Iskandar property prices in a tizzy

THE last six months have seen a tremendous spike in property prices in Iskandar Malaysia, one of Malaysia's most successful economic corridors, with interest and imagination fired by warming of government ties between Singapore and Malaysia and the completion of several infrastructure projects.

While agents from both sides of the Causeway say they have never seen such a steep climb in interest the last two years, it is the last six months that have taken their breath way. Everything, from price to density; to interest from foreigners, has been strastopheric.

How much of this is hype and how much of it is for real?

Although there have been occasions where agents have been “overly optimistic” and exaggerated sales numbers, Jones Lang LaSalle head of residential project sales David Neubronner says they are seeing more enquiries in recent months, stronger buying interest and rising capital values.

Show houses and apartments in Iskandar are busy even on weekdays. Good Malaysian property launches in Singapore draw in full houses, says Neubronner who is based in Singapore.

Robust demand is evident in popular developments such as Senibong Cove and Straits View Residences where both have sold out all their previously released landed properties.

“Visitors to their show-houses have to register their names with their agents for future releases and at higher prices,” says Neubronner.

On the residential front, Nusajaya is hoarding the limelight with the slew of initiatives and developments coming on board. Of particular interest, and rightly so, says Neubronner, is the Puteri Harbour scheme which boasts of a variety of opportunities such as luxury waterfront villas, apartments, serviced residences, hotels and commercial developments.

The other attractions are the new international schools in Nusajaya, like the world renowned Marlborough College. This has caught the attention of the expatriate community in Singapore and many are making enquiries, says Neubronner.

Other hot areas are waterfront homes in Danga Bay and Permas Jaya.

“Iskandar is a big scheme and waterfront homes stand out for its exclusivity and lifestyle concepts,” he says.

Taking a retrospective view from the Johor side, CB Richard Ellis (Johor) Sdn Bhd director Wee Soon Chit compares today's prices with June 2012 and as far back as 2006 when Iskandar was first launched.

In 2006, vacant bungalow lots in Ledang Heights were priced at RM25-RM30 per sq ft. In June 2012, it was RM60-RM80 per sq ft. Today, it is between RM100 and RM120 per sq ft.

“There seems to be very strong interest and an element of speculation,” says Wee, adding that he has never seen such a dizzying spike in his 17 years in the property market.

“Property prices have been rather stagnant since 1998 to around 2006. The hike in property prices especially over the last two years has been phenomenal and cuts across the board for the sub-segments of the market.”

Industrial prices in the Southern Industrial Logistics cluster UEM group in Nusajaya were hovering at RM25 per sq ft in 2006. By June 2012, it doubled to between RM40 and RM50 per sq ft and today, lots are transacted as high as RM75 per sq ft.

As for commercial land in Johor Baru, known as the old town, Wee says the latest transaction for a yet-to-be converted parcel fronting Jalan Abdullah Tahir was sold for RM380 per sq ft (June, 2012: RM280 to RM300 per sq ft; 2006: RM180 per sq ft).

In Nusajaya, at least 60% of buyers of residential properties are foreigners compared with 40% in Johor Baru. Prices of high-rise units launched two years in 2006/07 have moved from RM350 psf to RM1,200 per sq ft.

Wee says it is not really “an apple to apple comparison” because they are now seeing better finishes and designs.

Wee says he is naturally concerned about the price spike. By 2013, at least 10 blocks will be completed and by the end of 2014, between 20 to 30 blocks.

“All in all, we are talking about 70 to 80 blocks of new high rise developments,” he says.

But despite in influx of projects, more seems to be on the way, he says. Nearly all the big developers from Kuala Lumpur are there, and likewise the big developers from Singapore like CapitaLand, Temasek and Maple Tree group. - The Star

With boom comes the fear of bubble

WHILE developers, contractors and consultants have benefited from the boom in Iskandar Malaysia, wage earners are concerned about the rise in property prices practically happening around them, CB Richard Ellis (Johor) Sdn Bhd director Wee Soon Chit says.

Wee says the “phenomenon” is happening in Johor Baru city centre, Nusajaya and Kulaijaya locality.

