Local residential property transactions plunged 44.7 per cent year-on-year (YoY) for the first quarter (Q1) of 2021, according to PropertyGuru DataSense.

In its latest property market update report, the data analytics and solutions arm of PropertyGuru said this was due to worries over a resurgence in Covid-19 cases and softer than expected gross domestic product (GDP) performance during the quarter, owing to lower consumer confidence in the market.

The report revealed that 61.2 per cent of the overall number of property transactions across Malaysia was found to be made by first-homebuyers (FHBs).

It added that FHBs outnumbered purchases made by investors in three of Malaysia’s major property markets – Klang Valley, Johor, and Penang – by 13.2 per cent, 65.2 per cent and 0.08 per cent respectively.

PropertyGuru DataSense managing director Joe Hock Thor said incentives such as the My First Home Scheme and the Home Ownership Campaign had helped to drive first-homebuyers to take that step towards homeownership during the quarter.

The report indicated that sub-sale units outsold new developments in Q1 of 2021, with many property owners selling their assets at competitive prices for liquidation, offering both FHBs and investors alike an opportunity to purchase them at below market value.

This trend was prominent in the Klang Valley, having recorded a three-year high for sub-sale transactions at 83.72 per cent.

PropertyGuru DataSense said FHBs would get a quality home in a good location on a smaller budget when buying on the secondary market.

“Sub-sale property has typically appealed to more seasoned investors largely due to the ability to place a down payment on the unit, making it easier for an investor to invest in several properties.

“The secondary market also allows greater access to property, particularly landed units, in better locations. As land banks are used up, new developments often must settle for more remote locations which may take investors a longer time to see a return on the appreciation value,” said Joe.

The report also highlighted that buyers preferred landed property, contributing to the increased transactions in suburbs.

The type of properties purchased by buyers have changed as a large portion of the nation’s workforce working from home since the start of the pandemic.

“This is reflected in the transaction data from Q1 2021, which found that homebuyers are favouring larger, more spacious units in the RM300,000 to RM500,000 price range.

“Buyers preferred landed units over high-rise during the quarter, with terrace houses making up 54 per cent of transactions in Malaysia followed by condominiums/apartments (18 per cent).

Joe said currently many employees no longer needed to travel to the office daily and they can opt for areas further away with lower density and more spacious layouts that could comfortably fit an extra room for a home office.

“We observed that the desire for larger, more spacious property has resulted in a shift towards terrace houses as well as properties in the fringes of city centres, driving up transactions in smaller townships in Q1 of 2021. We believe this trend is likely to continue into the second half of 2021,” he added.

Source: NST Online

The Penang Island City Council (MBPP) will call for Request For Proposal (RFP) through build-operate-transfer (BOT) arrangement for a public market complex and an affordable housing project in Teluk Kumbar.

MBPP councillor Abdul Latif Mohamad, who is the council’s alternate chairman for housing development, said the RFP is for the planning, construction, management and maintenance of a public market complex and an affordable housing development on Lot 908, Mukim 9, Jalan Teluk Kumbar.

“The land area is 4.371 acres. The land was bought by MBPP in 2017 at a price of RM18.6 million.

“The main purpose of calling for RFP is to optimise development on land owned by MBPP in addition to upgrading public facilities and quality of life for residents in the area,” Abdul Latif told a press conference in Teluk Kumbar today.

He added that the implementation of the project would incorporate sustainable development goals which is also in line with the Penang2030 vision for a ‘Family-focused, Green and Smart State to Inspire the Nation’.

For that, he said MBPP would like to invite developers who are interested to make an RFP offer through BOT arrangement.

Abdul Latif added that the successful tenderer would be given the right to develop and sell the affordable housing units with a 99-year state lease.

He said the successful tenderer would also be required to build, manage and maintain a public market complex for residents in the Teluk Kumbar area.

He said a RFP advertisement would be out on Sept 6, the sale of the documents from Sept 7 and the closing date for submission is on Nov 8, 2021 (12 noon).

Also present at the press conference was MBPP secretary Datuk Addnan Mohd Razali.

Proposed project location

Source: Buletin Mutiara

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Until 30 June 2022, those who are eligible to buy affordable housing (RMM) in Penang Island and Seberang Perai will enjoy a 10% reduction in selling price.

