“Year after year, Malaysians continue to show a propensity for exporting capital in a need to preserve and grow their wealth – with a strong appetite for property”, said Sarkunan Subramaniam, Managing Director, Knight Frank Malaysia.
This appetite is underlined by the Attitudes Survey, which showed that 39% of UHNWIs in Malaysia are considering a residential purchase in 2016, the highest in the world.
“In terms of overseas destinations, Malaysia’s top choice is currently Australia, which offers a favourable exchange for the Ringgit and good returns on property, not forgetting excellent educational and employment opportunities. Education will likely remain a significant driver with 77% of respondents in Malaysia saying demand for overseas education from Malaysian UHNWIs will significantly increase over the next 10 years.”
Additionally, The Wealth Report Attitudes Survey asked the wealth advisors on their clients’ changes in portfolio allocation towards residential property. 65% of Malaysian respondents said asset allocation to residential property has increased over the last decade; while the same percentage said allocations would also increase over the coming 10 years – the highest seen across UHNWIs in Asia Pacific for both decades.
Subramaniam adds, “Malaysians continue to put more faith in brick-and-mortar because property has given them very good returns over the last decade, and it will continue to do so in the next 10 years. Property has consistently outperformed many other asset classes in Malaysia.”
Average age of US$10m+ populations.
The average age of those with net assets of US$10m or more is also examined in the report. While these multimillionaires in developed economies such as the UK and Switzerland are likely to be their mid to late 50’s or 60’s, developing economies tend to have younger multimillionaires. This highlights the opportunity for wealth creation in rapidly expanding economies, as well as the increase in global trade and mobility.
Holt explains, “Much of this newfound wealth in Asia has had an impact on the age profile of Asia’s wealth brackets, reflecting the recent nature of the growth and opportunities in these markets. The average age of populations with US$10m or more in net assets is a case in point, with Chinese individuals in this bracket on average 10 years younger than their Swiss counterparts.”
Are property yields improving in Kelantan and Terengganu?
Prima Lagenda Development to be develop in Kelantan.
WITH the outlook of the local property sector being increasingly challenging, more people are playing it cautious and holding back their purchases.
Those with holding power are relying on their rental returns.
However, over the years, rents have not quite grown in tandem with capital appreciation, which, in some locations, has experienced astronomical levels of growth, says CH Williams Talhar & Wong (WTW) managing director Foo Gee Jen.
“Within the Klang Valley, traditionally, rental yields were between 4% and 6%. This was within the past five years, typically for apartments.
“Over the last five years, capital appreciation has not gone up in tandem with rentals. Yes, rents have risen, but at a slower pace.”
According to Foo, some properties within the Klang Valley have appreciated between 13% and 18% over the past five years, spurred mainly by speculative investors and buyers.
“Last year, however, it was slow, at 8%.”
Due to the slower appreciation, yields have come under pressure, says Foo.
“Yields have compressed to between 2.5% and 3% over the last two years,” he says.
Compared with the Klang Valley, yields within major cities in the east coast, namely Kuantan, Kota Baru and Kuala Terengganu have been stable over the past couple of years.
According to WTW in its Property Market Report 2016, average net yields for landed residences in Kuantan was flat at 3% in 2014 and 2015; it ranged between 3.8% and 4.6% over the two years in Kota Baru and flat at 4.25% in Kuala Terengganu.
Effects of GST
In Kuantan, WTW says development costs increased slightly after the implementation of the goods and services tax (GST).
“Established residential schemes enjoyed the positive spill-over effect from newly-launched projects as the new launch prices set new benchmarks.
“This increase has affected the affordability of the purchasers, which has seen subdued effect in the market activities in residential sector in 2015.”
In 2015, WTW says the general property market was slow in Kota Baru, led by the soft residential market, the predominant segment.
“The landed residential market remained the most sought after category despite the increasing number of high-rise developments.
“Most landed residential developments in Kota Baru were small scale (namely a row of terraced houses and two to three-storey units of detached houses) and scattered in various locations, thus the impact on new supply was not significant.”
Similarly, it says landed homes were the main market segment in Terengganu over the years.
“Despite the weak market sentiment, the residential market led overall market performance and continued to grow at a healthy pace. The Kuala Terengganu City Centre development has stimulated the market, contributed appreciation of residential properties in the locality.
“Local purchasers have continued to demand for terraced and semi-detached developments.”
WTW Real Estate Sdn Bhd (Kuantan) assistant manager (agency & transactional services) Lok Siew Mei says yields are expected to remain flat this year as people are cautious about the local property sector.
“Sales and transactions have dwindled. Therefore, landlords will be looking to keep their tenants and not increase rents.
“Even with inflation rates, we don’t think rents will be increased because the psychology is that it is better and safer to hang on to their tenants in this current environment,” she says, adding that yields at 3% for Kuantan was “considered low.”
Foo, meanwhile, says that despite low yields, property is still a safe haven for investors.
“Why do people still buy property even when yields are low? Especially when other forms of investments can give better returns? It’s because in the long term, you can benefit from the capital appreciation (which would also push up rents).”
According to Rahim & Co in its Property Market Review 2015 / 2016, supply of homes in Pahang grew 3.4% year-on-year to 234,460 units in the first half of 2015.
Transaction volume grew 12% year-on-year to 5,948 units during the period while transaction value grew 18.2% year-on-year to RM1.26mil.
In the first half of 2015, the total supply of residential properties stands at 234,460 units compared to 226,814 units in the first half of 2014, Rahim & Co says.
