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大马公共工程机构“接旨” 勘察新关仔角亿元公寓

（槟城26日讯）大马公共工程机构（IKRAM）已受指示入场，向新关仔角一项亿令吉计的公寓计划进行工程结构及稳定性勘察行动，以对公寓的入伙向市政局提出建议报告。

槟岛市政局是在有关计划在获取竣工入伙纸前施加条件，要求公寓计划必须先交由大马公共工程机构进场勘察作出报告。槟岛市政局建筑部主任尤端祥受询时说，市政局已针对新关仔角一项公寓发展计划委任大马公共工程机构，要求有关机构针对上述公寓的结构及稳定性向市政局提呈报告。

尤端祥：市局将依建议跟进

他表示，市政局将在接获报告后，作出相对行动，其中将根据报告建议作出跟进行动。唯他没有说明跟进行动的详情。此外，尤端祥说，市政局工程部也将针对计划作出密切的监督行动。在此之前有关计划也曾作出一些相应措施。

另一方面，据来自发展商消息向本报证实，来自大马公共工程机构已到场勘察，同时发出有关计划也按照指示进行，符合相关规格。目前，公司也在等候来自市政局的公文，以便公寓最终可获入伙。光华

教育地改为屋业发展州议员反对 10亿发展计划受阻

（槟城24日讯）发展商拟议将一块收购的教育地皮改为屋业发展地面对阻力，造成一项10亿令吉发展计划过关不易。

在丹绒武雅的一项占地35依格的私人屋业发展计划，因其中一片占地两依格的地皮从原有教育地用途拟改为屋业发展地，以致遭来州议员反对，并坚持要求将保留为教育地，以作为未来开办国民型中学规划用途，成为丹绒武雅北区第一所国民型中学。

知名发展商“实达集团”（SP Setia）是在本月初，向槟岛市政局提呈其在丹绒武雅占地35依格地皮的发展大蓝图（Masterplan），有关计划发展总值（GDV）达10亿令吉，兴建高楼公寓、低高度豪华公寓，及店屋，计划下料将建造上千单位，计划称为“实达生态森林”（Setia Eco Forest），为实达另一项追求生态环保的屋业。

郑雨周：针对数点提出观点

上述地皮座落在水池路的特殊学校不远处，即斯里哇芝嘉顿慕尼哇拉印度神庙后方大片土地。实达集团是于今年年中，耗资3亿令吉分别向两家公司买下35依格土地，原拟大展拳脚，不料因为教育地以及其他因素，包括衔接路的交通规划及密度等因素，招来丹绒武雅州议员郑雨周反对。- 光华

Private retirement schemes – look before you leap

IN April this year, a new chapter opened in personal financial planning for Malaysians when the Securities Commission (SC) gave the go-ahead to eight institutions to operate private retirement schemes (PRS).

The private pension industry is intended to complement the Employees Provident Fund (EPF) by encouraging the public to add to their compulsory savings under the EPF, which is inadequate to ensure a sustainable retirement income for a large segment of Malaysians.

It also helps the self-employed to build up their savings, and encourages employers to provide extra benefits for their workers beyond their mandatory contribution.

The introduction of PRS is an exciting milestone for Malaysia's pension industry and a long-awaited savings opportunity for middle-income earners.

The scheme offers an additional income tax relief of RM3,000 on top of the existing RM6,000 tax break for EPF and life insurance contributions. This incentive alone should motivate people to participate.

Even with the best of intentions investing can be wrought with challenges. Experience shows that Malaysian investors often neglect to prepare themselves for the ups and downs of investing.

A good example is the unit trust industry, which is littered with cases of investors who jump in without being adequately informed, run into difficulties and have to bear irrecoverable losses.

Much work needs to be done to educate potential investors about the range of options before them and the ramifications of their decisions.

All parties including the regulators, fund providers, agents, advisers, and especially the investors themselves have a role to play in creating a well-informed public.

Investors need to be educated regarding the pros and cons of the PRS products in order to choose funds that match their retirement goals and risk appetites. To protect their best interests, investors should bear in mind five key points:

Quality of a fund's assets

First, they should be aware of the quality of the underlying assets in the fund and the risks involved in investing in those assets.

Unlike the EPF, where the contributors' money is protected, your savings in the PRS may or may not bear fruit, depending on how the fund performs.

If investors are not well informed, they may act out of fear when they find their funds are making losses. This could happen, should the marketing of the PRS funds dwell on the potential benefits of the investment rather than provide a balanced forecast outlining potential market conditions and risks.

