Category Archives: Real Estate News

A Love That Will Last

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A Place For The Arts

Happy Valentine’s Day! As the world celebrates this day dedicated to lovers everywhere, we take a different look at the love affair for the heart and soul of a city.

Georgetown has always attracted those with a particular love for the arts and heritage and in the past few months, we have had the privilege to witness how the passion, dedication and simple vision to share one’s personal love of art and heritage transform into a vibrant space for the arts.It adds value to the way performing arts are experienced and in so doing enriches the lives of those dwelling within the city limits.

In our exclusive with Narelle McMurtrie, owner of China House in Georgetown, Penang last month, there were some behind-the-scenes shots that we captured to show her love affair with Penang’s art scene.

The Food Had The Crowd Eating Out Of China House's Hands

The first clue that tipped us off to her love of the cultural heritage of Penang was reflected in the gilded mirrors that adorn the ground floor dining area. Of course, there was the food itself, an array of Western and local delights, that enticed the taste buds.

Celebrating Local Handmade Jewellery

The jewellery gallery next to the main dining area welcomes all to take a look at the handmade items and appreciate wearable art.

The Art Gallery Upstairs

Talking about art, we were led upstairs where the art gallery and performance space was. There are various activities held at the theatre besides contemporary art exhibitions, among them open-mic nights and live band gigs on different nights of the week.

A Testament Of Good Times Here

All in all, we came away from the interview and photo shoot we had at China House with a brand new take on Narelle’s love affair with the culture and crafts of various locals whether in the performing arts scene, fashion or even food and beverage.

The Courtyard That Joins Both Shophouses

There are two entrances to China House, as it consists of two pre-war shophouses that are back-to-back and joined with a courtyard. Another one of Narelle’s passions, animal rescue, is evident here as the wading pool is used by the dogs she rescues to learn how to swim. The main frontage is on Beach Street while the quieter one faces Victoria Street. With the walkabout ending on Victoria Street, we had a good look at how different passions come into play to make China House a labour of love for something that will last.

Victoria Street Signs The End of Our Walkabout

Text, Coordination & Photos by Yan Yi. All Rights Reserved.

Kindly contact owner for reuse of text and images.

Popularity: 16%

Budget 2012: What’s In Store for the Property Market?

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Here are some quick snippets on the BUDGET 2012 that is related to the property industry!

  • Government proposes to increase the limit of house prices under the My First Home Scheme from a maximum of RM220,000 to RM400,000 beginning January 2012
  • Under the 1Malaysia People’s Housing (PR1MA) a total of 7,700 houses will be built in Cyberjaya, Putra Heights, Seremban, Damansara and Bukit Raja in 2012
  • 100 per cent stamp duty exemption on loan instruments for the purchase of houses under the PR1MA
  • RM443 million allocated for the construction of 8,000 units for sale and 7,000 units to be rented under the Program Perumahan Rakyat
  • Government to allocate RM200 million as subsidy for 10,000 units of houses to be built by Syarikat Perumahan Negara Bhd. Each house costing RM65,000, will be sold for RM45,000 with the government subsidising the remaining RM20,000
  • RM40 million allocated for the restoration and maintenance of public and private low cost housing
  • Government to allocate RM63 million in 2012 to rehabilitate 1,270 abandoned houses
  • Government to introduce Skim Amanah Rakyat 1Malaysia for households with income below RM3,000 per month. Participants can apply for RM5,000 loan with a repayment period of five years
  • Real Property Gains Tax has been increased for the first two years to 10 per cent each year from the 5 per cent previously. The tax increase is to help curb speculation in the real estate market. However, the tax regime of 5 per cent will be imposed on the third, fourth and fifth year of disposal of an asset, so that genuine buyers are not discouraged from purchasing. There will be no tax on property disposed after the fifth year

What’s your thought?

Popularity: 57%

Paypal Founder Funds Artificial Libertarian Islands

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Seasteading Institute city design (Anthony Ling)
Seasteading Institute city design (Anthony Ling)

What are libertarian islands? Simply islands that start from scratch – free from the laws and moral codes of any existing place. The oil rig-like platforms will be built on waters that are beyond the reach of law of the sea treaties.

The experiment would be “a kind of floating petri dish for implementing policies that libertarians, stymied by indifference at the voting booths, have been unable to advance: no welfare, looser building codes, no minimum wage, and few restrictions on weapons.”

Pay Pal founder and early Facebook investor Peter Thiel has reportedly given $1.25 million to Seasteading Institute to create floating libertarian countries in international waters, according to recent reports.

The Seasteading Institute’s Patri Friedman says the group plans to launch an office park off the San Francisco coast next year, with the first full-time settlements following seven years later.

Editor’s Note: Nice idea and I would be the first to apply to be a citizen (yes, seriously). Actually, I have thought about this idea about 10 years ago. But instead of an oil rig, it would be a natural island and it would be based on utilitarian instead of libertarian principles. A proper Constitution would have to be drafted. But first, questions that need answers are: Who would be the leader? Would anarchy rear its ugly head without laws and moral codes in place? Will they admit anyone to be “citizen” and would they be issuing passports? Would the international community recognize this “country”? Would it descend into a sanctuary for criminal fugitives? Etc.

Popularity: 50%

14 Hottest Housing Markets In The World — Malaysia is #14

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Last year was a spectacular year for the Malaysian property market and this was recently acknowledged in Knight Frank’s survey of the hottest housing markets in the world. Malaysia clinched the last spot at #14, a long way behind Singapore’s 5th spot and miles behind Hong Kong which still stands tall as the #1 property hotspot in the world.

