OWNERS of new high-rise units can expect to receive their strata titles upon moving into their property once the new Strata Management Act 2013 (Act 757) is implemented early next year.

Penang Municipal Council (MPPP) president Datuk Patahiyah Ismail said that under the new Act, the developers had to submit the schedule of parcel to the Land and Mines Office when the architect-in-charge issued the Certificate of Completion and Compliance.

“With the submission of the schedule, the Land and Mines Office will then issue the strata titles for the units.

“Previously, developers had to wait for six months before they can apply for the strata titles upon submitting the schedule of parcel,” she said at the Strata Management Act 2013 Seminar at Rainbow Paradise Beach Resort on Saturday.

Patahiyah said: “Under the new Act, developers were required to submit the schedule of parcel with the issuance of CCC and vacant possession.

“The new Act will replace the Building and Joint Property (Ma-nagement and Maintenance) 2007 (Act 663).”

She said: “The improvements in the new Act include the marking of a shared common area of the property in the strata plan, submission of schedule of parcel to Commissioner of Building (CoB) and the setting up of a strata management tribunal.”

Meanwhile, state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, who opened the seminar, called upon the council to increase its manpower for the CoB to better handle the high demand of work from the 1,179 high-rise housing schemes on Penang island.

He added that from the schemes, there was a total of 173,906 parcels (units) while there are only 10 CoB in the council.

“One of the main complaints I received is that action is not taken quickly by the CoB but I can’t blame them as there is lack of manpower.”

Patahiyah said she will look into this and improve the situation soon.

Source: StarProperty.my

Taman Zamrud, a small residential development by Airmas Group in Butterworth, Penang. It is located along Lorong Zamrud, only a stone’s throw away from SMK Dato Onn. This development comprises 24 units of 3-storey super link houses with built-up area ranging from 3,168 sq.ft. onwards.

Property Project : Taman Zamrud
Location : Bagan Ajam, Butterworth, Penang
Property Type : 3-Storey Link House
Total Unit: 24
Built-up Area: 25′ x 39′ (3,168 sq.ft. – 3,188 sq.ft.)
Land Area: 25′ x 79′ (1,722 sq.ft. – 3,294 sq.ft.)
Tenure : Freehold
Developer : Airmas Group
Indicative Price: 

TROPICANA Bay Residences, the first phase of the RM10bil Penang WorldCity (PWC), has been selling briskly since it opened for booking in February.

A total of 85% of its 906 condominium units have been snapped up, generating RM540mil for the developer Tropicana Ivory Sdn Bhd (TISB).

TISB is a joint venture company formed by Tropicana Corporation Bhd and Ivory Properties Group Bhd.

Tropicana founder and executive vice-chairman Tan Sri Danny Tan Chee Sing said PWC, developed on prime freehold land of 41.5ha, was conceptualised to combine the quiet charm of island living with the convenience of a vibrant city life.

“Since the special preview of Tropicana Bay Residences early this year, we are pleased that it has recorded an 85% take-up rate.

“We are encouraged by the positive response and happy to commence this waterfront development.

“We believe this integrated development that consists of residential towers, office blocks, recreational and retail offerings, a wellness centre, a hotel as well as an international school will further add vibrancy to Penang’s economic landscape,” he said at the groundbreaking of PWC at Bayan Mutiara.

Present at the event were state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, Ivory chief executive officer Datuk Low Eng Hock, Tropicana chief executive officer Datuk Yau Kok Seng, Tropicana managing director Datuk Dickson Tan and TISB managing director Datuk Andy Khoo.

Low said the ground-breaking ceremony marked the beginning of an amazing phase.

“There is a lot of construction to do and we are still on a mission to set a new benchmark in urban living as well as provide comfortable luxury green homes for our first batch of privileged buyers,” he said.

Low said that over the last few years, Penang had emerged as a property hub, catching the attention of both Malaysians and foreigners alike.

