Friday, August 9, 2013

Penang Real Estate | Penang Property | Penang Properties: Bella Vista Apartment Wanted Urgently

Calling for all owners of Bella Vista Apartment in Gurney Drive, Penang,

If you have the intention to sell your Bella Vista Apartment in Gurney Drive, Penang, please feel free to contact us. We have ready buyers awaiting your responses.

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Penang Real Estate | Penang Property | Penang Properties: Bella Vista Apartment Wanted Urgently

Wednesday, August 7, 2013

Bellisa Court Wanted


Calling for owners of Bellisa Court Condominium, Pulau Tikus, Penang!!!

We have ready buyers looking for Bellisa Court Condominium, Pulau Tikus, PenangAll are welcome as long as the price is right. Should you wish to let your unit here, you are also welcome to contact us.

For serious sellers of Bellisa Court Condominium, Pulau Tikus, Penang, kindly contact us to further discuss on the sale of Bellisa Court Condominium, Pulau Tikus, Penang. On the other hand, if you know someone who is interested to sell his or her Bellisa Court Condominium, Pulau Tikus, Penang, you are also welcome to contact us. There is no obligation. Thank you in advance.

To contact us, Penang I Property. Please click here.

Tuesday, August 6, 2013

Penang Real Estate | Penang Property | Penang Properties: Value Buy, Price Drop For Sunway Cassia (3T13)

Penang Real Estate | Penang Property | Penang Properties: Value Buy, Price Drop For Sunway Cassia (3T13)

Sunway Cassia at Batu Maung for quick sale or rent. Don't miss this golden opportunity to own a brand new 3 storey terrace now! Priced to sell quickly. Opportunity knocks once. Going, going, gone!

To contact us for more information or to inspect, please click here. Penang I Property

PDC opens bid to build RM100mil theme park


GEORGE TOWN: The Penang Development Corp (PDC) has announced a request for proposal to build an international theme park project worth more than RM100mil.
General manager Datuk Rosli Jaafar said PDC under the state government had identified two pieces of land in Bandar Cassia Batu Kawan to build an international theme park and a golf resort.
He said land for the theme park should be around 87ha with the golf resort about 190ha, while the request for proposal was for the purchase, lease and development of both or either of these two projects.       
“The theme park should be a minimum of about 69ha, with the balance of land to be used for residential, commercial and other components related to the golf resort development,” he told reporters yesterday.
He said both projects must be fully completed within four years from the date of related agreement or within such extended time subject to payment of a penalty premium by mutual agreement between both parties.       
“An earnest deposit of RM3mil will be collected to ensure the project is completed according to the timeline submitted,” he said.
He said the land tenure was 30 years plus 30 years lease for the golf course and theme park, with 99 years leasehold for other components in the development.
Rosli said the closing date for tenderers to submit their proposal would be Oct 31. – Bernama

Bumiputera discount: A sensitive topic that must be addressed


A CAP on the 7%-10% discount for bumiputera house buyers is a controversial but much-needed initiative to address spiralling house prices.
The National House Buyers Association (HBA) said the powers-that-be have to just bite the bullet and explore such reforms if it is sincere in providing affordable housing to all.
In its presentation on July 17 at a discussion in housing issues, the HBA proposed that bumiputera discounts be limited to the first two properties.
HBA honorary secretary-general Chang Kim Loong said one must look at the spirit of the bumiputera discount, which was to allow not so well off bumiputeras to own homes and avoid polarisation of neighbourhoods.
"It gives food for thought as to why the well-off should also enjoy this privilege," he said, revealing that the HBA proposed high-end properties such as penthouses, semi-detached houses and bungalows be exempted from the bumiputera discount privilege.
It also proposed a price cap of RM1 million to enjoy the discount.
Other than that, a growing number of unsold bumiputera lots is also contributing to the glut.
"Instead of looking for more development sites, these unsold units should be opened up faster," Chang said.
This is one area where the HBA and the Real Estate and Housing Developers Association (Rehda) are on the same page.
Rehda president Datuk Seri Michael Yam had last year proposed that unsold bumiputera lots be allowed to be disposed of to non-bumiputeras six months after the property receives its certificate of fitness (CFs).
There are about RM4 billion worth of unsold bumiputera property and Rehda has also been championing for a review of the 30% bumiputera quota imposed on developers.
However, Chang cautioned that this proposal must be dealt with delicately to avoid misunderstanding.
"We must explain this carefully and underline that reviewing this policy is merely a practical measure to resolve a bigger problem. It will benefit all Malaysians in the long run as there will be more supply," he said.
The HBA also opined that the steep rise in property prices was attributed to the lack of land, hence opening up government landbanks is one initiative that the powers that be should consider.
Other measures to control the cost of constructing houses touches on specific government policies such as allowing direct recruitment of foreign workers instead of the current agent practices; reducing the levy on foreign workers; and transfer the burden to provide utilities in new developments from the developer to the utility companies.
Another proposal which the government is already looking into is to reduce the approval time frame for construction permits.
Currently, it takes up to 392 days for an approval, although this can be brought down to 67 days via a one-stop centre (OSC).
The target is to further reduce this time frame to 47 days by next year.


