especially, dealing with master title, individual title..blar blar.
best is to link yr banker and lawyer together to sign e SPA.
(still cannot forget, 1st met e young chio banker after chatting for 3-4mths thro phone).
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New developments to share
- Thread starter wuqi256
- Start date
especially, dealing with master title, individual title..blar blar.
best is to link yr banker and lawyer together to sign e SPA.
(still cannot forget, 1st met e young chio banker after chatting for 3-4mths thro phone).
spent 3 hours because I had to initial every page of every set and there were 5 sets. 5 sets of SPAs and 5 sets of loan agreements. Of cos I had to ask some standard questions. Then lawyer had to explain. Then after I realised how many pieces of paper I had to initial I decided to stop asking questions. I basically signed my soul away without knowing whos accepting it.
As for my story on the industrial land, I overheard it cos I was in the lawyers office and they had a super thin partition. they were advising a group of SG businessmen looking to buy industrial land. So the lawyer was telling them that while Malaysia, in theory, has a very open policy on land purchases by foreigners, they will scrutinise the deals - from location to purchaser to use of land, etc. What he is saying is that the state government is NOT accepting money blindly and will not necessarily approve all deals. So I am just sharing what I heard so that business ppl don't just assume that just because you pay the consent fee, the state govt will surely approve your deal. Even if rejected, the state govt can choose NOT to reveal the reason for rejection. So he was sharing this story abt the JV story and that the state consent was NOT APPROVED.
no vested interest. since this is a new development thread so I am just sharing what I heard. coming from a lawyer should be quite reliable right?
The Malaysian way of doing things is really not to my liking. To purchase a holiday home for self stay or to punt for fun, I think its ok. The risks and hassle are palatable, after all I am quite free these days. But to do business in MY, is really a no-no for me. Compared to my experiences in China, Malaysia is really not as business friendly. Not that China is THAT business friendly, but the Chinese do move faster - sometimes as fast as a Singaporean if the right incentives are provided. Anyway, I am just bitching and sharing.
Thank you everyone for offering solutions to my problem/s. Will try them out.
M, if you are gonna delete my posting, at least leave my thanks to the Bros alone.
As for my story on the industrial land, I overheard it cos I was in the lawyers office and they had a super thin partition. they were advising a group of SG businessmen looking to buy industrial land. So the lawyer was telling them that while Malaysia, in theory, has a very open policy on land purchases by foreigners, they will scrutinise the deals - from location to purchaser to use of land, etc. What he is saying is that the state government is NOT accepting money blindly and will not necessarily approve all deals. So I am just sharing what I heard so that business ppl don't just assume that just because you pay the consent fee, the state govt will surely approve your deal. Even if rejected, the state govt can choose NOT to reveal the reason for rejection. So he was sharing this story abt the JV story and that the state consent was NOT APPROVED.
no vested interest. since this is a new development thread so I am just sharing what I heard. coming from a lawyer should be quite reliable right?
The Malaysian way of doing things is really not to my liking. To purchase a holiday home for self stay or to punt for fun, I think its ok. The risks and hassle are palatable, after all I am quite free these days. But to do business in MY, is really a no-no for me. Compared to my experiences in China, Malaysia is really not as business friendly. Not that China is THAT business friendly, but the Chinese do move faster - sometimes as fast as a Singaporean if the right incentives are provided. Anyway, I am just bitching and sharing.
Thank you everyone for offering solutions to my problem/s. Will try them out.
M, if you are gonna delete my posting, at least leave my thanks to the Bros alone.
You only spent 3 hours to read, ask questions and sign? That is very risky. You should bring back the SPA, and read through thoroughly, email to clarify with you lawyer, set up meeting to negotiate any unfavourable clauses, amend the new clauses then sign. The entire process should take a 3 weeks, not 3 hours.
you did all that? and plenitude lawyers were amenable to your "delayed processing"? That is something. If really can be done, I will do so for my next property (if ever). Obviously I'm assuming you are using your OWN lawyer, not the developers?
I was teasing him. I only took 1 hour.
From what I know, many many years back, you need to set up a company - sdn bhd - in M'sia to buy industrial land to built a factory - leasehold land from JSEDC. Shareholders must consist of M'sians and foreigners to a certain shareholding ratio. Then there is the hassle of submitting your a/cs to Income tax dept every yr.
Then when you want to sell the land, you need to sell the company as well. Not sure if this applies to present day practice.
