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Applications for MyDeposit 2018 opens today

December 15th, 2017 1 comment

MyDeposit-logoThe applications for the First House Deposit Financing Scheme or MyDeposit for next year will be opened from tomorrow (Dec 15) until Feb 15, 2018.

Deputy Urban Wellbeing, Housing and Local Government Minister Datuk Halimah Mohamed Sadique said the public could register online at https://sprn.kpkt.gov.my.

“At the tabling of the 2018 Budget, Prime Minister Datuk Seri Najib Abdul Razak agreed to continue the MyDeposit scheme with an allocation of RM25 million,” she said when replying to a question from Senator Datuk Abidullah Salleh on the amount of aid channelled through the MyDeposit scheme and the number of recipients to date, at the Dewan Negara sitting today.

Since it was opened from April 7, 2016 until last October, 1,469 applications were approved with a payment amounting to more than RM39 million.

The MyDeposit scheme is aimed at helping the middle income group to buy their first home under private housing projects which did not get any subsidy.

Source: Bernama

What is MyDeposit Scheme?

First Home Deposit Scheme (MyDeposit) is a special product that was introduced by the Government to help the middle income group to own their dream home. The government has announced the allocation of RM200 million as a contribution to the deposit for the purchase of a first home per household.

In line with the National Housing Policy’s objectives to increase the people’s ability to buy their own house, MyDeposit Scheme was launched by the Government through the Ministry of Housing and Local Government.

If you are buying a new house below RM500,000 and your gross income is not more than RM10,000, then you are eligible to apply for MyDeposit Scheme. Successful recipients will receive a 10 per cent down payment of the house price or a maximum of RM30,000 for properties below RM500,000.

FIND OUT MORE ABOUT MYDEPOSIT SCHEME

 

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George Town among cheapest cities for expats in Asia

December 15th, 2017 1 comment

20161207_PLA_PENANG _PHOTO BY SAM FONG

George Town in Penang and Johor Bahru in Johor were identified as some of the cheapest locations for expatriates in Asia, according to research by ECA International.

The two cities join Mongolia’s capital Ulaanbaatar, Yangon (Myanmar) and Karachi (Pakistan) as some of the region’s most affordable cities.

Meanwhile, Kuala Lumpur is ranked 213th out of 262 cities in the global rankings.

ECA International carries out two cost-of-living surveys annually to help companies calculate the cost of living allowances.

“This highlights the curiosity of managing the movement of people in Asia for many companies and their HR departments. Asia is home to some of the world’s most expensive locations as well it’s cheapest.

“This level of variety is only matched in Africa which is home to both the world’s most expensive location and it’s cheapest,” said ECA International regional director for Asia Lee Quane in a statement.

Meanwhile, for the first time since 2014, Singapore is ranked 21st – dropping out of the top 20 most expensive cities in the world for expatriates.

The findings of the research showed that the Lion City fell by five places since 2016, having been overtaken in the rankings by cities such as Tel Aviv (Israel) and Copenhagen (Denmark).

“European currencies have performed very strongly over the past 12 months, outpacing many other currencies in the world – including the Singapore dollar.

“This has resulted in Singapore slipping down the rankings slightly, with some of the more expensive European cities rising above it on the table,” added Quane.

Having said that, Asian cities still dominate the global rankings, with over half of the top 50 most expensive locations surveyed this year located in Asia, with 14 Chinese cities alone making up the 26 Asian cities in the top 50.

In Japan, Tokyo gave up its global top spot, falling to eighth place.

Despite this, Tokyo remains the most expensive location for expatriates in the Asia-Pacific region. Other Japanese cities have performed similarly — with Yokohama, Nagoya and Osaka all dropping out of the top 10.

“Japanese cities have dropped in the rankings as the yen has weakened in the last year. However, with four cities in the global top 20, Japan is still an expensive place for expatriates,” added Quane.

Hong Kong is once again one of the top 10 most expensive locations in the world for expatriates, ranking ninth out of the 262 cities in ECA International’s ranking.

On the global rankings, Luanda (Angola) tops the list. It has been among the top five most expensive cities since 2012.

“The cost of goods typically purchased by international assignees in Luanda, which was already high due to poor infrastructure and significant oil-fuelled demand, continues to be pushed even higher.