Many investors do not know what steps to take when a fund underperforms. Many sit on their investment, hoping that one day it will recover. However, in many cases, a sinking ship is unlikely to recover. In such a situation, it is better to shop around and switch funds to another offering a proven track record and return potential.

To illustrate, when selecting a China equity fund, a best practise approach would be to take the time to choose a first quartile performer and avoid poor performers. Should the fund drop, the investor does not sell his units, because he has already done his research and knows that this is best performance he can expect from a China equity fund.

Compare sales charges

Just like any investment, investors must be mindful of the charges imposed when they enter into a contract. With PRS, potential investors need to be aware of two types of charges imposed by the PRS providers.

The first being sale charges which can range anywhere between 0% and 3%, and annual management fees, from as low as 1% to a high of 2.25%. Suffice to say, potential investors who make the effort to shop around will stand to benefit. Remember that all charges are built into your investment, whether the fund makes a profit or loss.

Meanwhile, investors who prefer professional guidance in making their money-making decisions can access PRS funds through institutional PRS advisers, such as banks and corporate PRS advisers.

These organisations may have contracts with multiple PRS providers which enable them to generate fund comparisons resulting in independent information and advice to consumers.

It is also possible that these entities, due to the volume of business that they command, do not impose any additional charges for their advice and may even lower the sales charge because they are able to negotiate for better terms.

Management experience

The performance of a PRS fund depends very much on the fund management experience. This elementary rule applies to all investment funds. Just as you should look at the fund manager's track record in managing unit trusts, you should also evaluate their experience in managing pension funds.

Some PRS providers have foreign partners with pension funds management experience in Canada, Australia and Hong Kong, whereas some local PRS providers are entering uncharted territory.

Ease of switching

The establishment of a Private Pension Administrator that was set up in July 2012 to protect investors' interests is viewed as a positive development for the pension fund industry. Among other functions, this statutory body supports investors in switching PRS providers.

The rules governing PRS allow investors to switch provider once a year, so that consumers have the choice to switch to another PRS provider when they are not happy with the existing provider.

Quality of servicing

Finally, investors should be aware about the quality of servicing they may receive from the sales representative. If you invest only RM3000 to enjoy the tax relief benefits and your investment is managed by an agent you met stationed at a shopping mall, you should carefully consider whether your account will be managed satisfactorily.

Clearly, a lot of ground has to be covered in order to protect consumer's interest and to ensure the healthy long-term growth of the PRS industry. - The Star

> Yap Ming Hui (yap@yapminghui.com) is an advocator of the new private retirement scheme if all parties are open and transparent. He is a bestselling author, TV personality, columnist and coach on money optimisation. Yap heads Whitman Independent Advisors, a licensed independent financial advisory firm which has helped people to optimise their wealth and achieve financial freedom since 2000.

More pull from serviced apartments

THE serviced apartments industry, which is part of the hospitality sector, is expected to have a greater profile with more players entering the industry and the expansion of seasoned players.

Market leader The Ascott Ltd is on an expansion drive which will go on until 2016. Hotel operators are also tapping into the serviced apartment sub-segment of the hospitality industry, offering guests the option of staying in a hotel or a serviced apartment.

The Ascott group is currently the market leader in the industry in terms of inventory. They account for about 20% of the total 2,500 units in the country. The group is currently undertaking a refurbishment programme to spruce up accommodation facilities.

The growth in the serviced apartment industry is due to greater demand as a result of the various large-scale constructions being undertaken by the Government like the Tun Razak Exchange, the My Rapid Transport (MRT) rail project and the latest developments in the oil and gas sector, industry players say.

Says country general manager Tony Ho: “Foreign direct investments are on the uptrend. Large-scale constructions in the form of Tun Razak Exchange and new developments in the oil and gas sector mean new construction teams will be coming in. The last two years have also seen a growth in tourism. This means long-term staying guests are expected to increase.”

National oil company Petroliam Nasional Bhd (Petronas) made new gas discoveries off Sarawak recently.

The Ascott group will be increasing its current 573 units to 1,600 units by 2015/2016, about 180% more units offered by the group. The Ascott has three brands in its stable, namely The Ascott, Somerset and Citadines, each of them targeted at different markets.

The Ascott brand is targeted at senior management, Somerset for mid-management and business executives and Citadines’ guest profile is the independent and tech savy traveller. Between 70% and 80% of its guests are from the oil and gas sector.

“While the hotel industry attract guests who stay between three and four nights, those who opt for serviced apartments may stay for more than a year,” he says.

The serviced apartment propostion offers cooking facilities and families have an option of having a suite comprising two or more rooms.