Then when you want to sell the land, you need to sell the company as well. Not sure if this applies to present day practice.
you very bad.
actually its dam unfair. the stupid developer held back the launch for almost a year. then out of blue want us to execute everything in 1 week. @#$%^&&&%
Malaysian style I guess.
actually its dam unfair. the stupid developer held back the launch for almost a year. then out of blue want us to execute everything in 1 week. @#$%^&&&%
Malaysian style I guess.
Think different state has different practice. Just sharing. For SPA only, in Seremban I was asked to initial only those pages in Schedule G (under Sch G, there were 1st to 5th Sche listing property details). Lawyer rep said not necessary to initial front part of the agreement which was considered “standard”. The lawyer firm is based in KL.
In JB, what I know, lawyer rep would insist to initial on all pages in the SPA & loan agreement.
Not sure what is the practice in other M’sian states
In JB, what I know, lawyer rep would insist to initial on all pages in the SPA & loan agreement.
Not sure what is the practice in other M’sian states
Singapore buyers make up 74% of non-Malaysian Iskandar purchasers: UEM
Published on Sep 19, 2013
By Yasmine Yahya
Singaporean buyers make up 74 per cent of non-Malaysians who have purchased properties in Iskandar Malaysia developed by UEM Sunrise.
Most of these Singaporeans are people who go to Johor frequently for business and those seeking a weekend home, said UEM Sunrise chief executive Wan Abdullah Wan Ibrahim.
"They have been buying both landed homes and strata developments. The landed houses are in our East Ledang development and the strata units are at our high-rise developments in Horizon Hills, Puteri Harbour and East Ledang," he said at a briefing on Thursday.
The high numbers of investors flocking to Iskandar has pushed prices up considerably, Mr Wan said.
http://www.straitstimes.com/breakin...on-malaysian-iskandar-purchasers-uem-20130919
Published on Sep 19, 2013
By Yasmine Yahya
Singaporean buyers make up 74 per cent of non-Malaysians who have purchased properties in Iskandar Malaysia developed by UEM Sunrise.
Most of these Singaporeans are people who go to Johor frequently for business and those seeking a weekend home, said UEM Sunrise chief executive Wan Abdullah Wan Ibrahim.
"They have been buying both landed homes and strata developments. The landed houses are in our East Ledang development and the strata units are at our high-rise developments in Horizon Hills, Puteri Harbour and East Ledang," he said at a briefing on Thursday.
The high numbers of investors flocking to Iskandar has pushed prices up considerably, Mr Wan said.
http://www.straitstimes.com/breakin...on-malaysian-iskandar-purchasers-uem-20130919
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I think they meant all the foreigners that bought Iskandar projects; 74% are make up of Singaporeans. 26% are foreigners from the rest of the world.
This report is from UEM.
If you switch to Country Gardens at Danga Bay; the number will tilt toward China citizens.
This report is from UEM.
If you switch to Country Gardens at Danga Bay; the number will tilt toward China citizens.
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Received this spam mail in my message box of this blog.. For the benefit of my friends here, here's my input.
Please note that this is illegal in Malaysia. What these contractors do is to fix a bypass before the electrical meter. They also do the recalibration of the electronic meters. Some fixes screws to slow down the old meters.
TNB (Electicity Board of Malaysia) has a method of monitoring the houses and if caught, the fines are very high. I have friends who were slapped with bills backdated for 10 years. I was told by TNB staff that they have 2 seperate meters for housing estates. One for individual and the other is a main meter which is allocated for a certain housing estate. If all the houses in that area do not tally with the main meter, that means someone is stealing electricity and they would go for house to house checks.
Please note that this is illegal in Malaysia. What these contractors do is to fix a bypass before the electrical meter. They also do the recalibration of the electronic meters. Some fixes screws to slow down the old meters.
TNB (Electicity Board of Malaysia) has a method of monitoring the houses and if caught, the fines are very high. I have friends who were slapped with bills backdated for 10 years. I was told by TNB staff that they have 2 seperate meters for housing estates. One for individual and the other is a main meter which is allocated for a certain housing estate. If all the houses in that area do not tally with the main meter, that means someone is stealing electricity and they would go for house to house checks.
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Read somewhere before many Singaporeans bought into Country Gardens too cos of the carnival and sea views... but heard it's very speculative cos you can book several units and then try to flip the units for higher price... and if you can't, simply return the units to the developer and there's no penalty. Scary!
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Where Is The Property Market Headed?
By Farah Wahida
Sep 11, 2013
Despite a narrower majority, Barisan Nasional’s victory at the recently concluded general elections means that its major projects will push through smoothly – a trend that bodes well for this year's property and construction industry.
