Fact-finding: Visitors making enquiries on the projects offered by the various developers taking part in Mapex 2014 at the SPICE in Relau, Penang.

Some 20,000 visitors made their way to the Malaysia Property Exhibition (Mapex) 2014 at the Subterranean Penang International Convention and Exhibition Centre (SPICE) in Relau, Penang, in search of their dream home.

From landed properties to high-rise units, the Mapex City 2014 showcased projects by reliable developers with prices which ranged from RM346,000 to RM15mil.

Event organising chairman Ng Chin-U said the three-day exhibition held from last Friday to Sunday saw developers generating RM48mil worth of sales.

It was the second Mapex this year. The first, which was held during Chinese New Year in February at the G Hotel Penang, saw about 30,000 visitors and a total sales of RM130mil recorded.

Ng said buyers might be adopting the wait-and-see approach as the Budget 2015 was just around the corner.

“The cooling-off measures on the property market may be one of the factors as well, as generally buyers are more careful,” he said.

Cooling-off measures include 70% loan policy for third property purchases, requiring the housing loan limits calculated based on net income instead of gross and loan tenure reduced from 45 years to 35 years.

Ng added that those who missed the exhibition this time around could look forward to next year’s Mapex, which is scheduled to be held during Chinese New Year in February.

Organised by the Real Estate and Housing Developers’ Association (Rehda) and Henry Butcher Malaysia (Penang), the exhibition was participated by a total of 16 exhibitors who took up 30 booths.

Penang Chief Minister Lim Guan Eng who opened the exhibition on Saturday, urged Bank Negara to reinstate the developers interest-bearing scheme (DIBS) for first-time buyers as well as increase and extend the scheme by Syarikat Jaminan Kredit Perumahan (SJKP) to buyers of affordable homes costing from RM72,500 up to RM400,000.

“Ever since DIBS was abolished, many first-time buyers of affordable housing could not obtain bank loans to buy their own homes.

“Up to 70% of the housing loan applications for low-cost and low medium-cost homes have been rejected by private banks,” he said.

He added that legal fees should be part of the DIBS package and stamp duty should be waived to lower the initial entry cost for first-time home buyers.

Rehda Penang chairman Datuk Jerry Chan said the exhibition was largely focused on Penang properties.

He said Rehda Penang had been trying to help first-time house buyers.

Besides that, Chan said that during the recent Mapex, organisers donated RM50,000 to six charitable organisations namely DHome Mental Health Association, The Salvation Army Penang Children’s Home, Grace Harmony Home, Children Protection Society , Penang Cheshire Home and St Nicholas Home Penang.

Also present during the opening were state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, state Agriculture and Agro-based Industry, Rural Development and Health Committee chairman Dr Afif Bahardin, state Religious Affairs Committee chairman Datuk Abdul Malik Abul Kassim and state Tourism Committee chairman Danny Law.

The developers who took part in the exhibition were Eco World Development Sdn Bhd, SP Setia Bhd Group, IJM Properties Sdn Bhd, Asas Mutiara Sdn Bhd, Chong Company Sdn Bhd, Sunway Grand Sdn Bhd, BSG Property, Ivory Properties Group Bhd, Ideal Property Group, Airmas Group, Tambun Indah Land Bhd, Tropicana Macalister Avenue (Penang) Sdn Bhd, MTT Properties & Development Sdn Bhd, Palmex Industries Sdn Bhd, Inspirasi Elit Sdn Bhd and Plenitude Bayu Sdn Bhd.

Source: StarProperty.my

An upcoming luxury residential development by WHH Land in the heart of Georgetown, Penang. Strategically located along Jalan Logan, next to Villamas condominium. It is also adjacent to the ongoing project by Tropicana Corporation Bhd. – Tropicana 218 Macalister.

This 28-storey residential development comprises 48 luxury condominium units, with only 2 units per floor.

More details to be available upcoming project launch.

Property Project : (Pending)
Location : Jalan Logan, Georgetown, Penang
Property Type : Luxury condominium
Land Tenure : Freehold
Total Units: 48
Developer : WHH Land

by Charles Tan

These days whenever my friends told me that they are buying a landed property, my first question is always, ‘Gated and Guarded?’. And their answer would always be, ‘Yes’. Honestly, should you buy a landed property which is not gated and guarded today? For me, no. Reason? My family would be staying there and the extra premiums and maintenance fees that comes with one is well worth it. First of all, it does not mean that gated and guarded would never face potential crime. However, gated and guarded adds one additional security layer. That’s important to me. In terms of gated and guarded, my preference would be for following.