“Only newly launched properties have been recording steep increase in prices. One can still acquire a standard single-storey terraced house from the secondary market at about RM130,000 to RM150,000 in Pasir Gudang and Kulai,” he says.

Wee says that while the coming general election will have some bearing on the property market, he is reluctant to make conjectures but expects foreign interest to increase, a fact which has not escaped the locals.

Singapore-based Jones Lang LaSalle head of residential project sales David Neubronner says the situation in Iskandar is akin to everybody wanting a bit of the action as people who bought earlier made money.

Issues like security, the delivery of quality finishes and potential oversupply continue to be of concern for prospective investors. With so many schemes rolling out, there is a real fear of an oversupply, particularly of condominium units and its impact on resale and rental values, says Neubronner.

He advises buying from reputable developers with good track record.

“Land and landed properties are also better investment options. Land is a scarce commodity and hence values will be more resilient.”

Investors should also consider key unique features when buying a home in Iskandar, like waterfront homes which are exclusive only to developments along the coast.

“Although they cost more, the premium is worth paying as they have a global appeal. They also command higher rental and resale values as they are highly sought after and supply is limited,” he says.

Other issues brought up by investors include inconsistencies, lack of transparency and bureaucracy.

“There are trade offs in terms of the value proposition,” he says.

On the number of high-end condominiums being planned, or in the midst of being developed, Neubronner says the local demand from the state will not be able to match the supply entering the market in the years ahead.

“Oversupply is a potential problem and if not properly managed, will have serious repercussions on the scheme. The long-term success of Iskandar hinges on both Malaysians and Singaporeans,” he says.

Neubronner says Singaporeans have taken the lead in buying interest due to the proximity and value proposition and he is seeing buying interest from other Malaysian states, particularly from Kuala Lumpur. There is also the potential of buying interest from overseas markets like China, Japan and the Indian subcontinent.

The entry of major Chinese developers in Danga Bay is seen as a prelude to more Chinese investing and living there. Many Japanese are owner-occupiers in golf course theme developments.

“With things shaping up so rapidly, there is a real regional, if not global, appeal and potential. The time is ripe for developers to take their developments to the regional markets like Jakarta, Hong Kong and China. With strong economic growth in the region, liberal ownership laws and the attractive value proposition in Iskandar, the regional potential is excellent,” he says.

Commenting on the Business Times article calling on Singapore investors to look beyond the slew of positive news emitting from the economic corridor, Neubronner says the unpredictability and lack of transparency is a major distraction for Singapore businesses looking to invest in Iskandar.

“This is not an unusual situation when Singaporeans venture outside Singapore and out of their comfort' zone. The federal and state governments are committed to attract foreign investors to make the Iskandar scheme a success.

“The conditions there have improved over the past year and will only get better moving ahead. To benefit from the opportunities, Singapore businesses must be patient, persistent and, more importantly, resourceful in dealing with local officials and consultants. As Singapore gets more congested and expensive, Iskandar is a real long-term option for the republic,” says Neubronner. - The Star

Backwater no more

ONCE a wetland with padi fields, Bayan Baru on the south-eastern tip of Penang island is steadily shedding its backwater image.

The parliament constituency of Bayan Baru is made up of three state seats — Batu Uban, Pantai Jerejak and Batu Maung.

It has been almost half a century since the township was established by the Penang Development Corporation in the mid 1970s.

Now housing projects are mushrooming all over Bayan Baru and the area boasts malls and hypermarkets.

Perhaps the most significant icon of progress is Suntech@Penang Cybercity — the first MSC-designated building outside the Klang Valley.

Former wetland: A view of the Batu Uban and Pantai Jerejak areas under the Bayan Baru constituency

The Bayan Lepas-Bayan Baru industrial hub was declared Penang’s first cybercity in 2005.

Of the three Bayan Baru state constituencies, the Batu Maung fishing village has undergone the least changes but factory worker N. Ramansamy is nonetheless “extremely happy” with the steady progress.

“Previously, there were mostly villages here but now, developers are coming to build houses while the government is starting to construct more facilities and roads.

“These will attract more people to the area,” he said.

Ramansamy, 46, who has called Batu Maung home for close to two decades, wants more to be done.

Factory operator Sidek En, 46, agreed.

