Mah Sing Group Berhad (Mah Sing) held a topping up ceremony for Phase 1 of its Ferringhi Residence 2@Batu Ferringhi, Penang today. The ceremony symbolises the completion of the structure of the development’s Tower B building.

In attendance during the event were Mah Sing’s Chief Operating Officer, Everlyn Khaw, senior management team of Mah Sing as well as consultants and main contractors which are involved in the development of Ferringhi Residence 2.

The construction of the entire project is currently at around 50% completion with the structural work of Phase 2 (Tower A and C) still in progress. Tower B is expected to be fully completed in July 2020 while the entire project, with its two phases, is scheduled for completion by December 2020. Ferringhi Residence 2 is expected to have a total gross development value (GDV) of RM614 million.

Mah Sing Group continues to expand its foray in Penang

In 2007, the Group ventured into Penang with its first township in the island, Southbay City. This year marks the 12th year of Mah Sing’s presence in Penang. Up to date, the Group has launched over 1,800 units of properties in Penang with total GDV of approximately RM2.3 billion.

Mah Sing’s Chief Operating Officer, Everlyn Khaw said, “We are optimistic about our ongoing projects in Penang as they have been receiving encouraging take-up rates despite the challenging property sector. As our projects in Penang are located in strategic locations and consist of the right product mix that caters to different market needs, we are confident that they will continue to do well especially with various initiatives introduced by the government to stimulate the property industry.”

Everlyn also added, “The completion of the first phase of our Ferringhi Residence 2 project once again signifies a stalwart accomplishment from our group in meeting the project deadlines we have set. At the same time, we will continue to look out for ways to enhance our project features such as the automated waste collection system and multi-tier security system that we have put in place. In addition to that, we are also in the process of obtaining the BCA Green Mark certification for Ferringhi Residence 2 and this will signify our commitment to creating a sustainable development that is environmentally friendly and beneficial to the surrounding communities of the area.”

Ferringhi Residence 2 – Minimalist Holiday Home Concept with Ultra Contemporary Style

The 9.95-acre Ferringhi Residence 2 development in Batu Ferringhi is a freehold residential condominium located behind the Penang Hill forest range and the Teluk Bahang Forest Reserve Park within Penang’s famous holiday spot, Batu Ferringhi. It is accessible through Jalan Sungai 1 which branches off from Jalan Batu Ferringhi in front of Holiday Inn Resort Hotel.

Ferringhi Residence 2 is a resort-styled condominium designed predominantly in a North-South direction. The development comprises of three towers (32-storey high-rise residences, 10-storey mid-rise residences and 4-storeys low-rise residences) and all units are designed with its living spaces having an approximately 16-foot wide openings with a direct view towards the outdoors.

The typical layout of two and three-bedroom units are spacious with built up from 1,208 sq. ft. to 1,565 sq. ft. They are designed to have good natural ventilation and lighting. The living area, dining and kitchen are laid out in an ‘open-plan’ fashion to enhance spaciousness with a resort feel. The unit layout is adapted for modern interiors that maximizes the visual link to the contemporary exterior.

The three towers of Ferringhi Residence 2 are all linked together by a podium carpark. A uniquely designed clubhouse is located strategically between the three apartment blocks, at the top of the car park podium and in the middle of the facilities deck.

The clubhouse anchors the activities around the facilities deck by allowing crisscrossing from one side of the deck to the other through the provision of double entrances. Residents are spoiled for choice with facilities such as gym, badminton court, meeting room, infra-red sauna room, Jacuzzi, swimming pool, wading pool, tennis court, children’s playground, outdoor gym and various thematic gardens. Ferringhi Residence 2 also offers a “Renaissance Revival Garden” which is a new style of garden inspired by classical ideals of order and beauty in 15th century Rome and Florence.

* Article by Freemind Works *

Recently, it was reported in freemalaysiatoday.com that home loan rejection rate is as high as 70%. Well … applying for a loan can be a frightening task that will require a lot of your time and you need to figure out what documents to submit.

Actually, applying for a loan is not as complicated as you think it is.

Follow our 3Cs tips below to increase the chances of your loan application approval!