London property tight supply, rising prices a boon to Malaysian developers


Malaysian developers with projects in central London are expected to benefit from rising prices as demand is up on tight supply of new properties, Amresearch Sdn Bhd said today.
Malaysian property developers with projects there include SP Setia Bhd which is handling the development of the Battersea Power Station (pic) Phase 2 through a 40:40:20 JV with Sime Darby Bhd and the Employees Provident Fund (EPF). The Battersea Phase 1 project had achieved a take up rate of 97% in just six months from its launch in January.
Other upcoming launches in London include IJM Land Bhd’s 51-percent-owned Tower Bridge project with a gross development value (GDV) of  RM1.5 billion and E&O Bhd’s Princes House Apartments, which has a GDV of RM250 million.The Amresearch report cited a LSL Property Services Plc/Academetrics survey that showed prices in the central London area have risen by an average annual growth rate of 7.9 percent in tandem with growing demand.
The lack of supply has been the key reason for the persistent demand of properties in London, it said.
According to Census 2011 data, the UK Department of Communities and Local Government estimated new households in London were expected to surge by 40 percent between 2011 and 2012.
However, from the expected demand of 525,790 units in the next decade, only 277,240 units would be available. This translates to a shortfall of 48 percent in supply in the prime areas, the report said.
Amresearch has maintained its overweight recommendation on the property sector.
Its top picks for the property sector are IJM Land Bhd (fair value: RM3.80), Mah Sing Group Bhd (fair value : RM3.70) and UEM Land Bhd (fair value: RM3.61). August 5, 2013. - The Malaysian Insider

Monday, August 5, 2013

Penang Real Estate | Penang Property | Penang Properties: Platino Luxury Condominium Wanted Urgently

Penang Real Estate | Penang Property | Penang Properties: Platino Luxury Condominium Wanted Urgently


Calling for owners of Platino Luxury Condominium, Gelugor, Penang!!!

We have ready buyers looking for Platino Luxury Condominium, Gelugor, PenangAll are welcome as long as the price is right.


For serious sellers of Platino Luxury Condominium, Gelugor, Penang, kindly contact us to further discuss on the sale of Platino Luxury Condominium, Gelugor, Penang. On the other hand, if you know someone who is interested to sell his or her Platino Luxury Condominium, Gelugor, Penang, you are also welcome to contact us. There is no obligation. Thank you in advance.

To contact us, Penang Property. Please click here.

