2009年10月30日星期五

Red Ruby Shop Apartment Seri Kembangan For Sales- Apartments

Conner Lot , 2 Bed Room , 2 Wash Room, Around 927SF, Part Renovation , Nice Night View !
Peaceful & nice view, strategic location & very comfortable environment in Taman Universiti Indah.
*Convenient public transport , near many shop like Malay Restaurant, Mamak, Chinese Restaurant and etc!!Sales RM120,000.00

*Near Cyberjaya/ Putrajaya/ UPM
*Underground car park / Security

If interesting please call Benny 012-3871066.Thank you.

More information : Click

2009年10月25日星期日

5 Percent RPGT In Budget 2010, 1976 RPGT Rule No Longer Applicable

October 25, 2009

Source: Bernama

KUALA LUMPUR, Oct 25 (Bernama) -- The real property gains tax (RPGT) will be fixed at five percent on the gains from the disposal of real property effective 1 January 2010.

Reiterating this on Sunday, Second Finance Minister Datuk Husni Hanadzlah said that the rate imposed is irrespective of the holding period and the category of the owner.

He said that this rate of five percent will be implemented through the Real Property Gains Tax (Exemption) Order 2009.

This Order will be gazetted as soon as possible and effective 1 January 2010.

"Therefore, the current rate of RPGT which is higher than 5.0 per cent as in Schedule 5 of the Real Property Gains Tax 1976 will no longer be applicable," he said in a statement here.

This means that the previus rate of 30 per cent decreasing to 5 percent based on the holding period of the property is no longer applicable.

However, exemptions to the individuals are given as follow;

* The level of exemption is increased from RM5,000 to RM10,000 or 10 per cent of the chargeable gains, which ever is the higher;

* Gifts betwen parent and child, husband and wife, grandparent and grandchild; and

* disposal of a residential property once in a lifetime.

Property gains tax makes comeback

Saturday October 24, 2009

Source: TheStar

THE Government has proposed to reimpose real property gains tax (RPGT) for gains arising from property disposal.

Based on the Finance Bill, disposal within two years of acquisition will be taxed 30%; in the third year, it will be 20%; in the fourth year 15%, while disposal within five years and beyond will still be subject to 5% tax.

The latest measure, which will come into effect in January next year, has been described as “a knock-out punch” by Deloitte Malaysia country tax leader, Ronnie Lim.

“It was merely four short sentences in the 2010 Budget speech. However, that short reference to RPGT carried a knock-out punch,” Lim said in a statement yesterday.

He pointed out that from the speech itself, many would have thought that a low rate of tax of 5% would apply to most gains arising from disposals of real property.

“Be prepared for a shock – this is not the case and the highest rate of RPGT will be 30%,” he said.

Most rates of RPGT from January 2010 will be restored to those prevailing immediately before its suspension in April 2007.

Lim said one notable difference was that the exemption from tax for disposals after the fifth year of acquisition has been removed.

“Even where a property was purchased over 20 years ago, a gain on disposal from 2010 will attract 5% RPGT (without any indexation of acquisition price to reflect current purchasing power of the ringgit),” he said, adding that a flurry of property transactions could be expected soon.

Concurring with Lim, OCBC Bank Bhd director and chief executive officer Jeffrey Chew described the measure as a counter-productive move in efforts to encourage property investments among local and foreign investors, particularly to attract real estate investment trust investors.

“Furthermore, this would make Malaysia’s property market less attractive compared to other neighbouring countries in the region despite our property prices being among the lowest in the region,” Chew said.

However, Khong & Jaafar Sdn Bhd managing director Elvin Fernandez gave the thumbs up to the RPGT, saying “it shows that Malaysia, like other Asian countries, is not for unfettered speculation.”

“The RPGT is an anti-speculative tool, not a revenue earner for Government coffers,” he added.

To promote home ownership and enhance the people’s quality of life, the Government has also proposed a scheme to allow Employees Provident Fund (EPF) contributors to utilise their current and future savings in Account 2 for home purchase.

Meanwhile, to encourage green technology in the property sector, building owners obtaining Green Building Index (GBI) Certificates from Oct 24 until Dec 31 will be given income tax exemption equivalent to the additional capital expenditure in obtaining such certificates.

Those purchasing buildings with GBI certificates from developers will be given stamp duty exemption on instruments of transfer of ownership.

The exemption amount is equivalent to the additional cost incurred in obtaining the GBI certificates. This exemption is given to buyers who execute the sale and purchase agreement from Oct 24 until Dec 31, 2014.

And to promote rehabilitation of abandoned housing projects, the Government will consider extending appropriate financial assistance to rehabilitate low and medium-cost houses based on the existing project list.

An allocation of RM200mil will be provided under the housing and local government ministry.