This year's first quarter saw many property investors adopt a wait-and-see approach, given the uncertainties of the 13th General Election (GE13). However, during this period the secondary market remained robust, with units in the Klang Valley, such as Bangsar, Cheras, TTDI and Damansara Heights being snapped up.
Moreover, demand for low-cost housing is at a record-high thanks to sustained interest from investors who believes that real estate still offers good and stable returns. Developers also aims to satisfy demand for property, either by building commercial and residential properties for a highly liquid market, or partner with the government to deliver one million affordable homes in the next five years.
Another key catalyst for growth for this year is the smooth progress of projects under the economic transformation program (ETP). Notably, the RM46 billion worth of investments announced for Iskandar last year will start to materialise this year.
Post GE13, the property market's outlook for the remainder of the year appears favourable, as BN's re-election promises continuity. This year could also be the cusp of economic transformation that will turn Malaysia into a high income nation by 2020. As the property industry is at the forefront of the ETP, its prosperity looks assured.
Major shopping complexes like Mid Valley, KL Pavillion, Suria KLCC are also expected to flourish, in conjunction with Visit Malaysia 2013, wherein retailers in these mall are expected to benefit in a big way.
However, the office supply glut in the Klang Valley remains a pressing issue. Generally, 2013 is expected to be a challenging year for the office space market, especially old buildings in non-prime locations. There will also be pressure concerns on rents and occupancy rate.
The office supply glut in Klang Valley is further underscored by the huge amount of office space entering the market, particularly from mega projects such as as KL Eco City, KL Metropolis, Bandar Malaysia, PJ Sentral Garden City and the Tun Razak Exchange (TRX).
Nonetheless, if the Malaysian government is able bring more financial players into the market, then TRX could become successful. TRX and KLCC roughly have the same size, and the new financial district may take more than 20 years to complete.
For those who are still waiting for prices of second-hand homes to fall, don’t hold your breath, as these prices won't drop behind developer prices much. Prices of existing properties, especially landed homes in popular areas, are forecasted to rise by about 10 percent to 15 percent this year.
Properties near the upcoming MRT and LRT stations also recorded significant hikes. Houses around the proposed Phoenix Plaza MRT station in Cheras such as those in Taman Taynton View and Taman Bukit Anggerik saw price gains of about 11 percent and 19 percent, respectively.
Even in Penang, where transaction number dropped by 24 percent, prices stayed robust with average prices rising 21 percent to RM305,000 from RM252,000.
In Selangor, average prices climbed by 10 percent to RM339,000 from RM307,000 previously. Single and two-storey terraced houses in Shah Alam, Damansara and Subang Jaya also saw double digit growth of between 11 percent and 33 percent. Furthermore, the most expensive double storey terraced house was sold in Bandar Utama at RM1.18 million.
http://www.propertyguru.com.my/blog/tag/where-is-the-property-market-headed-
By Farah Wahida
Sep 11, 2013
Despite a narrower majority, Barisan Nasional’s victory at the recently concluded general elections means that its major projects will push through smoothly – a trend that bodes well for this year's property and construction industry.
This year's first quarter saw many property investors adopt a wait-and-see approach, given the uncertainties of the 13th General Election (GE13). However, during this period the secondary market remained robust, with units in the Klang Valley, such as Bangsar, Cheras, TTDI and Damansara Heights being snapped up.
Moreover, demand for low-cost housing is at a record-high thanks to sustained interest from investors who believes that real estate still offers good and stable returns. Developers also aims to satisfy demand for property, either by building commercial and residential properties for a highly liquid market, or partner with the government to deliver one million affordable homes in the next five years.
Another key catalyst for growth for this year is the smooth progress of projects under the economic transformation program (ETP). Notably, the RM46 billion worth of investments announced for Iskandar last year will start to materialise this year.
Post GE13, the property market's outlook for the remainder of the year appears favourable, as BN's re-election promises continuity. This year could also be the cusp of economic transformation that will turn Malaysia into a high income nation by 2020. As the property industry is at the forefront of the ETP, its prosperity looks assured.
Major shopping complexes like Mid Valley, KL Pavillion, Suria KLCC are also expected to flourish, in conjunction with Visit Malaysia 2013, wherein retailers in these mall are expected to benefit in a big way.
However, the office supply glut in the Klang Valley remains a pressing issue. Generally, 2013 is expected to be a challenging year for the office space market, especially old buildings in non-prime locations. There will also be pressure concerns on rents and occupancy rate.