“Development has been rapid over the years — now we have so many modern amenities.

“Most of the houses here even have Astro and it goes to show how far we’ve come.

“However, despite the advancements, many facilities are still lacking such as a government clinic and petrol station.

“We have to go all the way to the Bayan Lepas area to pump petrol or see a doctor,” he said.

He called for such basic facilities to be made available in Teluk Tempoyak — the small fishing village he grew up in.

He said that while he was growing up, the villagers there had no tarred roads, water or electricity.

Tranquil scene: The fishing village of Teluk Tempoyak

He hopes that the roads in his village will be widened soon.

“Big lorries ply the village roads daily and it’s very dangerous for pedestrians because the roads are so narrow,” he said.

Ramansamy complained that the foreign workers working at the growing number of factories around Batu Maung simply threw their rubbish everywhere.

“This has resulted in many of the residents, especially in Taman Iping, getting dengue fever,” he said.

He also lamented the setting up of hawker stalls next to the playground there which caused the drainage to clog up.

“The drains emit such a foul stench because the hawkers wash their plates and throw all the leftover food into the drain.

“I have alerted the relevant authorities yet nothing has been done,” he said.

In Batu Uban, traffic congestion and poor public transport are a bane.

Taman Pekaka resident Lin Chin Chon, 71, wants more efficient public transport.

“Even the bus stand that was recently destroyed has yet to be replaced.

“The bus stand was beside Tesco Extra and it was there only for a few months before a car rammed into the structure, destroying it.

“Until now, no efforts have been done to erect a new one,” she said, shaking her head.

Lin’s grouses about public transport were echoed by Mohd Aniq Nazmin, 27.

He called on the government to ensure that the buses arrive on schedule before even talking about a monorail system.

No proper shelter: The bus sign in place of the destroyed bus stand near Tesco Extra in Batu Uban

“If Singapore can ensure that their buses arrive on time, I do not see why we can’t do the same,” he said.

The research analyst from Bukit Jambul also wants more serious efforts to prevent crime in the area.

He hopes more CCTVs will be installed to deter criminals.

K. Shankar, 52, who has been living in Jalan Pantai Jerejak for the past 23 years, also called for more security measures.

He said more police walkabouts were crucial as snatch thefts often happened in the area.

He claimed that his wife had personally witnessed women being robbed while waiting at the bus stands early in the morning.

He urged the relevant authorities to seriously look into building a pedestrian bridge for residents to cross safely from Pantai Jerejak to the Sungai Nibong Pesta site.

Shankar said many had died crossing the main road.

“The authorities say it is too expensive to build a bridge just for people to walk across,” he said.

Bayan Baru is set to face a socio-economic shift soon.

The second Penang bridge connecting Batu Maung to Batu Kawan on the mainland will open in September and the subterranean Penang International Convention and Exhibition (sPICE) Centre will be completed by 2015.

The bridge, the longest one in South-East Asia and the first built using seismic design criteria, is expected to alleviate traffic con- gestion through the dispersion of vehicles.

It will be the heartbeat of currently sleepy Batu Maung while the sPICE project is aimed at turning Bayan Baru into a centre for Meetings, Incentives, Conventions and Exhibitions (MICE) in Penang.

The latter project involves the refurbishment and rectification of the Penang International Sports Arena indoor stadium and Aquatic Centre.

There will be a new convention centre and a four-star hotel.

A seven-storey car park with 2,000 parking lots will also be built to cater to the crowds.

With the right infrastructure and amenities, Bayan Baru looks set to tap into the lucrative and growing MICE sector.

While plans and development policies are under way for Bayan Baru to undergo transformation from an agricultural wetland to satellite township and a MICE hub, the residents are concerned with bread and butter issues.

It remains to be seen if aspiring candidates in the coming general election can improve the living conditions of the residents. - The Star

RM42mil road widening project completed after six-year delay

THE long wait for a safer and better road is over for those living in Penang island’s southwest area as the RM42mil Teluk Kumbar-Pekan Genting road straightening and widening project has been completed after six years.

Housewife Rogayah Darus, 42, recalled how as a teenager, she travelled in fear on the old narrow road from her home in Kampung Paya, Teluk Kumbar, to school in Balik Pulau.

