“The Right Way of Property Ownership”

UPCOMING PROPERTY EVENT

It’s best not to buy without understanding what we are buying. It’s even worse to read just one article about property investment and decide to buy our first property. Read more, read continuously and even faster would be to listen to property speakers as well as to ask them all the tough questions. If they can answer, you have cleared your doubts. If they couldn’t answer, perhaps your concern is not that important? Well, another property event is coming up. First of all, take a look at some of the good speakers who will be speaking. I have personally learnt from many of them and I think they have much to offer, especially for those thinking of property investment in the near future. (Image) All of them would be speaking in Jom carirumah event in Summit USJ.

Event Itinerary as per image above.

Details as follows:

Title: “The Right Way of Property Ownershipp.”

Date: 11th – 13th November 2016.

Time is from 10am – 10pm

For more details contact the following

Hazmie (m.hazmie.reconsultplt@gmail.com) – 017 – 3050308

Jeffry (aj.reconsultplt@gmail.com ) – 019 – 3975760

Bringing families? Following are the events available for them.

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Johor Premium Outlet again, after 3.5 years. Still good.

I was in JB just a few days ago for a good friend’s wedding and I brought my family along this time. In my very last trip there, I bought quite a pair of Charles & Keith shoes for my wife. Well, it has been replaced be Pedro. First impression, Johor Premium Outlet is still my favourite choice, even after visiting
Mitsui Outlet Park
 twice within past few months. I think the keyword here maybe ‘premium.’ One has more premium brands than the other while one has more common choices which may not necessarily be a bad thing. Just different target markets.

This trip in JPO, my close friend bought a TUMI handbag and something else which I have forgotten. My wife bought me a cheap Ellesse watch as birthday gift. She said as a housewife, that’s the only watch she could afford to buy me. I have two other Ellesse watches. I think the quality is pretty good for the price that we were paying. She bought some clothes too and we had dinner in DOME. Okay, in terms of food, I think Mitsui wins with more choices, especially the not so common brand names. However, after running through shops after shops, the more premium ones, I think I know the reason why JPO remains a favourite for many shoppers.

I think JPO is a plus point for Iskandar. So, if you do travel to JB, I think JPO is worth another visit.
Premium brands are plenty
 even if it’s from the previous season. Just remember to bring your stroller because renting a mini-car for my daughter set me back RM30. My wife had little choice. She was tired and refused to walk. Oh yeah, look at the some of the brands available in the image. I think these are considered the premium brands we normally see only in more upscale malls instead of the smaller ones. Happy shopping.

written on 18 July 2016

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JPPH: 139,754 transactions recorded in H1 2021 and this is 21% higher than H1 2020. Looks positive?

Press Release: Jabatan Penilaian Dan Perkhimatan Harta (JPPH) – Malaysia Property Market Report for the First Half Year 2021

PROPERTY MARKET ACTIVITY

1. According to JPPH, the property market performance recorded a significant increase in the first half of 2021 (H1  2021) as compared to the same period last year (H1 2020).

2. A total of 139,754 transactions worth RM62.01 billion were recorded, showing an increase of  21.0% in volume and 32.1% in value compared to the same period last year.

3. Volume of transactions across the sub-sectors showed upward movements. Residential,  commercial, industrial, agriculture and development land sub-sectors recorded year-on-year  growths of 22.2%, 28.5%, 29.4%, 13.9% and 21.3% respectively.

4. Value of transactions moved in tandem with residential, commercial, industrial, agriculture and  development land sub-sectors recorded growths of 34.7%, 28.4%, 19.8%, 33.1% and 40.6%  respectively.

RESIDENTIAL PROPERTY

5. There were 92,017 transactions worth RM34.51 billion recorded in the review period, increased  by 22.2% in volume and 34.7% in value year-on-year. Performance across the states improved in the review period. All states recorded higher market volume except for WP Putrajaya. The  four major states namely WP Kuala Lumpur, Selangor, Johor and Pulau Pinang formed about  50% of the total national residential volume.

6. In the primary market, there were 16,660 units launched, down by 34.0% against 25,227 units  (revised) in H1 2020. Against H2 2020, the new launches were lower by 24.1% (H2 2020:  21,951 units).

7. Sales performance for new launches recorded at 24.7%, better compared to H1 2020 (revised  12.9%) and H2 2020 (17.0%). The improvement in sales performance probably attributed to  various measures by the government such as incentives of the Home Ownership Campaign  (reintroduced from 1 June 2020 – 31 Dec 2021) and low OPR.

8. Selangor recorded the highest number of new launches in the country, capturing nearly 24.7% (4,114 units) of the national total with sales performance at 26.2%. WP Kuala Lumpur recorded  the second highest number (3,651 units, 21.9% share) with sales performance at 3.5%. Johor  came third (2,187 units, 13.1% share) with sales performance at 49.8%.

9. By property type, terraced houses dominated the new launches. Single storey (2,624 units)  and 2-3 storey (5,455 units) together contributed 48.5% of the total units, followed by  condominium/apartment units at 41.4% share (6,893 units).

10. The residential overhang exhibited a moderated growth. A total of 31,112 overhang units worth  RM20.09 billion was recorded, showing an increase of 5.2% and 6.2% in volume and value  respectively against the preceding half.

11. Construction activity recorded an increase in completion, starts and new planned supply, each  up by 8.7%, 35.3% and 36.0% respectively compared to the same period last year.

12. The Malaysian House Price Index (MHPI) from JPPH saw an unprecedented negative growth in Q2 2021
P
,  after a series of slow price growth since 2018. MHPI stood at 197.9 points, down by 1.2% year on-year. Quarterly movements saw a decline of 1.6%.

COMMERCIAL PROPERTY

13. There were 10,433 transactions worth RM10.93 billion recorded, up by 28.5% in volume and  28.4% in value compared to the same period last year. All states recorded more market activity  in the review period except for WP Putrajaya and Pahang. Selangor contributed the highest  volume and value to the national market share, with 26.3% in volume (2,741 transactions) and  30.8% in value (RM3.37 billion); followed by WP Kuala Lumpur with 13.0% in volume (1,359  transactions) and 28.2% in value (RM3.08 billion) and Johor with 13.5% in volume (1,410  transactions) and 11.6% in value (RM1.27 billion).

14. Serviced apartment sub-sector recorded 1,912 transactions worth RM1.21 billion, formed  18.3% of the commercial property transactions volume and 11.0% of the value. Market  performance recorded an increase of 33.4% in volume and 23.7% in value compared to similar  period last year.

15. Serviced apartment sub-sector recorded 24,064 overhang units with a value of RM20.41 billion,  indicating a marginal increase of 1.9% in volume, but value declined by 10.2% compared to  the preceding half. Meanwhile, the unsold under construction recorded 42,358 units, increased  by 20.1% according to JPPH.

16. The construction activities saw a mixed trend with completions decreased by 8.3% to 4,030  units, starts increased by 89.6% to 21,278 units and new planned supply up by 33.7% to 7,339  units against similar half last year.

17. The performance of shopping complex moderated in H1 2021, with the national occupancy  rate saw a slight decline of 76.6% as compared to H1 2020 (78.6%). WPKL and Selangor recorded 81.6% and 78.8% occupancy rate respectively, whereas Johor and Pulau Pinang  managed to secure an average occupancy of 73.4% and 72.2% respectively.

18. The sole completion recorded in H1 2021 was contributed by the extension of Setia City Mall,  Shah Alam (21,363 s.m.), bringing the total space for shopping complex nationwide to 16.93  million square metres. There were another 47 complexes (1.94 million s.m.) in the incoming  supply and with another 10 complexes (0.34 million s.m.) in the planned supply.

19. The overall performance of purpose-built office decreased to 78.5%, slightly lower than H1  2020 (80.6%). The occupancy rate for private office buildings declined further to 71.7%, down  from 74.3% recorded in H1 2020. Pulau Pinang secured a higher occupancy rate at 85.3%  while Kuala Lumpur, Selangor and Johor recorded lower than the national level at 73.8%,  68.4%, and 72.75%, respectively.

20. Eight new purpose-built offices with office spaces totalling 505,842 square metres were  completed in the review period, extending the existing market supply to 23.84 million square  metres from 2,581 buildings. WP Kuala Lumpur was the lead contributor for office space with  a share of 40.7% (9.70 million s.m.) in the existing market, 54.0% (1.09 million s.m.) in incoming  supply and 52.9% (0.17 million s.m.) in planned supply.

2021 OUTLOOK

21. The acceleration of the National COVID-19 Immunisation Programme and the National  Recovery Plan threshold across the states will see the reopening of more economic and social  sectors in the fourth quarter of 2021. Supported by the implementation of various government  initiatives and assistance, the property market is expected to be on the recovery path in line  with the gradual economic recovery.

— End of Press Release from JPPH–

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Regulating the house prices will NOT be easy

Reported in Edgeprop.my: JPPH proposes Housing Price and Cost Control Committee
 were two sentences from Valuation and Property Service Department (JPPH). “JPPH does not play a role in controlling the price of any property including residential property but plays a role in providing important property market indicators so that the market remains secure. House prices are usually determined by the interaction of demand and supply except for low-cost houses in the primary market in which the ceiling price has already been fixed by the state authority.” In brief, JPPH says that it does not control house prices. This was in response to an article in
Sinar Harian
 in which it was purportedly said that only JPPH could control property prices.

