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A good look at prime properties in Penang

June 7th, 2013 4 comments

SP Setia Bhd Group’s annual ‘Setia 4U Showcase’ is back at Gurney Plaza, Penang.

The four-day exhibition, at the mall’s atrium, opened yesterday and will be on from 10am to 10pm daily until Sunday.

Visitors and investors flocked to the expo to find out more about the developer’s prime projects in the northern, central and southern regions of the country, as well as those in Singapore, United Kingdom and Australia.

SP Setia North general manager Khoo Teck Chong said the property featured at the roadshow focused on the developer’s top Penang projects, including the luxurious V Residences condominiums on Gurney Drive and Sky Vista in Relau.

He said SP Setia roadshows offered the best deals and easy ownership packages for its projects.

He said more than 50% of the V Residences Tower A units had been sold while Tower B would be launched soon.

“Tower B comprises units measuring between 1,300 and 1,800 sq ft. They have both city and shoreline view options.

“At less than RM2mil (per unit), the units are for those who want to live on Gurney Drive but do not require a big space,” Khoo said at the opening of the showcase.

He said the project, to be completed by 2016, had attracted both local and foreign purchasers.

Sky Vista, a mid-range condominium, with units priced between RM500 and RM600 per sq ft, comprises two blocks totalling 426 units and separated by a sky bridge.

“There are 10 units per floor with a built-up area of between 900 and 1,500 sq ft. Sky Vista are premium homes sold at mid-range prices.

“We took into account that when people move in, they will want things like air conditioning and water heaters already in place so that there’s no need to re-do the piping layout,” Khoo said.

Slated for launching in October and November respectively, V Residences’ Tower B and Sky Vista are both open for registration and will be ready in three years. Both are freehold projects.

The roadshow will move to Johor next where it will be held on July 5 to 7 and after that to the Klang Valley (Aug 16-17).

Source: StarProperty.my

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Do you need a lawyer for your property transaction?

June 6th, 2013 No comments

The short answer is: No, you don’t need a lawyer when you do a property transaction.

Everything about conveyancing is spelt out in the National Land Code 1965, Stamp Act 1949, Housing Development (Control and Licensing) Act 1966, Strata Titles Act 1985, Banking and Financial Institutions Act 1989, and a few other statutes related to buying and selling of properties. Let us not forget Contract Act 1950, lest you will not be able to draft a proper Sale & Purchase Agreement for the transaction of a property in the secondary market.

There are also those who make a living by doing all the work a conveyancing lawyer does. In some parts of Malaysia, not even that far off from the Klang Valley, I know of these runners. They make a living out of helping people to register their registration documents at the land office. All for a fee, of course. They even have a Bahasa Malaysia term for this service which is called potong nama (canceling of names).

These runners charge way below the market price unlike lawyers who are bound by the Legal Profession Act 1974 when it comes to such conveyancing matters. Conveyancing lawyers are also subject to a set of fees they cannot divert from when they charge their clients.

I have helped a few of my clients who hired these so-called runners but later found problems in the matter they have entrusted these runners with however.

You can also get some help understanding the laws involved by checking out my books 40 Questions You Should Ask Your Lawyer Before Buying A Residential Property in Malaysiaand 40 More Questions You Should Ask Your Lawyer Before Buying A Residential Property in Malaysia.

I have been told that my books have revealed secrets held for so long by lawyers. A friend, who is a lawyer, told me about one of his clients who brought my book to him and used it as a reference to counter what my lawyer friend had advised.

Unluckily for the client, my lawyer friend was one of the persons who gave a testimonial for my book. The client finally agreed to take my friend’s advice as he was impressed with my lawyer friend as someone who gave a testimony for one of my books.

The point here is anyone can learn how to do conveyancing on his or her own. You need the basic knowledge and voila! You are set to fill up forms, file them, pay up the requisite fees and make sure everything is in order.

Unlike runners, however, lawyers endeavour to ensure you have the best protection under the law in your transaction. A lawyer needs to weigh all the worst case scenarios when he is advising a client.

A lawyer has to understand and justify each clause of the agreement so that they will not be questioned in a court of law. This is true even for the so-called ‘standard’ Sale & Purchase Agreement found in the schedules of Housing Development (Control and Licensing) Act 1966.
To compare, in an internet world full with knowledge and knowhow, people still need a doctor when it comes to treating a disease. There are self-appointed armchair doctors who try to diagnose and treat their own maladies. Some may find that this method works and some may not be so lucky. Some will finally acknowledge they need a real doctor in treating their ailments.

There is no hard science in drafting sale & purchase agreements or performing the tasks set out by these agreements as terms and conditions in it are not empirical in nature.

Clients are also protected by indemnity insurance if any claim of negligence or unsatisfactory work is filed and found to be justified.

A lawyer is also subject to disciplinary action by the Malaysian Bar, the body governing lawyers in West Malaysia or Sabah Law Association or Advocates’ Association of Sarawak for breach of any rules by lawyers in Sabah or Sarawak, respectively.