“When the public bus navigated the sharp corners, I feared plunging into the ravine, especially after hearing of the many accidents there.

“After I got my motorcycle licence, I got into an accident myself on the same treacherous road and injured my thigh badly.

“Now finally, I can travel safely from my home to the Balik Pulau market,” she said when stopped along the road yesterday morning for an interview.

Noor Fatimah Ahmad, 58, a housewife from Kampung Mesjid, Teluk Kumbar, said she always knew that the Federal Government would complete the project despite the numerous delays.

“This is one of the biggest infrastructure projects here in recent years and it is one that ordinary folk like us can really benefit from,” she said.

For Penang: (from second left) Himmat Singh, Nor Mohamad, Pulau Betong assemblyman Muhammad Farid Saad, Teng and Dr Hilmi taking part in the handover ceremony

The project’s handing over ceremony between state Public Works Department director Ahmad Latif Abdul Hamid and Works Ministry secretary-general Datuk Himmat Singh was witnessed by Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop in Balik Pulau yesterday.

In his speech, Nor Mohamed described the project as “significant and meaningful” for Penangites.

He said the Federal Government’s duty was to ensure the well-being of each and every citizen.

“Under the 10th Malaysia Plan, the Federal Government has allocated some RM660mil for road improvement projects in Penang which shows that we have never sidelined the state.

“This is part of our long-term solution to address the state’s traffic congestion problem.

“Barisan Nasional will always ensure that our projects have a direct impact on the local communities,” he said.

He said the road overlooking the scenic Balik Pulau township was environmentally-friendly as minimal trees were cut during construction.

The road straightening and widening project is slotted under Package 2B of a three-package project to straighten and improve the roads between Bayan Lepas and Balik Pulau.

It commenced in April 2005 and was originally scheduled for completion in April 2007 but was abandoned in May 2008 after several extensions of the deadline.

Sarahon Construction Sdn Bhd, a Class A bumiputra contractor from Sarawak, was finally selected to finish the project.

The project, which is deemed to be crucial for positive development of the Balik Pulau area, involves the building of six bridges to cut off road bends that will make journeys there both safer and shorter.

The new road will shorten the drive (from Bayan Lepas to Balik Pulau) by about 10 minutes while cutting down the distance from 4.5km to 3.3km.

Package 2A to widen and straighten the road between Teluk Kumbar and Bayan Lepas town was not approved under the 9th Malaysian Plan.

Package 1 to widen and improve a 2.5km stretch between Balik Pulau and Pekan Genting has been completed.

Ahmad Latif said the delay was due to technical problems at the project site.

“There was a long lapse before Sarahon took over in May 2009.

“Technical issues caused by the weather plagued the project site during that period when no work was carried out,” he said.

He added that the road was opened to traffic in stages since June 2011.

He said a tender would be called next month for additional road projects in Batu Maung, Bayan Lepas and Balik Pulau.

“Some 12km of road will be constructed and is expected to be ready by 2015,” he said.

Also present were state Barisan Nasional chief Teng Chang Yeow and state Barisan secretary Datuk Seri Dr Hilmi Yahaya. - The Star

3,000 more affordable homes

AN ADDITIONAL 3,000 affordable homes will be built on Penang island, said Chief Minister Lim Guan Eng.

“I have directed state secretary Datuk Farizan Darus to find land on the island for those additional homes which will then increase the total of affordable homes to 22,172 units.

“This will cost RM150mil. We must find more money now,” he said in hisceramah during the Sambutan 308 event at the Esplanade recently.

It was announced last month that eligible buyers could sign up for 1,840 affordable houses in Jalan S.P. Chelliah, George Town, and Bandar Cassia, Batu Kawan.

Lim had said the units were part of the state’s RM500mil affordable housing programme that would see a total of 19,172 units being built.

“In Jalan S.P. Chelliah, 550 medium-cost units with built-up areas of 800sq ft, 900sq ft and 1,000sq ft will be priced at between RM200,000 and RM400,000 each while the 770 low medium-cost (LMC) units will have a ceiling price of RM72,500.