However, JPPH outlined the following key components which it says will affect the cost of housing. The items are as follows:

Land

Premium payments

Development charges

Infrastructure provisions

Contribution to utility providers

Building materials

Bridging finance and end-financing

Insurance

Labour

Professional fees

Developer’s profit margins

Marketing techniques or gimmicks

Cost of marketing and advertising

Developer deposit

Compliance with planning approval requirements

Beyond just identifying these items so that we can look into each component separately, JPPH also suggests that the Housing and Local Government Ministry’s National Housing Department monitor the minimum and maximum selling price of houses. In the new Application For Advertisement And Sales Permit outlined by the Housing Development Licensing Division of the National Housing Department, there are two items related to the housing price that are to be included in the application:

List of selling prices for all housing units by type of house

Minimum and maximum selling price for each type of residence.

Here’s the article for reference again. Edgeprop.my here.

I personally do not think it’s possible to control prices, not even by the government which builds over 80 percent of all the homes in a country, example Singapore. It’s not even possible in advanced property markets which the government has a lot of updated information about the property market, example Australia or Britain. Let’s stop thinking that Malaysia is so special or powerful yeah. However, if we were to monitor each of the items suggested by JPPH closely, we may be able to identify items which are contributing the most to the cost of the property and we can then seek ways to reduce it. More importantly, the ‘affordability’ factor will control the homes being built. Just look at the unsold units and we would notice that most unsold units were because of the price. People power, perhaps? Happy following.

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written on 2 Oct 2018

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JQZ Sydney’s St Leonard’s AUD10M+ stunning penthouses unveiled

Media Release – JQZ unveils stunning St Leonards penthouses with $10M+ expectations

Sydney, 17 June 2021
 – Leading Sydney-based property developer, JQZ, has unveiled an exclusive collection of luxury penthouses which will top their ‘88 by JQZ’ residential precinct, currently under construction at 88 Christie Street, St Leonards, on Sydney’s north shore.

The stunning release of four two-storey penthouses, which will be positioned on levels 46 and 47 (220 metres above sea level), was launched to a select group of potential buyers at a lavish event on Friday evening.

The penthouses will be the jewel in the crown of JQZ’s $1.6-billion three-tower urban transformation precinct, which is set to transform the St Leonards town centre and includes two residential towers of 47 and 26 storeys, and one commercial tower of 15 storeys, designed by PTW Architects.

With the building perched on a ridge, the four-bedroom penthouses will enjoy the highest elevation of any residences on the north shore, with stunning views over Sydney CBD, Sydney Harbour Bridge and Sydney Harbour.

Expected to sell for over $10M each, the penthouses will be the pinnacle residences amongst 637 apartments at 88 by JQZ, with purchasers having the option to choose between two floorplans, one sized at 279sqm and the other at 318sqm.

Designed for entertaining, standard features will include:

double height ceilings in living rooms
double-sided fireplaces between dining and living rooms
home cinema rooms
fully equipped butler’s pantries
large balconies with expansive views
home automation systems integrating all lighting, audio visual, mechanical and security services and window furnishings

With interiors designed by Angus Henderson from Henderson and Co., the carefully crafted penthouses will deliver a level of international design quality previously unseen on Sydney’s north shore.

“We’ve drawn inspiration from the unparalleled views future penthouse owners will enjoy – they really will own the sky,” said Mr Henderson.

“In fact, there’s not a higher point of living, from an altitude perspective, on the north shore until you reach the Gold Coast in Queensland.

“From their vantage point, looking back towards Sydney’s CBD, these penthouses will have one of the best views of Sydney, from the top of the Sydney basin, out through the Sydney Heads. I truly believe they will be the best views realised of Sydney – with the land dropping away so much, the shoreline becomes very pronounced.”

In recognition of this unparalleled outlook, Mr Henderson was committed to creating spaces that befit the views and which capture the epitome of luxury living.

“Our design approach also draws inspiration from the surrounding land, air and sea to create truly unforgettable spaces that capture the brilliance of Sydney and its natural canvas,” he confirmed.

“The ‘land’ has provided cues which have been translated in curved forms, the strength of the materials specified, colour and texture; the ‘air’ translates in the materials and lighting, allowing soft, glowing and radiant lighting effects creating life and movement throughout; and the ‘sea’, presents with natural soft tones set against precious metals and finishes to create sparkling reflections.

“Given this unique building can be seen as a lighthouse on the ridge watching over Sydney and its beautiful surrounds, we considered how we could shape something that is truly an object of designer luxury from a finishings perspective.

“I can truly say that no other project in Sydney reaches this level of luxury from a specification and finishes level. We’re working with a team of specialist artisan craftsman on these penthouses who typically work on high-end custom homes. They are working exclusively on these penthouses.

“This is not about volume, but using only the best of the best tradespeople to create completely bespoke fittings and fixtures.”

According to Jian Qiu Zhang, Founder and Managing Director of JQZ, the 88 by JQZ penthouses will be the most prestigious residences his company has delivered to date.

“This entire precinct is a landmark project for JQZ – it includes 30,000sqm of Grade A commercial and retail space, lifestyle and civic amenity, including a public square and state-of-the-art library,” he explained.

“That’s why we wanted these penthouses to offer the ultimate luxury lifestyle – we are really targeting the top end of town here.

“Residents will have everything they need on their doorstep, with the multi-level precinct below them including an open air landscaped central plaza with green walls, contemporary lifestyle and convenience retail, including a full-line supermarket, as well as an Eat Street.

“They will also have access to the second residential building’s rooftop recreation deck where they can dine alfresco under the sheltered pavilion, swim in the luxurious swimming pool and utilise the club house.

“It’s a lifestyle offering that definitely hasn’t been seen before on the north shore, and I’d argue anywhere in the rest of Sydney either,” he added.

— end of media release —

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July is near, even more fears?

Yes, two more weeks, July starts. How are you feeling today? Negative because of all the news about potential of Malaysia’s rating dropping to BBB by Fitch Ratings beginning July? Negative because all the stocks you bought few weeks ago are all at their new lows? Negative because there are news that the job market is getting tougher moving forward, especially for the oil and gas industry? Actually, we can be negative in many things. However, the negativity must also be followed closely by objectivity.

For example, if we are already believing that times are bad, surely we should at least look at our credit card statements and see which ones are USELESS and should not have been spent? Calculate that and you would notice that you have enough to pay for food for the next one month.

If we believe the bonuses are going to be lower next year, should it not be time that we evaluate our holiday plans? Not where but what do we want to do. Fun with the family on the beach can be anywhere and it does not need to be taking the whole family on flights to another distant land. If it’s just for relaxation, there are so many cheaper options even if our colleagues may snigger since we are going on a budget instead of splurging.

In fact one huge thing we can do is to sell our current place which has appreciated so much and move to a slightly further away place for much lesser and have some surpluses from the sale of the current home. This surplus would come in handy whether during bad times or if you want to buy another home and start your property investment journey.

Fact is, there are lots of stuffs that we can now take a step back, re-evaluate and take action(s). What we should fear more would be for us to go into a negative mood without any pro-active actions. What we should not do is to blame the government, blame the opposition, blame everyone but still do nothing. Come on, those who can read this are all adults. Are we doing something already? Think for a while and then start doing. Happy doing something.

written on 18 June 2015

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Just 54 units. GDV of RM348 million. Wow. Where?

You know, if we continue to work and rise up the corporate career ladder, one day we will be able to buy a property which will be in the millions. RM1.99 million is still within the million. Provided we did save most of what we earn lah. Oh yeah, speaking of millions, only RM2 million property and above would qualify as property in the millions. A check online will show that RM2 million properties are really not that uncommon these days.

A prime neighbourhood, landed and it’s definitely within millions. A big-sized condo in a good neighbourhood would already be over a million ringgit, easily…  There’s one more coming and it’s also in the millions but I think it’s much closer to double digits versus a single digit million. If you happened to own a home in Damansara Heights today, maybe you will also be happy to note this new development coming up soon by E&O and Mitsui Fudosan.

Article in thestar.com.my
   Eastern & Orientel Bhd (E&O) and Japan’s largest property developer Mitsui Fudosan Co. Ltd will be building luxury residences in Damansara Heights in a joint-venture. In a statement, E&O said the following:

“The development land enjoys a strategic address within the highly sought after Damansara Heights location and is slated to be developed into three-storey villas/ condominiums totalling 54 units with a GDV of RM348mil.

“The development is expected to be launched in the second half of 2020 and will contribute positively to the earnings of E&O from 2021 onwards.”

The land for which the development will be built will be on a 5,962 sq metres (64,174 sq ft or 1.47 acre) and is being purchased for RM88.33 million.

This was what MFAM managing director Takehito Fukui said about the joint-venture. “The E&O-Mitsui Fudosan partnership that began in 2011 has progressed well and resulted in a track record of successful developments such as The Mews and Conlay. Today, we are ready and very happy to progress to the next level.”  Do read the full
Article in thestar.com.my

Based on the GDV of RM438 million, the land cost would be 20%. This is considered on the higher end but the land price is also because it’s a small parcel and it’s in an exclusive neighbourhood as well. Actually, I could not find further details on the price per unit but perhaps this is also very early. Anyway, if the track records are to continue, then some of the existing buyers may just get a unit.

