Showing posts with label property. Show all posts
Showing posts with label property. Show all posts
Sunday, February 26, 2012
Tuesday, March 22, 2011
American Castles for Sale
Mar 21, 2011
While these castles can weather storms, are they recession proof? Unfortunately, they are struggling to find buyers just like most other high-end homes and, according to Erin Diaz of Beaches & Backroads Realty, people are missing the boat. "I think we forget that people were on the ocean a century ago, hand-building these castles with these incredible details. These structures can withstand salt water, hurricanes and Mother Nature much better than other wooden structures. And there's a misconception that castles are dark and dingy, but these properties are gorgeous and they're mostly re-done."
Although modern-day castles are still being built, suburbia-style, we chose the 10 below due to their age and historic significance. These are not fortified with moats, or men dumping boiling oil from above, but they were all built around the start of the 20th century by those who were captured by the grandeur of dramatic fortress-like structures so prevalent centuries ago.
Here are five American castles for sale:
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| Searles Hopkins Castle is selling for $11 million in Great Barrington, MA. Photo: Zillow |
389 Main St, Great Barrington, MA 01230
For Sale - $11 million
Now, that’s a castle! Known as the Searles Hopkins Castle, this 1888 French Chateau-style stone castle was commissioned in 1889 by Mary Hopkins, who was the widow of Mark Hopkins, founder of the Central Pacific Railroad. Several years after her husband’s death, she continued to build the castle, hiring designer Edward Searles who was 22 years her junior. As the castle’s name implies, the pair eventually married. Castle highlights include a Louis XIV drawing room with details in gold leaf and original painted ceiling, acoustically engineered music room with 42-ft dome ceiling, and large stone terraces overlooking a dramatic cross-shaped reflecting pond and gardens. The property consists of 61 acres with over a thousand feet of frontage on the Housatonic River. Located in the Berkshire Mountains, Great Barrington real estate is considered accessible and desirable to urbanites in New York City and Boston since it’s only two and a half hours away from each city.
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| Hazard Castle is selling for $5.95 million in Narragansett, RI. Photo: Zillow |
333 Ocean Rd, Narragansett, RI 02882
For Sale – $5,950,000
Complete with gables, turrets, and even a 105-foot tower, the Hazard Castle (circa 1882) is a Gothic Revival castle situated on almost a 33 acres on the Rhode Island Sound, just across Ocean Road. According to the Rhode Island Historical Society Manuscripts Division, businessman “Joseph Peace Hazard (1807-1892) built this medieval-style structure on his Seaside Farm in Narragansett Pier,” supposedly because he saw potential for the area as a popular resort. Hazard’s history also revealed he had spiritual beliefs and in a dream, a druid came to him and told him to build a Gothic-style castle. Now owned by the Diocese of Providence, the castle has been for sale since May 2009, starting with a $7 million price tag. Adjacent to Hazard Castle is a 21,000- sq ft retreat center with a full cafeteria, meeting space, and chapel.
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| Hartlands Castle is selling for $4.6 million in Old Saybrook, CT. Photo: Zillow |
12 Billow Rd, Old Saybrook, CT 06475
For Sale – $4,632,000
Sitting along the Connecticut shoreline, the red-tile roof of “Hartlands” Castle has been a beacon for boaters on Long Island Sound since 1908 when it was built as a summer home for George Watson Beach, a Connecticut politician. The historic castle was constructed of field and beach stone and features 15,000-sq ft of living space, 6 bedrooms, 5 bathrooms, and an in-law apartment. Notable guests of the waterfront property include Howard Hughes, the Rockefellers, Ethel Barrymore, Charlie Chaplin, and Frank Sinatra. The home has been extensively renovated and offers ocean views from every room. The Hartlands Castle comes in at the top end of Old Saybrook real estate, where Old Saybrook median home values are $321,400.
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| Norumbega Castle is selling for $2.4 million in Camden, ME. Photo: Zillow |
63 High St, Camden, ME 04843
For Sale - $2,475,000
Historic Norumbega Castle is a coastal landmark in Maine, and sits on over 3.95 acres of landscaped grounds overlooking Camden Harbor and Penobscot Bay. Joseph Stearns, whose fortune was realized through his invention of the duplex telegraphy system, had the castle built in 1886. Stearns traveled widely throughout Europe and became fascinated with the region’s castles and upon his return to Maine, hired famous New York architect, Arthur Bates Jennings to design his Queen Anne-style home. Following Stearns’ death in 1895, Norumbega had several subsequent owners including a cousin and former Assistant Secretary of State Hodding Carter III. In 1984, Norumbega was converted into a bed and breakfast. Norumbega Castle is at the top end of Camden real estate where Camden’s median home value is $359,000.
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| Thurlow Terrace is selling for $1.3 million in Albany, NY. Photo: Zillow |
10 Thurlow Terrace, Albany, NY 12203
For Sale — $1,300,000
Built in 1895, this hulking stone fortress across from Albany’s Washington Park has some interesting touches and a little ghostly action: it contains a turret room, a chapel, and covered carriage roof. Rounded door closets, carved mantlepieces with hidden doors, and geometric-patterned wooden floors unique to each room also provide distinctive architectural detail to the property.