There are currently about 2,500 pure-play serviced apartments in the country and include the likes of PNB’s Darby Park, Wing Tai’s Lanson Place, Fraser Place, Micasa Suites, Park Royals’ One Residency, Pacific Regency All Suites Hotel, Garden Residences and Prince Hotel and Residences.

The Singapore-based hospitality player has also invested about RM30mil in refurbishment of The Ascott in Jalan Pinang. This is scheduled to be completed by the middle of next year. A second Ascott will be opening in the third quarter of next year in KL Sentral. Ascott is a wholly-owned subsidiary of CapitaLand Ltd, one of Asia’s largest real estate companies.

Its first Citadine will be opening in Kuching this month and its second Citadine will be opening in Cyberjaya by end-2014 or 2015, Ho says.

It will also be expanding its Somerset brand to include a third Somerset Puteri Harbour in the first quarter of 2014. The group currently has Somerset Ampang and Somerset Seri Bukit Ceylon. A fourth Somerset is scheduled to be opened in Damasara Uptown by 2015 or 2016.

Other than Somerset Ampang which is 100% owned by Ascott, the group owns 50% of the Ascott in Jalan Pinang and Somerset Bukit Ceylon, Ho says, adding that the company will be managing and operating the new premises and will not own them.

The Eastern & Oriental (E&O) group has also opened its first serviced residences at its St Mary Residences development in the city. Although it is no newcomer in the hospitality industry – it owns and operates Lone Pine Hotel and the E&O Hotel in Penang – E&O Residences will be the group’s first serviced residences.

Says Jamie Case, chief operating officer of Eastern & Oriental Hotel Management in an email: “For the E&O group, this will be an extension of the group’s expertise in hospitality management.”

“The additional capacity is in tandem with the growing demand for serviced residences,” Case says.

“With the unfolding of the Economic Transformation Projects and the Greater KL initiatives, there will be more opportunities in the city which will in turn attract more business professionals and expatriates to fuel the demand for such accommodation,” he says.

The Synod of the Diocese of West Malaysia or the Anglican Church owns the land where the St Mary Residences development is sited. The Synod then selected E&O, through an international tender process conducted by property consultants DTZ Nawawi Tie Leung to operate the 200-unit serviced residences.

“We are targeting 60% occupancy in the first year,” says Case, adding that E&O’s target audience includes both global business and leisure travellers on an extended stay in the city.

The serviced apartment concept also seems to getting popular in Malacca. Swiss-Garden International Hotels, Resorts & Inns recently launched The Shore in Malacca, which combines both a hotel and service apartments. These serviced apartments are open for sale to the public and hotel operator will manage them on behalf of the owners in renting them out.

Its corporate marketing communications manager Linda Evelyn Wongsays the The Shore Tower 1 has achieved 75% sales this month.

Hospitality trend has evolved over the past decade “with an increasing demand for serviced apartments from both the leisure and business segment.” She says this trend of combining a hotel and service apartments is expected to continue in key cities because leisure travelers are now opting for accommodation that provides spacious homely comfort while business travellers are seeking space, privacy and modern facilities yet complemented with refined hotel services.

A strong factor pushing hotel operators to offer the serviced apartment proposition is the profit margin, which is 50% compared to a hotel’s 35%.

The average rate for a four-star hotel in Kuala Lumpur is RM250++ and for a service apartment in Kuala Lumpur is RM330++. In Malacca the average rate for a four-star hotel is about RM200++ and for a serviced apartment is RM250++. - The Star

House-buyers beware of DIBS

OF late, there have been a few housing developers who proudly advertise that the sales of their product are offered are with “interests payment borne by developers”. Such schemes are known as DIBS, that is developers' interest-bearing scheme.

A particular one even boldly states that house-buyers make no payment until due vacant possession of the said houses.

It entices potential house-buyers that all they need is to pay the requisite downpayment of 10% upon signing the sales and purchase agreement (SPA) and the balance thereof will be financed by their panel banks/financial institutions.

Some even have the audacity to equate the same with the 10:90 concept of built-then-sell (BTS). One even goes as far as to advertise the mode of payment as 5:95 model. The connotations in all these advertisements are that buyers do not make any progressive payments until the houses are completed and ready for vacant possession.

All these advertised “schemes” of payments are nothing more than loan packages. Although the advertisement states “no payment until vacant possession”, in reality the buyers' loans are “locked-in” with panel banks/financial institutions and hence, buyers' housing loans are used to pay the developers as they construct the houses.

