Malaysia Property and New Launches Updates: December 2013

Monday, 9 December 2013

Upcoming launch : Pantai Sentral Hillpark

Pantai Sentral Park is a 58-acre project located next to YTL Land & Development Bhd’s Pantai Hill Park and is close to 200 acres of greenery in Bukit Gasing.

Upcoming launch : Pantai Sentral Hillpark

Pantai Sentral Park project, be to launched at the first quarter of 2014, will have a mixture of low and high-rise commercial and residential development, with a gross development value of RM3bil. The value will be boosted considerably if the proposed mass rapid transit Line 2, which passes through Pantai Dalam, materialises.

Phase 1 Residential :

This is a 1.24-hectare residential development, with a gross floor area of 74,350 square metres, consisting of :

A 38-storey tower (526 serviced apartments) with typical floor area of 650, 850, 1,250 square feet.
A seven-storey podium to contain 61 shop/commercial retail lots and rooftop communal facilities (inclusive of ground to rooftop)
sky and roof gardens
sun-shading fins and air wells

Details of building specification include:

• reinforced-concrete foundation and framework

• concrete flat slab roof

• brick and concrete block walls

• glass wall panels

• aluminium facade panels

• aluminium panel windows and louvers

• sliding and swing glass doors with floor spring

• decorative timber flush doors

• natural stone and ceramic tile flooring

• reconstituted timber flooring

As extracted from the website the Residential components are as follows : -

Parcel 1:

Upcoming launch : Pantai Sentral Hillpark

Influenced by nature’s natural settings, the first residential parcel, the modern structure of Chrisalis welcomes you home and brings you closer to Mother Nature. Let the enchanted topiary garden allure you into magical moments of fun-filled canopy tree house, cascading flower garden, giant tree with cocoon tree house, totem plaza, open lawn with maze stepping pads and much more.

The first parcel consists of 211 residences with home sizes from 1,147 – 1,943 sf. The linear forest walk between the residential and forest enables you to take a breeze stroll into Mother Nature.

Parcel 2:

The second parcel of the residential development comprises of 243 units of condominiums. The landscape of Rain Forest in Parcel 2 characterizes the four main layers of emergent, canopy, understory and forest floor. By having the concept of the forest through the layering of the forest plants, this parcel explores the plant diversities and instils the importance of a rain forest in our life.

Parcel 3:

This development consists of 235 condominium units, adjacent to Parcel 2. The landscape of this development boasts about the forestry greenery concept. It portrays different types of evergreen plants in a residential urban context. The predominant use of green for soft and hard landscape conveys vigor and beauty of nature.

Parcel 4:

Home to 421 condominium residents, this development parcel landscape depicts the beauty of dwelling in the splendid sound of nature; lulled to rest by the rhythm such as the gentle rustling leaves, flowing waters and chirping birds.

The landscape represents the setting of fragrant gardens, playing with different texture of planting materials. Each of the open and private gardens brings its own unique experience.

Parcel 5:

Located at the foothill, this development comprise of 389 condominium units. It offers splendid view lines towards the forest.

The landscape design emphasizes on the integration to the forest capturing the beauty of the verdant hill, vast open space on ground level and the orientation of the buildings that merges well with the pedestrian and community friendly enclave.

A picturesque landscape view that invites one to contemplate the unfolding beauty of nature…

Parcel 6:

The development encompasses 210 condominium units with its landscape character inclines towards serenity. Spread with pocket gardens, the landscape allures one to break away from the world and be inspired with wisdom and strength. The wavy and undulating yet strong forms on the pavement and hard landscape features a new found freedom to rise above the mundane.

Tuesday, 3 December 2013

More Upscale International Hotels to Open in Malaysia

Monday, 2 December 2013

Budget Malaysia 2014 and Real Estate / Property

In order to control excessive speculative activities in Malaysia Real Estate, the Government will implement the following steps : -

Review Real Property Gains Tax (RPGT)

For Malaysian citizens, Properties disposed within the holding period of

Up to 3 years : 30% on the gains

Up to 4 years : 20% on the gains

Up to 5 years : 15% on the gains

Up to sixth and subsequent years, no RPGT is imposed on citizens, whereas companies are taxed at 5%.

