MAPEX has been one of the feasible platforms in gathering interest for property purchasing as the previous venture made a grossing sales of RM300 million, with more than 200 applicants in salvaging government-linked homes. As the Co-Organizer of MAPEX, Property Queen’s dedication and commitment ensuring home ownership among Malaysians will receive positive participation through the consistent support that is invested through the making of this event. The participation will justify Property Queen’s practice in providing comprehensive service to the consumers and facilitate them in searching for the next future dream home.

This November, Penang will once again be graced in red when MAPEX will be held in 2 locations for 2 consecutive weekends.

About six million Malaysians who live in strata properties will “benefit” from a Court of Appeal ruling that all owners in mixed development strata properties pay maintenance rates based on a fixed formula.

“It is not only high-rise buildings but also gated and guarded communities that have strata titles,” said Strata Owners Association Malaysia (SOAM) pro-tem committee chairman Datuk Theng Book.

The court decision, he added, was good and fair to everybody.

Explaining the impact of the ruling, he said: “Take a scenario where a mixed development property has a residential block comprising 100,000 share units and a commercial block comprising 100,000 share units.

“The residential block is made up of 300 apartments or residents, but the commercial block is owned by the developer that can be represented by one or two persons.

“Even if half of the residents’ group turned up at an annual general meeting (AGM) called by the Joint Management Body (JMB) committee, they are still in the minority compared to the developer’s side which makes up the majority.

“As the majority shareholder, those from the commercial block can vote on decisions that impact everyone in the mixed development property.

“They could decide that the residential owners pay RM5 per share unit (psu) for the maintenance fee, while the commercial owners pay a lower rate of RM1 psu,” Theng said.

On Oct 4, the Court of Appeal ruled that JMBs of high-rise buildings were not allowed to charge different rates on owners in mixed development projects.

It overturned a High Court decision that the JMBs had the right to fix different rates of service or maintenance charges for different parcels in such projects.

With the Court of Appeal’s ruling, Theng said a flat maintenance rate for all could be fixed at the AGM to ensure fairness for all parties.

“The decision has a great impact on many people, as about six to seven million of the Malaysian population stay in strata properties,” he added.

It would also impact gated and guarded communities that have strata titles “because residents living there share common properties and services such as roads, drainage, sewerage system, security, rubbish collection and parking”.

Theng noted that the Housing and Local Government Ministry had a task force looking into amending the Strata Management Act.

“There are many loopholes in the Act that the government needs to amend to better represent the rights of strata owners in Malaysia.

“These include the maintenance rate, tender system and abuse of power by majority unit shareholders,” he said.

SOAM pro-tem committee secretary Kelvin Chong said there had been complaints about unfair payment rates and unfair voting rights based on share units.

Prior to the Court of Appeal’s decision, he said a common scenario was such that residential unit holders would be subsidising the maintenance charges for commercial unit holders in a mixed development property.

“For example, a JMB for a mixed development property in Kuala Lumpur decided that the retail unit owner should pay RM0.20 psu, but the residential unit owner pays RM2.70 psu.

“Is it fair for both parties to enjoy the same voting rights if the bigger shareholder pays less?” he asked.

Under the First Schedule (Section 8) of the Strata Management Act, he said there was a fixed formula to calculate the allocated share units of parcels.

“The formula includes the weightage factor for the types of parcel such as residential, office, retail or hotel, as well as whether the property has air-conditioning in common areas and lift facilities,” Chong added.

He said SOAM represented strata property owners, most of whom were individuals, although it also welcomed developers.

The national body, which has submitted its application to be registered with the Registrar of Societies, covers Johor, Kuala Lumpur, Melaka, Negri Sembilan, Penang, Perak and Selangor.

Source: TheStar.com.my

The first hearing session of the new 2020 assessment rate objections for both councils in Penang will be held starting tomorrow (29 October 2019).

State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said the hearing of the objections would be held by the assessment appeal task force team at selected locations under the administration of the Penang Island City Council (MBPP) and Seberang Perai City Council (MBSP).

“Every property owner who has filed a protest (against the new 2020 assessment rate) will be invited by a notice to attend the hearing sessions,” he told during a media conference yesterday morning.

Jagdeep also said that MBPP had received a total 54,459 objections or 16.88% out of over 322,000 ratepayers while MBSP had received a total 40,666 objections or 12.42% out of about 327,000 ratepayers.

