With Malaysia’s booming economy and globalization, there is an influx of expatriates from various countries to our country. Georgetown is rapidly becoming an expatriate hub for its highly industrialized economy. To date, Penang has drawn numerous MNC companies into investing in the state comprising Dell, Intel, Motorola, Altera, Seagate (to name a few) centered in Bayan Lepas Industrial Zone area.
Due to the large number of MNC companies, it creates a huge demand in the market for serviced apartment among expatriates on work-affiliated assignments seeking for short stay. This causes undersupply issue with the inventory shortage on that aspect. Therefore, service apartment or short term rental is generating higher rental income when compared to rent from residential property.
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In early April 2013, iProperty.com, the number 1 property website in Malaysia conducted a survey through their website. The survey aimed to gather information from Malaysian Property Hunters / Searches on their needs from the new government that will form after the 13th General Election.
The survey which was conducted in between 12th to 16th April 2013 with the title “Will the upcoming General Elections affect the real estate market?”. It manage to attract 2275 property hunters & searchers throughout Malaysia.
Generally, most Property Hunters / Searches in Malaysia want the government to curb the rising of the property price. The full outcome of the survey can be easily read from the infographic below.
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Countries such as America, Australia, Europe and Japan have long developed green building ratings, about 20 years ago and well exposed to it. However, Malaysia had only launched the Green Building Index (GBI) in 2008. It is known as a green rating tool for buildings and towns in Malaysia, with aims of promoting sustainability in the built-environment and raise awareness of environmental issues among everyone for a brighter and greener future.
According to New Bob Group Director, Dr. Lee Ville,“Green homes provide occupants the opportunity to live in a healthier and cost saving environment. Its appeal to promote sustainable and friendly built mother earth has never been greater. Not many malaysians are aware that sustainable buildings are rapidly becoming a necessity to counter today’s worsening climate change and high-living cost”.
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If you are buying an under construction sub-divided building (Strata) or town villa type property directly from the developer, the payments to the developers will be based on the construction progress of the said property. Buyer (or the lender) is required to pay progressive payment (mostly within 21 days) once the construction milestones achieved & approved by the architect.
The payment milestone is very much similar to Progressive Payment Schedule for Landed Property except for a few items.
Take notes that after the purchaser takes the vacant possession (buyer is able to stay in the property), there is still 5 percent of the total purchase price being held. This amount will be paid to the property developer in two stages, 2.5% each after 6 months and 18 months after the date the purchaser takes vacant possessions.
The table below is the progressive payment schedule for sub-divided building (Strata) or town villa type property. This schedule also appeared in Schedule 3 of Sales & Purchase Agreement.
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If you are buying an under construction landed property directly from the developer, the payments to the developers will be based on the construction progress of said property. Buyer (or the lender) is required to pay progressive payment (mostly within 21 days) once the construction milestones achieved & approved by the architect.
Take notes that after the purchaser takes the vacant possession (buyer is able to stay in the property), there is still 5 percent of the total purchase price being held. This amount will be paid to the property developer in two stages, 2.5% each after 6 months and 18 months after the date the purchaser takes vacant possessions.
The table below is the progressive payment schedule for landed property. This schedule also appeared in Schedule 3 of Sales & Purchase Agreement.
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