Saturday, August 3, 2013

Homes priced beyond new grads



At current rates, fresh grad workers cannot afford to buy a house
IT was one of those long eye-opening conversation between father and his soon-to-graduate son.
“What are you going to do when you graduate?”
“Get a job, buy a car.”
“Don’t you want to buy a house?”
“It’s too expensive. I can always live with you and mum,” says Sonny.
There was a long silence.
“Dad, I went into environmental studies because I believe I can do my little part for the world we live in today. I am not looking for a fat salary,” says Sonny.
“But you need to have a decent salary in order to buy your own house one day. You can’t live with mum and dad forever, although I know your mum would like that,” says Dad.
“I read somewhere that it is possible for young people to buy their own house without taking a two-generational loan. And I am trying hard to be independent. I just need to get around some puzzling issues.
“Like what?”
And so begins the little lesson in house ownership.
What sort of loan tenure will be suitable for a young person?
A 35-year loan is more than adequate. If he needs a loan tenure longer than 35 years, it just means that he is buying something that is far beyond his current income levels.
What sort of loan tenure do most banks provide?
Most banks only give housing loans up to 30 years. Selected banks previously gave loans up to 45 years. These are two generational loans. Most people are against two generational loans as the second generation is born into debt – “Slave into debt”.
How much of my salary should go towards housing loan repayment?
The rule of thumb is always the following:
(a) Any single loan repayment should not exceed a third of the borrower’s income
(b) All combined loan repayments should not exceed half of the borrower’s income
(c) The price of the house ideally should be three times that of the borrower’s annual household income to be deemed as affordable based on a study by Harvard University and World Bank. A young couple with RM10,000 between them is equivalent to RM120,000 a year. The value of the house that this young couple should be looking at is RM360,000 at the most.
Does a young person need help from parents to buy a house today?
It has become almost impossible for a fresh graduate to buy a property without parental support. Many condominiums are now launched in excess of RM500,000 even in suburban areas and landed properties in areas such as Kota Damansara are almost RM800,000 and above. How is a fresh graduate with a starting salary of RM3,000 ever going to afford such properties?
Here are some numbers to chew on. The monthly repayment for a housing loan of RM450,000 (average condo price of RM500,000 less 10% downpayment) for 30 years is RM2,175. This is 72% of the fresh graduate’s monthly income of about RM3,000.
Fresh graduates will have to continue staying with their parents until both the parents and the borrower have saved enough money for a larger downpayment, or for the parents to withdraw their own EPF funds to help their children.
What about young people applying for government-linked projects like Perumahan Rakyat 1Malaysia (PR1MA)?
Some quarters have commented that young professionals still have the option to do that. PR1MA has just raised the ceiling price of their properties to RM450,000 and the maximum household income eligibility to RM7,500. Based on a study by Harvard University and World Bank, the ratings of the Value of Property over Annual Household Income are as follows:
Based on the above study, the Value of PR1MA properties are actually not affordable by international standards. In fact, it is between “Seriously” to “Severely unaffordable”.
Under PR1MA, the borrower need not pay the 10% downpayment and can take a 100% loan for the RM450,000 property.
We have illustrated a typical household income vs expense of a prospective PR1MA buyer (see table above).
Hence, it would not be unusual for banks to reject PR1MA applicants for housing loans as many of them are buying far beyond their income eligibility. In other words, PR1MA properties are just too expensive. House Buyers Association (HBA) has suggested a price of between RM150,000 and RM300,000.
By this time, both dad and son are glad the conversation is coming to an end. There does not seem to be a happy ending though.
“What does this mean, Dad?”
“It means the Government must introduce further measures to reduce speculation in the property market. The Government must bring back the old formulae of real property gains tax, higher stamp duty for buyers of multiple properties, further reduction of loan to value ratio,” says Dad.
Chang Kim Loong is the honorary secretary-general of the HBA (www.hba.org.my), a non-profit, non-governmental organisation (NGO) manned by volunteers. He is also an NGO councillor at the Subang Jaya Municipal Council.

Jesselton Bungalow / Bungalow Lot Wanted


Calling for owners of Bungalow Lot / Bungalow at Jesselton, Penang!!!

We have ready buyers looking for Bungalow Lot / Bungalow at Jesselton, Penang. All are welcome as long as the price is right.

For serious sellers of Bungalow Lot / Bungalow at Jesselton, Penang, kindly contact us to further discuss on the sale of Bungalow Lot / Bungalow at Jesselton, Penang. On the other hand, if you know someone who is interested to sell his or her Bungalow Lot / Bungalow at Jesselton, Penang, you are also welcome to contact us. There is no obligation. Thank you in advance.