We should wait for more details which I will be happy to write about too. Definitely could not afford but can ‘tumpang gembira’ for those who could afford to buy a unit and staying in Damansara Heights which has always been an exclusive neighbourhood. I wonder if any friend who has a unit there will be inviting me over for a cup of coffee too. Happy reading and well, if we could not stay there, we could still visit one of the shops there for a meal and a coffee too. Parking is easier to get in the evenings.

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Just because the buyer may not know does not mean developer can do anything they want

First of all, if you are a foreigner buying Malaysian property, the protection you get is the SAME as any Malaysian purchasing a property locally. As for the protection, please read on yeah.

Did you know that as a buyer, you are protected IF the developer tries something illegal? As long as what they were doing is contrary to the purpose of the Housing Development (Control and Licensing) Act 1966 and the related Regulations. This was designed to protect the purchasers who are more vulnerable against developers.

Article in thestar.com.my
  Very important to know are these sentences.

In the stated case, the developer “employed a clever device to attract sales of the housing accommodation in that upon the signing of the SPA, a credit note is given to the purchaser for the sum equivalent to the balance 10% of the purchase price… The developer argued that there was an effective discount via the credit note of RM63,108.00 from the purchase price stated of RM731,080.00 and so the actual and real purchase price is RM667,972.00”.

However, the Court of Appeal ruled that the issuance of the credit note was contrary to the purpose of the Housing Development (Control and Licensing) Act 1966 and the related Regulations, which were “designed to protect the purchasers who are more vulnerable against developers”.

It was decided that “The device of stating a higher purchase price in the SPA when the developer knows that it would be giving a credit note to the purchaser at the opportune time determined by them has the debilitating effect of the banks giving a higher margin of loan to the purchaser who may other not qualify for the loan to purchase the property”.

It was also held that “The whole landscape of the Schedule H SPA and the HDA, as well as the Regulations, does not countenance a different category or classification of ‘purchase price’ be it a ‘discounted purchase price’ or a ‘reduced purchase price’ or ‘actual purchase price’”.  The article is a comprehensive one and tells the full story.
Article in thestar.com.my

As a buyer, it is also very important to understand the actual value of the property we are buying. Just because the price was RM500,000 and the developer gave us a very attractive rebate does not mean that in the future, the price will be RM500,000.  Imagine all the buyers were given the same arrangement. Of course, if the market was positive when the keys were handed over, then everything will be fine.

If the market was slow like today, imagine what would happen to the so-called selling price? Are we confident the price could be maintained and that potential buyers would be willing to pay RM500,000 or even higher? Hopefully the answer is yes. However, this is not a small risk to take.  Please do sufficient due diligence. For example, what’s the pricing of similar properties in the area?  Are there anything special which is available only for this development versus all the others? Are most buyers buying just to wait for keys or are they staying? All these would help us to decide more objectively.  Do not buy just because you wanted the money they are giving you… That’s your money anyway. Happy deciding.

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It’s always a good news when you get to know a good friend has joined an established organisation. Hopefully he will still have some time to drink a cup of coffee and have a good chicken pie in the near future. For now, will let him work very hard first to know this, know that and start to do this and do that.

Press release:
Juwai IQI Adds Experienced Executive to IQI Leadership Team in Kuala Lumpur

Ernest Towle Is New Head of the Property Advisory Division

Juwai IQI announced today that its IQI brand has appointed Ernest Towle as its Head of the Property Advisory Division. Towle is an experienced media and advertising executive with more than two decades of experience in relationship management, property, real estate finance, and marketing.

Most recently, Towle served as Assistant General Manager for StarProperty, at Malaysia’s integrated media company, the publicly traded Star Media Group. There, Towle had profit and loss responsibility for the entire business unit. He oversaw major property developer & real estate agency clients, consumer-facing and industry-facing teams, as well as all media channels, including print, digital, events, and social media.

Towle has also served as a member of the senior management team at iProperty Group for more than three years. iProperty was one of Southeast Asia’s most successful technology start-ups, was listed on the Australian Securities Exchange, and merged with the REA Group in 2015 in what was the largest online advertising merger in ASEAN history.

Towle’s earlier roles include serving as a banking Relationship Manager. He provided personalized financial solutions to high net worth individuals. He helped his clients grow their portfolios of assets with the assistance of the Bank’s various divisions.

In his new role at Juwai IQI, Towle will work closely with high net worth clients, advising and consulting on real estate investment. He will provide research and real estate investment options to help clients build a high-performing real estate portfolio. When clients already own property, he will help them achieve their financial goals by monitoring and advising on their real estate investment portfolios.

Daniel Ho, Group Managing Director of IQI Global, said: “We are delighted to welcome Ernest to the team. He brings a tremendous depth of relevant experience and relationships after some 20 years of relevant experience.”

Towle said, “My priority in this new role will be understanding the needs of our clients, and not just their present needs, but also the needs of the future. Whether it is asset accumulation, asset management, or estate planning, I will help our clients develop strategies to get where they desire to be and then link them to the experts and opportunities that will enable them to fulfil those strategies. As a global property company with a huge presence in real estate-obsessed Asia, IQI is the perfect company at which to fulfil this mission.”

Towle works from Juwai IQI’s Kuala Lumpur offices.

— end of press release —

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Juwai IQI appoints iProperty Founder Leon Kong to Senior Team

Press Release:
JUWAI IQI APPOINTS IPROPERTY FOUNDER LEON KONG TO SENIOR TEAM

Juwai IQI announced today that it had boosted its senior team with the appointment of Leon Kong as General Manager, Online Advertising Solutions, for the company, which operates the Asian real estate super-brands dedicated to empowering residents of Asia to become residents of the world, IQI Global and Juwai Limited.

Kong is the founder of iProperty Group, which attained a valuation of US$534M during its merger with the REA Group (ASX:REA) in 2015 in what was the largest online advertising merger in ASEAN history.

He has nearly two decades of leadership experience in high-growth online real estate and proptech businesses. Kong is transitioning to the full-time, permanent role at Juwai IQI after consulting as a Senior Advisor to the company since early 2019.

In the new role, Kong will lead the team that supports current and potential customers of
Juwai.com
 and Juwai.asia, the two global real estate portals that enable agents and developers to market property to Asian property buyers and reach more than 4.5 million consumers per month.

Kong cofounded iProperty Group in 2003. One of Southeast Asia’s most successful technology start-ups, iProperty Group listed on the Australian Securities Exchange in 2007 and merged with the REA Group in 2015.

Juwai IQI Executive Chairman Georg Chmiel said, “We couldn’t have anyone better than Leon to lead our sales team. At iProperty Group, he achieved an agent penetration rate of 80%, a key element in its success. Again and again, he has proven his ability to build successful relationships with agents and developers, to drive sales growth, and to build a thriving and motivated team.

“Leon is one of the most accomplished Southeast Asian entrepreneurs and is especially accomplished in online real estate advertising. We are thrilled to have Leon take this full-time role after consulting with us since last year.”

Kong said, “Personally, I believe Juwai IQI is the most exciting real estate technology business in the world. It is one of the first to combine a 10,000-strong agent network with online portals. It can offer customers an end-to-end solution for marketing, advertising, and sales.

“At Juwai IQI, we have the technology, the platform, and the consumer reach to deliver to agents and developers the leads and sales that they need. I look forward to helping members of the real estate industry around the world achieve sales in this difficult time.”

— end of press release —

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Press Release: Juwai IQI Launches Juwai.asia, the First Global Real Estate Portal for Asian Buyers

Juwai IQI today announced the launch of Juwai.asia, the first global portal for non-China Asian consumers who want to purchase real estate almost anywhere in the world. Chinese buyers are already served by the company’s existing portal,
Juwai.com
, which since 2011 has become the largest Chinese portal for international real estate. Via the two portals, Juwai.asia and
Juwai.com
, Juwai IQI markets some 6 million listings per year from 91 countries to more than 3.3 million monthly users.

ASIAN BUYERS ARE MOST ACTIVE GLOBALLY

After the Chinese, other Asians are the most active cross-border real estate buyers in the world. Cross-border buyers —mostly from Asia— purchased 500,000 homes in the G7 countries alone in 2019, worth an aggregate value of US$250 billion.i While the largest number of cross-border property buyers do originate in mainland China, significant numbers also come from the Chinese territories of Hong Kong and Taiwan, and from Singapore, India, Japan, Korea, and Malaysia.

Asia is the scene of wealth creation at a pace not seen anywhere else. Asia now has nearly the same number of ultra-high net worth individuals as Europe, but its population of the wealthy is growing at almost twice the rate as is Europe’s: 44% versus 23%, respectively. In a survey conducted before the pandemic, the top five countries where wealthy Asians intend to purchase residential property are the US, UK, Singapore, Australia, and Canada.ii

Non-China Asian buyers account for 20 per cent of the real estate buying enquiries that
Juwai.com
 receives, compared to China’s 71 per cent, the Americas’ 4 per cent, Europe’s 3 per cent, and the Middle East and Africa’s approximately 1 per cent.

In the US, Asians including mainland and Hong Kong Chinese invested US$257.3 billion in residential real estate over the past decade.iii That far exceeds the next largest buyer group, Canadians, who acquired only about half that amount, $129 billion, of US real estate during the same period.

