HH Park Residence

January 24th, 2018 No comments

hh-park-residence

HH Park Residence, the residential component of the HH Park mixed development by Aspen Group in Tanjung Bungah, Penang. Located on a 4.5-acre land between Jalan Chan Siew Teong and Jalan Chee Seng 13, previously occupied by Hong Hong Sdn Bhd. It is only 5 minutes drive to Permai Village by BSG Property.

The master development plan comprises a 46-storey building with two block of residential towers. It will also comes with 4 levels of commercial and retail units.

More details to be available upon official launch.

Project Name : HH Park Residence
Location :
 Tanjung Bungah, Penang
Property Type : Mixed development
Land Tenure : Freehold
Total Units: 460 (condo)
Developer : Aspen Group

Register your interest here

(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

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Aspen partners LG to built smart city at Batu Kawan

January 24th, 2018 No comments

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LG Electronics Inc few days ago has entered into a partnership with Aspen (Group) Holdings Limited to provide technological solutions, products and services for all of the developer’s real estate developments.

The signing of the partnership will see LG setting up its first academy in Malaysia to provide training in skills specialisation, mechanical training and support in after sales service of LG’s products.

LG will also open a flagship store to showcase its latest technology and best premium products in Aspen Vision City.

“I welcome the move to set up a learning and training centre by LG that will be based in Penang,” said Penang Chief Minister Lim Guan Eng in his speech at the signing ceremony between Aspen and LG today.

Under the new partnership between LG and Aspen, LG will offer a wide range of its products to all of Aspen’s real estate developments in Malaysia and Southeast Asia including Aspen Vision City.

Aspen Vision City is a mega scale joint venture development between Aspen Group and IKEA South-east Asia located in Batu Kawan, Penang.

“This collaboration will enable the integration of smart electrical home appliances and cutting edge smart services and solutions across all our developments,” Aspen Group president Datuk M. Murly said in his speech at the signing ceremony in the newly open Aspen Group Concept Gallery in Gurney Plaza.

He said the LG academy will provide an option for school leavers and students who face challenges in pursuing their studies to get specialised skills and knowledge from an international company.

“By nurturing the students with LG’s technology and technical knowledge, this academy will indirectly strengthen the position of Penang as a renowned silicon city,” he added.

The LG academy is expected to be opened by the end of this year or early next year.

LG will kickstart the collaboration with the installation of high-tech outdoor digital signages in the first phase of Aspen Vision City master plan, a commercial shop offices project — Vervea.

Source: The Malay Mail Online

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Be cautious over Guaranteed Rental Return schemes (GRR)

January 22nd, 2018 4 comments

grrPenangites are getting pretty familiar with GRR schemes. For those who have not heard it, GRR schemes promise a fixed rental income for house buyers for a certain period of time. These schemes are legal, but they are actually not governed by the Housing Development (Control & Licensing) Act. It is indeed necessary to be very cautious before investing into such schemes.

A news that caught much attention were the recent case at Cyberjaya where a group of house buyers announced a class action suit against one such GRR project at Cyberjaya. The case involved a serviced apartment project named The Arc @ Cyberjaya developed by Maju Puncakbumi Sdn Bhd, a wholly owned subsidiary of Meda Inc Bhd, and marketed by Andaman Property Management Sdn Bhd.

If you would like to know the details of the case, read on the article below from The Malay Mail Online:

Cyberjaya condo unit owners sue developer over alleged rental defaults

Dozens of unit owners of a Cyberjaya condominium have launched a class action suit against a property developer for allegedly defaulting on a rental scheme payment.

This is the second class action suit pursued against The Arc @ Cyberjaya developer Maju Puncakbumi, after a similar lawsuit was filed and won by another group of 137 unit owners of the same condominium.

The latest class action suit participants — 55 unit owners of The Arc — claimed that they were now in debt and faced financial trouble after not receiving their promised rental returns as stipulated under the Option Agreement for Guaranteed Rental Returns (GRR) signed with the project developer, Maju Puncakbumi.

“For this one year plus, without the rental, how am I supposed to pay the bank? Ended up that I had to borrow from relatives and all that. If not, I will get into CCRIS,” a unit owner Patricia Lim said in a press conference at the property today.

“The reason that I bought this unit and also introduced my brother and my friend to buy is because of the 25 years GRR. So we have hassle-free rental for 25 years, with the option to renew it every four years,” she added.

