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

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.

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

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 Malaysia, Issue 924, Aug 20-26, 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.

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

建完善网络●展示供应链 槟首建中小型企业中心

（槟岛西南区13日讯）为协助槟州中小型企业（SME）的发展，槟州政府果真以行动证明，率先全国首建中小型企业中心（Penang SME Centre），专为成长中的中小型企业提供催化奖掖，也聚集本地的中小型企业建立完善网络，展示海外厂商一个更完整供应链（supply chain），以加强本地中小型企业发展。

这间中心耗资4000万令吉，建筑面积共16万平方尺，目的是要通过提供极具租金竞争优势的场地，培养及孕育创新的中小型企业。而且该中小型企业中心还提供本地中小型企展示他们的产品及服务的地方，通过促进发展及完善供应链以推广槟州工业。

林冠英周四上午主持该中心落实仪式致词时，形容今天不仅仅是庆祝这间中小型企业中心的落实，更印证槟州政府言出必行，务必协助中小型企业发展，让业者大胆创新，不仅领导本地中小型企业发展，更大胆出产属于槟城品牌的产品，进军国际舞台。

他说，中小型企业中心是州政府采要推广中小型企业所采取的三项步骤之一，以提升本地中小型企业的产业价值链及打造槟城品牌或拥有“槟城实力”的产品及服务。

“其他2项步骤则是 2010年6月推展的中小型企业市场咨询、资源及训练中心(SMART)及在武吉敏惹、峇都加湾及北赖所建立的中小型企业村”。

对于这间中小型企业中心管理委员会主席拿督斯里丘光宪希望要尽快落实中小型企业村，林冠英指槟州政府一定会做到， 只是当前仍需要一些时间，不过这务必是民联政府才能办到，若下届大选民联遭淘汰，而中小型企业村的计划也会随之消失。

迎合未来发展　落实惠民政策

林冠英也说，这间中心是历经40年后才真正落实，从前有者只停留在要做，却未做，不像槟州政府知道这将迎合未来发展，以实际行动扶助中小型企业，让业者“梦想成真”。

他说，槟州政府是一个让人民梦想成真的州政府，一直会以民为主，落实各种惠民政策。

坐落峇六拜工业区第4园区的中小型企业中心是由槟城发展机构承建。这栋共4层楼高的建筑物备有13个单位，每平方尺的租金为每月1令吉80仙（第一层）及1令吉50仙（第二层至第四层）。

他表示，虽然这是槟州承建的中心，但是州政府绝不干涉租户名单，而租户名单完全由管理层遴选。

“目前已有17家本地的中小型企业厂商申请加入这家中心，从中选出另5家公司迁入该中心”。

与会者有中小型企业中心管理委员会主席拿督斯里丘光宪、槟州发展机构总经理拿督罗斯里、投资槟城执行委员会主席拿督黄焕强、董事拿督李家全。

等中央回应大槟城发展计划

询及中央政府的大槟城发展计划进展，槟州首长林冠英说，州政府会耐心等待中央政府的回应。

他说，槟州政府搁置槟州发展蓝图，是为了配合中央政府的大槟城发展计划。

“一个月前我与首相署部长拿督斯里依德里斯交谈过，他说中央政府的大槟城发展计划是势在必行，目前只是有待副首相指示一个落实大槟城计划的时间，希望早日等到我们（州及中央政府）达致的结论”。

林冠英说，州政府于去年经完成的槟州发展蓝图，工作做足，但是由于中央政府要与槟州政府联合规划“大槟城蓝图”，所以州政府才暂时搁下原本的蓝图，期待与中央政府的合作。　

他表示，槟州政府要有很耐心等候中央政府的“通令”落实大槟城，因为槟州政府做得再好，也不能不承认，槟州政府有所不能为，因为中央政府管制许多机构，比如海、陆、空都是由中央政府直接管理，叫槟州政府如何单方面落实槟州发展蓝图?

