Must Attend: Stylish Living Star Property Fair 2009
You have No Clue or Confuse About Property Investment?
If YES then visit The Star Property Fair organize by The Star.
The three-day fair will be held at the Kuala Lumpur Convention Centre (KLCC) from Nov 27 – 29 (halls 4 and 5) with the themed called “Stylish Living”
You can view the latest offerings by renowned local developers for a broad range of property from medium to medium high-range residences, luxurious bungalows to exclusive condominiums, and commercial projects under One roof.
The renowned local developers will include SP Setia Bhd, Sime Darby Bhd, Sunway City Bhd, Lucky Bright Star Sdn Bhd and KH Land Sdn Bhd.
Visitors will also have the opportunity to obtain advice on financing options from participating financial institutions, and attend talks and forums by industry experts on property investment, feng shui and home aspirations.
The CIMB Property Mart’s panel auctioneers will host two public auction sessions on Nov 28.
The first session by Leong Auctioneers will feature several properties including a three-storey semi-detached house located off Jalan Ipoh and a vacant plot of bungalow land in Shah Alam.
The reserved price for the semi-detached house is RM1.26mil compared to its market price of RM1.4mil while the reserved price of the 32,001sq ft bungalow plot will start from RM806,400 compared to its market price of RM896,000.
Ng Chan Mau & Co recommends two properties which include a four-bedroom duplex penthouse with a reserved price of RM729,000 compared to its market price of RM900,000 and a three-bedroom flat with a reserved price of RM35,600.
CIMB Property Mart Mega Auction schedule
Date : Nov 28
Time : Noon
Auctioneer : Leong Auctioneers
Date : Nov 28
Time : 3pm
Auctioneer : Ng Chan Mau Auctioneers
CIMB Property Mart representatives will be on hand to provide free consultation.
There will also be contests sponsored by CIMB Property Mart with prizes worth RM20,000 up for grabs.
Sample of the Auction Properties
Lot 1 : Three storey semi detached house (KL)
Reserve Price: RM 1,260,000.00
Market Price : RM 1,400,000.00
Description
The subject property is located at Jalan Krian, Off Jalan Ipoh. Approximately 7.2 (4.5 miles) north of Kuala Lumpur City Centre.
The surrounding development is Villa Angsana Condominium, Taman Rainbow & Taman Bamboo.
Nearby Sek Men Persendirian Chong Hwa and SRK Sentul 1 & 2. The subject property offers service and sundry shop, supermarket, banks, clinics and restaurants.
Address: No. 7, Jalan Krian, Taman Rainbow, Off Jalan Ipoh, 51100 Kuala Lumpur
Floor/Land Area: 4,011 sq feet
Solicitor: M/s MahWengKwai Seow & Megat
Reference: DC10019091
Lot 2: 3+1 bedroom townhouse (PJ)
Reserve Price: RM 320,000.00
Market Price: RM 320,000.00
Description
The subject property is located on the ground and first floors of a 3-storey townhouse building.
Approximately 13 Kilometres to the South-West of the Kuala Lumpur city centre.
The neighbouring residential areas include Bandar Utama, Tropicana Indah Resort Homes, Taman Bukit Mayang Emas, Aman Suria, Damansara Idaman and Damansara Lagenda. Sek Men Tropicana, Sek Keb Tropicana, Shopping Arcade One Utama and Tropicana Golf & Country Resort are nearby.
Address
Unit No. 21, Ground Floor,
Rumah Bandar Delima,
No. 15, Jalan Mutiara Tropicana 1,
Mutiara Tropicana, PJU 3,
47410 Petaling Jaya, Selangor
Floor/Land Area: 1,416 sq feet
Solicitor: M/s MahWengKwai Seow & Megat
Reference: DC10019616
Lot 5: Shop/apartment (Ampang)
Reserve Price: RM 45,000.00
Market Price: RM 50,000.00
Description
The subject property is located on the 2nd floor of a 4 storey shop/ apartment building with a ground level carparking facilities.
Situated about 15 kilometres east of the Kuala Lumpur city centre and the Ampang town is located approximately 4 kilometres to the west of the subject property comprising rows of pre-war shophouses with sundry shop, supermarket, banks, clinics and restaurants.
Public transport facilities are good with taxi and bus transportation, easily accessible from Jalan Wawasan Ampang just to the east and Jalan Ampang to the north, and Ampang LRT (Star Line) station about 4 kilometres to the northwest of the subject property.
