Singapore commerce group sets up Iskandar-specific portal

KUALA LUMPUR, Nov 20 — As Singaporean businesses continue to look to set up shop in Johor’s Iskandar Development Region, a commerce group has now set up a portal where companies can share experiences and generate business opportunities.

Singapore’s Straits Times reported that the Singapore Chinese Chamber of Commerce and Industry (SCCCI) launched the Iskandar Network@SCCCI website yesterday as a resource of information for firms that are already set up there, as well as those interested in doing so.

“This network can also be a channel to provide constructive feedback to government authorities,” SCCCI president Thomas Chua said.

He said among the issues faced by investors are a stable workforce and the hike in toll fees at both exit points.

MTQ Corporation group chief executive officer Kuah Boon Wee said the portal would also be an ideal platform to give feedback and learn from the experiences of others.

Malaysia’s state news agency Bernama reported last month that Iskandar Malaysia has secured investments worth RM10 billion in the third quarter of this year, bringing the total cumulative committed investments since its inception in 2006 until September 30 this year to RM156.35 billion.

According to the ST report, manufacturing was the top of the list at RM50.97 billion, with residential properties accounting for RM38.59 billion, retail or mixed developments RM24.01 billion and utilities RM12.64 billion.

Of the total cumulative committed investments, the Bernama report said 63 per cent (RM98.85 billion) was domestic investments, while the remainder (RM57.49 billion) was from foreign investments.

The top five countries with the highest investments in Iskandar Malaysia from January to September were Singapore, the US, Spain, Japan and China, it added.

So far, 49 per cent or RM77.17 billion of the committed investments has been realised.

Source: http://www.themalaymailonline.com/malaysia/article/singapore-commerce-group-sets-up-iskandar-specific-portal

PR1MA house buyers to get guaranteed housing loan financing

PETALING JAYA: Prospective buyers of 1Malaysia People’s Housing (PR1MA) homes can expect guaranteed housing loan financing to buy them.

The scheme will enable house buyers, who were successful in the balloting, the option to get their own financing or choose from PR1MA panel bankers, said PR1MA Corp Malaysia chief financial officer Hasleen Isnin.

Prime Minister Datuk Seri Najib Razak will launch the scheme in January.

It is targeted at the middle- income group with a household income of RM2,500 to RM10,000.

Under the scheme, Malayan Banking Bhd, CIMB Bank Bhd and Malaysia Building Society Bhd will offer housing loans of up to 110 per cent of the sale and purchase price at zero-entry cost.

Hasleen said the housing loan financing would cover legal fees, stamp duty and valuation fees, as well as the option to start paying installments upon signing the sales and purchase agreement (SPA), or after the handover of keys.

“If house buyers are unable to secure a housing loan with the panel banks, PR1MA will step in and buy the property with the rent-to-own (RTO) option for buyers.

“However, applicants must apply to the banks before they are eligible for the RTO. This is to prevent the home buyers from taking a shortcut without trying to get a bank loan first.”

No down payment is needed under the scheme. House buyers will be covered with Mortgage Reducing Term Takaful from death and total permanent disability.

In September, PR1MA Corp Malaysia chairman Tan Sri Dr Jamaluddin Jarjis announced the launch of RTO to help first-time home buyers who were unable to secure housing loans but needed a home.

Hasleen said RTO would allow home buyers to own properties by paying rent with the option to buy the properties at any time.

“In cases of misfortune, such as retrenchments and death of buyers, family members are waived from paying rental for up to a year.”

PR1MA Corp Malaysia chief executive officer Datuk Abdul Mutalib Alias said RTO would be offered in two variants: RTO with savings and RTO without savings.

After 10 years, a house buyer may purchase the property at its SPA price, or it will be given back to PR1MA.

“However, I foresee many will opt to buy the houses as future property prices would have risen significantly,” he said.

As at Oct 20 this year, 97,887 units have been approved by PR1MA in 32 locations nationwide.

Mutalib called on Malay reserve and endowment (wakaf) landowners to come forward as PR1MA was seeking land to be developed.

“If the location is suitable and the price is reasonable, we will consider buying it from the home owners and develop more PR1MA homes.”