他举例槟州的公共交通，如快捷通公共巴士全权由中央政府管理，即使槟州政府早前献议有意津贴槟城快捷通巴士公司（Rapid Penang）1年1000万令吉，以作为提供槟民免费巴士应付上下班高峰时段，享用免费快捷通巴士一事，唯至今仍待中央政府点头，显见槟州发展计划是需要中央政府的配合才能行事。

他重申，即使槟州政府多不愿意，也要保持很有耐心等候中央政府的“通令”。询及是否设下期限，林冠英说，州政府本身有设时限，但是不会形成如同施压中央政府，耐心等候对方下一步指示。

追问若大槟城计划最后生变，林冠英说，届时会再研究其它可能性，至于什么的可能性，他则未置评。- 光华

iProperty: M'sian property sector still vibrant despite Europe woes

KUALA LUMPUR (Sept 11): The Malaysian property sector remains vibrant and attractive to domestic and foreign buyers despite the economic uncertainties in Europe, says iProperty Group chief executive officer Shaun Di Gregorio.

Citing the iProperty.com Asia Property Market Sentiment Report 2012 for the second half of this year, he said Malaysians continue to remain upbeat about the local property market.

He added that about 52% of 11,966 Malaysian online survey respondents said the current and political climate is conducive enough to property investment.

"The strong growth of the Malaysian economy is also one of the strongest contributing factors for the enormous confidence that Malaysians have in the property market here.

"Usually, the property market in a country grows in tandem with the economic growth of the specific country," he said at a media briefing here today.

The online survey was held in July through iproperty.com.my, with 34% of respondents considering themselves as property buyers while 26% identified themselves as property owners.

Di Gregorio said due to the loan-to-value ratio of 70%, consumers are likely to maintain a cautious approach in purchasing high-end properties, with over 70% stating that their budget for property investment was under RM500,000.

"Most of them prefer properties with a price tag of between RM150,000 to RM500,000.

"This is also becoming the appetite of many housing developers in Malaysia lately because they realise the untapped potential in the specific price segment," he added.

However, Di Gregorio said over-speculation activities in the property segment cause a hike in property prices, and housing affordability remains the biggest concern of Malaysians.

He said under Budget 2013, the respondents want the government to introduce tax deductions on housing loans to enable more young professionals to own a property, lower interest rates as well as better housing schemes.

"Other policies that the respondents want the government to address in the upcoming Budget are stricter guidelines on errant developers, better public transportation in housing areas and enforcement of guidelines on curbing property price increases.

"More than half of the survey respondents (51%) believed that more should be done to protect property buyers in the country due to many cases where errant developers had abandoned their projects," he added. — Bernama

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无需兴建社区设施及廉价单位 SOHO房产有损政府利益

（槟城12日讯）发展商在商用地兴建SOHO概念房产，将为政府带来“损失”，包括无需根据比例提供廉价或中廉价单位，以及兴建其他社区设施。为此，掌管房屋事务的行政议员黄汉伟透露，州策划委员会正草拟指南，以管制这类房产在迅速发展后对社区发展带来的种种限制。黄汉伟接受《光华日报》访问时表示，网络时代的到来，居家办公（SOHO）的新工作模式渐成时尚，专为SOHO族设计的公寓单位也成为发展商的新卖点。

居家办公为一体化的公寓单位，已成为一个必然的发展趋势，可以预见的是，越来越多的人将是SOHO房产的业主。“虽然SOHO概念的房产，符合了目前社会发展的需求，不过无可否认的是，这类房产迅速发展后，将对社区发展带来种种限制，发展商在商用地兴建此类房产，也将为政府带来‘损失’。”

他指出，这是因为发展商不需根据比例提供廉价或中廉价单位，以及兴建其他社区设施，如民众会堂、公园、膜拜场所保留地、小贩贩卖地点等。与住家用途地契不同的是，商业用途地契发展公寓，是无需‘贡献’上述设施。

他说，至目前为止，槟州政府及市政局仍没有特定指南管制这类混合商业及住宅的房产，只能当作一般的商业楼宇处理。而在房屋发展商法令下，建住宅和商业单位的管制也是有差异，尤其在各项发展执照的管制，以及购屋者签合约的内容都有所不同。所以，这些都必需制定指南加以管制。- 光华