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Is there a real reprieve in prices?

NOW that we are in the middle of 2012, it is probably a known and accepted fact that the property market is taking a long-awaited breather, after a steep and breathless uphill climb in 2010 and last year.

Prices and rental in a most parts of the Klang Valley have come down. In some hotspots that have seen the steepest price increase the last couple of years, rental and prices have come down marginally since the last quarter of 2011 and this trend has continued until today. It is likely this trend will continue well into the second half of this year.

It is not that there is no longer demand for these properties. There is demand, but the prices have been bidded up to such a degree that potential buyers are beginning to ask themselves if they are over-paying. Some may even ask if there are fundamentals to support such high prices. In short, they have decided to walk away.

Whether they are prepared to over-pay or whether there are fundamentals to support these high prices are two different things. This is because buying a house is or can be an emotional affair.

Some are willing to over-pay because they really like the property, or its location and the amenities that come with it. Or they may be concerned that if they do not buy now, prices may go up further.

So, despite the suspicion that they may be over-paying, they decide to go ahead with the purchase. This is particularly so if they are renting.

As for whether there are fundamentals to support prices that go up, up and up, well often, there isn't. The same infrastructure is there, and the environment has remained status quo. But prices have moved up and buyers wonder what's the rationale? Buyers are beginning to question and that is good.

The secondary market where buyers buy directly from property owners may be a more realistic gauge of the sentiment prevailing in the property market.

There is less speculation in the secondary market. Those who shop for a house in the classifieds would already know the purpose of his purchase. He would more or less know how he is going to finance it because he has to pay for the property in full, upon signing the sales and purchase agreement. He would also have to go about seeking the services of a lawyer, if he does not have one already, and the mortgage loan would also have to be sorted out.

In other words, the outlay would be greater emotionally, financially and physically as there is much running around after a decision is made for a particular property.

It is only in the primary market, where buyers buy directly from the developers, that the speculative element is more evident. Amid the razzmatazz and the party spirit of the moment, a buyer just pays the 10% he is required to and sits back with the availability of today's interest bearing schemes. He need not think too much about what he is going to do with it, or how he is going to finance the purchase until two to three years later. If he does not want to begin his loan repayment, he can sell it.

It is here, therefore, in the primary market, that the speculative element is more evident. Last year, developers had multiple launches. Their intention was to lock in sales while the going was good.

This year, the situation has changed somewhat. There is a lot more caution, both in the secondary and the primary market, as evidenced by less launches by developers, and slower sales in the secondary market. Unlike last year, a developer has to do a lot more marketing and promotion in order to lock in sales now.

Nevertheless, despite the slower sales, there seems to be no let up in the prices as they remain high, with developers justifying their prices with increasing cost of construction.

As we enter the second half of 2012, the worsening crisis in the eurozone will cast some uncertainty over the market, although indirectly. Already, exports for April have contracted, although marginally. This may filter down to the property market.

Those who buy with a clear focus and objective will continue to execute their decision. Those who are more uncertain why they are buying may take a wait-and-see approach, or if they really like a property and are certain of its potential, may just take out the cheque book. - The Star

Deputy news editor Thean Lee Cheng wonders how the Greek election tomorrow will turn out as it may open up a new chapter for the eurozone. We in Malaysia will not be immune to what's happening in Europe.

Tambun Indah to expand landbank

PETALING JAYA: Property developer Tambun Indah Land Bhd is seeking to increase its land bank size, particularly in the Klang Valley.

The company hoped to use the RM44.2mil, which was raised with the completion of its two-for-five rights issue on June 4, 2012, as well as expected positive cashflow from progressive billings of increase properties sold last year, to fund the land expansion, said managing director Teh Kiak Seng.

“Since our inception in 1994, we have developed a reputation as an innovative and premier property developer in Penang.

“Now, we are ready to expand and look at opportunities available to us elsewhere. We are now casting our net wider and hope to buy new land banks in the Klang Valley and other areas where we can develop projects on our own and, or work in collaboration with a joint-venture partner. With that, we can then take the Tambun Indah brand name to other states,” Teh said in a statement.

The group currently has an existing land bank of around 716.5 acres, mostly situated in Seberang Prai.

However, Teh added that he still believed in the robust strength of the Penang property market. Last year, the total number of residential units that were sold in Penang climbed 68.2% to 30,674 from 18,233 in 2010, while the total value of property transactions rose 59.8% to RM7.7bil.

The Penang Institute data show a 50% average rise in Penang property price since 2007, with condominiums on the island rising by 82%, and terraced and semi-detached or detached units on the mainland climbing by 25% and 30% respectively.

Teh added:“Furthermore, if the current trends continue, prices are expected to rise by a further 20% to 30% over the next few years. This level of market demand is good for the industry as a whole.

“We believe that Tambun Indah is poised to take opportunities from this (situation). Judging by the take-up trends experienced thus far by the group's launches in the first half of 2012, and the two projects that we intend to launch soon. I am optimistic on our performance this year.”