Address
No. 19/2R, Jalan Mulia 3/1,
Taman Mulia Jaya,
68000 Ampang, Selangor
Floor/Land Area: 633 sq feet
Solicitor: M/s Tay & Helen Wong
Reference: DC10018280
from: starproperty.my/PropertyFair/Kl09/PropertyMart.aspx
TIPS: Buying an auction property
For property buyers interested in bidding at the CIMB Property Mart auction, here are 10 simple steps on how to buy an auction property.
1. Identify Identify your desired property and take note of relevant information according to your preferred location and budget.
2. Inspection Understand the state and condition of the desired property. Conduct an external inspection of the property to ascertain the condition.
3. Independent Research Conduct a thorough research with the relevant Land Office and make general enquiries with the developer or management office. You can also contact the auctioneer or the bank to get additional information about the property.
4. Registration Register your details prior to the auction. You may also register on the actual day itself before the auction. You have to get a copy of the Proclamation of Sale (POS) and Condition of Sale (COS).
5. Preparation Take note of the auction time, date and venue. Prepare a bank draft or cashier’s order for the deposit amount equivalent to either 5% or 10% of the Reserved Price before the auction date. Also, prepare additional cash on the auction day to top-up the difference on the deposit sum between the successful bidding price and the reserved price.
6. Auction Day Ensure that you reach the auction venue early and register at the auctioneer’s registration counter. If you are unable to attend the auction, fret not. You can authorise anyone who is above 18 years old to bid on your behalf. However, remember that he or she must bring along the original authorisation letter together with a photocopy of your identification card and bank draft to the auction.
7. Bidding Time The auctioneer will announce the commencement of the auction, and then provide a briefing on the bidding process. He will then read out the important clauses in the COS and the property information. After the auctioneer announces the starting price, the bidder should raise his/her bidding card to signify interest and also to indicate the bidding price.
8. Successful bidder The bidding process will stop when the highest price is called out three times by the auctioneer and no further bids can be made. At the fall of the hammer, the property is sold.
9. Signing the contract The successful bidder is required to sign the Contract of Sale and pay the remaining difference on the same day itself if there’s an increment to the successful bidding price. The balance of the purchase price must be paid within 90 days from the auction day.
10. For Unsuccessful Bidding
If you are not the successful bidder, you may redeem your bank draft or cashier’s order at the registration counter immediately after the auction.
Top developer like SP Setia Bhd, Sime Darby Bhd, Sunway City Bhd, Lucky Bright Star Sdn Bhd and KH Land Sdn Bhd will showcase their latest property developments.
FREE TALK
Fri, 27th Nov
Personal Space: My Personal Space
Ms. Amber Chia & Edwin Thassian of Fix Interior
1.00pm-1:30pm
Vasu Shastra: Indian Feng Shui
Mr. T. Selva
2.00pm-2:45pm
MIEA: Real Estate Practice on Property Market
(Malaysia Institute of Estate Agents)
Ms. Julie Wong
3.00pm-3:45pm
Feng Shui: Outlook for 2010
Master David Koh
4.00pm-4:45pm
Sat, 28th Nov
Property Millionaire: How to be a Property Millionaire
Capt. Azizi Ali
11.30am-12:15pm
CIMB Property Mart: Mega Auction
Auctioneers: Leong Auctioneers
Location : Kiosk 5
12.00noon-1:30pm
EPF: Housing Withdrawal Scheme
Mohd Yusfaizal Mohd Pilus
2.00pm-2:45pm
CIMB Property Mart: Mega Auction
Auctioneers: Ng Chan Mau Auctioneers
Location : Kiosk 5
3.00pm-3:45pm
Axis-REIT: REITs An Alternative Investment
Tool for your Wealth Creation
Mr. Stewart LaBrooy
(Executive Director)
4.00pm-4:45pm
Some of the topics include:
• What is a REIT?
• Why REITs are important part of the Investment portfolio
• REITs – The Risk Factors
• REITs – Investors Perspective
Sun, 29th Nov
Interior: You can be your own designer
Ms. Valerie Choi
12.00pm-12:45pm
Right Lifestyle Property: Never Work Again Through Properties
Mr. YM Leow
(Property Investor)
1.00pm-1:30pm
Feng Shui: How to choose a good property from a Feng Shui Perspective
Master David Koh
2.00pm-2:45pm
Tropical Garden Design: The International Tropical School of Architecture
Mr. Made Wijaya
3.00pm-3:45pm
The property fair is open to the public from 11am to 8pm (Friday to Sunday) and admission is FREE.
