Survey:Improved property sentiment in Malaysia

Poll shows two-thirds of developers plan launches of below RM500,000

Yam (left) and Tong at the briefing on the property market survey by Rehda

PETALING JAYA: In its industry survey on the second half of 2012, Real Estate Housing Developers Association (Rehda) has found that two-thirds of the developers responding intended to launch their residential properties below the RM500,000 price mark in the first half of this year.

The survey also found that the average residential selling prices nationwide are expected to range between RM250,000 and RM350,000, with Kuala Lumpur property selling in the range of RM500,000 to RM1mil and Negri Sembilan and Kelantan selling at the cheapest end at RM100,001 to RM250,000.

In Peninsular Malaysia, Selangor and Penang can expect the most expensive residential launches going at above RM1.5mil. Selangor, however, will also have property sold within the RM350,001 to RM500,000 range.

The survey also showed improved property market sentiment and outlook for the first half of this year.

Speaking at a briefing on the survey, Rehda president Datuk Seri Michael Yam said that one of the key trends among buyers now were green features and good branding.

“Buyers are now more discerning of brands, design concept and how they can build the lifestyle they want around their homes,” he said, noting that the young demographics in Malaysia was important.

While the secondary property market continues to do well, Yam believes there is more capital appreciation potential buying into the primary market.

“The potential of upside is better if you buy a new unit (because) the primary market is not delivering as many units as the market wants,” he said, estimating the shortage of new units to be around 100,000.

Malaysia's homebuyer profile was largely domestic buyers for owner occupation, Rehda pointed out.

On the outlook for the first half of 2013, Rehda national treasurer Datuk N.K. Tong said there was an upward trend in future launches, as 60% of respondent developers planned to launch projects in the first half of this year compared to 48% in the previous six-month period.

“Among those who are launching in the first half, 61% anticipate to sell above 40% of their total units within the period,” he said of the 21,409 units planned for launch.

Residential property would still be the anchor of the industry, dominating 96% or 20,074 units in the forecast period.

Among the 172 respondents, 67% had projects with unsold units after six months from the date of launch. And within that group, 4% had more than 50% unsold units. More than half of these units were above the RM500,000 price range.

Elaborating on the survey, Tong said the main reasons for unsold units were the increasing number of unreleased bumiputra lots and low demand for higher-end property.

“The number of unreleased bumi units have grown from 39% in the first half to 47% in the second half of the year,” he said, adding that developers from Selangor, Johor and Penang had higher unreleased bumi units.

To this, Yam said there needed to be a revision in the policy for bumi lots to ensure that bumi titles were properly catered to those eligible.

“Likewise, low-cost housing schemes need to be reviewed, as the demand for low-cost housing is also not as strong anymore as people have stigmatised it,” he said.

According to the survey, most developers revealed that the cost of doing business had also increased by between 10% and 20% as compared to the first half of 2012, with labour shortage being cited as the biggest challenge. - The Star

View properties in person, buyers advised

KUALA LUMPUR: Buyers should view the property they intend to purchase instead of making their decision solely based on online information, said Housing and Local Government Minister Datuk Seri Chor Chee Heung.

He said this advice was in view of the many reports received regarding false promises and advertisements for online purchases of other products.

“Besides looking at information online, I would encourage property buyers to visit Malaysia and view the properties to ensure that everything is all right,” he said after the launch of online siteMalaysia.SouFun.com here yesterday.

Property developers, he said, should also organise tours for buyers to view their properties.

The ministry, added Chor, also welcomed foreign clientele, who were mainly from China.

Aside from the Malaysia My Second Home programme, which was gaining popularity among foreigners, he said the country was heading towards becoming an education hub in the region, attracting many parents from China and South-East Asia wanting to buy residential homes for their children studying here.

There were also currently no plans to increase the RM500,000 minimum price for foreigners to purchase properties in Malaysia despite the rise in prices of linked houses in Petaling Jaya and Kuala Lumpur, he said.

The Government, he said, had mulled raising the minimum price but found that the number of foreigners acquiring properties in this country was still low less than “two digit” in terms of overall percentage, with Singaporeans making up around 5%.

“However, the Government may review it again in future,” he said.

Meanwhile, SouFun Malaysia managing director Suzanne Ooi said it hoped to provide a platform for quick access to information.

