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.

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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.

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

We would like to wish you:

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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.

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Property Development Company In Malaysia | Australia Property Market | SP Setia: WTF(What The Facts) about 50/50 contribution?

Quote: "The vision must be followed by the venture. It's not enough to stare up the steps, we must step up the stairs"...Vance Havner. The quote has been chosen as it's appropriate for this blog post.

By now #SPSetia has been fully grown to be "A-list" developer in Malaysia. It has been said that the company under its current CEO Tan Sri Liew Kee Sin has managed to position S P Setia at its pedestal. As a matured company pushing for its revenue to 50% contribution from local(Malaysia) and 50% from elsewhere is indeed a prudent and wise strategy as the saying "never put all your eggs into one basket." In the event Malaysia's market softening as with the hike of #RPGT(Real Property Gain Tax) the company still can cling on its revenue elsewhere to be in healthly balance sheet. He envisioned the 50/50 contribution five years ago.

It's known that SP Setia has its development in elsewhere in countries like Australia, Singapore, Vietnam and London(on massive #Battersea Power Station project joint-ventured with EPF and Sime Darby). Australia, Singapore and London are developed economies whilst Vietnam and Malaysia are developing economies.

In Australia, they've previously launched Fulton LN (http://vulcaninternational.blogspot.com/2011/06/current-australia-property-market.html) and now Parque(557 St Kilda Road) both in Melbourne. The units at Parque are with build up of 1,500 sq ft to 1,700 sq ft. It's a 332-apartment development. SP Setia is said to sold 331units within few months after the project was launched. 40% of the units sales came from Malaysia while the rest 60% was sold in Melbourne. To put icing on the cake, they hired renowned architect in Australia, Karl Fender to design Fulton Lane and Parque. This is to added value. Having top architects design SP Setia's projects are becoming a theme as it fits into the concept Liew is championing, which is having 5-start consultants to go along with a 5-star service and 5-star quality for its projects. Construction for Parque is expected to begin in early 2014 and end in 2016.

Having such good response, they're said to be looking for buy land in major cities in Australia such as Sydney, Perth and Brisbane.

To quote CEO Tan Sri Liew Kee Sin,"We definitely want to continue investing in Melbourne and London. These two markets are very good markets."

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.

 

        Praque, 557 St Kilda Road

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