The office supply glut in Klang Valley is further underscored by the huge amount of office space entering the market, particularly from mega projects such as as KL Eco City, KL Metropolis, Bandar Malaysia, PJ Sentral Garden City and the Tun Razak Exchange (TRX).
Nonetheless, if the Malaysian government is able bring more financial players into the market, then TRX could become successful. TRX and KLCC roughly have the same size, and the new financial district may take more than 20 years to complete.
For those who are still waiting for prices of second-hand homes to fall, don’t hold your breath, as these prices won't drop behind developer prices much. Prices of existing properties, especially landed homes in popular areas, are forecasted to rise by about 10 percent to 15 percent this year.
Properties near the upcoming MRT and LRT stations also recorded significant hikes. Houses around the proposed Phoenix Plaza MRT station in Cheras such as those in Taman Taynton View and Taman Bukit Anggerik saw price gains of about 11 percent and 19 percent, respectively.
Even in Penang, where transaction number dropped by 24 percent, prices stayed robust with average prices rising 21 percent to RM305,000 from RM252,000.
In Selangor, average prices climbed by 10 percent to RM339,000 from RM307,000 previously. Single and two-storey terraced houses in Shah Alam, Damansara and Subang Jaya also saw double digit growth of between 11 percent and 33 percent. Furthermore, the most expensive double storey terraced house was sold in Bandar Utama at RM1.18 million.
http://www.propertyguru.com.my/blog/tag/where-is-the-property-market-headed-
This visit is not so simple. Red carpet treatment and 21-gun salute. Tony brought along Khaw Boon Wan, and Professor Muhammad Faishal Ibrahim to meet Najib. Something is brewing big for Iskandar.
'Big dreams' for future of Singapore and Malaysia
Andrea Ong
The Straits Times
Saturday, Sep 21, 2013
KUALA LUMPUR - With ties in an excellent state, Singapore and Malaysia are now "dreaming big together" to forge a better future for their peoples, said President Tony Tan Keng Yam yesterday as the Malaysians rolled out the red carpet for his first state visit to their country.
It reflects the new era in their bilateral relations, which Dr Tan traced to the close partnership in recent years between Prime Minister Lee Hsien Loong and Malaysian counterpart Najib Razak.
Both leaders meet yearly for a retreat that has led to major agreements like the historic land swop deal in 2010 involving Malaysian Railway land in Singapore, and a 2011 agreement on the joint development of projects in Singapore and Iskandar Malaysia.
This bond has had a rippling effect, with cooperation extending across many fields, including transport, communications, arts, culture and education, the President said at a state banquet hosted by Malaysia's King and Queen at Istana Negara last night.
Similarly, the private sectors of both sides have "built on this confidence", he noted.
"Our countries now have greater stakes in each other's success," he said, adding that projects like the proposed high-speed rail between Kuala Lumpur and Singapore will further enhance economic and people-to-people interactions.
"We are dreaming big together, so our peoples will gain an enriching and secure future together," he said.
The 73-year-old President, who has visited Malaysia many times in various capacities, also reflected on the changes: "I have watched the country transform over the years, making great strides in social and economic development."
Earlier, he took in these changes first-hand during a State drive from Parliament Square to his hotel, accompanied by Yang di-Pertuan Agong Tuanku Abdul Halim Mu'adzam Shah. They passed such historical landmarks as Merdeka Square, the National Mosque and Kuala Lumpur Railway Station, against a backdrop dominated by modern skyscrapers.
Dr Tan, who is on a three-day visit, was particularly struck by the mix of old and new. "The Petronas Twin Towers stand tall and proud alongside old heritage buildings, each setting off the grandeur and beauty of the other.
"During our drive together today, I reflected that through it all, Malaysia has kept its heart and soul. Like the Kuala Lumpur of my youth, the city is still vibrant, colourful, and full of possibilities," he said.
The drive was a highlight of a busy day that began with the King and Queen giving a ceremonial welcome which included a 21-gun salute, to the President and his wife Mary at Parliament Square.
In keeping with the spirit of the visit, Dr Tan wore a blue shirt while the Agong wore a white shirt with a red tie and pocket square - together forming the colours of both countries' flags. Their wives wore pale green.
In his speech at the state banquet, Tuanku Abdul Halim shared the President's sentiments on the long-standing partnership between their nations and the importance of enhancing connectivity across borders, which will have multiplier effects on their social and economic development.
