ROLE OF REGISTERED VALUERS, APPRAISERS AND ESTATE AGENTS

Valuers

Only a registered valuer can call himself a – "Valuer", "Land Economist", "Property Consultant" or "Property Manager". He can carry out the practices of valuation, property management or property consultancy. He is educated and trained in all areas of real estate use and development, and is registered only after passing the Test of Professional Competence set by the Board.

The valuation of real estate is needed for the following purpose:

• Financing and credit facilities
• Acquisition and disposal
• Taxation or other statutory purposes
• Investment or other corporate management activities
• Securitisation and other asset valuation purposes
• Market and feasibility studies

In the exercise of his professional practice, the registered valuer is bound by various guidelines and practice directions issued by the Board such as the Manual of Valuation Standards.

Appraisers

Appraisers are registered under Part V of the Act because of their long experience and earlier registration under the various Appraisers Acts. Appraisers can, and are allowed to, practise valuation and property management but unlike the Valuers they are restricted in practise by geographical areas and value.

Estate Agents

Only those who are registered under the Board can act as Estate Agents. They provide a service in buying, selling, leasing properties for clients so that, optimum returns can be achieved.

Property Management

Currently only a registered valuer can practice as a Property Manager. The property manager ensures that the owner gets the best returns of his property investment. He also ensures that the building is well maintained, the building services well looked after and all expenses paid. He is able to optimise usage and enhance the investment in property. He advises on lease renewals, selection of quality tenants and the appropriate tenant mix.

HOUSING LOAN SCHEME FOR LOWER INCOME GROUP

1.Background
This programme is implemented through a trust account called the Housing Loan Fund for the lower income group. The fund was approved under the Financial Procedure Act 1957 (Amendment 1972) on 17 December 1975, which came into effect in 1976. This account with its rolling capital of RM70 million allows the lower income group to build their own houses or buy fully built low-cost houses.

2.Purpose
The purpose of the housing loan scheme is to allow the lower income group without other borrowing means to build or buy fully built low-cost houses to improve their standard of living.

3.Rationale
This scheme is an effort by the Government to help the lower income group to finance the cost of building a house so that they could at least have basic housing accommodation. With this facility the Government would be able to provide suitable and satisfactory housing accommodation to raise the standard of living of this group.

4.Approach
This loan scheme is implemented by the Ministry of Housing and Local Government and supported by the revolving fund of the Housing Loan Fund for the lower income group. It deals directly with the borrowers. The maximum loan amount is RM20,000 with the first RM10,000 being exempted from service charges while a four (4) per cent service charge is levied on the subsequent RM10,000.

The target group for the scheme is households with a combined income of between RM500 and RM1,200 that are not eligible for any other loan facility.

5.Loan ConditionsSource of Loan Housing Loan Fund for the Lower Income Group

6.Eligibility for the scheme is subject to the following criteria:-

i.) Borrower: Malaysian citizen between the ages of 18 and 48 ii.) Maximum loan amount: RM20,000 iii.) Loan period: Between 5 and 20 years iv.) Service charge: First RM10,000 is exempted from service charge while a four (4) per cent service charge is levied on the subsequent RM10,000 v.) Combined household income: Between RM500 and RM1,200 vi.) Purpose: To build a new house with a cost not exceeding RM25,000 or to buy a fully built low-cost house according to the price of such houses in the area/location vii.) To build a house, the borrower must own a piece of land for the site to be used as security viii.) For fully built low-cost houses, the land and the house must be used as mortgage ix.) The borrower does not own a house x.) The borrower is not an employee of the government, nor of a corporatised bodyor financial institution.

7. Download Aplication Form

8. Further Information

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Director Housing Loan Scheme Division Ministry of Housing and Local Government Level 3, Block K, Pusat Bandar Damansara PO Box 120979 50782 Kuala Lumpur Tel : 03-2094 7033 Fax : 03-2092 3214

GUIDELINES FOR HOMEBUYERS

There are some important aspects before you decide to buy a house...


1. Before you decide to buy a house, ensure that:-

The housing developer has a licence and it is still valid. The housing developer has an advertisement and sales permit and it is still valid.

