What would you like to know about the real estate industry in Malaysia?

How easy can it be on making decision on what to buy or invest?

What are process for first time buyers?

Blah blah blah....

Get your questions discussed here. Appreciate if everyone who comment a constructive and positive answers related and not harming anyone.

Is there anywhere to check if a property is listed for bank lelong?

Check with auctioneers. You can try https://www.ngchanmau.com

But do understand the risk of going for auctioned property. Especially if the property is currently tenanted. Understand that bank only sell the property, they do not be responsible on evicting the people staying inside.

Huh? Is there no way of evicting people staying inside? Let's say if I eventually bought the property, doesn't it count as wrongly trespassing into my private property? No one can enforce it, e.g. the police?

Worth taking note that currently in Malaysia we do not have a tenancy law. And the current law actually pro tenants than owner. Of cos there's way to evict the tenant, but it will be a long process and you need to get an eviction notice from the court. And that I heard some waited more than 6 months to get it. And there's not confirmation that you will get it. The other alternative is to engage a lawyer and file a civil case against the tenant.

I would say this is one of the main concern when buying an auctioned property. There are other concerns too, such as the condition of the property. For auction properties, while you might get a great price, especially during this point of time, but at the same time, you are buying a property without looking at the inside of the property. So buyer better be prepared to fork out more for renovation cost if the conditions is bad. And they might end up paying more for the property due to the renovation cost.

My advise is, make sure you know why are you buying it. Own use or investment. If own use, then not much issue as you probably buy it because u like the location, and an auctioned property comes with a rare good price. But for investment purposes, make sure you get as much info as possible. Maybe buy a fruit basket and get to know the next door neighbour to learn more about the person staying in the house.

Thanks for the tips bro! Appreciate that. Looking to buy the property for own stay. Will try to dig as much info from the neighbours as possible.

All the best in finding the right property. Tips for buying on own stay: make sure you really like the place ...

would like to ask, after the SPA for subsale enforce, I have 3months until the bank fully drawdown to the vendor. however, my lawyer keep on telling me in process and they cant control 3rd party (such as developer/bank/authorities side)

how if the SPA is due and im subjected to penalty even its not my fault? as I keep on pushing the lawyer but he's like tak apa…..

Hi. sorry for the late reply.

Normally we (REN) will help buyer to follow up on the cases. While we cant control all parties, we always ask for the latest updates so we can keep all parties updated. For vendor, what they want to know is that there's no delay from purchaser and should there is any potential of delays due to unforeseen circumstances, we are able to detect it before hand and inform vendor accordingly. If really "touch wood" delay, we will help purchaser to convince vendor not to charge on the penalty. <<< this is when you deal with REN.

But in the event you buy directly from vendor, then the person you can rely upon is your lawyer. As they are representing you, they will have to prioritize your best interest. They will have to make sure that they try their best to avoid any penalty. In normal situation, 3 months should be sufficient for drawdown. But sometimes if there's a lot of transactions in land office, there might be some delay. Your lawyer might not able to control them, but they can always check with relevant parties to ensure there's no delay.

You mentioned you keep pushing the lawyer, but most of the times, it's the legal clerk or admin clerk who do the job. maybe you can check with your lawyer and ask who is the one in charge of your case? Then instead of pushing your lawyer, you can follow up with the person in charge of your case. Treat he/she nice and ask for help ...

Hi. Thanks for kind reply. May i know what mean by REN?
Im at the purchaser side. As its almost left 2weeks until the due date, my lawyer juz told me now they are sending the DOA to developer for endorsement. And im the one who always text the lawyer to ask for update. He just keep telling me in process.

May i know 2weeks are sufficient until the handover?

REN = Real Estate Negotiator, a person hired by A real estate agency to represent the agency in works related to real estate transaction such as buy sell or rent. The actual meaning for Real Estate Agent in Malaysia means the license holder of the agency.

As I’m based in KK, there might be different in the timeline for process.. may I know if the property your are buying are still under master title or strata/individual title already?

