Wednesday, November 30, 2011

Housebuyers at a dead end

IT’S been 10 years and housebuyers of more than 60 abandoned houses in Taman Bukit Permai are still waiting for their houses to be completed. Six abandoned houses along Jalan Bukit Permai 2 were 95% completed and overgrown with weeds. The buyer of one of the six houses, Choo Lee Mae, said she has been waiting for over 10 years. “We are left in a lurch, we do not know who to approach for help. I have given a copy of the sales and purchase agreement to the liquidator,” she said. Makeshift carpark: A car parked inside this abandoned housing project in Taman Bukit Permai. A councillor with the Kajang Municipal Council (MPKj), Lee Kee Hiong, who visited the site with another councillor Eddie Ng, urged the housebuyers to come forward to provide details. “We do not have the contact details of the buyers as no land titles were issued. “This is a complicated case as the liquidator is only in charge of unsold houses,” she said, adding that the council will act as a coordinator. She can be contacted at 03-9010 3137 or leekeehiong@gmail.com or visit her service centre on Mondays, Wednesdays, and Fridays, 8pm-10pm, at 33-2, Jalan Temenggung 9/9. Bandar Mahkota Cheras. Not much have changed since the abandoned project was highlighted in StarMetro (“Task force to monitor abandoned projects”, March 26) eight months ago. “Some of the cars dumped in the area were towed away by council enforcement officers. We have since spoken to the liquidator but to no avail. “The Ministry of Housing and Local Government was notified of this abandoned project but no action has been taken to date,” Lee said. There were even cars abandoned in some of the houses. Forty-five notices were issued to the liquidator under the Street, Drainage and Building Act 1974, Section 46(1)(e) for having derelict vehicles in any public place. Lee said she would check with the Customs Department if the cars were brought into the country illegally. Chong Nyit Seng was furious that his abandoned house was used as a dumping ground for cars. He claimed that a makeshift porch was also erected without his knowledge within the compound to provide shade for the cars. “I did not give permission to have these cars placed here. “Years ago when I first found out that the project was abandoned, I contacted the lawyer who handled the sales and purchase agreement but it was all in vain,” he said. On the issue of abandoned cars, V. Mathevan, who lives in the nearby Taman Desa Permai, said six cars were brought to his neighbourhood on Sunday. He promptly notified Lee. “I’m afraid that more will be dumped here and that it will become a breeding ground for mosquitoes,” he said. - The Star

Solution to stop flooding for good

A LONG-TERM solution involving the widening of the drain in Jalan Arratoon is being planned to overcome floods near Lebuhraya Pykett, Jalan Westlands, Jalan Khaw Sim Bhee and Jalan Anson in Penang. State Local Government and Traffic Management Committee chairman Chow Kon Yeow said that these areas were frequently affected by floods. He said the main cause was the bottleneck when the water flowed down to Jalan Arratoon leading to the sea. “The drain there is only 2.13m wide,” said Chow at a press conference at Lebuhraya Pykett yesterday. As a long-term solution, Chow said that the council was looking into getting that drain widened in the near future. Small and narrow: Chow (right) and some residents checking the drains along Lebuhaya Pykett “We are working on an agreement with the new land owner to provide some space for the council so they can widen the drain,” said Chow. He said that the council was working on two short-term projects to mitigate flooding. “The first one is upgrading the drains along Jalan Burmah from the junction of Jalan Arratoon to SRJK (C) Union. “The project started on Friday and is expected to be completed by the end of next month,” said Chow. He said the second project was to repair the box culverts along Jalan Burmah from Lebuhraya Pykett until the junction of Jalan Arratoon. He added that the cost of the projects was RM173,549 and RM90,044 respectively. “Although we are working on the short-term solutions, we are considering a long-term solution to be completed in three years,” he said. - The Star

NGOs against land swaps

GEORGE TOWN: The Penang Government should use state land as collateral to obtain loans from banks to start proposed mega road and sea tunnel projects. This is better than allowing developers to deal in land swaps and be given the right to reclaim prime land near or off Gurney Drive in exchange for RM8 billion worth of such projects, said Sahabat Alam Malaysia and Consumers’ Association of Penang president S.M. Mohamed Idris. Idris said there should also be a public hearing and an inquiry of all reclamation and mega pro- jects before they were awarded to avoid unnecessary compensation later. Idris said that in Hong Kong and Singapore, the governments reclaimed the land on their own and sold them for higher profits. Idris was commenting on the state government’s proposal to adopt a land swap scheme with developers to build three roads and a tunnel. The roads are a 4.2km road from Gurney Drive to the Tun Dr Lim Chong Eu expressway, bypassing the city centre; a 4.6km road linking Bandar Baru Air Itam to the same expressway and a 12km dual-carriage road from Tanjung Bungah to Teluk Bahang to pair with the existing coastal road. The 6.5km sea tunnel is to connect Gurney Drive on the island to the north of Butterworth. On the proposed RM120mil Escape Theme Park project in Teluk Bahang, Idris said there was no need for such a park in the state. Penang Institute senior research fellow Datuk Dr Goh Ban Lee is also not in favour of the road and tunnel projects, saying they would only bring in more vehicles into the island. “We should look into adding more buses and bus routes to improve public transport. What would a high-cost tunnel do for Penang other than reduce travelling time?” he said. Malaysian Nature Society advisor Kanda Kumar said that if the land was to be reclaimed for the project, the government must ensure that they should not be converted into freehold status. “At least leasehold land will not be given away permanently. If we keep on giving away land and then reclaim some more, the environment will be damaged,” he said. Penang Citizens’ Awareness Chant Group advisor Y.C. Lee said there should be public hearings held for any proposed reclamation or mega infrastructure projects. “Such projects may be sustainable, but there should be a proper study, public comment and feedback on them,” he added. - The Star

