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Last update: 2010-11-02

Three Reasons to LIKE Tiram Realty Facebook Page

2010-11-02 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

We've just upgraded our Tiram Realty Facebook Page. Now it will automatically show:
1. The latest real estate properties for sale, rent and auction2. The latest articles updates on this website3. Real estate news, specifically in Iskandar Malaysia.
And you could get all that by simply clicking "Like" button on the right blue Facebook box. (If you're not Facebook user and prefer to have our listings sent to your email instead, please subscribe our FREE newsletter via the box on the lower right. )
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MIEA Johor Convention 2009 - Programme Summary

2009-10-23 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

MIEA Johor Convention 2009 - Programme Summary

Saturday, 31st October, 2009 (Day 1)

8.00am Registration and Networking

9.00am Arrival of Guest of Honour – Y.A.B Dato’ Haji Abdul Ghani bin Othman,

Menteri Besar Johor (Chief Minister of Johor)

9.05am Official Remarks by MC

9.10am Address by Mr. Lim Boon Ping, Convention Chairman

9.20am Address by Ms. Julie Wong, President MIEA

9.30am Address by Y.A.B Dato’ Haji Abdul Ghani bin Othman, Menteri Besar Johor

9.45am Opening Ceremony

9.55am Tea Break

10.10am Keynote Address: Iskandar Malaysia – The Rise of a New Metropolis

Speaker : Iskandar Investment Berhad

11.00am Session 1: Progress updates on Iskandar Malaysia

Panel Speakers: 1. Iskandar Regional Development Authority

2. Danga Bay Sdn. Bhd.

3. Nusajaya Development Sdn. Bhd.

1.00pm Q & A Session

1.30pm Lunch Break

2.30pm Session 2: Progress updates on Iskandar Malaysia (Continued)

Panel Speakers: 4. TPM Technopark Sdn. Bhd.

5. Port of Tanjung Pelepas

6. Senai Airport Terminal Services Sdn. Bhd.

4.30pm Tea Break

5.00pm Q & A Session

5.30pm Convention Adjourns

7.30pm Fellowship dinner, meet the speakers & networking opportunity

Invited guests: All Speakers, discussion panel members, Miea councilors and any Convention Delegates who wishes to attend (RM100)

________________________________________________________________________________

Sunday, 01st November, 2009 (Day 2)

8.00am Networking

9.00am Session 3: Johor State Investment Trend & Environment

Speaker: Johor State Investment Centre

9.45am Session 4: Foreigner Property Ownership in Johor State

Speaker: Mr. Andrew Wong, Advocate & Solicitor

10.30am Tea Break

11.00am Session 5: Malaysia My Second Home(MM2H)

Speaker: Ms. Daisy Ong Danker, Consensusbiz (MM2H) Sdn. Bhd.

11.45am Session 6: Integrated Resort (IR) in Singapore

Speaker: IEA Singapore

12.30pm Q & A Session

1.00pm Lunch Break

2.00pm Session 7: Dare to Sell

Speaker: Mr. Billie Lim, Daretofail.com

3.00pm Session 8: Property Investment Opportunities in Johor

Speaker: Mr. Ho Chin Soon, Ho Chin Soon Research Sdn. Bhd.

3.45pm Tea Break

4.00pm Session 9: Marketing Malaysia Internationally

Speaker: Mr. Previndran Sathurgasinghe, Zerin Properties

5.00pm Q & A session

5.30pm Closing Remarks

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Iskandar Malaysia - The Rise of A New Metropolis

2009-10-23 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

MIEA Johor Convention 2009 shall be held in Johor Bahru with the followings:-

Theme : Iskandar Malaysia - The Rise of A New Metropolis

Date : 31st October & 01st November, 2009 (Saturday and Sunday)

Venue : The Puteri Pacific Johor Bahru Hotel (Permata Ballroom) Johor Bahru, Johor, Malaysia

CPD points : 10 points applied - Board of Valuers, Appraisers & Estate Agents Malaysia

Fees : RM400 - Registered Estate Agents / Registered Valuers

RM200 - Public

*RM100 (optional) Fellowship Dinner on 31st October, 2009 (Saturday)

Organisers : MIEA Johor Branch and Institute of Estate Agents Singapore

Main Sponsor : Johor State Government

Corporate Sponsor : Iskandar Investment Berhad (IIB)

The objectives of this convention are as follows:

a) To work together with the Federal and Johor State Government in promoting Iskandar malaysia as a strong and sustainable metropolis of international standing.

b) To provide progress updates on the developments taking place in Iskandar Malaysia especially to the target groups, i.e. individuals companies and organizations related in real estate industry.

c) To provide information and platform to clear certain negative perceptions pertaining to Iskandar Malaysia.

d) To provide opportunity for key players/developers from each of the 5 zones to highlight on their current and future developments

e) To provide great business opportunities for all real estate practitioners/investors to get in touch directly with all the key players in Iskandar Malaysia

In view of the abovementioned objectives, the programmes have been arranged as such:

During the first day of Convention, speakers representing all the key players in Iskandar Malaysia according to the 5 highlighted zones from Zone A to E are invited to give talks on the progress updates, current and future plans in their respective fields.