But, it apparently has an occupant; a ghost has taken up residence in the third-floor turret, according to the Albany Times Union. The home sat vacant for 13 years (1939 to 1952) and locals called it the “haunted castle.” There’s also another interesting twist to the history of this home: It was built by Charles LaDow, who was a wealthy inventor of agricultural machinery. He is also credited with creating puffed cereals by shooting thousands of rice pellets from a shotgun in the basement. LaDow died 11 years after moving in, leaving his family penniless. This home is at the top end of Albany real estate, where Albany home values are now $169,900.
source:http://realestate.yahoo.com/promo/american-castles-for-sale.html
Saturday, March 12, 2011
PKNS dijangka jual 80% hartanah bernilai RM608 juta
PKNS dijangka jual 80% hartanah bernilai RM608 juta
12/03/2011 6:13pm
SHAH ALAM 12 Mac - Perbadanan Kemajuan Negeri Selangor (PKNS) menjangka menjual 80 peratus daripada hartanahnya bernilai kira-kira RM608 juta menjelang tahun ini, kata Timbalan Pengurus Besar (Pentadbiran dan Pembangunan), Noraida Mohd. Yusof.
Beliau berkata, sasaran itu melibatkan semua hartanah yang ditawarkan PKNS termasuk projek perumahan baru yang dibangunkan di Alam Nusantara, Antara Gapi, Kota Puteri dan Kuala Selangor.
“Para pembeli berkeyakinan dan berpandangan realistik mengenai hartanah kami yang terletak di lokasi strategik dan harga yang berpatutan,” katanya. - Bernama
Wednesday, March 9, 2011
Affordable Housing for Malaysians
By S.M.Mohamed Idris - President (Consumers Association of Penang)
Having decent shelter, adequate food, good health care and education are basic human rights of our citizens. The government has a moral responsibility to ensure that majority of its citizens can either own their house or afford to rent public housing.
Sadly for the citizens, affordable housing is not easily available. House prices have soared to exorbitant levels in major cities of Malaysia so that even the middle class cannot afford to own a house or apartment, let alone the lower classes. In 2009, the average house price in KL was RM390,000 almost 6 times the average household income. It was even worse in Penang Island where the average house price was RM540,000 or 8 times the average household income. Clearly, this is beyond the reach of the average family. A ratio of house price to household income of 3 to 4 times is internationally acceptable.
The problem is not that there is not enough houses but that there is a mismatch between demand and supply of houses. The majority of Malaysians want affordable homes but developers are supplying houses that they cannot afford. Developers prefer to cater to investors and speculators who buy to rent or to flip over and make money. Many of these people own two or more houses.
In fact, it is a known fact that developers give preferences and reserve the best units to clients who purchase multiple units even before a project is officially launched. Ordinary house buyers then have to queue and accept less desirable units or buy them from the investors usually at higher prices. Developers go overseas to aggressively market properties as they are still cheap by international standards.
In fact, the government through its misplaced priority is aiding this process by encouraging foreigners to invest not only in apartments but also landed property. Unlike Indonesia, Philippines, and Thailand, Malaysia is one of the few countries in Southeast Asia that allows foreigners to own landed property.
Banks also contribute to escalation of house prices through various aggressive marketing techniques. They have relaxed credit standards and are willing to lend up to 95% of the value of a property. They offer variable, rather than fixed-rate loans, to reduce initial installments in a low-interest rate environment.
Another method to reduce monthly installment, is to stretch loan tenure to 40 years, beyond the work life of a borrower. The offer two-generation loan that stretches to 70 years, similar to what happened in Japan, is a reflection of how absurd the situation has become. Borrowers are encouraged to saddle future generation with their own debt. Hence, the ready availability of housing loans - to those who are rich enough to buy multiple units, and to those who can barely to afford to buy but are able to do through stretching loan tenure to unreasonable lengths or through offering low initial teaser rates – is a major cause of rising house prices.
In order to make housing affordable to ordinary Malaysians and to reduce unsustainable and unhealthy rise in property prices, the government should do the following.
• It is time for the government to start a public housing policy that provides affordable housing, particularly in urban areas, to people below a certain level of income. A good example worth studying is the Singapore Housing Board where the government spearheads the building of affordable housing for a majority of its citizens. Alternatively, the government can consider doing this in partnership with the private sector. Where land is scarce and density high, a comprehensive planning of land use with provision of good public transportation to reduce traffic congestion is absolutely necessary.
• For the private housing sector, the government must take a leading role to monitor property prices and take appropriate and timely measures to avoid unhealthy and unsustainable run up in property prices. One lesson of the recent financial crisis is central banks and policy makers have focused narrowly on consumer price and wage inflation and neglected to monitor and regulate asset price inflation. It is time to recognize that asset inflation (property and stocks) has posed a greater threat to financial and economic stability. The recent measure by Bank Negara to limit buyers of third property to a 70% loan to value ratio is not enough to curb excessive investment and speculation. We suggest that loan ratio be reduced to a much lower level to test the market reaction.
• The government should increase property gains tax for short-term transactions. The present 5% property gains tax for property held under 5 years is not discriminating enough. The tax rate should be increased significantly, the shorter the holding period; the same should be done for sale of the second and successive properties.
• The government should stop the sale of landed properties to foreigners. As for non-landed properties, foreigners should not be eligible for local housing loans, unless they are permanent residents.
