Property investment is not riskless

EARLIER this week, a developer signed an agreement valued at about RM100mil with a company that “specialises in wealth management through property marketing and risk management.”

The investor bought 100 units of commercial suites in Petaling Jaya that will be completed in a couple of years. The 100 units make up about 40% of the nearly 300 units in the freehold development. With this agreement, the project will be 100% sold.

It was launched in June this year with an average price per sq ft of about RM970 with an 8% rebate for buyers, before the Budget 2014 measures and Bank Negararuling which discouraged the giving of rebates, and which put the country’s property sector on the path to transparency.

A representative from the developer say the investor will buy the units with the 8% rebate, similar with earlier buyers. On a per sq ft basis, the bulk purchaser will pay between RM950 and RM1,000 for the units. Because the investor is taking over all the unsold units, they are randomly located, with sizes ranging hovering around 1,000 sq ft.

There are a couple of things about this agreement that raise some questions. First, this investing company is bulk buying only to sell the units later, as with previous investments. The company was established in 2003. It has two shareholders. In 2007, it bought 100 units of a project in Kota Damansara, Petaling Jaya for RM20mil. It subsequently sold 123 units when it was engaged by other purchasers to sell their units. In 2011, the company bought 40 units of another project in Bangsar South, Kuala Lumpur for RM20mil. They subsequently sold all its holdings.

Last year, it bought 40 units in mixed development the Mont’Kiara/Segambut area for about RM20mil. Although this project is currently under construction, the company has only three units left, the managing director of the investing company said after the signing ceremony. With this current investment, his plan is to sell the 100 units to parties on his data base. Two real estate consultants who declined to be named say the transaction is legal but may have ethical undertones, particularly at a time when the government is trying to curb speculation.

Budget 2014 with regard the property sector essentially deals with three issues - a more stringent real property gains tax (RPGT) compared with previous years, the banning of Developers Interest-Bearing Scheme (DIBS) and increased transparency imposed on developers who now have to display detailed sales price including benefits and incentives such as legal fees exemption, cash rebates and free gifts. In short, the net price minus the freebies. Its aim is to ensure sustainable and transparent pricing.

“Legally, there is a willing buyer and seller. The job of the developer is to build and sell his project. What happens after that is between the investor and subsequent buyers. A true and real investor will look on the longer term. He will not flip at the first opportunity,” says a property consultant. Both agents pose the following questions: Is the sales and purchase agreement (SPA) done in one single agreement or for 100 units? Will the 100 units be officially transferred from the developer to the investing company? Will the subsequent buyers be buying from the developer or from the investor? The developer did not respond to the emailed questions.

The consultants and two lawyers contacted also brought up the RPGT which kicks in on Jan 1, 2014.

The lawyers contacted say it will be considered as a sub-sale when the investing company sells the units to subsequent buyers.

“How the agreement between the developer and the investor is framed is important,” one lawyer says. There is no stamp duty involved because the project is yet to be built, they say.

Says one lawyer: “A property company pays tax, not RPGT. In this case, the investing company is a wealth management company which specialises in property marketing, but is not a real estate company. Does this mean it collects money from other investors? Then it will be governed under the Financial Services Act. When they resell later on, they will still have to pay RPGT. So it is a tax question.”

With the various anti-speculation measures by the government kicking in next month, the question that begs to be asked it, will there be other “wealth management companies specialisiing in property marketing and risk management” entering the scene to bulk purchase, and bulk flip?

Deputy news editor THEAN LEE CHENG wonders what 2014 holds for the property market. - The Star

How market reacts to cooling measures

THE property market with all the recent cooling measures announced by Bank Negara and the Finance Minister in Budget 2014, seems to be holding its breath and assessing the likely impact. So as we move into 2014, the question is how will the nature and complexion of the market change.

Insofar as the residential market is concerned, and for the country as a whole, house prices are generally in line with important fundamentals such as household income, going neck to neck at about 5.5% increase per annum. It is only in select localities in the Klang Valley, Penang, Johor Baru and Kota Kinabalu that house prices are somewhat higher than the normal multiple of 4 to 5 times annual household income. In some instances, prices have risen to close to 15 times the average state household income.

