vacant

Not all apartments are the same

CALL them what you like – small office home office (Soho), small office flexi office, small office versatile office, condotel, hotel suite or butler serviced apartment. The names are coined by housing developers with creative plans to woo investors with enticing marketing tools on yet-to- be-built stratified properties. Where people used to buy an apartment unit/parcel for a roof over their heads, of late, so many other styles have crept up to boggle the minds of investors and buyers. However, for the uninitiated – not all apartments are created equal. Although the sales and marketing brochures may look alike, the small prints will tell you the difference, if you care to take a magnifying glass to inspect. Then again, for the first-timers, they are unlikely to spot the difference. This art...Read More

Implement ‘Build-Then-Sell’ System To Protect House Buyers, Says HBA

To eliminate cases of abandoned housing projects, the Pakatan Harapan (PH)-led government should include the build-then-sell 10:90 (BTS 10:90) system in its plans for Malaysia’s housing sector, urged the National House Buyers Association (HBA). Under this system, home buyers pay an initial downpayment of 10 percent only when booking a housing unit, with the remaining amount to be paid once the vacant possession of the unit is delivered to them, reported Free Malaysia Today. “Aside from being an eyesore, abandoned projects cause hardship to house buyers who need to continue with their monthly bank instalments for housing loans,” said HBA secretary-general Chang Kim Loong. “The BTS 10:90 is a far safer mode of home delivery system and the new federal government should implement it without fu...Read More

‘SiFUS’ with the ultimate goal – vacant possession with strata

SECTION 6 of the Strata Management Act (SMA), 2013 (implemented on 1.6.2015) makes it compulsory that a developer cannot sell any parcel (stratified properties, whether commercial or residential) unless the Schedule of Parcels (SOP) has been filed with the Commissioner of Building (COB). It is, therefore, incumbent upon the developer’s land surveyor and architect to certify that the building/land can be subdivided. A developer has to display the SOP in a conspicuous location at the point of sale so that purchasers know what they are getting eventually. With the share units being calculated according to the First Schedule of the SMA 2013, the responsibility of maintaining common areas will be more equitable and transparent. Developers are also required to pay maintenance charges, sinking fu...Read More