WILL the rising cost in building materials contribute to fewer property launches? Or, since property development has more of an impact on consumers, will demand - which according to developers, consultants and realtors has generally been sustainable - play a bigger role? . Read further .
Malaysia looks set to get a new tallest building after Kuwait Finance House Malaysia Bhd (KFHMB) revealed plans to construct a tower that will overshadow every other man-made structure in the Asian country. Read further.
Internet advertising of real estate and property is getting very popular these days as evident by the number of real estate web sites that have gone online in the cyberspace. Many of the web sites offer free listing while some charge for their service. In general, users are still able to find quality real estate web sites that offer free listing.
There are many advantages that are associated with internet advertising of real estate, internet advertising is mostly free as real estate seller can list in multiple web sites for free, and this is a big contrast as compared with the conventional newspaper advertising where they charge you by the day and by the size of your advertising space. With internet advertising, sellers can practically advertise for free and repost their listing upon expiry until such time that their property is sold. In newspaper classifieds, to increase the chance of the listing being noticed by house buyer, house seller would need to advertise more than once as potential buyer may not read their advertisement on the day the advertisement is posted. The longer they post their advertisement, the more they would have to pay.
Internet advertising of real estate is instant, many of the real estate web sites instantly display the advertisement upon submission, seller need not wait for the next day for the advertisement to be published like in the case of local newspaper classifieds.
Internet advertising offer greater exposure as sellers can list their property in as many web sites as they like whole year long and the listing is not limited to the country where the seller stays, in fact, as soon as the advertisement goes online, it will be indexed by search engines and become searchable by people from all over the world. The property listings over the internet is in fact having a so called ‘global presence’.
Another advantage of internet advertising is that it makes it very easy for buyer to search and notice the property that fit his or her requirement. Many of the web sites offer advance search feature that allow the buyer to search with certain criteria such as location, type of property, price range etc so that buyer only look that those advertisement that fit his or her criteria, basically filter out all irrelevant advertisement, making it easier for buyer to get their choice property with minimum effort and time. This is also a sharp contrast as compared with newspaper classifieds where buyer will have to sieve through more than ten pages of classifieds which consist of minute print, with newspaper classifieds, buyer will have to do the filtering and sorting themselves. As the content of internet are indexed by various search engine such as Google, Yahoo, MSN etc daily, the listings uploaded by sellers become searchable not only by search feature of the particular real estate web site but by search engines in general.
One more advantage of internet advertising is that sellers are able to upload photo of their property so that potential buyer can have an an idea what the property look like, most real estate web sites allow up to five photographs upload. To display five photographs on newspaper classifieds would have cost the seller considerable amount of money.
So, real estate listings on the internet do seem to offer a lot of convenience and advantages. However, internet or newspaper is really a matter of personal choice too.
To advertise your real estate for free, you may want to visit our real estate listing web sites http://www.realestate2u.com.my/ , malaysia.realestate2u.info or classifieds.realestate2u.net , we do not charge for listing, isn’t this the best part of internet advertising, it can be done at almost zero cost except for the internet connection which is anyway needed for other purposes.
Maps of Mont Kiara, Golden Triangle, Klang Valley, Iskandar Development Region, Northen Corridor Economic Region are available for downloading at Ho Chin Soon Reaserch Sdn Bhd web site at nominal fees, payment could be made by paypal.
Download link
This is a picture of Spring condo soon to be launched by IJM in Penang, the construction is already in advance stage even before launching.
Earlier post
Official Launch of Platino Luxury Condominium.
VENUE : E & O Hotel, Grand Ballroom, Penang Malaysia
TIME : 11am – 6pm (12.30pm – Official Launching Ceremony)
DATE : 8 November 2007 (Thursday)
or visit http://www.platino.com.my/
Many investors may have wonder that with the recent hike in launching price in Mont Kiara condo, have the prices peaked ? , you may want to read the article from The Edge Daily .
If you ever ponder whether a house or a condo is a better form of investment, then read this article from The Edge Daily.
The Spring is located along the Jelutong Expressway that gives a panoramic view of the Penang Bridge. The concept of the project is modern contemporary and emphasizing on its Tropical Garden features.
A Relaxing Lifestyle with Spectacular View
The Spring's layout is specially designed with units over looking the spectacular sea view. Here you will discover the peace and calmness that is so conducive to quality living.