“The Angolan kwanza is increasingly overvalued, which pushes up relative costs; while the ongoing weakness of the black-market exchange rate has also inflated the price of imported goods,” said Quane.

Khartoum, Sudan, is up to second place in the global rankings and has risen by 224 places in just five years, as currency shortages and rising prices continue to impact the African nation.

Central London has slipped down the rankings and is now the 139th most expensive location for expats, down 36 places on the 2016 survey and falling 78 places in five years.

Other UK cities have shown the same trend, with the next most expensive cities, Edinburgh and Manchester, dropping to 163rd and 173rd, respectively.

Source: EdgeProp.my

 

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No bubble in property sector

December 8th, 2017 6 comments

Some global property markets are overheated at the moment, but Malaysia certainly is not in the bubble territory.

In those markets that are overheated, home prices are rising faster than salaries amid slow demand. There is also rising interest rates, and shaky loans become the norm.

These are probably the signs to watch out for. Despite all the negativity about the Malaysian property market, it is still safe.

penang-market-view

Aerial view of Seri Tanjung Pinang

 

According to Zerin Properties founder Previndran Singhe, Bank Negara Malaysia’s early intervention to remove the developers interest bearing scheme has stabilised the market.

“I don’t think the local real estate market will crash, or there is any kind of bubble. We have not experienced the typical run-up to a bubble, which is exuberance, high price increase, demand outstripping supply and banks taking huge risks in mortgages.

“Yes, unsold units have increased. Developers need to restrategise, where either the price or product will have to change,” Previndran told NST Property.

He said although launches in the first half of this year have been slow, they are expected to pick up.

He opined that other than a drop in stamp duty and interest rates, proper communication of government policies and the impact on the market are required to boost the sector.

“We expect next year to be better as the positive economic growth this year will be felt next year. Also as a benchmark, we always lag six months to a year from Singapore, and the Singapore market has started to improve,” he said.

Still a buyers’ market

Malaysian Institute of Estate Agents past president Siva Shanker said the real estate market will continue to have mixed demand.

“I think the segment that will suffer the most in the next two years are properties in the RM500,000 to RM1 million range. Anything above RM1 million would still do well as there is less competition in that price segment. Properties below RM500,000 won’t have a problem as the market is huge.

“What will carry all these projects through is the developer’s branding, location and the quality of the properties.”

Shanker also expects the secondary market to do better because it is not speculative.

He said people buy properties in the secondary market for their own use or for their children.

“When there is no speculation in a sector, there is no adrenaline rush. Of course, the secondary market doesn’t have the look and feel of the primary market, but price-wise it is 40 per cent cheaper than new launches.”

PropertyGuru Malaysia country manager Sheldon Fernandez said unaffordability is still a major issue among many potential buyers who are dissatisfied with prices.

According to the PropertyGuru Market Index, which tracks the asking prices of homes in Malaysia, prices of residential homes on the whole remain stable, with a 0.2 per cent decrease from the second quarter to the third quarter of this year.

On a year-on-year comparison (third quarter of last year to third quarter of this year), asking prices continue to show a drop of 2.3 per cent.

Fernandez said there are many Malaysians who wish to transact within this year.

However, although the current market is in a stable condition and developers are providing incentives, they feel that properties are still overpriced.

Source: NST Online

 

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Discover Balik Pulau

December 7th, 2017 Comments off

my-balik-pulauGM Training Academy will be organizing “Discover Balik Pulau”, a holiday event at Botanica Mansion on 16th December 2017.

Event highlights:

  • Discover Balik Pulau Tour
  • Balik Pulau talk by Miichael Yeoh
  • Botanica Mansion heritage tour
  • Kids Coloring contest (Please bring you own coloring set)
  • Goats Farm
  • and many more

At Discover Balik Pulau tour, you will go through the history of Balik Pulau ,attractions, the upcoming development and also projects showcase.

* For Discover Balik Pulau tour please be there by 10.30am. The tour will take approximately 2 hours.

Click here to register for the event

After lunch, Miichael will be talking on “The future of Balik Pulau”. Facts and findings will be revealed on the day itself.