“Pahang has seen an average of 2.17% compound annual growth rate in residential supply from 2011 to the first half of 2015. In the first half, the total number of residential transactions in Pahang was 5,948 units, with 48.7% of transactions taking place in Kuantan.”
It says single-storey terraced houses recorded the highest number of transactions in Pahang, accounting for 32.5% of total transactions.
“In Temerloh, notable existing housing schemes are Taman Bahagia Makmur, Taman Mentakab, Taman Bahagia Permai and Bandar Temerloh.”
It says prime single-storey terraced houses were located along Jalan Bukit Sekilau, Kuantan (RM250,000) and Taman 1 Malaysia, Temerloh
(RM240,000).
“Approximately 4.3% to 8.7% increase in the value of transaction for the prime single-storey terraced houses was seen. Existing single-storey terraced houses in Kuantan are selling between RM180,000 and RM250,000, whereas in Temerloh, it ranges from RM160,000 to RM240,000.”
“There are a few upcoming developments in Pahang such as Delima Residences, Imperium Residences, Ion Delemen, Midhills, KotaSas, Taman PSJ-Damansara, Hermosa Residences and Persisiran Residences.”
Rahim & Co notes that the Tanjung Lumpur/Soi/Kempadang area has seen an increase in upcoming projects.
“Along with Hermosa Residences and KWFC, other new housing schemes include Bandar Putra, Kempadang Bay, The Trends and Persis Ujana. This area also has Yayasan Pahang HQ, Ikip College hostel and houses the relocation of Kuantan Specialist Centre (KPJ).”
In Terengganu, Rahim & Co says supply of homes grew 5.9% year-on-year to 90,013 units in the first half of 2015; transaction volume increased 4% to 7,161 units while transaction value grew 14.3% year-on-year to RM961.18mil during the period.
“Supply in Kuala Terengganu makes up about 48.7% of the total state supply, followed by Kemaman (18%) and Dungun (12.8%). From 2011 to the first half of 2015 residential supply has grown by 17% on average.
“There were about 7,161 residential units transacted in the first half of 2015. Kuala Terengganu contributed to the highest number of transactions with 1,985 units followed by district of Marang (1,327 units).”
Generally, prices of residential properties saw a stable upward trend in Terengganu, says Rahim & Co.
“In Kemaman, single-storey terraced in flood-free areas recorded price increase of 13.9% to 17.6% and commanded a higher price between RM70,000 to RM110,000 per unit in the first half of 2015.
Rahim & Co says detached plots were the most sought after property type in Terengganu.
“In Kuala Terengganu, the average price of detached plots ranged from RM8.70 per sq foot to RM23.40 per sq ft. It has increased by
4.3% to 16.5% compared with the first half of 2014.
“There is a plan for PR1MA housing scheme in Terengganu which is located at Batu Rakit. However, project details has yet to be revealed.”
Kelantan meanwhile registered an average growth of 2.7% per annum in residential property supply from the first half of 2011 to the first half of 2015, says Rahim & Co.
“As of the first half of 2015, the total existing residential property supply in Kelantan has reached 62,322 units, showing a positive change of 2.3% compared with the first half of 2014.
“Single-storey terraced houses are the highest contributor of residential property supply in Kelantan, totalling 18,526 units in the first half of 2015, followed by 9,641 units of low cost houses.”
According to Rahim & Co, the number of transactions for residential properties in Kelantan increased about 0.6% in the first half of 2015.
“The average selling price for single-storey terraced houses in Kelantan was RM165,000, approximately a 6.5% increase from the first half of 2014.
“Generally, new landed residential developments in Kelantan only comprised limited units – the most significant development is Tijani@Raja Dewa in Kota Bharu town.”
High-rise residential properties
According to WTW, average price per sq ft and yields was flat at RM360 per sq ft and 6% respectively in Kuantan from 2014 to 2015. Average price per sq ft and yields was also flat at RM375 per sq ft and 5.5% respectively in Kota Bharu during the two-year period.
In Kuala Terengganu, yields remained flat at 5%, while average price per sq ft increased to RM450 in 2015 from RM375 in 2014.
“In Kuantan, the high rise residential has become more attractive as investments or as first homes due to the high prices of landed homes.
“The increase of demand for high-rise residential, especially by expatriates, has spurred interest among investors. The supply of high-rise residential will gain a foothold in Kuantan when more developments are completed in the next few years,” says WTW.
Despite the lack-lustre performance, WTW says the supply of high rise residential units in Kota Bahru continued to increase.
“The high rise residential units that have a relatively niche target market will observe more unsold units, due to the gloomy economic prospects.
“Kuala Terengganu welcomed the very first luxury high-rise residential project, known as Icon Residence. Being part of a mixed development, the project itself was well-received from the local market.”
According to Rahim & Co, the serviced apartment and condominium market in Kota Bharu has been rather active over the past few years.
“Prices of serviced apartments and condominiums in Kota Bharu are now reaching RM600 per sq ft on average where it is no longer uncommon for the market to talk about RM600 per sq ft to RM650 per sq ft for smaller units.”
Rahim & Co highlighted Bandar Baru Tunjong, a new integrated urban development located approximately 5km from the town centre of Kota Bharu.
It says Bandar Baru Tunjong will comprise residential, business and retail outlet, government departments and more.
“The serviced apartments that have been launched in that area including Prima Lagenda and Al Waqf Garden where prices put by developers are between RM500 per sq ft and RM600 per sq ft.
“Although much have been said about Bandar Baru Tunjong, it has been the town centre developments that have strongly pushed its presence in the past year with Troika Residences and Tijani Raja Dewa spearheading the headlines.”