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Towards safer hillside developments


ALL was quiet in the early hours of Dec 6, 2008, when tragedy struck. At 4am, the soil behind 14 bungalows in Taman Bukit Mewah and Taman Bukit Utama in Bukit Antarabangsa gave way, burying the homes and taking four lives.
The landslide, said to be the worst in Kuala Lumpur since the Highland Towers collapse in 1993, happened just five days after the 15th anniversary of that disaster.
Residents quickly put the blame on the local authorities, which in turn blamed the developers.
However, it's hard to identify the responsible party, according to Gue See Sew, CEO of G&P Professionals Sdn Bhd. "There are many possible causes of a landslide, so it is very difficult to assess who the responsible party is."
G&P Professionals is a specialist one-stop engineering consultancy service centre in such areas as geotechnical, civil and structural, infrastructure, flood mitigation and maritime.
Gue says in the case of the Highland Towers, it was the slope behind the condominium that caused the landslide.
"The empty slope behind the condominium was never designed," he explains. "Some engineer simply helped sign the papers for the development to obtain a certificate of completion and compliance."
Designing a slope requires a geotechnical engineer to assess the gradient, soil properties and other technical aspects, and analyse the stability, geometry and soil and water properties. The engineer may then decide to advise the developer to reduce the elevation from, for example, 45∞ to 25∞ or install a retaining wall to act as a buffer.
But while fingers were pointed at the Ampang Jaya Municipal Council (MPAJ or Majlis Perbandaran Ampang Jaya in Malay), MPAJ's Zafrul Fazry Mohd Fauzi says it is the responsibility of the landowner. "The Highland Towers incident was the result of improper maintenance of the empty land behind the tower by the owner," says Zafrul, who is head of the infrastructure maintenance division. "All these issues are closely linked."
Bukit Antarabangsa is susceptible to landslides because its soil erodes easily
Maintaining a slope requires the owner to assess its condition and strengthen it should it show signs of degradation.
"First, we have to see who the landowner is," Zafrul says. "Landowners are responsible for maintaining their property and shall be held responsible for any incidences occurring on their property."
Landslides have occurred throughout the country over the years, including at Cameron Highlands, Gua Tempurung, Balik Pulau in Penang, and Ulu Klang.
In January this year, a landslide in Putra Heights, Subang Jaya, caused five cars and a van to be submerged by a wave of mud, while in May, landslides occurred in Jalan Mahameru and Bukit Nanas in Kuala Lumpur.
The slope unit within MPAJ's engineering department was established in 2009 in the wake of the Bukit Antarabangsa landslide. Following that, the local authority released several guidelines for developers and the public, including the "2010 Guideline for Development in the Hills and Highlands of Selangor".
Zafrul says the landslides on slopes that come under MPAJ's purview were approved before the 2010 guidelines were issued.
"These developments do not comply with what we have introduced in 2010," he says. "That year, the Selangor Town and Country Planning Department (JPPD) introduced a new set of guidelines, more stringent than those before, aimed specifically at developers looking to develop on slopes."
The normal process for a development on a slope is long and tedious and it is not easy to get approvals, says Zafrul.
"After the developers submit their plans, they have to wait for approvals or comments from various departments in Selangor, specifically MPAJ, the Minerals and Geoscience Department Malaysia, JPPD, Ikram Geotechnical Services Sdn Bhd, Public Works Department (JKR), the Selangor Land Office, the Department of Irrigation and Drainage and many more."
When all these departments have given their approval, developers will then submit another proposal to the technical committee of environmentally sensitive areas, chaired by the director of the Town and Village Planning Department of Selangor. The committee will look at whether the development is safe in terms of the geological and technical aspects as well as public safety, he says.
After this committee gives the nod, the developer has to resubmit the proposal to MPAJ, which will present it to the one-stop centre (OSC) committee to be forwarded to the relevant technical departments for planning permission, building, earthworks and road and drainage plans.
"In the past, MPAJ only looked at the proposals from a technical aspect but now, it will consider all aspects of the development, including any objections from residents.