To view this condition in a proper perspective, we need to go back in time to early 2009 when the developer interest bearing scheme (DIBS) was first introduced. It was introduced to forestall a cooling of the residential market, mainly the primary market, i.e. sales by developers, following the global financial crisis of 2008. As we moved away from 2009, a substantial number of developers adopted the DIBS and added on a range of incentives as well, reaching out to new categories of house buyers who are not necessarily the traditional first-time house buyers or upgraders.

In 2009, there was a total of 211,600 residential transactions; 25,898 or 12.24% were primary market transactions whereas 185,702 or 87.76% were secondary market transactions.

In the following year i.e. 2010, the total number of residential transactions was 226,874, out of which 29,162 or 12.85% were primary market transactions, while 197,712 or 87.15% were secondary market transactions. The important point is that primary sales made up about 12% of total transactions.

In 2011, the total number of residential transactions was 269,789, out of which 55,745 or 20.66% were primary transactions whereas 214,044 or 79.39% were secondary transactions.

Note should be taken of this percentage jump in the proportion of primary transactions versus secondary transactions. It is attributed to the DIBS and the other incentives that were given by developers, impacting the market, which in effect were luring buyers into the primary sector of the market as against the secondary sector. Their lure was also due to the fact that real estate seems to draw in investors and speculators particularly during difficult times. There are very few alternative investments that can attract a switch in savings as well as excite the outright speculators as real estate.

Looking at it from another point of view, the DIBS and the growing degree of incentives offered can also be considered as an invitation to speculate. For 2012, out of the total residential transactions of 272,669, 60,241 or 22.09% were primary market sales whereas 212,428 or 77.91% were secondary market sales. Note the drop in the proportion of secondary market sales from 214,044 in 2011 to 212,428 in 2012.

In view of rising house prices in the Klang Valley, Penang, Johor Baru and other areas, coupled with the concern that ordinary Malaysians were being crowded out of the market and the rise in household debt, the authorities introduced several cooling measures, with the culmination of a substantial dose in Budget 2014.

Transparent incentives

Like Singapore, the DIBS was also targeted as an unacceptable feature for the market, and where incentives are given by developers they are now required to be transparent. This enforces the need for the real price of houses to be clearly discernible. Lending by banks and financial institution are now constrained from being led by house prices that include incentives which mask the real house price.

Going forward, it is likely then that the runup in the primary sector of the market by about 35,000 units a year or close to 3,000 units a month could be reversed partially or fully. But then where will such “speculators” turn to in the compelling search for alternative investments? This is a question to ponder on.

Residential house prices are normally sticky on the downside and it is unlikely that prices will ease substantially. However, there could be a rediscovery of the real price of houses once the value of the DIBS and other incentives are stripped from it. The effect is a slight downward slide in prices.

The market discovery of real house prices in the hotspots could also help in more robust residential property indices, which are important for the growth and development of the industry.

In the commercial sector of the market, in the Klang Valley, there is clearly excess dedicated office space in the market as noted from the amount of unoccupied space – about 26 million sq ft. There are also a substantial amount of office space under construction (18.77 million sq ft) with an even more substantial amount of office space expected from all the mega projects as currently contemplated. Rents are under pressure and it is important to bear in mind that it is rents that drive the market.

Grade A office buildings today have rental of between RM7 and RM8 per sq ft gross and higher than this figure are only for a few special Grade A plus office buildings which also enjoy exceptional management and good location.

Rents determine capital values by way of the expected yield. Broadly, capital values less the cost of development and expected developers profit and adjusted for time value of money determine the price one should pay for land that is slated for commercial development. At current market prices of commercial lands in the KLCC area at more than RM3,000 per sq ft, it does indicate that buyers are assuminig a permissible plot ratio of 10 or more. More significantly, rents will trend upwards of RM10 per sq ft in the short to medium term. Is that a reasonable expectation, given the substantial current and future supply of office space?

For the retail sector, there are also a substantial amount of retail centres entering the market. There is pressure on some of the smaller neighbourhood shopping centres. Many of these centres in the Klang Valley are looking for a buyer. The outlook for the leading retail centres, however, ought to be helped by the fact that 2014 is a designated Visit Malaysia Year. On the other hand, one has to contend with some possible crimping of consumer spending arising from the reduction of subsidies and increase in tariffs.