Tijani Raja Dewa, an established brand of Tijani which was brought by its developer Symphony Life Bhd, has also marking its prominence in Kota Bharu, says Rahim & Co.
“Located at an exclusive address at Raja Dewa, it features a private world of lush linear garden and luxurious semi-detached, superlink terrace and low-rise apartments.”
Troika Residences, a joint venture development between Malvest Group (a Penang based developer) and Yayasan Kelantan Darul Naim (a Kelantan state’s statutory body) is also developing the tallest building in Kelantan at 36 storeys, says Rahim & Co.
“With these newer developments, prices of condominiums and serviced apartments which had linger in the range of RM230 per sq ft to RM400 per sq ft has now jumped to reach beyond RM600 per sq ft and RM650 per sq ft.
“Earlier developments such as Kota Sri Mutiara, Pelangi Mall Condominium, KB Sentral Service Apartment, Anjung Vista Condominium and Viana Court are now seeing a new grade of condominiums and serviced apartments like Tijani@Raja Dewa, Troika Residences and the upcoming Sentosa Puri Tower in Kubang Kerian.”
Rahim & Co also says there is a new plan for PR1MA housing schemes in Kelantan, which is located in Kok Lanas, Pasir Puteh Kelantan.
“However, the project is yet to be finalised,” it says.
According to Lok, in terms of yields, high-rise properties within the Kuantan Tembeling Resort (KTR) was still “bucking the trend.”
“The project was completed in 1997. Prices for these units were low and it is still fetching good rentals because the location is good.”
Developed by the Pahang state government’s investment arm, Pasdec Holdings, KTR is built on 5.2ha of hilly slopes on the fringes of the Beserah forest reserve.
Overlooking the South China Sea, KTR has 28 service apartments of various sizes ranging from 71 sq m to 151 sq m.
Growing market
Despite stable yields, property consultants believe that established locations like the Klang Valley are better places to invest in.
“Your best bet would be to buy in a growing market or big cities where there will be bigger job migration, such as the Klang Valley,” says Foo.
“With the current market situation, the east coast may offer better returns in terms of rentals, but it won’t be the same in terms of capital appreciation,” he adds.
Axis REIT Managers Bhd head of investments and Malaysian Institute of Estate Agents immediate past president Siva Shanker also believes that the west coast would offer better investment opportunities for potential buyers.
“In the east coast, it is usually the people that live there that are more likely to invest there. I don’t see someone who’s born and bred in the Klang Valley investing in a place like Kuala Krai.”
KUCHING: Property developers’ participation is vital in ensuring the successful delivery of 500,000 units of PR1MA homes nationwide, worth more than RM100 billion.
Perbadanan PR1MA Malaysia (PR1MA) chief executive officer Datuk Abdul Mutalib Alias said the participation from developers, both public and private, through collaborations with PR1MA was critical in ensuring the success of PR1MA housing.
“Public housing schemes should be seen as part of our nation-building agenda in addressing housing needs of the middle-income group, particularly those living in urban and sub-urban areas,” he said in a statement in conjunction with the launching of PR1MA@Sarawak Home Expo here today.
The expo being held from March 11 to 13 at the old Sarawak State Assembly building in Petra Jaya here was officiated by Prime Minister Datuk Seri Mohd Najib Abdul Razak today.
At the same event the Prime minister launched a mobile app “PR1MA” as an added convenience in the registration of PR1MA homes to the public, especially those who do not have internet access at home.
Abdul Mutalib said PR1MA Board or known as Members of Corporation (MOC) has to date approved a total of eight projects, comprising 9,185 units of quality affordable homes to be built in Sarawak.
The eight projects are PR1MA@Vista Tunku, Kuching, PR1MA@Matang, PR1MA@Matang2, PR1MA@Semenggok, PR1MA@Sibu, PR1MA@Petrajaya 2, PR1MA@Sungai Plan and PR1MA@Bintrawa. – Bernama
Lift breakdown: The condition of facilities in some buildings is unsatisfactory because the management is unable to collect fees from all residents.
IT’S not just people earning low incomes who are defaulting on maintenance fees. Even those who can afford it are guilty.
Pet groomer Mary Poo, 29, is “absolutely miffed” at her neighbour who has never paid the RM80 monthly security fee for their housing area in Cheras, Kuala Lumpur. The neighbourhood’s residents agreed to hire security guards last year due to rampant crime. Before the guardhouses were set up, mat rempit would come in every weekend, Poo says, adding that a pregnant neighbour was robbed at knifepoint in front of her house.
Claiming that the defaulters are a well-off family, she is angry at the “cheapo freeloaders”.
“The residents’ committee can’t force the defaulters to pay. Those people want the security but they refuse to pay.”
A dentist who wants to be known only as Singam, 37, lives in Damansara Utama, Selangor. He’s finally settling his arrears after months of not paying for security in his housing area. He was annoyed at having to pay at first because the initial security plan forced him to “go through a maze” to get home. The committee has since taken heed of his grouses.
“They wanted me to pay RM600 a year for a security plan that would inconvenience me. I have a dog. I don’t need the added security but I’ll be a team player. I don’t want to be that one problematic resident,” he shrugs.
Richard Chan, a Building Managers Association of Malaysia (BMAM) committee member, clarifies: Unless it’s a gated community, the residents’ association cannot compel you to pay for security measures implemented by the residents themselves, nor are they allowed to fix boom gates to block road access to the area.