Azizi Ali to give talk at Star Property Fair
Capt. Azizi Ali, bestselling author to share his knowledge on how to profit from property investments at The Star Property Fair.
Bestselling author and renowned financial coach Captain Azizi Ali is scheduled to give a talk on property investment at The Star Property Fair 2009.
The fair, which has been held in Penang for seven consecutive years since 2002, will make its Kuala Lumpur debut at the Kuala Lumpur Convention Centre (KLCC) from Nov 27 – 29.
Captain Azizi Ali, author of Millionaires are from a Different Planet, will share his knowledge on how to profit from property investments on Nov 28 at 12pm.
“I will be talking about how to avoid potentially poor choices when it comes to purchasing properties and how to profit through property investments,” he says.
Dubbed ‘Millionaire Coach’, Captain Azizi is a trained commercial pilot with over 27 years of experience. His venture into financial writing and coaching started with a simple intention to learn more about personal finances.
“I found myself broke all the time despite earning a decent living as a young pilot. This motivated me to learn about personal finance and eventually investment.”
According to the 47-year-old, he has read more than 800 financial books and earned his first million at 36. Captain Azizi insists that people need to find the most suitable form of investment for themselves. However, there is no denying that the profit garnered from property investment is lucrative.
An avid property investor himself, Captain Azizi states that becoming a millionaire is not an overnight process.
“It requires time and smart moves. But I can assure you that you don’t need money to make money. What you need is brains, dedication and discipline.”
About 25,000 visitors are expected at the 3-day fair to view the latest offerings by reputable local developers. Expect a wide range of properties from medium to medium high-range residences, luxury bungalows, exclusive condominiums as well as commercial projects.
Other attractions include auctions by CIMB Property Mart and a contest with attractive prizes worth RM20,000 to be won.
from:starproperty.my/PropertyScene/PropertyScene/768/0/0
Over RM60mil in sales made
——————————
KUALA LUMPUR: More than RM60mil in sales were closed at the three-day The Star Property Fair 2009.
The 29 exhibitors, spreaded over 103 booths at the Kuala Lumpur Convention Centre, attended to thousands of homebuyers who thronged the fair from Friday.
The roaring sales caught some property developers by surprise. They were under the impression that the fair, themed Stylish Living, would only create sales leads and promote awareness of their products.
“We noticed that the visitors came with a focus and an intention to buy,” said Sonny Tan of Ideal Concept Intelligence Sdn Bhd. “We managed to close seven deals in just one day.”
Tan said that holding a fair at such a venue seemed to draw a better crowd than those held in shopping malls.
“There, you get walk-ins who are just there to look and move on, unlike at a convention centre where people come with a clear intention to buy,” he added.
Sime Darby property sales consultant Muhd Khairul Nizam Abd Kader said the response was so good that some latecomers were disappointed that they could not get choice locations.
“The crowd was great,” he said. “It was easy to close and did not take much convincing. The response was so good we did not have time to eat.”
A Setia Sky Residences spokesman said the response to the fair was overwhelming. “They are mostly locals, which is a good surprise too,” he added.
Cahaya SPK sales executive Keane Kwong lauded Kuala Lumpur Convention Centre as a good location for the fair.
“We had a fantastic booth and the crowd was good. We will surely participate again.”
A Sunway City Bhd spokesman said the fair drew “high-end visitors who are our right kind of customers.”
Nusmetro Venture Sdn Bhd sales and marketing manager Shirley Cheong agreed, saying that her team would be able to draw upon the hundreds of registrations made at their booth over the three days.
“I have a good batch of data and I strongly believe we can convert them to sales,” she said.
The Star Property Fair 2009 was the first to be held here after eight successful fairs in Penang.
Besides finding good deals with the exhibitors, financial institutions, auctioneers and property agents, the housebuyers and investors were also treated to talks by experts in various fields pertaining to property.
These included How To Be A Property Millionaire author Capt Azizi Ali, fengshui masters Joey Yap and Danny Koh and renowned Balinese landscape artist Made Wijaya.
Visitors also had the chance to win prizes from Samsung that included a washing machine, refrigerator and air-conditioner.
from:starproperty.my/PropertyGuide/Featured/851/0/0
Feng shui masters make house buyers see the light
—————————————————
KUALA LUMPUR: When choosing a property, have a mountain at the back and water features in front, said Joey Yap.