 

Source: www.nst.com.my/node/55038

JBCC Jalan Wong Ah Fook Shop Office for sale

Property location: 28, Jalan Wong Ah Fook
Type: 2 storey retail shop office
Tenure: Freehold
Land title: Commercial
Title type: Individual
Size: 1640 sqft
Unit type: Intermediate
Furnishing: Fully Furnish
Selling price: 3,000,000 (nego)
Posted Date: 15/11/2014

Accessibility and Amenities

– Strategically located along Jalan Wong Ah Fook, within walking
distance to major shopping complexes, restaurants and bars.

– Location is highly accessible through public transportation:
Trains, buses and taxis.

– High-traffic area from 7 a.m. to 3 a.m. comprising of foreign
tourist and locals.

– Walking distance to CIQ complex.

Why Invest in Jalan Wong Ah Fook

Jalan Wong Ah Fook is located within Johor Bahru City Center JBCC. Overlooking Jalan Segget, Jalan Wong Ah Fook and its surrounding is the gem location for Iskandar Malaysia and Johor Bahru.

State government is undergoing JBCC rejuvenation project which expected to complete within these 2 years. With government plan to transform JBCC into places of tourism comprising shopping, food and beverage, historical site, cultural site and performance and art center, JBCC expected to attracted international tourists especially Singapore and Indonesian tourists to stay and expense here.

With the limited land bank and mostly occupied for government squatter, government building, and office, there are very scarcity and limited land can be used for further development to fulfill future needs from tourists and local crowd once the transformation, rejuvenation and urbanisation fully attained and achieved. It is the most sought after location and gem of Johor Bahru city center.

 

Wong Ah Fook Shop Office for sale

Wong Ah Fook Shop Office for sale

 

Developers adapt in Johor as market slows

KUALA LUMPUR: The property market outlook in Johor remains positive despite concerns of oversupply in the state, as developers scale back on launches and change strategies in response to the cooling market, said the Malaysian Institute of Estate Agents (MIEA) Johor state branch chairman Vadeveloo Suppiah (pix).

According to him, many units have been planned and launched in the state especially in the Iskandar Malaysia (IM) economic zone but take-up rate has been slow, especially in the second half of 2012 and moving into 2013.

“Some have been sold, some are under approval. With the cooling measures, some developers who were supposed to launch, are scaling back and some like UEM Sunrise Bhd with a big landbank are shifting towards township and landed properties or industrial parks instead of doing serviced apartments and condominiums which they had planned earlier. Now they are shifting while waiting for the market to recover,” he told reporters at the MIEA Annual Malaysian Property Market Outlook yesterday.

He said one of the concerns is the sustainability of prices especially for condominiums in IM with the large incoming supply namely Country Garden’s 9,500 units, R&F Properties’ 32,000 units over 10 to 15 years, The Greenland Group’s 2,200 units and 80,000 units in Danga Bay, Senibong, Medini with some scattered around the Johor Baru city area.

Vadeveloo said the cooling measures announced in Budget 2014 were effective in Johor and the state’s house price index contracted 1.6% quarter-on-quarter in the second quarter of 2014.

“This is the first decline in 27 months, on weaker buyer sentiment due to government cooling measures in Budget 2014 coupled with new strict government policies on foreign purchase especially on supply in certain sectors,” he said.

Vadeveloo said state policies to address oversupply has slowed down the market this year especially in the first half, and especially in the condominiums and serviced apartment market. The move also tremendously reduced the number of speculative buyers.

Some of the measures include the foreign purchase consent fee, which was increased from a flat fee of RM10,000 to 2% of purchase price now, the 7.5% levy for release of bumiputra units and the RM1 million floor price for foreign purchases except for projects with special approval and those in Medini.

However, the outlook remains positive with total investments in Johor to exceed RM20 billion this year. The total cumulative committed investments up till September this year is RM156 billion with 50% already materialised.

“Landed residential properties in IM continue to see healthy demand and stabilised prices. Demand from first time buyers, upgraders who live and work in Johor, and Malaysians working in Singapore, remain strong,” said Vadeveloo.

He said the completion of various infrastructure projects such as the Eastern Dispersal Link Expressway and coastal highways have improved connectivity and unlocked the value of land nearby while the completion of projects such as Legoland, Johor Premium Outlet and Pinewood Iskandar Malaysia Studios have boosted the confidence level of developers and purchasers.

Meanwhile, investments such as the Pengerang Integrated Petroleum Complex and Microsoft Corp’s data centre in Kulai Jaya will create more jobs and boost the population in IM.
Source: http://www.thesundaily.my/news/1224646