Classifying hillslopesAccording to the MPAJ's new guidelines, a Class 1 hillslope is categorised as an area with low geotechnical risk, and a gradient of 15∞ and below. Class 2 has moderate geotechnical risk and a gradient of between 15∞ and 25∞ with no signs of erosion or instability. Class 3 has a high geotechnical risk and a gradient of 25∞ to 35∞ with no signs of erosion or instability, while Class 4 has an extreme geotechnical risk with a gradient of 35∞ and above with no signs of erosion or instability.
The 2010 guidelines stipulate that only classes 1, 2 and 3 are allowed for residential development and even then, no buildings above three storeys are permitted, Zafrul says. Class 4 is only for infrastructure such as electrical lines and water pipes.
He says, "The structure of the soil and its properties vary widely in different areas. In the case of Bukit Antarabangsa, the soil is easily eroded compared with other hills like Bukit Indah or Ampang. This makes Bukit Antarabangsa more susceptible to landslides."
MPAJ monitors 182 government owned and 167 privately owned slopes and will issue notices should it come across slopes with a risk of collapsing or those that show signs of low maintenance and degradation.
In 2013, a total of 31 notices were issued, with 18 of those requiring the owners of the slopes to take action. "If they are slow to take action and we see continuous erosion, legal action will be carried out that may result in fines and imprisonment," Zafrul says.
He points out that the recent landslides are under the overview of other local authorities.
The landslides in the Ampang Jaya municipality include that at the Highland Towers in 1993, which killed 48 people; at the home of General Tan Sri Ismail Omar in 2002 that took the lives of four people; Taman Zoo View, Kampung Pasir, which killed five people; and at Taman Bukit Mewah, Bukit Antarabangsa in 2008.
According to Gue, Malaysia could model its slope management strategy after Hong Kong's. "We should take advantage of Hong Kong's wealth of experience and adapt its strategies here."
He adds that the Hong Kong government believes prevention is better than cure, imposing stringent requirements and heavy penalties.
"Personally, I have not come across a country with such an elaborate system ... it has a very dedicated agency that focuses on slope development and nothing else."
Like Hong Kong, MPAJ is looking at preventing landslides before they happen. For instance, a development cannot be erected next to a hill that does not have a proper buffer and is not maintained properly.
MPAJ's slope department carried out checks on all 349 monitored slopes twice in 2012.
The normal process for a development on a slope is long and tedious - Zafrul
The ROM Scale 
Professor Roslan Zainal Abidin, president and vice-chancellor of Infrastructure University Kuala Lumpur, believes prevention and preparedness is better than cure, which is why he created the ROM (Roslan and Mazidah Mukri) Scale.
The ROM Scale is a study to classify and predict potential erosion-induced landslide locations at well-known resort areas in the country, including Fraser's Hill and Genting Highlands.
The classification is done by determining the soil's susceptibility for failure in terms of its soil erodibility index value.
In his research, Roslan found that Km13 to 14 in Genting Highlands was the most susceptible to landslides while for Fraser's Hill, Km4 to 5 was the riskiest. From the ROM Scale, Roslan came up with the ROSE (Roslan and Shafee) Scale of the rainfall erosivity category. According to the ROSE index, the erosive power of rain is determined by its rainfall intensity (mm of rain per hour) and droplet sizes.
Roslan then combined the soil erodibility and rainfall erosivity and created the RS (ROM and ROSE) chart. The RS chart measures the risk level from L (low) to CL 9 (Critical Level 9) of an area.
Using the RS chart, Roslan found that Highland Towers had a rainfall erosivity of 868 and a soil erodibility of 13, putting it in class CL3, or critical level 3, while the area of the Wangsa Maju landslide in October 2006 had a rainfall erosivity of 2,354 and a soil erodibility of 21, putting it at a class CL9, critical level 9 or highly critical.
Areas categorised as CL9 are Wangsa Maju, Kuala Lumpur; Gunung Jerai, Sungai Petani, Kedah; and Setapak, Kuala Lumpur.
Using the ROM Scale, ROSE Scale and RS chart, Roslan can forecast the dangerous months for erosion-induced landslides.
The Federal Territory is most at risk during the months of March, May and November, while for Selangor, it is November, December and April.
According to Gue, after major incidences like Setiawangsa and Bukit Antarabangsa, private and public slope owners have taken steps to improve the stability and safety of their slopes.
