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Thread: Property News

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    Default Property News

    For generic property news in SEA, with focus in Malaysia.

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    Supply glut looms in Johor
    Feb 17, 2014 - PropertyGuru.com.my

    Due to a potential supply glut in Johor, there should be a limit on the number of residential units being built by foreign developers, according to Real Estate and Housing Developers Association (REHDA).

    “We welcome foreign developers including those from China, but flooding the market with massive supply of properties could create property overhang,” said Koh Moo Hing, Chairman of REHDA’s Johor branch.

    Base on the latest data from the National Property Information Centre (NAPIC), the number of upcoming residential units in the state is already equivalent to 42 percent of the existing supply (702,101 units).

    This means that nearly 300,000 houses are under construction or in the planning stage even though Johor’s property market has cooled down.

    To make matters worse, the huge amount of new supply is not pulling down prices. On the contrary, property prices in Johor have climbed by around 45 percent in the past five years to RM197,147 in 2012. In the same period, Malaysia’s average residential price has only increased by 30 percent to RM248,515.

    Recent launches in Medini, Nusajaya, Danga Bay and Johor Bahru are also within RM600 to RM1,000 psf, while prime units are selling at RM1,500 psf, noted Hwang-DBS Vickers Research.

    However, some experts pointed out that the extra supply could be absorbed easily by the market, if they are taken-up by foreign buyers rather than just locals.

    For instance, Country Garden has already sold about 70 percent of the units at Danga Bay, where it had launched 9,000 units at one go. 3,000 units were bought by Malaysians, while the rest were purchased by foreigners, of which 50 percent are Singaporeans and 45 percent are Chinese.

    Image Source: biz.thestar

    Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email [email protected]

    http://www.propertyguru.com.my/prope...looms-in-johor

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    Golf club membership prices in flux
    General upward movement expected, but SICC value to fall
    By andrea soh [email protected]
    Published February 18, 2014

    [SINGAPORE] Golf club membership prices were in flux yesterday, as the market reacted to the news on the fates of the various courses here.

    Among the four clubs most affected by Sunday's announcement, Tanah Merah Country Club (TMCC) will emerge a winner in its membership value, said golf membership brokers.

    TMCC will have 10 ha of its land acquired by the government for Changi Airport; new taxiways will be built to link existing airport facilities with a new runway and the planned Terminal 5. However, the leases on its courses will be renewed.

    The acquisition will affect six holes of its 18-hole Garden course, three tennis courts and two storage sheds, but the government will compensate the club. The amount is to be pegged to the market value of the land as at yesterday, when it was gazetted by the Singapore Land Authority.

    Fion Phua, a golf membership broker, said: "They are being compensated with money, and land lease is being extended. Rightfully, their membership value should go up."

    The membership value of TMCC is now about $118,000, compared with about $140,000 at the beginning of last year.

    Uncertainty over the lease renewals has weighed on the membership prices for golf clubs with leases expiring within a decade.

    Now that the fate of these golf clubs has been made clearer, their membership prices may have room to recover, given that most will have their leases renewed, said golf membership brokers.

    Another reason that their prices will be supported is that there will be fewer courses left, said Lee Lee Langdale, another broker, noting that Keppel Club will be gone, and that the Singapore Island Country Club (SICC) will lose up to two courses.

    For both Keppel Club and SICC, the outlook for membership prices is less positive.

    The government said on Sunday that it will not renew the lease for Keppel Club when it ends in 2021.

    One of the SICC's four golf courses will be made public, while the course next to it will be given a lease only until 2030, with the possibility that it could also be made public then too.

    The government had, after talks with the club's general committee, initially decided on SICC's Bukit golf courses for this purpose, on the assumption that SICC would prefer not to give up its bigger Island location, where the club recently put more than $100 million into a clubhouse.

    But after SICC members questioned at a briefing on Sunday why the Bukit location was chosen, the government said that it would leave the decision to them, subject to certain criteria.

    The SICC membership price would certainly go down, said Ms Phua.

    "Basically a four-room HDB flat has become 21/2-room HDB flat, so it'll come down. The lease may be longer, but you have to open your backyard to share with the public," she said.

    Nonetheless, businessman and SICC member Ron Song was sanguine about the value of the club's membership, saying that members join to enjoy the facilities, not to sell their membership.

    Keppel Club members, on the other hand, face the double whammy of having no golf course to play on in seven years and the possibility of higher golf club membership prices at other clubs. Some told The Business Times they will play in Malaysia and Bintan instead.

    The fourth club affected by Sunday's announcements, the National Service Resort Country Club at Changi, is open only to existing and former NSmen, so its membership is not transferrable on the open market.