Did you ask your lawyer if he can get it done before due date? Or if not, how will he help I’m not getting u to pay any penalty?

the only answer that I always get from the lawyer was : Reply from bank, lhdn and developer is not within our control.

hmm... your lawyer really... you bought it through agency or direct to owner? Who is this lawyer? Someone you know personally?

through agent. but the lawyer I seek outside myself from internet.

OMG... then this is the actual issue. Normally I would highly recommend buyer to get agent to recommend the lawyer they normally pass the cases to, so it will be easier to get the agent to follow up closely with the lawyer.
or if you have personal friend or relatives who is a lawyer then can engage too so you can follow up with them.

To get a lawyer from internet is very risky and you are now facing it.

Let me send you a PM on how you can talk to your lawyer on this matter ya.

Lawyers are cautious when dealing with those three lest he is blacklisted. He still needs to carry on business after your case being 'settled', so offending others is last.

If you need something quick, you have to do the work. Otherwise, the lawyers will do a courtesy follow up ...nothing to the extend of how you will talk when you are 'angry'.

hi,may I know what kind of work I need to do from myside beside folo up frequently with my lawyer>?

Bank .. follow up with the loan officer. Put some pressure saying you are unhappy with the delay. Tell him about referral from you for future cases.

Lhdn ... nothing much you are dealing other than stamp duties. That should not be a problem since the govt wants money

Developer ... Pressure your seller to call them. You can also do the same.

As buyer, you must be 'excited' to complete everything soonest. If no one follow up or make noise, nobody cares. You cant expect your lawyer to slam the phone on the bank, lhdn or developer !

Edit ...

Dont quote your lawyer when dealing with them. Just ask why the delay.

This post has been edited by mini orchard: Nov 6 2020, 06:44 PM

not sure if this is the right place to ask but here goes

generally speaking how long does it take for a piling process to finish? the said project is a 40 floor condo.

Probably you can ask here for a better insights: https://forum.lowyat.net/topic/3381356

it can be from 6 months to 1 year depending on developer and contractor and weather condition too. (this is a reference based on some of the construction speed of condo in KK, Sabah)

What is your concern ? Noise from your neigbour project ?

thanks mate i just did

i signed a snp about 1 year ago so far from what i see they are still doing the underground work.. just curious is this the normal pace of a construction phase

This post has been edited by iOrange: Nov 7 2020, 06:18 PM

There are many reasons why they are still stuck there and we as buyers are in no privilege to know as long the project is not due for vp.

If they are still working on the site, it should be consider WIP. Nevertheless, is good to monitor the progress.

I will guess you only paid the 10% and there is no further money disbursement yet for progress work.

This post has been edited by mini orchard: Nov 7 2020, 07:54 PM

Normally for 40 floors the project should be more than 400 units right? I think I’m your SPA it should stated the construction period is 48 months? Or 36 months at least?

True.. since it’s progressive payment, then it shouldn’t be a big issue. As long as they don’t run away.

I guess not strictly a property related question, but thought I’d try.

I started my sole proprietor business Feb 2019, and I have filed my first form B tax return this year for YA 2019, and I have my business P&L. How many years of business account history do banks typically want to see before they feel they’re confident in your ability to service your loan?

This post has been edited by KingArthurVI: Nov 8 2020, 11:32 PM

For sole proprietor, it will take at least 3 years as bank would require you to provide 2 years income tax statement. But of cos, if you have other source of income beside your business, eg a full time paid job, then you can also try to approach banker and try

Ah crap then I'm fresh out of luck. I don't have other source of income, but my income has been pretty consistent since incorporation of my business in Feb 2019. Last resort would be to ask my parents to put their name on the loan application also, but I'll be the one repaying in full. Does that usually work?

Thanks for the info

If you have consistent income, then you can always try your luck with the bank your company having account with. Bank being bank... they loves to offer financial assistance to those with good track records, you can always give it a shot.

As for adding your parents name to the loan, if they are still working or having active income, why not?

Call your banker and talk to them if based on your current business income, can they offer you a mortgage facility,

Hi, recently I have visited a project by Ideal Property Group : Queens waterfront. Anyone here know about this developer and their review please?