2. Determine the house type 

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For landed property such as bungalows, semi-detached houses and terrace houses, the expected date of completion is 24 months from the date of signing of the Sales and Purchase Agreement.

For subdivided building such as condominiums, flats, apartments and townhouses, the expected date of completion is 36 months.

Buyers are advised to obtain from the housing developer the complimentary brochures with all the pertinent information about the project such the development's licence number, and advertisement and sales permit.

3. Land status

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Please ensure whether it is:-

Freehold land - it is in perpetuity
Leasehold land – check the number of years left
Malay Reserve

* The status of the land can be checked at the Land Office or the State Land Registrar.

4. Brochure Information

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Brochures are given free by the developers. Please ensure the brochure has the following information:-

1.) The Housing Development’s Licence number and the expiry date;
2.) The advertisement and sales permit number and the expiry date;
3.) Name and address of:

i.) the licensed housing developer ii.) authorised agents (if any) iii.) those holding power of attorney (if any) iv) the project management company (if any)

4.) Land status 

i.) Freehold ii.) Leasehold – number of years left iii.) Encumbrances – whether the land has been mortgaged to the bank for a loan

5.) Location description

i) building material specification ii) size of building iii) amenities/services

6.) Name of housing project (if any);
7.) Expected date of completion;
8.) Price of each type of house;
9.) Number of units for each type;
10.)Reference number of the approved building plan and name of the local authority.

::: The rights of buyers must be understood as contained in the Sales and Purchase

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Agreement as per schedules G and H of the Housing Development (Control and Licensing) Regulation 1989.


5. First Payment

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The first payment of 10 per cent must be made upon signing of the Sales and Purchase Agreement. Please ensure the date of signing of the SPA and the date of first payment are the same.

Be aware that the housing developer is not allowed to collect any form of payment without a Sales and Purchase Agreement being signed.


6. Architect Certification

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Make sure any demand by the developer for instalment payment is supported by a certificate duly signed by an architect or a certified engineer.

7. Interest on Late Payment

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If the buyer or end financier for the buyer fails to pay the developer the progressive payment/instalment within 21 working days from the date of the written notice of payment from the developer, the buyer will be charged an interest of 10 per cent per annum on the instalment not paid.


8. Termination of the Sales and Purchase Agreement

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Be aware that failure to make the progressive payment or interest charged on late payment for a period of more than 28 days will give the developer the right to terminate the Sales and Purchase Agreement. The developer must serve the notice in writing by AR registered post of its intention to terminate the SPA.

9. Infrastructural Maintenance Fee

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Buyers must pay the cost of maintaining the infrastructure from the date of vacant possession till the date the responsibility is taken over by the local authority or management corporation (in the case of a subdivided building).

Infrastructure is defined as:

a.) For land and building
Road, driveway, drains, sewerage, pipelines and sewerage tank for the housing development
b.) For subdivided building
Road, driveway, drains, sewerage, pipelines and sewerage tank for the building

10. Maintenance and Management Fee

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From the date of vacant possession the buyer shall be responsible for paying for services such as:-


11. For land and building

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i.) Refuse removal, upkeep of drains and grass-cutting on the road reserves
ii.) The buyer is responsible for such payment until such responsibility is taken over by the proper authority.
iii.) The buyer must pay a six months’ deposit upon being handed vacant possession for the services to be rendered. After six months, if the services are still not taken over by the relevant authority, any subsequent payment shall be payable on a monthly advance.


12. For subdivided building

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i.) Payment is for the cost of maintaining and managing the common area and payment starts when vacant possession is handed over.
ii.) The buyer shall pay one (1) month’s deposit and three (3) months’ advance in respect of the maintenance service charges and any payment thereafter shall be payable on a monthly advance.
iii.) Maintenance fee must be paid to the developer from the date of vacant possession up until the formation of a management corporation under the Strata Title Act 1985.
iv.) Once the management corporation is formed under the Strata Title Act 1985, maintenance services will be handled by the management corporation and the buyer must pay the maintenance fee to the management corporation and not to the developer.


Reminder:-
Maintenance fee must be paid as long as the buyer owns a parcel in the said maintained building.