Healthy Indulgence
Escape daily to a healthy indulgence by working out in a refreshing atmosphere either at The Spring's Tai Chi & Exercise Corner, indoor or outdoor gymnasium and other facilities.
Comfortable Living
The setting on The Spring is built with an ideal home in mind. Enclosed lift lobby with CCTV and proximity card access system ensures maximum safety.
Floor layout
Facilities
ATRIUM Real Estate Investment Trust (REIT) has acquired an industrial building at Senai Industrial Park, Johor for RM12.5 million from Yong Jin Development Sdn Bhd, read further.
It was reported that Malaysia property-buying process is ’simpler than eastern Europe’, read further.
With effect from 1 Jan 2008, EPF members can make monthly withdrawals from Account II (equivalent to 30% of total EPF contribution) to finance the loan repayments on one house. This will potentially unleash almost RM9.6 billion annually for home purchases. RM9.6 billion is more than double the amount of Malaysia’s residential property stock overhang, which is estimated at RM4.2 billion. For more information , you may want to read the article from The Edge Daily .
IJM Properties Sdn Bhd will launch Laman Granview @ Puchong on 6th & 7th October 2007 at Laman Granview’s Show Unit.
Perched on a hilltop approximately 450 feet above sea level, this enclave consists exclusively of semi-dees and bungalows only. Laman Granview offers sweeping views of the city’s skyline and features tropical homes with clean and contemporary designs.
2 ½ Storey Serene Semi Detached
3 Storey Zero Lot Bungalow
3 ½ Storey Signature Bungalow
Clubhouse
Thomas L Friedman in his book "The world is flat" demonstrate the changing world toward globalisation where people from one part of the world could collaborate with another person at another part of the world to achieve something that could never be done before and at such efficiency and low cost which was not possible in an unflattened world. One of the infrastructure that make all that possible is none other than the internet.
It is with the availability of affordable broadband that prompt us to think that more people will eventually use the internet to search for their choice property or to advertise their properties for sale or for rent. It has been more than 2 years since our real estate web site went live and looking back, the flattened world has made all that possible.
Even this particular web site alone is also a form of collaboration between two parties world apart. While blogger.com provided the server, web address & software to make this blog possible, we provided the content. When this blog is up and running, more collaboration take place in the form of pay per click advertising where we again work with google to display the advertisement in our web site, the script of advertising is provided by google and by inserting the scripts into our web site, the advertisement goes into auto pilot where advertisement related to content of this web site will be automatically shown.
The pay per click advertising programme, the Adsense programme allow us to earn a US dollar income to sustain the maintenance of our other real estate web sites , below is a copy of the the very first cheque that we received.
The Adsense programme further reinforced the various possibilities in the process of the world flattening where people from one part of the world such as in Asia or in Malaysia in this particular case is able to earn a US dollar income by collaborating with another party in the America and the astonishing part is that the two collaborating parties have never met in real life.
Visited the property fair today and before we talk about the real properties, there are quite a number of scaled down models of the proposed properties that were on display by the various developers.
The Paragon by Hunza Properties Bhd:
Penang Time Square by Ivory Properties Group:
YNH Property Bhd plans to launch Duta Kiara & D'Kiara Place late this year and early next year.
Duta Kiara 163 suites consist of 110 units of luxurious condominium with built-up area of at least 3800 square feet and is priced at about RM3 million. That would be approximately RM789-00 per square feet.
D'Kiara place is located next to existing Mont Kiara Plaza and is a mixed development consisting of retail units, service apartments & office block.
So far the highest price recorded in Mont Kiara area must be 11 @ Mont Kiara to be developed by Sunrise Berhad reported selling at RM727-00 to RM802-00 per square feet at recent preview for the registrants.
Another project on going now in Mont Kiara is the Verve Suite developed by Bukit Kiara Properties Sdn Bhd. Currently they are already into the second block named the Vibe Tower, selling for around RM650-00 per square feet, all suite are fully furnished and very tastefully done. Purchaser would never have to worry about renovation or decoration. Size range from 633 square feet to 861 square feet.
Site plan:
Floor plans:
Debt is good, how can that be, but debt is really good especially if it is going to be paid back by others.
Debt is good when it is being used to invest in asset that can appreciate and at the same time generating rental income to the investor.
Lets investigate in an example, assuming that an investor purchase a 1400 square feet condo in Mont Kiara from a developer during an initial launch at RM400-00 per square feet and assuming that he take 90% loan from a bank.