Khong & Jaafar group MD Elvin Fernandez believes in the free market and timely nudging by policy makers and key market participants to iron out any, and only where needed, imperfections in the system. To do this, and over time, they need a steady stream of in-depth market knowledge and insight. - The Star

Penang’s new housing rules to start in February

GEORGE TOWN: The new housing rules that will be implemented by Penang next February are definite, even as discussions are being held with the various stakeholders, said Chief Minister Lim Guan Eng.

He said briefings were being conducted for the Bar Council, banks, property developers both in and outside of Penang and other stakeholders to update them on the new housing rules.

Under the new rules, all low-cost (up to RM42,000) and low-medium cost (up to RM72,500) houses cannot be resold for up to 10 years from the date of the sale and purchase agreement (SPA). This 10-year rule covers all past and future purchases.

In addition, houses that were initially purchased at a cost below RM400,000 on the island as well as below RM250,000 on the mainland cannot be resold for five years if the SPA is signed on or after Feb 1 next year. - The Star

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Sunway wins RM267mil land bid in Penang

KUALA LUMPUR: Sunway Bhd through its wholly-owned subsidiary, Sunway City (Penang) Sdn Bhd, won the bid for four parcels of land at RM267.4mil in North East district, Penang, from C. H. Williams Talhar and Wong, the property agent forLuxor Precision Sdn Bhd.

Sunway, in a filing with Bursa Malaysia yesterday, said the parties will enter into a sales and purchase agreement for the proposed acquisition, including existing buildings, plant nurseries and other structures on the land, within 14 days from the date of the notice of acceptance of Dec 16.

It said the proposed acquisition would provide Sunway with an estimated gross development value of RM1.5bil when fully developed, as the land was strategically located within the vibrant centre of Penang Island and surrounded by tourism spots as well as mature residential townships.

It added that the proposed development for the land consisted of commercial shops, small office home office and high rise residential units and that it would strengthen Sunway’s presence in the Penang property market.

On prospects, it said residential and commercial properties in Penang, especially on Penang Island, had good potential due to scarcity of land and continuous strong demand. – Bernama 

Penang to weed out squatters, illegal hawkers and structures

THE Penang government will come down hard on illegal hawkers, illegal buildings and encroachment of state land next year.

State executive councillor Chow Kon Yeow (DAP-Padang Kota) said a committee has been formed to tackle the matters.

He said he had instructed the Penang Municipal Council (MPPP) and Seberang Prai Municipal Council (MPSP) to list out the problems and come up with solutions.

Chow, however, pointed out that the state government was not out on a ‘killing spree’ over the matter.

“We need to know why people do not want to comply with the law, or why they want to put up stalls by the roadside, and the issues they are facing.

“We have so many laws in the country, in the state, and by-laws of the local authorities, but some people just do not want to follow them.

“We have to do something and start somewhere, to become an international city and developed state.

“The Chief Minister has voiced his support for this,” he said.

Chow said an international city is one which is orderly and free of illegal hawkers.

“But, I believe the developed states too, have undergone the painful process of getting rid of all the illegal hawkers.

“Singapore is what it is today because it acted on the problem some 30 years ago.

“We want the people to see solution to problems, better facilities and reduced red tape,” Chow said.

Developer focuses on creating unique projects in Kuala Lumpur and Bandar Sunway

Artist impression of The SkyVillas project at Jalan Sri Hartamas.

THE Penang-based DK Group, currently developing the D’Latour and DK Senza properties in Bandar Sunway, Subang Jaya, with a combined gross development value of RM1.1bil, plans to launch RM2.7bil worth of mixed-development property projects in Kuala Lumpur next year.

The schemes include the development of the highest residential tower development in South-East Asia for the RM2bil D’Twist, the final phase of DK City in Bandar Sunway, and the RM700mil SkyVillas@Dutamas along Jalan Sri Hartamas.

Property investors and home-buyers can now look forward to owning a “landed property in the sky” with the proposed launching of the RM700mil SkyVillas@Dutamas in late 2014, a scheme that comes with a garden area for every condominium.