Since it was set up in November, SouFun Malaysia had concluded more than RM20mil in sales for the primary market of Malaysia property deals, she said.

Aiming to turn itself into the largest Chinese real estate website platform, the company hoped to achieve RM200mil of overseas purchase for Malaysian properties by the end of next year, she said. - The Star

Eye on Malaysia as HK, Singapore curb property investments

KUALA LUMPUR, Feb 19 — Iskandar Malaysia, Kota Kinabalu, Kuala Lumpur and Penang are set to become hotspots for foreign property investors as the Hong Kong and Singapore governments “cool” their respective overheated property industries.

Malaysia has become a preferred country for foreign property investors and is now the main focus after Hong Kong and Singapore imposed 15 per cent levies to slow down foreign investments that had overheated their property markets.

These “cooling” measures have shifted some of the surging demand for residential and other properties to Malaysia, including a Malaysian-Singapore joint-venture iconic wellness project to be launched in Iskandar Malaysia later today.

Prime Minister Datuk Seri Najib Razak and his Singaporean counterpart Lee Hsien Loong will be accompanied by the largest gathering of Cabinet ministers from both side of the Causeway for the wellness project launch, according to officials involved in the venture.

A survey carried out by iProperty revealed that Malaysia is fast becoming a preferred investment destination for Singaporeans.

In the survey conducted among 2,099 Singaporeans, 42 per cent chose Malaysia as the number one destination for overseas investment, with Australia and the United Kingdom following close behind.

“According to Bloomberg, the Singapore dollar has risen more than 5.5 per cent in the past 12 months, the second-best performer among 11 Asian currencies.

“With a stronger currency, it is likely that even more respondents would pick Malaysia’s comparatively weaker currency (increased from 33 per cent to 42 per cent) over Australia (14 per cent) as their preferred overseas property location,” stated the iProperty Asia Market Sentiment Report (H1) 2013.

Fiabci Asia Pacific executive director Dr Yu Kee Su agrees that the cooling measures will drive up Malaysia’s property market and increase purchases in Malaysia and Australia.

“These two countries are the region’s investment grade countries for property investors from China,” he said.

He pointed out that Iskandar Malaysia, Kota Kinabalu, Kuala Lumpur and Cyberjaya will be the main hotspots that foreign investors are looking at.

Fiabci Malaysia national committee member Michael Geh concurred, saying that Kota Kinabalu and Iskandar will be the fastest growing spots due to both destinations’ flight connectivity to China.

“These two destinations are in the top tier of investments with new launches but this will not necessarily drive up prices as these investors will soak up the supply of new launches to keep the industry alive,” Geh said.

iProperty chief executive officer Shaun Di Gregorio seemed to have the same view by stating investments from Singaporeans will only have a marginal impact on property prices here.

Geh said foreign investors will only form the 10 to 15 per cent of the buyers.

“This is actually good for Malaysia’s property industry with external money coming in especially at a time when our domestic market is experiencing a credit crunch and liquidity,” he said.

Meanwhile, Malaysia Property Incorporated (MPI) said only up to three per cent of property investors in Malaysia are foreigners.

MPI agreed that the tightening of property investment regulations in Singapore and Hong Kong will like draw more foreign buyers to Malaysian shores.

“Internally, Malaysia has also improved in the Doing Business 2013 report which would boost investors’ confidence in the country’s growth so this could help in attracting more foreign direct investment into the country and possibly translate into some property purchases,” MPI said.

MPI also said a large portion of foreign property owners in Malaysia are Singaporeans.

On whether this could somehow drive up prices in the housing industry, MPI said the industry in Malaysia was not a speculative market.

“Looking at our historical house price index, we can see that we have had steady appreciation in prices over the years with no peaks or troughs, unlike the more speculative markets of Singapore, Hong Kong or Shanghai which experience acute fluctuations during the recent economic crisis,” MPI said.

According to Smart Investors Club co-founder Jeffery Lam, Malaysia’s property industry is still one of the most affordable in the Southeast Asia region and that it still has a very huge potential to grow.

“Malaysia will definitely be one of the shining stars in the region and this is surely a good sign for the country’s economy,” he said. - The Malaysian Insider

PR1MA housing projects deemed timely

THE need to promote affordable housing under the Perumahan Rakyat 1Malaysia (PR1MA) is considered timely, given escalating property prices that do not commensurate with salary increments in the country, say industry experts.

