Saturday, September 29, 2012

南华旅社旁半世纪咖啡摊让路 乔治市再折损活古迹


(槟城28日讯)乔治市世遗区一家逾半世纪历史陋巷咖啡摊面对“让路”指示,造成入遗后的乔治市或再折损另一活古迹(living heritage),少一个散发海南咖啡味的“非物质文化遗产”。
在乔治市世遗核心区牛干冬的南华旅社在荒废多时后被槟城钟灵毕业生骆锦地以7百多万令吉成功收购,使建筑重获新生,然而“依附”在南华旅社右翼墙面旁的一家传统式冯姓咖啡摊口据称或面对业主指示清场,从其墙面撤出,造成乔治市或再坐失一家老茶室摊口。
在乔治市入遗后不少的老建筑水涨船高,面对本地及外来买家进场购置老房子,屋价不断攀升,不少租户及商号即在原有产业转手后搬离,而在南华旅社建筑旁的这家冯氏海南人开创的茶室摊即面对产业易主将打造为精品酒店及餐饮店后,据称已面对业主口头指示让路。
上述茶室摊在原地卖咖啡茶水已超过半世纪,除了依附墙面,该长约50尺狭小摊口架立的路口人称“刘富仔巷”,小巷口衔接至隔壁卖菜街,尽管摊口似乎侵占半个巷口,然而却无阻当地车辆出入,对于老手更已是驾轻就熟,反而是一些外客会担心车辆出入不得。光华

Budget 2013: Curbing speculative activities in property market


KUALA LUMPUR: The government has proposed a review of the Real Property Gains Tax (RPGT) to curb the speculative activities in the real property market. The review will come into effect Jan 1, 2013.
Under the proposed RPGT rates, for properties disposed within two years, the new rates are 15% for companies, individuals, including citizens and permanent residents, and non-citizens.
"Real property owners who are not profit motivated and are not involved in speculation will not be renewed by the review of RPGT rates, under the proposals," according to the Budget 2013.
For individuals, both citizens and permanent residents, they are eligible for RPGT exemptions from the sale of one residential property once in a lifetime.
The RPGT exemption of up to RM10,000 or 10% of the net gains, whichever is higher, from the disposal of real property by individuals.
There is also the RPGT exemption on gains from disposal of real property between husband and wife, parents and children, grandparents and grandchildren.
In addition, RPGT is only imposed on net gains after deducting all costs involved such as the purchase price, renovation cost, legal fees and stamp duty. - The Star

RPGT hike won’t have significant impact, say analysts


THE hike in the real property gains tax (RPGT) is not expected to have a significant impact on the property market, according to property consultants and analysts.
Under Budget 2013, the Government has proposed the RPGT from the disposal of properties made within a period not exceeding two years from the date of purchase will be taxed at the rate of 15% and at 10% for disposal of property within a period of two to five years.
This represents an increase from the present RPGT regime, where RPGT of 10% is applied to properties held and disposed of within two years, and a rate of 5% was maintained for properties sold within the third, fourth and fifth years after purchase.
For property disposed of after five years from the date of acquisition, RPGT is not applicable.
Property consultancy CB Richard Ellis (M) Sdn Bhd executive director Paul Khong said the RPGT hike would have some impact on property sub-sales, particularly in the higher end and luxury segments.
“We would have preferred the RPGT to remain status quo,” said Khong.
Property analysts also said the RPGT increase was not a re-rating catalyst for the sector.
“In fact, we expect an upwards correction for property stocks next week because they were sold down in the past two weeks, due to anticipation of tougher measures for the sector in Budget 2013,” an analyst said.
HwangDBS Vickers Research analyst Yee Mei Hui said the impact on the property industry from the budget was minimal. “Sales have softened in recent months although we believe they will pick up,” she said.
Yee said the RPGT increase was not as drastic as most people expected while there was no stamp duty increase, despite what the market expected.
“Overall, not as bad for the industry,” she added.
Valuer Elvin Fernandez from the Khong & Jaafar group of companies said the marginal increase in RPGT showed continuity on the part of the Government to reign in speculation.
“This marginal increase will work well with the Bank Negara current measures, the latest being to base lending on net income, instead of gross income,” Fernandez said.
Meanwhile, the Chartered Tax Institute of Malaysia said it welcomed the measures undertaken by the Government to address the needs of first-time house buyers by relaxing the conditions for raising finance, and curbing speculation through the RPGT hike.
In a statement, property consultancy C.H. Williams Talhar & Wong managing director Foo Gee Jen noted that affordable housing had been the hot pre-budget topic and “true to expectations, the Government has attempted to address the concerns of the people.”
However, Foo pointed out that without proper planning, there could be a mismatch of demand versus location, if the housing projects were located in areas without adequate infrastructure and facilities.
Commenting on the RPGT hike, MKH Bhd group managing director Datuk Eddy Chen Lok Loi said: “It is obvious that the Government is aware that although there is speculation, it does not warrant a drastic RPGT regime.”
Mah Sing Group Bhd managing director and chief executive Tan Sri Leong Hoy Kum said the marginal increase in RPGT would have less impact on developers as new projects’ construction period was usually two to three years. - The Star