13. Sinking fund

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For subdivided building only

The buyer shall upon the date he takes vacant possession of the said parcel contribute to the sinking fund an amount equivalent to 10 per cent of the service charges.

The buyer shall pay one (1) month’s deposit and three (3) months’ advance in respect of the service charges to the sinking fund and any payment thereafter shall be payable on a monthly advance.


14. Payment of Quit Rent, Rate Assessment, etc

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From the date of vacant possession or date of assignment, whichever is earlier, the buyer is responsible for the quit rent, assessment, rate payment and other charges relating to the property bought.


15. Vacant Possession

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Vacant possession on the building complete with water and electricity connection must be handed over within 24 calendar months from the date of signing of the SPA for landed property and 36 calendar months for subdivided building.

Regulation and Rights of House Buyers during the Handing over of Vacant Possession
Ensure the property is free from any encumbrances before accepting notice of vacant possession.

If the developer leases the land or the property, the developer must settle the balance payment before handing over vacant possession.

Conditions that must be followed by housing developers:-
I.) Certificate from the developer’s architect stating that
a.) the building is completed
b.) water and electricity are ready for connection
2.) The developer has applied for: 
a.) the issue of the Certificate of Fitness for Occupation (CFO) through Form E *
b.) the local authority has issued a notice stating that Form E has been checked and accepted by the relevant authority.

* Form E is an application from the developer’s architect to the relevant authority for the issue of the CFO.

The buyer is entitled to enter into occupation of the property only upon issue of the CFO by the relevant authority and renovation may be carried out only upon issue of the CFO and approval of the plan by the relevant authority.

While inspecting the building, any defect is recorded and handed over to the developer to be rectified. Make sure you obtain a copy of the report.

The buyer is entitled to claim for late delivery from the developer.

16. Damages

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If the developer fails to deliver vacant possession of the building as stipulated by the SPA, it must pay damages calculated on a daily rest, 10 per cent per annum of the purchase price.

17. Defect liability period

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The defect liability period is 18 months after the date of vacant possession.

Creation of Management Corporation for Subdivided Building
A management corporation will be created once the strata title of each individual parcel is issued to the owners.

Other functions of the management corporation include insuring and maintaining the building.

18. Enquiries and complaints

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You may contact:

Monitoring and Enforcement DivisionMinistry of Housing and Local Government Level 3, Block B North, Pusat Bandar Damansara 50782 KUALA LUMPUR Tel : 03-2094 7033 Fax: 03- 2092 5049

Forward your complaints here, complete and click send. Or e-mail our enforcement officers at enforcement@kpkt.gov.my, giving your full name, IC no, developer’s name, name of housing project, etc.

Before proceeding please browse through the FAQ section provided.
Please refer also to the prepared article, Housing and You, which has appeared in the local papers.

This is a division under the Ministry of Housing and Local Government and it is responsible for the implementation and enforcement of the provisions of the Housing Developers (Control and Licensing) Act (Act 118).

THE LAKE RESIDENCE , LBS Bina Group Berhad

OVERVIEW
Strategically located in the vicinity of Puchong, one of the most vibrant and established towns in the Klang Valley, The Lake Residence features stylish town houses nestled beside a scenic lake.
Combining charming surroundings with affordability makes this development one of the more coveted properties in the area. Its low density and full recreational facilities creates a perfect setting to raise a family or make a home. The lake offers plenty of chances for a lazy evening stroll or fishing with the kids.
The Lake Residence is within easy reach of the main Puchong town centre with its range of facilities such as hypermarkets and shopping malls, restaurants and entertainment outlets, medical centres and more. 

FEATURES
Located in the heart of Puchong central business area, with easy access to schools and colleges, hypermarkets and shopping malls, hospitals and clinics, and a prime retail zone.

