Cosmo Residence

April 17th, 2014 1 comment

Cosmo Residence, strategically located within the established township of Alma in Bukit Mertajam, Penang. This is a gated and guarded development  by WHH Land with 80 units of 3-storey semi-detached houses. Common facilities include a private clubhouse with swimming pool, community hall, children playground and an indoor gym.

Property Project : Cosmo Residence
Location : Alma, Bukit Mertajam, Penang
Property Type : 3-storey semi-detached
Land Area: 2,971 sq.ft. – 3,477 sq.ft.
Built-up Area: 3,980 sq.ft.
Total Units : 80
Land Tenure: Freehold
Indicative Price: RM 1,188,000 onwards
Developer : WHH Land



Categories: Bukit Mertajam Tags:

E&O subsidiary gets conditional go-ahead for Phase 2 reclamation in Penang

April 15th, 2014 6 comments

Actual photograph of Seri Tanjung Pinang Phase 1

Eastern & Oriental Bhd’s subsidiary has received the conditional approval letter from the Department of Environment (DOE) for its proposed reclamation of Phase 2 of Seri Tanjung Pinang in Tanjung Tokong, Penang.

It said on Monday the approval letter given to Tanjung Pinang Development Sdn Bhd (TPD) was for the detailed environment impact assessment study and conceptual masterplan for the Phase 2.

E&O said in 1992, TPD was granted the exclusive right to reclaim and develop land in Tanjong Tokong and to date, the group has reclaimed and is continuing to develop Phase 1 of the project.

To recap, TPD had sought the Penang Government’s approval to reclaim the balance concession area.

In the latest development, the Jabatan Perancang Bandar dan Desa, Penang, informed TPD about the state’s in-principle approval to the masterplan for the proposed project.

E&O said many steps remained to be taken and approvals to be obtained before reclamation can start, not least of all a satisfactory environmental impact assessment study.

The conditional approval was applicable only to the proposed reclamation of 760 acres (307.60 hectares) of man-made islands and 131 acres (53 hectares) of the Gurney Drive foreshore, and dredging activities at the “flushing channel”.

The detailed environment impact assessment’s conditional approval was valid for two years from the date of issuance.

Souce: StarProperty.my



Categories: Property News Tags:

Delima Emas Condominium – Official Launch (19 April)

April 14th, 2014 No comments

THE PROJECT

Developer E.W. & Associates Sdn. Bhd., having successfully completed some 1,200 units of affordable residential units at Taman Seri Delima launch yet another affordable housing project. This latest launch consists 198 of condominium units – Condo Delima Emas – covering 2 tower blocks that is annexed to a seperate car park building. All condo units have a minium of 3 bedrooms with layout ranging from 1,170 sq.ft. to 1,640 sq.ft. Meeting the needs of defferent households, there are 4 seperate designs and layout starting from basic – practical and purposeful to cater for young working families – to more elaborate – for comfort living by middle income households.

Located in the mid way between the Penang Bridges, Taman Seri Delima is easily accessible to the 1st and 2nd Penang bridge. (11.5km to 1st bridge and 12.3km to the 2nd bridge). Taman Seri Delima has easy accessbility to schools, shopping and medical centres.

LOCATION AND SURROUNDING

Located strategically adjacent to the north- south highway close to the Juru Toll Plaza and the vicinity of auto city commercial cum residential centre, Taman Seri Delima has increasingly become a popular a well- planned commercial and residential area for rapidly rising income households. The development of Taman Seri Delima started some 10 years ago and now houses some 8 blocks of high rise residential buildings consisting of a total of 1200 units. It has a rapid growing commercial centre consisting of 112 of two and three storey shop offices that cater to the needs of the residents of Taman Seri Delima and the surrounding areas.

The opening of the 2nd Penang Bridge is likely to see a greater the flow of factories into the surrounding of the Juru-Batu Kawan areas to take the advantage of lower operational costs. Thus the demand for affordable homes in this vicinity is expected to increase rapidly. Taman Seri Delima being one of the more established residential and commercial centres is likely to see a further enhancement of its popularity as a convenient and affordable area for middle income households.

DEVELOPMENT AND COMPLETION

The Developer has already commenced the development and sales of units to potential buyers to avoid the increase in price to buyers arising from the introduction of GST in 2015. Expected date of completion within 30 months of Sales and Purchase Agreement.

Project Details

Location : Juru, Penang
Property Type : Apartment/Condominium
Total Units : 198
Built-up Area: 1,090 sq.ft. – 1,604 sq.ft.
Land Tenure: Freehold
Maintenance Fees: RM0.19 psf.
Indicative Price: RM350,000 onwards
Developer: E.W. & Associates Sdn. Bhd.
Contact No: 019-568 5551 (Sam)

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EcoTerraces

April 10th, 2014 31 comments

EcoTerraces, a much anticipated gated and guarded development by EcoWorld in Paya Terubong, Penang. Located on a 13 acres landscaped ground, the master plan comprises one block of 41-storey condominium, 47 units 3-storey terrace and 12 units of  semi-detached houses.

More details to be available soon…

Property Project : EcoTerraces
Location : Paya Terubong, Penang
Property Type : Condominium, 3-Storey Terrace & Semi-D
Total Units: 224 (condo), 27 (terrace), 12 (semi-d)
Tenure : Freehold
Developer : Eco World Development

 



Categories: Paya Terubong Tags:

Goods & Services Tax and the Property Investor

April 9th, 2014 No comments

* Article by Richard Oon *

While presenting the recent Budget 2014, Prime Minister Datuk Seri Najib Razak announced the introduction of the Goods and Services Tax (GST) and when enacted, GST will be effective from 1 April 2015 and standard rated supplies will be subject to GST at a rate of 6%. With the introduction of GST, the current indirect taxation systems of sales tax and service tax will be abolished on the same date.

What is GST?

GST which is also known as the ‘value added tax’ (VAT) in many countries, is a multi-stage consumption tax on goods and services, which ultimately falls on the final consumer.GST is levied on the supply of goods and services at each stage of the supply chain from the supplier up to the retail stage of the distribution. Even though GST is imposed at each level of the supply chain, there is no compounding tax effect, regardless of the number of stages a product or service undergoes in the supply chain, as GST is only charged on the value added element at each stage in the supply chain. This is achieved through net of ‘output tax’ (the GST on the goods and services sold by you) minus ‘input tax’ (the GST you paid on the raw materials, equipment and services used in your business) mechanism adopted under the GST administrative process.

GST is a broad-based consumption tax covering all sectors of the economy i.e all goods and services made in Malaysia including imports except specific goods and services which are categorized under zero rated supply and exempt supply orders as determined by the Minister of Finance and published in the Gazette.

GST will be charged on any supply of goods and services if the following conditions are satisfied:

  1. it is made in Malaysia;
  2. it is a taxable supply of goods or services;
  3. it is made by a taxable person; and
  4. it is made in the course or furtherance of any business carried on by that taxable person.

A taxable supply is a supply which is standard rated (6% under current proposals) or zero rated, whereas exempt and out of scope supplies are not taxable supplies. GST can only be levied and charged if the business is registered under GST. A business is not liable to be registered if its annual turnover of taxable supplies does not reach the proposed prescribed threshold of RM500,000. Therefore, such businesses cannot charge and collect GST on the supply of goods and services made to their customers. Nevertheless, businesses can apply to be registered voluntarily.

So how will GST implementation impact property prices?

Properties from the primary and secondary markets will be treated differently when it comes to GST implementation. Even though it has been proposed that residential properties are deemed to be exempt supplies (ie. the developer cannot charge housebuyers GST), you will realise that the developers will still be subject to GST on the construction materials and supply of various services. As the developers will have to pay for the input tax (ie. GST) on those construction materials and other services, they are unable to claim output tax as GST is not imposed on residential properties. Consequently, the GST element of the costs of construction would eventually be passed on to the housebuyers. In the case of commercial properties, the developers will have the relief of claiming GST incurred as input tax as they are able to charge output tax (GST) on the buyers. In the case of a mixed development of both residential and commercial properties by a developer, the proportion of GST incurred in relation to the construction of residential properties cannot be passed on and absorbed by the construction of commercial properties either.

Some may argue that cost of construction may instead reduce, considering that the rate of sales tax in Malaysia which is currently 10%, will be abolished and replaced by the 6% GST come 1 April 2015 and this would in fact translate into some savings on the cost of construction materials. However, it would be worthy to note that pursuant to the Sales Tax (Rates of Tax No. 2) Order 2012, the sales tax rate on most building materials enjoy a preferential sales tax rate of either 0% or 5% as at 31 December 2013. So in fact, the tax element of construction materials would in reality, increase!

How about sub-sale properties?

Post-GST implementation, there will be no GST implications when you buy or sell a residential property from or to the secondary market, as it is an exempt supply.

So the question is how should we position ourselves as a property investor with this latest development and how can we take advantage of the pre and post GST implementation?

For those who like to know more, I have been invited to share about the impact of GST to the property market in Penang on 19th April 2014. I will be sharing in more details about what it means to you as a property investor and property owner. At the same time, I will also go into details about GST in the broader sense and the introduction and implementation of tax related matters.

We are expecting a full house and as seats are limited, I would suggest that you book your seat NOW by clicking the link below:

http://www.AboutPropertyInvestment.com/

Richard Oon is the National Tax Director of TY Teoh International, a member firm of the MSI Global Alliance, which is one of the world’s largest independent associations of accountancy and law firms. Richard is a member of the Malaysian Institute of Accountants (MIA), a fellow member of the Association of Chartered Certified Accountants (ACCA), a fellow member of the Chartered Tax Institute of Malaysia (CTIM) and also a Certified Financial Planner (CFP). He has more than 20 years experience in the taxation industry and holds a tax agent licence issued by the Ministry of Finance under Section 153 of the Income Tax Act 1967.

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