RPGT increased to 10%


Under Budget 2012, it was proposed that a real property gains tax (RPGT) of 10% be applied to properties held and disposed of within two years.
Meanwhile a rate of 5% will be maintained for properties sold within the third, fourth and fifth years after purchase.
The current RPGT, imposed after Budget 2010, is 5% for all properties sold within the first five years of purchase.
However, consultants and analysts said the 5% increase in the RPGT, for units sold within the first two years after purchase, would have little impact on speculative activities in the property market and escalating house prices.
Property consultant CB Richard Ellis (M) Sdn Bhd executive director Paul Khong said speculative activities in the property market would only be slightly curbed by the RPGT increase.
“This latest RPGT increase is a small negative point to investors but not detrimental. Investors will be more cautious in doing their profit calculations.”
Khong hoped that there would be no more negative changes in the RPGT quantum within the next few years, and pointed out that many investors would be rushing to liquidate their positions prior to Jan 1, 2012 in order to enjoy the current 5% RPGT this year.
HwangDBS Investment Management Bhd head of equities Gan Eng Peng also agreed that the latest RPGT increase was not an effective measure to curb speculative activities.
“To curb speculation, the RPGT should be higher than 10%,” Gan said.
Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng also did not think that the latest RPGT increase would have a major impact on property sales.
“The Government is sending a message that it is serious in preventing an asset bubble and wants the property market to be more orderly. If the market is hot, an RPGT increase to 10%, for the first two years after purchase, will not really curb speculation,” said Tang.
A property analyst said the quantum of the RPGT increase was quite gentle.
“It is obvious that the Government does not want to dampen the property market. The marginal increase in RPGT is considered to be friendly and accomodative towards growth in the property sector,” he said.
Another research analyst concurred, and said the latest RPGT increase would help to slightly “cool off” demand in the property market.
“It would make investors think twice before “flipping” their properties within a short period after buying them,” she said.
“Our outlook for the property market next year is that of flat demand year-on-year. Rather than this gentle RPGT increase, investors should look at the central bank’s policy on liquidity and ease of getting housing loans.”
KPMG Tax Services Sdn Bhd executive director Tai Lai Kok opined that the Government’s move was fair.
“Any upside in tax revenue from the RPGT increase would be marginal. So, rather than to increase tax revenue, the Government’s move is very focused towards curbing speculation in the property market,” said Tai.
Meanwhile, House Buyers Association (HBA) vice-president Brig-Gen (R) Datuk Goh Seng Toh said the latest RPGT increase was negligible.
“We think there will hardly be any effect in curbing escalating house prices. Certain developers do not allow buyers to sell within the first two years, when the house is still under construction. Also, many buyers only sell after the first two years, when their properties are completed.”
Goh added that the Government should not have a “one size fits all” RPGT rate. “The RPGT should be applied differently based on the type and price of the property.”
Meanwhile, Budget 2012 also proposed to increase the maximum price ceiling for houses under the My First Home (MFH) scheme to RM400,000.
Also, this improved scheme will be available to house buyers through the joint loans of both husband and wife beginning January 2012. Under the present MFH scheme, houses are priced within the RM100,000 to RM220,000 range.
The scheme is opened to private sector employees aged between 18-years old and 35 years old; drawing a monthly salary of not more than RM3,000. Property consultants said the Government’s objectives under Budget 2012 were clearly to curb excessive property speculation and boost house ownership for lower-income groups.
Goh said while the improved MFH scheme would made it easier for those who qualify to obtain loans for properties priced at RM400,000 and below, it might also add pressure on the disposable household income of lower-income groups.
“Our household debt-to-income ratio is already high. Also, this might make it easier for property developers to increase the prices of their units from a lower price range to RM400,000 and buyers might actually end up paying more.”
Another property analyst pointed out that developers in the Klang Valley would still find it tough to cater to the RM400,000 and below price segment due to land and construction costs. “Nowadays, there are not many property launches at this (level of) pricing in the Klang Valley,” the analyst noted.
However, Mah Sing Group Bhd group managing director Tan Sri Leong Hoy Kum welcomed the improved MFH scheme and said that property prices in reasonably well-located townships are currently in this price range.
“For example, we intend to offer beginner homes priced from RM390,000 onwards in our latest township M Residence@Rawang in the first half of 2012. For this price, buyers can get a 22ft x 70ft home with a 2,000 sq ft built-up in a location that is less than 30 minutes from Kuala Lumpur,” said Leong. - The Star

Good news for housing sector


STAKEHOLDERS in the property sector have lauded the housing allocations in Budget 2013.
Raine and Horne Malaysia director Michael Geh (pic) said the allocations and incentives struck a good balance between the rakyat’s need for affordable housing and the industry players’ interests.
“The proposed real property gains tax (RPGT) from the disposal of properties (made within a period not exceeding two years from the date of purchase) at the rate of between 10% and 15% won’t negatively impact the property market.
“This shows that the government acknowledges the property industry’s importance in driving the economy by being sensitive to stakeholder input.
“At the same time, the budget addresses the housing needs of the rakyat,” he said.
Michael GehMichael Geh
Geh said the RM1.9bil allocation to build 123,000 affordable housing units by PR1MA, Syarikat Perumahan Nasional Berhad and Jabatan Perumahan Negara should be done fairly in all states.
“It’s good that affordable housing is a priority but I hope the allocation to build the homes is fairly distributed nationwide,” he said.
He also lauded the 50% stamp duty exemption on the instrument of transfer agreements and loan agreements for the purchase of the first residential property of up to RM350,000.
He said the RM100mil allocation to the Ministry of Housing and Local Government to revive abandoned housing projects coupled with tax incentives to encourage the involvement of the private sector was a positive move for the industry.
Penang Master Builders & Building Materials Dealers Association president Lim Kai Seng agreed.
He, however, urged the Government to ensure that the Budget was “effectively implemented”.
“The implementation is very important to ensure that the incentives and allocations are channelled properly.
“Otherwise, we will not see results no matter how good Budget 2013 is,” he said. - The Star

Thursday, September 27, 2012

拒富者霸槟岛 原区重建留住市民


对中下阶级者来说,形容得夸张些,看槟州房产业行情就像在看恐怖片情节一样,当你知道得越多可能就越可怕,一旦谜底揭开时可能死期已到。谁敢说2014年后中下阶级者被迁离外州,及无法在槟岛置业的说法一点都不靠谱?
续较早前,本报摘录了槟州研究所(Penang Institute)所作的槟州产业房屋研究报告,推出“房事把脉”系列报道后,本报再推出“房事把脉2.0”,访问两名“房事”主角,即槟州研究所城市规划及环境研究主任史托麦丹奴,及槟州房屋委员会主席黄汉伟为槟州“房事”做剖析。
史托麦丹奴接受《光华日报》记者专访时坦白,槟州的房产资料和数据显示确实潜伏中下阶级者无法在槟岛置业的危机,因此槟州研究所要趁槟房产业未到达无法挽留的地步前介入,避免中低收入者真被“驱逐出境”。
他坦言,这也是他们害怕会发生的事(中低收入者无法在槟岛置业)。他强调,所撰写的报告,是反映出槟城的产业真实情况,绝对不是猜测,而是根据现有的房产资料和数据探讨槟州房产业的未来趋势。- 光华

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Ivory sees five-fold rise in sales