Richard Chan, Building Managers Association of Malaysia committee member and Malaysian Association for Shopping and High-Rise Complex Management past president
A public relations executive who declined to be named admits to not having paid her RM77 maintenance fees since September last year. Her access card has been barred so she has to park outside. And when she asked the management body to repair a leak in her wall and ceiling, they said she’d have to settle the arrears first.
But the Penangite living in Sungai Ara, George Town, denies she’s a cheapskate.
“I owe RM462 in arrears but I’ll settle it as soon as I can. I feel bad because I always try to pay my bills on time but right now, this is beyond my budget. I could use my credit card but there will be extra charges.”
Another apartment dweller in Tanjung Bungah, Penang, pays almost RM1,000 in charges and sinking fund collections per year. The businessman recently stopped paying because he is unhappy with the condo’s management body.
“It’s not that I cannot afford it but why should I? The common area is dirty. The lifts are constantly out of order. I’ll only pay when things improve.”
In every society, there are bad paymasters, BMAM deputy president Tan Sri Teo Chiang Kok says matter-of-factly. If you own a stratified unit, you have to pay. You can’t argue that the place is not managed properly to escape paying. Serve on the management bodies to make sure your interest is protected and things are done properly, he advises. Or refer problems to the Commissioner of Buildings. There shouldn’t be any resistance to paying, he states, noting that more high-rise dwellers are coming to realise that a well-maintained property preserves value.
Agreeing, Chan – who is also Malaysian Association for Shopping and High-Rise Complex Management past president – warns that rising living costs could lead to more defaulters. When your neighbours don’t pay, and you decide not to also, it starts a vicious circle and maintenance goes downhill, he says.
“Location is important when it comes to property value but good management is even more crucial,” he points out.
The failure of some neighbours to fork out maintenance fees has undoubtedly irked residents who pay up regularly like Casey Wong, who lives in an apartment in Petaling Jaya, Selangor.
“Even though I pay my fees, the condition of my apartment’s facilities is unsatisfactory because the management is unable to collect fees from all residents,” laments the 31-year-old bank executive.
Citing the example of frequently faulty lifts in her building, Wong says some amenities currently cannot be fixed or upgraded due to insufficient funds collected.
“Sometimes, I feel that residents like me are being ‘punished’ even though we abide by the requirements. We have done our part by paying our fees but because of uncooperative residents, we have to bear with the problems,” she says.
Wong says many of her neighbours do not pay up and the management corporation decided to publish their names on the apartment’s notice board.
“Some even have outstanding amounts of up to five figures!” she remarks, adding that other owners are also upset with the management body for not maintaining the building properly.
However, there are some who are fortunate to have cooperative neighbours.
Teh Eng Hock, who is the secretary of the management body in a condominium in Petaling Jaya, says only a handful of unit owners have outstanding sums and have not paid over the years.
“We are fortunate to regularly collect in excess of 90% payment from residents,” he says.
Teh, 34, says any default in payment affects the joint management body’s (JMB) budget and ability to improve the condominium.
“The JMB has to manage our expenditure very carefully as the surplus we register is marginal. The introduction of the Goods and Services Tax has also impacted the JMB’s operational expenditure,” he adds.
Royal Institution of Surveyors Malaysia fellow Ishak Ismail estimates that there are some 15,000 strata schemes amounting to 1.5 million parcels in Malaysia. And a new scheme is born every day.
If the collection is poor, the management bodies will have problems paying the utilities and maintenance bills, he says. Poor maintenance affects rental and sale demand.
Eventually, property value will depreciate, he says, adding that tenants and buyers are reluctant to stay in a poorly maintained area due to safety issues.
“When someone buys property, it’s not just about location and accessibility. Building condition, safety, health, a clean environment and sufficient parking are also important.”
Wong Kok Soo thinks it’s in the best interest of defaulters to pay up. Wong is an adviser to the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia and consultant to the National House Buyers Association.
He says: “If your unit is on the 20th floor, how can you get a good price when the lifts aren’t functioning well and keep breaking down.”
Although the management and maintenance cost of common properties went up by 4% to 6% due to the Goods and Services Tax (GST), Wong says it doesn’t have much impact on defaulters. Problematic collections are mostly in low, low-to-medium and medium-cost stratified buildings, he observes.
While defaulters aren’t a big problem in high-end properties yet, he cautions that they could become an issue as more foreigners buy such properties for investment. Tracing foreign defaulters around the world to take debt recovery action against them would be an uphill task.
BMAM’s Teo adds that there are lots of high-end condos being sold to “flippers” – people who speculate in property. When these property speculators cannot service their bank loans because there are no buyers, paying maintenance is the last thing on their minds, he says.
He says the GST, however, hasn’t resulted in a rise in charges simply because “it’s not easy asking for more money from residents because any hikes must be justified at the AGM”.
Forest City, perbandaran moden di atas pulau buatan di Iskandar Malaysia telah dilancarkan oleh Perdana Menteri Datuk Seri Najib Razak dan mengumumkan status Forest City sebagai zon bebas cukai keempat di negara ini.
Dalam masa yang sama, Perdana Menteri juga turut mengumumkan pemberian insentif cukai kepada pemaju dan pengurus pemaju hijau serta galakan cukai korporat kepada sektor Pelancongan dan Mesyuarat Insentif Konvensyen dan Pameran (MICE), pendidikan dan penjagaan kesihatan dan tiada kekangan syarat ekuiti kepada syarikat asing di Forest City.