Tuesday, November 29, 2011

槟耗资逾12万种进口树 海墘路将变林荫大道

(槟城28日讯)槟州政府耗资12万7470令吉种101棵进口树,要在2年内将海墘路蜕变成林荫大道。 12万7470令吉栽种101棵树,这意味槟州政府在海墘路栽种一棵树的经费为1262令吉。 周一上午,槟州地方政府委员会主席曹观友行政议员及槟岛市政局主席芭堤雅一行人在红灯角码头一带的海墘路双向道的分界堤上栽种树木,以逐步打造绿化乔治市的宏愿。 曹观友:绿化红灯角码头道路 曹观友议员说,槟岛市政局计划从海墘路(Weld Quay)的《光华日报》旧址到槟岛邮政局总部全长约550公尺的分界堤上栽种101棵树木,以绿化红灯角码头一带道路。 他说,当局选用4种品质优良的进口乔木,即:Bucida Molineti、Gardenia Carinata、Jacaranda Obtusifolia及Syzgium Campanulatum乔木,分批栽种在海墘路分界堤上,每棵20尺高的树之价格为800令吉。 曹观友说,槟岛市政局从本月初开始在海墘路种树,并加宽及加高分界堤,以让树木茁壮成长,2年之内绿叶成荫,美化海墘路。整个绿化经费耗资12万7470令吉,预计将于本月底完成海墘路的种树计划。 他说,为了栽种树木,海墘路的分界堤从原本的1尺半宽度,拓宽至4尺半至5尺宽。高度从原本7寸添高至13寸。并挖深土地一米之深,以让树木稳固扎根。 曹观友透露,槟岛市政局将于明年初在柑仔园,即从加马购物中心前至柑仔园及霹雳路交界处的分界堤上栽种280棵乔木。 他说,槟岛市政局已于去年在沓田仔分界堤成功栽种树木,目前也在华盖街一带的乔治市海湾酒店前的友谊公园栽种树木。 相关照片 ■ 曹观友议员及槟岛市政局主席芭堤雅主持海墘种树推介礼。 ■ (右起)林清和市议员及郑来兴市议员为进口树浇水。 ■ 212万7470令吉栽种101棵树,州政府在海墘路栽种一棵树的经费为1262令吉。- 光华

Tan brothers look to 'conquer' Penang

KUALA LUMPUR: For a while now, there has been speculation about who would partner Ivory Properties Bhd in its multi-billion ringgit Bayan Mutiara project in Penang. That was ended when it roped in Dijaya Corp Bhd. They now plan to build residential and commercial properties on the land, estimated to generate sales of some RM10 billion. This is not their first tie-up. Within the Batu Ferringi tourism belt, Dijaya has a joint-venture project called "10 Island Resort" with Ivory. In Bukit Mertajam, Dijaya has a mixed development project dubbed Aston Villa, in which Ivory is the turnkey developer. But that partnership has overshadowed an interesting fact. Penang has now seen the entry of two highly successful businessmen and both happen to be brothers. Dijaya is controlled by Tan Sri Danny Tan Chee Sing, the younger brother of Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan Chee Yioun. Barely three months ago, the senior Tan made a comeback to Penang as a property developer after a hiatus of nearly two decades. The Berjaya Group - via Berjaya Land Development Sdn Bhd - signed a deal to buy 22.8ha of prime freehold land within the Penang Turf Club for RM459 million. At the signing ceremony in Penang, Vincent did not mince his words in expressing his displeasure with the previous state government. Vincent's approval of the current state administration is a strong signal to other developers that the island state has plenty of potential. And this probably explains Danny's continued interest. The latest alliance with Ivory is a very big undertaking and one which will ensure its presence in the state for many years to come. Danny, the man behind Petaling Jaya's Tropicana Golf and Country Resort, will have his hands full with the latest venture. As for Vincent, he did not discount the possibility of enlarging Berjaya Group's footprint in Penang. Together, the Tan brothers will be a force to be reckoned with in Penang. marinae@nstp.com.my - Times Read more: Tan brothers look to 'conquer' Penang http://www.btimes.com.my/Current_News/BTIMES/articles/monvy/Article/#ixzz1f3VcJx6S

China to maintain curbs on property market

BEIJING: China will maintain restrictions on the property market, vice-premier Li Keqiang has said, despite growing speculation that curbs could be eased to prevent a damaging slump in prices. Real estate sales and prices have been falling nationwide due to tough restrictions on purchases and bank lending, fuelling fears that the market could collapse and send debt-laden property developers to the wall. China’s property market was “in a key stage” and restrictions needed to stay in place to “promote the healthy development” of the sector, the official Xinhua news agency quoted Li as saying on Sunday. “We must maintain policies to prevent property prices from rising overly fast and further consolidate the results of the controls,” Li said. China has introduced a range of measures aimed at bringing down property prices the last year, such as bans on buying second homes in some cities, hiking minimum down-payments for buyers and introducing property taxes. A surge in bank lending in recent years has fuelled investment in the real estate sector and pushed property prices out of the reach of many ordinary Chinese, angering people struggling to buy their first home. The government would maintain restrictions and step up construction of low-cost housing to “satisfy the multiple and diversified housing needs of the public,” Li said. Li’s remarks echoed those of Chinese Premier Wen Jiabao, who recently said house prices should return to “reasonable levels” before policies were eased. Renmin University in Beijing said last week it expected the government to relax some property market curbs next year due to concerns that slumping prices could hurt growth in the world’s second largest economy. Cash-strapped local governments were heavily reliant on revenue from land sales, and the central government would likely intervene to prevent property prices from falling more than 25%, it said in a report. Property investment was also a contributor to economic growth, so Beijing might act to help ensure gross domestic product growth – which creates jobs and prevents social unrest – remained strong, it said. Official data showed the number of major Chinese cities posting a drop in home prices doubled to 34 in October from September, in a sign efforts to cool the country’s surging property market are working. — AFP

Kobay may privatise subsidiary Lipo

PETALING JAYA: Kobay Technology Bhd, the parent company of Lipo Corp Bhd, is considering an exercise to privatise the latter, according to reliable sources. The industry sources pointed to the fact that Kobay already owned 53.16% of Lipo, was cash-rich and Lipo was trading at a significant discount to its net tangible asset (NTA) value of RM1.60. It is understood that the advisory services of an investment bank has already been sought for the proposed deal although it is not clear which bank is involved. Both Kobay and Lipo are Penang-based companies involved in the manufacture of precision engineering equipment, although as of late last year, Lipo had ventured into property development. The Kobay-Lipo group is 26% owned by the Koay brothers Datuk Koay Hean Eng, Koay Cheng Lye and Koay Ah Bah. Hean Eng and Cheng Lye are common directors of Kobay and Lipo. Kobay's management was unavailable for comment. “Kobay is taking the cue from the flurry of privatisations that has taken place on Bursa Malaysia, stemming largely from the undervalued nature of the assets,” said a source. Kobay has more than RM60mil in cash and cash equivalents, which means that funding the privatisation should not be a problem. It will cost Kobay some RM27mil to buy back all the shares in Lipo it does not own at current prices or slightly over that if it is going to pay a premium to market. Lipo itself has a clean balance sheet, with RM28mil in cash and cash equivalents and with very little borrowings. Its venture into property development in Penang started last year when it bought nine lots of freehold land measuring a total of 47,679 sq ft in Tanjung Bungah for RM6.88mil or about RM144.30 per sq ft. It then said the plan was to develop that into residential and commercial properties. Lipo had also told shareholders then that the expansion into property development was a diversification strategy to help it move away from depending solely on the existing precision component manufacturing business, which was cyclical. The management of Lipo and Kobay had then declined to elaborate on the property development venture. Lipo's earnings fell to RM1.6mil in its latest quarter ended Sept 30, 2011, from RM2.7mil earlier due mostly to unfavourable performance of its China segment as result of the change of sales mix of overseas precision components and the loss incurred by the setup of a subsidiary in China. Since Kobay increased its shareholding in Lipo last December, Lipo's share price has risen by some 80% to RM1.14 per share last Friday. - The Star