Cost of condo = 1400 x RM400-00 = RM560,000-00
Down payment = RM56,000-00 (10%)
Monthly repayment for loan at interest rate of 5.99% for repayment period of 30 years = RM3,018-50
Interest rate of 5.99% is derived from a post of our property forum
Monthly installment of RM3,018-50 can be calculated using our loan calculator
Monthly rental = 1400 x RM3-00 = RM4,200-00
Monthly maintenance charges = RM0-27 x 1400 = RM378-00
Net monthly rental = RM4,200-00 - RM378-00 = RM3,822-00
Return per month = RM3,822-00 - RM3,018-50 = RM803-50
Return per year = RM803-50 x 12 = RM9,462-00
Amount of equity invested = RM56,000-00
Amount of return per year = RM9,462-00
That works out to be = 9,642-00 x 100 / 56,000-00 = 17.2%
Of course there are still some minor charges that have been taken into account such as assessment, quit rent etc but the gross return based on small equity of RM56,000-00 together with leveraging effect of using a bank loan to finance the purchase when planned carefully can bring meaningful return.
On top of that, the purchaser is bound to reap the capital gain over time when the property appreciate, healthy rental income enable the owner to hold the property longer to enjoy capital appreciation
When one is buying a landed property from developer before commencement of construction work or during construction stage, it is wise to confirm with the developer whether the status of the land on which the building is going to be constructed is still under a master title of the entire development or is it under a individual title. If the land is still under a master title, then what is normally done during the sale and purchase agreement stage is that there is an assignment of a portion of the master title to the purchaser in relation to the landed property that he or she has purchased. Only upon the completion of subdivision and when the individual title is issued can the transfer be executed to complete the transfer of the property to the purchaser.
In essence, if the land is still under a master title, there will be two legal process which mean two legal fees involved. One for the assignment during the sale and purchase agreement stage and another for the eventual transfer. Therefore if the land come with individual title, there will be only one process where the purchaser will save on legal fees.
In most cases where developer rush to develope their land soon after the purchase of land, the status would most likely still be under a master title, why not negotiate with the developer to absorb the legal fees for the sale and purchase agreement so that eventually one would only need to pay the legal fees for transfer when the individual title is issued after the completion of land subdivision
Another condo project that is very competitively priced in Mont Kiara is the Ceriaan Kiara developed by YNH Property Bhd
Link to developer web site
A very good article that has been posted on our real estate article directory about the advantage of internet real estate listing vs newspaper listing
http://www.realestate2u.net/articledirectory/Article/Real-Estate-Listings---Internet-Vs-Newspaper/1464
If you want to reproduce the article in your web site, the html or e-zine ready version is available at
http://www.realestate2u.net/articledirectory/ezineready.php?id=1464
Location plan:
Floor plans:
1. EPF contributors can make monthly withdrawal from account II to settle housing loan.
2. 50% reduction in stamp duty for those buying a property not exceeding RM250,000-00
3. The government has allocated a fund to provide guarantees to the banks to help those in the low income group to obtain housing loan.
Previouly, we touched on whether KL condo is priced too high, of course it is all subjected to individual intrepretation and projection. However, we do find some good condo with good architectural design which we feel is value for money when many new launching in that area are already in the region of RM700-00 per square feet. One of them is Casa Kiara II in Mont Kiara which was launched earlier this year, excellent design with all 6 corner units arranged like bangalow or semi-D in the sky, 4 high speed lifts to service the 37 storey condo, low density of only 206 units in a single block design.
Most of the companies today are equipped with a web site, some use it to disseminate company information while other use it to promote their products. Web site is particularly useful for housing developer to introduce their new project to complement the traditional or conventional ways of advertising through the newspapers, radio or TV. By using web site to disseminate information about the new housing project, developers are able to advertise in a very cost effective way as advertising over the web is very much cheaper compared with the conventional media, not to mention the worldwide exposure 24 hours a day, 7 days a week, effectively everyday until the information is taken down from the web.
In today globalised world where many foreigners invest in Malaysian properties, many potential buyers could actually gather as much information about the properties before they actually visit the showroom. The case mentioned does not only apply to foreign buyer, but also apply to out station buyer from within our country. A typical case would be if a person from Penang interested to purchase a property in Kuala Lumpur, he or she can surf the web and visit the web site of the developer and view as much information as possible before making a trip down to the showroom to visit the actual location. When the potential buyer visit the showroom , he or she may already be very familiar with the subject property and thus saving the sale person a lot of time and effort as the sale person is saved from explaining the various details.