    Yesterday, Orchid Country Club, offered a final seven-year lease till Dec 2030, told members that it welcomed the offer of the lease extension; it is awaiting more details, such as on the amount of land premium payable, and will study the financial implications for the club in the meantime.

    Some 200 ha of 1,500 ha of golf course land will be freed up for other uses by 2030, as the government moves to use these plots of land at a higher intensity.

    http://www.businesstimes.com.sg/prem...-flux-20140218

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    Properties in or near golf courses in Iskandar will benefit from the loss of golf courses in Singapore.

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    Golf courses in JB are generally just not well maintained. Club house facilities are often in poor condition and some are downright dirty. Just don't understand why the deterioration can be so drastic even for relatively new clubs in JB. Is it the mentality, a lack of funds or just general apathy?

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    I hope that e Austin golf course is well maintained. Horizon Hill goes without saying.

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    Last I checked, Austin is "closed" for 6 months "maintenance"... maybe the Boss decided to ditch the last 18 holes for another couple of new Tamans...

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    Quote Originally Posted by Aviator View Post
    Last I checked, Austin is "closed" for 6 months "maintenance"... maybe the Boss decided to ditch the last 18 holes for another couple of new Tamans...
    austin golf course, water theme park and austin height 2 seem like no sound no picture

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    Quote Originally Posted by malpaso View Post
    austin golf course, water theme park and austin height 2 seem like no sound no picture
    The Austin water theme park could be ditched when the Legoland came up. This is all I can find: http://super325.com/2011/11/23/austi...oon-20-photos/

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    Quote Originally Posted by FHBH12 View Post
    The Austin water theme park could be ditched when the Legoland came up. This is all I can find: http://super325.com/2011/11/23/austi...oon-20-photos/
    the banner is still there, saying 'opening in 2014'. let's see if steven chong makes any moves this year

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    Those new houses inside e austin golf/park, is it for resort use or residential?

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    Austin Heights' water theme park set to open end-2014
    Posted on 11 October 2013 - 04:59pm
    Last updated on 11 October 2013 - 05:31pm

    JOHOR BARU (Oct 11, 2013): Johor-based property developer, Austin Heights Sdn Bhd (AHSB), is banking on its RM100 million Austin Heights Water Theme Park here to further drive the value of its surrounding properties.

    Its managing director Datuk Ir Steve Chong Yoon On said construction of the 4.85 hectare (12 acre) water theme park is 50 per cent complete and slated to open by the end of next year.

    "As the facility increases the popularity of the area, our properties are much in demand," he told Bernama in an interview here, today.

    According to Chong, the value of AHSB's properties surrounding the water theme park has increased between 10 to 15 per cent since the announcement on the construction of the attraction.

    The Austin Heights Water Theme Park is located within AHSB's Austin Heights 2 property development. The developer has roped in renowned theme park designer, Sim Leisure Consultant, to design the Austin Heights Water Theme Park, which will have 12 outdoor attractions, besides other indoor games.

    Being a medium-sized water theme park, and designed more to cater to the needs of residents and the community, the developer projects the number of visitors to it to reach a modest 300,000 in the first year.

    "We feel the theme park might even suffer a loss in its first year of operation.

    "Nevertheless, the main objective is not at making money from it, but more at providing facilities for the residents and community," he added.

    On AHSB's future property developments, the company he said, is concentrating on developing the more than 80.94 hectares (200 acres) of land it owns under the Austin Heights 2 township development. The landbank has a development value of RM3.5 billion and will keep AHSB busy for another eight years.

    "We are not looking for more land is Iskandar Malaysia as we have enough. But if opportunities arise and the price is right, we will consider," Chong said. – Bernama

    http://www.thesundaily.my/news/853338

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    Quote Originally Posted by potter View Post
    Those new houses inside e austin golf/park, is it for resort use or residential?
    residential. it's called "kiara " or "kiara 2" or something.

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    New curbs to impact Iskandar, high-rise developers
    Feb 19, 2014 - PropertyGuru.com.my

    The government’s latest measure against bulk buying will significantly affect developers with projects in Iskandar and those with numerous high-rise developments, according to RHB Research.

    Leading developers likely to feel the impact of the new curbs include Sunway, IJM Land, SP Setia, UEM Sunrise, Mah Sing Group and UOA Development.

    “The new measure will slow property sales even further in a market that is already feeling the pressure of the 30 percent real property gains tax,” said the research house.

    On Monday, the housing ministry announced that property developers planning to sell more than four units to a single entity or individual must obtain prior approval from the Housing Controller.

    This curb aims to limit the number of units offered to Property Investors’ Club (PIC), which are being used by some individuals to acquire many units at discounted prices, and then resell the units for hefty profits.