It is based exactly on the current sell-then-build (STB) or progressive payment formula. This formula has got so many house-buyers into trouble when the houses they buy are abandoned by the developers.

The only difference in the advertised system is that the interests towards the progressive payments are shouldered, absorbed and borne by the developers. Buyers still have to secure their end-financing housing loans as soon as they sign the SPA. Buyers are still responsible to the banks and financial institutions for the loans whether the houses are delivered or not. BTS 10:90 model

This is far different from the real BTS 10:90 concept put in place and encouraged by the Government, whereby the buyers truly do not make any payment except for the deposit of 10% until vacant possession because the end-financing loans do not kick in until the houses are completed with all the certifications obtained and keys with vacant possession are available.

It is a far safer mode of buying houses and this is precisely why the Government is encouraging it and furthermore offering incentives to developers who opt to adopt this mode of selling their products. But it fell short of compelling the industry to adopt this BTS 10:90 concept currently. However, the Housing and Local Government Minister has reiterated that the BTS 10:90 will be made mandatory by 2015.

Vital differences

The vital difference between the advertised DIBS abbreviation and the government-encouraged BTS 10:90 is that, in the advertised DIBS or 10:90 or 5:95 model, should the developer abandon the project (for whatever reason), buyers are left with a partially disbursed housing loan to settle.

The amount varies in accordance with the amount of disbursements made.

The primary borrower is still the buyers and that it is the sole responsibility of the borrowers/buyers to continue with the proper conduct of his loan from the financiers.

Banks have not been known to be sympathetic to victims of abandoned projects.

The loans still have to be settled house or no house! This is the predicament presently faced by tens of thousands of nave and innocent buyers when the houses that they had bought were abandoned by their developers.

Don't think for a minute that the financier will write off the loan payable by the borrower/buyer.

Thus, the various advertisements for DIBS abbreviation or 10:90 or 5:95 or 0:100 connotations are merely marketing tools and are not the same as the BTS 10:90 concept that is put in place under the Housing Development (Control and Licensing) Act and Regulations.

These advertisements are open to misunderstanding and confusion. In this period of soft market in the housing industry, it is natural that more and more innovative sales strategy will come in.

We are not in opposition to that, but we are of the stand that advertisements should not have any element of misrepresentation or misconception and should not give rise to misunderstanding and confusion.

Housing Ministry to be vigilant

The Housing Ministry's Licensing Department should also take a close look at the contents of such advertisements before granting them sales and advertisement permits.

To allow such advertisements is injustice to nave and innocent first-time house-buyers.

Has the ministry erred in allowing those advertisements or did it not manage to spot the difference?

I would like to categorically state that I'm by no means implying that the advertised project is likely to be abandoned. This article is aimed only to inform potential buyers on the differences between the advertised DIBS or 10:90 or 5:95 or 0:100 mode of purchase vis-vis the government-encouraged BTS 10:90 concept.

Be an informed buyer and empower yourself with information to make a wise decision.

How to spot the difference

On the side of caution, the buyer needs to check if he has bought into a STB 10:90 loan package “scheme” or a BTS 10:90 concept. The differences between the two models are already explained in the article. An easy way to know what the buyer has bought is to refer to the SPA. If the contract is a Schedule H or Schedule G, the scheme is a sell-then-build. If the contract is a Schedule I or Schedule J, the scheme is a BTS 10:90 variant. - The Star

> Chang Kim Loong is the honorary secretary-general of The National House Buyers Association, a non-profit, non-governmental, non-political organisation manned by volunteers. For more information, clickwww.hba.org.my or e-mail info@hba.org.my

Should you invest in high-end condos?

INVESTING your money in property is said to be one of the safest forms of investments.

However, like any form of investment, one can always choose to either “play it safe” and get low, stable returns; or “up the ante, take on high risks and get equally satisfactory gains.”

Investing in high-end condominiums is considered one sure-fire way to make great returns. However, given its risk appetite, it might not be suitable for everyone.

“It’s a very niche form of investment and ideally for the super rich or those with good spending power,” notes Standard Financial Planner Sdn Bhd’s Jeremy Tan.

A good investment?

According to Malaysian Institute of Estate Agents (MIEA) president Nixon Paul, a high-end apartment is more than just about premium pricing.

“It’s more than just about the interior. The criteria for a high-end condominium is defined based on its location, the finishes, managements fees and amenities that comes with it. And of course, there is a premium placed on all of these,” he says.

MIEA deputy president Siva Shanker believes that investing in high-end condominiums is a great form of investment – if you have the money.