Hi... not from Penang but here's some insights on the project

https://www.penangpropertytalk.com/2016/01/...ont-residences/

this was posted back in 2016 so you can have a look at the comment back then. But I would suggest to ask the locals about the project.

Developer background should be strong based on the amount of write ups all these years.
For location, it's best to check google earth on the surrounding as well as the people near to the area.
Check out what are the negative comments. Some people very critical in complaining about the project which turn out to be a good thing for new investors. For example, some locals will complain on how expensive compared to what they own now, but it's a good sign that price is increasing, if there's a good reason to it.

Hope this help.

Question:
1) How to evaluate how much will my property worth in the future, let's say in 35 years or so?
2) How do I find out how much or the benchmark my property can rent out and what are the rental price around my surrounding area?
3) Is there a website to see those benchmark other than asking the bank or survey the area?

Thank you in advance

Hope this help

Yes it does! Thank you.

"Your best option are to check with your trusted REN/REA on the recent transactions or via online property portals to get an estimation of the asking price. Alternatively, you can also check in NAPIC website for the report of the last half year report. Now the H1 2020 is available for download."


But what if it's a new or on going development? I planned to invest in a new develop condo. But not sure if is worth the investment, because I don't know how much is the rental price in the surrounding area. So what can I do?

*by the way, it's my first investment..

Hi Folks, just wondering what's a strategy for a young person buying their first property.

Mid 20s, income around 5.3k nett. Joint income with gf around 8k nett

Should I get landed outskirt like semenyih and puchong (40km away from KL) or get a condo near KL? This is for own stay as I want to marry and move in with my gf

Having a dilemma on which one to go for....

Hope to get your advise, thanks..

This post has been edited by Oklahoma: Nov 27 2020, 08:54 PM

Unfortunately, we do not have much information for developer's project except for the unsold units or overhang units. your best option is to check with REDHA for west malaysia, SEDHA for Sarawak or SHAREDA for Sabah.

Check out the blacklisted developers too to avoid any regrets.

Unless you are sure she is the one, else, do take into consideration on how to manage the properties in case there are changes in the relationship. A lot of people overlook this matter and face a lot of problems after that.

If everything ok, then your next question on landed in the outskirt of KL or condo near KL.

Based on experience, the best one I can share is speak and talk and discuss with your other half instead of asking in a forum. Not being skeptical but you and her will be the one staying and outsiders shouldn't give too much opionions.

You can take into consideration of these few pointers.

1. Both your current workplace - is it feasible for you to travel far for work everyday?
2. Both parent's home - distance especially when you both have kids, are the elderly going to help you out or you getting babysitter?
3. Lifestyle - living outskirt means you both might have to adjust your current lifestyle
4. Preferences - living on landed or living in high rise
5. hobbies - some hobbies required more land and personal space
6. others to be discussed with your gf .. some minor minor stuff but will be a deal breaker.

Hope this helps.

Hey Yeoh, thanks for opening this topic and guiding us new to this! I have three questions for you:

1. Can you explain to me the process for buying a new landed development house? I've read some PropertyGuru articles on this and the confusion for me is where I (or my lawyer) would have to issue out a letter to state my purchasing the house. Is this still required for new developments?

2. Is the HOC campaign until May 31st 2021 or 2025? I have read somewhere that Stamp Duty is exempted until 2025, is that true or am I missing something?

3. Any recommended agency/lawyers for first-time house buyers? Perhaps those that are more... patient hahah

If from developer, just sign booking form and proceed to apply loan.

Lawyers got, if require pls pm. Choose property > choose agency.

Thank you, I will PM you when the time comes!

Hi TS. I am very new but im interested in buying a property for own stay.

Due to the pandemic, I am expecting more subsales to increase. What is the complete process of purchasing a subsale property?

Is there anything i should be aware of or take advantage of during these times?

Edit: I realized i should provide some better info. Please pm if you needed.

This post has been edited by Kaffatsum: Dec 5 2020, 08:07 PM

Hi sorry for the late reply. Been busy for the past few days on some local projects.

