How to estimate legal fee and stamp duty on property purchase?

When buying a property, we have to take note that there are additional costs that we would have to pay on top of the property price, mainly:

1. Legal fee (payable to lawyers preparing the S&P and Loan Agreement)
2. Stamp duty (payable to the government & collected by S&P lawyer on behalf of the government)

The legal fee and stamp duty is payable upon signing each, the S&P agreement and loan agreement. The amount is depending on the value of the purchased property and also the amount of loan required to finance the purchased property.

The estimation of these costs could be made based on the % as stated in the tables below:

1) Legal Fee

Sale & Purchase Agreement	%
First 150K	1.0
Subsequent up to 1M	0.7
Subsequent up to 3M	0.6
Subsequent up to 5M	0.5
Subsequent up to 7.5M	0.4

Loan Agreement	%
First 150K	1.0
Subsequent up to 1M	0.7
Subsequent up to 3M	0.6
Subsequent up to 5M	0.5
Subsequent up to 7.5M	0.4

Note : 

• Legal fees to be included 6% of government tax.

2) Stamp Duty

Stamp Duty – S&P Agreement	%
First 100k	1.0
Subsequent up to 500K	2.0
Subsequently onwards	3.0

Stamp Duty – Loan Agreement	%
Loan Amount	0.5

The information on the tables were dated 28 October 2010 from website: http://malaysiahousingloan.net.

PM: Govt to launch affordable housing programme in Klang Valley

This is a good news for all the middle income as well as young group of people!

PETALING JAYA: The Government will launch a new scheme to ensure young adults in the Klang Valley have access to quality and affordable housing, Prime Minister Datuk Seri Najib Tun Razak said.

The initiative, which will complement the My First Home programme launched in March, is to counter soaring property prices in the Klang Valley that have made it difficult for the younger generation to own homes.

Speaking on Hot FM Friday morning, Najib said he was aware, from comments on his Facebook site and in the media, that it was increasingly hard to find homes costing below RM220,000 in the Klang Valley.

He said the new initiative would be in the form of a partnership between the Government and private companies.

"If possible, no profit will be taken from this project. Companies can take it as a part of their corporate social responsibility," Najib added.

He said the programme would be launched in June or July, once suitable sites had been identified.

The My First Home programme, proposed in Budget 2011, targets homes within the RM100,000 and RM220,000 price range nationwide.

Under the scheme, young workers earning below RM3,000 monthly can procure 100% financing with a 30-year repayment period from selected financial institutions, to buy such homes.

Credit: Read from The Star Online

Connected Living At The Glades

The Glades, Sime Darby Property’s latest pride, is a premium residential enclave master-planned over 58 acres of freehold land in Putra Heights. Designed to redefine the way city folk should live, residents at The Glades will stay connected with the latest in lifestyle technology, their natural environment as well as their community.

The gated and guarded community consists of 80 bungalows, 48 cluster villas (semi-detached), 56 courtyard villas (superlink), 78 cluster homes (townhouses) and two-blocks of luxury condominiums.

The Glades offers more than just the ultimate in connectivity for its residents and those who believe that a new home should come with a new way to live.

Convenient Location

Located at the heart of Putra Heights, an established township neighbouring Subang Jaya and Puchong, The Glades is tucked away from the hustle and bustle of Kuala Lumpur, yet it’s never too far from its reach. It is accessible via at least six main routes - the NKVE (North Klang Valley Expressway), KESAS (Konsortium Expressway Shah Alam Selangor), SKVE (South Klang Valley Expressway), ELITE (Expressway Lingkaran Tengah) and LDP (Lebuhraya Damansara Puchong).

For residents who travel, KLIA (Kuala Lumpur International Airport) is merely 30 minutes away via the NKVE. An upcoming LRT project that extends close to its vicinity will be highly advantageous to residents who need to be highly mobile.

Meanwhile, schools, hypermarkets, wet markets, hospitals, post office, police station, hospitals, government administrative offices and more are right at your doorstep.

Aesthetic Connectivity

The infrastructure has been designed for residents to revel in their beautiful and natural surroundings. The major ring road paved with a mixture of stamped concrete and asphalt is aesthetically pleasing and slows vehicles down. Pedestrians and cyclists will love the internal roads fashioned to be more like that of garden courtyards with its balanced play of paving materials, strategically planted trees and overhanging trellises.

A central pond, miniature streams running along the lush landscaped gardens and parks as well as mature trees with natural canopies will make the morning stroll or evening jog more enjoyable for the residents.

Further, unlimited WIFI internet access and the availability of fast, uninterrupted connectivity from the installation of the latest fibre optic technology throughout the community connect you with the rest of the world, whether in the comfort of your home, or even under a shady tree at the park as you enjoy a magnificent vista of lush greenery.

Wide-Ranging Facilities

With a wide variety of facilities at your disposal, you won’t have to leave the self-contained enclave. Go for a swim on a hot Sunday morning, play a match of tennis with your neighbour or head over to one of the restaurants for a romantic dinner with your loved one. Parents will be relieved to know that a day care centre within the gated community will look after your precious ones while you’re at work.

Unique Homes

Expected to be completed by 2014, the homes sport modern and tropical contemporary design. The bungalows come with their own swimming pool and even a private lift on a built-up of 6,000 sq ft onwards. For those who love entertaining friends and families, you’ll love the large terrace. All these sit on land area of 5,800 sq ft onwards with most of the bungalows facing serene waterways.