In the UK, foreigners are the predominant buyers of London’s prime property market, accounting for 55 per cent of prime sales and spending £8.2 billion in Greater London during the second half of 2019.iv

In Australia, Asian investors, including mainland and Hong Kong Chinese, were officially cleared to acquire US$135 billion of real estate over the past decade.v Apart from mainland and Hong Kong Chinese, the biggest Asian investors were from Singapore, Malaysia, Japan and South Korea.

Singapore is a popular destination market for other Asian buyers, especially wealthy professionals and business owners due to its political stability and stable markets. Investment by less well-heeled buyers is discouraged by Singapore’s high 20% foreign buyer stamp duty. Foreigners acquired 315 apartments in Singapore’s prime core central region in the first nine months of 2019.vi

In New Zealand, Asian investors, including mainland and Hong Kong Chinese, in 2018 alone acquired homes worth US$1.1 billion. That’s nearly double the US$620 million invested by Australians and nearly 10 times the $140 million acquired by UK buyers. Among the biggest sources of buyers are Singapore, Taiwan, and Korea.

In the UAE, Asian buyers from India, China, and Pakistan are the most numerous foreign property investors, apart from those from other Persian Gulf countries. Asians invest US$6.23 billion per year into Dubai alone, according to the most recent official data from the Dubai Land Department.vii

In Malaysia, eight of the top 10 foreign real estate investor groups hail from other parts of Asia. Official data on participation in the Malaysia My 2nd Home visa program reveals that citizens from mainland, Hong Kong, and Taiwan, China; Japan; Bangladesh; Korea; and Singapore acquire more visas and likely also more Malaysian real estate than do those from any other part of the world.viii

The new Juwai.asia portal was launched in English and simplified Chinese, with further languages to come.

GEORG CHMIEL QUOTES

Juwai IQI Executive Chairman Georg Chmiel said:

“
Juwai.com
 has been helping Chinese become residents of the world since 2011, and Juwai.asia will expand our mission into assisting not just Chinese but all Asians.

“Juwai.asia is the first truly global real estate portal for Asian buyers, with listings from 91 countries. Juwai.asia allows us to cover not only the No. 1 buyers’ market of China but also the other top cross-border buyers’ markets, which are nearly all in Asia.

“You can live in Kuala Lumpur and want a home in Perth, live in Singapore and want a home in Malaysia, or live in Delhi and want a home in Palo Alto. Wherever in Asia and wherever in the world do you want to purchase, now we can help you. Juwai.asia enables you to find your future home. It will connect you with local market agents and sources of financing. And, it will provide you with expert advice and market data.

“The Coronavirus pandemic has dealt a painful blow to economies all over the world. One bright spot for real estate markets is that the pandemic has also given added motivation to cross-border buyers from Asia.”

DANIEL HO QUOTES

Juwai IQI Group Executive Director Daniel Ho said:

“Even before the launch of Juwai.asia,
Juwai.com
 already served more than 3.3 million users per month, more Asian cross-border property buyers than any other portal or real estate company. Juwai IQI also advertises the largest number of global property listings targeted at Asian buyers, with 6 million listings per year from 91 countries and having a combined value of US$4 trillion. The more than 8,000 salespeople in our IQI network sold US$1 billion of property in 2019 and make up the largest network of real estate agents in Asia.

“Real estate agents and developers can now use Juwai IQI’s end-to-end property advertising and sales solution to reach China’s 1.4 billion people and the rest of Asia’s 2.7 billion consumers. Marketing on Juwai.asia and
Juwai.com
 creates buyer interest, while our in-house sales agents, events and services help you close the transaction.

“This new portal for the first time enables developers and agents to tap into the total Asian market. Juwai-IQI is a one-stop solution combining online and offline marketing and sales, now to buyers located everywhere in Asia.

“This is the first major strategic initiative taken by Juwai IQI since the merger between
Juwai.com
 and IQI, which was announced in July 2019 and completed later that year. The merger of our two Asian superbrands made us the largest global marketplace for real estate buyers from Asia, both by number of users and customers.”

KASHIF ANSARI QUOTES

IQI Global Group CEO Kashif Ansari said:

“Juwai.asia is a marketplace, not just a portal. This is the era of global asset allocation, and most high-net-worth individuals acquire international property for lifestyle, asset diversification and investment goals.

“The new Juwai.asia builds on the nearly 10 years of experience we have in
Juwai.com
 providing buyers with high-quality listings in popular homebuying areas, exclusive professional reports, market data, and expert commentaries and advice.

“More than 8,000 real estate agents are members of the Juwai IQI team, so you could say that Juwai.asia was created by agents and for agents. We worked hard to maximize the ways in which agents benefit by using Juwai.asia, including by winning more listings, generating more buyer enquiry, or getting assistance in closing transactions with foreign buyers.

“Two Australians founded Juwai in 2011 when they realized that agents needed a better way to reach foreign buyers. At that time, the cross-border property buying boom was just getting underway, but agents had no way to market their listings directly to buyers from overseas.”

“Real Estate is the new global currency, and more investors seek to diversify their investments. In 2019, Indian buyers spent US$6.9 billion on American residential real estate, making buyers from India the third-largest foreign buyer group in the USA, followed by Mexico, the UK, and the Europeans.

“We looked at the portals available in the market and created Juwai.asia to fill the gaps by addressing the unmet needs of buyers and sellers. Juwai.asia is the complete solution and the answer to the new world of global investment which we have all entered. We used everything we have learned as the largest proptech company in Asia to simplify the process by which Asians become global residents.

“We poured into Juwai.asia all the lessons we learned over the past 10 years of marketing property online via Juwai and selling it offline with our team at IQI. We understand the needs of consumers, which makes Juwai.asia more relevant for developers, corporates, individual investors and property agent. We use our AI and responsive technology to promote listings to the best qualified likely buyers.”

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Kay’s Cafe at Tropicana Mall

I have been here twice. First time alone and second time with family.  I do like the environment and the waiters are also well dressed.  In terms of menu you have both eastern or western dishes and a lot of coffee choices.  This includes latte.

The latte is really average. Arabica aroma is missing and the milk is somehow tasteless.  The presentation is ok and I also love the glass that it comes with.  I seriously think that the latte has to be improved.

In terms of food, thus far I love all the dishes that I have ordered before including both the Eastern and western ones. A good choice for families.

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Let’s keep the borrowers at the prime level, yeah.

A prominent property speaker, Agnes Wong spoke after me in Ipoh last week. I was the first speaker and she was the last. (Usually the junior speakers start first and the organiser will save the best for last)  She shared many important points of which I want to highlight one very important point to all stakeholders.

This is important whether we are from the government which determines the policy, or NGOs which influences the policy and all the participants in the property market including first-timer, parents buying for their children or investors.

We must look closely at the quality of the borrowers which we intend to ‘help.’ Let’s understand that everyone must be helped to own a property.

Else, they will
always be facing with the prospect of poverty. Earlier article here.

However it is not wise to push anyone without much savings to begin with into a home loan because they are just not ready…

Have we ever imagined what could have happened to a property market which has actually been having lower transactions for the past 5 years?

I am talking about us, Malaysia. Yes, actually it could have crashed.

Remember the subprime mortgage crisis in the US back in 2008?

It was caused by the quality of borrowers and the crazy rise in property prices.

Imagine most buyers in the market are earning RM2,500 and after all their expenses, they are left with RM400 as savings.

We push them to buy a property with a monthly mortgage of RM700 (RM200,000 property).

What will happen is that they will struggle to pay their mortgages and when they ‘break’ we have a crisis.

Look back – think twice.

When we look back at the Malaysian property market, allow me to share this story to everyone again.

When only those who qualified get to borrow to buy a property, they will continue to pay their monthly mortgages on time.

Assuming some of them lost their jobs in some point, their savings will be enough and they will soon find a job within the next 30-60 days.

This is the reason why we do not suddenly see a super huge increase in the number of auction properties.

This is also the reason why we do not see a big reduction in prices from the owners; they are not desperate easily…

Keep prime…

In other words, most borrowers are ‘prime’ people. If the whole market is full of speculators, then we are looking at that sub-prime storyline again… Happy understanding.

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written on 23 Jan 2019

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Kelana Jaya, upcoming RM1.8 Billion GDV by Sunway.

I take special interest when it comes to Kelana Jaya. I feel this is a good place except for the jam along the LDP. Then again, if you can be like me who goes to the gym early in the morning to stay fit, anywhere is good. Sunway Berhad (Sunway) have bought a piece of 17-acre land for RM286 million. The expected gross development value (GDV) is RM1.8 billion. Cost of land to GDV is thus around 15%. Price paid per sf is RM386. For a mature neighbourhood, I consider this as good value. Take a look at the picture. The piece of land is REALLY not easy to develop. However, a ‘water view’ is always a plus point. Somehow you feel calmer instead of facing another tall building.

The land is located close proximity to Petaling Jaya, Sunway Resort City, Subang Jaya; and walking distance to the Setia Jaya KTM station. It fronts the Lebuhraya Damansara-Puchong (LDP) Expressway and thus is easily accessible from major highways and local roads; amongst others, via an underpass on Lebuhraya Damansara-Puchong, Federal Highway via Jalan Majlis and local roads to New Klang Valley Expressway and Subang Airport. One can walk to the Setia Jaya KTM which is 600 metres away as well as Sunway Setia Jaya Bus Rapid Transit-Sunway Line stations which provides residents access to public transportation networks to Kuala Lumpur city centre, Subang Jaya, Sunway Resort City, Shah Alam and Klang.

