Malaysia Banking Info | A Cheque Too Costly

21 March 2014: Latest news update...The Bank Negara Malaysia(BNM) mentioned that the exercise of imposing 50 sen per cheque will be deferred to 2 Jan 2015. This is to ensure that the required hardware to facilitate such e-payments would be in place in all states and federal government agencies.

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Effective 1 April 2014, banks will charge a cheque processing fee of 50 sen on the issuer of the cheque in addition to the current 15 sen for stamp duty. Therefore total cost will then be 65 sen per cheque leaf versus the current of 15 sen. An increase of 333%. 

The Association of Banks Malaysia(ABM) clarified that there has been no processing fee imposed on cheque issuers all this while. It's said to be in line with directive by Bank Negara Malaysia(BNM) issued on 20 March 2013. A checked on BNM's website under A New Pricing Strategy to Promote Greater Efficiency mentioned that increase is in tandem with incease usage of Interbank GIRO or IBG transactions that is performed online via internet banking and mobile banking. In 2 May 2013 Interbank #GIRO or #IBG transactions fee has been reduced to 10 sen. #BNM wants consumers to adopt the more cost effective electronic payment methods while charges will be levied on cheques to reflect its higher cost.

To me the Interbank GIRO or IBG transactions fee should be totally abolish and as part of banking system it should be provided free to their customers.

 

This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .

VulcanInternational could be contacted at +6 016 451 1321 .

You're welcome to write your constructive comment below.

Malaysia | Penang Property | Commercial Properties | Shop Office Lot For Sale/Rent In Penang

Shop Office lot for sale or rent in Penang. Located along Jalan Perak, Penang and facing main road. Nearby established residential buildings are Harmony View, Harmony Square, Taman Perak and Symphony Park. Building comes with lift and per floor is four(4) units shop office lot.

Property: Superfield Plaza

Property type: Shop Office

Units available for sale or rent: 4

Build-up area(sq ft): Range from 1,400 sq ft to 8,300 sq ft

Price per sq ft(psf): Range from 175 psf to 230 psf

Interested please contact Vulcan Lau, mobile: +6 016 451 1321 for purchase or rental.

Malaysia | Penang | Wishing You Merry Christmas and Happy New Year

We would like to wish you:

Malaysia | 2014/2015 Penang Property | My Musings On Penang Properties - 9 reasons for Penang real estate in gloomy and doomy

9 reasons for Penang real estate market in gloomy and doomy

We're coming towards the end of year 2013. As for year 2014, ever since the #Budget2014 annoucement the real estate market will be placed into regulated control. As with #Penang State government, she has taken additional steps towards damage control to curb property speculation. Below are the chronology of events that expect to take place:

1. 1-Jan-2014: [Malaysia] Stricter bank loan(effect with net purchase price instead of gross purchase price, example if gross purchase is RM1,000,000 with 5% discount then net purchase is RM950,000). The #SPA will be registered as RM950,000 instead of RM1,000,000 . 
2. 1-Jan-2014: [Malaysia] Increase in #RPGT. Check out http://www.vulcaninternational.blogspot.com/2013/10/penang-property-malaysia-real-estate.html for more details. Refer to table below: 
3. 1-Jan-2014: [Malaysia] No #DIBS(Developer Interest Bearing Scheme)
4. 1-Feb-2014: [Penang State] 5-year rule. Owners of affordable homes bought for below RM400,000 on the island and RM250,000 on the mainland would be barred from reselling their properties in the first five years of ownership. Chief Minister Lim Guan Eng said affordable and public housing owners who wished to sell their units during the moratorium RM400,000(only can dispose after 6th year), for mainland RM250,000 would have to appeal to the state government, and if given the green light, could only sell to qualified “listed buyers from middle-income group” who were registered with the state housing department. Lim said in a statement that the new rulings would cover future and past purchases.
5. 1-Feb-2014: [Penang State] 10-year rule. Future and past purchases of up to RM72,500 only can dispose after 10 years. That is to say that owners of public housing low and low-medium cost units bought for RM42,000 and RM72,500 respectively or less cannot sell their units for 10 years. Effective date should be based on SPA. 
6. 1-Feb-2014: [Penang State] “A two per cent levy will be imposed on the seller, for all properties(including land) sold within three years from the date of the Sales & Purchase Agree­ment(SPA) signed from Feb 1, 2014. Property bought with the SPA signed before Feb 1, 2014, will not be subject to this levy. This two per cent levy is not applicable to affordable housing. All levies will be collected by land office.
7. 1-Feb-2014: [Penang State] The new regulations also stipulate that foreigners(non-citizens) can only buy property valued at RM1mil or more, and the threshold is increased to RM2mil if it is a landed property on the island.
8. 1-Feb-2014: [Penang State] A three per cent levy would be imposed on properties bought by foreigners, but an exemption would be made if the property is for industrial use, or “promotes employment, education and human talent”, said Lim.
9. 1-April-2015: [Malaysia] #GST(Goods and Services Tax) of 6% to replace SST(Sales and Services Tax) which is 15 months to go.

