Condo market challenging

PETALING JAYA: With close to 2,600 high-end condominiums scheduled for completion in Kuala Lumpur this year, the outlook for the luxury condominium market in the capital city is expected to be challenging.

“Bank Negara is keeping a close eye on the mortgage loan market on concerns of rising household debt-to-gross domestic product levels and has issued new guidelines to further tighten lending with effect from Jan 1,” said property consultancy Knight Frank, in its Second Half 2011 Real Estate Highlights report.

“This will inevitably have a negative impact on this sector as demand turns cautious with further pressure expected on prices and rentals of high-end condominiums in selected locations and schemes.”

Concurring with the bearish outlook is DTZ Research. In its Property Times Kuala Lumpur fourth-quarter 2011 report, DTZ pointed out that the sizeable number of new condominiums entering the market about 5,004 units in 2012 and another 4,502 units in 2013 was expected to put downward pressure on the rental market, especially in the Kuala Lumpur city centre, as a majority of them are in this location.

“The rental market will continue to feel pressure from the significant new supply that will be completed in the next two years. In addition, the economic uncertainty and tightening of credit by banks will contribute to the cautious demand for luxury residential properties,” Property Times added.

The Knight Frank report said during the review period, prices and rentals of high-end condominiums in selected schemes in Kuala Lumpur and the city fringe continued to face downward pressures due the high number of existing supply and new completions as well as a weak leasing market emanating from low occupational demand from local residents and expatriates.

The projects that are scheduled for completion this year include Residensi Kia Peng, The Pearl @ KLCC (formerly known as Stonor 16), Crest Jalan Sultan Ismail, Setia Sky Residences Phase 1A (Boheme Tower), St Mary Residences, Verticas Residensi (Towers A, B and C), Suasana Bukit Ceylon, 9 Madge, Amarin Wickham, Gaya Bangsar, and Matahari Desa Sri Hartamas.

Recent upmarket condominium projects that have been launched included Verdana @ North Kiara (Phase 1), Icon Residence Mont'Kiara, Mirage Residence, Laman Ceylon, 188 Suites, St John Woods Residence, Rimbun Condominium (formerly known as Amphill Residence) and Platinum Suites Phase 1 of Platinum Victory Face project.

Other projects in the pipeline during the first half of this year include serviced apartments project KL Trillion, Royce Residence, SoHo units @ Arcoris Mont' Kiara (formerly known as MK 20) and Damansara City 2 serviced apartments.

In the primary market, developers continued to offer attractive incentives such as rebates, discounts and a limited period of free maintenance fees to drive sales.

There was also a notable shift with more sales and leasing activities in the city fringe and suburban areas evident from several successful previews and launches of high-end condominiums at new benchmark prices commensurate with higher building specifications and improved level of facilities. - The Star

Long queue to ownership

FOREIGN workers are being paid up to RM1,000 to queue up for housebuyers to book hot properties in land-starved Penang island.

These professional queuers — mostly Bangladeshis and Indonesians — even bring along their wives and children to camp outside the developer’s office up to one week ahead of a project launch.

They are paid between RM200 and RM250 per day to stay in queue for numbers which are then passed on to buyers to enter the sales office to book their units.

Architect Jessica Tan said she forked out RM150 to a “local agent” of the foreigners for a Bangladeshi to stay in the queue from 8pm the night before the launch until 7.30am the next day.

The 30-year-old, who did not want to spend the night for safety reasons, said the foreigners brought along their children and wives to camp outside the developer’s office.

“My friend from Kuala Lumpur paid RM1,000 for a Bangladeshi to stand in line for five days,” she said, adding that some locals even offered such a service for a hot property in town recently.

Engineer Edward Wong claimed that foreigners camping overnight on behalf of buyers was a common sight since late last year but lining up as early as a week before the property launch was a new trend.

“Usually, there will be two of them who take turns queuing in front of the developer’s office,” said the potential buyer in queue.

Wong, however, said the professional queuers had irked genuine buyers who find themselves far behind the line despite turning up early to book their units.

“An elderly man was here at 5.30am on the launch day itself but only managed to get in at 4pm because the foreigners had started queuing days before.

“With foreigners lining up for property investors, common folk like us won’t get a chance to purchase the affordable units,” said Wong.

Sophie Low, 34, said Penang was a “developer’s market”.

The property investor said she was not surprised at people hiring foreigners to queue for them as new projects in Penang island were in such high demand.