To claim your FREE credit report: https://goo.gl/forms/C1VIFVl4JnAxs98I3

Capability

The first “C” is capability. This refers to your ability to take a certain amount of loan based on your income.

First things first, if you want to apply for a home loan, you need to show proof of a source of consistent income. So keep all your income record properly.

Credibility

Bank evaluate your credibility from the CCRIS and CTOS report. These report will show

• Outstanding credit
• Special attention accounts
• Applications for credit that have been approved or are pending
• Business exposure, business ownerships and directorships
• Bankruptcy, legal action and case statuses.

You too, can have access to both your personal CCRIS and CTOS report. So, make sure to check that your credit report is updated and is in the positive to increase your loan application chances.

Consistency

Finally, the bank will evaluate your payment habit – do you pay your bills (instalments and credit card balance) on time, all the time? Or do you have a habit of making late payment?

If you are habitually making late payments, chances are the bank will reject your application. Therefore, pay all your bills on time consistently, either on or before the due date.

In closing

It is not entirely the fault of the banks, financial institution of even the property price that our loan application is rejected.

More often than not, it is due to our own ignorance and not having the right knowledge that is the root cause.

Now that you know bank rejects or approve our loan by evaluating our income (capability), debt (credibility) and payment habit (consistency), start with looking at and improving your CCRIS and CTOS report.

Bonus

If you have not yet seen a CCRIS or CTOS report, chances are you will not know how to read or understand one.

In my upcoming 4 hour property investment workshop this Saturday, 11 May (1pm – 6pm), I have invited my partner, MC Lee an experienced mortgage advisor, who will assist you in getting your CCRIS and CTOS report (normally, you will need to pay RM25, but in this case it’s absolutely F.R.E.E for you).

Additionally, you will also get a one-to-one session with the two of us, to go through your report with you.

Understanding and updating your credit report is an important first step in before you buy your property.

1. To claim your FREE seat to my property workshop and get a copy of your credit report plus a one-on-one session, fill in your details here:

>> https://goo.gl/forms/C1VIFVl4JnAxs98I3

2. My team will be in touch to let you know the next steps and documents needed from you

3. Collect your credit report this Saturday at the end of my property investment workshop

I look forward to seeing you this Saturday.

– Kaygarn Tan

Praicon Tower, a high-rise commercial development by Praicon Corporation Sdn. Bhd. at Butterworth, Penang. It is strategically located along the ever-bustling Jalan Chain Ferry, just a stone’s throw away from the Harbour Place integrated development scheme by OSK Property. Convent Secondary School and Econsave Hypermarket are within mere minutes walking distance.

This development comprises a 27-storey commercial building featuring 154 units of service suites and several commercial lots at ground level.

Project Name: Praicon Tower
Location : Butterworth, Penang
Property Type : Serviced apartment
Built-up Size: 816 sq.ft, 1,057 sq.ft. and 1,120 sq.ft.
Total Units: 154
Indicative Price: RM300,000 onwards
Developer : Praicon Corporation Sdn. Bhd.

Location Map:

Malaysia is the most property obsessed country in the Southeast Asia and ranked at fourth place globally after the United Arab Emirates, the United States and Taiwan, according to HSBC Malaysia.

“Malaysians spend longer time viewing property than they do keeping fit at the gym, reading books, or reading and watching the news,” said country head for retail banking and wealth management Tara Latini.

She said on average, Malaysians spent 4.37 hours per week viewing property than go to the gym, which is about one hour a week, or reading books (1.95 hours) or reading and watching the news (2.27 hours).

She pointed out that almost one out of five Malaysian was an extreme house hunter who spends more than 10 hours looking at property magazines every week.

“More than 26% of these Malaysian extreme property addicts spend between 7 and 9 hours searching for properties online,” she said.

Interestingly, Latini pointed out that property addicts were also more likely to delay important life stages as they save for the perfect home.

Globally, about 6.3% of people can be defined as an extreme house hunter and that the research reveals the quirks and irrationalities that have started to play a prominent role in their property searches, she adds.