The actual land is right next to Western Digital the Sungai Way Free Trade Zone. I pass this landmark quite often when I was still staying in Kelana Jaya just 8 months ago. It’s also next to the Kelab Golf Negara Subang which has two 18-hole golf courses. In addition, it is adjacent to a 15-acre water retention pond where its landscape will be enhanced by Sunway alongside the local authorities to provide residents with additional recreational activities.

Personally, I think I would have interest in this project depending on what they are launching. Who knows, if the size and price is right, I can always move here few years later. 17 acres is considered big enough for a lot of things and not those small piece of land and build as high as possible type of project. I do not prefer those so called ‘low density’ project which is actually just due to their small land size. Yes, Kelana Jaya is definitely a popular spot for many people. It’s considered a mature neighbourhood and it’s also right in the middle between Puchong and Damansara. Will update when there are more firm plans for this development. Happy waiting.

written on 12 May 2015

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Kelana Jaya? Few condo choices below RM500,000 left.

Kelana Jaya is my favourite property ‘hotspot.’ Even if, it’s not really considered one by many. It’s a place I love and a place where I bought my first KL condo many years ago. It took one call, one view and deposit was tt within the same day itself. Of course, not to the agent but to the agency. I owned the unit long enough that when I sold my condo last year, RPGT was zero. Long time ago, I have stayed in Kelana Jaya whenever I visited KL. Then, just over two years ago, when I accepted a KL career, I moved from Penang and stayed in Kelana Jaya for 1.5 years. My baby girl learnt to walk there. Anyway, except for the jam because of Lebuhraya Damansara-Puchong (LDP), everything else is complete and there’s even three tertiary institutions within minutes from where I used to stay, Kelana Puteri.

So, what’s available and what’s affordable there? Actually, for condo, the choices are not that many. In fact, a search in propertyguru.com.my revealed just two choices which were posted recently, Kelana Puteri or Kelana Sentral. Both are leasehold but then again, I do not have know of any condos which are not under leasehold. Oh yeah, for those who worry about leasehold, this has never stopped prices from rising because of the many new developments as well as the existing ones. In fact Kelana Jaya is very strategic, being in the middle of Damansara and Puchong as well as next to Subang Jaya, Ara Damansara and Tropicana.

If you intend to buy, be reminded that jams are crazy during the peak hours as well as rainy days. In the morning if you can leave slightly earlier and go for an early breakfast, then everything will be just fine. However, with Paradigm Mall nearby, you can definitely enjoy a weekend without having to queue for an hour for parking in Sunway Pyramid. Besides, One Utama is a mere 13 minutes away from Paradigm Mall anyway. As for flights, Subang Airport is also just 15 minutes away. Price has been rather stagnant since last year and I think now may be a good time to offer something attractive to you. Good luck.

written on 13 July 2015

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Upcoming talk: Growing, Transforming and Connecting @ Kelana Jaya

If you think Kelana Jaya is one place you want to know a little more, join me for this talk yeah. It’s this Saturday (24th April 2021) at 12pm – 1pm. It will be LIVE at Glomac Berhad’s FB page. I will send out the slides after my sharing too. Just sign up for it by sending a Whatsapp to 011 – 1089 7687 or just
click here to sign up
.  You can also sign up with
Glomac directly too. (click here)
. There are FREE giveaways to all listeners who signed up and listen yeah. Get knowledge and get free giveaway. Double bonus indeed.

My own experience with Kelana Jaya? Before I moved to Klang Valley nearly 8 years ago, every time I come to Klang Valley, I will stay in Kelana Jaya. That lasted many years because as someone from Penang, I was so scared of KL’s roads. Thus, I always park my car in the Kelana Jaya LRT station and I would then take the LRT to everywhere I wanted to go. Briefly, convenience is super important to me.

In all my trips, every night, I would stay in my friend’s home in Kelana Jaya. After staying there many times, I felt that Kelana Jaya seemed like a good place to buy a property. Soon after, I bought a property in Kelana Jaya. This was purchased many years before I moved to Klang Valley. I actually stayed in the Kelana Jaya property when I moved to Klang Valley. Briefly, it was home sweet home and I have Paradigm Mall just nearby too. (Yes, I love malls!)

This time, let me share more information about Kelana Jaya. See you this Saturday at 12 noon. All the details as below.

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Press Release: Kemayan Heights: Choice Villas Upon An Elevated Sanctuary

There is a certain charm in having a home on an elevated plane, with the panoramic sight of a verdant valley below, coupled with the touch of the fresh breeze upon one’s cheek.

This is but a small part of the many facets depicting Kemayan Heights, the latest residential development by Setia Awan Group Central Region in Seremban 2.

Rolling hills interspersed with trees mark the area leading to Kemayan Heights. The majesty of this place is palpable the very moment you return from a day’s worth of hard work. A lush green environment surrounds the quiet, quaint neighbourhood, bringing about a feast for the eyes and mind.

Luxury amidst serenity

Situated on an elevated land, Kemayan Heights commands a breathtaking view over the green landscape. Unsurprisingly, the development leans heavily upon the theme of nature’s abundance, considering its seamless integration with the environment.

It plays host to only 120 units of double-storey semi-detached villa sprawling across 17.241 acres of freehold land, with a total gross development value (GDV) of RM125 million.

Here, Setia Awan’s unique DNA for creating a balanced lifestyle is revealed through the meticulous planning being incorporated into the creation of this development. To reduce energy consumption, the villas are north-south oriented and crafted to allow entry of natural lighting.

The villas’ built-up areas range from 2,930 to 3,042 sq ft on a land area between 3,203 to 5,758 sq ft and priced from RM990,000. Its design elements draw upon the architecture to further encourage indoor and outdoor livability, with all units having their own green turf.

The green spaces and children’s playground within Kemayan Heights foster the residents’ community living concept while exploring nature’s rhythm at their own unhurried pace. Jogging tracks meander across the development, and the outdoor gym serves as another facility to encourage a healthy, vibrant lifestyle.

There are also provisioned areas for a kindergarten and multipurpose hall at the centre of the neighbourhood which will further promote community events and togetherness, and the kindergarten will serve as a convenience to the working parents.

Kemayan Heights offers well-planned guarded community living fully integrated with a hassle-free property management system, further protected by a state-of-the-art security system to create a truly holistic living experience.

Unparalleled convenience in the heart of Seremban

Crafting the ideal home does not pertain to only the four walls upon which a roof is held, it is equally vital to be near to other points of interest. Located approximately 3km from the Seremban 2 town centre, Kemayan Heights is within proximity to a wealth of amenities.

The neighbouring area is replete with educational institutions such as government schools, international schools, and universities. Medical facilities nearby like the Columbia Asia Hospital Seremban, Tuanku Jaafar Hospital, Sehat Healthcare Centre, Kwan Specialist Medical Centre, Mawar Medical Centre, and KPJ Seremban Specialist Hospital will address any emergency should the need arise. Shopping malls are also aplenty, namely AEON S2, Lotus, Mydin, NSK, Palm Mall and the Terminal 1 Shopping Centre.

Nature lovers will enjoy the various parks located around here, like the Rasah Kemayan Recreational Park, S2 City Park, and the S2 Seremban Hill Park. Other points of interest include the Seremban International Golf, X Park Golf Driving Range, and the d’Tempat Country Club.

Where connectivity is concerned, Kemayan Heights is well linked to highways, take for example the North-South, Seremban-Bukit Nenas, and LEKAS Highways.

Observing the interaction between all these elements, it is only fair to state that Kemayan Heights represents the fine point where aesthetics and utility merge as one. The development is due for completion in the Q4 of 2023.

For more information on Setia Awan’s latest updates and series of project developments, visit
www.SetiaAwan.com
.                                           .
-End-

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Keng Nam coffee shop, Ipoh

They say, a picture is worth a thousand words. Just by the picture below, you must try it out.

Keng Nam coffee shop is in the town centre. Forgotten the road name but do not worry, your usual GPS unit should already have Keng Nam.

To start off, I must evaluate the white coffee right. Ok, actually the white coffee served here barely pass my tough evaluation. It is not thick enough,and the overall taste is just… a kopi ais. Nothing more. The highlight is the lo mai fan. The kaya lo mai fan is very famous and very good. However I personally like the curry lo mai fan. The curry mee is also famous and good but does not feature in my personal top 5 list for Ipoh. Worth your breakfast time, for sure. Keng Nam coffee shop.

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This is an invitation to register for the Penang Property Convention 2018. I have been invited to speak by Miichael Yeoh and will be speaking together with many of my good friends. We have the Mortgage Guru Miichael Yeoh, The Tax Guru Richard Oon, Famous Propenomist Dr. Daniele Gambero, PenangPropertyTalk.com Founder Ken Lim and they will be sharing their expertise, experience and views about the property market today. Property investment is a HUGE decision. Learning before buying is always the best.

My topic in brief:  Is it still safe to invest?  Will the property market suddenly collapse? What’s the best area to buy when it comes to rental? What about capital appreciation? Is landed really better than high-rise in all aspects? Actually, these questions and more depend on one word, “AFFORDABILITY”.  Let me share with you my views yeah.
Topic: The Key Driver for Property Market is Affordability.

