Archive for the ‘Property News’ Category

Malaysian developers win 4 top Fiabci awards

May 21st, 2011 No comments

KUALA LUMPUR: Malaysian developers have won four top places out of the 14 categories contested in the Fiabci International Prix d’ Excellence Award 2011 with another three being runners-up, making this year’s outing the most lucrative.

The winners, from nine countries namely the United States, China, India, Malaysia, Brazil, Russia, Hungary, Singapore and Cyprus, were announced in a gala event held in Cyprus on Thursday night.

The Malaysian developers who picked up the four awards were SP Setia Bhd, Gloharta Malaysia Sdn Bhd, Sunway Pyramid Sdn Bhd and The Western Langkawi Resort & Spa.

SP Setia won the award for Precint 3 Setia Eco Park in the low-rise development category, Gloharta’s Bunga Raya Island Resort and Spa in Kota Kinabalu was the winner in the resort development category and Sunway Pyramid’s mall expansion was top in the retail development category.

The other winner was The Westin Langkawi Resort & Spa.

The runners-up were MMC-Gamuda Joint Venture Sdn Bhd’s Kuala Lumpur Smart Tunnel, Coronation Springs Sdn Bhd’s Springtide Residences in Tanjung Bungah, Penang, and Cahaya Jauhar Sdn Bhd’s Kota Iskandar (Phase 1) in Nusajaya, Johor. About 60 projects were submitted for the international award.

International Real Estate Federation (Fiabci) Malaysia president Yeow Thit Sang said this was an indication that our standards had gone up.

“For those who won, their victory is a marketing tool for them. It is a recognition of the holistic nature of their respective development and how it benefits the community it is intended for. They have won because they have met the criteria,” he said.

The successful outing, he added, was significant as it showed that the Malaysian property sector was evolving with new products and new concepts entering the market.

Setia Eco Park spans 790 acres of freehold land in Shah Alam of which 25% of the land has been set aside for lakes, gardens and walkways. It has extensive facilities like tennis courts, swimming pools, badminton and squash courts.

The award marked the SP Setia group as the only Malaysian developer to be recognised three times as a winner at the global level by Fiabci.

It was the second Prix d’Excellence Award for Setia Eco Park following its 2007 win in the Master Plan category.

“We are extremely proud of this achievement and recognition given by an international world body like Fiabci. As the country’s No. 1 property developer, we hold our heads high as we carry the Malaysian flag abroad,” said SP Setia group president and chief executive officer Tan Sri Liew Kee Sin.

SOURCE: The Star

Categories: Property News Tags:

Property remains hot investment instrument

May 21st, 2011 No comments

When it comes to what is the best investment instrument to leverage one’s savings on, invariably the subject on property will crop up. So, is it a wonder why the property market is so hot?

Rightly or wrongly so, more Malaysians and investors from around the world believe that investing in property is a better investment choice than others, and are putting more of their “eggs” in the property basket.

Although property investment is not a fool-proof investment, it has been seen many times over that one cannot go seriously wrong with property, unless its location is really poor – for example, it is inaccessible or the project is abandoned before its completion.

Compared with other big ticket items like automobiles which usually depreciate in value the moment the vehicle is driven out of the showroom, property is one of the more reliable in terms of investment return.

Most of the time, even average property developments have the potential to enjoy some form of capital appreciation and steady income streams (if they are leased out to good tenants).

The lack of other more reliable investment alternatives, given the volatile nature of the stock market and prevailing low savings rates, has certainly given an added edge to property investment.

Although Bank Negara has raised the overnight policy rate (OPR) a number of times since the onset of the global financial crisis, borrowing rates are still one of the lowest in recent times.

The easy (competitive or affordable) housing packages or financing schemes also make buying property a viable proposition. After a downpayment of 5% or 10%, a buyer need not make any more payment until the property is completed and this could be two or three years down the road. The delivery period for landed housing units is two years, while high-rise and commercial projects take three years.

To ease the heat in the market, it looks like it is timely to put a stop to these easy housing schemes, since the First Home Scheme (FHS) to promote home ownership among first time house buyers will take care of the needs of the critical group – those who have yet to buy their first home. Moreover, the purpose of the easy housing schemes promoted by the developers was to boost property buying as there was a sudden pullback among buyers when the global financial crisis first broke out in 2008. But, since early 2009, property sales and prices have surpassed the levels recorded before the crisis.

If the easy home ownership schemes are allowed to continue, they will dilute the effect of Bank Negara’s move in raising OPR to arrest speculative property buying and overheating in the market.