On second day, we shall further examine some of the more important property related issues in the context of Johor. Issues to be discussed shall include investment trend and environment, property investment opportunities, Malaysia My Second Home, foreigner property ownership, Integrated Resort in Singapore, Dare To Sell and marketing Malaysia internationally.

Limited seats available, max 300 participants from both Malaysia and Singapore on a first come first serve basis. For enquiries and registration, please contact the following:

Malaysian Institute Of Estate Agents, Johor Branch

No. 8, Jalan Dedap 17,

Taman Johor Jaya,

81100 Johor Bahru,

Johor, Malaysia.

Tel: +607-3558877

Fax: +607-3550033 / 3535160

Email: limboonping@gmail.com / ann.pslek@gmail.com

Contact Person: Mr. Lim Ah Leck @ +6016-7203399

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"I want to sell my property according to the value indicated in my assessment (cukai pintu)."

2009-03-20 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

"My assessment (cukai pintu) says my house is worth RM300,000, please sell my house at the value indicated by government valuers."

Yes, we still receive numerous selling instructions with the abovementioned manner and I was always puzzled by this type of instruction. My answer is NO due to the following two (2) major reasons:

(1) Purpose of valuation
The purpose of valuation when the local government valuers did the valuation is for the purpose of assessment, not for the purpose of sale negotiation. The basis of valuation is therefore varies.

(2) Date of valuation
Our local governments do not update the assessment value every year, they usually update it every 5 to 10 years' time. In the case of Johor, some of our assessment values were actually valued over 10 years ago. Yes, believe it or not, the assessment value you have just shown to me is already 10 years' old!

Therefore, please stop going to estate agents and tell them your property is actually worth higher than the current market value simply because your Assessment (Cukai Pintu) says so.
One interesting observation here however, they never show you their assessment when the indicated value is lower than the current market value,due to the reason best known to them.
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Is Iskandar Malaysia (formerly IDR) a MYTH or VISION?

2009-03-18 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

I gave a talk on the topic matter pertaining to "Johor Property Market Outlook 2009" early January 2009. During the talk, I was surprised to find there are still many local Johorean who knew very little on Iskandar Malaysia (IM) and/or hardly have any interests in understanding what IM is all about. From what I've gathered so far, foreigners seem to be more "excited" with IM as compared to locals. I do not wish to elaborate too much on why this is happening, the fact is, there are simply too many white elephants running around in Johor Bahru city over the years.

This time round however, I stand to differ. To me, IM is a bold and yet tactful long term plan for Johor Bahru, i.e. to focus, enhance and improve the level of service industry in Johor Bahru. This is a very tactical approach as I dare to say Johor state has been doing well so far in respect of industrial and agricultural sectors, should we want to go further and make our economy more well-rounded, service is the thing to go for. The same goes to many other foreign economies where the GDP percentage for service sector is ever increasing.

During the talk, one question was asked, " why does Johor State Government want to spending hefty sum of money to build new government buildings in Gelang Patah? Is there a need for it". First of all, I am in no position to answer this question. Secondly, this question to me is now irrelevant. The new Johor State Administrative Centre has already been completed and the state government departments are moving in stages by stages starting early this year. The question we all should be asking right now is "how can we play a role in Iskandar Malaysia?"

Especially during this challenging time, we should all get involve more with IM and explore our business opportunities with all the key players in IM, which my company has done so ever since its inception. We have already benefited and we are very optimistic about it. When's your turn?The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Malaysia My Second Home - MM2H

2009-02-27 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

MM2H is not really an open license for everything in Malaysia, especially with Johor State pertaining to property ownership. The general MM2H rule of foreigner owning property of priced at RM150,000 doesn't apply to Johor. If i may clarify, all land matters are state matters in Malaysia. In other words, land laws are under the jurisdiction of the different state governments. Take Johor for instance, foreigner can only purchase residential properties of minimum RM250,000 and above with many other terms and conditions.

MM2H originate from a previous plan called "silver-haired programme", which to me is a great move to attractive more foreigners other than just the elderly people to reside in Malaysia. A great disappointment however, this programme prevents them from working. How can we expect those younger and affordable foreign personnels to come and reside in Malaysia for a long period of time without giving them a chance to work locally? Are we too overly protect our local job market? Just some thoughts to share.
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Real estate blogs and you

2009-02-21 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

Recently, i came across some blogs concerning real estate investment in Johor Bahru. Interesting blogs as they may be seen, and i am happy to see more blogs of this nature to come into existence, as they provide a good platform for investors at large to pool in their opinions with regards to Johor Bahru property market. Be cautious however to their opinions, as they are not accountable to any real estate professional body to what they have said whatsoever, be it ethicals or real estate professional practices in Malaysia.