“Objections from 60 ratepayers will be heard at City Hall while 289 ratepayers will be heard at the Bertam Sports Complex,” he said in a press conference this morning.

Subsequently, hearing will be held continuously until March 2020.

It is understood that only property owners who have made objections during the set period will be invited to attend the session.

For those who are unable to attend, may delegate by letter of authority to a representative. Failure to do so will result in the representative being denied representation in the interests of the dissent.

The sessions will be held at several locations as stated in the hearing notice. These include:

Penang Island City Council

• City Hall, Jalan Padang Kota Lama
• Bilik Perdana, KOMTAR
• Balik Pulau Sports Complex

Seberang Perai City Council

• MBSP Sports Complex, Bertam
• MBSP Branch Office, Jalan Betek
• Sony Complex
• MBSP Jawi Branch Office

Fraser Commercial Center, an upcoming commercial development by Frasers Sunrise Sdn. Bhd. at Alma, Bukit Mertajam. Located off Jalan Rozhan, next to Santuari Commercial Centre by Airmas Group. AEON Mall and Tesco hypermarket is only 5 minutes drive away.

This development comprises a 4-storey commercial building and 38 units of 3-storey semi-detached shop offices.

Project is still pending for approval. More details to be available upon official launch.

Project Name : Fraser Commercial Center (to be confirmed)
Location : Alma, Bukit Mertajam
Property Type : Commercial
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Total Unit: 39
Indicative Price : (to be confirmed)
Developer : Frasers Sunrise Sdn. Bhd. (Starise Group)

Location Map:

Unaffordable housing remains unresolved, and the younger generation might need to lower their expectations and consider renting instead, industry experts said.

The housing problem is centred on soaring prices of properties that are incompatible with people’s income, thus diluting affordability.

National House Buyers Association honorary secretary-general Datuk Chang Kim Loong said aspiring homebuyers should continue renting until they were financially ready to buy homes.

“Buying a house is not as easy as it was 10 years ago. Due to the rising cost of living and escalating house prices, it has become more challenging for the current generation to buy their first home.

“A property is often seen as more than just a roof over your head, especially in the Asian context where properties are seen as long-term security, more so during one’s golden years.

“Acquiring a property will be the single biggest purchase and financial commitment that an average person will make in his lifetime, hence careful thought and planning must be done and it should not be made on impulse or trend.”

He reiterated the importance of being practical, including conducting a detailed calculation on one’s financial viability.

“When homebuyers take a loan that they can’t afford, this will mean that they will have to cut back on other areas. This will leave them having little to no savings for emergencies.”

He said there was no shame in renting a home.

“As the economy is slow, it remains a tenants’ market and those who are renting should search for the best deal and rent a property that they can afford, and yet still be able to save for a house purchase. If need be, they should rent a room instead of an apartment to save cost.”

He was commenting on a statement by a Bank Negara Malaysia (BNM) official on Thursday that houses in Malaysia were considered “seriously unaffordable” by international standards.

Financial Surveillance Department director Qaiser Iskandar Anwarudin said 80 per cent of housing loan rejections was because the house was priced more than three times of the applicant’s annual income ratio.

Other reasons were high debt commitments, poor financial track record and documentation gaps.

However, there are initiatives to facilitate homeownership, especially for the Bottom 40 low-income (B40) and Middle 40 (M40) middle-income households, including guarantee schemes.

Malaysian Institute of Estate Agents president Lim Boon Ping said the government would need to be more conscious when issuing such statements as it might convey the wrong message.

“The BNM official’s statement is dangerous and can send a wrong message to the people. The formula being used to set a basis that our houses are ‘seriously unaffordable’ is flawed.”

Lim questioned the use of housing as a variable, and salary as a constant figure to define affordability.

“The salary I received when I joined the workforce more than 30 years ago, and the wages offered today are not much different.

“However, property prices increases at an average of between three per cent and five per cent annually, due to scarcity of land.”

He said it was common knowledge that banks would take into account one’s salary before offering an affordable loan.

“As long as you are not paying more than 30 per cent of your monthly wages for a housing loan instalment, I don’t think it is fair to sum up that we have ‘seriously unaffordable’ homes.”

Source: NST Online