“High-end condominiums are good investments but they’re not for everyone as they’re very expensive!”

Still, investing in high-end condominiums is still a very popular investment option for many. According to Siva, take up for Bandar Raya Developments Bhd’s (BRDB) upcoming luxury condominium project, Serai, has been quite overwhelming in just a few short months.

“There has been very low-key marketing done and by the time the advertisements came out, there were a lot of bookings,” he says, adding that over 50% of the units have already been snapped up.

Located at Bukit Bandaraya, Kuala Lumpur, Serai comprises 121 condo units located in two 21-storey towers. Sold at between RM1,300 and RM1,500 per sq ft, the units range from 4,025 to 6,913 sq ft.

There will be two penthouses of 14,000 sq ft, priced between RM19mil and RM22mil.

Serai sits on six acres, the last piece of prime real estate in the Bukit Bandaraya area. Serai will have a gross development value of about RM900mil. According to reports, a majority of the buyers were Malaysians.

“The reason take-up for Serai has been so popular is because the location where the property is being built is one of the last large parcels of land available in the area, and people don’t want to lose out.”

Siva also points out that a selling point was the fact that the project’s developer, BRDB, had a good track record.

He also cites BRDB’s One Menerung high-end condominium development, which was priced at around RM600 per sq ft half a decade ago, but is now hovering at the RM1,200 per sq ft level.

“In five short years or less, you would have doubled your money! That’s a 20% increase on returns per year, which is fantastic!”

Should you invest?

MyFP Services Sdn Bhd managing director Robert Foo says a person who wants to invest in high-end condominiums should first evaluate his wealth position before “taking the plunge”.

“A potential investor should first consider if the investment will take up a big part of his investment. If it’s too much, then it might not be a wise thing to do.”

Age is also something to consider, says Foo, who feels that investing in high-end condominiums should be for older investors with a stable income base.

“If you’re only 25 years old, then you shouldn’t be investing in this, unless you have rich parents,” he enthuses.

Foo adds that one should definitely conduct thorough research if they want to invest in high-end condominiums.

“If the market turns on you and you can’t sell later, then you’re in trouble!”

Nixon says those looking to gain returns on high-end apartments should take a long-term view on it and not hope to make quick gains overnight.

“It’s a good investment but you should only do it for the long-haul – perhaps have a five-year view on it.”

Demographic shift

Siva, however, points out that the increasing level of affluence has seen more Malaysians buying into high-end condominiums – not to invest, but to occupy.

“It’s a trend that is shifting. In the past, you had Malaysians buying low-rise properties but today many are buying condominiums, especially high-end ones, in light of the fact that we are becoming more westernised and affluent.”

He also notes that many expatriates in the past that used to live in high-end condominiums in the city are now living in the suburbs.

“This is to accommodate the international schools that are now being set up in the outskirts of the city,” he says. - The Star

118 abandoned housing projects get new breath of life

KUALA LUMPUR: At least 118 abandoned housing projects have been revived and completed, Housing and Local Government Minister Datuk Seri Chor Chee Heung said.

“We have so far completed 118 and handed them over to buyers without them having to come up with more money,” he said.

He said another 53 were currently being revived.

He said the ministry was now targeting over 100 sick development schemes housing projects that had long exceeded their delivery time.

He said this after launching the Silverlakes Property Gallery yesterday.

Chor said the Government did not spend money in reviving most of the abandoned projects.

Instead, he said that contractors willing to take up the task of finishing them were enticed with rewards.

“It is called social engineering. There may be a bit of available land which we will offer to a contractor.

“We tell them to finish this project and we will give it to them,” he said.

As an example, Chor said that contractors who finished incomplete houses in partially-finished schemes could also keep them.

“Through this method, the Government doesn't need to spend,” he said.

Repeating a Budget 2013 announcement, Chor said the Government was well on its way to build 45 people's housing programme schemes across the country.

Chor said that a high-rise PPR scheme had been outlined in Alor Setar, while areas such as Mukim Naga (Kubang Pasu) and Jerlun would receive landed properties.

Meanwhile, Chor said that it was difficult for Malaysia to have a Housing Development Board scheme like Singapore.

He said this was because Malaysia had to deal with both a state and federal government, unlike its southern neighbour. - The Star

Seberang Prai is expected to be the next big thing in the north

Affordable: Tan showing the model of Amandra gated community three-storey semi-detached model at the company showroom in Alma, Bukit Mertajam.

TWO major development projects with an approximate gross development value (GDV) of RM2.6bil will set a new benchmark for modern lifestyle schemes and their pricing in Seberang Prai next year.