For non-citizens, properties disposed within the holding period of

Up to 5 years : 30% on the gains

6^th and subsequent years : 5% on the gains.

Review of minimum price of property that can be purchased by foreigners

Increase the minimum price of property that can be purchased by foreigners from RM500,000 to RM1,000,000

Increase transparency in property sales price

Property developers will have to display detailed sales price including all benefits and incentives offered to buyers such as exemption of legal fees, stamp duty, sales agreements, cash rebates and free gifts

Abolish Developer Interest Bearing Scheme (DIBS) and related

Prohibit developers from implementing projects that have features of Developer Interest Bearing Scheme (DIBS), to prevent developers from incorporating interest rates on loans in house prices during the construction period. Therefore, financial institutions are prohibited from providing final funding for projects involved in the DIBS scheme.

Increase home ownership at affordable prices

An estimated 223,000 units of new houses will be built by the Government and the private sector in 2014. The Government will allocate RM578mil to the National Housing Department (JPN) for the implementation of Program Perumahan Rakyat for 16,473 housing units. In addition, JPN will construct 600 units for Program Perumahan Rakyat Disewa and Perumahan Rakyat Bersepadu with an allocation of RM146mil.

PR1MA will provide 80,000 housing units

PR1MA will provide 80,000 housing units with an allocation of RM1bil. The sales price of PR1MA houses are 20% lower than market prices. Meanwhile, SPNB will build 26,122 units of affordable houses, comprising 15,122 units of affordable houses, 3,000 units Rumah Idaman Rakyat and 8,000 units of Rumah Mesra Rakyat. The Government will introduce a new category of Rumah Mesra Rakyat, with sales price between RM45,000 and RM65,000 for which the Government will provide a subsidy between RM15,000 to RM20,000 per unit.

Private Affordable Ownership Housing Scheme (MyHome)

The Government will also introduce the Private Affordable Ownership Housing Scheme (MyHome) as a step to encourage the private sector to build more low and medium-cost houses. The scheme provides a subsidy of RM30,000 to the private developers for each unit built. Among the criteria for the scheme are:

Developers are to build at least 20% low-cost houses (800sf) at 45k and 20% medium-cost houses (1000sf, 3-bed 2 bath) at 170k in a housing project

Provide parking, surau, hall and recreational park

First-time home buyers

Open to first-time buyers with a monthly household income of RM3,000 for low-cost houses and a maximum of RM6,000 for medium-cost houses.

Low and medium-cost houses

Preference will be given to developers who build low and medium-cost houses in areas with high demand and limited to 10,000 units in 2014. The scheme is for housing projects approved effective from 1 January 2014 with an allocation of RM300mil under the supervision of Ministry of Urban Wellbeing, Housing and Local Government.

PR1MA housing projects

PR1MA housing projects, housing in newly opened areas and 1Malaysia Civil Servants’ Housing Programme are eligible to apply for grants at 10% of the project cost, from the Facilitation Fund. For 2014, the Government will provide a total of RM4bil to the Facilitation Fund as an initiative to promote private, high-strategic impact projects.

RM1bil is allocated to the Housing Facilitation Fund under Public Private Partnership Unit (UKAS). Developers who receive this grant must abide by the terms and conditions as well as the sales prices which are set by the Government.

Refurbishment program for low-cost housing

The Government will also carry out a refurbishment program and improve comfort and beautify government-owned low-cost housing. Among the measures to be implemented include lift maintenance, repainting the house, cleaning up drains and landfill space and repair playgrounds.

A sum of RM100mil will be provided to 1Malaysia Maintenance Fund under the Ministry of Urban Well-being, Housing and Local Government. The Government will also allocate RM82mil to rehabilitate 20 abandoned housing projects involving 8,197 houses.

The establishment of the National Housing Council

The Government will implement a more effective and comprehensive approach with the establishment of the National Housing Council to develop strategies and action plans in a holistic manner; coordinate legal aspects and property price mechanism; and ensure provision of homes in a more efficient and expeditious manner. The Council members will comprise Federal Agencies, State Governments, the National Housing Department, PR1MA, SPNB and the private sector.