“It is addressing a very neglected area in the housing market,” says Malaysian Institute of Estate Agents (MIEA) deputy president Siva Shanker.

“Today, more and more people, especially since property prices have shot up about 30% over the last two years, are finding it difficult to afford property,” he adds.

According to a survey conducted in 2009, about 850,000 people or 35% of people polled were not home-owners.

Siva noted that there was still plenty of landed properties in prime land within the Klang Valley that average wage-earners cannot afford.

“You can actually find single-storey terrace houses in Puchong for RM450,000. But to the average wage-earner, this is considered unaffordable. And for the below-average wage earner, there’s no chance at all to buy these properties.”

MIEA president Nixon Paul says buyers looking for affordable homes should not be too choosy.

“It’s the same everywhere in the world. The further the houses are from the city, the cheaper they will be. So it’s unrealistic to believe that you can buy houses in the city that are affordable. Those that make noise about it tend to be more choosy,” he says.

PR1MA is a government programme to promote greater home ownership, especially among middle-income earners, by providing affordable residential properties in major cities nationwide. Under the scheme, some 80,000 homes will be built in the country.

According to the PR1MA website, its aims are to plan, develop, construct and maintain affordable lifestyle housing for middle-income households in key urban centres. The website defines middle-income as a monthly household (husband and wife) income of between RM2,500 and RM7,500.

It says the homes will be allocated through an open balloting process. Selection of house units by the successful buyer will be based on the balloting sequence.

A 10-year moratorium will be imposed, during which the property cannot be sold or transferred to another party without prior approval from PR1MA. The houses must also be owner occupied.

Among the PR1MA developments are the Nusantara PR1MA in Bandar Nusajaya (Johor), PR1MA Penang, Seremban Utara, Seremban 2, Rasah and Senawang (Negri Sembilan).

It was recently reported that the Nusantara PR1MA project was oversubscribed by six times.

Nusantara PR1MA is a joint-venture project between Denia Development as the developer and UEM Land Holdings Bhd as the landowner, while PR1MA lends support for the facilitation fund provided by Unit Kerjasama Awam Swasta and would manage the balloting process.

With a starting price of RM199,000 for an intermediate unit, the Nusantara PR1MA affordable homes were open for application on Dec 13. The development offers two types of four-room double-storey terrace homes measuring 18ft x 65ft offering a built-up area from 1,384 sq ft.

The development is targeted to be completed and ready in 2015.

National House Buyers Association (HBA) secretary-general Chang Kim Loong says he is supportive of the PR1MA scheme, though he feels disappointed with its implementation.

“HBA questions why it is not regulated through the current legislation, namely the Housing Development (Control & Licensing) Act, 1966. Thus, there is no standard sale and purchase agreement and aggrieved buyers cannot seek redress through the Housing Tribunal.

“Developers also need not apply for a developer’s licence and sales and advertising permits.”

Chang also questions why there is a need to develop the properties via a joint venture with private developers.

“Private developers are profit-oriented and that will add to another layer of costs. PR1MA should be a developer itself and not just an administrative body.” - The Star

Blueprint for Penang’s growth

THE Penang Institute, a state think tank, will table a comprehensive development plan called the ‘Penang Paradigm’ for the coming decade.

The framework will be tabled to the state government and the residents.

Its executive director Prof Datuk Woo Wing Thye said they would hold public consultations to gain feedback from the people.

The think tank wants the people’s views on ways to improve the plan’s coverage, analysis and implementation aspects.

He said the public consultation would be held for two weeks starting from Feb 23.

It will be held at Town Hall on Penang island and at the Seberang Prai Municipal Council premises on the mainland.

He said the report would seek to beef up the economic dynamism of Penang, improve liveability and the sustainability of its natural environment while accelerating the state’s social development.

“We will upload the report to penangparadigm.com.

“We welcome online suggestions. The key policies we propose are also applicable to the country as a whole.

“Our plan also diagnoses why Penang and Malaysia have been caught in the middle-income trap for the last 15 years.

“We have failed to close the income gap with the rich countries,” he said during a press conference.