• Town planners and local councils should have comprehensive land use planning and give more importance to developing green and friendly cities, first class public transport system and less to the building of more shopping malls, hyper markets, and roads.
In short, the government’s priority should be to put the needs of the majority of Malaysians ahead that of banks, developers, speculators and rich foreigners.
source:
http://www.malaysia-today.net/mtcolumns/letterssurat/38588-affordable-housing-for-malaysians
Having decent shelter, adequate food, good health care and education are basic human rights of our citizens. The government has a moral responsibility to ensure that majority of its citizens can either own their house or afford to rent public housing.
Sadly for the citizens, affordable housing is not easily available. House prices have soared to exorbitant levels in major cities of Malaysia so that even the middle class cannot afford to own a house or apartment, let alone the lower classes. In 2009, the average house price in KL was RM390,000 almost 6 times the average household income. It was even worse in Penang Island where the average house price was RM540,000 or 8 times the average household income. Clearly, this is beyond the reach of the average family. A ratio of house price to household income of 3 to 4 times is internationally acceptable.
The problem is not that there is not enough houses but that there is a mismatch between demand and supply of houses. The majority of Malaysians want affordable homes but developers are supplying houses that they cannot afford. Developers prefer to cater to investors and speculators who buy to rent or to flip over and make money. Many of these people own two or more houses.
In fact, it is a known fact that developers give preferences and reserve the best units to clients who purchase multiple units even before a project is officially launched. Ordinary house buyers then have to queue and accept less desirable units or buy them from the investors usually at higher prices. Developers go overseas to aggressively market properties as they are still cheap by international standards.
In fact, the government through its misplaced priority is aiding this process by encouraging foreigners to invest not only in apartments but also landed property. Unlike Indonesia, Philippines, and Thailand, Malaysia is one of the few countries in Southeast Asia that allows foreigners to own landed property.
Banks also contribute to escalation of house prices through various aggressive marketing techniques. They have relaxed credit standards and are willing to lend up to 95% of the value of a property. They offer variable, rather than fixed-rate loans, to reduce initial installments in a low-interest rate environment.
Another method to reduce monthly installment, is to stretch loan tenure to 40 years, beyond the work life of a borrower. The offer two-generation loan that stretches to 70 years, similar to what happened in Japan, is a reflection of how absurd the situation has become. Borrowers are encouraged to saddle future generation with their own debt. Hence, the ready availability of housing loans - to those who are rich enough to buy multiple units, and to those who can barely to afford to buy but are able to do through stretching loan tenure to unreasonable lengths or through offering low initial teaser rates – is a major cause of rising house prices.
In order to make housing affordable to ordinary Malaysians and to reduce unsustainable and unhealthy rise in property prices, the government should do the following.
• It is time for the government to start a public housing policy that provides affordable housing, particularly in urban areas, to people below a certain level of income. A good example worth studying is the Singapore Housing Board where the government spearheads the building of affordable housing for a majority of its citizens. Alternatively, the government can consider doing this in partnership with the private sector. Where land is scarce and density high, a comprehensive planning of land use with provision of good public transportation to reduce traffic congestion is absolutely necessary.
• For the private housing sector, the government must take a leading role to monitor property prices and take appropriate and timely measures to avoid unhealthy and unsustainable run up in property prices. One lesson of the recent financial crisis is central banks and policy makers have focused narrowly on consumer price and wage inflation and neglected to monitor and regulate asset price inflation. It is time to recognize that asset inflation (property and stocks) has posed a greater threat to financial and economic stability. The recent measure by Bank Negara to limit buyers of third property to a 70% loan to value ratio is not enough to curb excessive investment and speculation. We suggest that loan ratio be reduced to a much lower level to test the market reaction.
• The government should increase property gains tax for short-term transactions. The present 5% property gains tax for property held under 5 years is not discriminating enough. The tax rate should be increased significantly, the shorter the holding period; the same should be done for sale of the second and successive properties.
• The government should stop the sale of landed properties to foreigners. As for non-landed properties, foreigners should not be eligible for local housing loans, unless they are permanent residents.
• Town planners and local councils should have comprehensive land use planning and give more importance to developing green and friendly cities, first class public transport system and less to the building of more shopping malls, hyper markets, and roads.
In short, the government’s priority should be to put the needs of the majority of Malaysians ahead that of banks, developers, speculators and rich foreigners.
source:
http://www.malaysia-today.net/mtcolumns/letterssurat/38588-affordable-housing-for-malaysians
Tuesday, December 28, 2010
Do unlucky numbers affect property prices?
By iProperty.com Singapore – December 25th, 2010
Houses bearing auspicious numbers have been sold for higher prices in some places. (Photo:Singapore Tourism Board)
Most cultures have a belief in lucky or unlucky numbers – but when it impacts on your choice of house, or the price of property, has the numbers game gone too far?
In Chinese culture, most of the prime numbers have associations with them, but by far the most well known are the numbers four and eight.
Fateful Number Four
Number 4 (四, sì in pinyin) is considered to be unlucky because it is a homophone – it sounds like but has a different meaning – of the Mandarin word for death (死, sǐ in pinyin).
Number 4 (四, sì in pinyin) is considered to be unlucky because it is a homophone – it sounds like but has a different meaning – of the Mandarin word for death (死, sǐ in pinyin).