“Mountains govern matters related to human relationships and longevity while water affects one’s financial health and growth,” said the fengshui master.
He advised homebuyers to look for properties with these features to enjoy their benefits. Joey said importance should be placed on the environment, building and personal aspects when buying a property.
He said many mistook Chinese superstitions to be feng shui. “Good feng shui is understated, zen-like and clean,” he said at a talk during The Star Property Fair 2009 yesterday.
At a separate talk, jointly organised by The Star and Samsung, feng shui master David Koh urged housebuyers to avoid certain locations which were “unfriendly.”
He said high tension wires were not just bad for feng shui, but bad for health, too.
“One should also avoid places at top of hills, that faces mountains and at lower parts of valleys,” he added.
Koh said the presence of water elements, such as rivers, provide a good pool of energy or chi. He pointed out as example Masjid Jamek, a thriving business area that attributed its vibrant development to its location — sitting above two symmetrical rivers.
from:starproperty.my/PropertyGuide/Featured/852/0/0
Secondary property market to remain soft
————————————————–
Property consultants: Abundant supply in Klang Valley
PETALING JAYA: The secondary property market in the Klang Valley is expected to remain soft in the next three to six months due to an abundance of supply, according to property consultants and experts.
PPC International Sdn Bhd executive director Thiruselvam Arumugam in an e-mail response to StarBiz, said: “The secondary property market in Mont’ Kiara will remain soft in 2010 as incoming supply and new launches will bring competition.”
“But (demand for) the better managed condominiums will remain unchanged as there will still be a market for this type of property,” he added.
However, Thiruselvam said all the properties (in the Mont’ Kiara area) had seen a decrease in both rental and capital value this year.
A real estate agent concurred that there was an over-supply of property, especially in the Mon’t Kiara area.
However, she said rental rates for some locations in the Klang Valley were “more challenging” than others.
“Selling prices in places like SS2 have been better compared with rentals. In the past five years, the rental rates did not grow as much as selling prices,” she said.
She also said rental rates in selected areas in Mont’ Kiara and Kuala Lumpur city centre were better than others.
“Sometimes it also comes down to word of mouth. Exiting tenants will give good recommendations on locations they think are better than others and this will be the areas that will attract more people.”
She, however said there were some established areas, like Damansara Heights, where regardless of a downturn, selling prices still remained stable.
“Demand there has been good.”
According to Zerin Properties chief executive officer Previndran Singhe, rental rates for Grade “A” office space within the Golden Triangle area has been stable and is expected to improve towards year-end.
“Even in areas such as Damansara Heights and Bangsar, rental rates are expected to increase because there just aren’t enough Grade A office buildings,” he said, adding that the end of the day, it all came down to “location.”
“Let’s just say that if you put up a Grade A office in Balakong, you’re going to have a tough time filling it up.”
Previn also said rental rates for commercial property would remain good in Cyberjaya.
“There is a good demand for BPO (business process outsourcing) offices there.”
He also said the expatriate residential market was expected to remain soft until the first quarter of 2010.
“We expect things to improve in the second quarter. As the effects of the liberalisation measures announced earlier kick in, there should be more demand for residential property from expats.”
from:biz.thestar.com.my/news/story.asp?file=/2009/12/9/business/5256987&sec=business
SoHo is the way to go
THE Small Office/Home Office (SoHo) segment is slowly but surely, becoming a growing trend in the market, especially among those looking for flexibility in their daily working schedules.
The modern concept of SoHo refers to the category of business, which involves from one to 10 workers. The concept also applies to people who convert part of their home into an office.
Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS) president James Wong foresees a growing SoHo demand.
“High office rental costs and traffic congestion are among some of the reasons why more people are going for this (SoHo) concept,” he tells StarBizweek.
He adds that the growth in information technology (IT) today provided the flexibility to individuals from virtually anywhere.
Wong says some banks were already outsourcing their marketing teams, for instance, because such departments could function elsewhere.
“There are also backroom departments like support services, and human resources don’t need to face the public or clients everyday. Soon, it won’t be necessary to have a full-fledged office.”
Wong says the SoHo concept was a growing trend with sole proprietors or small partnerships, such as lawyers and even real estate agents.
CB Richard Ellis Malaysia Sdn Bhd managing director Allan Soo says the typical SoHo buyer are mostly independent individuals rather than professionals.