Yes, it’s in Penang.  Limited free seats are given to kopiandproperty.com readers.
Please do register soonest.
 See you there!
REGISTER HERE.

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The key to economic recovery is none other than… vaccinations. I agree wholeheartedly.

Article in themalaysianreserve.com
 Institute for Democracy and Economic Affairs CEO Tricia Yeoh said, “The GDP outlook for 2Q21 and full year is highly dependent on the success of the National Covid-19 Immunisation Programme. As long as a majority of the population remains unvaccinated, we should expect further unpredictabilities with regard to the balancing of management of public health and the economy.”

Moody’s Analytics associate economist Sonia Zhu said, “As a domestic-driven economy, strength in the external sector is insufficient for the economy to rebound completely from its pandemic lows. The emergence of a more contagious variant of Covid-19 in Malaysia may complicate the situation more. We should avoid being over-exuberant about the external performance and downplay the weak domestic condition.” There are many more economists’ comments. Please do read the full article here:
Article in themalaysianreserve.com

Unfortunately, our vaccination numbers are still low

There are just too many people with too many theories about the vaccines in Malaysia today. Plus all their community leaders are also not helping with all their different views and perspectives about what should have been done, what could have been done and what may have happened etc. Of course everyone is entitled to their own beliefs but vaccination is definitely a necessity for the economy. Without economic recovery, things will just get worse from here. Period.

Actually, just need to stay focused. Look at the turnaround story of UK’s economy with a successful vaccination roll out.
UK economy growing faster than expected. (click to read)
 Look at how bad US was and how fast they are rolling out the vaccinations today and has already reached close to half of the population with at least one shot.
 US vaccinations gathering pace. (click to read)

With more doses, comes potential to be faster

There’s a shortage of vaccines worldwide because many of the richer nations are hoarding more than enough vaccines for the population. However, it does seem that Malaysia will have more stable supply of vaccines soon beginning June / Julyy. From the approval of production of Sinovac here in Malaysia with up to 2 million doses per month as well as
more deliveries of Pfizer and Astra Zeneca. (3.52 million doses in May / June)
, it does seem that the focus would now shift towards the effort to vaccinate versus the effort to secure the vaccines.

By the way Phase 3 of the national vaccination programme starts from May 2021 to Feb 2022. Let’s hope this will be by far faster than what was planned. Say, a minimum of one dose covering 70 percent of the whole popultion by September? (This is my wish…)  All the best to all of us. Please do something positive about it and stop all the unnecessary drama. Vaccination comes first. The rest can wait. Yeah, I am getting my AZ shot on 22nd May 2021. Will report more after that. Live from my body and writing.

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Kg Baru, 6 months for KBDC and Land Acquisition Act 1960

This has been in the news for quite some time. A 121 ha (13 million sq ft) plot of land in the middle of Kuala Lumpur and the government’s plan to redevelop it. Some would want to cash in their ownership of the plots of land and some are waiting for higher offer than what is available currently. The government is facing issue in getting Kg Baru landowners to agree to the offered acquisition package.

As reported earlier as well, a total of 2,200 owners have agreed to the package of RM1,000 per sq ft but this represents only
40 percent of the total 5,374 names which are listed as heirs to the plots of land and properties in Kg Baru. (click for earlier article here)

Article in themalaysianreserve.com
  Kg Baru Development Corp (KBDC) chairman Tan Sri Ambrin Buang recently admitted in a text reply to TMR that most of the plots viable for redevelopment as agreed by the owners are currently scattered.

The government is said to be currently in the middle of sourcing legal advice on the Land Acquisition Act 1960 (LAA). This is with the hope that LAA will help to move the redevelopment project forward. Nevertheless, a source said, “I think it is at the very early stage for now, but legal advice is being sought for an early preparation if such an act is needed later by next year.”

The latest price offered by the government is RM1,000 per sq ft, 15% of which will be in the form of shares in a special-purpose vehicle which will be established to facilitate the redevelopment. In a press conference last month, Federal Territories Minister Khalid Abdul Samad had reiterated that Putrajaya had no intention to use the LAA Act if all landowners understood and agreed with the development plan. Please refer to the full
Article in themalaysianreserve.com

Every time someone tells me about freehold versus leasehold and says that freehold is forever and leasehold can be taken back by the government, I will remind them about LAA. If an expressway can benefit hundreds of thousands of people and it passes through a village and some village homes are blocking the expressway, then these homes even if they are freehold could be acquired at market rate.

I am not sure how LAA could be used to acquire Kg. Baru and it will be interesting to watch what happens in the next 6 months. The company which will be redeveloping Kg Baru is Kg Baru Development Corp (KBDC) and it has been given 6 months by the government to persuade the owners to accept the government’s offer. If KBDC does not succeed in their persuasion, then the government may delay the redevelopment or they have to step in. Happy understanding.

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Expert Series with Khalil Adis: The ‘tough’ questions for those waiting to buy

Khalil
 is a much sought after speaker and real estate consultant by many developers and thus it is my honour to be able to catch him for this Expert Series focused on answers for those playing the waiting game. Seriously, it’s foolish to buy without understanding enough especially when there are both over-supply of luxury units in certain locations as well as under-valued properties side by side in the Malaysian property market today. Let’s learn from this distinguished gentleman who’s ever willing to share. His answers below are frank, direct and real.

1) What’s your advice to the first-time buyers who are waiting for property prices to drop lower before buying?

My advice is not to buy when you can still afford to. Don’t time the market as the market does not wait for anyone. In my opinion, 2016 presents plenty of opportunity for buyers as there is so much supply in the market.

2) In your personal expert opinion, what’s the possibility of a bubble bursting for the condo market since there are now oversupply in the market? Why do you say so?

When you talk about a property bubble, we refer to price climbing at an unreasonable levels for first-time home owners. With so much supply in the market, prices for homes in the secondary market have actually come down by some 30 per cent compared to new launches so I don’t see a property bubble forming here. I would advice those who need a home quickly to look for homes in the secondary market as there are so many good deals out there.

3) Is it true that buying in hotspots is less risky compared to buying a secondary area which is not favoured by many people yet? After all, the demand for these hotspots are far higher.

It is true it is less risky. However, it also means it will be expensive and out of reach for the first time property buyer. I would advice those who are cash sensitive to also look into other areas that are up and coming with plans for new MRT lines, economic drivers, iconic projects and such. These secondary areas (like Sungei Buloh, Kajang, Semenyih) may seem ‘ulu’ now but will be the next hot spot once the various infrastructure have been completed.

4) Should Malaysia’s price per sq ft be benchmarked with the developed property markets of the world? Why do you say so?

I think it should be dictated by market forces rather than benchmarking it to say Singapore as each country evolve at different rates. Properties in Singapore is expensive because we do not have enough land plus we have a stable political environment and first class infrastructure. You cannot have the same price per sq ft in Malaysia when the ingredients are not the same. There is no point in benchmarking it to other developed countries when in the end, locals cannot afford to buy them.

There’s no need to stop here. Keep reading and following him at
http://khaliladis.com/

interviewed on 15 Mar 2016

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Khalil Adis
 is a property journalist who is also a sought-after speaker and real estate consultant known for his independent reviews and commentaries. He has his own consultancy business which presents a myriad of services which include property and market research, due diligence, editorial, content management and speaking engagements in the regional property market.

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Electrical goods manufacturer, a developer too!

Another non-developer entering the market to become a developer. This time is is a electrical good brand manufacturer for which I am quite familiar with in Malaysia. I once bought its electric oven for a close friend’s house-warming party. In it’s announcement to Bursa Malaysia, it said that the original plan was to developer the land into a commercial office building which part of it will be for own use and another part would be rented out. After considering the many designs and development plans, KHIND decided to maximise the utilisation of the land by incorporating a retail component and service apartments.

Sometimes, when the opportunity comes along, one just have to maximise it. If there are no market demand, building serviced apartments would increase the building cost and yet find no buyers. Fortunately, this is just incremental cost because KHIND had wanted to build their office anyway. As for why some listed companies would like to expand their business into property development, read here:
Need more profits? Just become a developer

I have been to Setia City Mall. I think it is a very good mall. Thus, building serviced apartments nearby is considered a good decision by me. Just sell the units quickly at a very attractive price. This is after all something extra. Haha. Perhaps I should go and take a look too.

The project will feature a 17-storey apartment wing and eight-storey office wing as well as commercial space with amenities, retail units and carpark. The commercial component and majority of the office space would be for own use while the rest of the space would be rented out. Some portion of the carpark bays and the service apartments will be sold. After listening to many billion ringgit GDVs, this one is a small one, at RM150 million, with an estimated gross profit of RM37.5 million. It will be paid for by internally generated funds, bank borrowing and progressive sales billings. This will add another 25 percent or more to the net profit for the group.

written on 24 July 2015

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KIA (KXP) and PIA MUST be complementary please.