Under the Government’s initiative to provide housing facilities for the low and middle-income groups, the National Housing Department will provide 74,000 low-cost houses to be rented in 2010.

2009年10月1日星期四

House Buyer's Guide

Source: Reapfield

House Buyer's Guide

(Excerpt obtained from the Ministry of Housing and Local Government)

Some important aspects for House Buyers

Before you decide to buy a house, you must ascertain that the housing developer:

  • has obtained a valid Developer’s Licence; and
  • a valid Sales & Advertising Permit
Know the category of housing

The Sale & Purchase Agreement (S & P) for landed property must state completion within 24 months, e.g. bungalows, semi-detached and terrace houses.

S & P Agreement for subdivided buildings such as condominium, flats, apartment and townhouse must state completion within 36 months.

Buyers are advised to obtain free brochures from the developer for full information on the project including particulars of the licence, permit, etc.

Land Title

  • Separate individual title;
  • Strata title
Status of Land

  • Freehold
  • 99 years lease
  • Malay Reserve
Obtain Information from Housing Developer

  • Free brochure on the housing project
  • Note specifications on building materials
  • Sample sale & purchase agreement
  • Building area
  • Location of house to be constructed
  • Expected date of completion
  • Note condition of site such as hilly, former mining land or swampy land
  • Reference No. of approval of building plans by local authorities.
Rights and Interest of Buyers under Sale and Purchase Agreement

The sale & purchase agreement must comply with the standard agreement as in Schedule G & H of the Housing Developers (Control & Licensing) Regulations 1989.

First Payment

The buyer must sign the S & P Agreement at the time of the first payment of 10% of the purchase price to the developer. Ensure that the date of the 1st payment and the date of the S & P Agreement having been signed.

Architect’s Certificate

Every notice requesting for payment shall be supported by a certificate signed by the developer’s architect or qualified engineer.

Interest on late payment

If the buyer or end financier of the buyer fails to settle the instalment within 14 days after receipt of the written notice, the buyer shall be liable to pay interest to the developer calculated from day to day at the rate of 10% p.a. on the unpaid instalment.

Determination of Agreement

You are reminded that failure to pay any of the instalments and interest due for any period exceeding 28 days, the developer may terminate the S & P Agreement. The Developer shall send notice in writing by A.R. Registered Post of his intention to terminate S & P Agreement.

Maintenance & Management Fee

The buyer shall contribute towards maintenance charges such as refuse removal, upkeep of public drains and grass-cutting on the road reserves as from the date of delivery of vacant possession for landed property and as from the date of issuance of strata titles and the formation of the Management Corporation.

Payment of quit rent, assessment, etc.

As from the date of S & P Agreement, the buyer shall be responsible for the payment of quit rent, rates, assessment and other charges on the subject property.

Vacant possession of the building with water and electricity ready for connection must be delivered within 24 calendar months from the date of the agreement (for landed property) and 36 months (for subdivided buildings)

Application for certificate of Fitness for Occupation

At the time of delivery of vacant possession, the developer must have applied for CFO from the relevant authorities (Form E of UBBL)

Entry into Occupation

The buyer is only entitled to enter into occupation of the property upon issuance of CFO by the relevant authorities.

Renovations may only be carried out upon issuance of CFO and approval of the plans by the relevant authorities.

Payment of Damages

If the developer fails to hand over vacant possession of the building/parcel within the prescribed time (24 months from the date of the S & P Agreement for landed properties and 36 months fro sub-divided properties), the developer shall pay immediately to the buyer liquidated damages to be calculated from day to day at the rate of 10% p.a. of the purchase price.

Claim for damages & time limit

The buyer may claim damages from the developer before the expiry of 6 years from the date of vacant possession in accordance with the Limitation Act 1953.

Defect Liability Period

With effect from 1 August 1996, the defect liability period shall be 18 months from the date of delivery of vacant possession.

Formation of Management Corporation

A Management Corporation shall be formed by the buyers upon issuance of separate strata titles for the parcels and transfer into the buyers’ names.

Among other functions, the Management Corporation shall be responsible to insure and to maintain the building.

Enquiries & Complaints

You may contact:

Control & Enforcement Section,
Ministry of Housing & Local Government,
Block K, Level 4, Pusat Bandar Damansara,
50782 Kuala Lumpur.

Tel: 603-2094 7033
Fax: 603-2094 9720

This section is a division under the Ministry of Housing & Local Government and is responsible for the implementation and enforcement of the provisions of the housing Developers’ (Control & Licensing) Act 1966 (Act 118).

Prepared by:

Control & Enforcement Section,
Ministry of Housing & Local Government,
Block K, Level 4, Pusat Bandar Damansara,
50782 Kuala Lumpur.

Translated by:

Housing Developers’ Association Malaysia for distribution to developers.