“It’s a free market — if you have the money to pay someone to stand in line for you, that’s fine,” she said.

Real Estate and Housing Developers’ Association (Rehda, Penang) chairman Datuk Jerry Chan said there was “absolutely nothing wrong” with genuine buyers paying foreigners to stand in line for them.

“Those who are working cannot be expected to stand in line overnight, so engaging a property agent or even their maids to do it is fine.

“However, it’s unethical (though not illegal) for scalpers to line up and then sell their spots in the queue because it could deny genuine buyers the opportunity to purchase a unit of their choice.

“One way to eliminate scalpers is to require those lining up to come with a bank draft as evidence of their intent to purchase,” he said. - The Star

City dwellers can experience growing vegetables on their own mini farms

GROWING your own vegetables can be a truly rewarding experience.

The BSK Property’s Farm Village is one programme specially designed to give nature lovers a chance to enjoy a new green attraction here in Penang.

Its chief executive officer Bonnie Bong Siew Kian said the Farm Village programme encourages the public to grow greens.

“There are 50 plots where vegetables such as kale or kailan, choy sam(mustard green) and siu pak choy (dwarf brassica) can be planted during an eight-week per cycle basis. It should be a good experience,’’ she said.

Each plot will have two growing beds each measuring 4’x8’.

The first session of the programme will start on Saturday.

For plot owners who are too busy with their work, Bong said a team of workers could prepare the pre-planting and help them maintain the farm.

She said the programme allows nature lovers, especially those from the city, to experience a healthy and stress-free lifestyle by growing and harvesting their own vegetables.

“The whole idea is to remind people about the benefit of living close to nature.

“Besides, it is also a sort of get-together retreat for family members to escape the bustling city life,” she said during a press conference at the farm recently.

Bong said most people have forgotten about the beauty of the island because they were too busy pursuing their career.

Inspired by the warm hospitality and family values of the local community, she then decided to come out with the family-oriented project.

Bong started her first property development project — the Pinang Village — in Balik Pulau comprising 51 double-storey link houses and 28 semi-detached houses.

The occupation certificate for both the first and second phase of the project was obtained in February last year.

Bong said the third phase — the Pinang Heights — comprising 54 three-storey link houses is set to be launched by June.

Those who are interested in the farm adoption programme can contact Corline Chong at 012-3280316 or email to bsk.farmvillage@gmail.com or Facebook@BSK Farm Village. - The Star

British house prices slip in February: survey

British house prices fell in February, a leading survey showed on Tuesday, reversing most of the gains won the previous month.

House prices slid by 0.5 percent in February after gaining 0.6 percent in January, according to data from home-loans provider Halifax, which is part of state-rescued Lloyds Banking Group.

Halifax added that the average house price in Britain stood at £160,118 (192,180 euros, $252,504) in February, which was 1.9 percent lower than one year ago.

"Overall, prices nationally are at broadly the same level as last spring," Halifax housing economist Martin Ellis said in a statement.

"This stability in prices is explained by the fact that market conditions have changed very little over this period with demand supported by low interest rates and supply remaining tight.

"He added that the outlook remained clouded by any potential fallout arising from the eurozone sovereign debt crisis.

"Significant uncertainties ... persist and the prospects for house prices during 2012 will, to a large extent, depend on events in the eurozone and the potential knock-on effects on the UK," Ellis noted. - The Star

2nd-time buyers get a better shot at buying executive condos in Singapore

SINGAPORE: When the news broke last Friday that second-time buyers of public housing units would be given more chances to purchase executive condominium (EC) units, Eddie Luo, 37, was elated.

The engineer and his wife were seeking to move their two children and his father from their five-room flat in Sengkang, and had failed to get a unit at Twin Waterfalls in Punggol on their first try. They are happy now that they have landed themselves a unit.

Luo was among the many who thronged the Punggol showroom on Sunday, following the announcement of a revised quota of flats for second-timers namely those who have previously enjoyed a housing subsidy from the government.

From 5% previously, 30% of units in ECs will now be set aside for this class of house hunters. ECs are sold by private developers with condominium-like facilities, but come with conditions set by the Housing Board, such as a five-year minimum occupancy period.

Better chances: From 5% previously, 30% of executive condominium units will now be set aside for second-time buyers in Singapore. – AFP

All 182 units of Twin Waterfalls set aside by developer Frasers Centrepoint for second-timers were snapped up in two hours.