That is why, in answering the question I set out to answer in the first place, ultimately, it helps to have a lawyer in property transaction but choose a good one to get your money’s worth.

Khairul Anuar bin Shaharudin is a lawyer and author of books related to property law. He can be found on his Facebook page www.Facebook.com/AskTheLawyer.

Source: StarProperty.my

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Mortgage Reducing Term Assurance (MRTA) – Why Would You Need It?

May 31st, 2013 12 comments

If you’re taking a home loan to buy a property, chances are: you’ll be required to pay for Mortgage Reducing Term Assurance, or MRTA, by the bank as part of your loan arrangement.

And if you’re one the tens of thousands of first-time home buyers out there who are wondering why you need to fork out precious Ringgit to pay for this home loan insurance, allow us to shed some light on MRTA and what it means to your home loan deal.

What Is MRTA?

MRTA is an insurance policy that provides financial protection for home loan borrowers and their families. Specifically, MRTA helps settle outstanding home loan amounts in the event of death or total disablement of the borrowers.

Why Would You Need MRTA?

MRTA is essentially a protection mechanism for all people with home loans, and especially for households with sole bread earners.

Generally, in the event of untimely death or disability of a home loan borrower (significantly if he or she is the main income earner), the greatest problem facing surviving households is their ability to pay off the remaining home loan. In many instances, the surviving family members may even need to sell off the property at less-than-competitive price just to pay off the outstanding amount.

By signing up for MRTA, surviving family members will not be left with such burden because MRTA covers part or all of the unpaid portion of a home loan.

How Does One Apply for MRTA?

In Malaysia, home loan applicants do not need to go out of their way to find an MRTA provider because MRTA is usually incorporated as part of the home loan application process. Commonly, you’ll only be required to pay a single MRTA premium. You will not need to pay a premium again throughout the entire duration of the policy.

Important Considerations for MRTA

Like any other insurance policies, MRTA has a specific insured amount as well as policy duration. Bear in mind that in the event of death or permanent disability, MRTA would pay off ONLY the amount that is covered, within the time, as dictated by the policy. It does NOT pay for everything that the insured owes to the bank.

Due to the above reason, home loan applicants are generally advised to purchase MRTA based on your specific requirements (instead of just going for the cheapest policies available). For sole bread earners, buying maximum coverage is especially recommended despite a heftier premium, because your families are more at risk should anything happen to you. For households with multiple income earners, you may consider opting for a policy with lower coverage.

This article comes courtesy of www.imoney.my which compares between the various loans, savings and insurance schemes available in Malaysia.

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MPPP acts on illegal hill cutting in Bkt Gambier

May 24th, 2013 4 comments

GEORGE TOWN: The Penang Municipal Council (MPPP) has launched an investigation into the alleged illegal hill clearing in Bukit Gambier.

The council has found traces of tree cutting and landfilling activities.

It said an order was issued to stop work immediately after a site visit by MPPP with the state Land and Minerals Office as well as the state District and Land Office on April 24.

“Based on the council’s record, no permission was given for work to proceed here,” the council said.

The council issued the order on April 25 to the two landowners of the site to stop operations immediately.

“Through the notice, the council ordered the landowners to take mitigation steps among others to cover up the affected hill slopes with tarpaulin or geotextile as a precaution to prevent landslide and erosion.”

“This is also to ensure that the land and slopes are stabilised.”

Legal action was also taken on the landowners for clearing the land without permission.

“MPPP will be monitoring the area from time to time.”

“The council would also like to remind all landowners to adhere to the rules and do not undertake any land activities without written approval from the MPPP.”

Source: StarProperty.my

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Five upgrading projects to ease traffic woes

May 21st, 2013 12 comments

Engineering Department deputy director A. Rajendran

In a bid to alleviate traffic woes on Penang island, five road upgrading projects have been put in place by the Penang Municipal Council.

Its Engineering Department deputy director A. Rajendran said that out of the five projects, two had already been completed last year.

“The completed projects involved the upgrading of Jalan Air Itam, Jalan Gottlieb and a part of Jalan Bagan Jermal and Jalan Mount Erskine,” said Rajendran.

“Both the projects are expected to be completed by this year,” Rajendran told a press conference in Komtar yesterday.

Two other projects involve the Udini roundabout and the intersection of Jalan Masjid Negri-Jalan Air Itam-Jalan Scotland.

The remaining project, which calls for the upgrading of Lorong Batu Lanchang and Jalan Masjid Negri, is expected to commence in two months.

“The tender was closed on April 29 and works are expected to start in August,” added Rajendran.

The total cost for all five projects is RM21.1mil.

Also present at the press conference was Penang Chief Minister Lim Guan Eng who said that the projects were part of the state’s ongoing efforts to solve traffic problems.

Source: StarProperty.my

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