DNP Land Sdn Bhd, a subsidiary of Wing Tai Malaysia Bhd, and the Penang-based Tambun Indah Land Bhd are the two developers with plans to develop high-value mixed-development projects, normally found on the island, in Central and South Seberang Prai.

Seberang Prai is able to attract such investments because of the availability of large plots of land for development that are attractively priced.

“In Seberang Prai, the average price per sq ft for prime development land is around RM40 to RM50, which is roughly 20% more than two years ago.

“Wheras on the island, the present price is RM120 to RM150 per sq ft.

“The size of the land and the lower pricing allow developers to maximise land usage to introduce innovative concepts and themes for their projects and price them competitively against those high-end projects on the island, which are priced 50% higher,” Henry Butcher (Seberang Prai) associate director Fook Tone Huat said.

Since 2010, property prices in Seberang Prai have appreciated because of the second bridge that is being constructed to connect Batu Maung and Batu Kawan and also because of foreign direct investments pledged to Penang.

Bosch Solar Energy, Bose, Aviation, Philip Lumileds, B Braun, Western Digital and AMD are some of the multi-national corporations that have announced investments in Penang since 2010.

“These new investments will generate more executive-level jobs, increasing the demand for housing in Seberang Prai, where property prices are not as high as on the island,” Fook said.

DNP Land plans in the first half of 2013 to launch the RM1bil BM Impiana township in Alma, Bukit Mertajam in Central Seberang Prai, which has a fast growing population.

Condos: An artist’s impression of the 38-storey RM100mil Palma Laguna Water Park Condo, touted as the tallest building in the mainland.

The project comprises over 900 units of landed residential properties, 360 condominiums, and 100 commercial lots on 200-acres of land.

DNP Land (North) general manager K. C. Tan said BM Impiana would be launched in progressive stages over a five-year period.

DNP is kicking off with the launch of the RM70mil Sentinelle Ville and the RM120mil second phase of Jesselton Hills on 150-acre in the first half of 2013.

The Sentinelle Ville is a gated project situated within the prestigious neighbourhood of BM Utama, comprising 66 units of three-storey semi-detached homes.

It comes with four-tier security and a clubhouse that has a gymnasium, lounge, function hall and roof top garden.

“BM Utama is a well-known residential district in Alma, similar to that of Pulau Tikus on the island.

“The Jesselton Hills is a guarded project comprising 198 double-storey super-linked homes. These linked homes, with over 2,400sq ft of built-up area, are as big as semi-detached houses.

“Normally a conventional linked house will have about 1,600sq ft of built-up area.

“Jesselton Hills is designed to provide a five-star living experience, as residents will get to enjoy the thematic landscaped parks, man-made lake garden, jogging tracks, community hall and a clubhouse with roof-top garden,” he said.

Pricing for the three-storey semi-detached houses is expected to start from RM1mil onwards, while the super-linked homes are priced from RM578,000 onwards.

Tan said the future launches for BM Impiana township would include plazas, hotels, luxurious service suites, high-end condominiums, bungalow homes, semi-detached and super-linked houses.

“The existing Tesco hypermarket in Alma and the upcoming Aeon Jusco department store cum supermarket in the same area will further accelerate the property value and economic activities in Alma,” he said.

“The lower land cost in Seberang Prai allow us to develop high-value properties that are about 50% lower than those properties of similar range on the island.

“As the land available for development in Seberang Prai is larger, we can provide better layout planning, landscaping and introduce innovative concepts for housing projects, maximising the usage of the space available,” he said.

Tambun Indah Land Bhd will start the final phase of the RM1.64bil Pearl City project, which comprises the RM640mil Pearl City Business Park and over 5,000 gated and guarded residential properties on 583-acre site in Simpang Ampat.

“The residential component that we will launch in the first half of 2013 is the Pearl Residence, comprising 2,085 double-storey terraced, semi-detached and bungalow houses scheduled for completion in 2015 and 2016.

“These Pearl Residence homes will be launched in 2013 and 2014.

“We will be kicking off with the launch of over 400 homes in the first half of 2013,” Teh said.

The Pearl Residence properties to be launched next year will be priced around RM368,000 and RM568,000 respectively for double-storey terraced and double-storey semi-detached units.

The clubhouse will be equipped with the biggest infinity swimming pool in Simpang Ampat.

“The remaining 3,000 units of Pearl City residential properties will be launched progressively from 2014, with the year 2020 as the targeted completion date,” he said.

The Pearl City Business Park, to be located on 107acre site in Simpang Ampat, is the biggest commercial centre in the northern region.