Its spokesman, Elson Poo, said the strong demand was a testament to the attractive pricing of the project, which is going for S$698 per sq ft (psf).

In all, 460 of the 728 units have been sold.

The response for the 670 units in the other executive condominium project being marketed, the Tampines Trilliant, was more muted.

A Sim Lian group spokesman said that of the 168 units released for second-timers on Saturday, about 110 units were sold within the day.

About 300 units, which go for S$766 psf, have been sold.

Ultimately, the demand boiled down to price as well as the quota, said SLP International's head of research Nicholas Mak.

“The higher the price goes, the more skewed towards second-timers the number will be, because first-timers may not be able to afford the more expensive developments,” he said.

“Going forward, you might see more ECs being dependent on second-timers or HDB upgraders rather than first-timers, given the glut of affordable Build-To-Order (BTO) flats coming onstream.”

The government has promised to build about 25,000 new flats this year.

Based on Mak's data, the psf prices of ECs when they were launched in 1996 was about S$400; EC units now go from about S$700 to S$750 psf.

Nearby private condominium units are fetching S$820 to S$950 psf for comparable flat types.

On the other end of the scale, a larger BTO flat will cost S$250 to S$350 psf, and a resale flat, S$380 to S$550 psf.

“If second-timers continue to go for ECs, it may be feasible to revise the quota even further,” said Mak.

Poo agreed. Based on the sales at Twin Waterfalls, the 30% allocated to second-timers have already been taken up. Of the 70% reserved for first-timers, slightly less than half have been taken up.

“The government has responded to ground sentiment. But it could still be frustrating for the second-time buyer, who may have a stronger financial base but do not have the chance to buy EC units,” he said.

Colin Tan, the research head at Chesterton Suntec International, said such demand might continue, since second-timers felt they had a real chance at getting a choice unit now.

As a rule, the ratio of first- and second-timers are observed only within the first month of a project's launch.

After that, any eligible house hunter may buy, although the less-desirable units may be left by then.

Tan said he did not expect the quota to make a big impact on the market due to the small quantities, unless the government sold more land for ECs. ANN/The Straits Times

New York Times shows readers how to take in Pearl of the Orient in 36 hours

PENANG was named as one of the Top 10 Islands to Visit Before You Die by Yahoo! Travels last year. But with so many things to see and experience here, how best to take it all in?

The New York Times, a renowned newspaper and online news portal, has come up with a practical itinerary, “36 Hours in Penang”, which captures the essence and charms of the Pearl of the Orient in a well-plotted two-night stay.

Featured in their weekly travel column 36 Hours, the itinerary makes a great guide for those intending to take in all the island’s attractions in a limited time frame, said State Tourism Development and Culture Committee chairman Danny Law Heng Kiang.

It includes sights like Penang Hill, Esplanade, Fort Cornwallis, Penang State Museum, Armenian Street and Taman Negara Pulau Pinang, along with recommendations for local delicacies.

“It captures our three best features – culture, food and nature. Penang is more than a destination. It’s something special, with a unique living heritage that dates back several hundred years.

“We have the most temples of any city in the world, and we’re one of only two places where Chingay is still widely performed. On top of that, our food is world-renowned,” Law enthused.

Among other accolades, he also pointed out that the Cheong Fatt Tze Mansion was listed as one of the greatest of its kind, while George Town as a whole, was listed among the top 16 best cities to live and work in Asia.

“The annual George Town Festival has been a hit with foreign visitors. We’ve also received much interest for the upcoming Penang World Music Festival 2012,” he added.

On a related matter, Law also showed figures noting an increase in the number of tourist arrivals from Indonesia, Singapore, China, Japan, America, Taiwan, Australia, Thailand and the United Kingdom in 2011 compared to the year before.

China saw the biggest rise, with an increase of 48.5%, followed by Japan at 28% and Indonesia at 24.03%.

To read the New York Times feature on Penang, visit http://travel.nytimes.com/2012/02/12/travel/36-hours-penang-malaysia.html?ref=travel. - The Star

Moderately-priced houses in trend

The trend of developing residential properties priced between RM200,000 and RM400,000 is picking up in Penang, a state where property prices are second highest in the country after Kuala Lumpur.

Tambun Indah Land Bhd, PLB Engineering Bhd, Ideal Property Development Sdn Bhd, and Belleview Group are some of the Penang-based developers with plans to launch moderately priced projects on the island.