Auspicious Number Eight
Number 8 (八, bā in pinyin), on the other hand is considered to be a good or lucky number, because it sounds similar to the word for wealth or prosper (财, fā in pinyin). In the Cantonese dialect, the word ‘eight’ sounds similar to the word for ‘fortune’: faat.
Number 8 (八, bā in pinyin), on the other hand is considered to be a good or lucky number, because it sounds similar to the word for wealth or prosper (财, fā in pinyin). In the Cantonese dialect, the word ‘eight’ sounds similar to the word for ‘fortune’: faat.
Unlucky Number Thirteen
In the Romanised world, the number 13 is considered unlucky, although there are conflicting theories where this belief came from. It is the only number to have its own phobia: Triskaidekaphobia – the fear of the number 13.
In the Romanised world, the number 13 is considered unlucky, although there are conflicting theories where this belief came from. It is the only number to have its own phobia: Triskaidekaphobia – the fear of the number 13.
Counting the Cost
In countries or areas with large numbers of Chinese, belief in the power of numbers even affects real estate.
In countries or areas with large numbers of Chinese, belief in the power of numbers even affects real estate.
In Hong Kong, probably one of the most superstitious cities in the world, some office and residential buildings miss out any floor with the numbers ‘4’ and ‘13’ in it, so these homes and offices are not tainted by association.
In Vancouver, Canada, the University of British Columbia reported “in neighbourhoods where the percentage of ethnic Chinese residents exceeds the regional average of 18 per cent, the study found that houses with addresses ending in the lucky number eight sold at a 2.5 per cent premium, while those ending in the unlucky number four sold at a discount of 2.2 per cent.”
One culture’s superstitions are an opportunity for others.
For instance, in Taipei, Taiwan, a British expatriate, Thomas Northway, was able to secure a large three-bedroom condominium apartment for half the market rate. The address was 414. Scared off by the negative connotations, there had been no Taiwanese takers for several months. The landlord was desperate for someone to rent.
Number Protection
If your house has some association with the number 8, then you are in luck.
If your house has some association with the number 8, then you are in luck.
Not only is it an auspicious sign for your home but mobile phones and license plates with multiples ‘8s’ on them have sold for large amounts in China, and there’s every chance it will increase the property’s value.
Should your home have a number 4 or 13 in the address, feng shui experts recommend drawing a circle around the house number – wherever it appears – in order to contain the negative energy. Some hardware stores even sell customised house number plates that are enclosed in a circle.
Top four iconic Singapore landmarks
By iProperty.com Singapore – December 25th, 2010
Among Singapore’s iconic buildings are four amazing works of architecture. (Photo: AFP)
Singapore may be small, but it’s a powerhouse of innovative building design. Thanks to the city’s old-world-meets-new feel — where skyscrapers tower above shophouses and colonial buildings sit adjacent to contemporary condominiums — each building affects and is affected by its surroundings.
Here are iProperty.com Singapore’s top picks of the most architecturally-interesting buildings on the island.
SOTA School of the Arts
You’d expect any place housing the most promising young and creative minds in Singapore to be equally inspiring and original, and SOTA’s behemoth structure doesn’t disappoint.
A self-proclaimed ‘laboratory of creativity’, the structure possesses a sense of scale so massive it’s almost intimidating — like walking up the steps of the Acropolis. The use of stone, wood and natural features, such as the lush covering of greenery, accentuate the sense of timeless, historical design.
Helix Bridge
(The Helix Bridge at night. Photo: Singapore Tourism Board.)
The paint is barely (metaphorically speaking) dry – as the bridge only officially opened in June this year. Yet the Helix bridge, constructed with a strongly cohesive thematic sense, not only incorporates the double helix of the DNA structure in its design but also, intriguingly, includes two pairs of coloured letters on the frame; c and g, a and t. They stand for cytosine, guanine, adenine and thymine: the four bases of DNA. An arresting sight for drivers on the nearby East Coast Parkway, it’s perfectly situated to allow pedestrians to take in the view of Marina Bay.
Parkview Square
(Detail of the fresco on Parkview Square. Photo: Singapore Tourism Board.)
One of the few Singapore buildings to be designed in the Art Deco style, Parkview Square would look at home in Gotham City, prompting many residents to nickname it the ‘Batman Building’. It is one of the few high rises in the central region, with no less than three embassies residing in it.
Parkview Square’s beautiful, artsy, but slightly sinister air is compounded by classical adornments like the gargoyles and statues of men cradling globes.
ArtScience Museum
Whether you think it looks like a lotus, an open hand, or a half-completed Death Star, the Art & Science Museum at Marina Bay Sands certainly catches both the eye and the imagination. True to its compound name, the building aims to unite art and science.
When it opens in March 2011, it will feature 60,000 sq ft of trendy arts exhibitions, theatre performances and technological displays. A central waterfall trickles down from the doughnut-hole roof in the atrium. It actually runs on collected rainwater, which will be reused in an environmentally friendly fashion
Buying a Resale HDB: HDB, Legal, and Taking Possession
Good legal representation can make taking possession of your flat a breeze. (Image courtesy of Singapore Tourism Board)
By iProperty.com Singapore – December 28th, 2010
Australian expatriate and award-winning blogger, who wrote about his experience of living as a foreigner in a HDB in Woodlands here, Peter Breitkreutz, takes us through his own experience of buying a HDB flat as a Singapore Permanent Resident. Here he looks at meeting with HDB, engaging legal representation, and taking ownership of your new property.