    PICs are understood to be active in Iskandar’s real estate market and in the high-rise segment.

    “Some downside in property stocks is possible given the new measure, but this will be minimal as the sector valuations have largely been factored-in the negative impact of all the cooling measures,” added RHB Research.

    Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email [email protected]

    http://www.propertyguru.com.my/prope...ise-developers

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    This Rule affecting those PICs is way overdue! Those clubs and speculators have been making tons of money for years at the expense of genuine home owners and long term investors... and now only the ministry WAKE UP and action! Half-Clap!!! Lets see if this rule will stay effective for how long before a new method is invented to circumvent things!

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    Quote Originally Posted by Aviator View Post
    This Rule affecting those PICs is way overdue! Those clubs and speculators have been making tons of money for years at the expense of genuine home owners and long term investors... and now only the ministry WAKE UP and action! Half-Clap!!! Lets see if this rule will stay effective for how long before a new method is invented to circumvent things!
    i think the new rule is govt way of 'cutting in on the action'.

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    Quote Originally Posted by Aviator View Post
    This Rule affecting those PICs is way overdue! Those clubs and speculators have been making tons of money for years at the expense of genuine home owners and long term investors... and now only the ministry WAKE UP and action! Half-Clap!!! Lets see if this rule will stay effective for how long before a new method is invented to circumvent things!
    I know of a relative who went to Iskandar ( Horizon Hills ) with just S$50,000 in 2009 and borrowed up to 100% for one of 2 of his properties and emerged back to Singapore with RM 2 million in his pocket in 2.5 year time. He said to me recently during CNY gone are the days of buy 1 get one 1 houses in Iskandar except in foreigner infested places like Puteri Harbour where its gota be a buy 1 get 1 free in a few years time. Now many people still say PH is hopeless and got nothing. I also said the same thing to my relative in 2009 when he bought into Horizon Hills aggressively with all the forest and palm trees surrounding it.

    Those were the days where you really can see WILD BOARs roaming around the clubhouse vicinity you know? What has it become now?

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    Quote Originally Posted by PuteriWorld View Post
    I know of a relative who went to Iskandar ( Horizon Hills ) with just S$50,000 in 2009 and borrowed up to 100% for one of 2 of his properties and emerged back to Singapore with RM 2 million in his pocket in 2.5 year time. He said to me recently during CNY gone are the days of buy 1 get one 1 houses in Iskandar except in foreigner infested places like Puteri Harbour where its gota be a buy 1 get 1 free in a few years time. Now many people still say PH is hopeless and got nothing. I also said the same thing to my relative in 2009 when he bought into Horizon Hills aggressively with all the forest and palm trees surrounding it.

    Those were the days where you really can see WILD BOARs roaming around the clubhouse vicinity you know? What has it become now?
    The upcoming supply at next door Medini and Danga Bay is quite a big number. IMHO, the first wave of Iskandar effect from 2009-2011 was due to mis-guided policies in Singapore that resulted in over-crowding and other social issues, and genuine buyers/investors moved in to Iskandar. The second wave in Iskandar from 2011-2013 was the period when the high property prices and serious cooling measures in Singapore kicked in, affecting investors and PRs. In end 2013, Malaysia announced its own cooling measures, resulting in the market lull up to today. The smaller third wave in capital appreciation we might see in 2014 could be due to the higher costs the developers have to bear, but developer sales are likely to come down, while subsales and resales pick up. However, I think Medini-Puteri Harbour-Danga Bay's capital appreciation for the next 2 years have been priced in for those buying today.

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    Quote Originally Posted by PuteriWorld View Post
    I know of a relative who went to Iskandar ( Horizon Hills ) with just S$50,000 in 2009 and borrowed up to 100% for one of 2 of his properties and emerged back to Singapore with RM 2 million in his pocket in 2.5 year time. He said to me recently during CNY gone are the days of buy 1 get one 1 houses in Iskandar except in foreigner infested places like Puteri Harbour where its gota be a buy 1 get 1 free in a few years time. Now many people still say PH is hopeless and got nothing. I also said the same thing to my relative in 2009 when he bought into Horizon Hills aggressively with all the forest and palm trees surrounding it.

    Those were the days where you really can see WILD BOARs roaming around the clubhouse vicinity you know? What has it become now?
    so did you follow suit and buy one recently?

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    Quote Originally Posted by aviator View Post
    golf courses in jb are generally just not well maintained. Club house facilities are often in poor condition and some are downright dirty. Just don't understand why the deterioration can be so drastic even for relatively new clubs in jb. Is it the mentality, a lack of funds or just general apathy?
    mentality!

    Not just golf courses; the whole country isn't maintained

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