“As for Bandar Cassia in Batu Kawan, other than the 520 LMC and medium-cost units, another 11,280 units are in the pipeline and will be built over a 10 to 15-year period,” he said.

“The prices of the units are in compliance with the guidelines set by the Federal Government,” he added. - The Star

Wishing for a new home?

Changes: The owners needing a make-over.

A simple makeover can make all the difference

MANY of us are proud of our homes for it is our sanctuary and haven. We stay home to relax and entertain our guests.

I was invited to speak on how I made improvements to my home at The Star Property Fair 2012 last December.

I presented a topic close to my heart — home decoration on a budget.

After my session, I met the Lee family, who like many others, had lived in the same house for over 15 years and yearned to move to a new house.

One of the reasons that families are not moving is the shortage in residential units.

According to the National Property Information Centre, there are 6.5 million families but only 4.5 million available residences.

Furthermore, constant demand for housing pushes prices out of reach of many people. Stringent criteria for bank loans, unfamiliar environment and suitability are other reasons they stay put.

Improved: After the make-over.

On the other hand, many of us love our present homes owing to sentiments, familiarity with the neighbourhood, convenience and security.

Buying a property is one of the biggest investments we make in our lifetime, so we have to be very careful.

If you cannot afford to buy a new place or find one that meets your needs, make do with what you have. Refurnish.

Update the look and feel

Your home is an expression of who you are.

Even the trendiest deco of the 1990s needs an update.

Making meaningful changes to your existing home will surely freshen your feel and mood.

The most cost-effective and efficient way is to remove clutter by throwing or giving away unnecessary items.

Seems like an easy task, but understandably, almost every item on display has a sentimental value.

If you do that, you free up valuable space.

Besides, you can make a quick buck by selling your items to second hand stores, hold a yard sale or sell online.

It is easy to make a habit of hoarding — I am trying to stop it myself — so make it a point to give. And if you are giving your belongings to charity, they must be in good condition.

A fresh coat of paint instantly brightens the home.

Colour and lighting enhance the ambience.

As different colours have different effects on rooms, bear in mind that pastel colours give the illusion of spaciousness while striking colours bring out the character of a themed room.

Consider first the feel you desire; Balinese, modern, artistic — be creative.

Involve family members to paint the interior as a family project instead of outsourcing the job. Besides saving RM2,000 to RM5,000, you will feel more secure without strangers in your house.

What to invest in

Set aside a realistic budget for decorating and try to stick to it by prioritising areas that most need the makeover.

Generally, the living room is the top priority as it is the most visible area.

You will find it refreshing in the change of theme in the new colour of the walls, lighting, new sofa set and curtains.

Items that you choose should reflect your personality. Inexpensive items such as rugs, colourful pillows and flowers lend a soothing touch.

You could also retain your furniture and just change the layout.

This will save you a few thousand ringgit. For example, existing sofas can be transferred from the living room to the family room or bedrooms.

The Lee family insisted on prioritising the dining area and they have valid a point.

Malaysians typically bond over a meal or a drink, so getting a new dining set is worth it.

Investing in quality sofa and dining sets will go a long way to keep your family happy living in the same house.

Cost-savinmg easures

Research is the key to cost savings. Before I start to buy, I find out the prices at various stores.

I make high quality products at affordable prices a priority.

After an extensive research, I usually choose to buy most items in a single store as economies of scale will earn me higher discounts and savings on other costs such as transportation, alterations and improvements.

I pointed the Lee family to international furniture outlets such as Ikea and Harvey Norman, which are known for their universally-acceptable themes, and competitively priced local brand Macy.

I had visited Macy’s main showroom in Seri Kembangan and liked its wide array of themes.

Plus, I liked the idea of supporting a home-grown brand.

I shared with the Lee family my buys (new items), a new leather sofa set, a L-shaped sofa, a 5ft tempered-glass dining table with eight leather chairs, a tempered glass and wood shelf, rugs, floral and lace curtains and blinds for the whole house, sofa pillows and artificial flowers.

Including repainting of the whole house, the cost of the make-over came to about RM25,000. I would say I saved over RM10,000 from buying everything from a single manufacturer due to the economies of scale.

This approach enabled me to save time, manpower and transportation costs in addition to the extra discounts on goods.