“I am all for unique designs, as they differentiate one building from another and bear the signature trademark of the developer. It is also the designs that provide the unique living experience for buyers, giving them value for every ringgit they spend to buy a property from DK Group,” said DK Group founder and managing director Danny Koek.

Founded in 1997, DK Group is owned by Koek, who took the holding company DK Leather Corp Bhd public in a 2004 listing.

In 2008, DK Corp was privatised, and subsequently the group invested heavily in property development, focusing largely on Kuala Lumpur, via its property development arm, DK-MY Properties Sdn Bhd.

Koek spent RM165mil in cash to buy back the 330 million shares from the public shareholders of DK Corp.

Located on a three-acre site, SkyVillas, undertaken by DK Group’s subsidiary DK-MY, is a stone’s throw away from Publika Mall in the Sri Hartamas area.

The development is surrounded by the offices of oil and gas service companies that employ a sizable expatriate executive workforce.

“The market segment we are targeting is investors who will buy the SkyVillas properties and then subsequently rent them out to expatriates working in the area,” he said.

The SkyVillas, designed by Jon Ignatowicz of RDA Harris Architects, is described as a landed property in the sky because each unit comes with its own garden area, which enhances the green aspects of the project.

“The garden area on every level produces a perforated building mass, which allows cool breezes to percolate the entire structure of the building. There is also a car lift to go to a common parking area on top of the roof,” Koek said.

The 16-storey SkyVillas is planned to accommodate 402 residential condominiums, 16 levels of high-rise boutique offices and 140,000 sq ft of retail space.

The top floors are designed for eight double-storey super villas with their own private parking space that can accommodate two cars, which is accessible via private car lifts.

Below the residential floors will be 140,000sq ft of commercial retail space on the ground and first level, cineplexes, and boutiques offices. The residential units in SkyVillas have built-up areas ranging 670sq ft to 1,800sq ft.

Scheduled to be unveiled in the second half of next year is the D’Twist mixed-development project, comprising three tower blocks of 300 office suites, 816 residential duplex suites, and 188 duplex hotel suites and 122 hotel rooms.

“There are three tower blocks constructed on a podium comprising four two-storey levels of commercial space of 400,000sq ft, which will serve as a shopping centre. The residential tower block of 80 floors will take the height to 300m, making it the tallest residential building in the Asean region,” Koek said.

The selling price for D’Twist office and residential properties are priced at RM1,200 per sq ft and RM1,300 per sq ft respectively.

According to Koek, the targeted segment for the residential duplex suites of D’twist will be the students from Taylor’s, Monash, and Sunway universities in the vicinity.

“There is shortage of accommodation for students. We expect investors to buy the duplex units for the potential rental market in the area and for their own use.

“The current market rental rate in Bandar Sunway is RM1,000 per bed. Our survey shows that Taylor’s hostel students are paying higher, although its hostels don’t have many facilities,” Koek said.

According to Koek, D’Twist will have adequate recreational facilities to attract students to make the scheme their home while they pursue their studies.

“We are providing cineplexes, a bowling centre, and 400,000sq ft of shopping area.Put it this way, we have sufficient entertainment and leisure activities to cater to a population of 15,000, which is what we expect for DK City, which is located on a 11.45acre site,” he added.

Koek said the group expected to sell all the properties in D’Twist within 12 months after the launch in the second half next year.

“The residential duplex units and the office units are for sale, while the properties in the mall and the hotel will be kept.

“We are now negotiating with several four-star international chains to run the hotel and expect to finalise the deal in three months,” he said.

According to the company, its current projects DK Senza and D’Latour have been enjoying brisk sales since their launch in 2011 and 2013.

The two projects were carried out without any financing from banks.

The RM300mil 23-storey DK Senza project comprising 348 residential condominiums, 58 small home offices, and 54 commercial units on the ground floor, was sold out shortly after the launch.

“The price of DK Senza, which will be complete early next year, has appreciated by 70% to 80% within two years to about RM800 per sq ft, from RM460 per sq ft,” Koek said.

The RM800mil D’Latour project comprising 332 serviced suites and 629 SOHO duplexes in two tower blocks, has sold 50% of its serviced suites and all the SOHO duplexes since their respective launches in November and March.

Both D’Latour, DK Senza and D’Twist form the 11.45 acre DK City township scheduled to be completed in 2017. The land was acquired for RM100mil in 2005.

