The secondary property market in the country is set to soar due to high demand, according to the Malaysian Institute of Estate Agents (MIEA).

MIEA president Erick Y.T. Kho said the secondary property market in the country recorded 381,000 transactions worth RM152bil last year and the figure was set to increase this year.

“Penang had more than 6,000 transactions worth RM3bil last year and is similarly expected to record a higher number this year,” Kho told a press conference at the opening of the three-day Malaysian Secondary Property Exhibition (Maspex) at Queensbay Mall in Penang, last Thursday.

He said 60% of property sales in Penang last year were secondary properties as people were more keen to buy used properties which could save them on renovation and other intial costs.

“We have to take into account the scarcity of land in Penang which has driven up the cost of new housing units while the prices of secondary properties were still competitive,” he added.

Kho cautioned buyers to ensure they obtained properties through registered agents as there were at least 50,000 unregistered real estate agents in the country compared with only 20,000 registered ones.

“There has been a major increase in the number of people getting cheated by unscrupulous agents and the association has received numerous complaints on this issue,” he said.

International Real Estate Federation (Fiabci) Malaysian Chapter vice-president Michael Geh said that with the roll-out of major transportation projects under the RM27bil Penang Transport Master Plan, the outlook of the secondary property market in Penang was bright.

“Accessibility is an important factor for purchasers and the market is seeing a lot of optimism in view of these projects,” he explained.

State executive councillor Chow Kon Yeow, who opened the exhibition, said the ‘tug-of-war’ between the state and federal governments in the issuance of advertising permit and developer’s licence (APDL) for developers in Penang had put a damper on new projects but was confident the matter would be resolved.

He said more than 70 new housing projects had been delayed due to the issue.

“Without the APDL, developers can’t advertise or sign hire-purchase agreements and this issue has been unresolved since last year,” he added.

Source: TheStar.com.my

A proposed strata residential development by Metro Jelata Group in Bukit Minyak, Penang. Strategically located next to BM Utama housing scheme by DNP Land, about 5 minutes away from AEON Big hypermarket. It will takes about 15-20 minutes drive to Penang bridge.

This development comprises:

• 2-storey semi-detached (2 units)
• 2-storey terrace (38 units)
• 3-storey terrace (29 units)

More details to be available upon project launch.

Property Project : (to be confirmed)
Location : Bukit Minyak, Penang
Property Type : Residential (Gated & Guarded)
Indicative Price : (to be confirmed)
Developer : Metro Jelata Group

Skyridge Garden, a high-rise residential development by OHM Group in Tanjung Tokong, Penang. It is located along Lebuhraya Halia, only a stone’s throw away from the The Latitude and The Peak Residences by Ivory.

This development comprises a 40-storey luxury condominium with 486 residential units, one unit of bungalow and the restoration of a 2-storey heritage building.

Property Project : Skyridge Garden
Location : Tanjung Tokong, Penang
Property Type : Condominium
Built-up Area : 1,450 sq.ft. & 2,335 sq.ft.
Indicative Price : RM718,000 onward
Developer : Jiran Bina Sdn. Bhd. (OHM Group)
Website : www.skyridgegarden.com
Contact No: 04-2299 559

Location Map:

 

 

Many people dread going to the lawyers as it means forking out hundreds if not thousands of ringgit in legal fees for their service.

However, Malaysians wishing to prepare uncontested wills and probate, documents on tenancy agreement, purchase or transfer of property, or even divorce petitions can be spared the dreaded trip to legal firms soon with the “Do-it-yourself law” set to become a reality, Nanyang Siang Paureported today.

The “DIY law”, which will be available free of charge online, will change the way how common legal matters can be dealt with.

According to the report, Bon Advocates, which has been pushing for “DIY law”, is coming out with template agreements, allowing consumers to prepare wills and handle property purchases, loan agreements and divorces without relying on lawyers.

For example, the standard legal fee for a sale and purchase agreement for a property valued at RM150,000 is RM1,500.

With the DIY law, a property buyer can save this amount by filling out the relevant forms made available online.

Similarly, for wills, one can save between RM300 and thousands of ringgit the DIY way.

Edmond Bon of Bon Advocates told the daily that lawyers should be fighting for justice and rights of the people and not make profits from petty legal matters.

“Making wills, tenancy agreements, property purchases and transfers, etc can be done using template documents provided online, without the help of lawyers,” said Bon, whose firm has been working with some law students on the DIY law on pro bono basis.

Bon said DIY law is a new concept in Malaysia, but it is common in the United States, United Kingdom and Singapore.

US and UK’s Rocket Lawyer and the Law Canvas of Singapore are common DIY law, the human rights lawyer pointed out.

Source: TheSunDaily.my

The possibility of trams plying the streets here again is nearing reality as a consortium has won the bid to carry out the RM27bil Penang Transport Master Plan.

Trams, which were a feature in pre-Independence Penang, are among proposals under the PTMP, which includes light rail transit (LRT) lines and a 20km pan-island expressway linking Bayan Lepas and Tanjung Bungah.

Chief Minister Lim Guan Eng announced yesterday that SRS Consortium, a company formed by public-listed Gamuda Bhd and two local property firms, had been appointed as the project delivery partner (PDP) for PTMP, which is aimed at mitigating traffic congestion in Penang. The two Penang-based firms are Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd.

His announcement confirmed a StarBiz report yesterday, which quoted sources as saying that Gamuda had been appointed as the PDP and that it had formed a company with two local firms to implement the PTMP project.

Lim said the critical components were the LRT, trams and roads.

“The LRT is not just on the island but on the mainland as well. It must be carried out outside the heritage zone. Within the heritage zone, we have to go back to the tram service. Reviving this system will make Penang unique and romantic,” he told a press conference at his office in Komtar before handing the letter of award to SRS Consortium chief executive officer Datuk Lin Yun Ling.

Lim said the state executive council appointed SRS Consortium as the PDP on Wednesday based on its extensive expertise on mass rail transit and related public transport infrastructure as well as large-scale township development.

He said Gamuda held a 60% stake in SRS and the two locals firms, 20% each.

He said the consortium would be working closely with the state government in the next six months to ascertain the detailed execution masterplan, engineering designs, gather public feedback and obtain all state and federal approvals for each PTMP component.

Besides the LRT, tram and pan-island expressway, it had been reported that the other components were a catamaran system and a RM100mil highway interchange upgrading project.

“Hopefully, we will also be getting cable cars and water taxis,” Lim said.

He said once the approvals and planning for the various PTMP work packages were in place, the consortium would call for open tenders and invite tender submissions.

On which component of the PTMP would begin first, Lim said it would depend on which licence or permit could be secured.

He said the first PTMP project was expected to be rolled out by 2017 and all its components completed by 2030.

Lim said the consortium would employ strict safety and environment protection standards and measures to minimise the PTMP’s environmental and social impact.

“The state government emphasises that all costs and expenses incurred will be fully borne by the PDP in the event that no approvals for each PTMP component is obtained from the Federal Government,” he added.

On funding from the state government, he said the issue would only be addressed once the consortium secured all licencing approvals from the Federal Government.

“We will be working on a financial model based on a land swap. But it is still too premature to talk about this,” Lim added.

In the StarBiz report quoting sources yesterday, it was stated that the old Prangin market, popularly known as Sia Boey (Town’s End), had been designated by the state government as the site for the central LRT station.

From Sia Boey, the initial plan is to have a 17.5km LRT line running from inner George Town to Bayan Lepas. There will be two additional lines, running from Sia Boey to Tanjung Tokong via Kelawei Road, and to Paya Terubong via Datuk Keramat and Air Itam.

Source: TheStar.com.my