I have always tried to avoid general statistics or formalaes in my articles as i always tell this to my clients, what they should choose to invest at the end of the day should be something that they are "familiar" with, which they have plenty of on-site market information. Information, information, information is the golden rule to property investment. Always check out the location, rate of return, tenantability and property management when you want to invest in property. You can refer to my previous articles on this.

One word of advise however, never get yourself "over-geared/over-borrowed" in property investment, or else you may be easily get caught when the market is in the downturn like what's happening to our counter-parts in the States right now.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Tiram Realty awarded Top Real Estate Agent Award 2008 (Southern Region)

2009-02-21 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)







We're proud to have been received the Top Real Estate Agent Award 2008 (Southern Region) from CIMB on 13th February 2009. The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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How to get satellite images of your property?

2008-06-11 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)


Thanks to Google Maps, obtaining a satellite image of your property is as easy as lifting your finger, and and it's FREE! Though the image may not be real-time, it's already a technological wonder that many of us could benefit from.




View Larger Map

If you have noticed, Google Maps has now included many street names in major cities in Malaysia. Hopefully very soon we could find detailed driving directions through Google Maps, as what millions of users in United States and many other countries have been using.

If your property is in Malaysia, you might find it tricky to find it on Google Map using your address (as I've mentioned, it's not fully functional for some countries like Malaysia). My tip is to first find a bigger area ("Malaysia", or "Johor" for example).

Once you are in the "Malaysia" map, then all you need to do is to do some dragging and zooming in. (If you know any other better ways, feel free to share it with us!)

To see the map in satellite mode, click on the "Sat" button on the top right corner of the map. And yes, you can show the terrain of the area by clicking the "Ter" as well.

You could even mark your property with it, like how we mark the location of our office in the map above.

P.S. If you have yet to use Google Map before, and you would like to know more about it, you might want to visit the following link:


http://maps.google.com/support/bin/answer.py?hl=en&answer=68259




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Auction cancelled 20 minutes AFTER HAMMER DOWN

2008-06-11 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

In response to our article entitled "Can someone cancel the house I bought in an auction?", one of our website visitors is kind enough to share with us a personal experience:

It happened to me 2 years ago. For my case, 20 minutes after the hammer down, the bank cancelled. I was not even given the chance to sign S&P. Nevertheless, I proceeded to sue the bank and won the case in KL High Court. The difficult tasks are finding a lawyer that is willing to sue and a valuator willing to prove your damage. My case is pending for the damage assessment.- S Ong

Under the auction law, the property is declared sold upon hammer down, hence leaving no more rooms for withdrawal. So, I have no doubt that Mr. S Ong above has a solid cause of action against the bank and i'm happy that the KL High Court has further strenghten this principle. He pointed out a very practical problem however, i.e. getting a lawyer to sue the bank.

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Real Estate Tips #20: Subprime loan crisis, the after thoughts...

2007-08-16 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

This is what happen in United States, i.e. if you cannot qualify for loans or are having difficulty obtaining credit through the normal channel, then a subprime loan may be your next port of call. A subprime loan is a loan that is given to people with a bad credit record. The interest rate on a subprime loan is likely to be a lot higher than an interest rate you would expect on a loan from a bank.

In Malaysia, the closest to its kind is probably credit company. However, this kind of credit loan is usually smaller in amount and is not widely used when purchasing real estate in Malaysia unlike its peers in United States. Once defaulted, as with the case with "loan-sharks", it creates more social issue rather than economic issue.

What I'm more concerned with is the so-called "Full-Loan" package the developers are offering in the market for the past few years. Yes, you can now own a house by paying a nominal sum of probably RM500. The developer can achieve this by marking up the true selling price of the property by 10%, enabling the buyer to obtain 100% loan, or full-loan so to speak. Unlike the conventional way of buying houses, where the buyer used to fork-up minimum 10% downpayment for the house price, this new marketing strategy has given more people (even the less affordable ones) to own a house at an earlier stage.

As a result, the banks now loses their comfort zone of this 10% of the house price. Once defaulted, the borrower may still owe the bank's a considerable sum of money even after the property is being auctioned. In other words, house buyers today are much more heavily-indebted as compared to the conventional ones. They are also exposed to higher risk on variation in the interest rates, i.e. Base Lending Rates.

Spending future money seems to be the trend now. Even when we buy a few thousand mobile phone, some still opt to pay by installment, thanks to the bank's "zero-interest" repayment scheme.