LBS Hassle-Free Home Ownership Programme**

• RM 3,000 down payment only
• 5% Rebate
• Free Legal Fees for SPA
• Free Disbursement for SPA
• Free security fee for 12 months (worth RM600)
• Easy payment scheme available (1st 10% deposit by 3 monthly interest-free instalments)

TOWN HOUSE (TYPE A)

Town House ( Type A ) 22' x 80'
FROM RM 278,907*

* After 7% Bumiputera Discount

Ground Floor First Floor Features 3+1 bedrooms & 2 bathrooms Gross built up 1,390 sq. ft.  1,397 sq. ft.  Total units 165

TOWN HOUSE (TYPE B)

Town House ( Type B ) 22' x 80'
FROM RM297,507*

* After 7% Bumiputera Discount

Ground Floor First Floor Features 3+1 bedrooms & 2 bathrooms Gross built up 1,390 sq. ft.  1,421 sq. ft.  Total units 134

For more info;

http://www.lbs.com.my/horizontal-items/residential/townships/klang-valley/the-lake-residence/overview

REASON WHY PROPERTY IN MALAYSIA IS A GOOD INVESTMENT

• Government legislation is actively encouraging foreign property investment through a number of tax incentives and the relaxation of laws governing real estate purchase by foreigners.

• Through its Ninth Plan, the government of Malaysia aims to improve the infrastructure and general economic development of the country. Analysts believe this will have a positive impact on the Malaysian real estate market.

• Malaysia boasts a stable economy and government. It already has a world-class infrastructure, industry and support, along with a modern and cosmopolitan lifestyle.

• English is widely spoken by a multi-lingual, experienced and qualified workforce.

• The value of the local currency, the ringgit, is far below the euro, dollar and pound sterling, allowing foreign investors to buy a lot more for their money in Malaysia.

• Property prices per square metre in all major Malaysian towns and cities are a fraction of the cost of similar investments in London and New York.

• There is high demand for quality new real estate is high from an affluent expatriate market.

• Malaysia is also among the top three countries for the greatest number of tourist arrivals among the 53 Commonwealth countries, according to the World Tourism Organisation

• Tourist arrivals in Malaysia rose by more than 160% between 2000 and 2005 - an astonishing achievement for tourism.

• Malaysia is located near the Equator, hence its year-round tropical climate, ideal for tourism.

• Malaysia does not suffer from any natural disasters such as earthquakes, volcanoes or tornados.

• Extensive white sandy beaches continue to draw holidaymakers. Port Dickson resorts which have long been a favourite amongst visitors from Kuala Lumpur and other neighbouring towns who seek an escape from hectic life.

• Buying costs are very low in Malaysia at between 3.4 to 6.75% of the property value, including 2.75% agent’s commission (for first MYR 500,000).

More info from ;

http://www.propertyshowrooms.com/malaysia/

TOP PROPERTY DEVELOPERS IN MALAYSIA

The Edge Top Property Developers Awards 2010 (TPDA) was announced during the The Edge Property Excellence Awards 2010 event that was held on Thursday, Oct 7, 2010.

The seven judges for the TPDA were Datuk Alan Tong Kok Mau, the past world president for FIABCI; Datuk Eddy Chen Lok Loi; Datuk Jeffrey Ng Tiong Lip; Kumar Tharmalingam; Datuk Richard Fong, president of FIABCI Malaysia, Datuk Teo Chiang Kok and Au Foong Yee, the dge Malaysia’s executive editor of property and retailing.

TOP 10

1. S P Setia Bhd
2. Sime Darby Property Bhd
3. Sunway City Bhd
4. Sunrise Bhd
5. IGB Corp Bhd
6. IOI Properties Bhd
7. I & P Group Sdn Bhd
8. Bandar Raya Developments Bhd
9. Mah Sing Group Bhd
10. IJM Land Bhd

TOP 11-30

11.  Paramount Corp Bhd
12. YTL Land & Development Bhd
13. Glomac Bhd
14. Dijaya Corp Bhd
15. Plenitude Bhd
16. Selangor Dredging Bhd
17. Naza TTDI Sdn Bhd
18. Eastern & Oriental Bhd
19. TA Global Bhd
20. UEM Land Holdings Bhd
21. YNH Property Bhd
22. Bolton Bhd
23. Malton Bhd
24. United Malayan Land Bhd
25. Selangor Properties Bhd
26. Metro Kajang Holdings Bhd
27. PJ Development Holdings Bhd
28. Naim Holdings Bhd
29. Hunza Properties Bhd
30. Mulpha Land Bhd

Source: The Edge Malaysia