Koek said the group is expected to generate an annual sales revenue of RM1bil in two years and rental income of RM100mil in five years from their office buildings and commercial assets.

“We will invest another RM500mil to acquire more land in Kuala Lumpur, Selangor, and Penang before the end of next year, to add to our existing landbank of more than 200 acres he added. - The Star

PR1MA to launch home-buyer assistance programme early next year

KUALA LUMPUR: PR1MA Corporation Malaysia (PR1MA) will introduce a homebuyer assistance programme early next year to help those who are not eligible for a housing loan from banks but were chosen to own a 1Malaysia People's Housing house.

Chief Executive Officer Datuk Abdul Mutalib Alias said PR1MA is working with a partner to develop the special financing schemes, and is currently ironing out the final details.

Speaking to Bernama in an interview here, Abdul Mutalib said some of the successful balloted buyers failed to secure bank financing.

"We have seen cases where people cried after balloting because they could not get financing. We're thinking there must be another mechanism where we can provide assistance, hence our buyer assistance programme," he said.

 PR1MA says while it hopes a higher percentage of buyers would be able to get bank financing, it saw a need to design such a scheme to act as a buffer. "This kind of programme is covered in our PR1MA Act 2012.

PR1MA is allowed to come out with various buyer assistance programmes to assist the targeted buyers who can't get financing. So far we are only relying on bank financing," Abdul Mutalib said.

There will be two schemes 'Rent & Pay Plan' and 'Rent & Stay Plan' and once buyers adopt either one, they have the right to buy the house at the original price.

"Progressively, when their income increases, they should be able to get bank financing and convert the scheme into normal traditional financing at the original price," he added. 

Giving an example, Abdul Mutalib said for a property priced at RM200,000, the buyer first has to come up with about RM20,000 in down payment. "On top of that, to qualify for a loan, they need to have a household income of RM3,865 a month. In case of a RM400,000 property, it's RM7,700, and so on.

Monthly payment, on the other hand, ranges from RM966 to RM1,933," he said.

PR1MA, recognising some people fell short of these requirements, decided to address their cash flow problem, he said.

"We don't want to see a situation where buyers get disappointed, where after a successful ballot they could not get a home. We want the public to not lose hope," he explained.

The schemes are also open to applicants seeking a second house.

"We always maintain that people who already own a house are eligible to apply for PR1MA. The rationale is simple. Some people have already bought a house in an unfavourable location because that was what they could afford at that time.

"For us not allowing them not to participate is unfair, but of course weightage is given more to people who don't own a home," Ahmad Mutalib said. 

He added that a lot of people have the misperception that PR1MA is only for the low-income group, and urged the interested public, especially younger people, to register and apply.

PR1MA is an affordable housing scheme in key urban areas for middle-income groups earning between RM2,500 to RM7,000 monthly. - Bernama

Overcoming headwinds in the property market

With the sentiment for in the property market turning more lukewarm, developers are all on their toes to see how the market will be like in the next few months.

The number of residential units transacted in the third quarter by the National Property Information Centre shows a decline in Selangor, Kuala Lumpur, and Penang while Johor bucks the trend. (see table).

In a phone interview with StarBizWeek, IJM Land Bhd chief executive officer and managing director Datuk Soam Heng Choon says that most players are still adopting a “wait-and-see” approach to the impact due to the new cooling measures that was announced in the Budget 2014.

“We will be able to gauge what the impact is like in the next two months and make adjustments accordingly,” he says, noting that players cannot make drastic changes with what they are already doing.

Changing focus

Mah Sing Group Bhd, which entered the high-rise market the high-rise market with grade A office tower The Icon Jalan Tun Razak in 2006 followed by a number of high rise residential projects in prime areas, targets to build houses for the middle-income group going forward.

“Over the pass two years, our landbanking strategy has been more focused on locking in larger tracks of township lands for the affordable range of mid-end products,” says group managing director and chief executive officer Tan Sri Leong Hoy Kum in an e-mail reply.

This week, Mah Sing announced its foray into mainland Penang by acquiring 76.38 acres in Jawi, Penang to build landed-houses below RM500,000.