With the exception of Belleview, Tambun Indah, PLB, and Ideal Property are taking advantage of the plot ratio guidelines introduced in 2010 which allowed developers to build 87 units per acre, with a total built-up area of 122,000 sq ft per acre and priced at between RM200,000 and RM300,000.

Under the revised guidelines, developers have to allocate 5% of the total units in a development scheme to be priced at RM200,000, 10% to be priced at RM300,000, and 5% not exceeding RM500,000.

Tambun Indah’s Straits Garden in Jelutong, PLB’s Sungai Nibong Residences and Ideal Property’s Valencia Park are the new projects using the revised guidelines.

The layout plans of the projects have been approved and the company is now waiting for the go-ahead for the building-plans.

Previously, the plot ratio guideline for high-rise was 60 units per acre or 42,000 sq ft per acre or 30 units of 1,400 sq ft apartments.

The revised plot ratio guidelines are applicable in areas where it is allowed to develop 30 units per acre and above and in areas designated as commercial/tourism areas under MPPP’s structural planning and development control plan.

They are not applicable for prime residential areas such as Jalan Tunku Abdul Rahman (popularly known as Ayer Rajah Road), Jesselton area, existing established housing zones and general housing areas, George Town Heritage Site (which includes the buffer zone), certain areas in Tanjung Bungah and Tanjung Tokong.

Real Estate and Housing Developers’ Association (REHDA, Penang) chairman Datuk Jerry Chan said the new plot ratio guidelines for the island was a win-win situation for both the developers and the state government.

“The guidelines make the developers supply affordably priced properties and in return the developers get to better utilise the land for development,” Chan said.

Tambun Indah is proposing to develop a RM180mil high-rise residential project called Straits Garden in Jelutong on a 1.69ha site, the north-east district of the island, with 15% of the total units priced between RM200,000 and RM300,000.

Tambun Indah managing director Teh Kiak Seng said the project’s layout plan had been approved and was now waiting for the building-plan approval from the relevant authorities.

“The project located in the heart of the island and would feature modern apartments, office suites and shop lots to meet the demand for commercial and lifestyle properties in the central business district.

“We anticipate to commence development in the fourth quarter of the year. Targeted completion is by the fourth quarter of 2014,” he added.

In Sungai Nibong, which is close to the Penang International Airport, PLB plans to launch the Sungai Nibong Residences, comprising 98 units of medium-cost apartments on an over 0.4ha site.

PLB executive chairman Datuk Ong Choo Hoon said the project has a gross development value (GDV) of RM70mil and was expected to be launched in the third quarter this year.

Some 15% of the total units would be priced between RM200,000 and RM300,000 in accordance with the conditions of the revised plot ratio guidelines.

The lay-out plan of the project had been approved and is now waiting approval for it’s building plan.

Ideal Property also plans to launch 788 apartment units called Valencia Park on a 9.1-acre site in Relau, south-west district of the island in September.

Ideal Property managing director Datuk Alex Ooi said the project, which had a GDV of RM330mil, comprised apartments with built-up areas of 1,000 sq ft and 1,200 sq ft.

In the past two years, Ideal Property had developed and sold over 500 units of apartments priced between RM300,000 and RM400,000 in the south-west district.

Belleview’s RM100mil Autumn Tower project, comprising 220 condominiums at All Seasons Park in Bandar Baru Air Itam, does not come under the new plot ratio guidelines.

“The project is scheduled for launch in May 2012.The pricing for the units ranges between RM350,000 and RM400,000”, said Belleview managing director Datuk Sonny Ho.

Meanwhile Raine & Horne Malaysia director Michael Geh said the sub-sale transactions of high-rise properties priced between RM300,000 and RM400,000 were very active in the south-west district of the island in Relau, Bukit Jambul, Bayan Baru, Bayan Lepas, and Sungai Ara.

“Properties in these locations have been steadily rising at about 10% per annum,” Geh said, adding that there was strong take up for newly-launched properties in the first two months of 2012.

“We observed that the demand came from newly-weds, families that want to upgrade their lifestyle, and retired couples looking for smaller high-rise properties in prime locations,” he said.

In Seberang Prai, Asas Dunia Bhd is undertaking some 1,357 units of landed properties this year with a GDV of RM226.7mil in Central and South Seberang Prai.

Group managing director Chan said the price ranged between RM120,000 and RM580,000, depending on the type of property and the location.