Above is my reply in blue ya. I am not sure where is your location but I will reply based on Sabah market. Should be around the same but advisable to double check locally for a better assurance ya.

Hope the answer help you a bit.

Hi there,

sorry for the late reply. been busy for the past few days

Normally for subsale property transaction, it takes about 3 - 4 months to complete. But if it's related to government loan, it might takes even longer. I got cases that took as long as 1 year to get it done.

Beware of the GREED. No matter how cheap the property or how attractive is the property, always do due diligence. As a purchaser, you are entitled the rights to ask questions, and check properly on the property.

Take advantage of the opportunity, if you have done your due diligence and the deal is really good. Grab it and don't waste too much time thinking. (remember, do your due diligence first before you jump in).

Some people like to wait and see, but in the end what they saw is missed opportunities... They wanted to wait for price to drop further but someone else probably grab it.


Hope this help. if you need more information but prefer to talk in private, feel free to PM me. thanks

This is immensely helpful to me. Thank you very much for taking the time to reply such a comprehensive answer!

i hope it help in your decision making.

Thanks for opening this topic!

I look at properties on iProperty and they provide estimated capital growth and rental yield. I noticed some have negative capital growth. How important is capital growth if I planning for own stay? Thank you

Hi. If I am buying for my own long term stay, I wouldn’t really bother about the capital growth in that area. As long as I like it, I will just buy it.

As a REN, I normally will share with my clients on this:
Own stay - Get all of those who are going to stay in the house to go along and view the property, location, environment, and everyone to agree that it is the best place for them

Investment - Capital growth, potential income, and many other factors that potentially going to influence the price and rental as main considerations before buying

And to add more on your question, there are few reason why there’s negative capital growth too.

1. Old neighbourhood where the capital growth is past its peak and starts to drop or stagnant due to the property getting older.
2. New development next to property which offer better options
3. Developments of the area is slower than expected
4. Current market situation which is slower
5. Other reasons.


Hope this help.

Capital growth indication will tell you something about the location....upkeep, people profile, safety, amenities etc.

Hmmm ok thanks! I believe that it's negative because it's high rise as well. But me and my partner really like the location and the building. It's those lower rise kind of condo and not high density. Then very well maintained too, despite it's age. But I worry we will regret if we buy and then keep watching the price drop for subsale is it better to get landed?


I see. When I visited it looks quite ok or maybe I not yet see all the problems that caused price to drop. Could be because is old condo but no strata title yet. I think the other residents and the way is maintained is good but if price continues to drop, don't know if they will keep it up

If is old condo without strata title ...avoid it. Easy to buy now but difficult to sell later as many banks would avoid granting financing.

This. Either that or they grant financing at the range of 65 - 70% (max) with all sorts of TnCs involved too.

High rise normally will drop in price due to aging and it's old and without strata title, then the situation even worse. However, there are also cases where a well maintained building will still sees a small increase despite it being old. As for landed, while it will continue to increase as long as the tenure valid, it also depends on the location, development in the area too and other factors.

True. Some banks refrain from offering loan to property without strata too if it's over 10 years.

Ok thanks. Give me something to think about since I prefer subsale but my parents don’t like landed.

Speculative question: do you think buying new launch condo now is a good idea? Since most of them are very high density, I cannot imagine in the future price appreciate as well as condo bought 10 or 20 years ago. Asking because I’m not the expert <3

Any time when you are financially and mentally ready is a good time.

But buying mow means
1. HOC benefits
2. Lower interest rates
3. Better packages offered by developer.

But of cos, performing due diligence is very important.
Developer’s background, development plan for the area, and for property investing purposes, there’s even more to look into. For own stay, as long as you and your family member are happy with the location, project environment and the unit itself, then it should fine.

For capital appreciation, it’s definitely will increase BUT there might be a drop too since KL is a matured area. And if it’s a high rise, then the chances of the price getting stagnant or even drop in the far future is even higher due to the wear and tear of the property and also the management of the property. Just a point to consider.

Very good insights and helpful. And your honesty and straight forwardness very refreshing:) Thank you!