“This can be advertising agencies or those within the IT industry.”
Soo says the location of the SoHo is critical.
“It definitely makes sense to work in the city within a business environment and having your business partners nearby. If it’s going to be a hassle for your clients to come to you, than it does not make sense.”
Zerin Properties chief executive officer Previndran Singhe concurs that the location of the SoHo is very important.
“You need to be around amenities. Otherwise it’s going to be tough! But ultimately, it all depends on both the product and the location of the property.”
Wong, however, reckons that a SoHo buyer would be more comfortable working outside of the city centre.
“The whole idea of living and working in the same environment is so that you can avoid the hassle of getting stuck in traffic jams when travelling to your place of work.
“People who operate out of a SoHo would most likely prefer a quiet environment rather than to be smack in the middle of the city centre and dealing with the noise. The ideal location would be the outskirts of the city, near a park or commuter train station.”
A search on iproperty.com, the country’s top property portal, reveals four SoHo developments that are currently in the pipeline.
They are the Selangor State Development Corp’s (PKNS) Kasturi Idaman in Kota Damansara, HR United Group’s SB1 and Persanda 2 in Sungai Besi and Shah Alam, respectively and Ong Chong Realty Sdn Bhd’s PJ5 SoHo in Kelana Jaya.
Previndran says there is a growing market for SoHo developments and cited YTL Land & Development Bhd’s CENTRIO at Pantai Hill Park in Bukit Kerinchi, Kuala Lumpur.
According to reports, 70% of the development (at CENTRIO) have been sold. It opened for sales in 2006.
Akashdeep Singh, a 30-something freelance film editor, says working from a SoHo provided him with great flexibility.
“Some people enjoy this lifestyle – working late and sleeping overnight. It can lead to a lot of office romances,” he says, laughing.
Akashdeep, who was going to India for a month that same day, says: “And in cases of emergencies, like if you need to take a sabbatical, you can avoid the hassle of giving notice. In a normal working environment, it’s hard to do this.”
Former lawyer Melissa Ram used to work out of her home and relished the fact that she could completely avoid traffic jams.
“There’s a lot of flexibility, plus there’s no overhead cost or rentals to worry about. With the internet, you can work from virtually anywhere.”
Melissa, however, adds that there were also drawbacks when working from home.
“Sometimes when you need to meet with clients, having them over in your house isn’t appropriate and in such situations, having an office would be better. In such situations, you would have to go out of your way to meet your client rather than to have the convenience of them coming to you.”
She adds, however, that if given a choice, she would still prefer to work from home.
“While working you could still manage the house and do the cooking. Plus, you could work till midnight and not have to worry about security issues.”
fr:biz.thestar.com.my/services/printerfriendly.asp?file=/2010/3/20/business/5891598.asp&sec=business
Property auctions take on a new lease of life
By ANDREW LEE
THE idea of an auction seems to be the creation of a market for goods that would otherwise not exist. For instance, antiques and second hand merchandise are rare goods that would be difficult to obtain without going through an auction.
In light of recent economic hardship, another segment appears to have entered the auction market in a relatively big way and that is property.
Property auctions are far from new, but they have taken on a new lease of life in the west since the credit crunch.
The Daily Telegraph reported that only 15,000 properties changed hands in the United Kingdom at auctions in 1998, but by 2007 the figure had more than doubled. This was just before the financial crisis hit its peak, when 45,000 repossessed homes flooded the UK property auction market in 2008.
Back home in Malaysia, acquiring properties through auctions seems to have become popular as well.
However, although the number of purchases have risen in recent years, Ehsan Auctioneers Sdn Bhd sales manager Mohd Ali Abdul Majis argues that this increase, unlike the trend in the west, is not related to the credit crunch.
“We have recorded a steady rise in the number of auction purchases in recent years. Business started picking up in 2007, and although there is an indirect link between the credit crunch and this increase, I would say that public awareness was the most important factor,” he says.
He cites the ease at which people can get details of auctions via the Internet as a major contribution to this awareness.
“As a result, investors nowadays are more willing to invest in different ways if it benefits them. It seems that they have associated good opportunities with property auctions,” he adds.
Good opportunities indeed. Most properties are auctioned off at 20% below their market value, with a reserve price of up to 50% below its market value, in some cases.
It is not difficult to take part in a property auction – all that is needed is a bank draft of between 5% – 10% (depending on the property and auctioneer) of the reserve price, as well as the ability to pay the difference of amount in cash if the final auction price moves up.
