and advised of the terms and conditions of the SPA, with the assistance of his Solicitor, so that he is able to appreciate the process of purchasing a Property in his best interests.

Terms and conditions of a SPA may vary from case to case, and in a forthcoming Part 2 of this article, the writer will cover more terms and conditions
relevant to a typical sale and purchase transaction.

Read more: Understanding the sub-sale contract - RED - New Straits Times http://www.nst.com.my/red/understanding-the-sub-sale-contract-1.106532#ixzz28tnU2XIF

8 Tips for Real Estate Investing Success

As you prepare to become a successful real estate investor, I encourage you to take the following tips into consideration. They have helped me greatly as I have navigated my way through the world of real estate--and life in general. I hope these tips will make just as big of an impact on your life as they have had on mine.

Tip #1: Create a game plan.

Decide what you want to accomplish and outline the steps that you must take to get there. Who will be involved? How will you meet them and gain their cooperation? How much time will it take? Where will you find this time? How much will it cost, and where will you get this money? What's the risk? How will you handle it?

This plan will serve as your guide each day, so you need to get it right. That brings us to the next tip...

Tip #2: Have an expert review your plan.

The first real estate plan I created involved me single-handedly buying 100 houses in a year. And it listed several different marketing strategies that were completely cost ineffective. I had a friend of mine (who isn't even involved in real estate) review the plan, and he said it looked good. How silly of me!

About eight months into working this over-reaching and misguided plan, I had an expert investor review it. He tore it apart, and together we reconstructed a better plan with more realistic goals (buy 12 houses, not 100) and a more effective marketing plan.

Shortly thereafter, I bought 6 houses, and I actually felt good about my progress. Six out of twelve feels much better than six out of 100!

Tip #3: Don't give up.

The life of a new real estate investor is filled with countless highs and lows. You're on a high when you think you have a property all locked up to purchase, and then you hit a low when it suddenly falls though at closing.

Or you're on a high when you finally do close on that house, but you hit a low when you hit a 3-week dry spell and it feels like you couldn't get a seller to agree to your price--even if you paid double.

I hit a personal low when I was jobless and $5,500 in debt from fruitless marketing attempts. But I got up early each morning and worked toward my goal of financial freedom. Even though a voice in my head told me to give up, I never did.

That's probably the #1 key to success: Don't give up. Even someone who's as dumb as a box of rocks will eventually succeed if he doesn't give up.

Tip #4: Take baby steps.

When you break it all down, big goals, big dreams, and big plans are nothing more than a series of miniature action steps or "to do" items. When you dissect the daily life of a successful investor, you'll find that he or she does 8 to 12 things each day that are real estate related.

One item might be "Watch DVD #5 in the new investing course I bought." Another item might be "Call the title company about the name on the warranty deed" or "Meet the inspector at the house on Watson Street."

All of these little tasks each day add up to what is, or what eventually will be, a large and highly profitable real estate investing operation. So don't toss that "to do" list by the wayside, thinking that your small efforts today don't mean much. They mean everything.

Tip #5: Become comfortable with discomfort.

I was actually nervous at the first real estate investing meeting that I attended. I was wondering if I would say something stupid or if I wouldn't fit in. After all, most of the investors in the room were 40 or 50 years old, and I was 22.

But by the third meeting I attended, I became comfortable with the crowd. Had I quit after the first meeting, I would have missed out on the very information that enabled me to buy so many properties.

I've learned that one of the biggest keys to success is persisting though uncomfortable situations until they eventually become comfortable. This is where true growth occurs.

Tip #6: Do what you say you're going to do.

As a real estate investor, your reputation means everything. They say it's a small world, but the world of real estate investing is even smaller. So be honest, be courteous, and for heaven's sake, do what you say you're going to do. If you say you're going to buy another investor's house, by golly, you better move mountains--if that's what it takes--to buy it!

Otherwise, your name will eventually become mud, and you'll have a tough time buying from not only that investor, but just about every other investor in town. Believe me, I can count at least 10 local investors of the top of my head who I will NOT do business with because their word means nothing. And I know several other investors who won't deal with them either. You DO NOT want to be black listed.

Tip #7: Be on time.