To better serve women

THE Women’s Centre for Change (WCC) Penang is still short of RM1.5mil of its fundraising goal for its new premises on Burmah Road, George Town. Its president Mariam Lim said the total target was RM2.5mil to cover the building cost of RM1.5mil and the renovation cost of up to RM1mil. “To date, we have raised a total of RM1mil, which is 40% of the target,” she said. “We hope the public can support us with donations, as the new building is aimed at providing better facilities for single mothers, children and youth.” Lim said the three-storey building on Burmah Road had been vacant for a few years and required renovation. “The building, covering a 5,000sq ft built-in area, will give the centre more space for counselling services, seminars and training activities,” she said. “We are planning to rent out the ground floor which covers 1,500sq ft with an offered price of RM5,500 per month. “The rental is negotiable. This is aimed at generating income for the centre.” Lim was delivering her speech during the soft launch of WCC’s building fund themed ‘Give, Build, Change’ at the Little Penang Street Market on Sunday. The launching ceremony was kicked off with a live singing performance by Jazz singer Dasha Loganathan. Also present were Bukit Mertajam MP Chong Eng and state Youth and Sports, Women, Family and Community Development chairman Lydia Ong Kok Fooi. For details or to make a donation, call 04-2280342 or visit www.wccpenang.org/givebuildchange. Tax-exempted receipts will be issued for those who donate at least RM50. - The Star

Resort lifestyle of condo a draw for westerners, says developer

CAUCASIANS comprise the bulk of those purchasing the RM255mil Infinity Beachfront Condominium that recently clinched the FIABCI Malaysia Property Award 2011 under the residential (high rise) category. Hunza Properties Berhad executive chairman Datuk Khor Teng Tong said the project attracted Caucasians because it had access to a 105m-long beachfront as well as a 136m-long river frontage. “Beachfront accessibility is a key attraction for Caucasians as they prefer a beach resort lifestyle. “While the project was still under construction in 2008, we adopted Sungai Kelian to beautify and maintain its cleanliness for the long term. “Hunza and the FIABCI Penang Branch used the effective microorganism (EM) biotechnology to clean the river. It is now free of sludge and its water clearer,” Khor said. “The Caucasians, forming about 65% of the buyers, are from countries such as Britain, the United States, Australia, Belgium, Switzerland and Canada,” he said. He said other foreign buyers came from countries such as Vietnam, Hong Kong, Indonesia, Korea, Macau and Singapore. Khor also said the company’s RM480mil Gurney Paragon condominium project attracted many purchasers from Singapore, Indonesia, Hong Kong, Korea and Macau as the project was close to shopping malls and lifestyle facilities. He said this at a recent cocktail event in Penang to celebrate Infinity’s FIABCI award win. The event was attended by business partners of the project and corporate leaders. The project, comprising 119 condominiums units and penthouses, obtained the certificate of fitness (CF) in 2010. It is all sold out except for four of the eight penthouses. Initiated 19 years ago, the FIABCI Malaysia Property Award invites the best projects in Malaysia to contest in various categories. The winning projects this year will represent Malaysia in the international competition FIABCI Prix d’ Excellence awards which will be held in St Petersburg, Russia, in May next year. FIABCI is the acronym for Federation Internationale des Administrateurs de Bien-Conselis Immobiliers (International Real Estate Federation). - The Star

Monday, November 28, 2011

Influx of office space in Klang Valley worsens oversupply situation

KUALA LUMPUR: An influx of office space in the Klang Valley is putting a downward pressure on yields. Property consultants said the entry of more office space was making the oversupply situation worse. However, they said the situation could be remedied should the economy perform better, thus keeping demand afloat. “In certain areas, yields will be pressured downward because of the glut situation. But this is also highly dependent on the location of the offices. Those located in prime areas will have less chance of coming under yield pressure,” DTZ Debenham Tie Lung executive director Brian Koh told StarBiz. Khong & Jaafar managing director Elvin Fernandez said that the slightly higher vacancies this time around was “not too abnormal a situation”. “The thing about property cycle is that there can be a glut today but this oversupply condition can be offset if demand returns. I do not view it as being serious, “However, there could be a lot more supply that would flood the office space sector in the medium to long term,” he said. There were 20 million sq ft of vacant space in the Klang Valley, 22.5 million sq ft of office space under construction and 25 million sq ft which had been approved for construction. The Government recently earmarked several areas for commercial development such as the KL International Financial District in Jalan Tun Razak, the 100-storey Warisan Merdeka, the Sungai Besi military airport and the Rubber Research Institute land in Sungai Buloh which are expected to come onstream within the next 10 years. Meanwhile, a report by CB Richard Ellis released earlier this month revealed that office yields in Kuala Lumpur prime area had been flat from 2005 until 2011, ranging from a low of 6.25% to a high of 6.75% (see chart). The report also showed the office space vacancy rate in the Klang Valley was under 13% on an average basis, which consultants said could rise once new space came in with the completion of several mega projects. “With all the large-scale development projects coming in, we are looking at a potential oversupply situation but if the economy does exceptionally well despite the problems in the eurozone, this problem would ebb,” said Koh. Vacancies had risen during the 2008 global financial crisis in prime office spaces and rental rates had been on a slight decline. The prevalent trend among corporates was to move their bases away from the city centre into newer office buildings within other established suburbs such as Petaling Jaya and Klang as many of the workers lived in these suburbs. “After the My Rail Transit has been completed, office development would focus back to the city centre as long as they are affordable and corporates can make a decent profit even after paying off these leases. I expect this trend to reverse and that Kuala Lumpur will remain at the primacy of development in the Klang Valley,” Fernandez said. - The Star

‘Home is where heart must be at peace’

