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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

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

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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