In fact, it has been found that persistent speculators are still undeterred by the imposition of the loan to value ratio of 70% for third mortgage borrowers. To circumvent this new ruling, some borrowers have resorted to using the names of their spouse or other family members when applying for loans.

For the FHS to be effective in promoting home ownership among first time buyers, the scheme needs to be fine-tuned with more workable guidelines.

Under the scheme, those earning RM3,000 or less could obtain 100% financing if they buy houses priced between RM100,000 and RM200,000, and the repayment period is stretched up to 30 years.

However, in the Klang Valley and Penang (especially), the land alone usually constitutes 20% to 25% of the cost of the property, and so it is important that the land for the FHS be provided by the Government.

If developers do not have to fork out a hefty sum for the land, they will be able to spend on better quality building materials, and the result will be better quality projects.

It is a well known fact that house prices, especially landed property, have increased beyond the RM200,000 mark.

To ensure homes built under the FHS will not turn into urban slums like many of the low-cost housing schemes in our vicinity, it is sensible to raise the prices of these homes to at least RM300,000.

We cannot assume that all first time buyers do not mind staying in high-rise dwellings, and so it is better to offer them the choice of landed property as well. Those who sign up for landed schemes should be prepared to pay a higher price.

It is necessary to draw up clear and specific guidelines for developers who are involved in the FHS to ensure they give due emphasis on quality in their projects and that includes location. Notably, many unsold housing units are those built in unfavourable and inaccessible areas.

SOURCE: The Star

Categories: Property News Tags:

Malton plans RM2.2b launches over next 3 years

May 21st, 2011 No comments

PETALING JAYA: Malton Bhd plans to launch eight property development projects worth some RM2.2 billion over the next three years, as well as beef up its construction division.

Executive director Hong Lay Chuan said Malton's construction unit has about RM200 million-odd worth of jobs in hand and that the division currently contributes some 30 per cent to group revenue.

Hong told reporters after the company's shareholder meeting here yesterday that Malton is bidding for design and build projects from the private sector.

He did not rule out tendering for government projects, especially those that come under the Economic Transformation Programme.

"We are bullish on both sectors and hope to do better this year. We do anticipate high cost in land and raw materials but if market sentiments hold up, we should do okay," he said.

For the nine months to March 31 2011, Malton's net profit increased threefold to RM45.7 million on a revenue of RM294.5 million.

On property development business, Hong said Malton foresees the market to be strong this year as demand for new houses is increasing.

Malton's eight new projects comprise medium to high-end residential and mixed property developments, the majority of which are located in the Klang Valley and some in Penang.

Hong said Malton is poised to benefit from the new launches, based on the success of its existing projects in the marketplace since mid-2010.

Malton has five on-going residential and mixed development projects worth some RM1 billion in the Klang Valley.

Hong said the projects in Bukit Rimau and Mutiara Indah in Puchong, which consist of 101 units of shop units and terraced houses respectively, were sold out even before the launch.

"We are looking for landbank to expand our property development division hence the need to raise funds," he said.

Yesterday, shareholders approved Malton's plan for a rights issue to raise between RM139.3 million and RM156.6 million.

Malton will use part of the money to buy land and undertake property development projects. Some RM60 million will be used to pare debt.

SOURCE: Business Times

Categories: Property News Tags:

Mahsuri Hotel & Condominium

May 19th, 2011 6 comments

Mahsuri Hotel & Condominium, an upcoming mixed development of a 24-storey hotel with 260 rooms & a banquet facilities for 800 seatings, 10 units 25” width 3 storey shops & a block of 23-storey luxurious condominium on a 3 acre site next to “The One” project in Bayan Baru, Penang.

Property Project : Mahsuri Hotel & Condominium
Location : Bayan Baru, Penang
Property Type : Hotel & Condominium
Units: 10 units (Shoplots), 91 units (Condo)
Land Tenure: Freehold
Developer : Harta Intan
Contact No.: 04-228 2163

Categories: Bayan Baru, Property News Tags:

Sri Cempa Apartment

May 19th, 2011 61 comments

Sri Cempa Apartment, strategically located next to SK Bagan Tuan Kechil along Jalan Mengkuang in Raja Uda, Butterworth. Each unit has a built-up area of about 967 sq.ft.

Property Project : Sri Cempa Apartment
Location : Raja Uda, Butterworth, Penang
Property Type : Apartment
Total Units: 88
Tenure : Freehold
Indicative Price: RM150,000 onwards
Developer : Harta Intan
Contact No.: 04-228 2163

Categories: Property News, Raja Uda Tags:

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