In its marketing poster, Maju Puncakbumi had marketed the GRR scheme with an option to renew the agreement every four years.

According to the agreement, the unit owner rents out the property to the developer, and the developer must then pay rent to the owner at a rate and tenure stipulated under the agreement.

On its website, Andaman Group, the developer’s management company, had advertised the GRR scheme with two choices: GRR up to six years or up to 25 years with a gross 8 per cent rental income per annum for the first term.

Some of the buyers at the press conference today said this was the deal they were attracted to, leading them to purchase units at the residency.

Lim said that she only received one year’s rental returns and did not receive any more payments.

She and a few other residents decided to initiate the class action suit after the developer issued a notice announcing the sudden termination of the Option Agreement, which only expires in August this year.

“In Cyberjaya there are a lot of condominiums. The reason we bought units here is really because of the GRR. The GRR interested us because we don’t have to have any headache servicing our loans,” Patricia’s brother, Lim Ta Wen, said.

The residents’ lawyer, Vincent Lim Chang, said that the developer had introduced the GRR scheme and promoted it in their property development materials in 2011. This, he said, led to many buyers from the Klang Valley and East Malaysia to invest by buying units in The Arc.

“At the time when they purchased the property, they signed as one package, two agreements; one the sales and purchase agreement to purchase the serviced apartment from the developer. At the same time, they also signed another tenancy agreement: Option Agreement.

“The payment commenced in the year 2014, maybe middle of 2014. But since 2016, sometime in the middle of 2016, the developer defaulted on the payments of the rental to the owners,” Lim Chang added.

He said that despite phone calls, with some residents sending notice of demands, their demands were promptly ignored…

Read more at: The Malay Mail Online

 

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Free CCRIS report for public by Bank Negara

January 20th, 2018 1 comment

BankNegaraCCRISBank Negara Malaysia has launched its free online platform for the public to access their own central credit reference information system (CCRIS) report, anywhere at their convenience.

The new initiative – eCCRIS is a secure online platform – and the service is provided for free and is available nationwide starting on Friday.

Bank Negara said the CCRIS report shows the financing and repayment history of a borrower with participating financial institutions over the past 12 months.

“It does not provide an assessment of a borrower’s credit standing. It is therefore a factual report and is not a blacklist.,” it said.

Bank Negara said eCCRIS is an extension of its efforts to promote the financial well-being of all Malaysians by encouraging prudent financial management.

With eCCRIS, the public can now access their personal CCRIS reports online via the eCCRIS website.

Users can to monitor and verify their personal credit standing, including their loan repayment history.

Users will also be able to lodge data verification requests directly via eCCRIS to participating financial institutions to verify and correct any inaccuracies identified in their CCRIS report.

The platform was launched by Bank Negara Governor Tan Sri Muhammad Ibrahim.

Also present at the launch were Datuk Kamaluddin Ismail of Association of Development Finance Institutions of Malaysia (ADFIM), Tan Sri Tay Ah Lek of the Association of Banks in Malaysia (ABM), Datuk Mohd Redza Shah Abd Wahid of the Association of Islamic Banking Institutions Malaysia (AIBIM) and Marzunisham Omar, Assistant Governor of Bank Negara.

To register, the public simply needs to follow these five steps:

1. Walk-in to any Bank Negara Malaysia office or Agensi Kaunseling dan Pengurusan Kredit (AKPK) branch nationwide to perform a one-time registration.

2. At the CCRIS kiosk, individuals will need to verify their identity using MyKad, and register a valid mobile phone number. For businesses, an authorisation letter and company registration certificates are required for an authorised person to register on behalf of the company.

3. A 6-digit PIN will be sent to the registered mobile phone number.

4. Users are required to key in their MyKad number and 6-digit PIN for first-time login at https://eccris.bnm.gov.my

5. The user will then be required to (i) set preferred user ID and password, (ii) select personal security image and phrase, and (iii) set three security questions and answers.

Source: TheStar.com.my

 

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Penang Property Outlook 2018

January 18th, 2018 No comments

As we walked down to the memory lane of 2017, it was obviously one of the slowest year in the decade for properties. There were only a handful of new projects launched throughout the year and some were delayed. Developers were very careful with what they were launching and many were sweetening their deals with freebies, discounts and rebates. Some bigger developers were even offering innovative financial assistance schemes.

