In general, an individual title is for a property which has its own land and this usually means that the land itself is owned by the house owner. Strata titles are generally for properties in a multi-storey building or a gated community with a master title and this usually means that the land belongs to the owners of multi-storey building or gated community.

Whilst properties which have their own land will be issued with individual titles, the owner of a unit in a multi-storey building or gated community will have their right of ownership of the unit they purchased. Every owner will have their share of the land/building which is stated as Unit Share in their Strata Title when issued based on the built-up size of their unit. In other words, you will still own part of the land but in Unit Share instead of individual lot.

It can take years for a strata title to be issued by the relevant authorities. Pending the issuance of the strata title, the owner of a unit can still sell or assign their unit and the non-availability of the strata title does not in any way affect the owner’s right to their unit.

For the sale of a property with individual title the transfer instrument is in Form 14A as prescribed in the Malaysian National Land Code 1965. As for the legal charge of the property with individual title by the owner to his financier Form 16A is applicable. Both the transfer and the charge will involve the land office and the instruments must be presented to the land office for registration.

For property with a strata title still to be issued a deed of assignment is executed to buy a property (if the seller is not the developer) or to give security for a loan. A deed of assignment transfers all rights, title, and interests in respect of the property and under the previous sale and purchase agreement to the purchaser. Likewise for an owner to provide the security over the property to his financier, a deed of assignment assigns all rights, title, and interests in respect of the property and under the previous sale and purchase agreement to the owner’s financier. Once the strata title to the unit has been issued, the owner will transfer and/or charge his unit in the same way as a property with individual title.

PETALING JAYA: The property market will not be impacted by the recent increase in the overnight policy rate (OPR), said property consultants.

Last Thursday, Bank Negara raised the overnight policy rate (OPR) by 25 basis points to 3% and increased the statutory reserve requirement (SRR) by one percentage point to 3%.

Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng said the slight increase meant that borrowing cost was still reasonable.

“With banks offering base lending rate (BLR) minus 2%, this means effective interest rates are still below 5%. However, property investors will look at the slight rate hike with caution,” Tang told StarBiz.

He pointed out that demand in the property market might be curbed slightly if the central bank raises the OPR by another 25-basis points before year-end.

“Property investors look closely at micro situations and factors such as location, possible further interest rate hikes in the short-term, rental yields and capital appreciation,” he said.

Zerin Properties chief executive officer Previndran Singhe said the recent rate hike was not significant.

KGV-Lambert Smith Hampton Sdn Bhd director Anthony Chua said the rate hike would not “put brakes” on the property market.

“It will not have a significant impact, although there may be some minor adjustment in buying sentiment,” said Chua.

CB Richard Ellis (CBRE) Malaysia managing director Allan Soo said the impact on property buying sentiment would be negligible.

“At this level, the property market is not interest sensitive,” Soo pointed out.

CBRE Malaysia executive director Paul Khong pointed out that property prices, especially in the Klang Valley, still soared despite a rate hike last July.

“Property buyers will continue to make decisions based on their repayment capability, and also factor in their expected rental yields in view of the rate hike,” said Khong.

SOURCE: The Star

THE Penang Municipal Council (MPPP) may introduce guidelines for private car park operators in the wake of the controversy surrounding the chaining up of car wheels for unauthorised parking.

MPPP financial management sub-committee alternate chairman Tan Hun Wooi said they were studying the possibility of drafting the do?s and don?ts for such operators.

He said the council currently did not have specific regulations for private car parks apart from ensuring they were suitable as parking lots and had closed-circuit televisions (CCTVs).

?There are also no conditions in their licences that they can or cannot clamp people?s cars,? he said when contacted yesterday.

Tan was responding to the StarMetro North story titled ?Bitter pill to swallow after dinner? on Saturday where three people who parked their cars at a private food court parking lot without dining there found their vehicles chained up by the proprietor.

The trio had to pay RM100 which the owner demanded to remove the chains during the incident in Tanjung Tokong last Sunday.

The car owners claimed it was too dark to see the posters and banners which state that those who failed to patronise the food court but parked their cars at the parking bays would have their cars chained up.

The same day, StarMetro Mail also published a letter by a reader XINZ who was upset over the RM50 parking fee he had to pay at the same food court car park for dining at another restaurant.

National Consumer Complaints Centre senior manager M. Matheevani said the property owner had the right to impose the charges on the vehicle owners but chaining their cars was a ?harsh action?.

?The property belongs to the operator and he can set the parking procedures and standard fees but it did not justify chaining the cars,? she said.

Penang Consumer Protection Association president K. Koris echoed similar views, saying the proprietor had the right to impose the charges as it was his property.

?It is justified for him to ask for RM50 parking fee. He can even ask for RM300!,? he said.

Koris said the proprietor had put up banners saying those who did not dine there would be fined.

?It is also principally wrong to park at a car park of a private food court but not dine there,? he added.

Penang Ratepayers Association chairman Datuk Eddy Choong said he personally felt that chaining the cars was ?too harsh?.

?It is justified to ask for the RM50 parking charges for not dining there but there?s no need to chain up the cars,? he added.

SOURCE: The Star

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GEORGE TOWN: The Middle East luxury yacht builder Gulf Craft is looking at Southeast Asian markets – including Malaysia – as a source for increased revenue.

The company’s chief operating officer (COO) Erwin Bamps did not discount the possibility of considering Penang as a potential hub for a shipyard in the region, if the demand for its leisure craft is good.

“Asia currently contributes about 20 per cent of our annual revenue and we are looking at a possible 10 per cent increase in the next one to two years,” he told Business Times over the weekend.

Gulf Craft, whose marketing presence in Malaysia for the past two decades is via Penang-based Pen-Marine Sdn Bhd, has sold a total of 150 of its leisure boats here to date.

The company, which is synony-mous with yachts like the “Majesty”, “Onyx” and “Silvercraft” is bullish about Southeast Asia’s huge potential for yachting.

“We are not only seeing a new generation of dynamic and wealthy business people looking for quality lifestyles,” Bamps said, “but the entire area is now gradually opening up for marine tourism as it becomes more and more feasible and attractive for an owner to keep and cruise a luxury yacht in Southeast Asia.”

Singling out Penang for its emerging waterfront property development, Bamps said the state would do well to promote a nautical lifestyle to yacht owners.

“Penang definitely has the potential as an international hub for yacht owners as if the proper steps are taken to put yachting on the tourism agenda, the spin-offs to sectors ranging from property, food and beverage, and a host of services will be manifold,” he noted.

Bamps said he met with the Singapore Tourism Board officials recently, as Singapore is looking to attract a different quality of international spenders to the island republic.

Meanwhile, Pen-Marine’s managing director Oh Kean Shen said Malaysia can assist the yachting sector by ensuring that there are adequate and well-equipped ma-rinas dotting the country.

Malaysia is currently home to an estimated 1,500 leisure boats.

Oh also stressed on the need for financing facilities to be made available to yacht investors, given the fact that Malaysia does not impose duty on pleasure yachts.

“Owing to Langkawi’s position as a duty-free island,” he said, “many boats from Singapore and Phuket are registered with the Langkawi International Yacht Registry (LIYR),” he said.

LIYR is an exclusive international yacht registry operated by the director-general of Marine Malaysia.

It is designed for yacht owners who are seeking to operate under the advantages of an open registry, and there are no restrictions on ownership and is open to individuals, joint owners, corporations and yachting entities.

SOURCE: Business Times