KUALA LUMPUR: Since ancient times, shelter has been the basic need of every human and the home is regarded a sacred space because it comforts, inspires and heals the body, mind and spirit. Columnist and author T. Selva shared this philosophy and knowledge of the 5,000-year-old Vasthu Sastra the Indian art of geomancy with visitors to The Star Property Fair, which reached its finale at the Kuala Lumpur Convention Centre here yesterday. “The ancient science, which can be applied in modern times to achieve a balance with cosmic forces, can assure harmonious living. Positive feedback: Selva giving out the ‘Vasthu’ pyramids to lucky recipients after his talk at the property fair at the KL Convention Centre in Kuala Lumpur Sunday. “One has to be tuned in with the universal rhythm of certain creations in seeking peace and prosperity,” he said, explaining that Vasthu Sastra was not just about a piece of land but something “that starts from oneself from the moment he wakes till he goes back to sleep”. Selva emphasised on the five elements of nature (ether, air, fire, water and earth) and the corresponding five senses in a person (hearing, smell, sight, taste and touch). “When working or living in a building or property, a person is to respect the five elements, which must be present around the individual,” he said. He explained: “Ether and hearing: one is encouraged to listen to soothing music early in the morning, not disturbing noises or loud music. “Air and smell: the burning of fragrant incense or uplifting scents purify the air and allow fresh air to flow into the house. “Fire and sight: watch the sunrise and allow the morning sun into the house to have a good headstart. “Water and taste: have an indoor fountain in the northeast space of the room to be in harmony with the water element. “Earth and the sense of touch: allow your bare feet to touch the ground to discharge and recharge your body with positive earth energies. Selva, who put up Vasthu Sastra guide books for sale, also gave away 100 mini-pyramids, imported from India, to lucky visitors and explained how they drew subtle positive energy. He said one of the pyramid's functions was to remove or recycle stagnated and negative energy and focus on harmonising energies instead.-The Star

Sunday, November 27, 2011

Australian homes on show at fair

KUALA LUMPUR: House buyers and property seekers continued to make a beeline to The Star Property Fair, Malaysia's premier showcase for stylish living, at the Kuala Lumpur Convention Centre here. They not only got to check out on the latest offers by local developers but also useful tips on buying and managing property in Australia. Anthony Phey, senior manager and consultant of Central Equity, a leading inner-city residential developer in Melbourne, said: “If it's your first investment, make sure you are doing it right because what you will be spending is your hard-earned money. “Buying a property in Australia is a great investment due to the economic factor, job opportunities and world-quality lifestyle. Spoilt for choice: Potential housebuyers visiting the booths at The Star Property Fair 2011 at the Kuala Lumpur Convention Centre yesterday. “The Australian Government allows foreign ownership but with the proper documents and certain criteria,” he said. Phey was met during a one-hour talk on the second day of the fair yesterday. The fair at Halls 4 and 5 of the convention centre ends today. Award-winning interior designer Benson Saw gave an interesting insight into selecting the right furniture for the home. “We should break the convention and be creative. It does not mean you can place a sofa in your living only but in your bedroom too.” “Use the space well because when you invest a lot on a property you should consider investing in good and quality furniture too,” he said, spicing his talk with images of well-decorated homes. “Lighting plays an important role too,” added Saw. David Koh from the Malaysian Institute of Geomancy Sciences presented interesting tips on how to enhance the living environment with “environology” a new word he coined to mean feng shui. “Those buying property should know the type of energy in their house as ancient living styles are still applicable in modern life,” said Koh. - The Star

Saturday, November 26, 2011

槟威海底隧道及3道路 中韩马竞标2015动工

槟城25日讯)估计总造价高达80亿令吉的槟威海底隧道及3条主要道路兴建工程,根据州政府拟定的招标及施工日程表,最快要在2015年中才能动工。 州政府秘书署经于本月15日通过州政府官方网站让有兴趣竞标这项工程的本地及外国公司下载资格鉴定申请书。 据悉,除了已经和州政府签署谅解备忘录的中国公司,目前最少还有一家韩国跨国公司及多家本地公司已经表达他们要争取这项工程的意愿。 根据州政府的规定,任何有意参与竞标的公司,必须出席11月29日举行的资格鉴定说明会。没有出席的公司将自动失去竞标资格。 没出席说明会不能投标 槟州公共工程、基本设施及交通管理委员会主席林峰成受询时说,没有代表出席说明会的公司,将不能投标这项工程,除非行政议会决定再另外举行多一场说明会。 因此他吁请有意投标有关工程的公司不要错过这次的资格鉴定及说明会。 他说,州政府目标是希望能有多家公司参与。 根据州政府的资格鉴定申请书列明的工程日程表,有意竞逐这项工程的公司必须在2012年1月14日前提呈他们的申请书,通过资格鉴定后,必须在明年6月前提呈他们的建议书。 由于这将会是一项涉及隧道及3条主要道路的大工程,从开始鉴定发展商资格到选出得标公司,将耗时3年6个月时间。根据日程表,州政府与得标公司签约日期是在2015年5月,预料有关工程最快也要在第二年中旬才能动工。 竞标公司需有经验 资格鉴定活动主要是让州政府在正式公开招标前,初步筛选具有资格的竞标公司。当局对竞标公司的要求首先是要具备相关经验、可信任及有财力基础。 不提供预支工程费用 通过资格鉴定这一关的公司,才会受邀提呈他们对有关工程的建议书,对有关工程提出设计、研究及执行方案。在工程完成前,州政府将不会给予得标的公司提供预支工程费用,不过,竞标公司在建议书中可以提出他们在完成工程后的收费方案。 据悉,州政府将会以丹绒道光填海计划的100英亩地段做为支付工程费用的部分款项,并允许发展公司征收过路费以取回成本。 3大主要工程 这项涉及衔接槟威隧道及另外三条主要道路的工程,或会分为几个不同的部分来落实。 继槟城大桥及第二大桥之后,第三条接通槟岛及威省的通道,计划中的隧道将会从新关仔角衔接威北的峇眼阿占。 另外将和隧道工程捆绑在一起的3条主要道路分别是: 1. 乔治市绕道:从建议中的新关仔角隧道出口经过邦咯路、霹雳路及双溪槟榔路进入敦林大道。 2. 亚依淡新市镇(发林)绕道:此绕道将会是一条接通发林和敦林大道的新路,根据政府的要求,有关绕道将会开通几个出口连接叶祖意路、苏丹阿兹兰莎路。 3. 丹绒武雅通往直落巴巷的平行道路:有关道路将会在现在丹绒武雅通往直落巴巷道路的内则,再建造一条平行道路,以疏解有关道路车辆日益增加的压力。- 光华

Panasonic to invest RM1.9bil


GEORGE TOWN: Panasonic Corp will invest RM1.85bil in its latest solar manufacturing facility in Kulim Hi-Tech Park (KHTP).
The company will be leasing a 60-acre site from KHTP for the facility.
According to sources, Panasonic is now negotiating to finalise the lease payment, which will be a one-time payment, to lease the land for 60 years and an option to renew it for another 39 years.
In KHTP, the rental to lease the land starts from RM23 per sq ft.
Panasonic will start construction of the facility as soon as possible, as it plans for the plant to start operations in December 2012, with an annual production capacity of 300MW.
In an announcement made available at its website, Panasonic announced that it would establish Panasonic Energy Malaysia Sdn Bhd next month to produce solar cells and modules.
Panasonic’s solar manufacturing facility in KHTP will be the second company there after the US-based First Solar, which occupies 160 acres.
First Solar, to date, has invested RM2.9bil in KHTP since 2007, employing 3,400 workers in its six plants.
There are 37 companies providing support services for solar power and semiconductor industries in the country.
Among them is Saint-Gobain Solar (SGS) from France, which has invested RM46mil in KHTP for a glass manufacturing facility to support the solar industry, and is expected to start operations this month.
In the announcement, Panasonic said with environmental awareness increasing globally and the introduction of subsidy systems and feed-in tariff schemes in Japan and other countries, the solar cell market was predicted to grow further.
“Robust demand is expected particularly in the residential sector, the main target of the Panasonic solar modules.
“The new factory in KHTP will not only help Panasonic meet this growing demand, but also strengthen the company’s module’s cost-competitiveness with the vertically-integrated production,” the announcement said. - The Star