Step 6: Applying for HDB First Appointment
Now comes the first of the extended waiting times. Once the OTP is successfully exercised and the bank’s “Letter of Offer” has been accepted, the agent will help you to apply to HDB for what is known as ‘First Appointment’. This is a meeting at the HDB Resale Office with both the seller and the buyer, in which HDB will determine the legalities of the transaction and the eligibility of both parties to enter into such a transaction (and approve or reject the application accordingly).
The waiting time for ‘First Appointment’ (once the application is received by HDB) is usually around 8 to 10 weeks.
Step 7: Engaging a Lawyer
There are a couple of options here. You can either source your own legal representation, or you can choose to utilize HDB’s services for the legal work. In our case, we engaged a law firm recommended to us by the bank (the fees which were subsidized by the bank as a part of the mortgage package). It is the responsibility of the buyer to pay legal fees for both themselves and the bank. Generally, legal fees should be around $2,000 to $2,500 (including all associated fees etc, but not including stamp duty on sale or mortgage). The bank we chose to take a mortgage with gave us a subsidy of around half of that amount.
Step 8: HDB First Appointment
Your agent will accompany you to the first appointment with HDB, also present will be the seller and their agent. The process is very straightforward, and really just involves paperwork and then agreeing on a ‘second appointment’ date, which is when the apartment will actually be handed over. Officially, this should be eight to ten weeks later. However, if both the seller and buyer agree on an earlier date, and the legal representatives agree that they can meet this date, HDB can approve the same (we brought ours down to just five weeks).
Usually, around the time of the first appointment, the estate agent will probably expect their payment (agent’s fee), because this is also about the time that their work is done. If you have secured yourself a good agent, they will make themselves available to further assist you, for example, how to secure ‘season parking’ at your new HDB block.
Step 9: Meeting With Your Lawyer
Your legal representative would already have prepared all the documents required for execution – from their engagement through to signing of the mortgage documents for the bank. They will also assist in working with CPF on your behalf should you have decided to use any of your CPF account funds for the legal fees or deposit, or if you are using the funds monthly to subsidize your mortgage payment.
The lawyer will also draw up a ‘financial plan’ which will outline when all payments will need to be made – payment will be to them and they will disperse the monies accordingly.
Step 10: HDB Second Appointment (Hand Over)
The time when you finally get the key to your new property finally arrives! Congratulations! You now own your own resale HDB apartment! In fact, you don’t actually need to be in attendance for this and your lawyer can attend the second appointment on your behalf.
One thing to remember: if you have opted to use CPF to subsidize your monthly mortgage repayment, CPF will require that you take out HPS (home protection scheme). Essentially, this is insurance should something befall the mortgagees. CPF will contact you directly for this, and it should cost around $1,000 maximum, depending on amount borrowed, health status, etc, the same as any insurance).
Tuesday, December 21, 2010
Perunding: Tiada gelembong hartanah tahun depan
Dis 21, 10 12:21pm
Pasaran hartanah akan terus berkembang pada tahun depan kerana tiada jangkaan kemunculan gelembong, kata perunding hartanah. Mereka berkata minat belian yang kukuh dijangka diperolehi daripada pembeli asing dan banyak transaksi kediaman dijangka dilihat di kawasan bandar. Pertumbuhan ekonomi positif di pasaran tempatan di tengah-tengah tinjauan ekonomi yang suram di Eropah dan AS akan turut melonjakkan pasaran, kata mereka. Gelembong hartanah adalah satu tempoh peningkatan pantas di dalam penilaian harga perumahan atau hartanah sehingga ia mencapai paras yang tidak mampan dan diikuti oleh pengurangan harga. Pengerusi Eksekutif Rahim & Co Chartered Surveyors Sdn Bhd Datuk Abdul Rahim Rahman berkata ini terbukti daripada peningkatan bilangan transaksi kediaman di Lembah Klang, Johor dan Pulau Pinang. "Antara separuh pertama 2009 dan separuh pertama 2010, transaksi kediaman di kawasan berkenaan masing-masing meningkat 11 peratus, 47 peratus dan 7.0 peratus. "Corak itu dijangka berterus pada tahun depan apabila ekonomi Malaysia bertambah baik," kata Rahim kepada Bernama. Rahim berkata harga hartanah kediaman terpilih di kawasan panas telah meningkat antara 20 dan 50 peratus sejak tiga tahun lepas. Bagaimana pun, katanya kenaikan harga yang mendadak itu hanya dilihat di kawasan tertentu di Kuala Lumpur, Pulau Pinang dan Johor