“Globally, 19% of these property addicts have delayed having a child to get on the property ladder, twice the average person.

“Furthermore, extreme property addicts are twice as likely to delay marriage to save up for their next property purchase,” she said.

As for Malaysia, Latini said 25% of extreme property addicts have delayed having a baby by 7-8 years and another 25% have delayed having a baby by 5-6 years in order to purchase a property.

“The rest of the 50% Malaysian property addicts have delayed having a baby by less than two years to get on the property ladder,” she said.

In terms of property deal breaker, Latini said difficult neighbours would put off more than half of Malaysians.

She said almost half (46%) of Malaysians have made sacrifices by cutting back on bigger expenditures such as cars, holidays, and luxury items.

“Buying a property is often the biggest and most significant purchase we make but some home buyers may be taking their passion for the perfect home too far,” Latini said.

She said property magazines, TV programmes and websites were making it harder than ever before to have realistic expectations about what people can afford.

She suggested that it is essential to begin buying process by having an open discussion with partner, family or financial advisor to discuss their affordability.

“Many buyers are putting off important life stages in the quest to afford that perfect property,” Latini said.

Source: TheStar.com.my

The fifth instalment of the Property Insight Prestigious Developer Award (PIPDA) 2019, was held on the evening of 3rd May at Shangri-La Hotel. The awards serve as a benchmark for local property developers to strive for, and as a celebratory occasion to recognise the accomplishments in the property sector leading up to the event.

The PIPDA award ceremony/gala dinner is supported by the Ministry of Housing & Local Government (KPKT). Gracing the gala dinner and award ceremony with his presence was YBM Senator Dato’ Raja Kamarul Bahrin Shah Raja Ahmad, the Deputy Minister of Housing & Local Government.

PIPDA is one of the largest, most prestigious, and widely recognised awards programmes throughout Malaysia, and it functions as a tribute to the continually evolving property landscape here in Malaysia.

“This year’s award ceremony will be bigger, better and grander than what we have previously accomplished,” commented Dato’ KK Chua, managing director and editor-in-chief of Property Insight.

In his opening speech, YBM Senator Dato’ Raja Kamarul Bahrin also shared:

“In a time where there are many uncertainties in the market, there is one thing that I am certain about – Industry members who are able to adapt to these changes, and answer the market demands will go a long way in the industry. It is important to build the right product for the right customers, and the local ministry is making efforts trying to help solve the housing oversupply issue as well.”

Several notable awards received by Penang developers for this year’s PIPDA include:

• Best Leisure Living Development – Ferringhi Residence 2, Mah Sing Group
• Best Integrated Development (North) – Gravitas, UDA Holdings
• Best Gated & Guarded Development (North) – Crescent Dew, UDA Holdings
• Best Family Centric Development – The Amarene, Ideal Property Group
• Best Luxury Lifestyle Development – Queens Waterfront, Ideal Property Group
• Best Leisure Waterfront Development – Queens Waterfront, Ideal Property Group
• Outstanding Developer (Northern) – Iconic Group
• Top 10 Developer – Ideal Property Group
• Best Philanthropic Award – Ideal Property Group

Mah Sing Group has also gone on a trailblazing spree, nabbing the “Top 10 Developer” award for the fifth consecutive year since 2015.

The key driving factor behind PIPDA is to recognise innovation and outstanding achievements committed by individuals, groups or even sector projects in the industry. The awards are strictly audited by HML & Co. Chartered Accountants.

The judge’s lineup for this year’s PIPDA include

• Eric Lim, President of Malaysian Institute of Estate Agents (MIEA)
• Datuk Paul Khong, Managing Director of Savills Malaysia
• Ar Ezumi Harzani, President of Pertubuhan Arkitek Malaysia (PAM)
• Dr Dolf de Roos, New York Times and Wall Street Journal Bestselling Author
• Dr Suhardi Maulan, President of Institute of Landscape Architect of Malaysia (ILAM)

“With this award, I hope that the development standards for Malaysian properties can go nowhere but up from here. I would like to congratulate all the award recipients for tonight, and please look forward to next year’s PIPDA as well,” said Dato’ KK Chua.