In the month of May, the world, in particularly Malaysia joint in the celebration in knowing that 12 year-old NayatiMoodliar was safely returned to his family unharmed, after being abducted and held captive for a week. While the celebrations continued and police worked towards capturing the perpetrators, the nation was once again shocked by the news of two female real estate agents that was raped and the other murdered within 24 hours last week.
In a report by New Straits Times recently, it was stated that barely 24 hours after real estate agent Chen Choi Mooi was found murdered in Batu Dam, Gombak, another real estate agent was stripped naked and tied up by her “prospective clients”. She was however successfully rescued by police, who was alerted by auxiliary policemen, who had been tipped off that the victim was held captive at a condominium in Mont Kiara.
We are deeply saddened by the news and would like to express our sincere condolences to the family of Chen Choi Mooi and to the other victim, it is our hope and prayer that you will be able to overcome the trauma and recover from the ordeal.
As such, we would like to urge all agents, regardless whether you are a male or female, to take all the necessary precautions to ensure your safety. We have outlined some safety tips here – Being Safe Matters – Tips and steps to be safe on the job.
Please remember that the smallest bit of prevention goes a long way in ensuring your own personal safety. Be safe!
On a different note, I am extremely happy to highlight that our year-to-date results in all the four countries in which we operate in have reported astounding growth.
iProperty.com.my continues to be the clear leader in Malaysia and was also recently ranked the world’s 3rd most dominant portal when compared to other competitor portals by Property Portal Watch. The Malaysia business has and continues to achieve many milestones over the course of 2012.
In the first quarter of 2012, GoHome.com.hk has also successfully extended its lead in Hong Kong. The website continues to outperform other local real estate portals with the highest traffic, user and listing figures, making the most effective online advertising platform for local real estate and living sectors
Moving on the Indonesian market, we have also seen tremendous growth in both our portals, rumah123.com and rumahdanproperti.com, which we acquired in August last year. iProperty.com.sg continues to be the equal market leader and has established a clear position as a trusted source for information, property intelligence and buyer insights, in Singapore.
Another piece of exciting news that I wanted to share with you, was that we have expanded our family! The iProperty Group will soon be in Macau via the acquisition of vproperty.com, the country’s leading property portal. The acquisition extends the reach of the Group in the region with the Macau based portal being managed by the iProperty Group’s GoHome.com.hk business.
The portal currently generates revenue from local real estate agencies and property developers. It receives 50,000 consumer visits per month, generating 500,000 page impressions and has 60 registered agents as paying subscribers.
The success we achieved here, and continue to achieve, could not have been possible without your continuous support and believe in us as your trusted voice in all things property related. Thank you!
Have a great week!
27 Apr
PropNex CEO: What Seniors & Singles Should Be Thinking About Right Now
In this exclusive one-on-one interview with iProperty.com at the recent iProperty.com Expo at Marina Bay Sands, CEO of PropNex and Singapore’s leading real estate expert Mohamed Ismail Gafoor discusses the latest trends in the Singapore and Malaysia property market. He also provides valuable advice for 2 growing demographic groups in Singapore: seniors who own a house and are planning for their life after retirement, and singles under 35 contemplating their first studio home purchase.
Mohamed Ismail speaking to a full crowd at the iProperty Expo at Marina Bay Sands
Q. You have often emphasized that landed housing in Singapore is by far the best choice for real estate investors. Could you tell us why?
Landed property will always be a goldmine – for the simple reason that land is in limited supply, and Singaporeans will always consider owning a landed house to be their ultimate dream.
However, not all landed properties are created equal. While the government can still release sites for landed properties with a 99-year lease, the existing stock of freehold landed properties are highly limited. I would lean away from landed properties with a 99-year lease as they present unique challenges for their owners. It is much harder for leasehold landed properties to meet the criteria for enbloc, as a 100% owner consensus is required – as compared to private condos more than 10 yrs old which need only 80%. There is only a 20-25% price difference at the entry-level for freehold vs. leasehold for landed properties, but the key advantage of freehold landed homes is that it provides for perpetual ownership, making it a much better deal.
Q. What are the possible implications of the proposal to double the entry price at which foreigners can buy real estate in Malaysia?
First of all, I can certainly understand the rationale behind such a policy proposal. Just as what has happened in Singapore, the Malaysian government is concerned about a property bubble forming, and likewise they also have to address the growing public concerns on the ground about rising property prices.
In spite of this, I remain very confident that the M$1 million minimum price for foreign purchasers of Malaysian property will not be a blanket limit across all states. In particular, such a policy would not be advantageous for the state of Johor especially when the entire Iskandar project is still at the infancy stage of development. It is likely the MY$1million minimum purchase price will apply to properties in the downtown KL region, but highly unlikely for areas such as Ipoh and Malacca.
As many well-off Singaporeans have already been picking up units well above the MY$1 million mark, it will not be surprising if they remain willing to pay for a good product which is still relatively affordable, particularly given the strength of the Singapore currency. Those most likely to be affected by the higher entry price are HDB upgraders, who have been mostly buying lower-tier fringe properties.
Q. What should senior citizens keep in mind when deciding if they should opt for the LBS (Lease Buy-Back Scheme), or “downsizing” to a studio flat instead?
PropNex CEO Mohamed Ismail
The LBS has the advantage of allowing seniors to continue to stay in the same flat in the same environment they have grown used to after many years. While some may be concerned about “outliving” the 30 years remaining on the lease under this program, the reality is that there are many seniors who will require specialized care at a health-care facility by that age. Hence, although the take-up rate for the LBS scheme has been low, I do see some do see some merit in this program.
However, I consider “downsizing” to be the more exciting option among the two. Downsizing to a studio apartment allows seniors to be able to completely cash-out on their existing property and use part of the proceeds to buy a smaller elder-friendly property at a reasonable price. Living in an elder-friendly community with adapted facilities (e.g.: lifts and ramps) will also provide a close-knit community where seniors can grow old together. Furthermore, having a lump sum payment in hand also gives one a greater feeling of strength and security. However, the inherent risk in “downsizing” is that seniors who do not have necessary skill or discipline to manage their funds can lose everything very quickly. Hence, deciding which option to go is very much an individual decision.
Q: What advice do you have for single working professionals under the age of 35 who are contemplating investing into a private studio flat for their own-stay?
As Singapore’s population continues to increase, it is inevitable that property sizes will shrink. Although shoebox unit sizes in Singapore are still decent compared with cities such as Tokyo and Hong Kong, it is undeniable that reduced space and high density will lead to a compromised lifestyle.
For single working professionals who want to move out of their parent’s house into their own home for lifestyle reasons, I would say that it is perfectly okay to buy studio apartment – but they really need to look out for the PSF (price per square feet) they are paying. Although the quantum of studio apartments may be low, all capital appreciation is ultimately a by-product of rental yield. Hence, the risk is that if rentals do not go up much, there is limited room for capital to appreciate. Paying high prices for an entry-level studio flat in the outlying areas could mean there may be limited scope for rental appreciation.