Seriously, this piece of narrow land valued at RM13,000,000?

Steel products maker Atta Global Group Bhd is proposing to acquire two property development companies, Eminent Potential Sdn Bhd and Scanrite Sdn Bhd, for RM7.5 million, as part of its diversification into the property business.

In a filing to the exchange yesterday, Atta Global said its wholly-owned subsidiary Atta Properties Sdn Bhd had entered into two share sale agreements with the joint owners of the two companies, Chan Kok Leong and Leng Mei Kuan, for the acquisitions.

The agreements would see Atta Properties acquiring Eminent for RM4 million, and Scanrite for RM2 million. Eminent has a principal asset which is a piece of land in Daerah Barat Daya, Penang. Atta Properties has agreed to fork out an additional RM1.5 million for cost and expenses for the eviction of all squatters on the said property.

According to Henry Butcher Malaysia, the value of the was RM13 million as at Jan 3, 2017.

Atta Properties will also acquire Scanrite, which owns a piece of land in Kulim, Kedah for RM2 million. In a valuation dated Aug 6, 2015, Rahim & Co indicated the value of the land was RM2.88 million.

Atta Global said the proposed acquisitions will provide the group with opportunities to obtain additional land bank for future development. “The board is optimistic that the proposed acquisitions would generate synergistic benefits to the group in future.”

Source: EdgeProp.my

It was a merry evening where visitors enjoyed multi-cultural performances, scrumptious food and fun activities at the Hari Raya open house hosted by SP Setia Berhad.

There were also various workshops and a beautiful fireworks display during the event at Setia Sky Vista in Lebuh Relau, Bayan Lepas.

The celebration attended by 700 guests also saw the opening of the Setia Sky Vista sales suite.

Showcasing one of the 11 types of units found in Setia Sky Vista, the sales suite features a model of the 1,195sq ft unit that comes with partial furnishing.

SP Setia is also offering a slew of promotions and incentives to buyers as part of its Setia Property North Campaign to celebrate its 15-year presence in Penang.

The ‘Ka Ki Lang’ Bonanza Campaign offers rewards like zero payment until the vacant possession delivery of the unit, RM30,000 worth of electrical vouchers, bank loan instalment subsidy, rental guarantee for a year, free maintenance fee and sinking fund, loyal customer rebates and introducer cash rewards among others.

There will also be an additional 1% rebate in conjunction with the new sales suite until July 31.

Find out more about Setia Sky Vista

Source: TheStar.com.my

Tired of renting? Join the upcoming First Home Convention to equip yourself making informed decision when buying your 1st home.

VENUE:
Level 4, Sri Perak Room, Bayview Hotel Penang

DATE/TIME:
21 July 2018, 2PM – 6PM

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Penang CM wants to enable more Penang folk to have a roof over their heads. He feels that fresh graduates may not be able to afford a home as their incomes are not growing in proportion with housing prices. Hence, while the current low-cost and low-medium-cost housing schemes will still carry on, the state is also mulling rent-to-own schemes.

“Even for units that are priced at RM42,000 or RM72,000, many are still unable to own a home in this category. Securing a bank loan has been a problem in recent years, so we are thinking of this segment of people who can’t afford to purchase even a low-cost or low-medium-cost unit. We hope the rent-to-own concept would be able to fulfil the needs of this category of people.

“We will convert some existing affordable housing schemes into rent-to-own schemes as some of these projects are ongoing and we have yet to allocate the units to buyers. Once we start allocating the units, we can offer this scheme instead of outright purchase. This will also help us to reduce the holding cost of the units. We may work with private developers to sell the units they have built to the state government at cost price and the state government can then allocate these units as part of a rent-to-own scheme,” he shares.

Chow also sees the need for a paradigm shift in the idea of homeownership.

“We have been inculcated with the idea of home democracy where everyone should own a home. But if we are talking about having a roof over our heads for our family, then we need to do some rethinking — can we achieve that through rental?

“Especially for the young working group with income levels at the starting level, maybe they can have a roof over their heads through the rental market,” he suggests.

However, he notes that there is one thing preventing the implementation of rent-to-own schemes — rental defaulters, which is an issue even for rental units that are only costing RM100 per month.

“I am sure you read about the execution of a recent eviction that we carried out recently. Even at RM100, they cannot afford to pay or they don’t want to pay for whatever reason. This is a challenge for the authorities if people cannot or do not fulfill this basic responsibility. Probably, there is no sense of ownership. They keep paying their rent and in the end they get nothing. But if the unit is tied to ownership, this rent-to-own [scheme] may encourage them to pay the rent which they can consider as installment as eventually, they will own the house. Hopefully, this will change the equation as to why people default on rent,” he says.

Source: EdgeProp.my

A newly proposed mixed development proposed at Machang Bubok by TF Land Sdn. Bhd. Strategically located along Jalan Machang Bubok 1, adjacent to the 3rd phase of Bandar Machang Bubok development. It’s about 5km away from AEON Mall at Alma, under 20 minutes drive to Kulim Hi-tech Park.

This development comprises two blocks of serviced apartment (Block A – 185 units, Block B – 126 units) and 35 units 3-storey shop offices.

This is still pending for approval. More details to be available upon project launch.

Project Name: (to be confirmed)
Location : Machang Bubok, Bukit Mertajam
Property Type : Serviced apartment & shop office.
Built-up Size: (to be confirmed)
Total Units: 311 (serviced suites), 35 (shop office)
Indicative Price: (to be confirmed)
Developer : TF Land Sdn. Bhd.

Location Map: