Financing For Build-Then-Sell
The Sun, 09 March 2012

Thoughout last year, Minister Datuk Wira Chor Chee Heung reiterated several times that Housing and Local Government Ministry would make Build-Then-Sell (BTS) of homes mandatory by 2015.

Under Build-Then-Sell, buyers pay only 10% upon signing the sale and purchase agreement; their housing loans are not drawn down until after the property is handed over to them. This means that while the property is being constructed, the cost of construction is borne by the developer's loan rather than the buyer's housing loans.

However, Chor communicated uncertainty on the feasibility of BTS during the recent opening ceremony of Malaysia Property Expo (MAPEX) 2012, his speech stated "an effective mechanism for financial institutions to finance housing development under BTS must first be sought and implemented, failing which the BTS system may not be implementable."

   

  Affordable Housing Agenda
StarBiz, 19 December 2011

1Malaysia Development Bhd (1MDB) will kick-start the development of the Bandar Malaysia project in Sungei Besi with the launch of affordable housing units within the next one to two years, said Senior Vice-President of planning, development and real estate, Juraimi Azahar Taharin.

He added that 1MDB was working with PRIMA for its affordable housing schemes, and was looking to build 10,000 affordable housing units in the Klang Valley over the next 10 to 15 years. The scheme is open to all Malaysians with household monthly income of less than RM6,000 and are buying their first house for their own occupancy.

1MDB is a government-owned master developer for the redevelopment of the 495-acre Bandar Malaysia in Sungei Besi, which used to be the base for Royal Malaysian Air Force (RMAF).

   

  Bill For Affordable Home Passed
StarBiz, 01 December 2011

The Government has passed the Project Perumahan Rakyat 1Malaysia (PR1MA) Bill 2011 on Nov 30 as part of their effort to address the limited supply of houses in urban areas that would be affordable to middle-income earners. Prime Minister Datuk Seri Najib Tun Razak said the Bill enabled the overseeing of matters pertaining to housing development and construction, physical and societal infrastructure and other facilities under the PR1MA housing programme.

The Bill also enabled the establishment of a statutory body known as PR1MACorporation Malaysia, will be responsible to planning, development and maintenance of its PRIMA houses.

The Bill also serves to complement another government initiative - the My First House financial scheme, which was set up to assist potential first-time home owners in acquiring a loan for the purchase of a house.

   

  Sunnyside Vale Investment Experience Scheme
12 September 2005

We would like to take this opportunity to say a "BIG THANKS YOU" for our valued Sunnyside Vale's purchasers and friends. We truly valued your continual support, suggestions, comments and feedbacks that will further improve the quality and enhance the value of your home in Sunnyside Vale.

To express our heartfelt gratitude to many of you who have recommended this unique product to your family members, relatives and friends. We would like to encourage you to continue sharing our wonderful development to others by implementing a special incentive schema from 1st October 2005 till 31st December 2005. As a gesture and token of our appreciation, we will reward you with RM 3000 for every successfully concluded new sale that is introduced by you.

Do contact us if you require further information and clarifications on this great investment experience scheme.

   

  Visa extended to 10 Years to woo more foreigners
The STAR, 10 August 2005

The duration of visas for participants of the "Malaysia - My Second Home" programmed has been extended from five years to 10 with immediate effect to attract more foreigners.

Deputy Prime Minister Datuk Seri Mohd Najib Tun Razak said the move was made after the Government found that it could effectively promote Malaysia. He said the promotion would be word of mouth. "Besides the extended visa, we will also relax other requirement so as to make it easy for foreigners to participate in the programmed," he said after chairing the first Cabinet Committee on Tourism meeting at his office.

At present, there are about 5,000 foreigners participating which were introduced several years ago. On another matter, Najid who is committee chairman said the Government would issue a guideline next year to five-star hotels to charge a minimum of US$80 (RM310) per night for each room to protect the interest of investors in the sector. "The rate is still the cheapest in the region but the hoteliers can charge more. It is u to them as the minimum rate is to give some confident to investors that their investment here are worthwhile," he said.

   

  Foreigners offered new incentives to stay here
New Straits Times, 19 April 2005

New incentives await foreigners participating in The "Malaysia My Second Home" (MMSH) programmed. They can now bring in their cars, free of import duty, excise duty and sales tax.

Alternatively, they can buy a new car in Malaysia without paying excise duty and sales tax.

The application to import the vehicle must be done within six months from the date of the VISA application is endorsed. Application must be owners of the vehicle and this should be shown in the car registration document prior to obtaining the visa. Application to purchase a new car in Malaysia must be submitted within a year of their visa being endorsed.

Applications, however, are advised again making an outright purchase of the vehicle before obtaining approval for tax or duty exemption from the Treasury. The booking of the car can be made prior to obtaining approval from the Treasury. The import or purchase of the vehicle must be for perusal use only. Completed application forms and required documents should be submitted to the Treasury Secretary-General, Finance Ministry, Tax Analysis Division, Seventh Floor, Central Block Precinct 2, 62592 Putrajaya (Attention: Mr. Yong Bun Fou ).The telephone number is 03-88823380 while the facsimile number is 03-88823885. For further enquiries, they can call Norhayati Ujang at 03-88823395 or email yati@treasury.gov.my.

Completer application forms and documents will be processed in 10 working days. Until last April, some 3,687 foreigners had participated in the programmed. The MMSH replaces the "silver Hair" programmed in 2002.

While the Silver Hair programmed, aimed at wealthy, elderly Europeans, only received 853 applications between 1996 and 2001, MMSH has drawn 2,834 applications since 2002. Foreigners under the MMSH programmed can buy houses priced above RM150, 000.00 whereas those not in the programmed can only buy houses priced above RM250,000.00.

Participants get five-year special visit pass with a multiple-entry visa, the longest visa period issued by the Immigration Department at the present. The programmed allows as applicant to bring in dependents and a maid. Started as a means of bringing in foreign investors, the programmed was mooted under the National Economic Action Council's plans to boost the economy as well as create a goodwill connection between Malaysia and others countries.


 
 
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