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Rumah Untuk Dijual / Beli / Sewa

Penang Real Estate | Penang Property | Penang Properties: Rumah Untuk Dijual / Beli / Sewa

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Penang Real Estate | Penang Property | Penang Properties: House For Sale, Rent and Buy

槟城产业出售或出租

Penang Real Estate | Penang Property | Penang Properties: 槟城产业出售或出租

Property groups want real property gain tax to remain status quo

PETALING JAYA: The real property gain tax (RPGT) revision which had been one of the highlights of Budget 2012, should be either reverted or adjusted based on proper understanding of the market situation, according to property sector associations.

Real Estate and Housing Developers Association Malaysia (Rehda) revealed in its Budget 2013 wish list that the Government should not review taxation or policies which were beneficial for the industry and recommended the previous RPGT regime be reinstated.

“Under the current market conditions such as the softening market and early signs of better growth of the economy ahead and the uncertainties of the United States and eurozone economy, we urge the Government not to interfere with the existing policies which are business friendly,” Rehda told StarBiz.

With the local Gross Domestic Product announced recently at 5.4%, Rehda believed that Government should grab the opportunity to facilitate market growth by introducing punitive and restrictive measures and suggested the new budget included reverting to the previous RPGT regime of 5% tax if a property is disposed before five years and no RPGT if disposed after five years.

The revised RPGT in Budget 2012 meant that gains from property held for less than two years were subjected to a 10% tax while a 2% was imposed for properties held between two and five years, and those who kept it for more than five years are exempted from tax.

National House Buyers Association secretary-general Chang Kim Loongsided Rehda's recommendation, noting that the current RPGT was not effective in reducing market speculation.

“Developers typically need two years to complete landed properties and three years to complete stratified properties. This would mean that speculators could buy properties from developers, flip on completion and in effect pay the same 5% RPGT rate that was before Budget 2012,” he explained.

The Master Builders Association Malaysia (MBAM) opined that more focus should be put on affordable housing which will benefit more stakeholders and purchasers.

In addition, MBAM wished for the Government to release more land for affordable housing especially in the Klang Valley to meet the demand from first time time housebuyers as well as to sustain the housing and construction sectors.

On MBAM's Budget wish list was also lower coporate tax rate to be on par with Singapore and Hong Kong.

On construction, MBAM pointed out a shortage of skilled workers for heavy engineering like the My Rapid Transit (MRT) project.

“We wish to appeal for skilled workers from China to be allowed to work on these projects as many Chinese workers are now available after completing MRT and high speed rail projects in China,” it said, noting that MBAM would like to source foreign workers from Asean and India too.

With the announcement of the Budget 2013 inching closer, the property sector associations have again reiterated the need for more measures to be taken to supply the market with affordable property.

For the coming Budget, Rehda recommended a closer look into the capital contribution charges on developers that is eventually passed on to housebuyers.

It said that currently developers are required to pay various capital contributions such as sewerage, electricity, water, telecommunications, Construction Industry Development Board levy and surrender of land, construction of facilities and infrastructure as well as compliance of other planning requirements.

Through Rehda's own research, it found that all these compliance costs payable to various authorities could be as high as 30% of the selling price of the housing units.

What Rehda recommended is for private utility companies to not impose capital contribution charges on developers as developers are already required to lay infrastructures in their development projects and bring in new customers to the utility companies.

“These utility companies should revise their own capital and collect revenue via tariff based on consumption,” the association said. -  The Star

Demand for houses and real estate in Klang Valley continues despite high prices

PETALING JAYA: Despite high land prices, interest in real estate in and around the Klang Valley is expected to continue from foreign and local buyers, according to property consultants.

Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng said he had been receiving enquiries from developers from China seeking out land for development. Local interest was also very strong.

“The demand for land for development continues to be buoyant,” he said, adding that the recent sale by tender of a 28,000 sq ft piece of property in Jalan Ampang was a good indication.

On the recent tender of Wisma Char Yong and adjacent plots, he said there had been enquiries from developers, companies and individuals. Wisma Char Yong, which was formerly occupied by Citibank, is for sale together with three pieces of vacant land and three pieces of land currently occupied by pre-war shophouses near the Jalan Ampang-Jalan Munshi Abdullah junction.

Drawing interest: There are enquiries from dev elopers, companies and in divi duals for Wisma Char Yong and adjacent plots in Jalan Ampang. The indicative price is between RM40mil and RM50mil.

Wisma Char Yong has a 60-year lease which will expire in October 2071 while the three pieces of vacant plots and pre-war shophouses are on freehold land.

The 16-storey building sits on a 16,000 sq ft site and has a net lettable area of 150,000 sq ft and a three-level car park and a basement, while the other six plots sit on 12,000 sq ft. The indicative price is between RM40mil and RM50mil for the entire entity. Tang said land prices in that vicinity are between RM800 and RM1,000 per sq ft.

Although the property was not located in an upmarket part of town, Tang said the development of Cap Square had given the place a lift.

“That part of Jalan Ampang used to be Kuala Lumpur's banking district. As the city grew, attention moved to the other end of Jalan Ampang.”

The other recent sale by tender was the British High Commission land, also in Jalan Ampang.

At three acres, with a reserved price of about RM200mil, the land is considered by property professionals to be located in a more vibrant part of Jalan Ampang.

SavillsRahim & Co in a statement said: “There has been significant interest from developers as this is a high-profile, landmark property. It is also more than three acres a good size for a comprehensive urban development. It is rare for a piece of land this size in the city.”

“Its encouraging to note that mid-size developers that are less well known but who nonetheless have ambitions for a flagship project in the city have also shown keen interest in the property. ,” the statement said.