Kredit: Sasaki Associates
Projek Pembangunan Forest City yang dibina di empat pulau buatan manusia seluas 1,386 hektar (3,424 ekar) itu bakal mewujudkan lebih 220,000 pekerjaan kepada penduduk tempatan menjelang tahun 2035. Ia dimajukan Country Garden Holdings Co Ltd, yang berpangkalan di Guangdong, China dan Esplanade Danga 88 Sdn Bhd dengan pelaburan lebih RM450 bilion dalam tempoh 20 tahun dan merupakan projek terbesar pemaju itu di luar China.
Kredit: Sasaki Associates
Setakat ini tidak banyak maklumat lain yang diperolehi berkenaan Forest City namun ianya lebih tertumpu kepada menarik pelaburan. Walau bagaimanapun, maklumat setakat ini yang diketahui berkenaan fasa pertama adalah pembinaan hub pengangkutan, marina, pusat persidangan antarabangsa, pusat komersil dan peruncitan dan hospital ‘premium’.
Perancangan seterusnya adalah termasuk pembinaan landskap berskala besar merangkumi taman dan sistem ‘water front’.. tambahan kepada sistem taman ‘rooftop’, paya bakau dan ‘koridor hijau’ yang pastinya unik dan menarik. Pembangunan ini juga akan merangkumi laluan pengangkutan rel berhalaju tinggi dari Singapura ke Kuala Lumpur.
Kredit: Sasaki Associates
Apa yang menarik, Forest City juga dikatakan akan mempunyai beberapa teknologi mapan seperti “bumbung hijau” terbesar dunia, sistem pengumpulan air hujan, penapisan banjir kilat dan juga tenaga solar – walau pun tidak jelas bagaimana ia akan diintegarasi didalam projek ini pada peringkat awal pembinaan nanti.
Walau apa pun, pastinya projek Forest City akan memberikan suatu kelainan dari perspektif kediaman, tempat tinggal, bekerja dan lain-lain yang tidak terdapat di mana-mana bandar lain di Malaysia mahupun di kebanyakan negara asia lain.
KUALA LUMPUR, March 4 — Putrajaya’s moratorium on foreign worker recruitment will delay the completion of projects and may cause subcontractors to go out of business, according to the Master Builders Association Malaysia (MBAM).
MBAM president Matthew Tee in a statement said that contractors are already facing thinning profit margins, which would further erode if they are forced to pay penalties for delayed projects due to lack of manpower.
“Some smaller sub-contractors might even go out of business in the medium to long term if this decision to suspend the intake of foreign workers is not reversed because they are dependent on larger contractors to finance the recruitment of foreign workers for them,” he said.
“Some contractors might also resort to employing illegal foreign workers to complete their projects on time and within budget. This will defeat the objective of the suspension which is to control the number of foreign workers in the country.”
Tee added that the government’s suspension on new intakes of foreign workers also extended to a freeze in renewing permits of existing migrants, who would now risk getting arrested and deported.
“We appeal to the government to immediately lift the suspension on intake of foreign workers and the freeze order on the renewal of permits for foreign workers as it has caused extreme difficulties for employers across industries including the construction industry in Malaysia,” he said.
Deputy Prime Minister Datuk Seri Zahid Hamidi, who is also the chairman of the Cabinet committee on foreign workers, announced last month that the government was suspending all foreign worker recruitment with immediate effect.
Ahmad Zahid, who is also home minister, added that the moratorium will remain until Putrajaya is convinced about the actual manpower requirements in the various sectors locally.
The freeze came amid growing protests over Putrajaya’s plan to recruit at least part of the 1.5 million labourers being offered by Bangladesh.
The Human Resource Ministry recently revealed that there were 2,135,035 documented foreign workers as of December last year and an estimated 1.7 million illegal workers in Malaysia.
HOUSEBUYERS who bought units in condominiums built on commercial land are in a bind over their water tariff.
Their water bill is based on commercial rates and they need to pay a minimum of RM36 a month regardless of whether they use the water.
One such buyer is Olivia Lee, who bought her apartment late last year and received the keys to her unit in January this year.
In February, she was surprised to receive pending water bills which amounted to RM72 from the condominium management.
She said she was caught unawares as she had not moved into the apartment.
Upon meeting the condominium management, she found out that her property was built on commercial land.
Hence she would need to pay the commercial rate for her water and abide by the minimum charges as per the rule set by Syarikat Bekalan Air Selangor Sdn Bhd (Syabas).
Lee said she was unaware that her residential property was on commercial land and she said was not informed by the salesman regarding the commercial rate for utility bills.
“As a first-time housebuyer, it did not occur to me to ask about the land type and the water rate.
“All I knew was the basic freehold or leasehold property.
“I did not know residential condominiums could bear a commercial land title,” she said.
Property investor Dr Adrian Wong said he avoided buying residential property built on commercial land.
He knew about the commercial rate utility charges that he would have to pay.
“We avoid such properties. The salesman will not tell you about the rates unless you ask,” said Wong.
Syabas and SPAN
Syabas corporate communications head Amin Lin Abdullah said there were three types of water tariffs applied to high-rise apartments.
This is defined by the Water Supply Enactment 1997, Water Supply (Selangor) (Charges) (Amendment) Rules 2006.
Residential properties built on commercial land are charged commercial rates for their utilities, such as water.
High-rises such as condominiums and apartments that are non low-cost fall under Tariff Code 17 while low-cost flats are under Tariff Code 18.
Service apartments are classified under the commercial category and they fall under Tariff Code 11.
“High-rise apartments built on commercial land, known as service apartments, with water supplied through a bulk meter would need to pay a minimum monthly water bill of RM36.
“It is the responsibility of the Joint Management Body (JMB) to serve the individual bills to apartment owners and collect payment from the unit owners for the water supplied from the bulk meter,” said Amin.