We are in the midst of building another economic bubbles, which we don't know when it will burst. But if it does burst, are we then prepared for it?



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Real Estate Tips #19: Sell your property through a registered estate agent

2007-08-07 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

By way of referral or advertisement, you may call up a registered estate agent to sell your property for you. On your first meeting, the following should be discussed:

(1) Joint inspection of the property
- Before the joint inspection, you might want to give the address of the property to the agent for him to gather some information on the market price. During the inspection, the owner should produce documents such as photocopy of the title or quit rent receipts as proof of ownership.

- The owner should clearly point out to the agent any renovation involved and any known defaults on the property.

(2) Formal written instruction to procure a purchaser
Any registered estate agent should have with themselves a an instruction form, normally known as " Appointment to act as an estate agent (to secure a purchaser) " . This form may vary from one agent to another, but the general information should be as following as prescribed under the Malaysian Estate Agent Standard:

(a) Vendor's (seller) details and contact.

(b) Type of property

(c) Property address.

(d) The permission for the agents to display signboards/advertise in the media/send out flyers and promote generally the sale of property.

(e) The general terms and condition of sales, which includes:
- Asking price
- Earnest deposit on acceptance of offer, which is normally 1%
- On signing of Sale & Purchase Agreement, which is the balance 9%
- After signing the balance to be paid within, which is normally 120 days
- With or Without vacant possession, it simply means the buyer can or cannot take over the occupying of the property after purchase
- Other terms and conditions include, such as 8% p.a. charged on any extension give to the completion period of the agreement.

(f) Types of agency, such as exclusive/sole/sole joint/joint/ad hoc agency. Further explanation can be found in my previous article named Types of Agency you may come across with an estate agent.

(g) Appointment period.
- It can vary from 2 months to 6 months or so.

(h) Agreed fee
- Commission payable as prescribed by the Valuers, Appraisers and Estate Agents Act
- Payable upon the creation of a binding contract for the sale and purchase of the property, i.e. the signing of a unconditional Sale & Purchase Agreement.

- Other reimbursement may include :
I. costs of printing, plans, copies of documents, lithography, traveling (only when the distance between the agent's office and the property is more than 40km) and other expenses actually incurred;
II. costs of media advertisements, signboards, brochures or other promotional materials;
III. costs of private auction, conductin a tender, open house , exhibitions and tele and electronics marketing services.
IV. the total cost of reimbursement is payable on receipt of a statement of accounts even in the event of the transaction not being successfully concluded.

(i) In the case of this appointment being aborted, the estate agent is entitled to claim 50% of the full fee or 50% of the forfeited deposit/ compensation received, whichever is the lower.

(j) The capacity of the instruction given, such as registered proprietor, attorney of the registered proprietor pursuant to a Power of Attorney or a trustee for the legal owner.

(k) Signatory and witness.

(l) Viewing arrangement need to be decided as some property may be tenanted , then special arrangement needs to be made with the cooperation of the tenant before viewing.

Again , the above may vary from one agents to another, but this is pretty much the terms needed to be agreed upon between the agent and the vendor at the stage of appointment.
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Real Estate Tips #18: Getting a registered estate agent to source a house for you

2007-08-01 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

Over the years in the real estate industry, I've noticed one phenomenon, i.e. many people tend to seek service from a registered estate agent (REA) without knowing exactly what they want! Here's a simple guide or questions rather, that can help you to determine what you want before looking for a REA, hence making things easier for a REA to work on your instruction more precisely.

Qualifying process:

(1) What is the purpose of this instruction?
- Investment
Then you are looking at tenanted properties, giving you consistent rental income with possible growth in capital value.

- Owner-occupier
Then you are looking for properties that can deliver vacant possession, i.e. that even if it's tenanted at the time of buying, but the tenancy can be terminated, giving back to you the right to use the property at a timely manner.

(2) Budget
What's the initial outlay and installment that you can afford? For a residential property, you should be prepare minimum 15% for the house price as initial outlay, i.e. 10% for the downpayment, balance 5% for the incidental costs such as legal fees and stamping. The monthly installment figure should not be more than 30% of your monthly net disposable income. Net disposable income is the balance sum of your monthly gross income less monthly commitment with financial institution, such as car loan or other mortgages.

For example,
Gross Monthly salary = RM5000
Car Installment = RM1000
First house Installment = RM1000

Then your net disposable income is equals to :
RM5000 - (RM1000 + RM1000) = RM3000

Monthly installment that you can afford now = 30% @ RM3000 = RM1000

Based on the above calculation, your loan approval should be hassle free, provided you are not blacklisted under CTOS or CCRIS. This is how the banks look at your financial standing as to how much you can afford to pay monthly.