The statement said some form of mixed development for the land would be most likely, with commercial, retail/F&B, residential and maybe even some hotel/service apartment elements.

“The site borders the exclusive U-Thant residential enclaveenjoying excellent frontage and accessibility along bustling Jalan Ampang. The Ampang park LRT station is nearby. One of the best things about this property is its size, which allows it to accommodate nicely a well-planned project.”

On its pricing at RM1,525 per sq ft, the statement said the guide price for the property was “in excess of RM200mil”, and this was arrived at after several valuation exercises.

“It is only a guide price', and one of the main reasons the property is being sold by way of open tender is that this is the fairest way of determining and achieving the property's true and optimum value.”

On land around the Klang Valley, the statement said “development land in prime urban and suburban locations will always be in demand as developers have to adopt a strategic, long-term view in expanding their land banks. - The Star

Hartanah Untuk Dijual / Beli / Sewa Di Pulau Pinang

Penang Real Estate | Penang Property | Penang Properties: Hartanah Untuk Dijual / Beli / Sewa Di Pulau Pinang

Jangan melepaskan peluang keemasan untuk menjual, beli dan sewa hartanah di Pulau Pinang.

Rumah, Tanah, Kedai, Kilang dan Pangsapuri di Pulau Pinang ada dijual, beli dan sewa di sini. Terima Kasih.

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市局再卖世遗区产业 汕头街5老屋高价易手

（槟城17日讯）槟岛市政局再卖产业！乔治市世遗产区汕头街一排5间毗连双层战前老屋，首轮300万低价流标后，再招标时价更高，或将以389万令吉成交。

在汕头街门牌94号至102号（即前“老房子”餐馆斜对面）为华南折衷式传统老建筑，该排老屋却“命运坎坷”，先是1997年因为“新光大购物广场”发展引发地陷，造成一些建筑险成危楼出现壁裂，而2000年屋租统制法令废除后，又面对市政局拟变相起租造成一些租户一举走避迁出。

命运坎坷租户迁走

而不久前租户获悉产业遭变卖，造成一家相信有逾50年历史的老药行在担心逼迁下，“先行告退”，在一年前已迁至汕头街122号，面对高昂租金。5间产业依序是94号（10年前放空），96号天生和药店（后为祥发中西药店）（2011年放空）、98号香槟肉干（10年前放空）、100号逢源企业（郭氏家人）、102号租户（原是“72房客”，在10年前迁移）。

其中，100号的郭姓租户已是4代栖身该处，据了解，郭姓家人在60年前已定居在该处，其中第一代郭来贵为制作皮鞋业者，其孩子郭辉云并未传承衣钵，做起流动小贩，是当时著名的“Pipi仔”，推着三轮车，专卖一些糖果及玩具等，如今在第三代其孙子手时，建筑物先后成为漫画店及音响店，唯有关音响生意也已停顿，现建筑成为两家6口栖身之地。- 光华

Uphill battle for developers

REHDA president Datuk Seri Michael Yam says the challenges facing property developers are tremendous. Some of these challenges are unavoidable and had directly or indirectly contributed to the high cost of properties.

“There is high cost of compliance with various policies and regulations in the property development industry. The scarcity of affordable land and the increase in land cost in today’s uncertain economic climate are some of these challenges.

“Developers have to contend with operating within a highly-regulated industry; rules and regulations are constantly changing,” he says.

Another heavy burden is the building of low-cost housing which also invariably and indirectly adds to the cost of houses for the masses.

He also questions the registration and distribution system of low-cost housing as it is believed that more than half of some low-cost housing projects are occupied by foreigners. Many of these low-cost housing units are also not sold.

Yam: ‘This principle to help bumiputras to own real estate invariably marginalises them because they can only sell these units to fellow bumiputras at a discounted rate.’

He says the private sector has contributed up to one million low-cost units to date. During the Eighth Malaysian Plan (2001-2005), 40,000 units were targeted; the private sector exceeded this target when it provided 97,294 units.

The same thing happened during the Ninth Malaysian Plan (2006-2010) when the private sector provided 78,500 units when private developers were expected to build 77,700 units.

Another challenge is the imposition of cross subsidies in the form of quotas and discounts.

He says the discounts enjoyed by bumiputra buyers are borne by the non-bumiputra purchasers which effectively push up the price of the houses.

Yam says some of these bumiputra units are not sold and this represent a cost to developers as they work towards the release of these units to non-bumiputra buyers. “Free us of these policies and regulations. Release us from having to meet this bumiputra requirements.

“This principle to help bumiputras to own real estate invariably marginalises them because they can only sell these units to fellow bumiputras at a discounted rate,” says Yam.

Yam also calls for a review of planning requirements and an increase in the plot ratio.

He says there are increasingly more shoe box-sized serviced apartments entering the market and this trend is due to developers having to “cut” units smaller in order to increase affordability as the bigger the unit, the higher the price of the unit.

Yam appeals to the Government to increase the plot ratio which effectively allows developers to build upwards.

“The problem is, when a developer builds small units, he has to meet car park requirements, and this again increases the cost of the overall unit as each of the small units will come with a car park.

“I am glad that the Green Building Index is not yet mandatory, as every time there is an increase in specifications, the cost goes up,” he says.

In the area of financing, he says when a developer applies for bridge financing in order to complete a project, the longer the developer holds the land, the higher his holding cost.

“We would like to appeal to the Government to speed up approvals.”

As for the home buyers, Yam suggests that the Government help first time buyers with innovative financing packages and to free up government and state land for affordable housing.

For the medium to long-term, he calls on the Government to refurbish buildings to convert them to affordable housing and to review Malay reserved land and new villages for the development of affordable housing. He also suggests building residential housing near and above public transportation infrastructures. The Star