Balik Pulau because this is the only place where you can experience “live,learn,work,play,hill and farm” at the same time. Yes, you can experience paddy field, goat farming, rabbits, fishing village, Balik Pulau Food and many more.

Date: 16th December 2017

Venue:
Botanica Mansion,
Jalan Sungai Air putih,
Balik Pulau, Penang

Time: 10am – 6pm

[Sponsored Ad]

 

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Penang has its own unique demand, pricing and prospects

December 5th, 2017 2 comments

penang-housing-1Penang-based property developer Asas Dunia Bhd said the Government’s blanket freeze on properties worth RM1mil and above is not the solution to the rising unsold properties in the country.

Its managing director Datuk Jerry Chan said: “A blanket freeze is not practical as each location, either within a city or state, has its own unique demand, pricing and prospects.”

Chan, who is also the immediate past chairman for the Penang branch of the Real Estate and Housing Developers’ Association (Rehda) said instead of a blanket freeze, a study needed be done to determine what type of properties remain unsold and for how long.

“Track the numbers closely as to where they are located, their price points and why there is no demand for them,” he said. “This is a more positive move than a blanket freeze,” he said.

Chan was commenting on the federal government’s move to freeze luxurious property developments announced in late November by Second Finance Minister Datuk Seri Johari Abdul Ghani as a result of a decade-high of unsold properties in the country and the oversupply of office and shopping mall space.

The move followed a Bank Negara report on the glut of unsold real estate in the country. The unsold and unutilised properties include high-rise residentials, mall and office space.

Bank Negara said up to 130,690 units of residentials were unsold in the country as at the first half of 2017, close to double the historical average of 72,239 units a year between 2004 and 2016.

These unsold properties included units which are completed but unsold, technically known as an overhang, as well as units which are unsold during construction and small offices/home offices which are built on commercial land but with a housing element to them.

The figure of 130,690 varied markedly from the National Property Information Centre’s overhang of 20,876 units, a rise of 41% from 14,792 as at the end of 2016.

Another Penang-based developer Ideal Property Development Sdn Bhd said the federal government should allow market forces to decide.

Its executive chairman Tan Sri Alex Ooi told StarBiz that there were a number of such projects planned on reclaimed land strategically located on the island.

“With the freeze, these developers would not be able to pursue their business plans to sell to overseas investors.

“However, they would still have to service the bank loans for their land bank. So the move would hit hard at them and the overall construction industry,” Ooi said.

Ooi said if developers felt they could successfully market their high-end products to overseas investors, they should be allowed to take the risk (of building units priced RM1mil and above).

“However, we fully support the move to freeze the development of new shopping malls and office buildings,” Ooi added.

Eastern & Oriental Berhad (E&O) managing director Kok Tuck Cheong said the group was waiting further clarity on the matter.

“We would like to reiterate that E&O remains invested in the communities it operates in. As a responsible developer, we will continue to ensure that our offerings cater to the cross-section of society,” he said.

Property consultancy Raine & Horne (Malaysia) senior partner Michael Geh said the freeze on residentials priced RM1mil and above would impact Penang significantly, as there are many high-end projects planned on the island that falls under that segment.

“There are also some new projects priced above RM1mil being planned in Batu Kawan,” he said.

There are developers who are unaffected by the RM1mil freeze as they have moved into the affordable segment range, Mah Sing Group being one of them.

Its senior chief operating officer Seth Lim said the new ruling would not affect its recent launch in Southbay, which is M Vista, priced from RM345,800 onwards.

“Southbay’s overall masterplan has already been approved.

“Nevertheless, we conduct market studies before we launch any new projects in order to ensure that we are meeting market demand,” Lim added.

Penang Master Builders & Building Materials Dealers Association’s (PMBBMDA) immediate past president Datuk Lim Kai Seng said construction jobs for high-end residential properties made up about 20% of total contracts given out to members in Penang.

“Most of our members are involved in the affordable and medium-pricing projects, those priced between RM250,000 and RM750,000,” he said.

As for malls and office space, he said there are “very few” shopping mall and office projects in Penang nowadays.

Currently, as a result of the shortage of new projects, the cost of construction dropped slightly by about 5%.

“The new measure would cut the supply of new high-end projects into the market and reduce further the cost of construction,” he added.

Source: TheStar.com.my

 

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