The properties comprised largely single-storey terraced, single-storey semi-detached, and single-storey bungalow houses.

Over the past two years, the prices of residential properties have increased from 10% to 15% per annum on the island, making properties in the RM200,000 to RM400,000 price range increasingly rare.

Prime Minister Datuk Seri Najib Tun Razak had last July launched the first phase of 1Malaysia Peoples’ Housing (PR1MA) programme, under which residential properties priced between RM150,000 and RM300,000 would be developed.

PR1MA is specifically for first time house buyers and moderate-income Malaysians earning not more than RM6,000 monthly regardless whether they work with the government, the private sector, or self-employed.

Some 42,000 houses under PR1MA have been identified for 20 sites in the Klang Valley, Rawang and Seremban, and companies like Sime Darby Bhd, SP Setia Bhd and Putrajaya Corp have been invited to participate.

In the last budget announcement, the federal government also raised the ceiling price for first home scheme buyers to RM400,000 from RM220,000 with 100% loan financing and stamp duty exemption to promote home ownership among the middle-income groups.

As Sime Darby owns a large bulk of land bank in Penang via Eastern & Oriental Bhd, the state could be a site for moderately priced housing projects under PR1MA.

Eastern & Oriental Bhd is reclaiming 740 acres for the second phase of the Seri Tanjung Pinang project in Tanjung Tokong to develop two islands for mixed development projects, which will have a GDV of RM12bil. - The Star

Housing starts rise for first time in seven years

KUALA LUMPUR (Mar 1): Housing starts are marginally higher in 2011, compared to levels seen in 2009 and 2010 — a first in seven years reported, data supplied by the Valuation and Property Services Department (JPPH).

The data, published in a report by CB Richard Ellis (Malaysia) Sdn Bhd (CBRE), mentioned that although the numbers are higher, the growth is still only 40% of 2007 starts at the end of 2011.

The report stated that the Klang Valley's total existing housing stock registered about 1.72 million units — the equivalent of an annual growth rate of 1.4% from 2010 — while new completions stood at 39,400 units. Serviced apartments, apartments and condominiums account for 21.5% of the total existing housing stock in the Klang Valley.

Landed residential properties — such as terraced houses, cluster houses, semi-detached houses and bungalows — accounted for 746,300 units, or 43.4% of the total supply. Serviced apartments and condominiums stood at 369,700 units, or 21.5% of total residential accomodation.

About 75.6% of the total residential units in the Klang Valley reside in Selangor, with the remaining 24.1% located in Kuala Lumpur. Putrajaya accounts for 4,500 units, primarily housing civil servants.

The total residential supply in the Klang Valley since the end of 2008 has grown by 8.8% (approximately 118,200 units), with Selangor growing 9.2% (92,200 units), and Kuala Lumpur growing 7.6% (25,400 units).

Incoming supply (ie, units for which construction permits have been approved) amounts to 177,317 units, while units under contruction stood at 167,367 units — which implies that construction has begun on 94.4% of units with approved construction permits. From this amount, a total of 128,259 units, or 76.6%, are located within Selangor. The new housing starts outnumber the total for 2009 and 2010, but not significantly.

It was reported that out of the nearly 37,200 condominiums and serviced residences in Kuala Lumpur valued at RM350 psf and above, only 24% are considered "luxury" (ie, valued at RM800 psf and above). The remaining supplies are split almost evenly between the mid-range market (at RM350 psf to RM499 psf), and the high-end market (RM500 psf to RM799 psf).

The high-end subsale is less attractive than the new launches, as it has to compete with the attractive incentives offered by developers of new launches. Comparing the prices year-on-year (y-o-y), high-end condominiums have increased slightly in the KLCC, Bangsar and Mont'Kiara areas, ranging between 0.80% to 2.47% since 4Q2010. However, the report further states that there is a decline in capital values for some properties in KLCC and Mont'Kiara of anywhere between 1% to 3% quarter-on-quarter (q-o-q).

The average asking rental rates of luxury condominiums in KLCC, Bangsar and Mont'Kiara declined slightly during 4Q2011 to RM3.42 psf — a decrease of 1.6% q-o-q and 1.4% y-o-y. The average rental rates in KLCC stood at RM3.94 psf/month, while Bangsar and Mont'Kiara stood at RM3.25 psf/month and RM3.08 psf/month respectively. The report said the weak elasing market for larger residential units — especially of the type commonly seen in KLCC and Mont'Kiara — is partly to blame for the decline in asking rental rates.