However, those living in properties in Tariff Code 17 and 18 categories are eligible to participate in the migration programme with certain conditions.
Through the migration programme by Syabas, residents enjoy the domestic water tariff rates, which are the rates paid by owners of landed residential properties.
Service apartments are not eligible to participate in the migration programme.
Amin emphasised that it was the responsibility of the houseowner to check and find out the relevant utility tariff code before or after the purchase of the property.
National Water Services Commission (SPAN) corporate communication director Carol Pelly said condominiums sited on commercial land under the Tariff Code 11 were not included in the bulk-to-individual water meter migration process.
Amin said that apartments built on commercial land with water supplied from a bulk meter would need to pay a minimum monthly water bill of RM36
She said that generally if the development order was classified as commercial property, then those living in condominium built on commercial land would not enjoy domestic water rates.
When asked if developers had the duty to inform their buyers of the commercial rate they would need to pay, Pelly said it was not required.
She added that purchasers were bound by the gazetted rates.
What the experts say
Local government and development laws expert Derek Fernandez confirmed that buyers of residential property with commercial titles had to pay commercial rates for water, electricity, land taxes and assessment.
He said this form of development was originally justified on the basis of serviced apartments, or properties operated as a hotel-type facility for short and medium-term stay.
“But over the years, due to lack of a proper legal mechanisms to allow mixed development on commercial plots of land such as apartments on shopping centres, developers justified the use of commercial titles for essentially residential development,” he explained.
He said commercial land category did not require as much green and open spaces as well as other infrastructure that were imposed on residential strata development.
“However, this is no longer the case in Petaling Jaya as the same open space requirements are now imposed.”
He said all property buyers must be aware and understand the significantly higher costs in buying commercial property for residential use.
“Previously, these types of properties were called serviced apartments but now condominiums have all kinds of names that do not indicate the type of property.
“It does not help the buyer to identify if it is indeed a commercial land property.
“Sometimes buyers are caught unaware,” he added.
Fernandez advised buyers to always ask the appointed lawyer acting for them or the salespeople about such details before buying the property.
“Ask whether it is residential or commercial.
“Ask for copy of the master title, quit rent as well as assessment receipts, and relevant planning approvals.
“All these are stated in the sales and purchase agreement.
“If you have doubts, ask for help and do some research online on how to buy property.
“There is a lot of good articles on these matters,” he said.
Chang urged housebuyers to always look at the sale and purchase agreement to understand the terms and conditions.
He said perhaps it was time for the Housing Ministry to look at ways to insist that all residential properties on commercial land to be called serviced apartments.
“The ministry can regulate that all advertisements of such property carry the land use in the advertisements,” he said.
National House Buyers Association secretary-general Chang Kim Loong urged housebuyers to always look at the sale and purchase agreement to understand the terms and conditions.
He also advised buyers to appoint their own lawyers.
“When you have your own lawyers, they would look into your interest and guide you,” he said.
He added that a buyer could not claim they did not know what they were signing.
“Ignorance does not count.
“You must understand or ask your lawyer to guide you through the sale and purchase process,” he said.
Kerajaan telah mengumumkan pengubahsuaian Bajet 2016 dan tidak banyak perubahan pada apa yang diumumkan pada pembentangan lepas yang berkaitan dengan isu perumahan.
Walau bagaimanapun, 2 pengubahsuaian utama yang diumumkan adalah:-
Berkuat kuasa serta merta, Kerajaan akan menetapkan kesemua penjualan rumah baharu berharga sehingga RM300,000, terhad kepada pembeli rumah pertama sahaja.
Bagi Projek Perumahan Rakyat yang berharga RM35,000, Kerajaan menerusi Bank Simpanan Nasional dan Bank Rakyat, bermula 1 Mac 2016, akan menawarkan pakej pembiayaan pada kadar 4 peratus, dengan dana berjumlah 400 juta ringgit. Inisiatif ini akan memanfaatkan sejumlah lebih daripada 10 ribu pemilik rumah.
Selain itu Kerajaan juga akan mengadakan Jelajah Ekspo Pemilikan Rumah Bersepadu, meliputi rumah yang ditawarkan oleh JPN, PR1MA, SPNB, PPA1M, agensi negeri serta sektor swasta di mana lebih 100 ribu unit rumah akan ditawarkan dalam program ini.
Walaupun tidak banyak yang diumumkan dalam pembentangan tersebut, namun 2 pengubahsuaian di atasnya bolehlah dikatakan sebagai satu langkah yang baik oleh kerajaan dalam membantu golongan berpendapatan rendah dalam usaha untuk memiliki rumah sendiri.
Gambar Hiasan: Projek Perumahan Rakyat (PPR)
Secara amnya saya berpendapat langkah memberi pembiayaan pada kadar 4% untuk Projek Perumahan Rakyat sangat dialu-alukan kerana sewajarnya golongan ini mendapat bantuan yang secukupnya dalam mendapatkan pembiayaan untuk membeli rumah kerana kebanyakan permohonan pinjaman yang ditolak adalah pada golongan kategori ini disebabkan kadar komitmen yang tinggi berbanding pendapatan. Pembiayaan ini merupakan penambahan yang baik untuk program sedia ada seperti Skim Rumah Pertamaku mahupun Skim Jaminan Kredit Perumahan yang menyasarkan golongan berpendapatan rendah dan peniaga kecil tanpa pendapatan tetap.