I have stressed many times that Penang needs a much bigger international airport for its future because the best way into Penang from overseas is through the air. (PIA)
Earlier article way back in 2016 here: Penang International Airport, what’s next?
 Well, I did not have that many supporters even among Penangites. Perhaps now there is really a need to think about it seriously and include this as part and parcel of the PTMP? Yeah, it has been announced that Kulim International Airport is already approved and that a body known as KXP AirportCity Holdings Sdn Bhd has been set up to plan, coordinate and manage the development of Kulim International Airport (KXP?)
Article in thestar.com.my

In case everyone is still wondering what’s the impact, consider this. Penang International Airport (PIA) is already reaching its maximum capacity. There’s now a new international airport just 30 minutes away from Butterworth and actually less than 30 minutes away from mainland Penang. A new international airport will most probably be loss making for many years while flights and passengers increase over the years. Question is, will the federal government be building TWO new international airports in two neighbouring states and allow both to compete for the same flights and passengers and incurring losses at both sides for a longer period of time? So, new flights which could not be accommodated in PIA could be started from the KXP instead? At this moment, no one knows for sure.

Article in thestar.com.my
 Penang Chief Minister Chow Kon Yeow shared a number of concerns on the proposed airport in Kulim in terms of its impact on Penang. “It had been mooted a decade or two ago, but this time it looks quite serious in that the feasibility study was done and a special purpose company has been set up.” He added, “And (Kedah) Mentri Besar (Datuk Seri Muhkriz Mahathir) had paid Penang a visit to convey Kedah’s position on two matters, one on the Ulu Muda catchment issue, while the other on seeking our support for the Kulim International Airport. At the meeting, we did not say if we supported or rejected the proposal.” According to Kedah Menteri Besar Datuk Mukhriz Mahathir, the Kedah state government had been granted approval to build the new RM1.6 billion airport in Kuala Muda. Chow said the state government will conduct a study for the possibility of a new international airport by the side of Batu Maung.
Article in thestar.com.my

A new international airport is definitely needed, whether it’s for Kulim (due to the Kulim High Tech park’s continuous expansion and beyond) or Penang’s future. The question is how to make both these international airports work together instead of competing against one another. Hopefully, this ‘integration’ is done in advance instead of allowing both states to go solo. By the way, all these will affect the future of the property market too because it’s all about economic growth. Happy working together MB of Kedah and CM of Penang. Remember Together Everyone Achieves More (T.E.A.M). Cheers.

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

written on 14 Feb 2019

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KIA vs PIA, cargo vs passenger.

K.I.A? Kulim International Airport, if they do adopt such a name in the future. In a news article which I consider as positive for both Penang and Kulim industrial parks, the proposed international airport for Kulim is aiming at satisfying the demand for cargo services for which the Penang international airport (PIA) is unable to serve. The reason being that the airport has just one runway. In fact statistics were stated which showed the declining of cargo traffic by 10.5% annually in the PIA.

I think some time back I have written about my personal opinion. I think current PIA must be shifted to mainland or to another reclaimed island for it to be able to expand its current size. Its current location is not suitable anymore because Penang is a growing city and if you have ever driven to Penang airport, you would know that the same roads are used by all the workers in the industrial areas and this has caused huge congestion. In fact, the roads leading to the airport are now full of residential projects, many of which are high-rise and looking at this, it would be best for the Penang state government to quickly come up with a masterplan for PIA.

Politics aside, I seriously think no one should object to this because if we think a few more years down the road, it’s either the end of PIA’s expansion or KIA has no choice but to expand to cater for the passenger growth as well. An international airport is an integral part of any city aspiring to be an international one. Be serious please, the number of international visitors would reduce a lot if they could not get a flight into UNESCO’s heritage city; Penang. Even new multinationals would think twice if their executives always have problems flying into Penang or jammed for a few hours every time they are in Penang.

Whether KIA would proceed, I think the focus on cargo is the correct one for now. As for PIA, we do no need some urgency from the authorities concerned. I hope more people agree with me and give some pressure to both sides, whether its KIA or PIA. Cheers.

written on 1 Apr 2015

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KIDEX. Cancelled, Rejected or Coming back?

Selangor MB said that the project has been cancelled because the three conditions stipulated were not fulfilled despite the deadline of 14 February. The Selangor state government is thus announcing the cancellation of Kidex. The three conditions? As follows:

– To disclose the project’s independent Traffic Impact Assessment (TIA) report, a Social Impact Assessment Report (SIA) and the Environmental Impact Assessment (EIA) report. The reports must show benefit to users and residents after taking into account negative impact of going ahead with the highway.

– To reveal toll charges for whole duration of concession including increments. Concessionaire must provide estimate of amount of toll to be collected and rate of return to investment.

– The concession agreement must be revealed in its entirety which is in line with Pakatan Rakyat’s promise to affirm transparency and accountability.

Meanwhile on 17 Feb, in The Malaysian Insider, a report has emerged that some PJ residents are upset because their views were not taken into consideration. With this cancellation, many of the residents currently affected by the jams would have to continue suffering. Some said the Selangor government was insensitive and some said they needed an alternative route if indeed Kidex has been cancelled.

I have used LDP everyday for over 1 year and it is really jammed for majority of the time. Thus, if it is true that KIDEX can help lessen this jam, it should be allowed to proceed. As for all the conditions, I think the first one which is to reveal the (TIA), (SIA) and (EIA) is very appropriate and it should be revealed to all. The only thing is, once it is revealed would the losing side accept this and stop their actions? The second condition seemed reasonable but calculation is likely to be at best an estimate. Just looking at even the Penang Bridge Toll and you would know that it is impossible to estimate with any degree of accuracy. Concession agreement revealed in its entirety. Seriously I would love this and I hope this is true for every other agreements and not just this one. Agree? Or are the lines still drawn and both sides are STILL standing at their own side no matter who is right or wrong? Unfortunately for Malaysia, this is still true. The affected residents? They would just have to wait for the conclusion.

written on 17 Feb 2015

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Kidex: go, go, go or no, no, no

A day before, there were reports saying that Kidex has been scrapped. Main reason was because Kidex has failed in an independent study. A day later, Kidex said that the project is still being considered. It said that the report of an unfavourable assessment report is untrue. It further said that Petaling Jaya City Council (MBPJ) is still studying the viability of the highway. Whatever MBPJ councillor Lee Suet Sen is untrue and final decision has not been made. No communication has been forthcoming from MBPJ to the company yet. In fact a cancellation of a federal project like Kidex must be made by an official spokesperson and not by one councillor. In fact the final decision should only be made by the Selangor Economic Action Council (MTES). MTES’s chairman is the Menteri Besar Azmin Ali himself.

Lebuhraya Damansara Puchong (LDP) has always been featured widely as the expressway with lots of jams on a daily basis. I know because there was once when it took me one hour and 30 minutes just for a 4km stretch to reach my home in Kelana Jaya. Many have criticised that Kidex solves only partially whatever jams that is happening today and there are other ways to solve the jams instead. Thus, this is an argument by the people affected by the project versus a private company which has stretched for the longest of times. Some said it’s because the developer did not fulfill its obligations while the developer said that it has fulfilled its obligations well ahead of time.

Personally, I think the decision is now delayed because way too many people have tried to influence the decision. It seems that everyone has something to say. Truth is, if an independent study has been done and its conclusion is final, then just do a press conference and let the public view the findings. What is so tough since the state government has said that it will be very transparent in this matter? Is it because the independent study is not independent enough? Is it because the state government is worried that this may cause it to lose some valuable votes? Again, votes? Oh yeah, delaying it further is unlikely to cause either party to soften their stance. The developer would push for a Yes and the residents would do even bigger events to protest against Kidex. Thus in the end, the decision may be based on who is louder instead of who is right. Let’s wait for MTES’s chairman to announce the final conclusion then.

Oh yeah, the reason why the number of residents protesting against Kidex is huge is because the areas affected is huge. They include Tropicana Mall, SS2 Mall, Rothman’s traffic lights, Section 14, Amcorp Mall, Hilton Petaling Jaya, Tun Hussein Onn Eye Hospital, Jalan Templer roundabout, Taman Datum Harun, Taman Medan Baru and Bandar Kinrara.

Just decide objectively, that’s all. There’s little need to delay any further since both sides have submitted everything they were supposed to submit.

written on 31 Jan 2015

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KIDEX off? KIDEX on? More expressways on the way.

Those who are against KIDEZ are serious. There is even a Facebook page set up just for this purpose. The original article, with full explanations on why KIDEX is not good as well rebutting claims from KIDEX.  Happy reading them.
http://www.malaysiakini.com/letters/263995

I am very sure those who are protesting the KIDEX have their own valid arguments. KIDEX is not necessary, there are other roads, it’s going to cause even more issues, environmental problems and more. I remember when Sepang F1 Circuit was built, many said it was not necessary. Yet, Senior Minister of Singapore Lee Kuan Yew said that he had wanted Formula 1 to be in Singapore ten years before it was finally in Singapore!  I also remember some people said KLIA is a waste of money, just extend the Subang Airport would do. Suddenly, we found out that it is no longer the case today. Whatever we do, as long as it is true that the benefits far outweighs the disadvantages, just do ahead. Especially for development projects, it is almost a certainty that some one would have a different opinion about it.

I seriously believe KIDEX will benefit more people than all those who are against it combined. Just look at the number of motorists who would be using it. Think about some of the times when the KIDEX became an alternative road because the other road was jammed due to an accident? More importantly, there would be more cars, even with MRT and not lesser. Growth may slow a little due to MRT if it slows at all but increase is a sure thing. This is my main reason for saying that KIDEX should continue. Come to think of it, this was the reason why I am for Penang’s 3rd link, the tunnel which was proposed by CM of Penang, Lim Guan Eng but was rejected by many environmentalists.