This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .

VulcanInternational could be contacted at +6 016 451 1321 .

You're welcome to write your constructive comment below.

Malaysia | Penang 2013 Blueprint Development | One Penang, Two halves, Three links...what is it for me as investor/developer?

What is Penang state development plan moving forward? Penang state, Consortium Zenith BUCG Sdn. Bhd. and China Railway Construction Corporation International(#CRCC) together with Beijing Urban Construction Group are the prime movers. 

With future development in Penang been catered for rapid growth, any discerning investors and developers that concerned with their investment and development of the Penang state would be keen to know what are in store for them in the near future.

Lately we've KL's developers like #EcoWorld is coming over to Penang to buy lands both in island and mainland. News circulation mentioned that Eco World has acquired 5.26ha in Air Itam, Penang Island; 24.28ha in Seberang Prai, Penang. Another been #Tropicana (previously Dijaya) with their maiden project #Tropicana #218Macalister. On my part I'm working with developers from KL as they're keen to have their maiden projects both here(Penang) and Johor.

Few weeks ago media annoucement of major road projects and undersea tunnel in Penang(refer to attachment). Total estimate value is RM6.3billion to be built in Penang with target completion dates as follow:

(a) Third Tunnel Link: 6.5km of undersea tunnel to be completed by 2025. This third connection is between Gurney Drive(Penang Island) to Bagan Ajam(Butterworth).

(b) Gurney Drive-Tun Dr. Lim Chong Eu Expressway By-pass: 4.2km of expressway and a by-pass to be completed by 2022.

(c) Tun Dr. Lim Chong Eu Expressway to Bandar Baru Air Itam By-pass: 4.6km expressway and a by-pass to be completed by 2019.

(d) Tanjung Bungah-Teluk Bahang Paired Road: A four-land, 12km road to be completed by 2018. (The news for this came out in March, 2013 that caused price for bungalow land near the project increase from RM110 psf to RM140psf. I made some land transactions there). 

Also been mentioned is that Consortium Zenith BUCG Sdn. Bhd. jointly with China Railway Construction Corporation International(CRCC) together with Beijing Urban Construction Group to undertake feasibility studies and detailed design works(FSDD) for the planned Penang highway and traffic mitigation projects. 

"The FSDD is a critical component of the total project plan to ensure that we meet the requirements," said Consortium Zenith BUCG Sdn. Bhd. chairman Datuk Zarul Ahmad Zulkifli adding that initial phase of the FSDD project will take approximately a year and a half after which upon approval together with environment impact assessment(EIA) approval will then commence the initial phase of tunnel and road works.

There'll be 70/30 split on construction works between CRCC and Beijing Urban Construction Group.

The major infrastructure projects is also to improve connectivity and help to bring about development in Seberang Perai Utara(SPU). This balanced development is to give SPU a link after Seberang Perai Tengah has the 1st Penang Bridge and Seberang Perai Selatan has the 2nd Penang Bridge to achieve "one Penang, two halves, three links". Henceforth, the title of this blog message.

On the funding of this mega project, it'll be funded exclusively by local and international banks. In terms of funding concessions, the state government will award 110 acres of net leand in its permitted land bank on Eastern & Oriental Bhd's Sri Tanjung Pinang 2 and a 30-year toll concession to operate the tunnel with the same rate as that of the Penang 2nd Bridge.

This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .

VulcanInternational could be contacted at +6 016 451 1321 .

You're welcome to write your constructive comment below.