Several new projects were launched or previewed during the quarter under review. The developments include The Sentral Residences at Kuala Lumpur Sentral (average price RM1,100 psf); Rimbun Condominium at Jalan Ampang Hilir (RM1,100 psf); The Residence Suites of M-City at Jalan Ampang (RM1,000 psf); and the G Residence at Desa Pandan (RM600 psf). Interest is still strong in new launches, the report said, especially for units priced below RM1 million.

Mirage Residence and The Face Serviced Apartment in the KLCC area were soft-launched, the report said. Mirage Residence offers 102 units priced at RM1,200 psf to RM1,600 psf. It offers buyers units with sizes ranging from 850 psf to 3,100 psf, with an average size of 1,400 psf. The Face Serviced Apartment has a price of RM1,350 psf, with units ranging from 850 psf to 1,400 psf. It reportedly has a take up rate of 70%.

Mah Sing Group Bhd secured the sale of 96 units of its serviced residences in Icon Residence Mont'Kiara in October 2011, for a total of RM220.8 million (or RM1,200 psf). The purchaser was a mainland Chinese corporation. Icon Residence Mont'Kiara comprises 260 units in three towers, housing between two to six units per floor, with take-up exceeding 60%.

The report also included that Bank Negara Malaysia (BNM) had revised lending guidelines, leading to more stringent guidelines on loan approvals. This means that the maximum allowable debt service ratio for a loan applicant will be based on net income instead of gross income, to better reflect funds available to the applicant for loan repayment. CBRE expressed fears that this will lead to slower launches and take-ups of more affordable properties, as well as uncertainty regarding how banks would interpret the guidelines in the short term, although it stated that the revision was a sensible measure. - The Edge Property

Rehda looking for alternatives in financing projects

KUALA LUMPUR (Mar 2): Real Estate and Housing Developers' Association of Malaysia (Rehda) president Datuk Seri Michael Yam announced that Rehda along with the ministry are currently in talks with various financial institutions to discuss further initiatives for the financing of projects.

Speaking at a press conference during the official opening ceremony of Malaysian Property Expo (Mapex) 2012 in Mid Valley, Yam mentioned that Rehda already had a meeting with the Islamic banking institutions to understand whether there is a scheme to fund developers.

"It's still in progress, but we are trying to understand whether they have a scheme to fund developers from ground zero to completion," he said.

Yam said they are meeting up with Bank Negara Malaysia (BNM) next week to understand better the issue of gross income and net income, following bank borrowings for property purchases.

"There's a little vagueness with income, and we want to understand it better," he explained. "The worst thing to happen is uncertainty and no clarity when dealing with this issue."

Yam raised the issue of the 3% of the total estimated development cost excluding land costs in order to obtain the developer's license.

"In order to apply for an advertising permit, you used to only have to put down a payment of RM200,000. There are groups out there that say that is too small probably because it is not enough to salvage an abandonement. Now, instead of RM200,000, they are now asked to pay 3% of the gross development cost and the land cost," he explained. "If you have a RM50 million gross development cost (GDC) project, 3% is like putting down RM1.5 million as opposed to the original RM200,000."

Yam added, "To a bona fide property developer, this is RM1.5 million in working capital locked in an idle account. If you have 10 of these projects with RM50 million GDC each, obviously the cost becomes higher."

Yam lamentsed that in the future, this will become a pass-through cost. This will affect the supply into the market.

"Instead of RM50 million, developers will probably split it into five phases of RM10 million. It's the only way you can afford it,"

The Mapex 2012 property exhibition was officiated by Datuk Arpah Abdul Razak, deputy secretary-general of the Ministry of Housing and Local Government.

During her opening speech, Arpah — on behalf of Datuk Seri Chor Chee Heung, Minister of Housing and Local Government — mentioned that their department was working closely with the Ministry of Natural Resources and Environment (NRE) to repeal Act 663 (the Building and Common Property (Management & Maintenance) Act of 2007), and replace it with the Strata Management Act together with amendments to Act 318 (the Strata Titles Act of 1985) to provide a more conducive environment for those living in high rise buildings. She added that these acts will be tabled in Parliament in June 2012.

