19/05/2016
|
169, JALAN KENANGA HUTAN
|
SEMI-D
|
3
|
5
|
3,496 ft²
|
2,446 ft²
|
458
|
1,600,000
|
23/02/2016
|
137, JALAN KERUING KIPAS
|
BUNGALOW
|
2½
|
5
|
4,478 ft²
|
3,338 ft²
|
609
|
2,725,000
|
15/07/2015
|
109, JALAN SURIAN WANGI
|
BUNGALOW
|
2½
|
3
|
4,478 ft²
|
3,741 ft²
|
648
|
2,900,000
|
19/11/2014
|
NO.179, JALAN KENANGA HUTAN
|
BUNGALOW
|
2½
|
6
|
4,665 ft²
|
3,871 ft²
|
815
|
3,800,000
|
20/08/2014
|
NO.23A, LAMAN SIERRAMAS WEST
|
TERRACE HOUSE
|
2½
|
3
|
1,765 ft²
|
2,689 ft²
|
669
|
1,800,000
|
15/08/2014
|
NO.141, JALAN KERUING KIPAS
|
BUNGALOW
|
2
|
3
|
5,269 ft²
|
2,882 ft²
|
707
|
3,725,000
|
11/06/2014
|
100, JALAN SURIAN WANGI
|
BUNGALOW
|
3
|
5
|
6,201 ft²
|
3,293 ft²
|
443
|
2,750,000
|
09/06/2014
|
NO.92, JALAN SURAIN WANGI
|
BUNGALOW
|
2½
|
5
|
6,125 ft²
|
2,623 ft²
|
490
|
3,000,000
|
19/05/2014
|
187, JALAN KENANGA HUTAN
|
SEMI-D
|
2½
|
5
|
3,488 ft²
|
2,615 ft²
|
674
|
2,350,000
|
26/03/2014
|
83, JALAN MERANTI BUKIT
|
BUNGALOW
|
2
|
4
|
4,478 ft²
|
2,715 ft²
|
587
|
2,630,000
|
Created by: Ann Paul REN: 03983 Portfolio Asia Properties E(3)0838 Unit B2-5-1 Sorlaris dutamas, No 1 Jalan Dutalmas 1 50480 Kuala Lumpur tel: +60362053390, +60362053387, +60122052648 mobile.
Sunday, October 23, 2016
Sierramas 1016
Monday, July 18, 2016
Handover procedure by Ann Paul
HANDOVER PROCEDURE
- Liaise with the Landlord/tenant for the appointment for handover;
- To get a copy of the latest paid bill from Landlord/tenant;
- Arrange with management for taking the meter reading for water and electricity;
- Compute the unbilled charges for electricity and water as at the moving out date;
- Inspection of the unit and prepare the handover documentation for moving out; and
- Advise tenant & landlord on the amount chargeable / to be refunded (subject to 2 parties approval)
THE FEES FOR HANDLING THE HANDOVER
- The fees to be paid upon advise of refund amount.
Friday, July 8, 2016
Friday, June 3, 2016
Real Property Gains Tax RPGT Rates table 2010-2016
The rates of RPGT for individual are as follows:
The above table is applicable to Individual Only. The holding period is calculated based on the dates of S&P agreements buying & selling the property.
For more info from the government website, pls click here:
http://e-cukai.com/real-property-gains-tax/
Thursday, May 26, 2016
Leasehold properties in Malaysia (part 1) by the Sun Daily
Leasehold properties in Malaysia (part 1)
THREE years ago, Andrea Ooi, 49, inherited her late father's double storey home in Section 2, Petaling Jaya. "I really didn't know anything about owning a leasehold property.
I was living in a condominium in Ampang which served me conveniently as it was in close proximity to my workplace and my child's school. I was very comfortable there. But then, on the other hand, the inherited house held sentimental value and I knew my father would want me to keep it in the family for as long as I could."
Caught in a dilemma on whether or not she should hold on to the house or let it go, she reached out to friends for advice on what she should do, but was left even more confused.
"Everyone had their own valid reasons as to why I should move into the house and why I shouldn't. The bulk of their reasons as to why I should not, had to do with the issue of the house being leasehold. I didn't know that owning a leasehold property could be so complicated. I suppose I was pretty much in the dark as to how these properties work," she adds.
THE LAWS STATE…
In Malaysia, land laws are governed by the National Land Code 1965 (Act 56 of 1965). In Section 40 of the National Land Code, 1965, it mentions that all state land belongs to the state authority. Leasehold land belongs to the state and therefore, conceptually, when you purchase a property tied to a lease, you are only buying the right to live there. You will not own the land or any building/s on it, and you are only allowed to reside there for the stipulated timeframe.
In Malaysia, land laws are governed by the National Land Code 1965 (Act 56 of 1965). In Section 40 of the National Land Code, 1965, it mentions that all state land belongs to the state authority. Leasehold land belongs to the state and therefore, conceptually, when you purchase a property tied to a lease, you are only buying the right to live there. You will not own the land or any building/s on it, and you are only allowed to reside there for the stipulated timeframe.
WHEN THE LEASE EXPIRES…
When a lease reaches its end, the land is reverted back to the state authority, including any construction on it. Therefore, in order to continue residing on it, the 'owner' will need to either apply for a renewal of the lease before its expiry, or in a situation where the lease has already expired, apply for a fresh alienation.
Consent from state authorities (Land Office) may be required before any extension or renewal of a lease can go through. Although it is uncommon, the state has the right to deny approval of extensions and renewals.
When a lease reaches its end, the land is reverted back to the state authority, including any construction on it. Therefore, in order to continue residing on it, the 'owner' will need to either apply for a renewal of the lease before its expiry, or in a situation where the lease has already expired, apply for a fresh alienation.
Consent from state authorities (Land Office) may be required before any extension or renewal of a lease can go through. Although it is uncommon, the state has the right to deny approval of extensions and renewals.
In the case where the owner does not renew the lease and lets it expire, the land will be reverted back to the state government and be available to any other person who would like to apply for ownership.
ITS MARKETABILITY…
Property valuers say that the value of a leasehold property typically goes down when the lease period is coming to an end. The reason for this is because there may be complications related to the lease renewal and in obtaining a bank loan. This affects the property's marketability.
Property valuers say that the value of a leasehold property typically goes down when the lease period is coming to an end. The reason for this is because there may be complications related to the lease renewal and in obtaining a bank loan. This affects the property's marketability.
Most property consultant's note that the value of 99-year leasehold properties as well as freeholds ones tend to go up at around the same level for about the first 30 years. After this 30-year period, the value of leasehold properties stagnate and eventually depreciate until the lease expires. Freehold properties on the other hand, go through a more stable growth, provided all other aspects of the property are in good condition.
Sources from financial institutions explain that most banks can confidently lend on leasehold properties, provided they have at least 75 years left on the lease.
DOLLARS AND 'SENSE'…
The price of leasehold property may or may not be cheaper than that of freehold of similar specifications. Typically speaking, assuming that all other details are equal, such as the built-up area of the building and the land size, the price of a leasehold property is often around 20 per cent lower than one which is freehold. A major factor that could affect the price of the property is the location. There have been cases where a leasehold plot at a well established area had greater value than a freehold plot at a less developed location, explains a reliable property valuer source.
The price of leasehold property may or may not be cheaper than that of freehold of similar specifications. Typically speaking, assuming that all other details are equal, such as the built-up area of the building and the land size, the price of a leasehold property is often around 20 per cent lower than one which is freehold. A major factor that could affect the price of the property is the location. There have been cases where a leasehold plot at a well established area had greater value than a freehold plot at a less developed location, explains a reliable property valuer source.
ADVERTORIAL
FIABCI – Malaysia Property Award 2013
FIABCI – Malaysia Property Award 2013
Next weekend, FIABCI Malaysia will play host to the prestigious Malaysia Property Award 2013 Gala, the Oscars of the real estate and property development industry. Come Nov 9, 2013, the industry's crème de la crème will make their way to the One World Hotel to welcome this year's award winning developers and their exceptional property developments.
FIABCI, the International Real Estate Federation, was founded in Paris, France in 1948. It has Chapters operating in over 60 countries. It comprises over 100 national real estate related associations and encompasses 1.5 million real estate professionals, worldwide, within its organisational community.
FIABCI Malaysia was established in 1975, and since 1992 inaugurated the Malaysia Property Awards. Receiving this esteemed accolade admits winners in their respective categories, to represent Malaysia at the FIABCI Prix d'Excellence, presented annually at the FIABCI World Congress.
The list of award winning categories include Property Man; Property CEO; Environmental (Rehabilitation/Conservation); Heritage (Restoration/Conservation); Hotel; Industrial; Master Plan; Office; Public Sector; Purpose-Built Project/Specialised Project; Residential (Highrise); Residential (Lowrise); Resort; Retail; Special Award for National Contribution; and Sustainable Development.
While last year's roll call honoured those in eight categories, this year honours nine winners. Follow our weekly property column for updates leading to the Malaysia Property Award 2013 announcing this year's property development's finest.
Wednesday, May 25, 2016
Leasehold properties extension of lease
Extension of leasehold properties (Part 2)
Posted on 8 November 2013 - 01:10pm
MEERA AMMANI
LAST week's column discussed the principles governing leasehold property in the Klang Valley. This week, we are exploring factors influencing lease-extension and potential lease renewal of such properties.
EXTENSION OF LEASEHOLD PROPERTIES…
Recapping last week's article, once the lease on a property expires, ownership is reverted back to the State government. Extension or renewal of a lease can be done through an application, provided the State government grants an approval and the premium is paid.
According to Andy Low Hann Yong, partner at Low & Partners, "Legally speaking, there is no specific provision in the National Land Code (NLC) that deals with the extension of leases per se, some state governments have relied on Section 76 (a), 204B and 197 of the National Land Code for this purpose."
"This is because section 76 (a) gives power to the State Authority to alienate land of a term not exceeding 99 years. Section 197 of the NLC provides the procedure where the landowner can surrender their title back to the government. Section 204B provides certain power to the State Authority to approve surrender and re-alienation."
WHEN TO EXTEND…
Margaret Tan, 55, lives in a leasehold property in Petaling Jaya Section 4. With 49 years left before her lease expires, she is one of the many leasehold property owners who is worried and left in the dark as to how long she should wait before applying for an extension.
"I was told that when a property reaches a point where there is only 30 years left for the lease to expire, it's very difficult for a lessee to even get a bank loan with it. So when should I extend the lease?"
Property sources say homeowners who want to extend leases on their property can do so according to their choosing and there is no minimum number of years they need to wait before applying.
However, they warn that when leasehold properties near their expiry date, the market value of the property will start to decrease, hence the difficulty in getting bank loans.
Christopher Chan, associate director of Hartamas Real Estate (Malaysia) and registered real estate agent, says that the Selangor government has come up with two options for extending leases. Under the first, the homeowner need only make a payment of RM1,000. However, this option comes with "restriction", as the owner is not allowed to re-sell the property to profiteer.
Transfer of the property to family members is allowed though. The State Authorities will lodge a Registrar Caveat on the property to prevent the owner from disposing the property under this option.
The second option is to pay the full rate of premium that is required for the extension of the lease. With this option, the owner can dispose the property as soon as the new title is received.
THE "PREMIUM" IN SELANGOR…
The calculation of premium varies with each state, therefore it is important to get the information beforehand accordingly.
In Selangor, the formula to calculate the premium rate is derived from Section 7 of the Selangor Land Rules 2003 & Selangor Quarry Rules 2003, entitled "Premium".
Premium = 1/4 x 1/100 x Market Value of land (in sq ft) x number of years to renew x land area (in sq ft).
Leases are usually renewed so that there are 99 years of lease to the title. Therefore, if you have 10 years remaining on your lease, you need only pay for an extension of 89 years (99 years-10 years).
Keep in mind that the calculation of the premium rate as mentioned above is for the land itself. It does not include the building constructed on the land.
THE "PREMIUM" IN KUALA LUMPUR…
Premium on lease to be re-alienated in Kuala Lumpur is referred under the Federal Territory of Kuala Lumpur Land Rules 1995, under part 3 Premium rule 9. Where an expired lease is to be re-alienated to the former registered proprietor, the rate of the premium to be determined by the Government is one quarter of that specified in sub-rule 8(b), and will exclude the value of any building or cultivation then found on the land.
Sub-rule 8 (b) states that where alienation is by way of lease, the rate of premium to be charged shall be calculated as follows. The value of the land to be calculated shall be determined by the Government based on the market value of the land.
The valuation of the land is done by the Valuation and Property Services Department of the Finance Ministry. It is based on the latest transaction values in the area.
Calculation of premium for residential land where the lease has expired:
:: Premium = 1/4 x value of land x 1/99 x term of lease
:: Premium = 1/4 x value of land x 1/99 x term of lease
Calculation of premium for residential land where the lease has NOT expired:
:: Premium = 1/4 x category of the land use x value of the land x 1/99 x (term of new lease minus balance of existing lease)
:: Premium = 1/4 x category of the land use x value of the land x 1/99 x (term of new lease minus balance of existing lease)
Once the premium has been paid, the process and action required is very simple. One has to wait for the Land Office to inform the property owner when he or she can collect the Land Title.
While in principle the government has the authority to evict an "owner" upon expiry of the lease, all parties we spoke to opine that the government is unlikely to do so. So leaseholders are advised to read our notes on lease extension and renewal carefully.
Quote :
"Legally speaking, there is no specific provision in the National Land Code (NLC) that deals with the extension of leases per se..."
"Legally speaking, there is no specific provision in the National Land Code (NLC) that deals with the extension of leases per se..."
Monday, May 16, 2016
Rimbun Ampang Hilir
Rimbun, Ampang Hilir
Rimbun is a luxurious residential development located within the matured vicinity of Ampang Hilir. There are many similar development nearby including Seri Hening Residence, Ritchie's Pavilion, and Villa Aman to name a few. The condo is developed by Amphil Corp Sdn Bhd.
Located within what is commonly known as Embassy Row, Rimbun can easily be detected as it stands 17-storey tall, housing a total of 56 units. Generally, there are three types of built-up sizes, layouts and designs with the smallest one being 3,500 sf which comprises of 28 units with 3 + 1 bedrooms; 26 units have built-up size of 4,500 sf with 4 + 1 bedrooms while triplex units have built-up sizes starting from 18,000 sf with 6 + 1 bedrooms - which comprises of 2 units only.
As one would imagine, Rimbun being strategically situated within Ampang Hilir, amenities and necessities are easily obtained within short driving distances. The condo is situated directly behind Great Eastern Mall, to be complimented by the many shop-offices along the road hosting restaurants and banking facilities alike. Recreational facilities such as Selangor Polo & Riding Club can be accessed within short driving distances as well.
To further compliment the already existing myriad of conveniences, several international and local schools are located within close proximity from Rimbun. To name a few, there is the Fairview International School, SMK Seri Ampang, SJKC Chung Hwa (P) and Sayfol International School - all of which are no more than 1km away. Apart from that, several medical establishments such as Hospital Gleneagles and Lactaequip Medical Sdn Bhd are nearby as well.
Within short driving distances from Rimbun, commuters could access AKLEH, which is connected to MRR2, Smart highway and NKVE which in turns links to many other established neighborhoods. Public transportation can be accessed via bus and taxi stands along the road.
Property Details
Facilities
Analysis
Rimbun has been awarded Green Mark (Gold Plus) provisional certification by Singapore's Building and Construction Authority as it provides many environmental facilities which contributes in the overall eco-friendliness of the development. Among the features provided are solar photovoltaic panels, rain water harvesting system, aerated concrete blocks, high internal ceilings, high performance glass, low volatile organic compound paint, green label fittings and energy-efficient lighting to name a few.
Additionally, each unit within Rimbun has a private lift as well as a private entrance foyer with a separate lobby for guests, the penthouses have their very own rooftop swimming pool, sky lounge and a garden. It is mentioned that their target consumers would be those who are of discerning tastes, well-heeled and traveled who are looking for exclusivity without compromising security.
Friday, May 6, 2016
Authorised Form for Sale by Owner
AUTHORIZED LETTER FROM OWNER
(SALE)
Portfolio Asia Properties E(3)0838
Unit B2-5-1 Sorlaris dutamas, No 1 Jalan Dutalmas 1 50480 Kuala Lumpur
tel: +60362053390, +60362053387, +60122052648 mobile. Ann Paul REN: 03983
Portfolio Asia Properties E(3)0838
Unit B2-5-1 Sorlaris dutamas, No 1 Jalan Dutalmas 1 50480 Kuala Lumpur
tel: +60362053390, +60362053387, +60122052648 mobile. Ann Paul REN: 03983
Date :
PORTFOLIO ASIA PROPERTIES (E(3)0838)
Unit
B2-5-1, Solaris Dutamas,
No. 1,
Jalan Dutamas 1,
50480 Kuala
Lumpur.
Dear Sir / Madam,
RE: PROPERTY ADDRESS : ____________________________________________________
(hereinafter
called the SAID PROPERTY)
I / We the undersigned, as
registered owner of the above stated property do hereby appoint you as our Exclusive
Estate Agent / Non Exclusive to act on our behalf to sell the SAID PROPERTY; to display signboards,
to advertise in any media, or in any form to promote the sale of the said
property, subject to the following terms:-
1. The total consideration for the said property
shall be RM___________________________
(Ringgit Malaysia: _________________________________________________________
_________________________________________________)
or negotiable.
2. I / We agree to pay PORTFOLIO ASIA PROPERTIES, THREE PERCENT (3%)
of the purchase price as Agency
Fee plus (6% GST) on the Agency Fee according
to the Board of Valuers, Appraisers and Estate Agent Rules 1986 [P.U. (A)
64/1986] Seventh Schedule dated 8 June 2009 for your services as an Estate
Agent upon signing of the Sale and Purchase Agreement.
3. Period of Appointment is 4 months from the date of this
letter.
Yours faithfully,
……………….…….………..… ………………………..………
(Signature of Owner) (Signature of Witness)
Authorized Representative /
Company Chop)
Name : _______________________ Name :
___________________
NRIC No. : _______________________ NRIC No. : ___________________
Date : _______________________ Date : ___________________
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