"We know of many important initiatives to usher in a new era of greater and more comprehensive partnership," he said.
Both also pledged their countries' commitment to work closely on ASEAN, which Malaysia will chair in 2015 - the target for regional economic integration under the ASEAN community.
Earlier in the day, PM Najib and his wife Rosmah Mansor called on Dr and Mrs Tan.
The leaders, who held similar portfolios as Deputy Prime Minister and Defence and Education Ministers in the past, chatted before the official call.
Singapore's Foreign Affairs Ministry said they reaffirmed excellent bilateral ties and the need to strengthen institutional links at all levels. They agreed there should be more cooperation between their public and private sectors. Dr Tan and PM Najib also welcomed the rapidly expanding economic ties, including the enhanced connectivity and twinning of economic activities between Singapore and Iskandar Malaysia.
[email protected]
http://news.asiaone.com/news/singapo...e-and-malaysia
'Big dreams' for future of Singapore and Malaysia
Andrea Ong
The Straits Times
Saturday, Sep 21, 2013
KUALA LUMPUR - With ties in an excellent state, Singapore and Malaysia are now "dreaming big together" to forge a better future for their peoples, said President Tony Tan Keng Yam yesterday as the Malaysians rolled out the red carpet for his first state visit to their country.
It reflects the new era in their bilateral relations, which Dr Tan traced to the close partnership in recent years between Prime Minister Lee Hsien Loong and Malaysian counterpart Najib Razak.
Both leaders meet yearly for a retreat that has led to major agreements like the historic land swop deal in 2010 involving Malaysian Railway land in Singapore, and a 2011 agreement on the joint development of projects in Singapore and Iskandar Malaysia.
This bond has had a rippling effect, with cooperation extending across many fields, including transport, communications, arts, culture and education, the President said at a state banquet hosted by Malaysia's King and Queen at Istana Negara last night.
Similarly, the private sectors of both sides have "built on this confidence", he noted.
"Our countries now have greater stakes in each other's success," he said, adding that projects like the proposed high-speed rail between Kuala Lumpur and Singapore will further enhance economic and people-to-people interactions.
"We are dreaming big together, so our peoples will gain an enriching and secure future together," he said.
The 73-year-old President, who has visited Malaysia many times in various capacities, also reflected on the changes: "I have watched the country transform over the years, making great strides in social and economic development."
Earlier, he took in these changes first-hand during a State drive from Parliament Square to his hotel, accompanied by Yang di-Pertuan Agong Tuanku Abdul Halim Mu'adzam Shah. They passed such historical landmarks as Merdeka Square, the National Mosque and Kuala Lumpur Railway Station, against a backdrop dominated by modern skyscrapers.
Dr Tan, who is on a three-day visit, was particularly struck by the mix of old and new. "The Petronas Twin Towers stand tall and proud alongside old heritage buildings, each setting off the grandeur and beauty of the other.
"During our drive together today, I reflected that through it all, Malaysia has kept its heart and soul. Like the Kuala Lumpur of my youth, the city is still vibrant, colourful, and full of possibilities," he said.
The drive was a highlight of a busy day that began with the King and Queen giving a ceremonial welcome which included a 21-gun salute, to the President and his wife Mary at Parliament Square.
In keeping with the spirit of the visit, Dr Tan wore a blue shirt while the Agong wore a white shirt with a red tie and pocket square - together forming the colours of both countries' flags. Their wives wore pale green.
In his speech at the state banquet, Tuanku Abdul Halim shared the President's sentiments on the long-standing partnership between their nations and the importance of enhancing connectivity across borders, which will have multiplier effects on their social and economic development.
"We know of many important initiatives to usher in a new era of greater and more comprehensive partnership," he said.
Both also pledged their countries' commitment to work closely on ASEAN, which Malaysia will chair in 2015 - the target for regional economic integration under the ASEAN community.
Earlier in the day, PM Najib and his wife Rosmah Mansor called on Dr and Mrs Tan.
The leaders, who held similar portfolios as Deputy Prime Minister and Defence and Education Ministers in the past, chatted before the official call.
Singapore's Foreign Affairs Ministry said they reaffirmed excellent bilateral ties and the need to strengthen institutional links at all levels. They agreed there should be more cooperation between their public and private sectors. Dr Tan and PM Najib also welcomed the rapidly expanding economic ties, including the enhanced connectivity and twinning of economic activities between Singapore and Iskandar Malaysia.
[email protected]
http://news.asiaone.com/news/singapo...e-and-malaysia
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