(3) Buying a house for owner-occupier purpose
After decided your budget, few things you need to determine here:
- Location
- Landed or highrise
- Number of rooms
- Prefer house with renovation or without
- Value added features such as gated and guarded
- Orientation , if that's of importance to you

By now, you should be able to know clearly what sort of house that you are looking for. The REA can now work effectively as per your instruction.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Real Estate Tips #17: What are the types of agency you may come across with Registered Estate Agent?

2007-07-31 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

There are few types of agency as noted under the Malaysian Estate Agent Standard :

(1) EXCLUSIVE AGENCY - This refers to the instruction from a client to a single registered estate agent to act on his behalf. The client may make introduction but will leave the closing of the transaction to the registered estate agent. The principal must pay the appointed estate agent the agreed fee even if the estate agent was not the effective cause of the transaction.

(2) SOLE AGENCY - Just as in exclusive agency, a single registered estate agent is engaged. The client may, however, wish to reserve the right to close deals in addition to making introduction and the client may plays an active role. The principal must pay the appointed estate agent the agreed fee.

(3) SOLE JOINT AGENCY - This is a variation of the Sole Agency. The registered estate agent works together with the client as a team and the fee is divided on a pre-agreed formula. The client has the flexibility to compensate additional registered estate agents and at the same time maintain the advantage of having one registered estate agent in control.

(4) JOINT AGENCY - This is where more than one registered estate agent is appointed and only the registered estate agent who closes the deals gets paid. The number of agents appointed is limited and each is aware of the appointment of the others.

(5) AD HOC BASIS OR COMMONLY REFERRED TO AS OPEN LISTING - In this case, the principal can engage an unlimited number of estate agents on an ad-hoc basis and fees are paid only on successful conclusion of the estate agency transaction.

If you ask me from the perspective of a registered estate agent, they will definitely opt for Exclusive Listings. Very often, how much effort an agent will put in one particular listing for sale, is very much dependable on the types of agency he's getting. The higher the hierarchy, the harder he will try to dispose the property for you in the shortest time possible.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Property Auction #6: Are you bidding on Standard & Chartered Bank's properties?

2007-07-30 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

If you are planning to bid for Standard & Chartered Bank's property (Laca case), always remember to register yourself with their panel agent few days in advanced. The purpose is for the agent to apply for you to waive the maintenance fees, quit rent and assessment owed by the previous owner.

If you do not perform the above, I'm sorry to inform you that you yourself have to bear those costs. In many instances, these figures can amount to more than RM10,000!

This only applies to Laca cases, i.e. properties without individual titles being issued. As for non-laca cases, this is not really an issue as the bank will automatically absorb the sum.

The beauty of auction properties with most overseas banks is they will pay up the owing sum directly to the management corporation. As compared with the local banks, they will normally ask the buyer to fork out the money first, then claim back the money from the local banks at later stage, which sometime takes up to one year! Therefore, if you are buying properties through auction with local banks, please get ready the owing sum first as part of your initial outlay.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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New features added to www.tiramrealty.com.my

2007-07-29 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

I'm pleased to inform you some of the exciting updates on Tiram Realty website:

(1) Property Listing - where you can search for the properties you are interested online. If you are interested on listing your property with us, please drop us a email. Do try out our advanced search function under the property listing section as well.

(2) Property Channel - A video channel showing property-related videos online, where you will find FREE tips on home improvement, home decoration, fengshui/geomancy, property news and general information on living in Malaysia.

(3) Newsletter - The first issue of our newsletter, i.e. The Real Estate Insider has been issued and sent out on 24th July, 2007. For those who's interested, please wait no further and register to our newsletter right now!

(4) Property Events - Any upcoming property events will be shown, such as seminar or exhibition.

(5) Podcast - Tired of reading? Have you tested our Tiram Podcast? Let our broadcaster to read out our articles for you. You can even choose to download our article in mp3 format!

Enjoy!The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Landlord and Tenant #4: What if my tenant run away without settling his utility bills?

2007-07-17 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

Can you imagine a tenant of a single storey terrace house owed the water authority for over RM3000 and get away with it? Howabout a tenant of a half an acre factory owed the TNB for over RM100,000 in few months time? Yes, they do happen to my clients.

Question arises here as to who is responsible for the owing? Many of you will tell me, the tenant, of course. Legally, you all got it right, but practically, it "may" be the owner's onus to settle the owing at the end of the day.

Say, Albert is the tenant of property owned by Tony. Albert left the building without informing Tony, and Albert owed the Tenaga Nasional Berhad for RM6000 electricity bills. The account is under Tony's name. The electricity supply was then been disconnected by TNB.

Two months later, Tony found himself a new tenant, and wanted to reconnect the electricity supply for the new user. TNB's officer will normally tell you this, "we can't reconnect the supply for you unless you have cleared the previous owning."