Note that Latvia is # 2 because of its government policy that provides EU residency to those who invest $96,112 or more in a property there! Those who want to migrate to Europe the fast and easy way – here’s your chance! You just need to fork out about RM300K (cheaper than many properties in Malaysia) and you stand a chance to live and work anywhere in the EU!

Number 14

Malaysia

Annual Change: Up 6.2%

Q3 2010 Change: Up 0.9%

Outlook: Price rises in Malaysia are expected to continue in 2011, and some are projecting another 13% rise in H1 2011.

Number 13

Norway

Annual Change: Up 6.6%

Q4 2010 Change: Down 0.1%

Outlook: Norway’s domestic economy remains strong, so there’s little reason to suspect a downturn, particularly with oil prices looking bullish.

Number 12

Belgium

Annual Change: Up 6.8%

Q3 2010 Change: Up 2.6%

Outlook: Belgium’s economic strength is built on that of Central Europe, and the continued expansion of Brussels as the European capital. The rumored ECB rate hike should have a negative impact on the sector.

Number 11

Taiwan

Annual Change: Up 7.4%

Q3 2010 Change: Down 1.0%

Outlook: Taiwan’s property market is currently undergoing a correction, and the central bank is engaged in tightening measures that should also hurt the market.

Number 10

Denmark

Annual Change: Up 7.8%

Q3 2010 Change: Up 1.5%

Outlook: Denmark’s property market will be “fragile” for some time, according to the country’s economy minister. There still remains a great deal of real estate for sale, and few buyers, which should limit further price spikes.

Number 9

Poland

Annual Change: Up 8.1%

Q3 2010 Change: Up 1.1%

Outlook: Poland is a renewed target for private equity investors. Growth in Poland has remained stable, being tied to central European strength.

Number 8

India

Annual Change: Up 8.9%

Q3 2010 Change: Down 1.7%

Outlook: India’s real estate market could slow if the country continues its interest rate tightening policy. The sector also has serious problems with corruption.

Number 7

France

Annual Change: Up 9.5%

Q4 2010 Change: Up 1.4%

Outlook: Like other European economies, France faces the repercussions of an ECB rate hike.

Number 6

Austria

Annual Change: Up 9.9%

Q3 2010 Change: Up 3.7%

Outlook: Growth in Austria, like much of central Europe, is stable. But there are concerns about the country’s banking system and its exposure to Eastern Europe. The real estate sector may be impacted by any increase in ECB interest rates.

Number 5

Singapore

Annual Change: Up 14.0%

Q4 2010 Change: Up 1.8%

Outlook: Singapore property prices were down overall in February, but continue to rise in central Singapore. Government tightening measures are in place, the with the government providing housing for 80% of the population, there’s only limited space for speculation.

Number 4

China (only Beijing and Shanghai)

Annual Change: Up 15.3%

Q4 2010 Change: Up 6.4%

Outlook: China is probably the most talked about real estate bubble in the world, with ghost cities the new topic du jour.

The rise in house prices is likely to slide with tightening measures in China taking effect.

Number 3

Israel

Annual Change: Up 16.2%

Q4 2010 Change: Up 3.5%

Outlook: Israel continues to experience strong GDP growth and a booming economy. The size of the country is also a limiting factor that may help to drive prices higher. Regional instability, however, may be a deterrent to potential investors.

Number 2

Latvia

Annual Change: Up 16.9%

Q4 2010 Change: Down 0.8%

Outlook: Latvia’s market boom is somewhat based on a government policy that provides EU residency to those who invest $96,112 or more in a property. Whether this policy will survive the scrutiny of EU leadership in the long-run, however, is unknown.

Number 1

Hong Kong

Annual Change: Up 20.1%

Q4 2010 Change: Up 3.7%

Outlook: Hong Kong property prices experienced an enormous spike in 2010, based on both high demand and easy money flowing from its exchange rate policy with China. As tightening measures take hold on the mainland, that rampant growth in Hong Kong should slow.

Popularity: 50%

Too Hot or Too Early to Tell?

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Just when there are signs of slower loans growth this year amidst lower projections of the Malaysian GDP growth, two well-respected research houses predicted that the outlook will in fact be rosy. With report titles screaming “Property boom-boom” by global investment bank UBS and ““Entering a Golden Era” by Singapore-based DBS Research, one would be forgiven to think that the Bank Negara-imposed 70% cap on third mortgage onwards had never happened last year.

Most of the exuberance came from the projected improved connectivity stemming from the proposed MRT project and the proposed high-speed rail connection between Kuala Lumpur and Singapore. As well, foreign interest in Malaysian properties is expected to surge due to the undervalued ringgit (some even say the ringgit is currently undervalued by 50% against the greenback) and spiralling property prices in Hong Kong and Singapore.

“Interest in Malaysian property will be fuelled by foreigners looking out for higher returns (via undervalued currency and low entry costs) than their home countries (Singapore and Hong Kong) and the absence of significant restrictions on property ownership by foreigners,” UBS’ head of research Chris Oh reportedly said.

This view is shared by Tim Murphy, CEO and Founder of IP Global, a Hong Kong-based property investment company. “Increased accessibility and another iconic skyscraper – parodying the Petronas Twin Towers – are evidence of a metropolitan emergence,” Tim said cautioning however that despite the picture looking promising for the property market in the Klang Valley, it’s still too early to tell.

Meanwhile, analyst for DBS Research, Yee Mei Hui, created a buzz by reportedly predicting that land values around MRT hot spots could reach 6 times the present value within the next 5 years, adding that the MRT would have a strong structural impact on the Kuala Lumpur real estate resulting in high-density mixed developments, urban renewal and new suburban townships.

Popularity: 45%