Besides KIDEX, there are also the following other new/proposed tolled roads.  East Klang Valley Expressway (EKVE). West Coast Expressway (WCE). The extension of the Duta-Ulu Kelang Expressway or Duke.  Sungai Besi-Ulu Kelang elevated expressway (Suke). Damansara-Shah Alam Expressway (Dash). I can safely say that each and every of these roads would definitely pass by residential areas. Reason is simple, if there are no one staying along the whole stretch of the road, I sincerely do not think any of these companies would be interested the build the roads in the first place. Would there be a lot more of protests? Would they succeed in stopping a lot of these new roads?

Everyone is entitled to their opinions, that’s why KIDEX protestors are gaining huge popularity today. We shall see how this pans out in the near future. KIDEX off or KIDEX on?

written on 27 May 2014

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KIDEX. Why the secrecy and why invite if not wanted?

KIDEX. I have said before, if they can prove that it is beneficial, I would support it. Developments are always good and no one should stop a development just because it does not benefit them or giving reasons such as the highway would cut through a 40 year old housing area. Apologies but that’s not the correct decision. This is because like it or not, development just have to continue. Look at the dam projects which benefits millions of people but have to also remove people affected by it. Penang hills development is said to be damaging to the environment but development and nature can actually co-exist. It depends on only the right balance. So, let’s be objective about this. Right is right, wrong is wrong and keep the stupid politics out of it.

Reported in an online media, it said that the Say No to Kidex (SNTK) lobbyist Mak Khuin Weng was shut out from a meeting he was invited to attend. He arrived only yo be told by the Petaling Jaya City Council that it was a closed-door meeting and is only for Kidex concessionaire and state government officials. If the state assemblymen was also there, should they not interfere? I thought the state assemblymen are always on the objective side? Perhaps since the assemblymen already represent the people, so Mak is not needed. The invite was from the council and was given less than 24 hours before the meeting, showing an unplanned and insincere invitation from the beginning. Mak said that the reason given was that the technical presentation was at a preliminary stage and thus residents’ association are not allowed to participate in discussions.

Mak also said that the deadline is just one month away based on the concessionaire agreement but it most probably would be extended. thus far, without sufficient details being provided, the RM2.42 billion Kidex project has been rejected three times by the city council. Kidex would run through areas such as Tropicana Mall, SS2 Mall, Rothman’s traffic lights, Section 14, Amcorp Mall, Hilton Petaling Jaya, Tun Hussein Onn Eye Hospital, Jalan Templer roundabout, Taman Datuk Harun, Taman Medan Baru and Bandar Kinrara. The elevated highway will cut through 3,700 parcels of land in PJ when complete. These lands include homes, factories, shops, shopping malls and schools.

Again, I reiterate. Make everything as transparent as possible and every party has to somehow look at it objectively. Sorry, emotions count for nothing here anyway. Public consultation is a must and these days, hush hush projects will not really work anymore. KIDEX does not really benefit me because I stay in Damansara Damai but if really can help to alleviate some jams in the LDP, then I seriously welcome it. However, as mentioned, KIDEX has been rejected three times. Now I am really curious why were they rejected so many times and what were the reasons for each of the rejections.

written on 20 Oct 2014

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Kids eats free. Buy property.

For the past few years, I have seen every mall having ever more baby related retail stores. Rows after rows of baby stuffs always greet you when you go to any supermarkets like Tesco, Giant, Jusco and more. Baby warehouse sales? These are held every month everywhere. With all these baby stores and stalls in the malls, there are not ever more restaurants with ‘kids eat free’ signage. Gone are the days when only the western ones do it. Just yesterday I saw Sakae Sushi having the ‘baby eat for free’ offer for the first time ever, after enjoying meals there for years. Of course, they (Sakae) are only starting with SUNDAY. Perhaps that’s when a lot of parents are bringing their kids to the malls and competition is thus stiffer.

Okay, what has baby eat free got to do with property? Actually, do we believe prices go up only because of the usual reasons stated such as oil prices up, construction costs up, speculators pushing it up, government did not control the prices etc? Or should we also look at the actual happenings on the ground? Instead of a 800 sf property when we were singles, we got married and upgraded to 1,000sf or higher. When we have kids and needs a maid or the parents stay with us, we needed an even bigger home. 1,400 sf or higher would be preferred and landed becomes an attractive option. Are there many more of these larger units or are there more of the smaller ones? The answer is clear thus far, smaller units are many times more and larger units were never built earlier because the demand was simply not there! Think couple, then baby and followed by kids. With a growing number of family members, the demand for properties grows and continuously changing.

Buying for investment is not the same as a buyer needing to upgrade because of a second baby. The former, you have many more choices including SOHO. The latter? Well, when our family grows BIGGER, we better buy LARGER units. In other words, even if you are a single today, why not get a larger unit instead, today. Slightly bigger. Slightly further is okay. By the time you get married and have the second baby, you would feel so lucky that you bought earlier. With more restaurants offering the baby eat free promotion, it meant that the market is poised for continuous growth, at least for the larger units for many more years to come. Babies take at least 18 to reach university age and that’s when they ‘hate’ staying with us. Sigh. Happy eating and buying.

written on 4 Dec 2014

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Kids love Farm in the City.

Okay, not too related to property. However, if you are staying not too far away, this is definitely a plus point for your home. This is a special article for parents with little ones. There’s a nice place you should bring them to. Farm in the City, Seri Kembangan. Can also be Puchong as well. It’s also very near to IOI City Mall, so after visiting the farm, you can have a good shopping experience too. Today, after 3 hours inside the farm, I think I will be back in the future. It was a good experience for my daughter. From holding a tiny little chick for the first time in her life to trying to catch some ‘longkang’ fish, feeding the goat, deer, tortoises and more.

I was sweating like crazy but she enjoyed it thoroughly. Before I continue, do note that I sweat easily. For some of you who can withstand the heat better, it should be okay. Take a look at the image. Most places are like this. So, there’s no direct sunlight. Going in was a breeze as all the walkways come with baby trolley friendly paths too. How thoughtful. The water basins are all kids friendly too. Yes, they have those lowered ones which my daughter could wash her hands by herself.

There were lots of animals that even I have not seen before. Haha. I would rate the workers there to be friendly too. They seem to enjoy their work which is good. It’s also clean, well managed, toilets could be found in convenient places and the animals all look healthy! By the way, when we are inside, they provide us with kangkung to feed the animals and fish pellets for the fishes, FREE. In limited quantities per pax but I think this should be the case. I have experienced in many places that after paying for the ticket, I still have to pay when I am inside. Yes, especially those which a ticket is merely for entry. Every other rides meant more payments. Will not say too much anymore. take a look at the photos and  have fun!  Happy holidays.

written on 6 July 2016

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Kids are really ‘rich’ these days. In future, ‘poor’ for property?

I had a dinner appointment in Plaza Batai, Bukit Damansara, KL with a bunch of university mates (juniors). Since I arrived very early, I dropped by
Yellow Brick Road
 for a drink. The Mixed Berry Lemonade is RM15. I think it’s expensive but still better value for money than the bottled fruit juices in Starbucks. Quite a number of the tables were occupied and only 2 tables were without young kids. One of that table had three working professionals and another table had a blogger. (That’s me). Let me tell you the typical price of a meal here. Bangers and Mash is RM26. The Big Breakfast is RM32. Soups are cheaper, at RM16. Coffee starts from just RM8. Well, two ala-carte plates of delicious food and two drinks would be between RM80 – RM100. A meal a day for the next 29 days would be a total of RM2,400 – RM3,000 per month. It’s a meal, not three meals. The median household income for a
B40 household in Malaysia is RM3,000.

Nope, I am not saying that these parents
should not spend so much for food,

especially for their kids. However, I think we can sort of understand what’s going to happen to the property market in the future. We assume the kids would be independent and would not ask their parents to buy them a property when they start working. The kids would already be pretty used to the price range of these cafes. It meant that in future, regardless of their salary, the amount they could save would have diminished tremendously. Okay, I think it will be bordering on impossible for them to buy a property in the city centre or some cool neighbourhoods through
saving up for the downpayment by themselves.

What’s more likely to happen would be the parents paying the 10-15 percent downpayment and then they (the kids) would pay the rest on monthly basis. Even with this arrangement, the unit they would be looking at would be smaller ones so that after the monthly mortgage, they could still maintain their lifestyle.

Familiar situation in some advanced countries. Actually, it’s already happening. Here’s one recent article.
‘Earning more salary but buying less property.’
 Besides that, these are some more of the current situation.
“Gen-Y can’t afford to buy a house until their parents die.”
 In the UK, this is the article about the state of the property market versus one whole generation.
“Majority fears the future generations will never be able to buy a home.”
 When we look at these advanced markets and we believe that our property market is 10-15 years behind them, well we have seen the future. The reasons will always be the same. When

people spend more, they have less.

When they have less and they still want to buy a property, somehow it must be made affordable for them to buy. My son is just 3. My daughter is 5 and understands that we must work hard for money so that we can use money to buy things. I think she can stay with me until she gets married. Haha. Happy understanding.

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written on 3 May 2018

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