Two things you should take note here,
(1) TNB do understand that owning is made by the tenant, not the landlord,
(2) TNB has this policy saying that they cannot reconnect the supply to the same property until such time the owning are fully cleared. And they don't really care who's responsible for that owning.

So, in the end of the day, the landlord still has to pay up the owning made by the tenant in order to reconnect back the supply. Hey, wait! There is a court case few years ago telling otherwise! I hear people shouting now, yes, there is a court case which the landlord won, the TNB has to reconnect the supply because the owning are not made by the landlord, but the tenant. However, you need to take TNB to the court for this purpose, because TNB treats that particular case as an isolated case, which they will go on a case by case basis.

Henceforth, if you are facing this problem now, you either pay up the owing, and rent the property out right now, , or you can bring TNB to court for that matter. However, do yo know how long does it take for your matter to bring up to court? Can you afford to wait for the court's final decision and leave your property empty for months or even years? This is what i meant just now by saying, legally yes, but practically no.

My reminder to you all is, whenever you collect your rental from your tenant, please remember to obtain a paid copy of receipt for the utility bills at least on a bi-monthly basis. The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Property Auction Tips #5: Should i bid for a caveated property?

2007-07-03 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

This is a question posted to me by one of our Tiram blog reader. Apparently, she came across a Proclamation of Sale (P.O.S) of a property in Kuala Lumpur which she's interested in buying. It so happened that the property has been caveated. She then sought advice from few registered estate agents on the issues on caveat, nevertheless she couldn't seem to obtain a satisfactory answer.

This is what i would do should i come across any caveated properties in auction:
(1) Talk to the P.O.S lawyer on the nature of the caveat in questioned, and the possibility of removing the caveat,
(2) Obtain second opinion from my panel lawyer on the possibility of removing the caveat,
(3) Should i get both negative answers from both lawyers, i won't even market the property to any of my client at the first place
(4) Should i get conflicting answers from both lawyers (and yes, lawyers do differ in their opinions sometime), i will also advise my client not to bid for the property.

I've always told my client that buying properties is a happy thing to do, but it may turn out to be some not so delightful event should you get yourself caught up with some legal predicament.

Always make sure that you know what you are buying.
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Iskandar Development Region #6: New updates on Nusajaya

2007-06-24 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

These are some of the happenings in Nusajaya City:

(1)Columbia-Asia Hospital commencing work by September 2007, a 70 beds hospital at Medi-Park

(2)University managed by I-Carnegie commencing work by September 2007

(3)Estimated first yacht will be sailing into Puteri Harbour at Nusajaya by December 2007.

(4)Detailed incentive package for IDR will be published by September 2007.

Looks like September this year will be an exciting month for all of us who's interested in the progress of Iskandar Development Region.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Real Estate Tips #16: Are you planning to visit a mapex/property exhibition? Here's what you should do.

2007-06-21 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

Before you go, you should :

(1) Determine your purpose.
Are you looking for a house at a particular locality? Are you searching for a shophouse for investment purchase? Are you looking at a single or double storey terrace house? How many rooms i needed? Too many questions? Well, to make things simpler, just answer the following questions:
- What's the locality you wanted?
- What's the type of house you wanted, single/double house, or apartment?
- What's the value added facility you wanted? Security features, larger carporch or etc?

(2) Determine your budget.
What sort of initial outlay can you fork up? If you are looking for a residential property, you should be looking at minimum 10% outlay, as for commercial property, you need to have minimum 20% of the value of the property. You may notice many developers now are coming out with an easy entry package which may need as low as RM1000 as initial outlay to buy their product/houses. Don't feel skeptical about it, because these are genuine package. Besides the first payment of the property, there are also some incidental costs such as legal costs, stamping and etc, this will amount to another 5% roughly.

Besides initial outlay, the bank's installment comes into the picture. As a rule of thumb, the monthly installment should not be more than 1/3 of your monthly income, or not more than 40$ of your monthly net disposable income.

Now that you have determined a purpose and budget, you will then be more focus as you step into the exhibition hall. Here's what you should do as you arrive:

(1) Stay Calm
You will be surrounded and flooded by flyers, brochures and sales person. Just stay calm and accepting flyers and put it aside, as you can read it later when you are back home.

(2) Plan your trip
Look for an exhibition hall map, if any, and decide a logical track where you won't repeat the same booths again and again and get lost. Go for a quick one round to have a feel of what's available there generally and take note on those comes within your purpose and budget as targeted booths.

(3) Visit the targeted booths
Now is time to go to the targeted booths , and here's what you can do there:
- Look through the master plan of the project, and its adjacent development
- See the model house
- Obtained detailed brochure, which entails design of the house, price, package, built-up area, land size, actually location and etc.
- Ask the sales person should you have any question, don't be shy, they are more than happy to answer to your questions.
- Register with the developer if you want more information to be sent to you in future
- Check the developer's background with the sales personnels
- Find out who are the bank panels, some banks may offered special rate for particular product for this developer
- NEVER BUY ON IMPULSE, i've met plenty of first-time house buyers who regretted purchasing their first house, don't go and become one of them.