dan bagi projek khusus yang mendapat permintaan ramai. Dengan pemantauan rapi keadaan oleh Bank Negara Malaysia (BNM), bank-bank kini melakukan penilaian di segi nisbah pinjaman kepada nilai (LTV) bagi mengelakkan berlakunya pinjaman tidak berbayar (NPL). Pada November, BNM telah mengenakan had LTV 70 peratus bagi pembelian hartanah ke-tiga bagi mengekang pelaburan dan spekulasi berlebihan. "Langkah itu dijangka menyerderhanakan pelaburan dan spekulasi yang berlebihan, yang menghasilkan peningkatan harga yang lebih tinggi daripada sederhana di kawasan perbandaran tertentu," kata Rahim. Menurutnya, sambil langkah itu tidak akan menghentikan harga daripada meningkat, ia sekurang-kurang mengurangkannya. Rahim berkata bagi mengekang pembelian spekulatif ke atas hartanah, negara-negara seperti China, Hong Kong dan Singapura telah melaksanakan nisbah pendahulan yang secara progresifnya lebih tinggi bagi para pembeli yang memiliki lebih daripada satu hartanah. Pengarah Ho Chin Soon Research Ho Chin Soon mencadangkan dikenakan cukai keuntungan hartanah 30 peratus, diikuti oleh skala yang menurun hingga 5.0 peratus dan kemudiannya sifar peratus selepas lima tahun. "Peraturan baharu itu dilihat tidak cukup untuk mengekang peningkatan harga hartanah. "Lihatlah terhadap gelembong kecil sebaik sebelum berlaku krisis kewangan Asia. Ia memakan masa kira-kira tiga tahun bagi pembentukan gelembong kecil. "Sehingga ini, kami telah melihat trend harga hartanah yang menaik bagi tempoh satu setengah tahun dan dengan itu, masih ada sekurang-kurangnya setahun lagi bagi melihat peningkatan harga," katanya. Kerajaan juga telah mengumumkan beberapa inisiatif bagi sektor hartanah semasa pembentangan Bajet 2011. Sesetengah langkah itu, yang disifatkan mempunyai kesan positif terhadap pasaran, yang termasuk duti pengecualian setem 50 peratus bagi pembeli rumah pertama kali bagi membiayai pembelian rumah tidak melebihi RM350,000 dan 100 peratus pinjaman bagi membeli satu rumah bernilai di bawah RM220,000. Rahim berkata pengecualian duti setem bagi pembeli pertama kali, sememangnya akan memberikan mereka opsyen untuk membeli rumah, terutama rumah yang mempunyai tanah kerana kebanyakannya kini berharga di atas RM250,000. Katanya pinjaman 100 peratus untuk membeli satu rumah bernilai kurang RM220,000 akan memberikan peluang kepada lebih ramai pembeli rumah yang muda, terutama sekali mereka yang baharu bekerja untuk memiliki satu rumah. "Kedua-dua inisiatif itu akan merangsang permintaan mendapatkan rumah di kawasan bandar serta di lokasi di luar kawasan perbandaran," katanya. Bagaimana pun, Ho berkata Bajet 2011 hanya mempunyai kesan minimum ke atas keputusan hartanah kerana kebanyakan rumah di Lembah Klang bernilai di atas RM350,000. Pengumuman utama yang lain pada tahun ini termasuk projek Transit Pantas Massa (MRT) dalam Kuala Lumpur dan cadangan menara Warisan Merdeka 100 tingkat di Kuala Lumpur, katanya. Katanya kajian mengenai sistem pengangkutan massa menunjukkan nilai dan sewaan kemungkinan mencecah 25 peratus lebih tinggi jika sesuatu bangunan terletak berdekatan stesen MRT, yang menunjukkan kejayaan pembinaan stesen itu serta mudah diakses. Rahim berkata satu kajian pasaran penuh dan kemungkinan perlu dilakukan bagi menentukan jika menara Warisan Merdeka berdaya maju di segi komersil dan pembiayaan berikutan lebnihan kapasiti di segi ruang komersil di Lembah Klang. --Bernama
Monday, December 20, 2010
Faedah punca hartanah melambung
Oleh FAIRUS KASSIM
bisnes@utusan.com.my
bisnes@utusan.com.my
KUALA LUMPUR 19 Dis. - Pengenaan kadar faedah yang rendah untuk pembiayaan perumahan oleh pihak bank didakwa menjadi punca utama nilai hartanah melambung tinggi sehingga berada di luar kemampuan rakyat negara ini.
Ketika ini kebanyakan bank menawarkan kadar faedah pada purata empat peratus untuk membiayai rumah kediaman.
Bekas Ketua Pengarah Penilaian, Jabatan Penilaian dan Perkhidmatan Harta, Kementerian Kewangan, Mani Usilappan berkata, kadar faedah yang rendah ini menyebabkan permintaan terhadap rumah semakin meningkat melebihi keperluan lalu melonjakkan nilainya.
"Kadar persaingan yang tinggi ini menyaksikan golongan berpendapatan sederhana dan rendah akan gagal menyaingi golongan berpendapatan tinggi daripada aspek kuasa membeli.
"Ini menyebabkan golongan kaya mengambil kesempatan dengan membeli lebih daripada sebuah rumah dan sekali gus menutup peluang golongan lain," katanya kepada Utusan Malaysia di sini hari ini.
Mani berkata, pemaju hartanah swasta ketika ini juga mengambil kesempatan meletakkan harga hartanah mereka berdasarkan harga pasaran bukan harga kos.
"Oleh sebab terdapatnya, permintaan yang tinggi menyebabkan mereka berani meletakkan harga hartanah jauh mengatasi nilai sebenar dan tetap mampu menjualnya kerana faktor faedah yang rendah tadi.
"Contohnya, rumah di Bangsar mampu dijual dengan harga RM1 juta, maka pemaju hartanah yang lain akan meletakkan harga yang sama atau lebih dari itu.
