The iProperty Brand

Posted on July 22, 2011

By Shaun Di Gregorio, CEO of iProperty Group

Passing the midway point of the year is always a psychological achievement. For the iProperty Group, it presented its own set of milestones, from the expansion of our business growth to Indonesia, to getting investments valued at A$8.9 million from the No. 1 property portal in France to establishing new partnerships that will in turn generate more leads for you. The start of 2011 has been nothing short of exceptional.

How has it been for Malaysia? Well, I will let the numbers do the talking on how well the start of the first 6 months of 2011 was in comparison to the same period last year:

116% increase in number of unique visitors to our website
71% increase in listings
62% growth in agents
65% increase in consumer subscribers

Now wouldn’t you say it was an EXCEPTIONAL start too!

Aside from that, I am pleased to say that the iProperty family is rapidly growing. As such, we have recently changed our name from IPGA Ltd to now be officially known as the iProperty Group. This change reflects the growth of our company and better represents where we are at today and more importantly, where we want to be tomorrow.

Since our humble beginning in 2003, iProperty.com has become Asia’s leading network of property websites providing the most comprehensive platform for property agents, buyers, renters and investors. It has also established itself as a channel for Property Agents and property developers to reach their target audience in a more cost effective and convenient way.

Why the change of name? Simple, it is because we wanted to standardize the usage of our brand name in all the countries we operate in. We want ‘iProperty’ to be the name that property investors remember when they look for properties. We want to be the name that agents remember when looking for an avenue to generate leads for their listings. We want to be the name that is synonymous with ‘all things property’ and be the leading No.1 property website in all the countries we operate in.

And how do we do ensure that we achieve this? By continuously delivering on our brand promise to create exceptional online property media products that are loved by customers, respected by clients and feared by competitors.

Here’s to a better record breaking 2nd half of 2011.

Have a great weekend!

iProperty Group CEO Shaun Di Gregorio on Astro Awani ‘In Realty’

Posted on July 19, 2011

Shaun Di Gregorio, CEO of iProperty Group talks about the launch of Southeast Asia’s first Android property search app by iProperty.com Malaysia. With the launch of this app, interested property buyers now have the convenience of searching through over 255,500 properties listed on iProperty.com.my that are either on sale or rent without any hassle, anywhere and at any time. The Android app with its GPS-supported feature will enable users to view in real time properties on the market near their current location via Google Maps. You can also view the search results on the list or map, and then use the directions given to go the actual site of the property. The app can be downloaded from http://www.iproperty.com.my/android/

Get That Dream Home

Posted on July 15, 2011

By Shaun Di Gregorio, CEO of iProperty Group

A friend of mine asked me recently, “Property prices in KL are really rising fast. Can people afford to own their dream home at this level?”

His point was moot: Cost of property ownership has gone up at a speed unseen previously in the country since the last 10 years. With prices in certain areas shooting up 30% over a one year period, the pinch of paying more for a roof over ones head becomes less of a necessity and more of a burden.

This wasn’t always the case. A year ago when I first landed on Malaysian shores, the property landscape spoke of an easier time. The average property price was well within market rate, much to the delight of the middle income earner. A household with RM5000 income could get a 3 bedroom apartment in PJ for RM 350k.

When my family and I were looking for a place to rent, our search for the perfect home was made even easier via the iProperty website. We were able to narrow down our search to the location we preferred, the type of home we desired and most importantly, according to our budget. It was easy information that was readily available all with a click of a mouse.

And indeed, this I feel is the key to solving this problem – Information. Malaysia is blessed to have a rich Internet, 3G/4G infrastructure, making us a socially connected country. 11.16* million facebook users is proof of this. And in the age where connectivity is at a click, the key to figuring out a solution to finding one’s home begins by first getting the necessary knowledge needed. (*Source: SocialBakers)

I share with you three points that should help in the search for your dream home:

1. No 10% down:

Much to delight of many property buyers, the Malaysian government recently announced another scheme, 1Malaysia People’s Housing Programme (PR1MA) which is an addition to the My First Home Scheme for units costing between RM100,000 and RM220,000. This new scheme will see stratified units priced between RM150,000 and RM300,000 being built for those with a household income of less than RM6,000 a month and who do not yet own a house.