“The property market in Penang is expected to see further growth with the current population of Penang standing at 1.61 million.

“The population is expected to increase by 40% in 2020.

“One-third of this total consists of those aged 25 to 44, thus pointing towards constant demand for residential property,” Low said.

Strategically located within Bayan Mutiara, PWC will be an integrated waterfront city at the gateway of Penang island, right off the Penang Bridge.

It is in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong. It can be easily accessed from George Town and from the Penang International Airport.

Source: StarProperty.my

Pavilion Park City, strategically located within the established township of Simpang Ampat in Penang. This is a mix development comprising shop offices, 2-storey terrace and semi-detached houses with 2 acre landscape park for residence.

2-storey Terrace
Land area: 1,440 sq.ft. onwards (Type A: 24ft. x 60ft., B: 20ft. x 78ft.)
Total unit: 120
Indicative price: RM388,000 onwards

2-storey Semi-detached
Land area: 2,572 sq.ft. onwards (37ft. x 70ft.)
Total unit: 24
Indicative price: RM529,000 onwards

2-storey Shop Office
Land area: 1,200 sq.ft. onwards (Type A: 20ft x 67, B: 20ft x 60ft, C: 20ft x 80ft)
Total unit: 68
Indicative price: RM634,000 onwards

Property Project : Pavilion Park City
Location : Simpang Ampat, Penang
Property Type : Mixed development
Tenure : Freehold
Developer: Pavilion Wagon Sdn. Bhd.

Property sources said Bank Negara’s new circular which bans interest capitalisation schemes (ICS) is not an attempt to fine-tune the measures proposed for the property sector under Budget 2014 but is merely “a guide for banks” when they finance house purchases.

The new circular, effective Nov 15, which strikes at the core of Developers Interest-Bearing Scheme (DIBS) also includes all other schemes in which interests are factored into the cost of the house.

Said a source who declined to be quoted: “Interest Capitalisation Schemes (ICS) is a generic term in which the interest is capitalised, or factored in as part of the cost of a property. When developers do this, it invariably and inevitably, rises the cost of the property price.”

ICS covers a range of interest payments which may be not necessarily fall under DIBS, the source said.

How this is done, or the mechanics of it, is not the issue, the source said.

What is of greater importance is the outcome, and in this case, the outcome is the increased price of the property, he said.

A check with developers reveal that most of them have already removed DIBS as a selling strategy. However, they will honour past agreements signed before the Budget 2014 measures were introduced.

A developer offering three property projects for sale in Petaling Jaya says they will continue to offer DIBS in one of their three projects “because that project is almost all sold and will be completed in June next year. So we will continue with the old scheme.

“As for the second project, we are offering Developers Interest Subsidisation Scheme (DISS). The buyer will pay the interest and we will reimburse him every quarter if he comes with the statements or receipts,” a staff of the developer said.

The third project has been given to marketing agents, she said.

A prominent developer developing a gated and guarded project north of Kuala Lumpur said they have removed DIBS from their sales including the giving of rebates. They have also outlined the cost of freebies provided and in the process, made the marketing process more transparent.

“The net price of the house is provided to our developers as a result of the measures proposed in Budget 2014,” he said.

A property consultant who declined to be quoted said the Bank Negara circular to banks and lending institutions may have resulted from a statement by by Urban Wellbeing, Housing and Local Government Ministry.

The statement, signed by National Housing Department director general, said following the announcement of Budget 2014, the ministry is implementing a new condition in approving housing development licence and advertisement and sales permit.

The new ruling will not allow the use of ICS, or any other permutations, including DIBS effective Nov 15 in advertisments.

The statement said the measure is being taken “to enhance the ability of the people to buy a house and to ensure stable home prices and also to curb speculation.

“In additon, speculative activities have an impact on house prices as well. This situation may adversely affect the property market in the long run,” the statement said.

The statement also called on the public to report to the department if they come across any dubious schemes related to ICS or any other forms of permutations.

Source: StarProperty.my