Showing up late is just about one of the most disrespectful things you can do to another real estate investor, inspector, contractor, or anyone for that matter. It shows them that you don't value them or their time, and time is MUCH more valuable than money. Money can be replaced. Time cannot.

When someone shows up late for a meeting with me, they instantly lose credibility. And there are countless other investors who feel the same way I do. On the other hand, when an investor or business associate shows up on time or early, it makes me want to smile, reach out my hand, and strike a win-win deal.

So be on time. You're much more likely to create trusted allies who can help you along your path to success.

Tip #8: Eliminate certain activities.

I'll wrap up with one more tip that is closely linked to the first tip, "Create a Game Plan." That game plan will involve a series of goals and steps or "to do" items that you must follow to become successful. But what many people don't seem to realize is that for all of these things to happen, certain activities in your current schedule must be REMOVED.

For example, if you're going to attend two real estate meetings and make five offers per week, what must go? Possibly TV time. Possibly a friendship. Possibly your workout plan. Of course, what has to go is unique to each of us, but you must realize that if you're an extremely busy person, you'll have to make some TOUGH sacrifices.

But these sacrifices are only for the short run. If you have to quit your exercise program to have enough time for real estate, for example, then so be it. You can resume in two years after you've achieved financial freedom through real estate. And you'll have more time to exercise than ever.

Early on in real estate, I gave up friendships, exercise, sleep, vacations, and leisure time. How much you give up depends on how quickly you want to become financially independent.

It can be a tough to integrate all of these tips into your daily routine at once. So for now, I encourage you to focus on the one tip that you think can benefit your investing business the most. After you've turned that tip into a habit that's part of your daily routine, then move on to the next. Keep moving forward and never give up, and you'll be a successful and financially free investor in no time! 

Rental Properties: How to Cut Maintenance Costs by 25%

Current market conditions have made investing in long-term rental property more appealing than ever. If you buy a few rental properties and self-manage them, you'll have several duties (in addition to cashing checks). One of the biggest is trying to keep your maintenance costs as low as possible.

The best way to keep maintenance costs low, often over 25% lower, is to visit your rental properties on a regular basis to make sure your tenants are taking proper care of them. But what do you actually do when you visit? Well, lots of things!

Let's get started...

First, take a look at the air conditioning filter. If that is dirty, it is putting a strain on your heating and air conditioning equipment and will shorten its life. It will also reduce the comfort of the tenant and increase his steadily rising utility bills. You should mention that. It lets the tenant know that you are on his side.

Check the faucets for leaks and check for leaks under the sinks. It's easy to make a plumbing repair when the leak is new, but if you let it go, you have a plumbing repair and also a carpentry repair, and we don't need any of that.

Look for trees touching the roof or the sides of the house. They can abrade the roof and start leaks. You can take a little of your paint along and do the odd touch-upwhen you are there, telling the tenant to "let me just pretty this up for you." Yourconcern for them and for their having a nice place to live translates into goodwill that you just can't buy anywhere.

Check the smoke alarms. Do it for the safety of the tenants. Do it because you don't want to have the house burn down. Do it because you don't want to respond to a wrongful death suit. Just do it. Smoke alarm batteries are cheap. Bring a full set of fresh batteries--one for each smoke alarm in the house about once a year.

Check the garbage disposal if there is one. Some folks don't use the disposal, and lack of use can cause the blades to seize up, and the unit will need to be replaced.

Same with the dishwasher. Some folks who live by themselves or with one other person don't feel it's worth running the dishwasher for a few dishes. When you don't run the dishwasher, the seals dry out and leak when you do run it again. Ask your tenant to run the dishwasher once or twice a month to keep it operating properly.

Poke your head up in the attic. Make sure that the tenant is not stacking his "treasures" around the gas furnace creating a fire hazard. Look for anything broken or damaged that could progress into a major expense. An example would be a roof leak around a water heater vent. Catch it now, and it is cheap to fix. Wait until the water is coming through the roof and into the house, and that's a different story.

If you don't allow pets and you see a dog on the porch, say something like, "Is that the neighbor’s dog?" It is disarming and gets your point across without making them defensive. Then you revisit your lease agreement with them and remind them that violations of the agreement will not be allowed.