In fact, there are many cases where potential buyers have already got a decision in their mind and they visit the showroom just to close the deal. Therefore it is extremely important for developer to include a well planned web site in their marketing strategy as having a good web site will surely make selling much easier.
After one is satisfied with the selection of the property he is intending to purchase, signing of the sale and purchase agreement is the next obvious step. If the property that one intend to purchase is already in the advance stage of construction, always remember to negotiate for an interest free period or grace period to allow yourself time to source for a loan as the time taken for
1. selection of loan
2. loan documentation
until the fund is released by the financier bank can be quite long. Therefore it is advisable to negotiate for a minimum of 60 days or 90 days. The interest free period is particularly important if the construction of the property is already in advance stage and if the buyer is taking maximum loan of 90% as one can expect that upon signing of sale & purchase agreement, the developer will flood the buyer with a series of progress billing that will be due 21 working days after issuance of billing that make it to about a month including the non-working days and the late payment interest is normally 10% which is higher than the loan interest rate which can be as low as zero for the first year for some loan package from certain bank. Without the interest free period, the buyer would most likely be charged hefty late payment charges as the amount of billing can be as high as 75% of purchase price which the interest calculation is based on.
However if one is buying a property where construction has yet to begin, then the issue of interest free period may not be critical but as buying a property is not something that one do very often, why not exercise your right to as much as possible before you sign above the dotted line.
Most condominium units are packaged with a minimum of two car parks or more if the unit is big in built-up area but the majority of the condo units that are for sale by developers today come packaged with only two car parks for each unit. For most of the project, developer usually plan additional car parks either to be used as visitor car parks or waiting to be sold to those interested to purchase additional car park. Purchasing of car park can be also a form of investment if the car park allocated is two or less for each unit. Even at current time, two car parks may not be sufficient for some family with more than two cars which are rather common today. Therefore if one has additional car park, the car park can also be rented out to those who need additional car park. Good new is owning additional car park does not resulted in additional maintenance charges as the monthly maintenance charges is computed based on built-up area of the condo unit. Thus having additional car provide additional avenue for one to earn additional rental income without too much financial commitment. A note of caution though, if the car parks allocated for each unit is more than two then renting out the car park may not be feasible.
Another aspect that condo buyer need to take note of is the land status of the development project which he or she is intending to purchase a unit. The land status can either be in residential or commercial. If the land status is commercial, one can expect that the quit rent, assessment and the utilities bills will be charged at commercial rate which is higher than the rate for residential status. For those who are buying for own occupation, this may mean higher maintenance cost for the unit. For those buying for rental yield, while the utilities bill may most likely be paid by the tenant, the higher quit rent and assessment may translate to a lower rental yield.
Things to note when buying highrise condo - Part I
Things to note when buying highrise condo - Part II
Things to note when buying highrise condo - Part III
Things to note when buying highrise condo - Part IV
Things to note when buying highrise condo - Part V
Things to note when buying highrise condo - Part VI
Things to note when buying highrise condo - Part VII
Air conditioning is such an integral part of condo living today, a three rooms condo would need five aircon units, one for each room and one each for living and dining area. Most of the high end condo units are designed with a designated area for aircon compressor unit and these area are usually accessible through windows or balcony for ease of future maintenance. Some of the reputable developers have even included the aircon units in their sale package and for those who don't, they probably have included the aircon electrical points as well as the piping for the aircon units. However, there are some that only provide the aircon points without the piping.
Therefore when one is comparing between different projects, be sure to compare apple to apple and take into consideration the cost involved in the installation of those aircon piping as well as the drain pipe for the aircon units. While the air compressor units are required to be placed at certain designated area, the drain pipe would most ideally be required to be taken to bathroom and most of the time require certain hacking and patching which sometime can involve replacement of floor tiles and most probably will require repainting of certain area.
Some developers will include aircon units and piping and sell the units at slightly higher price while some will sell at lower price and provide only the electrical points.