KUALA LUMPUR (Sept 24): Ivory Properties Group Bhd expects new property sales to grow more than five-fold to RM500 million in the current year as the Penang-based developer rolls out more projects on the island.
Executive director and chief operating officer Murly Manokharan said Ivory had registered new property sales of RM250 million within the first eight months of the financial year ending Dec 31, 2012 (FY12). This compares to the developer’s RM90 million worth of new sales in 2011.
According to Murly, Ivory aims to achieve earnings per share of at least 10 sen every year, which is expected to maintain the company’s price-earnings ratio at about five times based on the stock’s current price.
Ivory shares closed half a sen lower at 50.5 sen last Friday. The stock has declined 15% this year.
“Our property prices are [in the] affordable range and driven by the increasing demand of late. Property sales are relatively good compared with the previous financial year,” Murly wrote in an email reply to The Edge Financial Daily.
He said Ivory had unbilled real estate sales of about RM220 million as at end-2011.
In Penang, he said the RM500 million new property sales target would be mainly derived from three projects with a combined gross development value (GDV) of RM2.49 billion.
The list comprises The Latitude, with a GDV of RM476.5 million, in the Mount Erskine enclave; The Wave@Penang Times Square with a GDV of RM1.58 billion in Jalan Datuk Keramat; and the RM433.3 million City Residence & City Mall in Jalan Tanjung Tokong.
Other crucial projects expected to spur Ivory’s financials include the RM10 billion Penang World City (PWC), a joint venture undertaken with Dijaya Corp Bhd in Bayan Mutiara, according to Murly.
He said Ivory’s earnings are expected to improve from FY13 onwards in anticipation of the launch of PWC in the first quarter of next year.
“The management foresees the earnings of Ivory brewing to test another level ... from next year onwards given the massive and exclusive projects that are launched one after another. Therefore, barring any unforeseen circumstances, this will bode well for our future earnings as well as cash flow,” he said in his email.
Ivory’s latest financials have improved mainly due to fair value gains and negative goodwill from the acquisition of a subsidiary. In the first half (1H) of FY12 ended June 30, Ivory’s net profit more than doubled to RM30.89 million from RM14.71 million. Revenue fell 24% to RM71.3 million from RM93.63 million.
The company had cash of RM42.35 million as at June 30 against debt obligations of RM257.39 million, translating into a net debt of RM215.04 million. Its latest reported net assets per share stood at 81 sen.
The RM10 billion PWC project will be closely watched. In March last year, Ivory submitted an application to the Penang Development Corp to purchase and develop the 102.56-acre tract in Bayan Mutiara.
After a competitive bidding process, Ivory got the land for RM1.07 billion or RM240 per sq ft. It will be jointly developed with Dijaya into a residential and commercial enclave.
According to a filing with Bursa Malaysia, the proposed eight-year development is expected to start in 2H12. This is not the first collaboration between Ivory and Dijaya. The two companies already have a JV to undertake an estimated RM64 million residential project known as Aston Villa in Penang.
In the central region, Ivory and Dijaya have also formed a collaboration to undertake an estimated RM420 million mixed development in Tanjung Malim, Perak.
According to Ivory’s website, the project known as Ivory Eco Park includes residential, office and retail components near Proton City and the Behrang Railway Station.
Having done well in Penang and roped in a reputable JV partner in the form of Dijaya, it is therefore reasonable to ask if Ivory has plans to take its expertise to the Klang Valley.
Murly said developing properties in the Klang Valley will be a natural progression for Ivory, in line with the group’s plans to expand towards the central region.
“Undoubtedly, Ivory is cautiously scouting potential development land in mainland Penang and moving towards the central region of Malaysia as well,” he said
Murly declined to specify if Ivory is keen to participate in the development of the Employees Provident Fund’s (EPF) proposed Kwasa Damansara township on a 2,330-acre tract which forms a portion of the Rubber Research Institute Malaysia’s (RRIM) 3,155-acre enclave in Sungai Buloh.
It is worth noting that Dijaya has expressed its intention to develop properties within Kwasa Damansara as its Tropicana Golf & Country Resort in Petaling Jaya borders the southern portion of the RRIM land.
This article appeared in The Edge Financial Daily on Sept 24, 2012.

10 steps toward affordable housing


It’s a complex problem which requires delicate yet decisive handling.
FOR too long, Malaysia has not had a pragmatic policy to deal with the issue of housing for the masses, which includes affordable housing for those who are relatively better off and low-cost housing for the poor.
The problem is a big one and particularly difficult.
Up to now, no satisfactory solution has been found. Low-cost houses are defined as those costing below RM42,000 while affordable housing costs between RM85,000 and RM300,000.
A good housing policy enables most people to have access to decent housing, which should be taken to mean housing with basic facilities in surroundings which are adequate and safe for human habitation and interaction.
There are several dimensions to this. If people are to be able to afford nice homes, they need adequate income.
That means proper housing cannot be divorced from the question of increasing incomes for all and must go hand in hand with that.
At the same time, if everything is left to the free market and to the whims of property developers, then there is going to be little development in this area which carries low margins.
The less affluent, who constitute most of the population, will be marginalised and those who have much more than others will accumulate property far in excess of their needs.
There needs to be control and regulations which are scrupulously enforced.
The Government now seems to be serious about doing something. And if it is, then it has to make several hard decisions.
There are already in place a number of housing programmes and these will no doubt be given a boost in the Budget to be unveiled tomorrow.
Here are our 10 steps towards low-cost and affordable housing and some of them are quite onerous. Others are probably already in contemplation and implementation stage but these steps must be the minimum that need to be taken to ameliorate and eventually solve the problem once and for all.
1. Set up a housing authority for this specific purpose. The 1Malaysia People Housing Programme or PR1MA has been set up for part of this purpose. But as it is currently constituted, its role is limited. You need one overall authority which will handle all forms of housing for the masses – that essentially means both low-cost and affordable housing under one roof. Without that, efforts are going to be piecemeal and not integrated.
2. Get the best brains to helm this authority. This is a tough problem and a very important one as it affects the well-being of most people in the country. It requires people of exceptional ability with impeccable integrity who will handle a wide-ranging array of powers to get to the root cause and get things moving. Someone with wide experience in the property sector and who now wants to move to public service would be an ideal choice.
3. The authority must be professionally and independently run. While a set of policies should be given, it must be completely above politics. The aim should be to provide affordable housing and nothing else.
4. It must run the projects by itself. Handing it over to developers just introduces another layer of profits and raises costs. That does not mean that there should be no subcontracting. Developers who have low-cost and affordable housing as part of their development should put their stock through the overall housing authority so that verification can be made of the buyers’ status.
5. Land must be acquired on a systematic basis. Both the federal and state government should allocate land for this purpose. Further, every large development should require an appropriate mix of low-cost, affordable and luxury development.
6. The authority must place rigid strictures on resale of property. Such sales must be made only back to the authority and if sale is within, say, five years, purchasers should not be able to reap a huge gain. That will mean a tightly controlled market for properties in this sector so that prices are kept as low as possible.
7. It must have an impeccable system of vetting applicants. Those who do not deserve it must not be allowed to get on board the scheme. Each applicant’s financial background must be thoroughly investigated before it is approved. Computerise as much as possible and link it with the various authorities. Even bank accounts should not be sacrosanct.
8. Reduce discretionary power. Criteria should be clearly set and once a person meets the criteria, he should be automatically eligible. If there are more applicants than units for a particular project, then selection should be made by public balloting.
9. Forget racial quotas which inevitably leads to politicisation. If some races are poorer than others, it will be automatically reflected when the criteria for eligibility are evaluated. That will avoid further division among Malaysians.
10. Do proper market research. The last thing we need is to have a surfeit of low-cost and affordable housing with insufficient takers. Needs and affordability have to be carefully studied and analysed to ensure the final product meets with market demand.
One of the greatest success stories anywhere for the provision of affordable, decent housing for its populace must be land-starved Singapore. Basically, it involved the evolution of a two-tier pricing system, one with strict controls for government-sponsored projects and another free-market priced system for the private sector.
While there is lot that can be learned from Singapore’s Housing Development Board and its system of HDB flats, one must be careful to learn from its mistakes as well.
Unrestricted access of foreigners to its property markets has resulted in a yawning chasm between private and government projects, leading Singaporeans to charge that they have been dispossessed in their own land.
That’s one of most major complaints of Singaporeans in what has been otherwise one of the greatest success stories of economic development, raising incomes and improvement of the quality of life in the world.
It’s a danger sometimes to keep the best for only those who can afford it. It is going to be quite a challenge to mix up low-cost and affordable housing within proximity of exclusive areas so that the population does not get alienated from each other.
There is, however, one truth that we cannot run away from. There is limited supply of land and it does not increase. But the population does and inevitably land prices are always going to rise.
If we don’t solve this problem of allocating an increasingly scarce resource fairly, there is going to be a major problem. At the end of the day, increasing incomes and reducing the gap between the rich and the poor is what will do most for affordable housing.
P. Gunasegaram is an independent consultant and writer.