Demand for housing likely to be stronger in H2 next year


KUALA LUMPUR: The number of applications for property development licences is expected to be slightly lower in 2012, according to Housing and Local Government Minister Datuk Seri Chor Chee Heung.
“This year there is a very high number of applications. Also, the trend for the property market next year is optimistically cautious,” Chor said after the launch of the Star Property Fair 2011. Chor reiterated that the construction sector was expected to grow 3.4% this year compared with 5.1% in 2010.
He pointed out that speculative activities in the property market might be dampened in the first half of next year due to the recent measures such as the 5% increase in the real property gains tax to 10% for units sold within the first two years after purchase and Bank Negara’s guidelines on responsible lending.
However, Chor said he believed that demand in the housing market would be stronger in the second half of 2012.
“Towards the second half of next year, once purchasers are used to these measures, they would be back in the market.”
Chor said he was expecting a “rationalisation” in residential property prices although they were not expected to be lower due to increases in the cost of land, raw materials and wages.
“This is because the Federal Government has put in place measures to build affordable homes for first-time buyers or those with household incomes not exceeding RM7,000 a month. When the Federal Government starts to do this, property developers would invariably build homes at affordable prices.
“But they would not be right in the middle of Kuala Lumpur; maybe they would be in Rawang and Semenyih. The price of housing cannot go up every year; it has to reach equilibrium at some point.”
Chor said that one reason for the rise in property prices in Penang and Selangor was the high premium paid by developers for the conversion of land use.
The Star Property Fair is being held until Nov 27 at the Kuala Lumpur Convention Centre.
Developers such as SP SetiaIOI Properties, Naza TTDI and Mah Sing are exhibiting their property offerings at 130 booths. - The Star

Giving of rebates to attract buyers


A COUPLE of weeks ago, a bit of controversy arose over the purchase of two residential units in One Menerung, located behind Bangsar Shopping Complex.
For non-city dwellers, Bangsar is an upscale commercial and residential area next to Damansara Heights, one of Kuala Lumpur's most prestigious neighbourhood. The developer is Bandar Raya Developments Bhd (BRDB). It is unclear how much the two units actually cost. There are reports which cited that one of the units cost RM9.8mil and the second unit cost RM6.9mil. For the sake of consistency, let us just put the two units at RM6.9mil each.
Although it was reported that both are condominium units, it is also likely that the units may be landed duplex units as the entire project is known as a condominium project.
According to a previous press report, the Government had given a RM250mil loan to the National Feedlock Corp (NFC) for the cattle business but a portion of this money was instead used to buy two residential units in One Menerung, besides other uses. There are many interesting aspects to this cattle versus property investment episode.
The NFC is managed by the husband of Women, Family andCommunity Development Minister Datuk Seri Shahrizat Abdul Jalil,Datuk Seri Dr Mohamad Salleh Ismail. The rationale behind the diversion of funds from cattle to bricks and mortar was given during a press conference in mid-November.
According to press reports, the investment into these two units is rendering NFC a monthly rental income of RM70,000, or a gross return of about 13%, for each unit. Initially, it seemed quite impossible for a condominium to fetch that kind of rental. Even a bungalow in Damansara Heights does not fetch that kind of rental. Later, it was revealed that the monthly rental is RM18,000 for a unit.
At RM18,000 a month, a year will provide the buyer a gross rental income of RM216,000. Annually, this means a gross rental income of 3.13% (216x100/6.9). But the units come with a monthly maintenance and sinking fund charge. The monthly charges at One Menerung is at the rate of 55 sen per sq ft. Assuming that the unit is 6,340 sq ft, that works out annually to RM41,844, or RM3,487 every month.
The gross rent of RM216,000 less maintenance charges of RM41,844 is RM174,156. This means the annualised net rental income is 2.52%.
Now this is the interesting bit. In a press conference, it was revealed that BRDB gave NFC a cash rebate of 10% of the purchase price of the units. Assuming that both units are priced at RM6.9mil, this means apart from the rental income of RM216,000, the buyer received another RM690,000, or RM57,500 a month from the developer. This works out to the buyer receiving about RM75,500 (RM57,500+18,000) a month. Based on the 10% rebate excluding the rental income, over a 24-month period, the buyer received about RM1.3mil from BRDB for the two units.
But this 10% rebate ends next month, which means come January 2012, the return on investment takes a drastic fall from a return of 13% to 2.52% net, or 3.1% gross. This is the fixed deposit interest rates offered by commercial banks today.
This episode of giving a 10% cash rebate over 24 months raises other questions. Did all the other buyers of One Menerung receive the same 10% cash rebate over a period of 24 months? According to a former staff of the company, different incentives were given at different times to different buyers.
One Menerung was launched in 2006. In the first quarter of 2008, it was reported that One Menerung was doing well with 85% of the units sold. If that project was doing well, why did BRDB give that 10% cash rebate?
A developer who declined to be named says it is possible for developers to provide some form of incentive to push sales. But the quantum must be reasonable. There are also cases of buyers getting bulk discounts when they buy multiple units.
On a larger scale, why would BRDB, a very reputable developer give buyer or buyers a 10% cash rebate which stretches over 24 months? This effectively reduces the price of the properties, and the company's revenue. Normally, it is a one-off thing and is clearly spelled out and given when the property is sold.
When the price of a property is fixed and that price is approved by the Government, the developer cannot increase the price without prior approval. However, there is no issue with reducing the price of the property, although by right, this should not occur as it gives rise to other issues, the developer says.
This leads us into another area, the marketing of properties. Just as there is today, a buy-one-get-one-free in the supermarket and fashion, these purchases are small and for day-to-day use. These purchases cannot be compared to property purchases.
When it comes to property investment or an outright purchase because of a need, it is a different ball game altogether. Afterall, buying a property is a very big commitment that goes on for years and if the loan tenure is long, for decades. While it is fine to invest, decisions have to be weighed very carefully. Each investor has different needs and wants and for many of us, property investment will be the largest monetary investment many of us are likely to make in a lifetime, apart from a car. Because property prices tend to increase in Malaysia, this does not mean that property prices will not fall. It may fall for a period. Because there is always that risk, it is best to use one's own money to invest in property simply because it is a long-term investment.
As property, be it commercial or residential, is a popular asset class in Malaysia as elsewhere in Singapore and Hong Kong isn't it time that Malaysia set up a sort of regulatory framework under the ambit of some housing related assocation to govern how developers should conduct their business? This framework could include the selling and marketing of properties.
By all means, let there be some form of “inducements to buy” but let this enticement be reasonable. This is an important issue for the simple reason that property development and investment is very closely linked to the banking sector, which is the backbone to any national economy. If one falls, the other falls with it. As we have seen in the West, it was the property sector which rendered the US economy the way it is today.
l Assistant news editor Thean Lee Cheng finds these “cash rebates” very attractive, but instead of giving rebates, why not just price the property lower?  - The Star

Housing supply and demand – are we nearing equilibrium?