All highrise condo block are designed with a refuse room at every floor to allow the residents to dispose off their rubbish without taking it to the ground floor. When one is buying a condo unit, what is normally given by the sale person to the potential buyer is a beautiful brochure that shows the location plan, site plan, floor plans, building perspective, specifications and all other information that the developer wants the buyer to know. Thing like the exact location of the refuse room is never clearly indicated in the brochure, the refuse room is normally located at the common area at each floor and because there are many other facilities like the riser duct, escape staircase, meter room etc within the common area, it is inevitably that the refuse room will be closer to certain units. Therefore always ask the sale person specifically where is the exact location of the refuse room before finalising on the purchase. You sure would not want to end up buying a unit where the refuse room is close to your unit.
However if the unit that you like is close to the refuse room, then make very sure that the refuse room is designed with double doors, two layers of door whereby if a door is not fully closed, chances that the other set of door will be closed, which mean that when a resident wanted to dispose off rubbish in the refuse room , he or she will have to go through one door after another. The two sets of door will minimise the smell of rubbish from escaping from the refuse room.
Condominium for sale from developer especially those high end condominium is packaged with a minimum of two car parks as accessory parcel to the sale & purchase agreement. The car parks are already allocated for each unit of condo unit before the sale and when one is buying a condo, always ask for the car park layout to ensure that you like the car parks location as much as you like that particular condo unit. The two or three car parks allocated are usually in the same location, usually side by side. Recently a friend has purchased a condo unit and she forgot to check the car park layout and she later found out that her two car parks are separated by the car park ramp. Not a big deal though but may be important for those who like their cars to be parked side by side. An attempt to change the car park location after signing of sale & purchase agreement is rather difficult or should I say next to impossible as every single car park would have been allocated to a condo unit.
As car parks are key component to condo living, be very sure you like the car park location too before you sign above the dotted line.
The price of condo units at higher floor tend to be higher compared with the lower floor units as most higher floor units command better view. In most cases, the bigger units such as duplex or penthouse are also purposely designed to situate at the top most few floors. It is important to note the type of roof of the building when one is buying a unit at the top most floor, one should check if the roof is a tiled roof or concrete roof. Both types of roof if constructed properly would not pose any problem to the dweller of the top most floor.
However, there is one scenario where reinforced concrete roof can pose a problem. I had the opportunity to observe a case where the roof of a duplex unit is a reinforced concrete roof and the concrete roof also serve as the compound for the penthouse at the floor above. The subject building was designed with staggered height whereby the middle section is two floor higher to accommodate the penthouse at middle section with the duplex at the lower section at the side. With the reinforced concrete roof of duplex serving as the compound of the penthouse sound like wonderful idea but the problem surfaced when the owner of the penthouse decided to renovate his compound by putting on beautiful tiles. In the process of putting on the tiles, certain hacking would have to be carried out and unknowingly the waterproofing material to prevent seepage of water through the reinforced concrete roof is damaged. After completion of the tile laying, the penthouse owner has a beautiful compound but the duplex owner begin to suffer as the reinforced concrete roof started to have seepage during rain as the waterproofing is now not perfect and rain water starts to seep through the roof, the seepage may not be serious enough to cause a leaking roof but the roof will most of the time be wet because of the continuous seepage. Practically water is retained in the reinforced concrete roof until a prolonged dry season dry the roof. The seepage cause not only the roof to be wet but also the wall as water will find its way downward due to gravity flow. With the wet roof and wall, paint start to peel off and fungus developed.
However one may say that any defect to building can be rectified but the problem highlighted above is more complicated as the roof which serve as the compound of the penthouse cannot be accessed other than going through the door of the penthouse. The owner of the penthouse does not suffer any ill effect out of his renovation and therefore will not allow anyone to enter his house for any rectification works.
For the owner of the duplex below, the leaking problem could only be rectified at the floor above, the management couldn't do much as the compound is part of the penthouse and considered as private property. The owner of the duplex can resort to legal recourse to compel the owner of the penthouse to carry out the rectification works but that would be time consuming.
Therefore if one is buying a condo with reinforced concrete roof above, make very sure that the roof is part of the common properties where the management can gain access to the roof if there is any damage to the waterproofing system
When buying highrise condo unit, it is very important to note that the unit that one is choosing does not share a wall with the lift core. Highrise condo are equipped with lift or high speed lift where the up and down movement of the lift cars are guided by rails attached to the wall of the lift core. If a condo unit has wall that share the same wall with the lift core, it is inevitably that to some extent the noise and vibration as the result of the movement of the lift car can be transmitted to the condo unit. How much noise or vibration is transmitted depend on the structural design of the condo itself, if the structure is designed with reinforced concrete or sheer wall, then the noise transmitted may only be minimal, brick wall results in more noise to be transmitted.