Treat them right and enlist their help

Treat them nicely when you make your visit. You are in their home. Act like you would like your guests to act and keep everything positive and respectful. It will go a long way in enlisting their help maintaining your property.

Consider a management company

And if you're not interested in spending the time or energy to take care of your rental properties on your own, here's one final tip that will make your life much easier:Network with other real estate investors to find the best property management company in your city. They'll never manage your properties as well as you would, but they can sure help you to save your sanity!

City&Country: The Edge/Rahim&Co Kota Kinabalu Housing Property Monitor (2Q2012)

By Wong Mei Kay of The Edge Malaysia
Monday, 08 October 2012 00:00



Prices continue to rise but at slower pace

Housing prices in the Kota Kinabalu property market, which has seen impressive growth in the last few quarters, continue to climb in tandem with the robust performance of the Sabah economy, albeit at a slower pace.

“Our sampling shows an average growth of 1.37% [between RM5,000 and RM15,000] in the prices of residential properties overall in 2Q2012 compared with 2.98% in the previous quarter.


Year-on-year growth was 8.05%, about 3.96% slower than in 2Q2011,” says Max Sylver Sintia, manager of business development and client service at Rahim & Co Sabah, when presenting The Edge-Rahim & Co Kota Kinabalu Housing Property Monitor 2Q2012.

Sintia attributes the more subdued market to Bank Negara Malaysia’s tighter lending policies and the rising number of upcoming developments. The prices of 2-storey houses on the city’s secondary market are also reaching their peak, he says.

Economic indicators
In 2011, Sabah recorded an export value of RM49.4 billion and a trade surplus of RM16.6 billion, up from RM37.2 billion and RM11.2 billion respectively in 2009.


Palm oil accounted for about 38.8% of total exports while crude petroleum comprised 32.9%. The unemployment rate, as reported by the Sabah Statistics Department, stood at 5.2% in 2011 while there were 1.64 million people in the labour force, marking an increase of 3.14% from the previous year.

Sabah was the biggest contributor to Malaysia’s agricultural output in 2011, delivering RM13.21 billion or 24.7% of the total RM53.45 billion. In the manufacturing sector, it contributed 4.1% to total output or RM34.1 billion while in the construction sector, it recorded an output of RM7.4 billion — the fifth highest in the country.

Sabah’s tourist arrivals surged to 1.134 million from January to May this year, an increase of 3.7% from the previous corresponding period.


“About 27.6% of the tourists are from Asia and we foresee the continuous positive growth benefiting the Malaysia My Second Home (MM2H) programme,” says Sintia, adding that based on Rahim & Co’s observations, South Koreans have been showing interest in the local property market. Tourist arrivals from the country rose 20.7% to around 30,137 between January and May this year compared with 24,974 previously. Sintia says the opening of the luxurious Gaya Island Resort by YTL Hotels will further boost the tourism industry. The resort was built at an estimated cost of RM75 million and boasts 120 villas.

Government initiatives
Recently, Sabah Chief Minister Datuk Seri Musa Aman announced the development of the first phase of a RM38 billion, 25.3km pedestrian walkway in Kota Kinabalu. The state government is hoping that the sheltered walkways will boost tourism and improve exposure to local commercial and retail businesses.

Developed as part of the Sabah Development Corridor (SDC), the project is one of the state government’s three tourism initiatives for Kota Kinabalu. The other two are the restoration of the Atkinson Clock Tower and the park recreational project of Sembulan River.

The government is also allocating RM4.5 million to develop the state’s infrastructure. Announced by the Sabah Ministry of Resource Development and Information Technology, the implementation of 74 public infrastructure maintenance and basic infrastructure projects will benefit the property market, particularly in Kota Kinabalu, as well as areas in its vicinity such as Inanam, Karambunai, Likas, Api-Api, Luyang and Tanjung Aru.

Sintia expects these projects to have a positive impact on nearby housing developments. “The high-end residential market in some of these areas, which has seen an encouraging trend in the past few quarters, is poised to expand further as both local and foreign interest is likely to remain strong.”

Trends
The prices of homes on the secondary market have been playing catch-up with newly launched properties in recent quarters.