Nope, I am not looking at hot areas. My reason is because I do not wish to pay through my nose for such a property. I would prefer areas which are upcoming or even newer areas. Truth is, if we look at just additional 15 minutes, our option expands tremendously. Let’s face the facts, with the ever reducing prime lands, landed properties have a better capital appreciation potential and since I am staying, sooner or later the prices would go up.

Developer. Sorry, I would not buy from unknown developers or developers with bad reputation. I do not believe in taking risks because with landed property, it is highly likely that I would be paying a premium compared to high rise anyway. For secondary properties however, I am okay to buy from any developer because I would already be able to view it before I buy. Therefore, for this, I am prepared to pay a slight premium for developers that I think is worth that premium.

Design and Space. Between these two, I would rate space higher. Space as in the lanes in the development, parks, playgrounds, lots of trees. Basically I do not wish for the project to feel cramped. As for design, I am taking about the design of the home from outside. If it looks great, then great. if it looks average, I can still accept it as I can still renovate the interior to my liking. How about if it looks truly bad? Haha. Thus far, I have yet to see a design which I dislike so much that I never bothered to look inside.

>> This opinion article comes courtesy of Charles, the founder of kopiandproperty.com. He is popular for sharing his thought on property investment mostly based on his own 11 years experience as well as from all the readings and conversations with property gurus in the industry. (Source)

Mont Residence, a high-rise residential development by VST Group in Mount Erskine, Penang. It is strategically located along Jalan Mount Erskine,  within a short 5-minute drive down to the well developed zone of Fettes Park, Tanjung Tokong, Seri Tanjung Pinang and Gurney Drive.

This development comprises 2 block of 38-storey tower that houses a total of 473 condominium units. Unit size ranging from 827 sq.ft. onwards.

Property Project: Mont Residence
Location : Mount Erskine, Penang
Property Type : Condominium
Tenure : Freehold
No. of Blocks : 2
No. of Storey : 38
Total Units : 473
Built-up Area : 872, 972, 1,072 & 1,226 sq.ft.
Indicative Price : RM 550,000 onwards
Developer : VST Group

Location Map:

According to findings in an online survey, safety and security have become top priorities for potential house buyers.

AS a result of the increasing number of break-ins and the worrying crime rates, there has been a wave of gated and guarded (G&G) housing developments that are putting safety and security on the top of their priority lists. This shift in paradigm matches the demands from the pool of potential buyers in Malaysia who are perceptibly more drawn towards developments with enhanced security features.

In order to understand the market’s sentiments, StarProperty.my recently carried out an online survey to gauge the public’s perception on this issue through a series of questions.

According to the feedback from 546 respondents – comprising 77% male and 23% female aged 20 and above who are mostly professionals, managers and executives – 92% of them have a preference for G&G developments.

G&G developments have been gaining much traction in the world of real estate. Seven-eight per cent believe that this is because such developments offer a greater sense of safety and security.

To echo their stance, the majority of the respondents would expect G&G developments to include several prominent features. Ninety-one per cent of the respondents expect these developments to have 24-hour security patrols in addition to perimeter fencing while 84% expect to have at least one guard house within the surroundings of the development.

A comment that stood out from others came from a respondent who cited “the availability of a management and maintenance team to oversee the upkeep of public areas” as among the important criteria of living in G&G developments.

Exclusivity and privacy are not the only reasons why potential buyers look into G&G developments; “snob appeal” is also cited as part of the charm of owning a G&G development. Homeowners in gated communities have a higher pride of ownership and are more inclined to keep their property in top notch condition.

However, the most common downsides to living in a G&G community are the increased costs (monthly fees), irresponsible and under-qualified security guards as well as difficulty for visitors to gain access.

Based on the respondents’ analysis, the majority of the participants hold the belief that safety and security are fundamental aspects to consider when it comes to purchasing a house. The participants also revealed that exclusivity multiples the appeal of owning a G&G development.

Source: StarProperty.my