Prof Woo said three factors — fresh ideas, private investments and public infrastructure — were vital to enable a sustainable high growth.

He added that three sets of national policies had rendered the country vulnerable, leaving it caught in the middle-income trap.

These included growing over-centralisation of decision-making at the federal level, and an increasing non-transparency of central governmental operations.

“Specifically, the socio-economic policies are open to abuse by the rich and politically well-connected.

“These have contributed to a brain drain, which has reduced the capacity to generate good ideas for business, governance, the arts and literature.

“There is also a capital flight which has reduced the capacity to finance investment,” he said. - The Star

The wind blows south-west

DESPITE the rising cost of land in Penang’s south-west district, the location is still drawing the attention of developers who are launching high-rise property there.

The prices of many units in the new developments start from RM450,000, considered as ‘affordable’ nowadays.

At present, the cost to build a condominium in the south-west district ranges from RM250 per sq ft to RM300 per sq ft, inclusive of land cost, which is currently hovering around RM100 to RM150 per sq ft — about 30% more than two years ago.

“It is still possible for developers to build homes within the RM450,000 to RM670,000 range in the south-west district, a price still considered affordable and reasonable on the island these days, and still make a decent profit despite higher land costs and development charges,” said Ideal Property Development Sdn Bhd chief executive officer Datuk Alex Ooi.

The current market price for a condominium in the south-west district is RM450 per sq ft, which means a 1,000sq ft unit will cost RM450,000.

The value of residential and commercial property in the south-west district is expected to escalate further when the RM4.5bil, 24-km second bridge, currently being constructed to connect Batu Maung in the south-west of the island and Batu Kawan in Seberang Prai, is completed in September.

Based on the current interest rates of 4.25% a year for housing loans, to pay the loan for a RM450,000 home, buyers would generally need a monthly income of RM6,000 to RM8,000.

“The income eligibility level for a RM450,000 loan is between RM4,500 and RM5,000 a month, but no one should borrow to buy a house unless they can pay for the loan, personal commitments, and save comfortably.

“Therefore, one needs a monthly income of, say, RM6,000 to RM8,000 to take up a RM450,000 loan for a property.

“The average monthly salary of an executive in Penang is between RM3,000 and RM4,000,” said a senior housing loan officer of a foreign bank in Penang.

“This is why it is very common for two or three names to appear on the loan documents and sales and purchase agreement for such a property.”

Ooi confirmed that it is not unusual for two or more people to combine resources to buy a property, as more than two names often appear on the sale and purchase agreement.

The south-west district, however, is not just an address for an affordable range of residential properties.

It is also the location where Mah Sing Group Bhd is developing the RM2.09bil Southbay City project on an 87-acre site in Batu Maung. The project is being designed to accommodate a resort with shopping facilities, offices and residential suites.

This year the south-west district, which covers residential-cum-commercial neighbourhoods such as Relau, Batu Maung, Bukit Jambul, Bayan Lepas, Sungai Nibong and Teluk Kumbar, will see Penang and Kuala Lumpur developers undertake the development of RM4.19bil worth of residential properties in Bayan Lepas and Sungai Ara.

Ideal Property is undertaking the development of RM3.3bil worth of residential and commercial properties in the south-west district over the next five years.

Ooi said a total of 3,529 condominiums and 200 units of shop offices will be developed for two separate schemes over a five-year period.

“The Ideal Vision Park, to be located on a 25-acre site in Bayan Lepas, will have 1,945 condominiums and 150 shop offices, while the Sungai Ara project on a 19-acre site will have 1,584 condominiums and 50 shop offices.

“Ideal Vision Park will have a gross development value (GDV) of RM2bil while the Sungai Ara project will have a GDV of RM1.3bil. The project consists of four phases to be launched in stages over a five-year period, while the Sungai Ara project will have three phases.

“Both the projects will be launched after the Chinese New Year,” he said.

Ideal Vision Park is based on the “slow-city” concept, which originated from Orvieto City in Italy.

“Development projects based on the ‘slow-city’ concept promote healthy living, environmentally friendly practices, preserving traditional trades and cuisine and, generally, an improved quality of life for residents. In a slow city, residents can avoid the hustle and bustle of traffic congestion as well as air and noise pollution.