Ideally there should be a buffer such as staircase area or any other utility area between the condo wall and the lift core wall so that the noise from the lift car movement can be well insulated from being transmitted to the condo unit.
However, how much noise there is also depend on the type or quality of the lift and the thickness of the wall of the lift core. In the most optimistic case where the good quality lift are being used together with thick lift core wall, the noise transmitted will be very minimal.
But then again, many such information are beyond reach by ordinary buyer and it is better to play safe rather than saddled with a condo unit which are constantly being disturbed by the unwanted noise.
With the price of land remain high and keep on increasing and show no sign of slowing down especially in most of the major cities like Georgetown and Kuala Lumpur, many property developers with land bank in good location have embarked on building highrise luxurious condominium which are often dubbed as "semi-detached" or "bangalow" in the sky, some high end units even have private lift lobby. The selling price of these luxurious condo range from RM400-00 per square feet in Penang to RM1000-00 per square feet or more in the Kuala Lumpur area depending on specification and location.
Some of the condo block that boast a single block design have gone higher because of smaller foot print to limit the number of units per floor, many of them have design approaching 40 storey of height.
All the highrise condo blocks are equipped with a water storage tank at the very top of the building and the authorities always require storage of one day water demand for the entire block. The roof top water tank supply the water to all units through a downpipe by mean of gravity flow. The water are taken to the roof top tank by means of a pump that pump water from a water tank situated at the ground floor pump room through a riser water pipe, pumping is automatically started when water level in the roof top water tank fall to a designated level.
When the building is too high, the authorities will require a two stage pumping whereby water from the ground floor is pumped from the ground floor water tank to a intermediate water tank and pump room at the middle height of the building before water is eventually pump to the roof top. Say if a building is 38 storey high, you may find a water tank and pump room at 19 floor or a bit higher or lower depending on the design of the consultants.
When purchasing a condo unit, purchasers are often presented with a sale chart which show the selling price of units at different level, sometime one or two units at mid level may be used as the intermediate water tank and pump room and very often the unit are indicated in the sale chart as the water tank room or some developer may choose to just leave it blank without assigning a name for that rooms.
If there are six units at the floor where the intermediate water tank and pump room is situated, usually two units will be used for the water tank and pump room with the remaining four units available for sale.
When buying condo units, it is wise to avoid buying units at the same floor where the intermediate pump room is situated as well as units at floor immediately above or below the intermediate pump room as you can expect some noise when the pump is running. As the pumping is a daily business, you do not want to end up with a unit where the occupant will be constantly disturbed by the noise of pump. Sub selling those units or renting out those units will be more difficult.
As there will always be a pump room a the ground level, it will also be wise to avoid unit immediately above the pump room.
As owning a condo unit is getting more costly, check carefully before commit on buying, talk to the sale representatives, do not believe everything they say, some will tell you that the pump runs only once in a while, some will say that there will be more privacy living above or below the water tank room as there no people living in the water tank room, some will say that it is a water tank room without telling you that there are actually pumps in the room.
Of course there are also good developers that provide proper rubber bearing to cushion the vibration of the pump or construct the proper insulation to prevent the noise from the pumps from affecting the neighbouring units. I say it is best to avoid those units especially the unit below and above the pump room which will be affected most by vibration and noise from the pump.
With the abolishment of real estate property gain tax by Malaysian government about one month ago, the real estate and housing industries is given a real boost indeed. Whether the abolishment will bring immediate positive effect in the industry is yet to be seen but at individual level, it definitely will affect the way people make decision with regard to property transaction. People buying property for investment will now find it easier to sell as they now are able to sell at lower price as they do not need to make provision for real property gain tax if they were to sell within the first few years after their purchase as the gain tax were the highest during the first few years. In essence, an investor can buy a property and immediately flip the property for a profit without subjecting to real property gain tax. The abolishment will also benefit housing developer as developer can expect increase in sale as more investors are expected to snap up property for fast profit as property can now be regarded as a product that can be traded.
Previously, property investors will wait a few years before contemplating selling their properties to lessen the effect of property gain tax on their profit as the tax was as high as 30% for the first year, now they can sell as soon as a buyer is available. The abolishment will undoubtedly increase the number of transaction in the real estate industry.
