Lembaga Tabung Haji, which is planning to sell the 0.66 hectare piece of land in the Tun Razak Exchange (TRX), has received three offers from interested buyers.
According to the pilgrimage fund Chairman Datuk Seri Abdul Azeez Abdul Rahim, the three offers would be considered and a decision would be made within two weeks.
He said the suggestion to sell was made on the advice of Prime Minster Datuk Seri Najib Tun Razak to avoid the spread of malice and to reduce the negative perception among depositors.
“One potential buyer has offered RM188.5 million, the price Tabung Haji paid to purchase the land from 1Malaysia Development Bhd (1MDB), but with an additional profit of RM5 million,” he told a press conference recently to explain the issues surrounding the land purchase.
However, Tabung Haji is still awaiting higher bids from the two other potential buyers.
Explaining further, Abdul Azeez said the land purchase was a commercial decision and not to “bailout” 1MDB.
He added that the land cost was based on current market value and valuation was carried out by professional valuer, Jones Lang Wootton.
Abdul Azeez said the sale offer by 1MDB was done in April 2013 at RM220 million and was finalised last month after due consideration by the board for two years and two valuation sessions.
He said the land has potential to generate returns of nine per cent annually which met its target return on investment of at least six per cent a year.
“By looking at the Gross Development Value of RM828 milion, and deducting the Gross Development Cost of RM650.5 milion, Tabung Haji is able to make a gain of RM177.5 million,” he added.
Abdul Azeez also said the value of the land at RM2,774 per sq foot was lower than several other transactions done nearby at more than RM3,000 per sq ft including Malaysian Resources Corporation Bhd’s purchase of land belonging to the German Embassy.
On conflict of interest, he said it did not arise as Group Managing Director and Chief Executive Officer Tan Sri Ismee Ismail, who is also a member of 1MDB board of directors, had abstained from all decision making process regarding the land purchase.
Meanwhile, Deputy Group Managing Director and Chief Executive Officer Datuk Johan Abdullah, who is also Chairman of Edra Energy Sdn Bhd, a subsidiary of 1MDB, and Tabung Haji Investment Panel member Tan Sri Abdul Samad Alias who is also 1MDB Advisory Board Member were also not involved in the final decision making on behalf of 1MDB.
Abdul Azeez assured depositors that their savings were fully guaranteed by the government and that the funds used for investments were from the RM11 billion asset allocation approved by Tabung Haji’s board of directors.
Todate, Tabung Haji has invested RM5.6 billion of asset allocation.
Abdul Azeez also said the return on investment was used to subsidise the cost of pilgrimage and pilgrim management besides annual dividend distribution.
Tabung Haji had declared dividends of more than six per cent for the past ten years.
The pilgrims’ board has estimated pilgrimage subsidy of at least RM120 million this year with each pilgrim subsidised RM7,290 per person which helps maintain the pilgrimage cost at RM9,980 per pilgrim against the actual cost of RM17,270 per person.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
(Source From propertyuguru.com.my)
Link From:
http://www.propertyguru.com.my/property-news/2015/5/93919/Tabung%20Haji%20to%20sell%20land%20in%20TRX%20within%20two%20weeks?utm_source=pgmy-newsalert&utm_medium=edm&utm_campaign=dailynews-11May2015&utm_content=links
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Selayang Utama, Selayang, 2 Storey Terrace For
Sale
Type: 2 Storey Terrace
Built Up: 20x70
Remarks:
-4Rooms 3Bathrooms
-Renovated Unit
-Kitchen Extended With Kichen Cabinet, Tile Table Top
-Car Porch Fully Covered With Owning and Tile
-All Floor With Tile
-2 Bathroom Renovated
-4 Rooms Come With Air Con and Fan
-Bumilot
Nearby: Selayang Mall, Mydin, Business Center, Sekolah Kebangsaan Selayang Utama, Frim, Selayang Hospital, UITM Medical Faculty Selayang
Easy Access: Lebuhraya Selayang Kepong, Jalan Kuching, MRR2
Price: Rm 649k (Nego)
http://www.propertyguru.com.my/property-listing/taman-selayang-utama-selayang-for-sale-11603750
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Property
For Sale or Rent, Can Call to List. Buyers / Investors Who Wish to Buy /
Invest Properties Are Welcome to Contact Me For Further Information.
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Bandar Country Home, Rawang,
Type: 2 Storey House
Tenure: Freehold
Built Up: 1080sf
Remarks:
-4 Rooms 3 Bathrooms
-Basic Reno Include 2 Air Con at Master Room and Living Room
-Nice Enviroment
Asking Price: Rm 295k Negotiable
http://www.propertyguru.com.my/property-listing/bandar-country-home-rawang-for-sale-11525738
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The Pavilion group is setting a new record as prices for units at its high-rise serviced residential project, Pavilion Suites, starts from RM3,000 psf.