“They enjoy tranquility during a long walk or a relaxing bicycle ride through greenery-filled lanes. They live, work and play in comfortable and cosy residential areas where dining, shopping and socialising are given,” Ooi said.

Currently, there are 142 “slow” cities in 24 different countries where developers have adopted the concept.

According to Ooi, Ideal Vision Park will feature a two-acre park with bicycle lanes and dedicated walkways to reduce traffic congestion and pollution.

“There will also be a mall, consisting of 70 to 80 commercial lots, for retailers to promote local and foreign brands, traditional craft shops, authentic cuisines, fine dining and boutique cafes to allow visitors to customise their shopping experience. The commercial lots are for rent,” Ooi said.

The condominiums for Ideal Vision Park and the Sungai Ara projects, with built-up areas of between 900sq ft and 1,500sq ft, are priced at about RM450 per sq ft.

Ooi added that next year, the price per sq ft of a condominium in the south-west district is expected to go up to RM500.

Ooi said Ideal Property will also be developing 1,314 low-cost apartments.

“The units are 650sq ft each and are priced at RM42,000. They will be built in the south-west,” he said.

This year, SP Setia Bhd is also undertaking the development of the recently launched RM290mil Setia Pinnacle in Bayan Lepas, consisting of 434 condominiums, and the RM600mil Setia Sky Vista in Relau, comprising 800 condominiums, scheduled to be launched in the second quarter.

“The built-up areas in Sky Vista range between 900sq ft and 1,500sq ft, while the built-up areas in Setia Pinnacle range between 1,100sq ft and 1,500sq ft.

“All the residential units are priced around RM450 per sq ft,” said SP Setia (Property North) general manager Khoo Teck Chong.

Next year, SP Setia plans to launch more affordably priced projects in the south-west district, such as the RM64mil Setia Sky Cubes in Teluk Kumbar, comprising 98 condominiums with built-up areas between 1,300sq ft and 1,700sq ft, as well as the RM500mil Setia Sky 8 and Setia Sky Breeze in Bayan Lepas, comprising 535 condominiums and 450 condominiums, respectively.The GDV for Setia Sky Breeze has not been fixed yet.

Next year SP Setia also plans to launch the RM150mil Setia Raintree Residences project in Balik Pulau, comprising 184 terraced, 34 super-link, and 16 semi-detached houses.

Both the high-rise and landed properties to be launched next year are expected to be priced from RM500 per sq ft onwards.

Landed properties launched five years ago in Setia Pearl Island, Bayan Lepas, are now transacted for more than RM1mil in the secondary market, compared to the initial price of RM650,000.

To add value to the properties in the south-west district, Mah Sing Group Bhd plans to start, also next year, the development of the next phase of commercial components for the RM2.09bil Southbay City project.

“Southbay Point is designed to accommodate retail and lifestyle offices, while the Southbay Wharf will be a seafront lifestyle mall. We are also planning for Southbay Central, which will hold a lifestyle mall, offices and residential suites, and Southbay Lodge, which will either be a hotel or a resort.

“This phase will be developed over the next six years,” said Mah Sing chief operating officer Teh Heng Chong.

Southbay City, covering 87 acres, is the highlight of the group’s Southbay project, which encompasses Residence@Southbay and Legenda@Southbay.

“In the second half of this year, we will launch sea-fronting residential suites called Southbay Loft. The built-up areas of the units will range between 1,000sq ft and 1,800sq ft,” he said.

Last year, Mah Sing launched Southbay Plaza — two towers of residential suites connected by a retail podium, Trends@Southbay, comprising one- to three-storey retail shops.

The Southbay Plaza residential suites were sold from RM850 per sq ft onwards.

“The lifestyle boutique retail mall offers shoppers and tourists access to exclusive designer brands as well as major retailers.

“Casual diners will also appreciate the variety of international restaurants and cafes lined up across the development.

“The great thing about Southbay City is that you’re not only buying a residential suite, shop, or even a retail unit in a mall, you’re actually investing in an integrated commercial development, which is the very first project to greet visitors entering via the second Penang bridge.

“You’re buying into the masterplan which combines several investment-grade components that complement each other,” Teh said.

Mah Sing says, to date, it has sold about 10% of the GDV of the Southbay City development. - The Star

Prangin Canal could have been Penang’s own Venice if area had not been developed

LOOKING at the heavy flow of traffic along Jalan Dr Lim Chwee Leong and Carnarvon Street today, not many would recall it was once a huge swamp area with a canal where boats and junks could sail in.