Is there any equilibrium point in housing market, considering the many factors influencing demand and supply?
The main determinants of the demand for housing are demographic. Population size and population growth are the core demographic variables. However, family size, the age composition of the family, the number of children, net migration, non-family household formation, the number of double family households, death rates, divorce rates, and marriages are other demographic variables that would influence demand for housing. Other factors such as household income, price of housing, cost, availability of credit, consumer preferences, investor preferences, price of substitutes and price of complements all play a role in determining demand for housing.
Income is an important determinant of demand as shown by a study conducted by De Leeuw in 1971 that showed positive income elasticity of demand in North America ranging from 0.5 to 0.9, meaning the market demand for housing grew as real income rose. The price of housing is also an important variable influencing demand for housing, where in terms of elasticity just like any normal goods it is negative increase in price will result in decrease in demand.
As for supply, the quantity of incoming supply is typically influenced by cost, price of existing stock of houses, and the technology used in the construction, where material costs tend to contribute the largest share of the construction cost, about 30% to 40%. In the short run, supply tends to be very price inelastic increase in cost will have less effect on supply. However, over a longer period, it tends to be very price elastic increase in cost will lower supply.
A study conducted by Fallis in 1985 showed price elasticity of supply was estimated at 8.2, indicating increased in cost would lower supply significantly. The degree of elasticity depends on the elasticity of substitution and supply restrictions. For example, the use of capital intensive technology has been employed to reduce the rising labour cost, thus having less impact on the supply of housing.
As at first half of 2011, Malaysia had 4,466,062 units of housing, an increase of 1.7% from the total of supply in the first half of 2010. About 24,709 units were completed in the first half of 2011, a lower number compared to 50,611 units completed in the first half of 2010. Kuala Lumpur and Selangor accounted for 6,567 units or 27% of the total new stock. Kuala Lumpur and Selangor had 414,436 and 1,285,192 homes, reflecting an increase of 2.0% and 1.7% respectively from the total as of first half of 2010.
Other states which showed significant number of units completed are Sarawak (2,612), Penang (2,507) and Perak (2,184). The incoming supply in the country was recorded at 560,636 units, where Selangor is the largest contributor (134,143 or 24% of the total) followed by Johor (76,429 or 14%) and Negri Sembilan (65,227). Kuala Lumpur has 39,656 units coming on stream.
In terms of transactions recorded as of first half of 2011 for the country, there were 133,984 transactions in the residential category, out of which the largest transacted numbers were priced in the range of RM100,000 to RM150,000, which accounted for 22,857 units, followed by units priced between RM250,000 and RM500,000, which accounted for 21,559 units.
Selangor recorded the highest number of transactions at 38,424 units, followed by Johor (15,015 units), Penang (13,832 units), and Kuala Lumpur (11,522 units). The most popular units transacted in Selangor, Kuala Lumpur, and Penang were for units priced between RM250,000 and RM500,000, while in Johor, the highest transactions recorded were for units priced between RM100,000 and RM150,000.
This brief analysis gives an indication that the total number of units coming into the market needs to be in line not only with the level of affordability of potential buyers in the area the projects are to be launched but also the demographics of Malaysian population.
As of July 2010, total population was estimated to be 28.25 million and the population is expected to grow at a rate of 2.4% per annum, where about 65% of the population is urban population. Today, less than 4% of Malaysians live in poverty and it is estimated that about 2.0% of the total urban population in Malaysia lives below the poverty line, earning monthly household income of equal or less than RM750. Low income households (earning income equal or less than RM2,000 per month) represents 75% of the median income in Malaysia.
The national average household income is estimated at RM4,000 per month. It should also be noted that about 65% of Malaysia's population is below the age of 35, thus there would definitely be strong demand for housing.
Due to continuous movement in the factors affecting supply and demand for housing, policy intervention is necessary to ensure that the majority of the population has equal access to own homes. Singapore's public housing policy is often cited as the most successful example of affordable housing provision in Asian cities. A study conducted in 2000 estimated that about 85% of the total population lived in public housing with nearly 95% of them owning the flats they occupied.
By centralising its public housing effort under a single authority, Housing Development Board, Singapore has circumvented the typical problems of duplication and fragmentation of duties, and bureaucratic rivalries associated with multi-agency implementation. This centralised function also serves as a mechanism to ensure supply and demand are checked.
It is hoped that the provision of affordable homes as announced in Budget 2012 would achieve its main objective of increasing home ownership among the majority of the population.
Senator Datuk Abdul Rahim Rahman is the executive chairman ofRahim & Co group of companies. - The Star

Friday, November 25, 2011

Seberang Jaya Factory - Rare Opportunity!

*2.5 storey factory
*Land Area: 18,000 square feet
*Built-up: 27,000 square feet
*Good condition
*With air cond & lift
*Priced to sell
*Priced to rent