Thanks. I joined the real estate industry few years back as a total noob back then. And it's difficult to find someone who willing to share their knowledge especially if you are not buying from them. So when I decided to start this thread, I hope can help more people, especially first time home buyer who sometimes quite clueless on where to start.

Sometimes the info might not be as accurate as it should be, hence I really hope everyone reading will still make the effort to look for more information elsewhere before jumping in.

My loan approved for a subsale purchase, signed SPA and Loan Agreement already. How long before I can get the keys to the place? My law firm told me need 3 months from after SPA stamping? I thought that's pretty long, considering everything already signed...

Hi. Actually it depends on the property too. If it’s still under master title, then your lawyer will first need to get the developer’s consent first. Once your lawyer get the consent then only the 3 months start counting. If it’s already under strata or individual title, then it will faster, providing there’s no delay from any party.

And just for your information, a lot of people thought the job is done when all documents signed, but in actual fact, that’s when the real works start. All the chasing and running around to get things done within the timeline ..

A SnP agreement is only a legal document of INTENTION to buy sell. Is NOT ownership per say. A SnP can also be aborted b4 the payment of the full purchase price.

Buyer is ONLY a registered proprietor under the National Land Code when the buyer's name is registered with the land registry office.

Time is needed to complete the registration process as provided in the terms of SnP.

Buyer CANNOT claim ownership/possession with just a payment of 10% and loan approval.

Makes sense now. Thanks guys, looks like I’ll just have to wait it out!

Glad to be able to help even a bit. All the best!

Merry Christmas to All and thank you for your participation, feedbacks and positive comments in the thread.

Information are not meant to be keep, it should be share to everyone so we can learn and grow to be a better person.

Let’s hope for a better year next year. I will be continue to provide rightful, unbiased, accurate information to anyone who needs it.

And I apologise if some of my comments might cause any discomfort to you. Will strive to improve my way of replying too.

Thank you again for the positiveness In 2020 despite a not so good year.

Hi, mind to share how do you screen tenant for house rental? normally what documents(besides of IC) do u ask from the tenant?

Hi.

In KK, the practice is pretty simple.

During first contact (phone call in), we normally ask how many people staying, their occupation amd if they are local or from outstation. Will also explain the required payment.

If tenant ok, before we schedule for a viewing, we will check with owner if they feel comfortable with the tenant profile. If yes then proceed for viewing. If no then call tenant to reject.

During viewing, normally those small talks will let help to get to know more about tenant. From there, will gather information and update owners on tenant profile, I’m the event tenant decided to rent the property. Owner to decided based on his after thought .

Looking for advice on getting a surveyor to look at an old property for me before purchasing it. Are there such surveyors out there for residential properties?

I can offer renovation for your new and old property, but to survey b4 purchasing, i can't advice on that. can contact me after your purchasing to renovate your house,
at O1379O3545. (zack Bangsar)

Why dont write phone number properly as 0137903545? Anything to hide?

Any specific reason why you keen to appoint a surveyor? Anyway, here’s the list of surveyors you can find

https://rism.org.my/professional-listing-rism/

Jus that it's an old property - would like to know more about it before committing to it with regards to the work needed on it before its livable.

Oh. Maybe you try this instead..

http://architectcentre.com.my/ac/p3.asp?id=7

Wow this was exactly what i was looking for. Thank you so much!

glad it help...

I'm planning to buy my first house ever. During my search, I enquired on 1 developer in Alam Impian for their double storey terrace unit, and was told that the units there are individual titled units. But there is a maintenance fee of rm 900+ per month. My question is whether it is common for individual titles to have maintenance fees (i asked them whether its strata landed or individual title, and was told individual) and is the fee stated a norm or on the higher side. Thanks

I assumed that it's gated and guarded residential project? Hence the maintenance fees.

As for the fees amount, i think in west malaysia they started to calculate per parcel. If you have any lawyer friends who specializing in conveyancing can try ask also.. else, maybe any REN here can help to explain? Im not based there hence there might be differences in practice.

Question about buying the first property and the loan.