This, in addition to being over the age of 18 and having an identity card, and you are ready to take part in the bidding process.
However, many investors interested in purchasing property from an auction seem to be taken aback by how cheap the prices are and forget to do the most important thing – research the property itself.
“Most of our customers have done thorough research of the properties they are interested in before attending our auctions. However, there are a small number who neglect this, and get into all sorts of bother after the purchase,” says Mohd Ali.
Properties are sold on an ‘as is where is’ basis, which by law means that the purchaser is responsible for all handling, transport and insurance to remove goods from their current location. The buyer also assumes the risk that the goods might be defective or damaged.
“Once the buyer has paid down the full amount, he bears the brunt of all hidden costs and assumes responsibility over the property on an ‘as is where is’ basis, and it is his prerogative to sort things out,” he continues. A major problem exists if the property is being rented out by a previous tenant. One purchaser tells of how she ran into some trouble after a successful bid.
“I had previously driven to the unit I was interested in purchasing before the auction and took for granted that it was empty,” she says. It wasn’t. The tenant refused contact with me even after my successful purchase. I could not do anything as I had only paid the 5% deposit, so by law I was not in full ownership of the unit.
“Once I obtained my bank loan and signed the proclamation of sale with the auctioneer, I had to hire lawyers to remove the tenant. It cost me over RM16,000,” she continues. That figure did not include her share of property maintenance, agency fees and other legal fees, all of which amounted to just under RM60,000.
“I was lucky that my unit is in a strategic area so fingers crossed, I will manage to recoup these costs in the long term,” she hopes.
There are other stories about new owners resorting to cut electricity and water supply to force the stubborn tenants out – and rather more serious ones where the police had to be called in. The moral of the story? Do your homework.
Another matter of concern is the planting of schemers on behalf of parties with vested interests.
For instance, some wealthy syndicates might form collusions whereby they only bid against outsiders, i.e. those not inside their ‘ring’. This weakens competition and distorts the value of the property, which will be auctioned off, again among members of the ‘ring’ at a later time, with the members splitting the difference in price among themselves.
Other types of schemes involve syndicates paying off individual bidders to stay away from certain properties, ensuring that the remaining bidders will not have the financial muscle to challenge them. However, these problems are present in all types of auctions and are not restricted to property ones alone – so don’t let these issues deter you from making a purchase. It certainly didn’t deter one property agent from bidding up to, after fierce competition, a final raise of RM170,000 above market price for a factory in Kepong.
When asked about the rationale behind such perceived folly, he was in no doubt that he did the right thing.
“This practice (bidding above the market price) is commonplace. Although I paid RM800,000, which is more than I wanted to for this property, industrial property around the Kepong area is in very high demand.
“It is extremely difficult to obtain such property on the secondary market, and we still stand to benefit from capital appreciation in the future,” he explains.
Despite the recent increase in transactions, Mohd Ali concedes that the property auction market in Malaysia is still not as developed as those in the west.
“There is a lack of high-end property in the auction market in Malaysia at the moment. This is because auctions in Malaysia only deal with forced sales, whereby banks repossess property due to non-performing loans. The banks then look for auctioneers to help them sell these properties, and we then market them in auctions,” he adds, hoping that in the future, Malaysia’s property auctions can provide a complimentary market to that of the secondary.
fr:biz.thestar.com.my/news/story.asp?file=/2010/9/18/business/6893893&sec=business
Preparing for an auction
1. Be familiar with the property
Identify property lots which suit your needs and interests, then make the necessary arrangements to survey it. Enquire about outstanding bills (electricity, water, maintenance charges) of the owner. Arrange legal assistance with either the solicitors, state authority or the auctioneers to help you understand the Condition Of Sale.
2. Sort out your finances
Work out how much you can afford, your maximum bid and proceed to obtain your deposit. Avoid a cash deposit, but be prepared to top up the balance if the final price defers from the reserve price.
3. After the auction
You are usually given 90-120 days after the auction date to complete the purchase, but this differs for each property – remember to check beforehand. If you are applying for a bank loan to settle the outstanding amount, do it on the same day you win an auction.
fr:biz.thestar.com.my/news/story.asp?file=/2010/9/18/business/6921306&sec=business
Property Fair back in town
PETALING JAYA: Riding on the success of last year’s Star Property Fair, the one-stop property extravaganza returns with the country’s major industry players under one roof.