Meanwhile, Tambun Indah announced a first and final dividend of 3.8 sen per share for the financial year ended Dec 31, 2011. This translates to RM11.8mil and represents 50.3% of its net profit for the year. - The Star

Park on the range Rifle Range green lung with linear motif

RESIDENTS in Penang’s Rifle Range and its surrounding areas can now enjoy recreational and leisure activities without having to travel to other public parks.

Linear Park, which was completed last year at a cost of more than RM100,000, has a playground, exercise equipment, cube benches and a maze.

The 3,566sq m park, which was built in a straight line, is the first park in that vicinity.

“Since last year, we have carried out a few upgrading activities and we’ve also added a few more exercise machines,” Kebun Bunga assemblyman Jason Ong told a press conference on Thursday.

“This park can cater to the needs of the people staying around here. It’s the first park ever built in Rifle Range.

“It is also the first linear park in Penang,” he said.

A car park will also be built soon under phase two of the project.

Penang Municipal Council Planning Committee alternate chairman Felix Ooi Keat Hin, who was also present at the event, said the park would be officially open by Chief Minister Lim Guan Eng on June 23.

“In conjunction with the opening, we will hold the Nestle’s Walking Day at the park, and entrance is free.

“We hope to raise awareness on walking as it’s proven to be good for health,” he said.

Those interested in the walking event can register on-the-spot on that day at 7.30pm. The first 220 participants will receive free T-shirts. - The Star

Valuable living heritage

THE intangible heritage of the Unesco certified World Heritage site of George Town will soon be studied and documented by George Town World Heritage Inc (GTWHI).

The ‘Revitalising Intangible Cultural Heritage’ study is to help safeguard, preserve and conserve the site besides managing the living and built-up heritage of the area.

The study, funded by the state government at a cost of RM499,000, will commence next month and last until December.

In the first part of the study, some 40 GTWHI surveyors will be going from door to door, covering thousands of homes and shops, with questionnaires for the survey.

GTWHI acting general manager Lim Chooi Ping said that the study this year would focus on traditional performing arts as well as on traditional crafts and trades.

“What makes intangible heritage particularly special is that it involves living individuals and their traditional practices, beliefs, rituals and livelihoods,” she told a press conference.

The study consist of three parts with the first part representing the inventory of intangible forms of heritage contained in both the core and buffer zones of the area.

The second part will be a cultural survey of intangible heritage.

The third part, that will commence next year, is a series of pilot development activities that includes oral history projects, artisan development and working with the young, she said.

Lim also said that the results of the study would be applied for socio-economic development and livelihood enhancement programmes in the zone.

She added that the study results would also be useful for heritage planning, education as well as for community strengthening activities.

“It will also increase awareness among the stakeholders and the public,” she said.

She also hopes that the residents and shopkeepers in the area will cooperate when the surveyors come.

“They will make their rounds every day from 9am to 9pm.

“They will wear GTWHI T-shirts, tags and also carry a letter with the GTWHI stamp,” she said.

Project consultant Lim Gaik Siang said that this study would be a systematic inventory to record the intangible heritage.

Another consultant Khoo Salma Nasution said that it was also an opportunity to teach the young generation about their heritage.

Those interested in becoming the surveyors can call GTWHI at 04-261 6606. - The Star

250 medium-cost housing units to be built in Bukit Minyak, Penang

GEORGETOWN: Deputy Prime Minister Tan Sri Datuk Muhyiddin Mohd Yassin on Saturday announced a federal government plan to build 250 units of medium cost houses in Kampung Tok Suboh in Bukit Minyak.

He said he would instruct the Implementation Coordination Unit to identify more land to build affordable homes for low income groups.

He also allocated RM10,000 each to 60 Malay non governmental organisations in Penang for them to carry out various activities and programmes.

The Umno lawmaker urged the Malay NGOs in Penang to stay united in facing challenges ahead in the country's transformation programme. - The Star

水上运动清洁问题 游客投诉峇都丁宜沙滩

（槟城15日讯）峇都丁宜沙滩再惹非议！近期有外国游客，大力批评水上运动业者不遵守规则、无法在受污染海水中享受，甚至沙滩出现狗只粪便，狠批沙滩乱象！槟岛沙滩一直以来被誉为美丽的天堂，是游客来槟旅行的首选，但是近几年来却惨遭游客们投诉，从沙滩海水不像昔日般那么洁白清澈、水上运动频酿意外等问题，让原本大发光彩的峇都丁宜海滩黯然失色。
尽管槟岛市政府加强执法，规定水上业者必须在所规定的范围内营业，每天派出20名执法人员站岗及管理沙滩清洁，但据沙洋酒店公关经理苏莱曼周五发给槟岛市政局主席芭堤雅的投诉电邮指，峇都丁宜沙滩仍然乱象一团，最近更接获不少外国游客的投诉。
苏莱曼盼市政局加强执法
这封电邮也寄给本报一份副本，据投诉电邮内容提及，希望槟岛市政局能加强执法，以控制水上运动业者及员工、水上运动、确保沙滩及海水清洁，避免再度遭游客投诉，从而影响峇都丁宜旅游业；有意要进入海水游泳的游客，往往遭到水上业者“驱赶”，因为业者们表示需要在有关地区进行降落伞的升降活动。
苏莱曼也说，一些业者向游客兜售有关水上活动配套，会影响只是想要在沙滩上散步的游客心情，其中也包括原本只是想要享受日光浴的游客。另外，他在邮件上指出，沙滩上的卫生也常遭游客们投诉，游客们非常不满一些不负责任的公众随地吐痰，甚至弄脏洁白的沙滩。他提出，若槟岛要和周围著名岛屿如浮罗交怡、普吉岛或峇厘岛一样获得游客喜爱，那槟岛市政局应该加强执法，无论是在水上活动或沙滩海水卫生度上，都需要加把劲地去管理。另外，他也在邮件上附上18个游客投诉表，分别有来自本地、新加坡、澳洲、沙地阿拉伯、阿联酋、纽西兰、英国、香港及美国的游客投诉。- 光华