You can imagine how much more it would have cost the family to move to an altogether brand new place.

Having said that, this is a short-term solution as you work towards a new property.

I wish you success in your home renewal effort! - The Star

Groups: Initiatives to boost affordable housing can be improved

PETALING JAYA: Groups representing house buyers support the Government's efforts to provide more affordable housing but feel there is room for improvement in implementing the various initiatives.

National House Buyers Association (HBA) secretary-general Chang Kim Loong said the association was happy that the Government heeded its call to unlock the country's land bank for more areas to be developed for housing.

However, he felt that the implementation of initiatives like the 1Malaysia People Housing programme (PR1MA) could be better.

“I don't think PR1MA should be applicable to those who already own one property.

“It should only be for first time house buyers,” he said.

Under the eligibility criteria, PR1MA applicants must be at least 21 years old and own no more than one property, among others.

Chang pointed out that the Nusantara PR1MA project was oversubscribed by six times and this showed that there were not enough houses available.

“So if there are not enough houses, we should not open up the market to those who already own a house.

“It is not fair to others who do not even own a single property,” he said.

He also suggested that PR1MA should blaze the trail for other developers in implementing the “build then sell” concept where houses are sold only after they are fully constructed.

“By 2015, all developers must apply this method. But why not let PR1MA be the forerunner in doing this?” he proposed.

Information technology analyst Tan Beng Teong lauded the changes to the eligibility criteria in My First Home Scheme as it enabled him to qualify as a purchaser.

“Now that the individual income limit has been increased from RM3,000 to RM5,000 monthly, I can apply for the scheme.

“I've been planning to buy a house but the prices of homes these days have sky rocketed so much that it is out of my budget,” said the 31-year-old.

Tan said he hoped that PR1MA would allocate more houses for sale as prospective buyers had to compete with each other in an open balloting system. - The Star

Government to announce more affordable housing projects soon

PETALING JAYA: There is an overwhelming demand for affordable houses and the Government is stepping up efforts to help more Malaysians own homes without having to burn a hole in their pockets.

1Malaysia People Housing programme (PR1MA) chief executive officer Datuk Abdul Mutalib Alias said that the demand for affordable homes “far exceeded” its supply.

Fortunately, Malaysians can expect more new housing projects to be announced soon.

Abdul Mutalib said PR1MA was currently identifying more suitable land to be developed, in addition to its previously earmarked 50 locations in key urban areas.

So far, areas identified include Selangor, Johor, Negri Sembilan, Penang, Pahang, Sarawak, Sabah, Kelantan, Terengganu and Malacca.

PR1MA aims to develop 80,000 cheaper homes, catering to middle-income households with a monthly combined household income of between RM2,500 and RM7,500.

Abdul Mutalib assured that PR1MA homes would remain well below 20% of the market price of similar developments even though it collaborated with private developers in certain areas.

Abdul Mutalib said that PR1MA planned to intensify public awareness of its programme by rolling out a more aggressive campaign that would cover all media channels such as print, TV, radio and the Internet.

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

Another Government initiative, My First Home Scheme, saw 441 applications being approved with a total loan amount of RM67.3mil as at December last year.

Under the scheme, one can obtain 100% financing from banks and own a home without needing to pay a 10% down payment.

Cagamas SRP Bhd will guarantee 10% of the financing.

Cagamas Bhd president and chief executive officer Chung Chee Leongsaid changes were made to the eligibility criteria to make the scheme more sustainable, in line with the increased ceiling price of houses from RM200,000 to RM400,000.

“The criteria of the scheme will be reviewed from time to time, in line with market conditions to ensure that it continues to serve its objective,” he said.

Under the new conditions effective this year, the monthly income limit of borrowers was raised to RM5,000 from RM3,000 previously, among others.

Meanwhile, the Syarikat Perumahan Negara Bhd's (SPNB) affordable housing projects in Sungai Buloh and Shah Alam have been oversubscribed by four times.

SPNB chairman Datuk Idris Haron said providing cheaper homes for Malaysians was a goal that was close to Prime Minister Datuk Seri Najib Tun Razak's heart.

“In order to build a wholesome community, one must start with providing homes for all,” he said. - The Star

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