Carnarvon Street — the street of undertakers, coffin-makers, joss stick shops and school textbook shops — has long been known to older Penangites as lam chan ngah, which means swampy rice fields, in the early days of Penang.

It was a marshland with a Malay settlement and the adjoining Carnarvon Lane was known as kam kong lai or Malay village.

The street was named after the 4th Earl of Carnarvon, Henry Herbert. He was the secretary of the State of Colonies, or simply the British official in charge of the colonies from 1866 to 1867.

The town and county of Carnarvon Street were located in the principality of Wales. He was also a prominent member of the Conservative Party.

Prangin Road — now renamed Jalan Dr Lim Chwee Leong — used to have a huge canal and until the 1940s, boats used to carry goods from the seafront all the way inland along the Prangin Canal.

The old market area, Prangin Market, was called Sia Boey or end of the town, by the Hokkiens. There were also vegetable farms in that area, where produce were uploaded on these boats.

When the Komtar building was being built, excavation works carried out in that area found evidence of coins, chinaware and other utensils, believed to have been thrown into the canal by Chinese sailors. Many of these historical items are now being stored at the state museum.

By the time I was a schoolboy, the Prangin Canal had turned into a big smelly drain. It used to be a bus stop for the privately-run Lim Seng Seng buses.

The bus operator was efficient but the conductors, including the women, were rude, tough and even nasty. They had no qualms about kicking out, literally, any student who attempted to shove his way into an overly crowded bus.

A few were sheer bullies — students not in uniform were charged the full fare and it was pointless to offer any explanation as to why we were not in uniform. Perhaps, they got commission from the sale of tickets, I suspected.

Waiting by the stinking canal or drain, no one told me it used to be a river which marked the borders of early 19th century George Town or that the name of the road had gone from Prangin River to Prangin Creek to Prangin Canal and then a huge drain.

According to Khoo Salma Nasution, early pictures showed bullock carts parked along the canal, which was lined with casuarinas, hence the Malay name then, pokok rhu.

Today, the drain is buried. But on reflection, the city fathers had lost an opportunity to transform the dirty canal into a lovely promenade in the city.

Instead, in the name of urban renewal, this became the site for the Komtar building. Hundreds of pre-war houses were demolished to make way for the 65-storey building, which began construction in 1974.

Today, the building, which houses mostly government offices with little interest from the private sector, looks like a sore thumb in the midst of the surviving heritage houses, which everyone wants to preserve and protect.

When the construction started, the museum officials called me and my colleague, Ronald Bryne, to have a look at the large number of coins and broken pieces of porcelain they found at the canal and its vicinity. It marked my earliest interest in the history of the canal.

Prangin Road is today known as Dr Lim Chwee Leong — the father of Chong Eu. Chwee Leong was just 22 years old when he graduated and decided to move from his hometown of Singapore to settle in Penang.

The paediatrician held several community positions, including being the president of the Hu Yew Seah and the Straits Chinese British Association.

He set up his clinic, known as the Soo Beng Dispensary, near the Prangin Market, and the heritage building still remains.

The website www.penang-traveltips.com describes the building as built “in the art deco style of the 1920s and finished in Shanghai plaster”.

Chwee Leong was a brilliant medical student at the King Edward VII College in 1909. He was a top student and was awarded the Lim Boon Keng Medal when he graduated in 1913.

It is said that for a short period of time, he worked as assistant surgeon for the Government District Hospital before starting his own practice in 1914.

The dispensary he opened was named after Soo Beng, his native village in Fujian province in southern China.

The website said it was here that Chwee Leong set up the People’s Clinic dispensing free medicine to the poor, greatly endearing himself to the locals.

The Edinburgh-trained Chong Eu, in fact, practised at the dispensary in 1947 when he returned from China after helping in the reconstruction of post-war China.

It is well documented that as a young medical student in Scotland, the Gerakan founder and president was one of the members of the London-based United Kingdom and Eire Chinese Students’ Association, which actively rallied support for China’s fight against the Japanese occupation.

The area surrounding the Soo Beng building can be spruced up further as it sits on a prime commercial area. - The Star

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