Phase one of the business park comprises a tenant-mixed control leisure mall with food and beverage and retail outlets, a karaoke and a cineplex.

“Phase one will also feature a RM140mil commercial project with 188 commercial lots, which will start construction in mid-2013, and an international school,” says Tambun Indah managing director K.S. Teh.

The Straits International School and the leisure mall are scheduled to start construction respectively in the first and second quarter of 2013.

“The Straits International School, which follows the Cambridge curriculum, is scheduled to have its first intake in January 2014,” says Teh.

Phase one is scheduled for completion in 2016.

The group is now planning for phase two of the business park which will include a hypermarket, medical and wellness centres, and a furniture village.

The Pearl City Business Park is located close to the second bridge, North South Expressway, and the double-tracking railway, connecting Padang Besar and Ipoh.

There are 12 established and growing industrial parks within a 15km radius of Pearl City Business Centre, providing support for the project.

The Prai Industrial Estate, Penang Science Park, Bukit Minyak Industrial Estate, Bukit Tengah Industrial Estate and Batu Kawan Industrial Park are among the well-known industrial estates.

“Seberang Prai will attract new home seekers who are looking for a quality lifestyle with pricing within their income range,” Teh adds.

Meanwhile, Fook said the total volume and value of property transactions in Seberang Perai recorded a significant decline in the first quarter of 2012 after an overwhelming performance in the previous quarter.

“According to the National Property Information Centre (NAPIC) for the first quarter 2012, the total volume of property transactions for Seberang Perai hit its peak at 8,807 transactions in the fourth quarter 2011, but declined to 3,893 transactions in first quarter 2012, a drastic drop of 126%, while the total value of transactions dipped by 110% from RM2.12b to RM1.01b within the same period.

“This was due to the global economic crisis, the uncertainty regarding the coming General Election and the new guidelines for loans to be based on net income.

“Property prices, however, still remain at the previous quarter’s level without any significant sign of declining. Sales response of residential or commercial projects in certain popular areas still recorded strong performance, despite tougher bank loan regulations,” he said.

Fook said property prices in Central Seberang Prai have appreciated by 20% since 2010.

“In prime locations of Seberang Prai, a semi-detached house is priced at about RM750,000. A terraced house in similar locations is now priced at about RM400,000 compared to about RM330,000 two years ago. A bungalow has a price tag of RM1mil now, about 20% more than two years ago,” he said.

The value of commercial properties in Seberang Prai has also appreciated by about 20% from 2010, Fook added.

“A three-storey shoplot in a business park in Bukit Mertajam is now priced at RM700,000, approximately 20% more than in 2010.

“People are buying properties on the mainland for investment, as the second bridge is scheduled to be completed soon. More funds are coming into the industrial park south of Seberang Prai,” he says.

On the secondary property market, Fook said the sub-sale prices of landed property in the prime locations of Seberang Prai are expected to increase by 5% to 10% this year.

“This is because of strong demand for landed property in the secondary market.

“In the secondary market, a terraced property in prime locations such as Bukit Mertajam, Simpang Ampat and Jalan Raja Uda is now priced around RM385,000, about 10% higher than a year ago but relatively reasonable and attractive, compared to a new terraced property which is now priced over RM400,000,” Fook said.

The stricter conditions of bank lending, a weak global economy and a higher pricing of new landed property would see transactions in Seberang Prai rising only slightly in 2012 over 2011.

“However, we expect more property transactions in the sub-sales market due to the attractive prices,” he said.

He added that last year, there were about 18,000 transactions of new and old properties in Seberang Prai.

“About 50% of the transactions were for new properties, while the sub-sales comprised about 30%,” he said.

Fook said that in general, the Seberang Prai property market for 2012 would be challenging in view of the uncertainty in the global economy and the new set of financing ruling imposed by Bank Negara.

“The take-up rate for those high-end categories is expected to gradually slow down but for those in the medium categories, the sales rate should still maintain,” he said.

However, prices would still be on the upward trend for landed houses priced below RM500,000 and for development land in the prime areas, but the rate would be at a slower pace.