In October 2011, Chor had announced the ministry's plans to replace Act 663, the reason being that the move was to overcome problems that always arose; eg, owners not paying maintenance fee, and taking the repair and maintenance of buildings lightly. -

Arpah also mentioned that the government has been looking at improving the delivery of the housing system, which would have the country adopt the Build-Then-Sell (BTS) model.

However, she said, "The effective mechanism for financial institutions to finance housing developments under the BTS must first be sought and implemented, failing which the BTS system may not be implementable."

Mapex 2012 features 89 property developers (Rehda members) and five international developers, showcasing over 7,500 units of properties worth more than RM5.9 billion. Also present were seven financial institutions.

Yam, commenting on the fact that nearly RM6 billion worth of properties up for sale, saud "If we can achieve 10% of sales it is still pretty good. RM600 million worth of sales is good."

Mapex 2012 is held at the Mid Valley Exhibition Centre in Mid Valley Megamall Kuala Lumpur in Hall 1, 2 & 3 from Mar 2-4. Admission is free. - The Star

解读乔治市密码

（槟城2日讯）将一天的乔治市走马看花变成3天深度旅游，文化遗产保护工作者林玉裳，建议州政府教游客读懂乔治市密码。
尽管乔治市在2008年获得了联合国世界文化遗产的桂冠，不过，很多前来游览世遗的游客，在用半天时间看过邱公司等几个重点古迹后，就匆匆离开世遗区，前往其它景点。一些慕名而来的游客甚至经常抱怨乔治市没东西看。
林玉裳说，之所以会发生游客主观性地认为乔治市没看头，是因为乔治市缺乏文化遗产导游，大部分游客都看不懂乔治市的人文历史密码。
她说，到世遗区的游客，大部分是自由行或者是从吉隆坡或其它旅游景点连接过来槟城的，他们的随团导游多缺少古迹历史及人文方面的知识，因此，一般只会把他们的游客带到邱公司、张弼士故居、康华丽堡等重点古迹，并不会带他们去看老街和街屋，更不可能跟他们介绍老街的历史和人文故事。
隐藏文化历史密码
林玉裳说，乔治市历史建筑物，从宗庙、会馆到民宅（店屋），从建筑物本身到装饰都隐藏着文化和历史密码。
她说，从建筑物外观设计，可以看出不同的年代，可以看出中华、印度、伊斯兰教、欧洲的影响及风格。
例如没有骑楼底（五脚基）的老屋，很可能就是19世纪20年代前兴建的，因为建筑物预留骑楼底是新加坡开埠者莱佛士于1822年时在新加坡颁布的指令。
她说，再深入细看，建筑物的气窗、门眉上的匾额、楹联、大门的雕花、屋顶、屋角可以看到的更多，里面诉说着主人的姓氏、行业、五行属性、文化及修养。
她说，通过门眉上的堂号，我们可以看出有关古迹主人的姓氏，屋子的山墙可以看出屋主的金、木、水、火、土五行属性。
她说，进一步深入则可以看到文化的东西，以华人的宗庙或民宅建筑来说，门窗等装饰都有很多故事。比如“五福临门”、“喜上眉梢”、“五福奉寿”、三国故事等。
她说，除了这些文化密码乔治市老厝，还有各族遗留下来的名人事迹和民间故事，会看的人甚至3天都看不完。
非物质文化遗产有吸引力
林玉裳也是槟城古迹信托会财政。她说，乔治市世遗区范围很大，古迹建筑物有4665间，其中大部分都是民宅（或称街屋或店屋），其最吸引人的地方也不是只有历史建筑物，更多的内涵是隐藏在里面的非物质的文化遗产部分。
她说，这个部分普通游客需要有人解说或者看过资料才看得懂。她认为，乔治市古迹区是一本厚厚的故事书，有来自世界五大文明在这里互相交汇蹦发出的火花，有不同民族的故事，更有影响世界历史事迹。
“如果没有人解说，可能游客走过打铁街，也不知道中国革命之父孙中山先生曾在这里运筹帷幄，改变中国历史。”因此她建议州政府设立一个古迹解说中心，教游客怎样看我们的古迹，特别是老屋。- 光华

相关照片

■ 有骑楼底的建筑一定是1822年后才兴建的。

■ 屋子或宗庙里的彩绘也有深厚的文化含意，这幅图是吉庆图。

■ 五只蝙蝠围绕着寿字吉祥图，说的是五福奉寿。

■ 大门上的花瓶雕刻，有着出入平安、四季平安的寓意。