圆顶改造科技园 或助光大翻身旺商机

（槟城15日讯）光大圆顶（原称光大东姑礼堂－Komtar Dome）将另寻一个“定位”，计划将之打造成槟城科技园，预计2014年竣工！据《光华日报》探悉，槟州政府已经委任一个工作委员会，负责相关计划发展，主要委员会由州内的各大厂商代表和槟州首长办公室的官员所组成，而槟城科学理事会为咨询顾问。此项计划暂时命名为槟城科技中心（Penang Tech Centre），目前处于初步概念阶段。据悉，该委员会正在如火如荼地与各科技专家及教育专家接洽，积极搜寻相关资料及意见，因此，仍未真正的定名，或称为TechQuest Penang或Tech-d0me City。
分成3大展示区
消息指出，此计划将把光大圆顶分成3大展示区，即科技圆顶市（Tech-dOme City）、工厂区（The Factory）及试验区（Test Zone）。科技圆顶市内将分隔成12个科技展位，工厂区将展示技术品制作过程，而试验区将展示研究过程。委员会首步计划是先与技术专家合作，设计及建立互动式展览品，包括机械人、医疗、灯饰及电子技术展示等；第2步则与教育专家合作，将学校相关课程及技术连接在展览会上。
会教界听意见
据了解，委员会分别于昨日与今日，与教育界人士会面，寻求意见及人才。接着，工作委员会将每月召开一两次会议，筹备此项计划。此计划的其一目标，是要提高众人对科学、可实性及技术发明的醒觉，进而迈向国际科技发展。目标群是北马区学生与家庭成员、游客等。
有望咸鱼翻生带动买气
较早前面对屋顶漏水等问题的光大圆顶，有望因槟城科技中心计划而“咸鱼翻生”。这项计划一旦成功落实，光大圆顶的身价将会大大提升，进而带动光大区的热潮。经历40年历史的光大东姑礼堂(五楼圆球建筑物）由于缺乏维修及过于陈旧，让曾是宴会租借地点及各项大小活动比赛场地的它，逐渐迈向残旧、发出异味、灯光昏暗等问题，让人大打退堂鼓。有些活动反应不理想也归咎于他。光华

Tanjong Tokong villagers get new homes in UDA redevelopment

KUALA LUMPUR, June 15 — The 197 Tanjong Tokong families have agreed to a RM165 million settlement with UDA Holdings after four years of talks, allowing the latter to carry out redevelopment of the Penang village that has been delayed for four decades.

The government agency tasked with giving Malays a bigger stake in the urban economy said in a statement today the families will sign a settlement agreement tomorrow which will see 1,200 new flats worth up to RM240,000 each being handed over to the residents.

“UDA Holdings is committed to complete the homes in four years. Once it is completed, the residents involved will have more comfortable, secure and high quality homes,” UDA chairman Datuk Nur Jazlan Mohamed(picture) said.

The 10 blocks of 800 and 650 square feet flats have a total value of RM165 million, according to UDA.

UDA was tasked with redeveloping the area by then Prime Minister Tun Abdul Razak Hussein in 1972 but negotiations between the various stakeholders including the state government have failed to reach a consensus.

Pulai MP Nur Jazlan has previously said that the pledge of new homes was “proof of UDA’s efforts to protect the rights of Bumiputeras” despite some Tanjong Tokong residents opposing the redevelopment plans.

Tanjong Tokong residents have demanded the federal government give RM300 million to redevelop the more than 250-year-old traditional village in an impasse reminiscent of efforts to redevelop Kampung Baru, the 111-year-old Malay enclave just a stone’s throw from the Petronas Twin Towers here.

Pakatan Rakyat has been quick to capitalise on the growing anger of residents unhappy with the Najib administration’s plans to develop the area into an icon of Malay ownership in the heart of Kuala Lumpur.

Kampung Baru lies within the Titiwangsa federal constituency, which has always been an Umno fortress but fell to PAS in Election 2008. - The Malaysian Insider