Leong says: “This is our sixth project in Penang and we want to heed the Government’s call to build properties for the middle income segment, as these products are in short supply in Penang.

“We have found a land which is rightly priced with good payment terms, and we aim to build houses that are rightly priced as well.”

He opines that the general lending environment is still conducive as interest rates are still low due to the competitive mortgage space where banks are now offering base lending rates of minus 2.4%, more attractive than minus 2.1% to 2.2% a year ago.

“As such, we believe that buyers will take advantage of this to lock in their purchases as property has always been viewed as the best hedge against inflation,” he says.

Leong also notes that land for landed residential, niche projects, high rise residential and integrated projects were acquired and developed in selected locations which had market demand for those specific products.

At the same time, the launches were planned in phases to ensure good take up, with the developer typically seeing 70% take up within 6 months of initial preview or launch, he says.

Demand for townships

For IJM Land, the company’s growth will continue to be supported by its strong pipeline of township developments such as Rimbayu, Seremban 2 and Shah Alam 2 that have been very well-received.

“Townships are our bread and butter as there will always be demand whether in good or bad times,” Soam says.

The various components of townships like retail shops, commercial components and landed property will help to diversify developers’ income sources.

“Affordability can be relative based on location,” he notes.

He says the demand for niche high-end products is determined by the pricing point and location of the project and should not be a problem if the developer gets it right.

Margins-wise, he says those for townships tend to improve as they mature whereas land cost for niche products are usually very high.

The difference between developing a township and a niche project is the developer’s stamina and knowledge, Soam notes.

Challenges

Infrastructure and planning are the important elements that make a good township and it takes a different and more sophisticated set of know-how compared with smaller niche projects.

Besides the technicalities, understanding the costing of township development is also essential in ensuring profitability.

A property player who declined to be named says that there are numerous “unseen” compliance and subsidy costs that township developers have to bear.

He says developers have to build low cost and low-medium houses, which are not profitable to comply with the requirements by authorities.

Besides that, they will also have to surrender land for amenities such as schools, power generators and sewerage treatment.

“Due to all these extra costs, developers have to alleviate some of them by passing partly to the end buyers,” he explains.

Maybank IB Research analyst Wong Wei Sum tells StarBizWeek that the demand is more for affordable housing, which is mostly found in townships.

“Usually land cost for townships is cheaper compared with small parcels, hence, make it more sustainable for such development,” she says.

She points out that luxury properties are impacted the most following the new cooling measures and expects developers to focus on affordable housing going forward.

She opines that property priced below RM500,000 per unit will continue to be in demand.

This is due to the young demographic of first home buyers in the country.

“Due to land scarcity and high prices in city centre, we expect to see new property hotspots in suburban areas such as Rawang and the southern Klang Valley such as Semenyih, Puchong South, Putrajaya and Canal City,” she says.

Some of these areas would be enhanced by the upcoming mass rapid transit lines.

This would benefit companies like IOI Properties, Glomac Bhd, IJM Land, LBS Bina Group Bhd, Gamuda Bhd and WCT Holdings Bhd, she adds.

According to her, people are willing to pay between RM600,000 to RM800,000 for landed properties while high-rise residential properties below RM500,000 are considered affordable.

Commenting on the margins for affordable houses, she says it will be lower than the high end products.

She estimates the margins for such products to be around 20% but that depends on the stage of development the township is at.

“During the initial stage, it will be less than 20% as the companies will have to allocate resources to build infrastructure,” she explains.

She notes that, however, the margins may change over time.

This is based on the product mix the players roll out as they may delay launches for certain property types until they are in demand again.

An analyst from Hong Leong Investment Bank Research concurs that developers will focus on township development backed by the strong demand for landed properties while the outlook for high-rise residential properties is challenging.

In an earlier report, CIMB Research says the residential segment will remain robust as the policy measures are meant to rein in speculation but not to restrain genuine demand.

“We believe that buying interest should progressively return in the first half of 2014 as potential house buyers come to the realisation that property prices are unlikely to fall and that potential inflationary pressures from the implementation of the goods and services tax (GST) in April 2015 could push up property prices further,” the brokerage said.

According to the property player, the implementation of GST could potentially push property prices up by about 2% to 4%. - The Star

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