The 51-storey project is being developed by Urusharta Cemerlang (KL) Sdn Bhd and comprises 383 units of one- and two-bedroom serviced residences and 450,000 sq ft of retail space on a gross floor area basis.
The residential units’ record price did not come as a surprise since it is being built on a half-acre land which created buzz in the property scene in 2010. Back then, Urusharta Cemerlang, which is controlled by property magnate Tan Sri Desmond Lim, acquired the said land for a record price of RM7,209 psf from Singapore billionaire Kwek Leng Beng.
Notably, Kwek plans a luxury serviced apartment project on the land, but Lim saw value in it considering that the site is strategically situated in front of his Pavilion KL shopping mall and residences.
Property sector executives said details on the number of units bought have not been disclosed since the sales were made on an invited basis.
“The cheapest units are going for more than RM3 million each and there are takers for them,” revealed an executive.
Previous high for serviced residential within the heart of the city was for projects like The Four Seasons Place and Ritz Carlton, which were sold from RM2,400 to RM2,800 over the past two years.
A purchaser said sizes of Pavilion Suites were limited, with a selection of between 700 and 850 sq ft for a one-bedder or 1,250 sq ft for a two-bedder.
The development will reportedly feature two separate lobbies and two entrances – one in Jalan Bukit Bintang and Jalan Raja Chulan.
With a gross development value of RM1.2 billion, Pavillion Suites is expected to be completed in 2017. The first nine storeys of the development will be retail floors, while the rest will be occupied by the residential units.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
(Source From propertyuguru.com.my)
Link From:
http://www.propertyguru.com.my/property-news/2015/5/93498/pavilion-suites-sets-new-record
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The connectivity between Kuala Lumpur
and Singapore is one of the agenda to be discussed at the 6th
Malaysia-Singapore Leaders Retreat today.
According to Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin, who
is also a delegate at the retreat, Prime Minister Datuk Seri Najib
Abdul Razak will lead the discussions at the annual retreat.
It is understood that the Rapid Transit System Link (RTS) connecting Kuala Lumpur and Singapore will be discussed in-depth.
Notably, Land and Public Transport Commission (SPAD) chairman Tan Sri
Syed Hamid Albar will present its feasibility study paper on the
proposed high-speed rail link from Singapore to Kuala Lumpur, which will
reduce travel time from 50 hours to around 90 minutes.
For Johor, however, the building of the RTS has the power to serve as
a catalyst in Johor economy, considering the slow trend in Iskandar’s
property market.
Another topic likely to be discussed at the retreat is the proposed Friendship bridge.
Proposed by Najib in 2013, the bridge will act as a symbol of
friendship between the two neighbours. The proposed bridge was also well
received by the Johor community, particularly the business fraternity.
In a statement, the Foreign Affairs Ministry revealed that Najib is
set to have a four-eyed meeting with Singapore’s Prime Minister Lee
Hsien Loong. Thereafter, a delegation meeting will be held wherein both
sides will discuss bilateral issues as well as review the progress of
existing bilateral cooperation and initiatives agreed upon during last
year’s retreat.
This year’s retreat will also witness the signing of a memorandum of
understanding between Singapore and Malaysia on Co-Operation in
Developing Urban Search and Rescue Capabilities and Supplemental
Agreement to the Agreement for the Construction and Operation of a Ferry
Terminal as well as the Operation of a Ferry Service between Singapore
and Peninsular Malaysia.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
(Source From propertyuguru.com.my)
Link From:
http://www.propertyguru.com.my/property-news/2015/5/93405/connectivity-top-agenda-at-the-6th-malaysia-singapore-leaders-retreat
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Demand at the primary market slowed after the federal government unveiled cooling measures in November 2014, which include the abolition of the developer interest bearing scheme (DIBS), to curb speculative activity.
The slowing market was weakened further when Bank Negara raised the base lending rate to 3.25 percent.
Zerin Properties CEO and founder Previndran Singhe noted that while the secondary market also witnessed a slowdown, the same was marginal. In fact, the market continued to be stable.
Metro Homes Sdn Bhd director See Kok Loon said the 0.25 percent increase in BLR is too small to affect the secondary market.
“There has been no movement in the BLR for about three years. I believe the impact is minimal. Moreover, the secondary market has always attracted owner-occupiers and long-term investors,” added See.
Prices of sub-sale home set to increase
Malaysian Institute of Estate Agents president Siva Shanker revealed that transaction volume in the secondary market stood at 427,520 in 2012, with total value at RM142.8 billion.