“In Putatan, for instance, which is located in the southern part of Kota Kinabalu, a newly launched 2-storey terraced house with a land area of around 1,500 sq ft is priced at RM400,000. A similar type of property on the secondary market in the same area is now selling for RM390,000 compared with RM350,000 last year,” says Sintia.

He believes things are looking up for condominium projects because strata-type developments seem to be gaining acceptance, judging from the positive take-up of those unveiled recently.
“We expect further price growth for condominiums on the secondary market, especially for those located in the Kota Kinabalu city centre, Damai and Likas due to the spillover effects of newly launched projects there,” says Sintia.


While houses in more established areas such as Luyang Perdana, Golden Hill Garden and Taman Seri Borneo are attracting foreign buyers, the majority of purchasers are still locals with families buying for their own occupation or investment. Meanwhile, cash-rich oil palm estate owners are set to continue to be the biggest investors of the Kota Kinabalu property market.


Most of the 2-storey terraced houses sampled registered a 9% to 10% (RM5,000 to RM40,000) increase in prices from a year ago. The exceptions were houses in Taman Indah Permai, which saw an increase of 7.41%, and Golden Hill Garden, which recorded the lowest price rise of 0.91%.


Millennium Height, which is located in the mature residential area of Jalan Bundusan, led the price growth for 2-storey terraced houses in 2Q2012, posting a rise of 4.48% or RM15,000. The prices of similar properties in Taman Indah Permai and Luyang Perdana remained stable.


With the limited supply of 1-storey terraced houses on the primary market, the asking price of renovated units on the secondary market was as high as RM350,000, especially in the Kepayan and Putatan areas.


The prices of 1-storey terraced homes in Taman Sri Kepayan led the way, posting a y-o-y growth of 9%, followed by 5% in Taman Tuan Huat. Q-o-q, Taman Sri Kepayan registered 4% growth while both Taman Tuan Huat and Taman Nelly Ph 9 registered 2% growth.


Sintia says this house type is still highly favoured in the market, especially by low to middle-income buyers.

The condominiums sampled registered an overall average y-o-y growth of 9.82% while q-o-q, this was 2.15%, down 0.34% from 1Q2012.


Bayshore Condominium, Alam Damai and Radiant Tower lead y-o-y growth with an average capital appreciation of 13% each. The price of units in Alam Damai and Radiant Tower rose to RM400 psf in 2Q while in Bayshore Condominium, this was RM380 psf.


The Peak Condominium in the exclusive residential area of Signal Hill and Marina Court in the heart of the Kota Kinabalu city centre registered the highest quarterly growth of 4.35%, followed by Alam Damai in Damai with 3.9%.


1Borneo Condominium, The Peak Condominium and Likas Square recorded the highest gross yields among the condominiums sampled — 5.75% to 6.25% per annum. The overall average gross yield for 1-storey and 2-storey terraced houses was 4.9% and 4.17% respectively.


In terms of rent, 2-storey terraced houses posted an average 9.25% y-o-y growth, commanding RM900 to RM1,800. The 1-storey terraced houses fetched rents of RM900 to RM1,100 while the condos charged an impressive RM1,500 to RM3,000. High rents were observed in established locations with a good public transport system, for example Signal Hill, Kepayan and Penampang.

Notable developments
Sintia says The Bay Residences is set to add to the mushrooming of condominium developments in the Signal Hill and Likas areas. This high-end project is located in Jalan Tuaran and offers views of the South China Sea.


“Launched in the middle of 2Q2012, the development offers 82 modern condos with sizes ranging from 1,986 to 4,370 sq ft. The selling price is between RM450 psf and RM500 psf. The take-up rate is encouraging with an 83% take-up recorded within a month of its launch.”


Other notable residential developments in Kota Kinabalu include SCP Group’s gated and guarded Damaisari@Kolombong and Taman Rimba by Wah Mie Group.


Damaisari@Kolombong is now open for registration and the price of its 3-storey terraced houses is expected to start at RM800,000. Taman Rimba consists of 2-storey terraced houses in Bandar Sierra in Jalan Tuaran. A typical unit is around 1,357 sq ft and has a price tag of RM398,000 — a new benchmark for residential developments in Jalan Tuaran.



This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 927, Sep 10-16, 2012