Bagi perlaksanaan penjualan rumah baharu berharga sehingga RM300,000 untuk pembeli rumah pertama pula, ianya dilihat sebagai satu lagi langkah yang baik dalam mengawal spekulasi dan masalah penawaran terhad akibat penjualan terbuka untuk dibeli oleh sesiapa sahaja sebelum ini. Dengan adanya langkah kawalan seperti ini, pembeli rumah kedua dan seterusnya atau ‘pelabur’ akan terhalang daripada membuat pembelian untuk rumah pada kategori harga berkenaan.
Namun begitu, saya melihat akan kemungkinan yang bakal berlaku akibat daripada langkah ini jika tidak diperhalusi. Antaranya:-
Apa yang akan terjadi kepada pemilik rumah sedia ada (contohnya rumah kos rendah), yang ingin menaiktaraf ke rumah yang lebih besar tetapi hanya mampu membeli pada harga sekitar bawah RM300,000? Adakah mereka juga akan dinafikan untuk membeli rumah pada harga begini hanya kerana mereka sudah memilik rumah? Adakah mereka perlu melupuskan terlebih dahulu rumah sedia ada? Atau kerajaan akan meletakkan syarat tambahan yang berbeza untuk mengatasi masalah ini?
Mungkinkah pemaju akan lebih cenderung untuk membina rumah berharga melebihi RM300,000 dalam usaha mendapatkan prospek pembeli yang lebih ramai? Ini seterusnya akan menyebabkan kenaikan harga tidak langsung dan mewujudkan masalah lain yang lebih serius terutamanya di kawasan bandar-bandar kecil. Senario ini hampir sama dengan isu kenaikan harga lantai atau harga minimum pembelian oleh warga asing daripada RM500,000 kepada RM1juta yang melihatkan kecenderungan pemaju untuk membina rumah-rumah yang lebih mahal.
Walau bagaimanapun, masih terlalu awal untuk dibuat sebarang andaian. Walaupun langkah-langkah yang diumumkan berniat baik dalam membantu golongan sasar, namun kerajaan perlu memperhalusi kesan daripada langkah yang akan dilaksanakan.
Sebenarnya sekadar nak berkongsi pandangan ini di Facebook tetapi memandangkan ianya menjadi status yg agak panjang… maka saya ubah menjadi posting di Blog TipsHartanah supaya mudah dibaca.
Dalam keadaan krisis harga minyak yg berlaku sekarang tak semuanya akan bermasalah… pastinya ada peluang utk mereka yg mencari dan berusaha.. begitu juga dalam mencari rumah ketika ini.. dalam ketika kita mengatakan harga rumah mahal.. pasti disebabkan krisis yang berlaku sekarang akan adanya rumah yang murah atau dijual lebih rendah di bawah harga pasaran.. cuma jangan mengharapkan harga yang tidak masuk akal..
Pengalaman saya.. ketika krisis.. akan ada rumah dijual serendah sekitar 80% dr harga pasaran..dan ia bukan sahaja di dalam lelongan.. maksudnya jika harga pasaran 300K, mgkin ada pemilik yg ingin menjual pada harga sekitar RM240K-300K.. namun begitu jgn terlalu mengharapkn pengurangan harga keterlaluan.
Mengapa ini terjadi… faktor utama biasanya adalah “distressed seller” atau “motivated seller” yg terpaksa ‘melepaskan’ hartanah mereka kerana tidak mampu menanggung komitmen hartanah tersebut.. biasanya mereka yg mempunyai beberapa hartanah yg tidak dpt disewakan atau disewaka pd harga jauh lebih rendah dr ansuran bulanan yg mereka byr. Penjual jenis ini biasanya mengalami tekanan kewangan sama ada pengurangan pendapatan atau lebih teruk lg kehilangan pendapatan…. walaupun harga yg ingin dilepaskan kelihatan lebih rendah dari nilai pasaran semasa namun sebenarnya peningkatan harga berbanding pembelian mereka dahulu masih membolehkan mereka memperoleh keuntungan walaupun mungkin tidak setinggi berbanding jika dijual pada harga pasaran.
“Motivated Seller” biasanya lebih terbuka untuk berunding tentang pengurangan tawaran harga jualan berbanding sebelumnya. Ini disebabkan tekanan kewangan yang dialami disamping tawaran atau persaingan yang wujud di dalam pasaran untuk menjual hartanah. Pada ketika semakin ramai yang ingin menjual dan ditambah bekalan sedia ada yang wujud, penjual sebegini lebih mudah berunding dan menerima tawaran lebih rendah.
Faktor proses pindahmilik hartanah yang panjang di negara ini juga merupakan salah satu penyebab penjual sebegini tidak mempunyai banyak pilihan dalam melepaskan hartanah mereka. Secara purata tempoh pindahmilik hartanah mengambil masa sekitar 3-6 bulan namun jangan terkejut jika ada yang melebihi tempoh setahun atas sebab-sebab diluar kawalan terutamanya jika ianya melibatkan hakmilik pegangan pajakan (leasehold). Oleh itu “Distressed Seller” yang terkesan dengan teruk akibat krisis yang berlaku biasanya tidak dapat menunggu tempoh yang lebih lama untuk menjual pada harga yang tinggi untuk mengelakkan komitmen yang terus meningkat dan kebarangkalian rekod kewangan buruk di dalam CCRIS ataupun CTOS.
Sekiranya anda merupakan salah seorang yang terlibat di dalam krisis sekarang dan memerlukan khidmat nasihat Tips Hartanah, sila hubungi kami untuk berbincang mengenai situasi anda.
Untuk anda yang masih mencari hartanah sama ada rumah pertama, atau kedua.. atau berminat membeli rumah di pasaran sekunder ataupun lelongan juga bolehlah Hubungi Tips Hartanah.