Under this scheme, a total of 42,000 houses will be built in the Klang Valley, Rawang and Seremban. The size of the house will be between 800 sqft and 1,400 sqft, each with three bedrooms and two bathrooms. Buyers can also get up to 105% financing from selected financial institutions and the stamp duty will also be waived.

By removing the need for down payment and with the additional 5%, this means you the buyer, will be less committed to making payment upfront and free up excess cash for other costs such as insurance and legal fees for the Sale and Purchase agreement.

2. Look at service apartments and condos

What perhaps is not known to many Malaysians is that service apartments and condominiums still have strong demand and value. According to a study on the demand for luxury property high in Kuala Lumpur, “76% of buyers of luxury condominiums and serviced residences in Kuala Lumpur are Malaysians”. This is for a good reason. Service apartments often times have what most people, especially start-up families, need in a comfortable space that houses the essentials like kitchen and bathroom while keeping modest on the price. Service apartments also hold a distinct value in that at any point in time, there will always be a new family/singles that require a small space to live. The future rental capability of service apartments, if maintained well, can exceed its current market value.

3. Use the right tools

This point maybe simple, but I cannot emphasise its importance enough. The buyer will need to engage various tools that CAN help the process of buying a dream home. A good start would be the time tested advice – To get a real estate agent that is certified and knows how to translate your dream into realty. Real estate agents or a credible online portal usually have what you need, minus the time-wasting searches. A good real estate agent or a well-designed and informative property portal cuts through unnecessary steps to search and locate a desired property.

Without doubt, Klang Valley property prices are going up in tandem with the positive sentiments on the local economy. But don’t get discouraged. With a little understanding and clarity of the opportunities available in the market currently, that dream home you’ve been dreaming of is within arm’s reach.

Schemes Upon Schemes

Posted on July 14, 2011

iProperty.com Poll: Do you think "My First Home Scheme" is effective to help first home buyers

Editor’s Commentary:
Close to 76% (475 out of 623) respondents think that the “My First Home Scheme” is not effective as the location is a distance away from the city centre and after payment of the housing instalments, conservatively estimated at RM1,200 per month, there isn’t much left, if any at all, for other daily expenses.

Realizing the impracticality of this, the government recently decided to launch a supplementary housing scheme with a higher monthly income ceiling at RM6,000 per household. Called “middle class homes” with prices ranging between RM220K to RM300K in major cities, the initiative was supposed to address the problem of high house prices in Greater KL, Penang and Johor.

There is however one little snag – at built-ups of between 850 – 1,000 sq ft, which comes up to RM300 psf, these apartments at that price range can’t exactly be considered cheap. There are similar properties in the Klang Valley that are selling for cheaper. For example, a recently listed condo in Puchong, Vista Millennium Condominiums, displayed a selling price of RM288,000 at a built-up of 1,100 sq ft on iProperty.com.my.

The next question is how far would these apartments be located away from the city centre. Again, the government has a solution. It was announced recently that a portion of the Sungei Besi airbase in Kuala Lumpur (one of the last remaining huge acreage of undeveloped land in KL) will be allocated for 1Malaysia people’s housing project (PR1MA).
Scant details are available however. Is this a new scheme, or is it part of the Supplementary Housing Scheme with a RM6K income ceiling, or part of the original “My First Home Scheme” with RM3K income ceiling or both.

‘People First’ Homes

Just when you think there is no end to more schemes (on the flipside, it’s good to “fine tune” the scheme until it satisfies everyone), at print time, Datuk Seri Najib Tun Razak reportedly launched the 1Malaysia People’s Housing Programme (PR1MA) for first-time buyers to own homes of up to 1,400 sq ft.

Depending on the location, the houses would be priced at between RM150,000 and RM300,000 while the minimum size would be 800 sq ft. Income ceiling remains at RM6,000 per month but what’s fantastic is that buyers can get up to 105% financing from selected financial institutions on top of having the stamp duty exempted.

The additional 5% is given to pay for insurance and legal fees for the Sale and Purchase, according to reports.
A total of 42,000 houses would be built in 20 locations in the Klang Valley, Rawang and Seremban. Eight projects are expected to kick off this year. I assume one of the areas would be a portion of the Sungei Besi airbase in Kuala Lumpur as reported earlier prior to the launch of PR1MA.