Click here to contact us, Penang I Property for more information or viewing

省电省水节能环保屋 实达建槟绿色王朝


(槟城23日讯)槟州政府致力打造“绿意槟城”之际,在槟城大展拳脚的实达集团(SP SETIA)也朝绿色建筑目标前进,其中在新港的一个屋业计划相信是开北马首个绿色发展计划先驱,在发展成本(GDC)高达3亿令吉计划中,耗资约2000万令吉相等于8%成本,作为节能减碳用途。
这项绿色计划,可为每个家庭节省高达10%的电源及水供消耗,走向绿色第一步。其实,该公司已先前在海内外,进行多个以绿色生态为主题的发展项目,包括莎阿南生达生态公园屋业(Setia Eco Park)、吉隆坡“生态城”(Eco City)及柔佛州实达生态屋业(Setia Eco)。
逊达拉祖:健康家居
在新港占甲新港(Changkat Sg Ara)的“实达绿色”,是北马首个追求节能、健康并与自然环境交融的绿色屋业。据实达北马区总经理拿督逊达拉祖(Sundarajoo)受访时表示,该公司在槟城新港推展的“绿色实达”不同一般屋业,其构造符合节能、有效循环及打造健康家居的概念。
目前,首阶段3层楼工程已施工中,单位卖价约百万令吉,第二阶段工程相信不久将启动。他提及,实达绿色也将致力追求马来西亚绿色建筑指数(GBI)凭证。该计划下将打造艺术公园(artistry park),湖上小岛及湖边公园;其中艺术公园主要展示以再循环原料创作的前卫艺术雕塑品。
在计划下,首期计划涉及3层楼合共149个单位以及18个单位的3层楼半独立式,其造价约百万令吉计,其中Dillenia共29单位,建筑面积是2436平方尺;Ehretia(12单位),建筑面积2465平方尺;Cassia(56单位),建造面积2785平方尺及Cordia(52单位),建造面积3212平方尺。
而3层楼半独立单位分为Citrus 1(15单位),建造面积3553平方尺及Citrus 2(3单位),建造面积3149平方尺;而在第二阶段的实达绿色计划则涉及打造20个半独立式单位,35间独立式洋楼及434个单位的公寓。
使用冷却性屋瓦
实达绿色的特征,包括雨水收集系统、低挥发性有机化合物(VOC)、有效水流调节系统、及太阳能热水器。
其中,计划中所使用的冷却性屋瓦(cool roof),是最新工艺打造的符合永续性发展概念,它创造一个自然空调及防热阻隔系统,制造一个冷却的内部系统,最终节省能源及保护环境,据称其可有效将室温调低3度,达致节能及耗电功能。
太阳能热水器省电
而安装在所有楼上的太阳能热水器能进一步节省能源;至于雨水收集系统将收藏在一个储藏水槽,以便作为浇花及洗车用途,节省用水量。
逊达拉祖提及,安装在所有水龙头(除了厨房)包括冲凉房的用水效率配件,将减少水流量,间接节省用水;为防止挥发性有机化合物(VOC)对人体健康及环境的伤害,该计划也使用“低挥发性有机化合物”(VOC)油漆。此外,实达绿色的建筑设计为南北坐向,避免面对日出及太阳西下的曝晒,以自然定律节省能源。
人造湖将成赏鸟站
逊达拉祖指出,绿色发展计划将带来二好,一是长远有利环境,二是节能,同时将使未来计划的管理层节省开销。
他说,绿色发展计划取得积极反应令人始料不及,相信这将有助鼓励其他发展公司也会朝此目标前进。他表示,在此计划下打造的一个人造湖最终将成为一个赏鸟处,目前已有不少季候鸟飞来,而他说,湖公园周边也将安装上太阳能街灯,这些都将使未来自行组织的业主管理机构在接手后,在电能方面省下不少钱。
据公司产业部工程经理阿聂拉叻苏向本报记者指出,在实达绿色计划中,安装冷却性屋瓦(cool roof)约须1万2000令吉,而雨水收集系统、有效水流调节系统、及太阳能热水器,各别费8000令吉左右,至于低挥发性有机化合物(VOC)需费介于8000-1万令吉。
多次获奖名扬海内外
实达打造的Setia Eco Park于2007年赢得全球卓越建设奖(FIABCI Prix d'Excellence Award),一连33年,即2005至2007年获欧元(Euromoney)所颁发的最佳产业公司(Real Estate Awards)奖,同时接连4年,从2005年至2008年获The Edge财经周刊选为马来西亚最佳发展公司。
创立于1974年的实达,目前在全马及海外有23个发展计划,其中4个已完成,9个施工中及10个即将开展,分别在槟城、巴生港、新山、亚庇、越南及澳洲墨尔本等。- 光华

‘Sick’ road widening project given until July to wrap up


IT is still work in progress for one of the ‘sickest’ road projects in Penang — the upgrading of the road from Teluk Kumbar to Pekan Genting in Balik Pulau.
The authorities have again extended the completion deadline, which expires this month, to July next year.
This is believed to be the third extension for the new contractor after two extensions given earlier to the original contractor who later abandoned the project.
State Public Works, Utilities and Transportation Committee chairman Lim Hock Seng said the Public Works Department (PWD) granted extension to the contractor to complete remedial works.
Work in progress: A new section of the road under construction.
“There are several works that need to be carried out to remedy the leftover job by the previous contractor,” Lim said when contacted.
He said the current contractor had to conduct treatment works on the hillslope, perform underpinning of the retaining wall and also replace the anchoring bars which had been stolen.
He said 1.6km stretch of the road was opened to the public on Sept 20.
“The remaining 1.7km is scheduled to be completed by July next year,” he said.
The completed section opened to motorists, offering more lanes for a comfortable and safer ride
It was reported that there had been repeated delays in the completion of the RM57mil project which is funded by the Federal Government.
The project started in April 2005 and was supposed to be completed in two years.
But the original contractor abandoned the project in March 2008 citing escalating costs of building materials and shortage of labour.
The authorities then appointed Sarahon Construction Sdn Bhd, a Class A bumiputra contractor from Sarawak, to complete the project in May last year. The cost of the revived package is RM42.05mil.
The project is aimed at halving the travelling time of 30 minutes between Teluk Kumbar and Pekan Genting with the 4.5km distance being reduced to 3.3km.
Six bridges are being constructed to cut off road bends that will make the passage safer and shorter. - The Star

Councillor: Most Bayan Baru folk want sPICE project


GEORGE TOWN: A Penang Municipal Council (MPPP) councillor has claimed that most of the residents in Bayan Baru support the controversial subterranean Penang International Convention and Exhibition Centre (sPICE) project.
Councillor Mohd Rashid Hasnon said sPICE could help revive the Penang International Sports Arena (PISA), which is now suffering from a negative public image because infrastructure such as its indoor swimming pool could not be used.
“The sPICE project includes repairing and upgrading PISA. If the upgrading is to be halted, it would hinder the development of Penang. With a facility like sPICE, activities can be held to lure more investors,” he told a press conference yesterday.
Mohd Rashid, who is also the Bayan Baru PKR division deputy head, said this in response to four ratepayers here who filed a class suit against the state government in a High Court here on Monday.
The four are challenging the validity of the sPICE and whether there was an abuse of power.
Mohd Rashid claimed that MPPP had undertaken the proper procedures in handling the project although his view contradicted the stand of fellow party member and councillor Lim Boo Chang who opposed the approval process of sPICE last month as the deal was allegedly bulldozed through the full council meeting.
“The project was announced by Chief Minister Lim Guan Eng in January. Later, there was a public viewing of the plans for two weeks. There was also a public dialogue here with Lim in February,” Mohd Rashid said.
Another councillor Felix Ooi Keat Hin was also on hand to pledge support to the pro-ject. - The Star