"Keadaan yang berterusan ini akan menyebabkan harga hartanah dan rumah khususnya di kawasan bandar terus meningkat tanpa kawalan," jelasnya.
Beliau yang juga Ahli Jawatankuasa Eksekutif Persatuan Penilai, Pengurusan Harta Ejen Harta dan Perunding Harta Swasta (PEPS) mendakwa kenaikan harga tersebut boleh menyumbang kepada kenaikan kadar inflasi negara.
"Kadar faedah yang rendah untuk pembiayaan perumahan memang baik tetapi ia bertukar menjadi negatif apabila diambil kesempatan oleh golongan tertentu.
"Inflasi pasti berlaku jika nilai hartanah melebihi kemampuan rakyat. Ini kerana pendapatan rakyat tidak berubah tetapi kos hidup terus meningkat setiap tahun," ujarnya lagi.
Mani mencadangkan agar undang-undang pemilikan hartanah negara perlu diperbaharui secepat mungkin dan jika masalah ini dibiarkan berlarutan rakyat khasnya berpendapatan rendah pasti menerima nasib yang buruk.
Katanya, kerajaan tidak boleh mengharapkan pihak pemaju swasta untuk membangunkan rumah mampu milik kerana ini sebenarnya tanggungjawab mereka.
"Undang-undang baharu perlu diwujudkan agar pengagihan dan pemilikan hartanah dapat dilakukan secara adil, sekurang-kurangnya seorang warganegara mampu memiliki sebuah rumah," tegasnya.
Menurut Mani, satu lagi masalah yang melanda industri hartanah negara adalah diskriminasi terhadap pemilihan lokasi bagi pembinaan rumah jenis kos sederhana rendah dan rendah.
Katanya, hampir semua projek rumah tersebut ditempatkan jauh dari pusat bandar dan langsung tidak mempunyai kemudahan pengangkutan awam yang baik perhubungan dengan pusat bandar.
"Kita sedia maklum, pemilik rumah jenis berkenaan adalah daripada golongan berpendapatan rendah, maka kos hidup mereka pasti meningkat jika membeli rumah jauh dari lokasi bekerja.
"Faktor ini juga yang menjadikan rumah yang sepatutnya mempunyai nilai di bawah RM100,000 di kawasan bandar khasnya di Kuala Lumpur melambung ke paras yang tidak masuk akal," jelasnya lagi.
Sementara itu, Pengarah firma penilai hartanah, VPC Malaysia, James Wong pula menyarankan kerajaan membuka lebih banyak kawasan baharu untuk pembangunan hartanah khasnya di sekitar Lembah Klang untuk mengatasi masalah peningkatan nilai hartanah melebihi kemampuan rakyat.
Selain itu, insentif yang lebih mesra golongan berpendapatan sederhana dan rendah perlu diperbanyakkan serta dipermudah bagi memudahkan proses pemilikan hartanah seperti rumah, katanya.
Wong menyetujui bahawa penyediaan rumah mampu milik untuk golongan terbabit adalah menjadi tanggungjawab kerajaan yang memerintah bukannya pemaju hartanah.
Katanya, ketika ini negara berdepan dengan masalah pemilikan rumah di kalangan golongan muda terutamanya dalam penyediaan bayaran permulaan dan juga kelulusan pembiayaan bank.
"Purata harga rumah di Lembah Klang adalah sekitar RM200,000 hingga RM400,000 bergantung kepada lokasi dan saiz rumah berkenaan.
"Purata gaji golongan profesional muda sekitar RM2,000 hingga RM3,000 sebulan sahaja dan amat sukar untuk melepasi syarat kelayakan yang ditetapkan pihak bank untuk memohon pembiayaan," katanya.
Wong berkata, kerajaan baru-baru ini telah memperkenalkan skim pinjaman penuh bagi pembiayaan perumahan bagi golongan muda bagi mengatasi masalah terbabit.
Selain itu, perancangan kerajaan untuk melahirkan rakyat berpendapatan tinggi pada 2020 juga dilihat mampu mengatasi masalah ini pada masa depan, tambah beliau.
Wednesday, December 15, 2010
Where Home Prices Are Falling Dangerously
In a number of major American cities, housing prices have taken a sharp turn for the worse.
Dec 13, 2010
Provided by:
Not long ago it looked like the housing market was on the mend in most major U.S. metropolitan areas. But now prices are falling fast again in many. Foreclosures and vacant homes lingering on the market are depressing prices, and the home buyer tax credit that expired in July is sorely missed.
In September home prices fell in 18 of the 20 metro areas tracked by Standard & Poor's Case-Shiller composite home price index. That was worse than August, when 15 of the top 20 cities were down month-over-month.
"There is a large supply of houses on the market," says David Blitzer, chair of the index committee at Standard & Poor's. "And further, hidden supply due to delinquent mortgages, pending foreclosures or vacant homes."
Of America's largest urban housing markets, Cleveland seems to be deteriorating the most. Home prices in Cleveland dropped a frightening 3% in September alone, according to S&P/Case-Shiller, and are now 1.9% lower than they were a year ago. Like much of the rest of Ohio, Cleveland hasn't found replacements for the manufacturing jobs lost over the past decade starting from the 2001 recession. The unemployment rate in Cuyahoga County, which includes Cleveland, was 9.2% in April. These days it's at 9.7%.