Harga minyak terus menjunam… Bajet 2016 yang berdasarkan harga pasaran minyak Brent pada USD48 per barrel juga akan disemak semula memandangkan harga minyak dunia sekarang sudahpun di paras USD30 per barrel, terendah sejak 12 tahun lalu. Ini membuatkan saya tiba-tiba terfikir dan sekadar ingin tahu bagaimana pasaran hartanah di Malaysia berbanding harga minyak dunia… adakah ia mempunyai impak secara langsung, tidak langsung atau bagaimanakan korelasi antara keduanya.
Jadi saya ambil data harga minyak pasaran dunia untuk tempoh lebih kurang 25 tahun terakhir (sejak 1990) dan membandingkannya dengan pasaran hartanah Malaysia dari segi bilangan dan amaun transaksi juga untuk tempoh sama.
Berikut gambarannya sebagai perkongsian dengan semua pembaca..
Gambarajah 1 : Bilangan dan Nilai Pindah Milik Hartanah Malaysia (1990-2014)
*Data untuk tahun 2015 belum dikeluarkan secara rasmi, oleh itu data transaksi hartanah ditunjukkan sehingga tahun 2014 sahaja.
Gambarajah 2: Harga Petroleum Brent Dunia (1990-2015)
Jadi dari gambaran di atas, bolehlah kita nampak… ada sedikit persamaan terutamanya pada titik di mana harga minyak menjunam jatuh… di mana pasaran hartanah Malaysia juga secara TIDAK LANGSUNG mengalami sedikit kesan daripada apa yang berlaku. Contohnya pada tahun 1997-1998 di mana harga minyak menjunam dan juga ketika 2008. Namun pada 2008 pasaran hartanah Malaysia tidak begitu terkesan dengan apa yang berlaku di pasaran Eropah dan Amerika Syarikat disebabkan keadaan ekonomi Malaysia pada ketika itu agak kukuh.
Oleh itu pasaran hartanah Malaysia sebenarnya terkesan daripada keadaan ekonomi yang mana mempunyai kesan daripada harga minyak dunia terutamanya kepada negara yang bergantung kepada pengeluaran minyak seperti apa yang di alami Malaysia sekarang ini. Ketika harga minyak jatuh, banyak syarikat-syarikat minyak dan gas (O&G) mula melaksakan langkah kawalan dan penjimatan. Kawalan perbelanjaan untuk syarikat-syarikat berkaitan O&G juga melibatkan sesetengah kakitangan diberhentikan, perbelanjaan domestik dikurangkan atau ditangguhkan terutamanya perbelanjaan besar seperti pembelian rumah. Kerajaan yang mempunyai pergantungan yang agak tinggi pada minyak (cukai) juga terpaksa melaksanakan langkah kawalan dan penjimatan untuk menangani pengurangan pendapatan negara sebagaimana semakan yang akan dilakukan kepada Bajet 2016.
Akibat daripada keadaan ekonomi yang kurang memberangsangkan, pembeli-pembeli rumah terutamanya pelabur mula berhati-hati dengan pembelian rumah sebagai pelaburan. Namun begitu mereka yang membeli rumah untuk tinggal sendiri biasanya akan meneruskan pembelian mereka dan sebenarnya inilah waktu yang mungkin sesuai untuk pembeli-pembeli rumah tunggu dan lihat serta ‘menyambar’ peluang pembelian di dalam pasaran jika harga yang ditawarkan adalah munasabah atau mungkin di bawah harga pasaran.
Bagi pembeli rumah untuk tinggal sendiri, sama ada pembeli rumah pertama ataupun untuk ‘upgrade’, saya syorkan untuk memberi tumpuan yang lebih kepada pasaran sekunder kerana mungkin akan terdapat ‘tekanan pasaran’ yang menyebabkan harga hartanah menurun (mungkin susah untuk berlaku) atau setidak-tidaknya dijual pada harga yang lebih rendah dari nilai pasaran.
Bilangan pinjaman tidak berbayar (NPL) juga dijangkakan akan meningkat jika syarikat-syarikat mula mengambil langkah mengurangkan pekerja. Ini seterusnya akan menampakkan pertambahan bilangan hartanah lelong di masa akan datang – mungkin bukan pada awal tahun 2016.
Untuk pembelian hartanah baru, cuba untuk tidak membuat belian terdesak – elakkan faktor emosi mengambil peranan utama dalam membuat keputusan. Pada ketika ini terlalu banyak unit-unit hartanah baru di dalam pasaran dan ini bermaksud ianya adalah ‘pasaran pembeli’.. Sebagai pembeli anda lebih mempunyai kuasa untuk membuat pilihan dan mendapatkan tawaran yang terbaik pada pembelian anda. Sesetengah pemaju mungkin sanggup untuk memberikan diskaun tambahan berbanding harga asal walaupun selepas diskaun bumiputera. Yang penting jangan malu untuk bertanya… mana tahu… rezeki anda untuk dapat tambahan diskaun.
Ok la.. itu saja yang saya fikir nak kongsikan di sini.. sekali lagi saya nak nyatakan.. gambaran pasaran minyak dunia dan transaksi hartanah Malaysia di atas sebagai pandangan saya yang bukan penganalisis ekonomi. Oleh itu, harap jangan gunakan ia sebagai pembuat keputusan anda dalam sebarang keputusan berkaitan pelaburan anda.
Sekiranya ada pertanyaan lanjut, sila ajukan melalui Borang Pertanyaan yang disediakan….