Reps appointed to sort out apartment’s accounts


TWO Penang state assemblymen are believed to be among the first elected representatives to be appointed as managing agents for a high-rise property in Penang.
Also appointed by the Commissioner of Buildings (COB) of the Penang Municipal Council (MPPP) was a chartered accountant.
The trio — Komtar assemblyman Ng Wei Aik, Paya Terubong assemblyman Yeoh Soon Hin and chartered accountant Ong Lin Teong — were appointed by COB president Patahiyah Ismail on Monday to manage the accounts and expenses of the Green Garden apartment in Paya Terubong.
Ng said the appointment was legal under Section 25 (1)(b) Building and Common Property (Mainte-nance and Management) Act 2007 where the council can appoint one or more individuals to be a managing agent should the council observe that the developer or the joint management bodies (JMB) are under-performing.
He said that there is no clause which prohibits assemblyman from becoming a managing agent.
Ng added that they would represent COB to manage the Green Garden after its JMB failed to perform since they were elected on Nov 7 last year.
“The Komtar and Paya Terubong service teams will set up a booth to collect maintenance fees every Wednesday and Sunday from 8pm to 10pm,” he told a press conference at Komtar.
Ng said that they would stand-in on behalf of the COB for a period of six months until May 20 next year and he hoped that the financial status of the property could be stabilised by then.
“We hope that within six months, we would be able to settle the problems faced by the residents there. If there is a need, we are willing to extend our tenure.”
Green Garden residents are facing a debt of RM354,781.85 after the project developer was declared bankrupt by the court on March 4 last year.
Ng said COB had also obtained consent from the public prosecutor office to charge the property manager, under Section 20 (1) Building and Common Property (Maintenance and Management) Act 2007, for collecting maintenance fees despite the developer having gone bust.
“The property manager should not operate unless they obtain approval from the Malaysian Insolvency Department.”
Yeoh said they had been appointed because the maintenance condition at Green Garden was critical, adding that he believed they were the first assemblymen to be accorded such a responsibility.
However he said that this concept should not be a practice for other high-rise flats or apartments.
Ng said a total of RM87,195 was collected from about 600 residents on Nov 16, 17 and 20 .
The two-blocks of Green Garden apartment on Jalan Paya Terubong consist of 2,255 units. - The Star

Thursday, November 24, 2011

290 face bankruptcy over abandoned housing projects


KUALA LUMPUR: About 290 house buyers are in the process of being declared bankrupt by banks after failing to pay their loans on houses in projects that have been abandoned.
Malaysia Muslim Consumers Association (PPIM) adviser Tunku Azwil Tunku Abdul Razak said 19 house buyers had already been declared bankrupt.
“These are the buyers who had forwarded their complaints to us, but we believe many more are victims.
“The association will take action, including using legal means and referring the matter to the Malaysian Anti-Corruption Agency, to assist them in getting justice.
“We found that some of the cases involved elements of cheating,” he said.
Ahmad Zaki, 43, a victim of an abandoned housing project in Klang, said the project was developed in 1999 but had stalled since 2001.
“I have to repay the RM93,000 bank loan taken although only pillars of the promised house have gone up. The status of the project near Pulau Indah is not in the records of the Klang Municipal Council,” he said.
A victim of a car loan cheating case, who has been blacklisted by a bank, has also sought the help of PPIM.
Zilah Mahmood, 34, said the bank sent a statement as proof that he had taken a car loan purportedly with his “wife” as the guarantor when he was unmarried at that time and did not even know the “guarantor”.
“I was shocked to receive the bank loan statement as my monthly income had not even reached RM1,000, so how could I afford a car?” he said.
Zameri Zakeria, 47, is facing a similar situation as his name was blacklisted in 1997 after he was claimed to have owed RM29,136 in 48 monthly instalments for a Proton Saga car which he has never owned.
“My name appears in the bank statement issued but the signature is not mine. I have gone to the Forensics Department which has also confirmed that the signature is not mine,” he said. — Bernama

Charge errant builders only, ministry urged


PETALING JAYA: While supporting the move to charge errant developers, Real Estate and Housing Developers Association Malaysia (Rehda) has urged the Government to also take into consideration the reasons why projects were delayed or abandoned.
Developers who are genuinely affected by poor economic or market conditions should not be penalised, said its president Datuk Seri Michael Yam.
“There are circumstances where economic conditions affect the development of a project. The authorities must consider this and only charge the errant developers, not the genuine ones,” he said yesterday.
Rehda represents about 1,000 housing developers in the country.
“However, those involved in fraud or dishonest dealings should be dealt with severely.”
Yam said lawyers and architects who came across developers involved in unlicensed projects should report to the relevant authorities. “Most of the time, we only find out that the project is unlicensed after it is abandoned,” he said.
National Housebuyers Association honorary secretary-general Chang Kim Loong applauded the move to criminalise errant developers.
He also urged the Government not to let the “old criminals” get away.
“Laws are not retrospective in nature. It would only allow for developers who abandon new projects which are undertaken after the amendments come into force, to be penalised.”
He said it was important for the Government to ensure that developers of currently abandoned projects were also penalised.
“While seeking to deter new criminals, we should not allow old criminals to get away scot-free,” he said. - The Star

Errant developers and directors can be jailed and fined from March


PETALING JAYA: Nearly 5,000 directors of housing development companies and over 1,000 developers have been blacklisted for various offences, including for delaying and abandoning their projects since 2007.
However, from March, those found guilty of these two offences may not only be blacklisted, but will also face jail sentences and fines.
Amendments to the Housing Development (Control and Licensing) Act 1966, which are expected to be passed by the end of the current parliament session, propose a maximum three-year jail term and RM500,000 fine for developers who abandon their projects.
As of Nov 15, 1,308 developers and 4,703 directors of the companies concerned have been blacklisted by the Housing and Local Government Ministry.
The amendments, however, will not be retrospective and only those who commit new offences will face criminal charges.
Housing and Local Government Minister Datuk Chor Chee Heung said: “We hope the amendments will be passed by the end of this parliamentary session for us to enforce them by March.
“The directors are also blacklisted to make sure they cannot set up another company and start a new project under a different name,” he told The Star yesterday.
The offences fall under four categories - failure to pay compound fines, abandoning of projects, involvement in “sick” or problematic schemes and non-compliance with the judgment of the Tribunal for Homebuyer Claims.
Chor said blacklisted developers would not be issued a licence for any other project.
“However, they will be taken off the list once they salvage their project or settle whatever issues they face,” he said, adding that the list would be constantly updated to keep housebuyers informed.
It has been reported that the ministry had revived 83 of the 167 abandoned housing projects as of Oct 31, benefiting 9,278 buyers.
Chor said efforts were underway to rescue 62 abandoned projects.
Under Budget 2012, RM63mil was allocated to revive projects involving 1,270 houses. - The Star