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The slowdown in 2017 was evidenced in the data published by NAPIC; with approximately 15% drop in property transaction from 2016. However, the data also shown that the property prices had rises despite slow market. The average residential property transacted prices in the island and mainland for first three quarters of 2017 had increased about 12% and 10% respectively compared to the same period in 2016.

We have waved goodbye to 2017, and welcomed 2018 with open arms. Many are anxiously hoping that the market slowdown is over and 2018 will promise a new bounce-back market. Being optimistic is encouraged however the year ahead is only pointing to a continuous market slowdown trend that’s unlikely to recover in short term. The housing affordability will continue to remain as a nagging issue among the average Penangites.

Housing affordability at the island city continues to be challenging

Under Budget 2018, the government has increased allocation to address rising cost of living and affordable housing issues among the lower to middle income group. This action will certainly be the only short-term measures with limited effect. The recent freeze on four components of the property market that include condominiums and serviced apartments priced RM1 million and above is a disruption to the high-end products, yet it does not get to the root to address the housing affordability issue.

While affordable homes are mushrooming across Penang targeting on affordable buyers, the current scheme appears to be inadequate to address varied demands and budget. Penang as a fast growing state is hunger for a more solid yet dynamic affordable housing scheme to assist the buyers in various aspects. Until we are fitted with a more extensive scheme, the year ahead will continue to be challenging for affordable housing buyers.

For those who have made a new year’s resolution to buy a new affordable home this year, do expect several more affordable housing to be launched this year at a few new locations such as Gelugor, Batu Ferringhi, Jelutong and Bukit Mertajam. Two new PR1MA projects are likely to be launched in the island this year. Most of these upcoming affordable projects will be priced within the range of RM300k.

Oversupply in South West district

The abundance supply of affordable and mid-range housing, priced within the range of RM500k in the South West district will continue to affect the house prices in those areas, which are unlikely to improve anytime soon. This is particularly true for the condominium in areas such as Bayan Lepas, Sungai Ara, and Teluk Kumbar.

As the year 2018 is wrapped with a market slowdown trend along with oversupply in the South West district, determined buyers and investors can still consider projects with unique offering situated at strategic location as these projects will continue to outperform. Other than the prime locations at northern side of Penang Island, projects at Sungai Nibong and Queensbay area also recorded a good take up rate and are expected to continue outshining in the southern part of Penang Island.

Teluk Kumbar, is an option for those who may have a more confined budget. You may be able to find a bigger house with the same budget. The completion of the flyover connecting Jalan Bayan Lepas to Jalan Teluk Kumbar will be a catalyst for more intensive development in that area, and ultimately opening up yet more choices.

 

Township development in mainland

For mainland, the prevailing trends in focusing on township development will continue. With comfort and lifestyle is being emphasized, developers with huge land banks has been constructing their plan to offer a better living solution – a comfortable home with good accessibility to workplaces and daily needs, and within a safe and fun community for your family.

With many exciting developments in progress at Batu Kawan, all eyes will be on this satellite township as several projects will be completing in stages over the next few years. The construction of IKEA is expected to complete by end of this year and is slated to open in January 2019. The Ship Campus (ALC College) and KDU University College are on-track to complete by 2018 and 2019 respectively.

In order not to be missed out, several MNCs and SMEs are also expanding their manufacturing operation in Batu Kawan, namely Flextronics, HP, Sandisk, Sunningdale Tech, Boston Scientific, Vitrox and a few others.

Batu Kawan will continue make a significant attraction and focus for Penang development and it will keep the ball rolling to the possibility of being the most talked about area in the northern region of Malaysia. The blooming of Batu Kawan township could only offer endless possibilities. With developers striving into providing a better living solution, not just a home to buyers, the prices of property in Batu Kawan is anticipated to inflate within the next five years.

Food for Thought

Property market will always go up and down, the economy will always fluctuate. However, there will always be right investments to make. Over the long term, placing money into properties in Penang is a sound strategy because land is the most precious commodity in the island state.

As new high-rise building is now built taller, denser and further, the best time to buy a property is always yesterday. And the day closest to yesterday is today. To make sure you make the smart choices, you must understand property is a long term investment and be crystal clear with your financial needs and goals.

– Ken Lim
(Founder, PenangPropertyTalk.com)

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