Does the amount of loan you can get depend on the money you have in your saving account?

Let's just say you can prove that you have X amount of money in bank, then they allow you to get loan based on the amount you have. The higher you have, the easier you can get loan etc..

For example, a property costs Rm600,000 and if a person A has Rm150,000 in his saving account and person B only has Rm20,000 in his saving account. Person A is more likely to get loan approved if he wants to get loan to buy property.

Correct me if I am wrong.

No. Having huge savings is a plus as bank can ask u to convert to FD if necessary but bank loan approval will based on your monthly income and your DSR (debt service ratio).

I am actually working in overseas right now.

My plan is to quit my oversea jobs, then come back to Malaysia to buy property first while maybe doing side job or something (don't have an idea yet).

So if I have no monthly income from Malaysia, how will it be assessed? No debt as well

which country you are working in now? You can PM if you want it to be discreet.

Any impact of MCO on property transactions? Will the land office be open?

Definitely there will be impact on property transaction. Not sure if all the land offices will be open during this period, but even if it's open, it will be minimal staff and also by appointment only.

Just got to know that they are closed for MCO areas, definitely impacted.

yes. surely got delay

hi. quick question. for undercon, a lot of them do not require downpayment. but if i want to reduce the payment, can i still give a downpayment?

example. house price 800k. due to HOC n freebies, no need to pay 10% depo. but since i have some cash, is it possible for me to lump let say 150k initially? will banks allow that?

Hi. Yes. You can do so. Just let your banker know the amount of loan you want to take.

Let say for RM800K property, your 90% loan is RM720K. If you want to make another RM150K, means the loan amount u taking from bank is only RM570K. Just let your banker know will do .

But do take into consideration that you will still need to pay for the management deposits upon VP in the future for strata properties. (If applicable). Renovation fees, furniture purchases, etc. Do make sure you keep some cash too

This post has been edited by YeohKW: Jan 21 2021, 11:44 PM

Hi there, I'm looking at the possibility of renting condo (or serviced apartment) in the Petaling Jaya (PJ) area in the coming months (Q3 2021).

Can sifus here recommend a few developments I could look at with the following conditions?

1. Relatively new developments (2016 and newer).
2. Rental budget RM2000 with 1+1 years.
3. Area at least 900sqft.
4. Can be semi or fully furnished.
5. Parking 2 bays.

Currently looking at Ryan&Miho which will complete by February 2021 from last I read, though MCO may have delayed this.

As I understand it at the moment under MCO most condo and serviced apartments are not allowing property agents and the potential renters to view the units. Is there a workaround this?

I’m sorry I am unable to provide any information this time round since it’s out of my expertise. Hopefully someone else able to provide suitable information for you .

Hi sifus and gurus..i'm planning to buy my first property for own stay. At first was looking at subsale houses as those are what i could afford if i took out a housing loan. Then, a light of hope came in when FAMA felt it's better to pay back to them rather than interest to the bank, so got the option to buy freehold individual title landed house fitting the monthly amount i can pay them back. My question is..what should i be wary of when buying a house via cash..rebates and such are applied the same way for cash and loan right? Thanks in advance

Hi. Can i know more about FAMA? Before i answer your questions? Thanks

Sorry, would've been easier to understand if i typed parents instead. Basically they'll finance the purchase by cash first, and I'll pay them back over the course of 30 over years. That's what they offered. Fingers crossed they dont change their mind

This post has been edited by acap_p: Jan 26 2021, 08:16 PM

I see. If you are buying from developers, whatever rebates still applies to cash purchase. It just that instead of progressive instalments payable to bank during the construction period, you will be paying cash to the developer based on progressive payment during the construction period.

I have a 2-storey shop lot at Taman Midah, Cheras with 50 years left on the lease and I would like to extend it. But, I am planning to renovate it and build two more storeys. Should I extend my lease before the renovation or after? I'm worried that my premium will double up after the renovation.

Im not too sure if you can extend it at this point of time as there's still 50 years left. In Kota Kinabalu, they only allow owner to extend when the leasehold period less than 25 years.