Wednesday, September 26, 2012

又一乔治市老建筑转手 狮城人550万买莺罗


(槟城25日讯)乔治市入遗后老建筑水涨船高,如今又一老建筑被相中,以高价转手新业主,令人对老建筑身价不断飙升,悲喜交集。
在乔治市世遗区一栋有逾80年历史的“莺罗”茶室冷气旅社老建筑以高价过手,业主以550万令吉将产业转入新加坡人手中,喜的是,为老建筑注入新生,悲的是,原有租户或传统行业或挥别乔治市。
打造成精品酒店
莺罗相信也是继牛干冬南华旅社以700多万由本地人收购后,另一宗高价交易的老房子。莺罗座落世遗核心区的广东街(Penang Street)及义兴街(Church Street)交界,该建筑被指是在不久前以550万令吉转手新加坡公民,料将不久打造成为乔治市另一家精品酒店。
据了解,早在去年尾,原有业主即释放消息有意放手莺罗产业,引来不少投资家,唯却因为出价不菲,造成不少潜在投资者却步打退堂鼓,然而即使是天价,看在外国人眼中却是发展潜能良好,以致该产业在不久前终易手。据了解,原有业主在年前即已将茶室转手他人,个人已进入退休状态,始料不及的是,有关产业却在不久转手他人。
月收上万租金
据了解,莺罗茶室历史悠久,为三层楼建筑,楼下为莺罗茶室,楼上第二及第三层楼为莺罗经济型旅社;其中楼下茶室约有6个各类熟食摊口,包括果条汤、印度饭、云吞面、炒面线、炒果条等。该茶室也服务该区一带的上班族,所以平时早上及中午都是客满,展现了乔治市的新与旧的活力一面。
据了解,子女有成的莺罗产业业主是在约两年前将莺罗茶室转租他人,租金高达7000令吉,而楼上旅社同样也是在约数年前转租他人,租金为3000令吉,这也意味业主每月坐收上万令吉的租金。
两年内不会大变动
据了解,茶室才在今年6月与业主续约,租约为两年直至2014年,因此预料茶室料在两年内不会有太大变动。
本报在走访茶室时,小贩们都表示有听闻莺罗有意转手他人,唯一般相信出价太高,相信找来买主不易。
其中茶室摊主更表示,业主也一直要他继续好好做下去,所以不相信有关产业将能如此高价转手他人。
被炒高近
产业界消息说,莺罗以550万转手是市场炒作情况,这也是乔治市入遗后面对的代价。他说,其实莺罗是被炒高,实际上在乔治市入遗前,即是3、4年莺罗当时也值200万令吉,然而今天却高涨至550万令吉,起了近200巴仙。
产业界认为,这种老屋的炒作方式是极不健康的,政府有必要及早介入,防止情况进一步的失控。
胡栋强:政府应拟长远之计
巴当哥打区国阵协调员胡栋强也对莺罗易手外国一事,感到无奈,他表示,政府有必要眼光放远,拟定长远之计,避免更多的乔治市产业落入外国人手中,造成原有租户及传统商业活动变调。
他相信在乔治市有80多间的建筑物已成为外国人的产业,唯目前我们手中只持有约30间产业易主的证据,他说单在南华医院街即有不少产业易主。
他认为,政府有必要管制私人或政治产业,包括收购拟转手的产业,以免乔治市面对“沦陷”。
陈耀威:担心茶室变调
槟城文化遗产谘询委员会(CHAT)成员陈耀威建筑师表示,莺罗建筑为三层楼建筑,相信始建於1930年,迄今有逾80年历史,它也是典型的装饰艺术建筑(Art Deco)。
他说,莺罗建筑座落路口,其转角顺着路面作出弧型墙面,屋顶也出现台阶式女儿墙,最上面尚有旗杆,此外建筑以当时流行的洗石子作为墙面,有不少灰塑纹饰。
他表示,莺罗作为一家茶室其楼上也是旅社,展示了当时的建筑物作为茶室旅社的流行。他发现建筑的墙上柱子有不少灰塑,其中被发现的灰塑即有蝙蝠咬钱,有“福在眼前”的寓意。
陈耀威说莺罗也有一个精致小阳台,建筑上垂直式的柱子也表现强劲节奏感。对于莺罗的高价交易,他担心楼下的茶室可能变调,又成为另一家精品型酒店,“我们更希望看到莺罗继续发挥原有楼下为茶室的原始功能,以免乔治市又再丧失一间传统茶室。”