(4) Visit the bank's booths
- After knowing what you might want to buy, now it's time to chat with the bank officer to see your financial standing, whether or not you are eligible and affordable to purchase the property you wanted.
- The more financial information you give to the bank's officer the better, i.e. monthly income, commitments such as car loans and etc.
- The bank's officers can normally calculate your monthly installment on the spot.
- Don't get confused over the different package offered by different banks, just obtain the brochures/flyers and study them when you are back home later.
- Here's some questions you might want to ask the bank's officers:
(a) What's the rates offered?
(b) What's the installment payment i need to make?
(c) How long can i borrow?
(d) What's the margin i can borrow?
(e) What's the incidental cost involved?
(f) How much do i have to pay the MRTA? How do I make myself covered in the "correct" way? Please refer to my previous articles on the MRTA insurance.
(g) Can i make prepayment? What's the cost involved?
(h) What's the penalty if i switch the loan? How long are you going to bind me?

Always remember, getting information from the property exhibition is only a first stage of purchasing a property, you should then pay a site visit to gather more information, such as actual showhouse, construction stage, orientation, road's level and etc.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.
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Real Estate Tips #15: Seminar on Southern Johor Development

2007-06-04 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

Malaysian Institute of Estate Agents , Johor Branch together with the cooperation of University of Technology of Malaysia and Land & Mines Johor are conducting a seminar on SOUTHERN JOHOR DEVELOPMENT: PROSPECTS & CHALLENGES IN THE 21ST CENTURY at The M-Suites Johor Bahru, 27th & 28th June 2007.

The seminar topics are as follows:

1. Iskandar Development Region - Embarking into a New Horizon;prospects and challenges
2. Iskandar Development Region - The need for a balanced development
3. Challenges of the Malaysian Torrens System in to the 21st Century
4. Environmental Management Issues
5. Latest Amendment of the Strata Title Act 1985 and the Incorporation of Gated Community Schemes
6. Introducing new paradigm in housing industry: developer's perspective
7. Introducing new paradigm in housing industry (certificate of completion & compliance, build then sell, one stop centre, gated and guarded community, latest amendment of strata title act): Government's perspective
8. Making build then sell 10:90 concept work
9. Business and Investment Opportunities in Southern Johor Development
10. Southern Development: The way forward
11. Certificate of completion and compliance: new role for the architect
12. The concept of waqf as an instrument for real estate development in IDR

All topics are given by prominent speakers. The fees are RM600 per person, including notes, refreshments and lunch. For enquiries, please send me a email to boonping@tiramrealty.com.my.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.…

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Real Estate Tips #14: Mortgage Reducing Term Assurance (MRTA), have you bought it?

2007-06-03 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

MRTA is designed exclusively to protect against the outstanding balance of housing mortgage in the event of the loan holder’s unexpected death or TPD (Total Permanent Disability). In other words, it will pay off the mortgage thereby securing the repayment of the housing loan.

Over my 8 years involvement in the real estate industry, I've come across two typical true cases related to the issue of MRTA.

Case one:
Mr. A lost his eye-sights due to work injury, and he still has to carry a household consist of his wife and a 2 years old daughther. He previously bought a single storey terrace house at Bukit Jaya, and now fully paid off by the banks' MRTA. At least, he still can provide shelter for his family.

Case two:
Mr. B got me to sell off his double storey terrace house at Taman Puteri Wangsa, because he simply couldn't afford to continue serve the bank installment on his own anymore due to a car accident which caused him paralized.He is the only income earner to his family. He didn't subscribe to MRTA, as a result, he's not only losing his livinghood, he also lost his house.

The above are 2 real cases where i've met so far with regards to MRTA, therefore, i strongly urge all house owners subsribe to MRTA.

Get your bank's officer/insurers to explain to you in detail on how MRTA covers you and how you should be covered. That is to say, there are actually many options available when you want to subscribe to it.

Example:
A newly wed couple bought a house at RM150,000. If the husband is the only income earner to the family, then the husband should subcribe fully to the MRTA. If both couple are major income earners to the family, then they can opt to either subcribe to RM75,000 each, or RM150,000 each. In the case of subcription to half of the property value by each of the couple, in the event of death of TPD, the insurer will only pay off half the mortgage. The remaining ones will still have to pay off the balance. The younger the subscriber is, the cheaper the previum is.

The best part of the MRTA is that it can be made to become a portion of the loan margin you are getting from your bank.