This year’s event, to be held in November at the KL Convention Centre, has drawn more than 30 exhibitors.
The much-awaited sequel, themed Stylish Living II, is aimed at providing a showcase of high-end property developments.
Star Publications (M) Bhd marketing services general manager Iris Tan said the fair was also conceptualised to complement the Government’s efforts to stimulate the economy, especially in the property market.
“In view of the many property development projects springing up throughout the country, consumers are looking at lifestyle and quality aspects before investing.
“There is no better way to do so than to gather the best from the property market in one single exhibition,” she said.
Tan addded that after the inaugural Star Property Fair last year, many firms expressed their interest in taking part again this year. More than RM60mil sales was generated at last year’s fair.
Included in the line-up of premier exhibitors are property developers Mah Sing, SP Setia, Naza TTDI and Sime Darby as well as ICI Paints Malaysia.
“With an increase in the number of exhibitors, we are confident that more premier properties will be sold at this year’s edition,” Tan said.
This year’s event, which is from Nov 19 to Nov 21, will also feature a host of talks ranging from interior and home design to Feng Shui as well as property and wealth management.
The event opens daily from 11am to 7pm at Hall 4 and Hall 5 of the KL Convention Centre.
For more information, log on to starproperty.my/PropertyFair/Kl10 or call 03-79671388 ext 1165 (Ian) or ext 1239 (Bobby).
fr:thestar.com.my/news/story.asp?file=/2010/10/2/nation/7136857&sec=nation
Nice homes under the hammer
COMMENT
By THEAN LEE CHENG
THINGS don’t remain the same for long. Change is constant. And this is obvious in property auctions.
In the early days, when a property was to be “sold” this way, the bank would make it public by taking out a small, slim black-and-white advertisement that one would miss if one did not scour the classifieds. These ads were few and far between, whether it was for a shop or a house.
Things began to change several years ago after the 1997/98 Asian financial crisis. We started to see apartments advertised with black-and-white pictures the size of postage stamps with the necessary details for potential bidders to make a decision.
Many of these were located in what property professionals call secondary locations. They were neither properties – nor locations – the normal housebuyer would consider buying. Many of them had reserve prices of RM20,000 or less for an apartment. Those who had cash to spare bought them as a 20-year investment.
Now, there seems to be another wave of change. The last year or so, some of the properties that have come under the hammer are pretty attractive propositions, both in terms of the properties themselves and their locations.
There are pages of them shouting for attention, and often, colourful postage-sized pictures accompany the details.
Some of them are located in areas that many would consider desirable like SS2, Mont’ Kiara, Puchong, Klang, Ampang, Petaling Jaya and Damansara Perdana. Most of them are in the Klang Valley, although there are properties from Perak and Johor as well.
Quite a number of them are landed houses and some are bungalows. No longer are auctioned properties some little 600 sq ft unit in a block of low cost walk-up apartments. The fact that property agents themselves are buying into them speaks for themselves – that these are worthwhile buys.
What is happening? Nobody buys a house without really thinking it through and making it a long-term commitment. A property ends up under the hammer because the owner has failed to pay mortgage payments for several months. Legal proceedings begin after the bank fails to receive instalments for three consecutive months.
For the low-cost units, it is very likely many of the owners were forced into loan defaults when they were out of a job. They were probably blue-collar workers affected by the economic downturn.
But what about properties that cost RM500,000 or more? It is very likely these professionals lost their jobs too and when their savings ran out, they were unable to meet their mortgage responsibilities. It could also be due to their inability to cope with excessive loans.
In cases where the house is occupied by the owner and he is unable to meet mortgage payments, there may be a need for banks to consider restructuring the loan. There was quite a bit of that in the aftermath of the 1997/98 financial crisis.
Helping owners keep a roof over their heads will create a lot of goodwill for both sides. Putting properties on auction seems to be an easy way out and will not help property owners. With today’s escalating house prices, there must be some form of mechanism to promote home ownership.
Property auctions have become so popular today that it has become a fast-growing industry. There are websites, agents and a growing coterie of licensed auctioneers. It may not be long before banks devote officers just to look after the auction market.
There are even courses dedicated to serving those who want to buy such properties and who don’t know how to go about it.
The fact that the fees are slowly increasing from RM300 to just under RM1,000 is an indication that there are takers who are interested enough to pay to learn about the auction market.
One may wonder, why does one need to invest in a course to invest in property? Simply because there may be complications when buying property via auctions. When one buys such a property, one buys “as is where is”. That means one gets the property as it is.