Tuesday, September 25, 2012

'PR1MA can take back houses if owners don't abide by regulations'


PETALING JAYA: Malaysians who buy affordable homes under the 1Malaysia People Housing programme (PR1MA) may be forced to vacate the homes if they do not abide by regulations.
Chief executive officer Datuk Abdul Mutalib Alias said among the actions that would see ownership revoked was illegally renting out the house to third parties.
“These houses are meant to be owner-occupied unless they have a good reason of leaving the house.
“If we receive reports of abuse, PR1MA can buy the house back from the owner and ask them to leave,” he said during a briefing yesterday.
He added that the company had “compulsory acquisition” powers, as provided by the PR1MA Bill 2011.
However, he said the owner would be given several notices and warnings before any such action is taken.
PR1MA would exercise this power when house owners are found to have submitted false or misleading statements in their application, cease to be Malaysian citizens or for other reasons as provided in the Act.
The compensation to be paid by PR1MA for any property compulsorily acquired will also be determined by it.
Abdul Mutalib said Malaysians can begin submitting their applications online at the end of the year.
PR1MA targets to build houses priced at between RM100,000 and RM400,000, depending on location.
He said they were also looking at compiling a “reserve list” to notify interested house buyers whenever a house was vacated or became available.
Besides first-time house buyers, he said single property owners were also eligible, depending on the type of property.
Those with a combined household income (husband and wife, not inclusive of children) of between RM2,500 and RM7,500 each month are eligible.
Only house buyers who live or work in the respective cities where the houses are built, or those who plan to move to those cities, will be eligible. - The Star

Monday, September 24, 2012

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Sunday, September 23, 2012

Finally, affordable homes for middle-income earners


PETALING JAYA: Affordable housing will be available to all middle-income earners, even those who have a total household income of RM7,500 per month under the 1Malaysia People Housing programme (PR1MA).
The houses will be sold without any ethnic quota but will be available at special discounted rates through a transparent balloting method.
“Even those who are not married would be entitled to apply,” said PR1MA chief executive officer Datuk Abdul Mutalib Alias yesterday. “The houses will range from studio apartments to landed properties depending on location.”
Stressing that these units were not low-cost houses, Abdul Mutalib said PR1MA is about solving housing needs as well as addressing lifestyle wants of the middle-income group.
“Originally, when PR1MA was announced, the scheme was only open to a narrow joint-salary band of RM3,000 to RM6,000. There is a problem of a sandwich group'.
“We have been able to persuade Prime Minister Datuk Seri Najib Tun Razak to widen the band to cover more distressed middle-class who are not poor but still cannot afford to buy houses in major cities, especially in the Klang Valley,” he added.
He said PR1MA had studied 20 schemes including the HDB in Singapore before coming up with the programme.
There will be a moratorium of 10 years before the buyers can sell their homes.
“There are circumstances where we might allow an earlier sale and we have a formula about the pricing that will take into account interest and inflation rates,” Abdul Mutalib said, adding that more details would be announced next week.
He also said that Najib would launch PR1MA's 1st housing scheme in Seremban on Saturday.
“The prices will be below market price, and will be the same for everyone, without quotas or discounts of any kind,” Abdul Mutalib said. “There will be a mix of landed and medium-rise properties.”
Abdul Mutalib said the project would be a three-phase programme, with the first comprising about 1,200 houses due in 2015.
He added that PR1MA had decided to carry out the project in Seremban because there was demand for it.
This will be PR1MA's first project since the gazetting of the PR1MA Act in January.
Other PR1MA targets include:
> An online registration system for housebuyers and to assess the demand in town areas; and
> Talks with developers to have the backlanes of houses converted into green community areas. - The Star

Thursday, September 20, 2012

Shop owners cry foul over strata titles


GEORGE TOWN: A group of shop owners of Prangin Mall are crying foul over the developer’s failure to issue them with strata titles over the past 12 years.
Prangin Mall Joint Body Management chairperson Terri Yeoh Mooi Sim said the shop owners had suffered great losses as the market value for the 611 shoplots at the mall were all devalued.
“The developer Gerak Unggul Sdn Bhd did not apply for the strata titles from the land office under the Strata Titles Act 1985.”
She added that under the Act, the developer has to apply for the strata titles within six months of the certificate of fitness being issued.
“Without strata titles, we are facing a lot of problems. For example, an owner who bought a unit for RM200,000 in 2000, can only sell the unit for RM80,000 according to market prices three months ago.”
Yeoh was speaking to reporters at a press conference held at the mall in Jalan Lim Chwee Leong here yesterday.
Komtar assemblyman Ng Wei Aik, who was also present, said that the problem started when Prangin Mall land was sold to a company in 1994.
“But the Lebuh Lintang stretch leading to Jalan Lim Chwee Leong in between the mall was not sold so this means the road still belongs to the state government.
“The mall technically ‘belongs’ to two owners, and this is the reason why the strata titles cannot be issued to the shop owners,” he said.
Prangin Mall opened for business in 2001. - The Star

峇都茅马来土地买主 未判案持庭令驱赶居民


(槟城19日讯)在伊斯兰教高等法庭仍在审讯中,但在民事法庭取得一纸庭令下,峇都茅一块马来人土地的新买主,即前巫统雪兰莪州议员拿督阿都华合竟于周二带领疑是巫统党员的为数约30人,前往驱赶居民。
有关涉及驱赶上述地段居民的人士,疑是来自某区部巫统党员,因为除了在场也包括1名前槟州巫青团领袖外,一批人他们身穿的白色T恤,衣服前后都有被黑墨涂黑的部分,但在“隐隐约约”中,仍可看见巫统某区部的字眼。
槟州行政议员兼峇都茅区州议员阿都玛力透露,有关地段的原有地主已数次向警方报案,因为这面积1.6英亩地段是在他们没有同意下转卖,而且至今为止,伊斯兰教高等法庭仍在审讯此案,以及也还没有作出判决,这地段的真正继承者是谁属。
他说,此外,伊斯兰教理事会也于2011年3月3日向警方报案,以便有关方面介入调查,因为它怀疑这涉及某一方面的不法与欺诈行为。光华

Mah Sing on the look out for more land

KUALA LUMPUR (Sept 19): Mah Sing Group Bhd said it is still shopping around to acquire land worth at least RM1 billion in gross development value (GDV) by the end of this year.