While the volume fell to 381,180 in 2014, value inched up by seven percent to RM152.4 billion.
“From this, we see that even though demand is slowing down, the average asking price increases about 10 percent per annum.”
Siva noted that secondary market homes are popular in Kajang, Puchong and Cheras. While these areas are known for heavy traffic, people still find them attractive as prices of two-storey homes these areas are more affordable than those in the Klang Valley.
And as more people move to the city, homebuyers are now willing to travel long distances.
“Look at Semenyih. It wasn’t a well-known place a few years ago, but now with S P Setia, EcoWorld and several other big developers entering the market there, people are crowding their showrooms,” said Siva.
However, Previndran believes that homebuyers are keener on Damansara and Bangsar for their ‘primary home address’, albeit homes at these places tend to be pricier.
“The asking price for condominiums in Kuala Lumpur, such as Suria Stonor, is as high as RM1,000 psf now compared with RM750 psf three years ago.”
See revealed that condo prices in Petaling Jaya increased to RM600-RM700 psf from RM450-RM500 psf three years ago, while Previndran said condo prices at Bangsar’s One Menerung can go as high as RM1,600 psf.
Prices of linked houses in Medan Damansara also increased to RM1.6 million-RM1.8 million from RM1.2 million over the past three years. Those in Taman Desa are being transacted at RM1.4 million, up from RM1 million three years ago.
GST’s impact on secondary market
Property consultants said while transactions at the secondary market remained low during the last three years, they are still optimistic about the market’s outlook. This is because prices are stable and healthy and are not affected much by the recent implementation of the goods and services tax (GST).
“Potential purchasers may turn to the secondary market for bargains. With the same outlay, you can choose better locations and see the finished product. Some may even enjoy immediate yield from rent,” said Previndran.
Siva believes that the secondary market will be more popular with genuine buyers than speculators as it does not provide the latter adequate time to speculate on prices.
Although homes on the secondary market will not be affected directly by GST, the services provided by banks and lawyers will be. Nonetheless, Previndran does not expect the impact to be big considering that the cost of buying properties on the secondary market is relatively low.
The common procedure to buy secondary property
1. Agree on the purchase price with the owner (the Vendor).
2. Endorse on an “Offer to purchase from buyer” by paying an “Earnest Deposit”, normally is 2 – 3% of the purchase price to a real estate agency firm. The “Offer to purchase form” will be provided by Real Estate Agent if going thru them. The Earnest Deposit is commonly held by the Real Estate Agent or a solicitor as stakeholder. If loan is needed, is better to secure loan before paying the deposit.
3. Purchaser to engage a solicitor to draft and execute a Sale and Purchase Agreement (SPA) within 14 days. Vendor will also have right to engage his own solicitor to represent on behalf.
4. Upon signing the SPA, purchaser to pay the down payment of 10% (less the earnest deposit amount) to the Vendor or to the solicitor as stakeholder (normally this 10% will be the liquidated damages sum). Purchaser may also need to pay the solicitor legal fee and stamp duty unless the solicitor allow to pay at a later stage.
5a. The balance of the 90% shall be paid by the Purchaser within 3 months (or 90 days) from the SPA date with an extended period of 30 days (or 1 month) with 8 – 10% interest chargeable on daily basis.
5b. For the land has not been issued individual title or strata title for stratified property, the Vendor or his solicitor is required to get the Letter of Confirmation from the Developer on the ownership of the said property, this may take about 2-3 weeks time from the date of signing SPA.
5c. If property is a leasehold property and the title has been issued by the relevant land office, then it is the Vendor and his solicitor’s duty to secure the necessary consent to sell from the Land office, it will normally take 6 months from the date of signing the said SPA, upon the Vendor receive the “Consent to sell from the Land Office” then only the sale becomes unconditional, the sub-clause 5a will be operative and the completion date for the sale will be commencing from the date of receiving the Consent Letter by the Purchaser’s solicitor.
6. If loan involved, the purchaser shall also execute a Loan Agreement (LA) once the SPA signed and stamped. The LA may be done by another approved solicitor by the banker and purchaser to bear the legal fee and stamp duty for the charge of the property to the said bank to obtain the loan facility.
For foreign purchasers, please visit http://www.mm2h.eu for more information.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
(Source From propertyuguru.com.my)
Link From:
http://www.propertyguru.com.my/property-news/2015/4/92313/malaysias-secondary-market-to-remain-stable?utm_source=pgmy-newsletter&utm_medium=edm&utm_campaign=agentsnewsletter-apr2015&utm_content=mainlink
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