Category Archives: News

Malaysia Housing Development Act

Housing developers in Peninsular Malaysia are mainly governed by the Housing Development (Control & Licensing) Act 1966 and its related regulations and guidelines issued  by state authorities from time to time.

The HDA 1966 plays a dual role whereby its provisions detail the licensing rules of housing developers and their associated duties and responsibilities which in turn serve to fundamentally protect purchasers of housing accommodation.

Since its implementation, the HDA 1966 has undergone a number of amendments in the effort to better regulate residential developers and tackle the many issues arising in the industry. To a great extent, each amendment has always resulted in stricter rules being imposed on developers and greater protection of purchasers. This is precisely, again, the impact of the latest amendment of HDA 1966;

The Housing Development (Control & Licensing) (Amendment) Act 2012 has recently come into force on 1st June 2015. Implementation of the HDA 2012 is supplemented by the Housing Development (Control and Licensing) Regulations 2015 which will come into effect on 1st July 2015. A relatively brief Act, HDA 2012 together with HDR 2015 has shifted certain salient aspects of housing development, as discussed in the following paragraphs;

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Will the Internet replace agents

Written by Rui Hoe

Question: Will the internet replace real estate agents?

Answer: First and foremost, read this Bloomberg article on how the internet is changing the way property is sold in India. Seems like buyers have a vast array of real estate tools and information at their fingertips to make online purchasing decisions these days…

Who needs an agent to tell you what homes are on the market when we have propertyguru.com and iproperty.com to provide a near-comprehensive search of all available properties?

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Fitch Ratings

So there’s finally some good news coming out of Malaysia. Fitch Ratings has revised it’s outlook on Malaysia’s sovereign rating to “stable” on views that the GST and fuel subsidy reform are supporting the country’s finances. Read it here: http://goo.gl/du60QJ

Okay.. so who really cares about these ratings? After all Malaysia is just as safe (or unsafe) today as it was yesterday, before Fitch decided to revised the outlook. Right? While that may be technically true, but it’s really all about perception…

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Reflections at Keppel Bay, Singapore

Reflections at Keppel Bay, Singapore

Excerpt from CNBC

Cities in the Asia Pacific are currently experiencing the strongest growth in luxury residential prices globally, but experts say the results pale in comparison with recent years.

Out of the 23 cities that saw prices climb from March 2014 to March 2015, slightly over half were in Asia Pacific, Knight Frank said in a new report. On an average basis, Asia Pacific grew 10.3 percent on year during the 12-month period, compared to 8.4 percent for North America and 4.6 percent for the Middle East.

San Francisco experienced the largest price surge globally at 14.3 percent, followed by Bangalore in second place with 13.6 percent. However, Knight Frank notes that growth in the latter city arose from a much lower base compared to global peers. Jakarta was ranked fifth with an 11.2 percent price rise and Tokyo took the seventh spot with an 8.1 percent increase. Sydney and Melbourne, ranked tenth and eleventh respectively, saw prices pop over 7 percent each.

“Although we are seeing positive momentum, Asia is slowing down overall,” Nicholas Holt, head of research at Knight Frank Asia Pacific, told CNBC. For example, Jakarta, Tokyo, and Beijing were all unchanged from the December 2013-December 2014 period while Bangkok slowed by 1.4 percentage points.

Wealthy city-state Singapore experienced the biggest drop globally with luxury home prices registering a 12.6 percent fall, also unchanged from the December period and the only city to post a double-digit decline.

In Indonesia’s case, a looming 5 percent tax on high-end homes is likely to overshadow recent news that foreigners will finally be able to own property. “The tax issue is quite serious, and could prove to be a break in market. Jakarta has seen stellar price performance over the past 3-4 years so it’s natural that it won’t be able to sustain those gains,” Holt noted.

Cities in Australia and India offer the most potential in the region, particularly Sydney and Bangalore, Knight Frank said. However, Australia’s property boom has been a major headache for the economy, resulting in fears of an investment bubble and prompting the International Monetary Fund to recently announce it will assess the risks posed by property speculation.

Meanwhile, India’s internet technology hub is one of the fastest growing real estate markets in the country, with the number of luxury projects nearly doubling in 2014 from the previous year, according to Jones Lang Lasalle (JLL).

“The growing demand for luxury housing [in Bangalore] can be attributed to the rapid pace of urbanization, the influx of global lifestyle trends and the fast growth of service industries such as technology and financial services, which are propelling many middle-income group individuals into the high net worth bracket,” JLL said in a recent note.

Watch: What is Singapore like?

Let the Chinese show you how to build a skyscrapper in 19 days

Haters gonna hate, but this is some engineering marvel. A developer in China has built an entire 57-storey building in just 19 days and as this time-lapse video shows, the Mini Sky City building was put up brick by brick at a rate of three full storeys a day in Changsha, the capital of Hunan Province in south-central China.

 

The tower has 800 apartments and enough office space for 4,000 people.

The tower has 800 apartments and enough office space for 4,000 people.

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Excerpt from The New York Post by Jennifer Gould Keil

Construction on One57, the residential luxury that received the 421-a tax abatement.

Construction on One57, the residential luxury that received the 421-a tax abatement.

New York City’s method of assessing property values is so out of whack that the buyer of the most expensive apartment ever sold — a $100 million duplex overlooking Central Park — pays taxes as if the place were worth just $6.5 million.

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