Straits Garden, an upcoming mixed development by Tambun Indah, strategically located within the established township of Jelutong, Penang. The development comprises shop offices, commercial suites, residential condominium and a low-medium cost apartment.

Second block of Straits Garden comprises residential condominiums.

Property Project : Straits Garden
Location : Jelutong, Penang
Property Type : Shop offices, Commercial suites, Condominium/Apartment
Total Units: 230 (Block A1 – Suites), 91 (Block A2 – Condo), 183 (Block B – Condo)
Total LMC Units: 152 (69 units for relocation) 
Developer : Tambun Indah

Location Map: 

Contributed by reader (3/6/2012) – Show Unit

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PETALING JAYA: Bank Negara has assured that issues arising from the implementation of the Guidelines on Responsible Financing, which came into effect on Jan 1, would be smoothened out.

However, the spirit of the guidelines, which promotes prudent, responsible and transparent retail financing practices as well as to ensure that the household sector and credit market stayed resilient, would remain.

Bank Negara said in a statement after a meeting with members of the automotive industry that access to financing would not be hampered as it would still be available to borrowers who could afford to repay their loans.

“Bank Negara has written to financial institutions to ensure that consumers who have the ability and capacity to repay should continue to have access to such financing,” it said.

The central bank said the meeting was held with representatives from Proton Holdings Bhd, Perusahaan Otomobil Kedua Sdn Bhd (Perodua), DRB-Hicom Bhd, the Malaysian Automotive Association, Proton Edar Dealers Association and Perodua Dealers Association.

“The meeting discussed various implementation issues which will be resolved with financial institutions, including documentation requirements for purposes of income verification. This will contribute towards more efficient procedures and processes for vehicle financing,” it said.

Bank Negara said in the past five years, the proportion of vehicle financing over total loans to household sector had averaged about 20%, the second highest after financing for residential properties.

“While there have been some reduction in the total number of vehicle financing applications received between December 2011 and January 2012, due in part to the shorter working month, the approval rate for vehicle financing has remained stable at about 54% for the month of January 2012,” it noted.

The guidelines cover all new and additional financing including home and vehicle financing, credit and charge cards, personal financing as well as overdraft facility for the purchase of securities, except for share margin financing governed by stock exchange rules.

Among the guidelines’ measures, financial institutions must ensure that customers who were offered financing products could afford to repay in full throughout the financing tenure, without recourse to debt relief or substantial hardship.

SOURCE: The Star

SHAH ALAM: SP Setia Bhd recorded a 26.6% year-on-year jump in new property sales to RM933mil for its first quarter ended Jan 31, 2012, compared with RM737mil a year earlier.

President and chief executive officer Tan Sri Liew Kee Sin said he was confident about achieving the group’s target of RM4bil in new property sales for its financial year ending Oct 31, 2012 (FY12), despite credit-tightening measures as a result of Bank Negara’s responsible lending guidelines.

Effective this year, banks have started using net income instead of gross income to calculate the debt service ratio for loans.

The credit-tightening measures were partially blamed for a 25% year-on-year drop in new vehicle sales in January.

For FY12, SP Setia plans to launch properties with a gross development value of RM6bil.

Liew said the group’s projects in Johor, Setia Alam and Setia Eco-Park in Shah Alam, as well as KL Eco City mixed development in Kuala Lumpur were expected to generate RM1bil each in new property sales in FY12, while another RM1bil would come from sales of other domestic and foreign projects.

KL Eco City, located on a 24-acre site along Jalan Bangsar (opposite Mid Valley City), was launched last October and recorded RM303mil in sales for the first quarter of FY12.

“Yes, the central bank’s lending guidelines would definitely impact the property sector. But, speaking for SP Setia, we will do well and also increase our prices,” said Liew after the group’s AGM in Setia Alam.

He pointed out that the recent soft launch of the group’s Phase 8D of semi-detached homes in Setia Eco Park had seen bookings for nearly all the units offered, over one week-end.

“Today, our landbank is 4,218 acres. We have a lot of things going on.”

On Saturday, SP Setia will officially launch its maiden project in Sabah, namely the Aeropod integrated commercial development in Tanjung Aru.

In Johor, the group recently launched Setia Eco Cascadia on a 259-acre site within the Tebrau Corridor.