"There have been significant improvements but obviously, more needs to be done," he says.
Community-based slope monitoring
Eriko Motoyama remembers well the destruction behind her home in Bukit Antarabangsa. What was once a lush green slope with houses all around was reduced to a heaping mass of earth and debris.
That was five years ago but the 2008 Bukit Antarabangsa landslide still haunts her. It was after this disaster that she and several others from various residents' associations in Bukit Antarabangsa got together and set up a subcommittee called Slope Watch.
"People felt unsafe because you would never know whether where you are staying is safe. The slopes are connected and any one of them could fall next," she says. "There's nothing you can do about it and the only thing you can do is form an early warning system."
Slope Watch is a group of 12 people dedicated to the common cause of monitoring slopes and becoming that warning system.
"We've been working on teaching the residents to watch out for landslides and so far, they've been doing a great job," says Motoyama.
Che Hassandi Abdullah, the head of research and development in the slope engineering branch of the Public Works Department (JKR) acknowledges the contribution of such groups, without specifically naming them.
Slope Watch has been working with the local authorities to educate the public on the risks and to identify early warning signs of landslides.
"The residents act as the eyes and ears of the local authority," Motoyama says. "With the generosity of JKR, which gave us materials like brochures, posters and presentation materials, we can teach them what signs to look out for."
Slope Watch also provides a URL link to the Ampang Jaya Municipal Council's (MPAJ) slope unit so that when a report comes in, the authorities know that it is not just about a pothole in the road.
The group functions according to a standard operating procedure.
"Even though we are a volunteer organisation, we're serving the community so we make sure MPAJ comes back to us within three days and acknowledges our complaints," Motoyama says.
A resident will contact Slope Watch or call Motoyama directly about signs of hillside failure. She or another volunteer then visits the site and takes photographs.
"Nowadays our reports look better," she says. "We generally just observe and report to MPAJ since we're just ordinary people and not geotech engineers. Our reports include the name of the person reporting, the time and place, as well as any sign that can contribute to slope failure and eventually landslides."
Motoyama adds that they will tell the residents to follow up on the case and to continue to keep an eye out.
"If they don't hear from MPAJ within the week, we have them call us. We are not a dumping ground and we want the active participation of the residents in this matter," she explains.
Slope Watch also holds community talks.
"Our presentations are based on four themes. One is to learn about landslides and what causes them. We teach them the basic concepts and tell them it's always triggered by rain. We also teach the residents about the importance of a drainage system. After we've taught them the basic concepts, we tell the attendees to go out and look for the signs," she says.
Slope Watch also asks geotechnical companies for advice, while Gue See Sew of G&P Professionals Sdn Bhd and Che Hassandi of JKR also help out.
Motoyama says Slope Watch gets its funding from various sources.
"MPAJ gives us an annual donation as long as it operates in the Ampang Jaya area. We also received a small grant from the Global Environment Facility (GEF)."
The GEF is a small grants programme (SGP) launched in 1992 in conjunction with the Rio Earth Summit. It is implemented by the United Nations Development Programme and carried out by the United Nations Office for Project Services. GEF SGP works with communities and civil societies around the world and has provided more than 14,500 grants worldwide as at 2012.
Motoyama says Slope Watch is planning a fundraiser soon. She adds that despite the group's focus on Bukit Antarabangsa, it has been getting calls from the greater Kuala Lumpur area.
"We've got people from Kuala Lumpur, Subang Jaya and Petaling Jaya calling us up. We've even gotten a phone call from Kota Kinabalu, Sabah."
Slope Watch has been trying to widen its networking circle and would like to expand its geographical reach because, according to Motoyama, wherever there are slopes, there's a risk of landslides.
Today, the site of the Bukit Antarabangsa landslide is a lush green slope once more.
And Motoyama and the other volunteers of Slope Watch are making sure history does not repeat itself. - By Haziq Hamid

This article first appeared in The Edge Malaysia Weekly, on July 22, 2013.