Zillow's real estate research unit concurs that home value depreciation began to accelerate again in September across the country; in a new report it projects that U.S. homes will turn out to have declined in value by a total of $1.7 trillion in 2010. Even the biggest cheerleaders for residential real estate are pessimistic. The National Association of Realtors recently predicted that homeowners could expect little, if any, increase in home values nationwide in 2011.
But the statistical warning signals are flashing brighter in some cities than others. For example, inMinneapolis, home prices have retreated for three straight months, most recently declining by 2.1% in September, according to the S&P/Case-Shiller index. The unemployment rate in theMinneapolis area is a pretty decent 6.7%, but it has increased from just 6.1% in May.
In Portland, Ore., where the economy has performed poorly and private-sector job growth has been tepid, housing prices fell by 1.9% in September and are down 3.6% in the last year. InDallas, the town's football team isn't the only thing sinking this fall. Home prices in Dallas fell by 1.6% in September after sliding 1.2% in August.
Some cities that not so long ago had reason to believe they were in a housing recovery have turned in the wrong direction. Chicago had a nice run of five straight months of housing prices gains between April and August, but prices slid 1.5% in September, according to the S&P/Case-Shiller survey.
5 Cities Where Prices Are Falling Dangerously
No. 1: Cleveland
The nation's most worrisome housing market saw prices drop a scary 3% in September alone, according to the S&P/Case-Shiller data. Like much of the rest of Ohio, Cleveland hasn't found replacements for the manufacturing jobs lost over the past decade starting from the 2001 recession. The unemployment rate in Cuyahoga County, which includes Cleveland, was 9.2% in April. These days it's at 9.7%.
No. 2: Minneapolis
Home prices have retreated here for three straight months, most recently declining by 2.1% in the month of September alone. The unemployment rate in the Minneapolis area is a pretty decent 6.7%, but it has increased from just 6.1% in May.
No. 3: Portland
In Portland housing prices fell by 1.9% in September, and home prices are down 3.6% in the last year.
No. 4: Dallas
The town's football team isn't the only thing sinking this fall. Home prices fell 1.6% in September after sliding 1.2% in August.
No. 5: Phoenix
The residential real estate market in Phoenix has cause for concern, trending downward by 1.5% in September and 1.3% in August.
Sunday, July 11, 2010
Bandar Raya buys Limitless’ stake in building company
UPDATED @ 04:53:45 PM 10-07-2010
July 10, 2010
Bandar Raya’s subsidiary
Ardent will pay Limitless RM75 million which Limitless had advanced to Haute towards partial payment by Haute for the development rights of a building project in Johor.
Ardent will also pay Limitless one million ringgit to settle about RM10 million advanced by Limitless to Haute to meet Haute’s operating and development expenses for the project, Bandar Raya said.
Malaysian builder
http://www.themalaysianinsider.com/business/article/bandar-raya-buys-limitless-stake-in-building-company/
Wednesday, July 7, 2010
Someone bought a penthouse for RM38mil in KL!
Wednesday July 7, 2010
By TEE LIN SAY
linsay@thestar.com.my
Some property consultants believe it is the Malaysia's largest condominium transaction
KUALA LUMPUR: The Binjai On The Park development in Kuala Lumpur City Centre (KLCC) caused a stir in the property market when one of its two super penthouses was sold last month for RM38mil, making it among the most expensive homes to have been sold in Malaysia in recent years.
Some property consultants, such as Zerin Properties chief executive officer Previndran Singhe, believe that this is the country’s largest condominium transaction, although it has yet to be verified.
The buyer is a corporate figure who has been on Forbes magazine’s list of wealthiest people. On June 22, he bought the triplex penthouse, measuring 14,300 sq ft, on the 42nd floor of Binjai’s Tower B. The price tag of RM38mil meant the penthouse was sold for almost RM2,660 per sq ft (psf).
“The buyer bought the penthouse to stay. He fell in love with the 360-degree unobstructed view of the KLCC skyline right at his doorstep, similar to views offered by the likes of London’s One Hyde Park. He said Binjai On The Park was just like one of his other homes around the globe,” said Terri Har, marketing and sales manager of Layar Intan Sdn Bhd, the developer.
Binjai is the only condominium located on the 50-acre KLCC Park. Binjai’s two 45-storey towers have a total of 171 units. To date, the project has recorded sales of more than RM600mil at an average price of RM2,600 psf.
Over the last six months, three other penthouses have been sold for approximately RM18mil. On a psf basis, the most expensive unit so far was a standard unit on the 38th floor, which was sold for RM2,900 psf or RM10.6mil.
With Tower B now sold out, what is left are mainly Tower A’s standard units, which offer 3,700 sq ft each. Binjai is the only condominium located on the 50-acre KLCC Park and is part of the KLCC development master plan.
“Binjai’s key selling point is the fact that every unit has an unobstructed view of the park, along with a spacious balcony,” said HwangDBS Vickers Research analyst Yee Mee Hui.
Said Har of Layar Intan: “Some 30% of our buyers are from Japan, Hong Kong, Britain and other parts of Europe. Most of our buyers are businessmen and corporate people who already have homes around the world. They appreciate Binjai as the only development in the vicinity with an unblocked view of the KLCC skyline.”
She added that most of the local purchasers bought Binjai units to live there or as homes for their children, while the foreign buyers treated the units as holiday homes or transit points.
Ts
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