For FY12, the group has plans for its Setia Eco Glades, Cyberjaya, which is sited on 268 acres of freehold land. Setia Eco Glades will consist of gated and guarded enclave with linked villas, semi-detached homes and bungalows.

In Penang, SP Setia’s projects will include a high-rise development called Setia V Residences in Gurney, and Brook Residences comprising 11 bungalows on Brook Road in the upmarket Jesselton area.

In Singapore, the group will launch its maiden project, namely a high-rise condominium development called 18 Woodsville.

According to Liew, there were also plans to launch another phase for the group’s Fulton Lane in Melbourne, Australia.

The EcoLakes and EcoXuan projects in Vietnam are also expected to help augment sales in FY12.

Liew said the group was also looking to acquire prime city land for development in Hanoi or Ho Chi Minh City.

“The Vietnam property market has slowed down tremendously. So, this is a good opportunity for us to acquire prime land in the city. So far, we are still talking.”

He reiterated that SP Setia was continuously on the lookout for prime city land in London and Singapore. “In central London, prime properties are still in high demand,” he said. “Even in Singapore, if we have the chance.”

Liew also expressed confidence that the group’s 18 Woodsville development in Singapore would do well.

“Despite the recent 10% hike in stamp duty for foreigners buying private homes (in the island republic), we think that at least 30 to 50% of our sales in Singapore will be Malaysian buyers.”

SOURCE: The Star

Tambun Indah Land Bhd plans to launch new projects worth RM570 million this year after generating strong property sales in its financial year ended Dec 31, 2011.

In a statement today, Tambun Indah said it sold 912 units valued at RM347.3 million in financal year 2011 compared with 396 units valued at RM137.1 million previously.

The group was looking to launch five projects by year-end, namely Straits Garden in Penang Island, and Pearl Residence, Pearl Indah, Carissa Villas and BM Residence in Mainland Penang, it said.

The strong property sales last year saw group revenue and pre-tax profit increase 49.8 per cent and 29.8 per cent to RM191.8 million and RM46.9 million respectively, from proforma revenue of RM128.1 million and pre-tax profit of RM36.2 million a year ago. — BERNAMA

SOURCE: Business Times

SP Setia Bhd is still confident of achieving its sales target of RM4 billion in its financial year ending Oct 31, 2012 despite Bank Negara Malaysia's new guidelines for loan borrowers.

President and chief executive officer Tan Sri Liew Kee Sin who welcomed the ruling, said the move would ensure only genuine buyers who had no financial problems own a property.

"The whole idea of the central bank is to dampen property bubble or credit bubble which is going on.

"Though the ruling will definitely affect the property sector, but we in SP Setia is confident that we can still achieve RM4 billion sales, driven by both local and foreign property sales," he told a media conference after the company's annual general meeting in Shah Alam, Selangor today.

Under Bank Negara's new guidelines that took effect from Jan 1, a prospective loan borrower will be assessed based on net income basis (instead of gross income) after deducting statutory deductions for tax and EPF and all other debt obligations (eg. car loan, other housing loan, credit cards).

Liew said SP Setia had already locked in sales of RM933 million for the first quarter of its current financial year ended Jan 31, 2012.

This represented a 27 per cent increase over the sales achieved in the corresponding period of previous year of RM737 million.

Liew said sustained demand for properties in the group's existing projects in the Klang Valley, Johor Baru and Penang would continue to underpin the group's sales performance in the 2012 financial year.

"We have many exciting new projects to help us capture new markets and further diversify our product mix.

"Our strong balance sheet also gives us ample room to continue to aggressively pursue opportunities to acquire good landbank thereby locking in future growth," he said.

Meanwhile, Liew said the SP Setia group also was keen on the London and Vietnam markets and was looking at opportunities there.

"We are looking at acquiring land in downtown Hanoi and Ho Chi Min for our property projects which will be more customer-based.

"SP Setia is also looking at acquiring land for property projects in London city as we want to make London an important market for SP Setia," he said.

Elsewhere, he said the group was targeting at least 30 to 50 per cent sales of its projects in Singapore would be from Malaysian buyers despite the 10 per cent increase in stamp duty for foreign buyers in the republic.

In Singapore, he said, the group would launch its maiden project namely a high-rise condominium development called Woodsville. — BERNAMA


SOURCE: Business Times