"So far we this year we have acquired land worth RM3.62 billion in GDV but we have set a target of at least RM5 billion by the end of the year.  So we're still looking out for more land," said Mah Sing group managing director cum group chief executive Tan Sri Datuk Sri Leong Hoy Kum.

"Our business model is such that we have a quick turnaround so we must keep replenishing our landbank," Leong added.

The group currently has a landbank size of around 1,200 acres with GDV and unbilled sales of RM18.04 billion.

"This is enough to last us another seven to eight years without any land replenishments,"Leong told the media after Mah Sing's extraordinary general meeting (EGM) on Wednesday.

Leong said the group will also be looking to tap into the current market demand for more affordable housing.
"We are quite selective when it comes to certain property sectors, right now there is a demand for mass affordable housing," Leong said.

Shareholders unanimously approved the Bangi land acquisition today which the group intends to develop into Southville City, a mix township of residential and commercial properties.

"This will be the biggest township project ever for the Mah Sing group," said Leong.

The group announced earlier this year that it was acquiring the 412 acres of land from Boon Siew Development Sdn Bhd for RM333.04 million.

The freehold land has an estimated gross development value (GDV) of RM2.15 billion.

"We plan to meet market demand by exploring the feasibility of offering affordable SoHo and lifestyle suites from RM208,000,"Leong said.

Phase one of the development -- which will be launched in the first quarter of 2013-- will comprise of affordable lifestyle suites starting from RM208,000 and double storey link homes starting from RM530,000 onwards.

"This will be on top of our landed units and low rise commercial units, which will create diversity in the groups offering with emphasis on affordability." - The Edgeproperty

Tuesday, September 18, 2012

浮罗山背乡城一体化 提供就业机会留住年轻人


(槟岛西南区17日讯)浮罗山背拥有远近驰名的榴梿、豆蔻,并保留传统渔村特色,具有潜能落实以绿意为主的乡区城市化概念!只要郊区有工做,年轻居民外流的情况就会受控,同时也会逐步提升人民的生活素质。
为了规划浮罗的未来发展,进一步开拓经济来源,浮罗国会议员尤斯马迪在配合槟州公正党邀请曾入选财经杂志《福布斯亚洲》“48亚洲慈善英雄”,并曾在越南及泰国东北部喃拜莱县实践乡区城市化理念的新加坡国民大学建筑系教授郑庆顺到浮罗山背的永续发展讲座上会主讲乡区城市化的概念后,将采取第二轮的努力,拟议成立一个发展理事会,召集各领域专才对浮罗山背经济发展进行规划,并深入探讨浮罗的文化传统,以保留乡村原有的风格与特色。
尤斯马迪指出,浮罗拥有丰富的天然资源,应该好好作出规划,让这些资源永续经营下去,同时也为居民开拓更多商机,以留住居民,尤其是年轻人。
“比如浮罗山背拥有远近驰名的榴梿、豆蔻,并保留传统渔村特色,只要居民增设民宿,加以推广生态旅游,相信将为年轻人提供更多就业机会。” - 光华

Monday, September 17, 2012

Slowdown of property sector set to extend into next year


PETALING JAYA: Exorbitantly high selling prices, stringent banking rules and a generally cautious sentiment that has been having an impact on the Malaysian property market this year could continue into 2013.
Malaysian Institute of Estate Agents (MIEA) deputy president Siva Shanker said property transactions in the first half of 2012 had slowed down, adding that this trend showed no signs of abating any time soon.
“Asking prices are too high. The buying frenzy is over. In 2010 and 2011, some residential sectors saw an increase of about 30%, which is way too high and moving towards a bubble. This trend has somewhat plateaued.
<B>Siva:</B> ‘Asking prices are too high. The buying frenzy is over.’Siva: ‘Asking prices are too high. The buying frenzy is over.’
“What's happening now is there is no meeting of minds between the asking and the accepting price. The gap is just too wide and there are fewer transactions taking place,” he told StarBiz.
Siva also said transactions had been affected because there was a disparity between the asking price of the property and the actual price listed on the valuation report.
“For example, the asking price of a property is RM1mil but the valuation amount might only be RM800,000. There's a shortfall of RM200,000 and banks lend you money based on either the selling price or the valuation price whichever is the lower.
“So if the valuation price is RM800,000 and you're eligible for a 70% loan based on that amount, you get a sum of around RM560,000. This means the buyer is going to have to top up RM460,000 on his own!
“Funding becomes a problem and the sale gets aborted!”
Siva said a number of sales this year had been aborted because of this issue.
“We don't think 2013 is going to be much different, but we don't see the Malaysian property market crashing and burning like during the US subprime crisis.
“What we see is things slowing down, prices will stagnate a bit and not move up so much. In some cases, it won't move up at all.”
Siva said Bank Negara's responsible lending guidelines that were implemented this year also had an impact on the Malaysian property market.
Effective Jan 1, banks have been using net income instead of gross income to calculate the debt service ratio for loans. This is said to be a pre-emptive move by the central bank to contain the rise in consumer debt.
“Prudent lending guidelines are important in maintaining a stable economy, but I think some flexibility must be allowed for individual purchasers that have the capacity to repay their loan, but for whatever reasons, are unable to show that they can,” said Siva.
He also noted that there were many individuals having side incomes which were not declared.
“You could be a teacher earning a RM3,000 salary. However, you could be providing tuition classes on the side to earn extra income but can only show to the bank the salary that you earn.
“Prudent lending should involve assessing the customer, to some extent, on an individual basis. If he's an old customer with a good track record, you should have the discretion to offer him a little bit more. That discretion is now not available because of the lending guidelines.”
Siva also said the Malaysian public was cautious in light of the global economic uncertainties.
“The general slowdown has affected everyone. The US is not recovering as well as it should and Europe is in turmoil. However, in a sense we're not so exposed as Singapore, because we are more inward looking. Singapore is a bit more international, so their exposure is higher.”
“It's also sentiment. People are adopting a wait and see approach, and this creates a slowdown. If enough people do this, it creates a market!” - The Star

