GEORGE TOWN: Under the new Penang Heritage Act 2011, owners of heritage sites must first inform the state heritage commissioner in writing before selling the property.

The notification must be made in writing 28 days before the sale and purchase agreement is signed.

The state heritage commissioner, which is a new position, is also empowered to act against owners who fail to take “reasonable steps” to restore and maintain their sites.

The Act also states that the heritage commissioner can undertake repair works on premises after issuing a 14-day notice to the owner or resident who would have to foot the bill.

“A fine of RM500,000 or imprisonment of five years or both can be imposed on those responsible for the destruction of such premises, in addition to them having to pay for the repair,” said state Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai (DAP — Ayer Itam), who tabled the enactment.

Wong added that the Act covered more than just the George Town World Heritage Site.

SOURCE: The Star

Some 100 residents of the Gurney Park condominiums have signed a petition urging the Penang Municipal Council (MPPP) to shorten the working time of a neighbouring project.

Stating that loud noises coming from the upscale Gurney Paragon construction were affecting their daily lives, the group asked for daily working hours to be brought down to until 6pm instead of 10pm.

“For 14 hours daily, we have to keep our windows and doors shut to keep the dust out and to minimise the noise disturbance caused by the construction works,” read a letter accompanying the petition that was recently sent to MPPP president Patahiyah Ismail and Chief Minister Lim Guan Eng.

The group’s legal advisor Gooi Hsiao Leung said they had been made aware that the project’s latest work permit, which allowed construction to go on until 10pm, had expired on May 2.

“Following this, we hope MPPP will consider the residents’ request that the next permit limits working hours to between 8am to 6pm,” Gooi said in a press conference at his office. Currently, the working hours are from 8am to 10pm.

Gurney Paragon, an integrated development project, includes twin 43-storey buildings, a lifestyle mall, festival square and the restored St Joseph’s Novitiate — a 1925 heritage building.

Calls to MPPP president Patahiyah Ismail were not returned.

When contacted, Datuk Khor Teng Tong, executive chairman of Gurney Paragon’s developer Hunza Properties Berhad, said if construction hours were shortened, it would take a longer time to complete the project.

“I know there is inconvenience, but with shorter hours, the inconvenience will be prolonged.

“Give me 15 months and we’ll finish the project,” Khor said, adding that the construction project was located in a commercial area where longer construction hours should be allowed.

He also said that residents in the area stood to gain in the long run as property prices were set to rise with the building of Gurney Paragon.

SOURCE: The Star

TM Residency is located along Jalan Dato Ismail Hashim within the established township of Relau, Penang. It comes with two layout types with build-up area ranging from 820 to 1240 sq.ft.

Property Project : TM Residency
Location : Relau, Penang
Property Type : Condo/Apartment
Tenure : Freehold
Total Units : 80 (Type A & A1), 20 (Type B – Penthouse)
Developer : Koperasi Tunas Muda Sungai Ara Bhd.
Contact No: 04-643 8515
Indicative Price: RM 250,000 onwards

In general, an individual title is for a property which has its own land and this usually means that the land itself is owned by the house owner. Strata titles are generally for properties in a multi-storey building or a gated community with a master title and this usually means that the land belongs to the owners of multi-storey building or gated community.

Whilst properties which have their own land will be issued with individual titles, the owner of a unit in a multi-storey building or gated community will have their right of ownership of the unit they purchased. Every owner will have their share of the land/building which is stated as Unit Share in their Strata Title when issued based on the built-up size of their unit. In other words, you will still own part of the land but in Unit Share instead of individual lot.

It can take years for a strata title to be issued by the relevant authorities. Pending the issuance of the strata title, the owner of a unit can still sell or assign their unit and the non-availability of the strata title does not in any way affect the owner’s right to their unit.

For the sale of a property with individual title the transfer instrument is in Form 14A as prescribed in the Malaysian National Land Code 1965. As for the legal charge of the property with individual title by the owner to his financier Form 16A is applicable. Both the transfer and the charge will involve the land office and the instruments must be presented to the land office for registration.

For property with a strata title still to be issued a deed of assignment is executed to buy a property (if the seller is not the developer) or to give security for a loan. A deed of assignment transfers all rights, title, and interests in respect of the property and under the previous sale and purchase agreement to the purchaser. Likewise for an owner to provide the security over the property to his financier, a deed of assignment assigns all rights, title, and interests in respect of the property and under the previous sale and purchase agreement to the owner’s financier. Once the strata title to the unit has been issued, the owner will transfer and/or charge his unit in the same way as a property with individual title.

PETALING JAYA: The property market will not be impacted by the recent increase in the overnight policy rate (OPR), said property consultants.

Last Thursday, Bank Negara raised the overnight policy rate (OPR) by 25 basis points to 3% and increased the statutory reserve requirement (SRR) by one percentage point to 3%.

Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng said the slight increase meant that borrowing cost was still reasonable.

“With banks offering base lending rate (BLR) minus 2%, this means effective interest rates are still below 5%. However, property investors will look at the slight rate hike with caution,” Tang told StarBiz.

He pointed out that demand in the property market might be curbed slightly if the central bank raises the OPR by another 25-basis points before year-end.

“Property investors look closely at micro situations and factors such as location, possible further interest rate hikes in the short-term, rental yields and capital appreciation,” he said.

Zerin Properties chief executive officer Previndran Singhe said the recent rate hike was not significant.

KGV-Lambert Smith Hampton Sdn Bhd director Anthony Chua said the rate hike would not “put brakes” on the property market.

“It will not have a significant impact, although there may be some minor adjustment in buying sentiment,” said Chua.

CB Richard Ellis (CBRE) Malaysia managing director Allan Soo said the impact on property buying sentiment would be negligible.

“At this level, the property market is not interest sensitive,” Soo pointed out.

CBRE Malaysia executive director Paul Khong pointed out that property prices, especially in the Klang Valley, still soared despite a rate hike last July.

“Property buyers will continue to make decisions based on their repayment capability, and also factor in their expected rental yields in view of the rate hike,” said Khong.

SOURCE: The Star