Elaborating further, state Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said that State Government implemented the Home Ownership Campaign (HOC) with the aim of stimulating the Penang’s property sector affected by the COVID-19 pandemic thus providing opportunities to eligible Penangites. to have a more comfortable residence.

“RMM, for units with a built-up area of ​​850sq.ft to offer at the new price of a maximum of RM270,000.00 in Penang Island and RM225,000 per unit in Seberang Perai.

“If the developer wants to maintain the old price of RM300,000.00 in Penang Island and RM250,000 in Seberang Perai, the size must be increased to a minimum of 900 square feet,” he explained during a question and answer session at the Penang State Assembly here on 2 September 2021.

Apart from that, he also explained that housing developers are also required to provide various facilities for common use such as leisure areas, multi-purpose halls and reading rooms (if maintaining the old price).

He added that the State Government is also planning Rent-to-own (RTO) affordable housing scheme with a target of 22,000 residential units.

“To date, a total of 2,501 RTO units have been identified and offered periodically, most of which have been offered.

“The State Government will continue to look at other suitable projects to implement the RTO scheme to address the challenges in securing a loan for RMM Type A and B. This includes RMM at Mak Mandin and Murai Jaya,” he explained, adding that he is still discussing with relevant developers to also offer RMM type C under RTO scheme.

Earlier, Pengkalan Kota assemblyman Daniel Gooi raised a question on the State Government’s initiative to stimulate the growth of the housing development sector in Penang during the pandemic period.

He also asked the Exco to explain about the forms of assistance from the State Government offered to the people who wish to buy their first home, now.

Source: Buletin Mutiara

In conjunction with the 64th National Day, the Group today launched its nationwide Vax to Win Campaign to promote the Covid-19 vaccine amongst Malaysians. Prizes include a resort-inspired condominium and units of executive apartments as well as gift cards.

Aspen Group President and Group Chief Executive Officer Dato’ M. Murly said “vaccination is a silver lining in the storm of Covid-19. Vaccines are effective in preventing deaths and hospitalisation from Covid-19. Studies have also shown that vaccines significantly reduce the transmission of the virus. If the majority of Malaysians get vaccinated, we can achieve a degree of normality and recover from the Covid-19 crisis. We hope that our nationwide Vax to Win Campaign can help to drive up the national vaccination rate.”

Every fully vaccinated Malaysian in possession of their vaccination digital certificate is eligible to take part in this campaign.

“It is our way to recognise and reward Malaysians, who have come forward responsibly to get vaccinated and became part of the solution. We wish to make this year’s National Day a remarkable one for all Malaysians as we stand united to battle against this deadly pandemic,” said Dato’ M. Murly.

Encouraging Malaysians to get vaccinated, the Vax-to-Win campaign registration is open now until 31 March 2022 via www.VaxToWin.aspen.com.my.

Interested participants can register by uploading their digital vaccination certificate, answer a few simple questions and create a catchy slogan based on the theme “Emerging Stronger for The Nation” in no more than 20 words.

All Malaysians who meet the eligibility criteria are entitled to one (1) entry for the Vax to Win Campaign. More entries can be gained by purchasing Aspen Group’s properties. Existing purchasers with successful referrals can also gain more entries.

A live ballot will be broadcasted on Aspen Group’s Facebook page on 1st May 2022, to shortlist 28 participants who will be eligible for the prizes. The slogans submitted by these 28 participants will be evaluated by a panel of judges in accordance with the slogan evaluation criteria to determine the respective winners of the Grand prize, 1st – 3rd prize, 4th – 7th prize, and the consolation prizes. The winners of the Vax to Win Campaign will be officially announced on 8 May 2022.

The Vax to Win Campaign prizes are as below:

• Grand prize: One (1) unit of Vertu Resort
• 1st – 3rd prize: One (1) unit of Vivo Executive Apartment
• 4th – 7th prize: RM15,000 IKEA gift card

20 Consolation prizes:

• RM10,000 IKEA gift card (x10 winners)
• RM5,000 IKEA gift card (x10 winners)

To find out more about the Vax-to-Win campaign, its terms and conditions and eligibility, please visit www.VaxToWin.aspen.com.my.

For more information on Aspen Group’s ongoing programmes, kindly visit Aspen’s Facebook page www.facebook.com/myaspengroup or call Aspen at 1300 30 5000. Alternatively, you can find more information at www.aspen.com.my and www.aspenglove.com.my.