Sunday, September 16, 2012

City&Country: Tah Wah has mainland Penang firmly in its sights


Penang-based Tah Wah Group, a new name on the state’s property development scene, hopes to build its reputation by offering quality homes on the mainland. Following the maiden launch of its Orange Villa residential development in Bukit Mertajam, Seberang Perai, earlier this year, it is set to make Orange Villa 2 available to the public come October.
The 5.2-acre freehold gated and guarded Orange Villa 2, located adjacent to Orange Villa, has a gross development value (GDV) of RM41 million. It comprises 74 strata-titled 2½-storey terraced houses with an average built-up of 2,800 sq ft. Indicative prices are between RM530,000 and RM550,000. 
Meanwhile, Orange Villa has seen a take-up of 80%. With a GDV of RM85 million, it comprises 142 terraced, semi-detached houses and bungalows. The 10-acre freehold development is also gated and guarded and has a clubhouse and such facilities as a swimming pool, sauna, function hall and gymnasium. The bungalows (built-up: 4,850 sq ft), of which there are only two, are priced at RM1.35 million while the terraced homes (built-up: from 1,582 sq ft) cost RM592,800 onwards. The semidees (built-up: from 2,270 sq ft) are going for RM797,800.
Tah Wah Group managing director and major shareholder Datuk Hong Yeam Wah, who is a Butterworth boy, tells City & Country that strata developments are the current trend in the area. Buyers not only seek an improved lifestyle, but also security, he adds. Needless to say, Tah Wah’s developments are touted as having both a secure and relaxed environment with recreational facilities for the residents to enjoy.
“The location of Orange Villa 2 is a pull factor. We are just eight minutes from the Penang Bridge and five minutes to Auto City near the Juru Interchange. Basically, we believe our location, concept, quality and pricing are attractive,” says Hong, adding that he believes the Orange Villa and Orange Villa 2 homes are reasonably priced for the Bukit Mertajam area. 
Hong is not exactly new to the property development fraternity. He has been in the industry for over 20 years and was previously a director of listed Penang-based property developer Tambun Indah Land Bhd. He resigned from Tambun Indah last year to set up Tah Wah, but still holds some shares in the former. 
Since setting up Tah Wah, Hong has been buying land around Seberang Perai, including in Butterworth and Bukit Mertajam. 
“The property market here [on the mainland], in terms of development land, is on an uptrend as there is limited strategic land available. This is especially so in nearby areas such as Bagan Lalang and Bagan Ajam. Land prices here have definitely shot up over the years. 
“For example, I purchased the land for Orange Villa early last year at RM30 psf. Recently, the land just beside ours was transacted at RM50 psf. Along my office [in Jalan Kampung Gajah in Butterworth), I bought a 40,000 sq ft plot for RM75 psf to build our 3-storey corporate office in the middle of 2011. 
“Land prices depend on the shape of the land and location and in Butterworth, the average is probably RM80 psf. By comparison, land in Pulau Tikus on Penang island is going for around RM400 psf,” he explains.
Prices of landed properties in Penang, both on the island and the mainland, are rising due to rising land costs, Hong points out. “Perhaps for properties selling at RM1,000 psf, [developers] must be careful, but for those around RM400 psf or RM500 psf, the demand is there. It is difficult to buy a terraced house on Penang island and in town due to a lack of supply. Similarly, here in Butterworth, since Chinese New Year, I have noticed only one landed property launch. It was in Bagan Lalang — terraced homes for RM658,000.”
Fook Tone Huat, senior manager at Henry Butcher Malaysia (Seberang Perai) Sdn Bhd, was reported as saying earlier this year that the prices of residential property in Seberang Perai could increase 10% this year. He said there was demand in both the landed and high-rise segments. “More high-rise projects are expected in town areas in view of the high land cost and encouraging demand from the younger generation as well as those from the middle-income group. More residential developments are expected in the suburbs at Alma and Simpang Ampang in view of the cheaper land prices there and their strategic location near commercial centres.” 
Tah Wah is looking to launch at least three more projects on the mainland next year with a total GDV of over RM154 million. Among them are two projects in Sungai Puyu, Butterworth. One is a gated and guarded landed residential development on a 10-acre parcel to be launched early next year with a GDV of RM89 million. This project is just seven minutes from the Butterworth Ferry Terminal. The other comprises 20 semidees on a 2.5-acre parcel with a GDV of RM14 million.
In Bagan Ajam, Tah Wah has two adjoining parcels of commercial land that add up to eight acres on which Hong plans to build a high-rise mixed-use development. “It will most probably be 12 to 13-storey-high residences with shoplots,” he remarks. There are plans for 125 condos and 14 shoplots with a GDV of RM51 million. The condos (built-up: between 1,300 and 1,800 sq ft) have an indicative average price of RM300,000.
Also planned for launch next year is a high-rise commercial project in Jalan Ong Yi How in Raja Uda, Butterworth. The 5.5-acre parcel is close to the Chung Ling High School. Hong says there are plans for a mixed-use development comprising two blocks of apartments (300 units) and 15 shoplots. 
The developer also acquired one of the biggest pieces of development land (28 acres) at an auction in Butterworth recently, but is unable to reveal further information pending legal issues. The tract is close to the proposed tunnel link from Bagan Ajam to Eastern & Oriental’s Seri Tanjung Pinang.

This article appeared in City & Country, the property pullout of The Edge MalaysiaIssue 924, Aug 20-26, 2012

Saturday, September 15, 2012

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Kenanga pushes sector down to neutral on Budget 2013 risks


PETALING JAYA: Kenanga Research has downgraded the property development sector to a “neutral” rating from “overweight” previously, due to potential worse-than-expected Budget 2013 risks.
It noted that recent news reports had indicated that Budget 2013 would see measures to control the soaring prices of property, including tighter fiscal policies to curb speculation.
The research unit said it feared there would be hikes in buyers' stamp duties as this would have an immediate impact on the physical market.
“However, across the board hikes in buyers' stamp duty is unlikely as this will also hurt the first-time home owners' market, unless the stamp duty hikes are tiered by pricings and first home-ownership status.”
Budget 2013 may see measures to control the soaring prices of property, including tighter fiscal policies to curb speculation.Budget 2013 may see measures to control the soaring prices of property, including tighter fiscal policies to curb speculation.
It also did not expect any banking sector tightening measures.
In a report, Kenanga Research said it thought real property gains tax (RPGT) hikes were likelier.
“But RPGT hikes will have less physical impact on developers as the heftiest hike tends to be during the first two to three years holding period, which fell under the construction period.”
The research unit said if these restrictive measures were implemented, the Government might look to “neutralise” their negative impact on developers with an automatic release mechanism for bumiputra units and reviewing the low-cost housing requirement and framework. It also anticipated a near-term knee-jerk reaction on the share prices of public listed property developers, should restrictive measures on the sector be implemented.
“Even then, we still expect the physical market to continue in its current momentum given a liquid banking sector and attractive rates,” said the research unit.
Property developers' earnings are also expected to continue to fare well in the next 12 months mainly due to favourable banking sector dynamics such as low financing rates and DIBS (developer interest bearing scheme) driving sales of new property launches.
“Hence, property developers will continue to chalk up decent sales as we believe the banking system favours new launches for system loans growth' dynamics.”
Kenanga Research also said most property developers were meeting their sales target, except for UEM Land Holdings Bhd.
It said another reason for its sector downgrade was due to UEM Land being downgraded to a “market perform rating”, from “outperfrom” previously.
“Although we are bullish on the Johor property market and its 2012 tipping point events, UEM Land is trailing behind its 2012 sales target and may not be able to achieve it this year,” it said. - The Star

