Wednesday 21 August 2013

Danga Bay project over 50% sold


The RM18billion Country Garden@Danga Bay (CGDB) project in Johor Bahru earns strong response from buyers, selling over 5,000 units or more than have the total number of 9,000 units, ahead of its 2018 completion.

Most interest came from Malaysians, but Singaporeans, Chinese, Korean and Taiwanese buyers were also snapped up units aggressively, said Michael Ong, Sales Supervisor at Country Garden Properties.

The 57-acre development is expected to be completed in three phases, with 3,000 units each year from 2016 to 2018. It comprise 33 blocks of condominiums and 11 blocks of apartments comprising serviced apartments of one-, two and three-bedroom configurations.

According to Wee Soon Chit, Executive Director of Landserve (Johor), the simultaneous launch of 9,000 units was “astounding for Johor Bahru or the entire country for that matter.”

“The marketing campaign is also revolutionary whereby enormous amounts of money have been spent on various promotional activities to attract buyers...The pull factors for the project come from its integrated 5-star development concept, reputable developer, excellent location and 180-degree sea view as well as the possible link by light rail system,” added Wee.

Sr Michael Geh, National Committee member of FIABCI-Malaysia, noted: “Overall, I’m very happy and encouraged professionally to see that a large international development company like Country Garden, a top 10 developer from China has decided to invest in Iskandar.”

Geh also downplayed fears on a possible oversupply as Johor has a huge land area and “there are certain areas where locals traditionally stay.”

“I don’t think foreigners will flock to these areas to buy. They won’t go to the secondary market. Instead, they usually purchase directly from the developers. Therefore, I don’t think the presence of foreign developers will negatively impact local buyers so much. Local buyers have a lot to choose from and have their own buying patterns and preferences. I don’t think we should be unduly alarmed by developments by foreign developers.”

Sabah's high home prices, worrying?



The prices of some condominium units in Sabah have increased significantly that they are now at par with those found in Kuala Lumpur.

Chief Minister Datuk Seri Musa Aman, said: “Some people tell me that I should be proud that condominium prices here are similar to that of those in Kuala Lumpur, that it reflects the confidence investors have in Sabah.”

But this could lead to a point when prices are out of reach for many. “I tell them, yes, it is good for the investors but it is not so good for Sabahans,” said Musa, adding that the government is doing its part by building thousands of affordable houses across the state.

In 2011, the value of property transactions within the state rose by more than two-fold over eight years to a record RM4.4 billion. Notably, transaction volume averaged at RM429,000, or up 34 percent from the country's average purchase price per property of RM319,000, based on a HwangDBS report.

Musa also explained that while the government had no hand on prices fixed by private developers, it always advised them to set the unit prices to a reasonable level.

Thursday 15 August 2013

Chinese developer launches coastal city in Iskandar


Chinese developer Country Garden unveiled its mega project in Danga Bay last Sunday.

The Hong Kong-listed developer deployed 10 coaches to transport Singaporeans from five pick-up points across the city-state to the Country Garden @ Danga Bay (pictured) showflat at Danga Bay in Johor Bahru, approximately five minutes away from the Malaysian CIQ complex (customs, immigration and quarantine).

Although Country Garden also rolled out an amusement park, however, operation of rides will only commence on Saturday, due to the huge number of guests.

Nevertheless, visitors and potential buyers received gifts such as RM20 petrol vouchers, car wash vouchers, as well as food and carnival vouchers worth RM388.

According to a Country Garden spokesman, half of the 7,000 available units were reserved prior to Sunday's launch. Singaporeans made up 20 percent of the buyers who placed bookings, while Malaysians and Chinese nationals comprised 30 percent and 50 percent, respectively.

In total, the 20ha freehold project will offer over 9,000 units. The upcoming coastal city will feature six yacht berths, a shopping mall, a 330m man-made beach and 44 buildings ranging from nine to 48 storeys high.

Residential units include studios (400 sq ft) and penthouses (3,000 sq ft), with an average selling price of around RM720 psf.

Wednesday 7 August 2013

Dubai: tighter regulation as sales double and brokers earn over USD 200 million in H1 2013


5 Aug 2013 (extracted from www.opp-connect.com)
News : Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up.
 
Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms to register all their available properties on the Simsari.ae multiple listing service by 31st August 2013, or face severe penalties. Simsari is an online real estate portal, founded in 2006 by two Dubai-based companies and subsequently acquired by the Dubai Land Department.
 
This is amidst a continuing boom in many sectors of the Dubai Real estate market.
 
Property sales in Dubai almost doubled during the first half of 2013.
 
Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up and – to many people’s surprise – set to become even more tightly regulated in the months to come.
 
The latest example of the country’s serious intent is that Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms selling property in Dubai to register every available property on the Simsari.ae multiple listing service by 31st August 2013. If they fail to do so they will face penalties. Simsari is a property portal owned by the Dubai Land Department (DLD) and Rera is the regulatory arm of DLD.
 
This move will greatly assist in enforcing existing laws about the sale of property and reduce abusive practices and what is seen as widespread confusion amongst buyers. It will also pave the way for new and more powerful regulations due later this year.
 
This comes amidst a continuing boom in many sectors of the Dubai real estate market, where property sales during the first half of 2013 have almost reached the level for the whole of 2012.
 
Yousif Al Hashimi, Director of the Real Estate Licensing Department at Rera, announced that total property sales for H1 2013 totaled AED 39 billion (USD 10.6 billion). These included the sale of land, villas, residential units (apartments and hotel apartments) and offices in freehold areas. Sales were AED 40 billion in the whole of 2012 and AED 34 billion during 2011.
 
Total commission earned by Dubai real estate agents during H1 has also almost doubled: AED 785 million (USD 213 million) compared with Dh800 million for the whole of AED 2012 and 700 million during 2011. Under Dubai law brokers receive one per cent of the deal value as a commission, unless parties agree otherwise.