One cannot go in to check the place, knock on the walls or check for termites. The outside may look decent enough, but the inside may be a different story.
There may be tenants who refuse to leave. Or an overgrowth of foliage in the hall of an apartment due to open windows and balcony doors. Or, as in one case, a dead body in a refrigerator. In the case of condominiums, there may be unpaid maintenance bills that run up to tens of thousands of ringgit.
An often-quoted economist said several months ago that he expects high-end properties to come under the hammer. Maybe that day has arrived.
Assistant news editor Thean Lee Cheng is all for property investment, but the way the auction market is growing shows that there are major imbalances in home ownership.
fr:biz.thestar.com.my/news/story.asp?file=/2010/10/9/business/7183890&sec=business
Good property buys and special offers await visitors
KUALA LUMPUR: Top property developers from around the country will showcase their most attractive residential projects at the Star Property Fair 2010, which opens on Friday at the Kuala Lumpur Convention Centre here.
Developers including Ivory Properties Group, Sime Darby Property, SP Setia, CapitaLand, Mah Sing Group and the Naza Group will have innovative booths to reflect the theme “Stylish Living II” and showcase their newest living concepts.
Visitors to the fair will not only pick up good buys but also be rewarded with special offers if they sign up for a property during the three-day event. For example, buyers of the Sastra U-Thant joint-venture project between CapitaLand and Juta Asia Properties Sdn Bhd will be given two return air tickets, two-night hotel stay plus S$2,000 (RM4,800) worth of vouchers for a shopping spree in Singapore.
CapitaLand Commercial marketing vice-president Catherine Yao said the offer was in conjunction with the CapitaLand Group’s 10th anniversary celebrations in Singapore.
It will only be valid for buyers at the Star Property Fair 2010.
There are over 130 booths showcasing landed properties as well as high-rise residential developments.
Visitors may also sit in for talks by world-class architects and designers such as Bali-based Karl Princic and Steve Leung from Hong Kong on luxury development and modern contemporary design.
There will also be presentations by local experts such as Feng Shui master Prof David Koh, Vastu Shastra master T. Selva, interior designer Eric Leong, real estate consultant Milan Doshi and investment advisers Kevin Cheong and Peter Chan.
Admission to the fair – open from 11am to 7pm – and talks are free. Visitors can also obtain advice on financing options from participating financial institutions.
Besides properties offered by developers, there will be auctions by CIMB Property Mart.
Buyers trying to locate properties available in the secondary market can use the services at the StarProperty.my portal section.
fr:thestar.com.my/news/story.asp?file=/2010/11/17/nation/7444014&sec=nation
Early birds flock property fair
By SHAUN HO
KUALA LUMPUR: The second day of The Star Property Fair 2010 saw visitors queuing up before the doors to the exhibition halls even opened at 11am.
There was much action on the property auction floor yesterday, as a crowd gathered to watch the rapid exchange of bids for choice properties.
Procurement executive Surani Sujor, 35, who was bidding for a single-storey house in Kundang, said she had wanted that property because her parents were living nearby.
“I am currently living with them and I am looking for a new place,” said Surani, who however, failed to get the house after she was edged out by a rival bidder who bought it for RM116,000.
Fung Kok Chung, 31, was luckier as he left the auction as the new owner of an RM80,000 apartment in Ulu Klang.
“I will be living there with my wife and daughter,” Fung said.
Auctioneer Foong Chon Wai said the auction received good response as 30% of the properties were sold within the first session.
Star Publications (M) Bhd marketing services general manager Iris Tan said this year’s turnout was larger, with about 10,000 visitors in two days.
“Even the number of exhibitors promoting their properties have doubled this year,” she said.
There will be four talks today on topics such as making money, interior design, asset management and earning from the property market.
The first talk will be by independent financial trainer and author Milan Doshi on 17 ways to make millions from the local real estate market, to be followed by a session on lending rate management by Acescube (M) Sdn Bhd principal and founder Kevin Cheong.
Hong Kong architect and designer Steve Leung and property developer The Haven Sdn Bhd CEO Peter Chan will give their views on interior design and property earning.
The fair is being held at Exhibition Halls 4 and 5 of the Kuala Lumpur Convention Centre. It opened on Friday and ends today at 7pm.
fr:thestar.com.my/news/story.asp?file=/2010/11/21/nation/7473227&sec=nation