Many people out there don't even know how they initially subscribed their MRTA, please refer back to your bank document on that matter, and please ensure you have made the right options (pleaser refer to example above) when buying it.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.…

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Landlord and Tenant #3: Fire insurance - notification on change of tenants

2007-05-30 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

This has always being neglected by property owners. Under the fire insurance terms and condition, you as a property owners are obliged to submit changes to the tenancies to your insurers promptly.

That is to say that you will be paying different premium for the fire insurance. For example, if you have a carpentry as your tenant, you will be paying tariff at approximately 0.7% whereas a storeroom carries a tariff of approximately 0.2%. Yes, higher risk's tenant will cost you as a owner to pay higher premium. By paying the sufficient premium to your insurers, then only you will be able to avoid any disputes in the case of claims against fire.

From now onwards, do inform your insurers whenever there is a change in your tenants.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.…

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Landlord and Tenant #2: How many of you actually read through your tenancy agreement before signing?

2007-05-27 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

I'm very surprised to hear that many people never actually read through the tenancy agreement before signing it, be it professionals or some people from corporate background.

Both landlord and tenant normally have many issues to be agreed upon, and in many instances, the issues are agreed upon verbally at initial stage. Please make sure these terms and conditions are duely noted and worded properly in the tenancy agreement to avoid any future disputes.

To my knowledge, there are some so-called "standard" tenancy agreement in distribution in the market, which to me are nothing more than a plate of "rojak" full of variety mix of unrelevant contents. You can find standard Sale & Purchase Agreement when buying new property from developer like Schedule G and Schedule H as noted by the Housing Development Control Act. But there are no such thing as "standard" tenancy agreement as per se.

For each and every tenancy agreement you come across, please always read through thoroughly every clauses to see that both of you are in agreement and to safeguard both parties interests equitably.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.…

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Real Estate Tips #13: Changes in house design over the past 10 years

2007-05-21 :: noreply@blogger.com (Lim Boon Ping, Registered Estate Agent)

Some of you might find this interesting, here's some of the changes:

(1) Single carporch to twin or even triple carporch
- Most families now own more than one cars, in order to cater to these needs, all developers now opt to build more spacious carporch.

(2)Traditional kitchen to Wet & Dry kitchen
- Many would use the dry kitchen for display purpose, where the actual cooking is done in wet kitchen.

(3)Cement/parquet flooring to tiled/timber strips flooring
- Many finds cement/parquet floorings to be difficult to maintain. Most developers have now switched to using ceramic tiles or timber strips for the floor to enhance the look and to enable easier maintenance on the floor.

(4)Open drainage to covered drainage system
- The streetscape have become much more neat using the covered drainage system though i am still feeling rather skeptical on the long term maintenance of these system.

(5)Hanging cable to underground cable
- Also to make the streetscape looks more pleasant, many developers have also started to use underground cable rather than to let the cables hanging all around the housing estates posts.

(6)More toilets/washrooms
- To add more privacy and conveniency to the occupants, some innovative developers have added more toilets to the house. For a double storey terrace house, it used to have only 3 toilets, 2 in the first floor, 1 in the groundfloor. We now see some 4 rooms houses came with 4 attached toilets.

(7)Gated and guarded community
- A new concept living style which capitalise on the security and sense of community. Some even provides clubhouse with facilities such as swimming pool, tennis court and etc, which you can only find in condomiums previously.

(8)Streetscape
- Besides the underground cable and covered drainage, the developer now place more emphasis on the "make-up" on the streetscape, e.g. with more greenery , lakes and parks.

(9)More accessories
- Things like ceiling height wall tiles, auto-gates points, tiled carporch and tinted windows, aluminium framed doors and windows have also given to the house buyers by some developers.

(10)Roofing system
- Cool-roof system which are meant to maintain and lower room temperature as compared to the conventional ones, in view of reducing power consumption.

(11) Sheer wall
- A new technique in constructing walls which enables more space created within the house.

(12) Higher floor to ceiling height
- To enable better ventilation

(13) Wider main entrance gate
- To allow easier car access

(14) Columnless carporch
- To allow full utilisation of the carporch

Developers are no longer selling house, they are now selling lifestyles.The podcast is brought to you by Malaysia's Real Estate Selling, Buying and Auction Tips website.…

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Malaysia's Real Estate Selling, Buying and Auction Tips (Johor) 马来西亚房地产买卖和拍卖小贴士(柔佛) - Podcasts powered by Odiogo

Over 20 years of experience in Malaysia's property market, Johor-based registered estate agency, Tiram Realty, brings you this Malaysian property blog, offering FREE tips and info on the selling, buying, renting and auction of Malaysia's properties.

Malaysia's Real Estate Selling, Buying and Auction Tips (Johor) 马来西亚房地产买卖和拍卖小贴士(柔佛) - Podcasts powered by Odiogo


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