The only similarity between this latest scheme, PR1MA and the Supplementary Housing Scheme is the RM6,000 monthly income ceiling. I assume that the latter has been subsumed under PR1MA which is the final product after fine-tuning the Supplementary Housing Scheme.

However much the fine-tuning goes on, the end result seems always to be a better product. But as always some “constructive criticisms” needed to be aired first before the well-meaning programmes satisfy everyone.
Already there are criticisms that the government is unfairly penalizing those who earn RM6,100 or more per month who will be excluded from the scheme. Another gripe is how will potential purchasers be selected given that there are very limited units available.

We shall hear more about this in the coming weeks – the impact on property prices and the quality of such “affordable” housing, among other issues.

An Introduction to Shaun Di Gregorio

Posted on July 8, 2011

By Shaun Di Gregorio, CEO of iProperty Group

Welcome to my very first CEO Blog Post!

Firstly, thank you for browsing through our website and for dropping in to read this. We hope that you have found the information on our site beneficial and helpful in your search for your desired property.

Being the Chief Executive Officer of iProperty.com Group is a big task and one that is filled with meetings, trips and other day to day commitments that it is sometimes hard to take time to chat with you, our agents and consumers. Via this blog, I am now not only able to speak to you but also hear what you have to say and hopefully via your comments, we are able to serve your needs better.

Without your continuous support, iProperty.com would not be where it is today. So THANK YOU and we look forward to more fruitful years to come.

So what better way to start off my first entry than to give you a brief introduction on who I am! When I first joined the team, I was asked the following questions and I thought it would be apt to share it with you too.

1. What inspires you?

Challenges inspire me. It gives me the opportunity to test my boundaries and also the chance to fulfil an untapped potential. I firmly believe that everyone should throw a challenge at themselves and see how they can achieve it. Someone once said that ‘Challenges will make you discover things about yourself that you never really knew. They’re what make you go beyond the norm’ and this very true.

2. What do you love about Malaysia?

What is there not to love about Malaysia? It is diverse in culture, rich in a variety of food and most importantly, it’s a country filled with friendly and helpful people. I love the weather too. Bright sunshine all year round, well except when it rains. The other thing that I love about this country is that no matter what time of the day, you can always get food!

3. What do you think of durians?

This is one fruit that I simply cannot see myself eating. It’s like the Australian version of Vegemite. An acquired taste!

4. Which country do you come from?

I come from the land down under, Melbourne, Australia.

5. Are you married?

Yes, I am married to a gorgeous and great Irish woman from Ireland. We have two beautiful girls. My eldest daughter is almost three years old and my youngest, born on Father’s Day this year, is only a few weeks old.

6. How do you juggle your time between family and work?

Well, as any parent would tell you, being a parent is certainly not easy. It’s challenging but also very rewarding. Nothing brightens up my day more than receiving a nice warm cuddly hug and also a loving smile from my daughters. My wife is a full time stay-at-home-mum so the kids get undivided attention from her.

Juggling time between work and family is not easy but I believe, like everything in life, we need to find a balance.

7. What do you hope to achieve in the next 5 years?

My greatest aspiration would be to take iProperty.com Group to greater heights and to tap into new markets not just in Malaysia but all around the region. This is all with the aim of making property searching easy, convenient and assessable to all.

8. What do you think about the Malaysian property market?

On a monthly basis, on the iProperty.com.my website, there are more than 920,000 keen property investors that look through our site to find their ideal home, be it for residence or investment. This is a clear indication that the Malaysian property market is in high demand.

I foresee that demand will remain strong for landed homes, especially in strategic locations in Selangor such as Petaling Jaya, Puchong and Subang Jaya. Moreover, Malaysian property prices are still considered cheap in the region.

9. What makes iProperty.com.my different from other property websites?

We are unique in more ways than one, which makes us the leading property website in the country. But what makes us stand out from our competitors is our continuous strive to introduce highly innovative products that will make property search easy and quick no matter where you are. We are able to do this by understanding the needs of our customers and consumers. It’s by understanding are we able to ensure that our website is fully equipped with the information you desire.