Solutions to housing concerns likely in Budget 2013


THE coming Budget 2013 is expected to address two interesting issues - how to curb the speculative property market and how to address the issue of affordable housing.
In a recent report, Kenanga Research says market talk is that the Government will consider hikes in real property gains tax (RPGT) and increase stamp duty for house purchases.
The research unit opines that Budget 2013 measures will likely address the affordable housing segment such as the 1Malaysia People's Housing (PR1MA) and My First Home schemes.
Kenanga in its research report says: “We foresee the Government hiking RPGT to indicate its willingness to reign in property prices.”
However, the research unit says across-the-board hike in buyers stamp duty is unlikely as it will hurt the first-time home owners' market, unless the stamp duty hikes are tiered according to house prices and first home-ownership status.
Low cost housing is capped at RM42,000, while affordable housing cost between RM85,000 and RM300,000.
Last month, Housing and Local Government Minister Datuk Seri Chor Chee Heung said the Government would not hesitate to tighten fiscal policies to curb property speculation, and ensure reasonable and affordable property prices.
He noted that most Malaysians felt property prices were “far too high” and wanted the Government to look into this.
During the 15th National Housing and Property Summit, Chor said the Government was expected to allocate more affordable housing projects such as the People's Housing Project (PPR) and PR1MA in the coming budget.
He added that the maximum household income of RM2,500 eligibility for PPR houses might be too low nowadays.
“Perhaps the maximum eligible household income for PPR houses can be increased to RM3,000,” Chor said.
Rising prices and affordability are issues being grappled by the Government and the private sector.
It should be noted that the Real Estate and Housing Developers' Association (Rehda) has proposed measures for Budget 2013 that are aimed at reducing business costs for property developers in order for property prices to be managed at more affordable levels eventually.
Rehda has proposed that private utility companies should not be imposing capital contribution charges on property developers, which are presently required to lay infrastructure in their projects.
Rehda points out that the duty of providing infrastructure such as sewage treatment plants and surrendering land for power substations add to development costs.
Based on its research, compliance costs payable to various authorities can be as high as 30% of the selling price of the housing units.
“All these contributions imposed on developers would eventually be passed on to buyers, thus increasing the prices of properties,” REHDA says.
Rehda has also proposed that developers be relieved from the role of providing low-cost housing, as well as an automatic release mechanism for unsold bumiputra units to the open market (50% of unsold bumiputra units to be released after six months from the sales launching date, 25% to be released after 12 months and the balance 25% to be released after 18 months).
Rehda has also asked for a reduction of stamp duty rates for property transfers, which the association says would help to lower the costs of home ownership, encourage house purchases and help sustain home affordability levels.
It was noted that the majority of annual residential property transactions were below RM300,000 (more than 78% in 2012, and more than 75% in 2011).
However, National House Buyers Association (HBA) secretary-general Chang Kim Loong tells StarBizWeek that there should be hikes in the RPGT and stamp duty rates, in order to curb excessive speculation in the property market.
HBA has proposed that RPGT be increased to 30% for the first two properties sold within two years after acquistion or completion (whichever is later).
“Subsequently, RPGT rates should drop to between 10% and 20% for the first two properties sold after the first two years, but within the first five years after acquistion or completion (whichever is later). There should be no RPGT after five years.”
HBA has also proposed that for the third and subsequent properties sold within 10 years, RPGT should be at 30%.
“After 10 years, there should be no RPGT.”
HBA also wants the current stamp duty rates to be maintained for the first two properties.
However, HBA has proposed that stamp duty rates to be increased to 5% of the purchase price for the third property, 7.5% for the fourth unit, and 10% for the fifth and subsequent properties.
To further curb property speculation, HBA also proposed tighter lending guidelines by imposing a maximum loan-to-value (LTV) ratio of 60% for the fourth housing loan, and a maximum LTV ratio of 50% for the fifth and subsequent house financing facilities.
Chang says HBA's proposals will not punish genuine house buyers, or those who buy for long-term investments, or to fund their children's education.
He also says HBA sent numerous proposals to the Government to increase the supply of affordable housing.
“We have called for the Government through PR1MA, to ensure that the maximum allocation for affordable housing is set aside when land is unlocked for property development.”
Chang also voiced his concerns about vested interests lobbying to build commercial properties such as shopping complexes and high-end properties when the government unlocks its land bank.
He has also asked for more incentives for property developers who build affordable properties such as lower tax rates.
“Incentives for lower income earners to buy their first property can include preferential interest rates,” he says.
Chang also opines that there is currently a huge mismatch between what the average household income can afford compared with what is available in the market.
“A homeless generation will emerge to create various social problems,” he says.
Based on HBA's estimates, he says families with a monthly income of less than RM3,000 a month can only afford a house which costs less than RM150,000 while those with a monthly income of up to RM6,000 can only afford a house which costs less than RM300,000.
“Based on government statistics, these numbers makes up almost 80% of our working population.”
The concerns surrounding affordable housing was brought up by Deputy Finance Minister Datuk Donald Lim Siang Chai who recently said that affordable housing would be a Budget 2013 highlight.
Lim says the Government had proposed to increase the limit of house prices under the My First Home scheme from RM220,000 to RM400,000 to fulfill the needs of those earning below RM3,000.
Property consultancy CB Richard Ellis (M) Sdn Bhd executive director Paul Khong says that increasing the limit of house prices under the My First Home scheme to RM400,000 for purchases within Klang Valley and Penang may be more relevant in today's scenario.
“House prices have moved up substantially over the last three years. The amount of up to RM220,000 may not be too meaningful especially for residential properties within the Klang Valley areas,” says Khong. - The Star