“For those high-end property, prices are expected to be flat. Nevertheless, property prices are not expected to decline in view of the relatively resilient domestic economy and the long-term impact from the new economic transformation programmes,” he said. - The Star

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非政府组织：地方大蓝图未出炉前 勿批准高密度发展

（槟城18日讯）非政府组织强调，不是反对高密度发展，只是在地方大蓝图未出炉前若没良好规划，必会加剧槟岛交通阻塞问题。
马来西亚房地产商公会槟城分会主席拿督陈福星周一开记者会表示，非政府组织及居民因发展密度问题反对公寓计划，导致迄今有15个总值逾10亿令吉的工程遇阻，间接影响发展商供应市场20万至40万令吉的可负担房子。
集合多个非政府组织的“槟城论坛”（Penang forum）代表阿涅尼托受访时指出，非政府组织并非反对高密度发展，只是槟岛地方发展大蓝图报告出炉前，不应批准高密度发展，加剧交通阻塞问题。
“槟岛地方发展大蓝图报告在2008年完成，经过公开展示、聆听等程序，但迄今都还没批准或出炉，在此前为何40层楼高的建筑可以批准？” - 光华

REHDA: Penang’s property sector to remain bullish

Chan said the growth for this year is expected to be between five and 10 per cent, slightly lower than last year. – Picture by Opaly Mok

GEORGE TOWN, Dec 17 – Penang’s property sector is expected to remain bullish next year despite a slight slowdown due to uncertainty of the country’s political situation.

The strong property sector in Penang experienced a growth rate of between five to 15 per cent last year and is expected to remain consistent next year, said state Real Estate and Housing Developers’ Association (REHDA) chairman Datuk Jerry Chan.

“The growth for this year is expected to be between five and 10 per cent, slightly lower than last year,” said Chan.

As for next year, while projections remained positive to be between five and 10 per cent, Chan said transactions may remain stagnant as the business community are more cautious while waiting for the general elections to be held.

“People will be more cautious until after the general elections so we will not know how the outlook will be for next year.”

However, property prices are expected to remain high or continue to increase according to market demands.

“We expect a steady appreciation of property values as Penang still has all the ingredients for a strong property sector,” he said.

However, the commercial sector are lagging behind the residential sector in the industry.

“The transactions for commercial properties did not move a lot while transactions for residential properties are going up steadily,” Chan told a press conference today.

The property industry in Penang has always experienced robust growth throughout the years where prices continue to climb.

According to national committee member of Fiabci (The International Real Estate Federation) Malaysia, Michael Geh, new launches in prime locations are being snapped up making it one of the strongest moving segment of the industry.

Last year, the industry saw a total 39,415 transactions, an increase as compared to 25,986 transactions in 2010.

According to Chan, the industry so far recorded only 24,203 transactions as of the third quarter of this year and it is not expected to reach the high transactions of last year.

However, the lower transactions does not equate to lower value as the value of property transactions continue to increase.

In 2009, a total RM6.5 billion worth of property transactions took place and this increased to RM13.1 billion last year.

As at the third quarter of this year, a total RM9.4 billion worth of property transactions were recorded.

These property transactions include residential, commercial, industrial, agriculture and other development projects.

Property prices in the state have increased between 40 and 60 per cent since 2009, Chan said.

One of the factors driving such strong prices in the property industry are the ever increasing land and construction costs.

Chan said cost of land has more than doubled and increasing far ahead of the selling prices of properties.

Geh also agreed that the asking prices for land are now at a record high.

“Constructions costs have also went up and on top of that, developers will have to also bear the costs of building low cost and low medium cost units for every project we build,” Chan said.

He said the increasing costs of land, construction and the requirement for developers to build low cost and low medium units have also indirectly contributed to the increase in property prices in the state.

“We have to set higher prices to cover the costs and also to subsidise the construction of the low cost and low medium cost units, the pricing of which had not been revised in the last decade,” he said.

Chan also admitted that the free market forces of supply and demand plays a role in driving the prices of property in the state up which is a major concern amongst Penangites.

The escalating prices of housing in the state have resulted in calls for more affordable housing and a rising concern that the middle income group will not be able to afford a home.

According to Geh, another factor that is driving the prices of property is ‘property flipping’ or speculative activities.

He had pointed out that some property developers have been selling RM300,000 units in bulk to speculators who will then sell it at a higher price, perhaps RM100,000 more, to genuine house buyers to make a fast profit.

Chan admitted that there were some developers who are selling units in bulk to investors and property speculators.

“But many developers are now realising that they have a responsibility to give preference to first time house buyers and those looking to upgrade their homes from low-medium cost flats to apartments instead of selling units that are priced between RM200,000 and RM400,000 in bulk to speculators,” he said.

He added that development in Penang is inevitable as it drives the state’s economy which brings about higher demand for properties.

“Higher demand equals to higher prices but rental rates are still affordable so if they can’t afford to buy a property here, then they can still rent a place to stay,” he said. - The Malaysian Insider