Meanwhile the cluster villa is like no other as it has a unique dip pool on the roof top, an elaborate internal water feature and a private garden, all within a built-up from 4,800 sq ft. An attic can either be utilized for storage or converted into another room. The villas are spacious enough to offer a relaxing ambience for your home.
The courtyard villa, with a built up from 4,300 sq ft, takes advantage of natural lighting and ventilation by featuring a courtyard in the middle of the residence. An elaborate master bedroom with ensuite bathroom sits on the top floor, affording greater privacy in the home. A private rumpus area at semi basement level with an attached garden is the perfect spot to host small gatherings.

Ideal for modern families and young professionals, the cluster home has an open and spacious duplex design within a built-up from 2,300 sq ft. The private garden attached to the living space is the perfect spot where you can get some much needed peace after a long day at work.

For those who prefer the coziness and intimacy of a condominium, there are two blocks to choose from, with north and south vistas. Both towers afford you breathtaking night views.

Sustainable Developer

Sime Darby Property is a leader in building sustainable communities with a global presence. It is an integrated property player involved in property development, asset management, hospitality and leisure. Currently, it has a significant presence in the Asia-Pacific region with projects in Malaysia, Singapore, Australia, Indonesia, Vietnam and China. Sime Darby Property is involved in the development of some of the well-known townships/projects in the country such as Subang Jaya and Ara Damansara.

Property details

• Address: Putra Heights, Selangor
• Property Type: Bungalow, Semi-detached, Superlink, Townhouse & Condominium
• Land Title: Residential
• Tenure: Freehold
• Completion Date: October 2013 (Expected)

For more information, please visit http://www.theglades.com.my/

Credit: Read from iproperty website

RON97 Up By 20sen Effective 5th May 2011

The price of RON97 petrol will go up by 20sen to RM2.90 per litre by midnight tonight. However, the price of RON95 remains unchanged at RM1.90 per litre. The last price increase for RON97 was on 2nd April 2011, which was also up by 20sen to RM2.70. RON97 price is floating according to the prevailing oil market price. The recent hike was mainly due to the crisis in the Middle East. The world's average crude oil prices as at 1st April and 29th April 2011 were USD111 and USD121 per barrel, respectively. If it is keep going on like this, i think it'll just be a matter of time before RON95 would increase as well. Let's hope that it won't continue in this direction.

iPad 2 Sold Out Within An Hour

I saw this photo from NST online today. They reported that iPad 2 was sold out within an hour after lauched at Mid Valley and Sunway Pyramid yesterday with almost 1000 units of iPad 2 were snapped up! By looking at the photo, i'm not surprised. Just look at the queue! I was telling 2 of my collegues yesterday that i just couldn't understand why people just cannot wait for few more days and get it after more new stocks come in, so that they don't need to queue like that. But hey, on the other hand, i also know that different people have different passion for things. I'm sure it gives a totally different feeling for those people to be among the earliest to own the iPad2 in Malaysia! Congratulation guys!


NST picture by Yong Chee Choong



iPad 2 is Cheaper!

iPad 2 is cheaper than iPad launched price?! This is definitely a good news I must say. I really hope that the trend is going on this direction for all other gadgets in this coming future. Anyway, the following are the price comparison between iPad and iPad 2:

	iPad	iPad 2	Diff.
	RM	RM	RM
WiFi
16GB	1,549	1,499	(50)
32GB	1,849	1,799	(50)
64GB	2,149	2,099	(50)
3G
16GB	1,999	1,899	(100)
32GB	2,299	2,199	(100)
64GB	2,599	2,499	(100)

2011 R3 Satria Neo: It’s Official!

I 1st saw this car in the news at end February 2011. After looking at the pictures and read some reviews, I started to fall in love with it. Go Proton R3!:-) The following are the information given by R3 in their web.

By The R3gister

Sporting re-profiled camshafts with tuned ECU fuel mapping for enhanced performance, it also features a custom carbon fibre air intake system, a high flow 4-2-1 performance exhaust system as well as lightweight adjustable aluminium camshaft pulleys. The tuned CAMPRO lump is mated to a close-ratio 5-speed gearbox which we assume is donated from a 1.3 Satria Neo. Weighing in at a scant 1,200kg, performance figures should be in the low 9s range for 0-100km/h sprint with a top speed of 205km/h. In addition to that, the R3 Satria Neo is fitted with high performance 500-degree rated brake pads for optimum braking power.

The new R3 hot hatch comes only in Fire Red metallic finish with a black painted roof,  together with a full CPS bodykit and redesigned rear spoiler. It’s also fitted with R3 16” inch gunmetal lightweight alloys wrapped in sticky soft-compound Bridgestone Potenza RE001R 205/45 series profile tyres.

R3, as you know, pride themselves not just for their styling and engine performance capabilities, but also for their well-respected prowess in the ride and handling department. The R3 Satria Neo is fitted with tuned R3 performance springs paired with standard absorbers, that drop the car 10mm lower to reduce body roll. R3 also did their magic by calibrating alignment, toe and camber settings to increase grip and steering precision.

To complement its fiery exterior,  R3 has fitted limited edition front bucket seats wrapped in Nappa leather with micro fiber finish and carbon effect PVC, detailed in red stitching. The racy interior continues with matte red dashboard trims, gear console and handbrake handle, two-tone door trims and R3 floor carpets.

Like the R3 Satria Neo Lotus Racing, the car features an engine start button. Aluminium foot pedals and gear knob completes the driver-centric interior. All cars come with solar and security protection. For those who insist on listening to the stereo instead of the throaty intake or growling exhaust will be happy to know that a 2-DIN audio head unit with 3D GPS navigation is included as standard. Active and passive safety features include dual front airbags, and anti-lock braking system (ABS) with Electronic Brake Distribution (EBD).

The R3 Satria Neo is priced at RM79,797 (MT Metallic) and is available for immediate booking at all PROTON Edar showrooms in Peninsular Malaysia. Booking fee is RM2,000 and lucky early birds will be invited to the launch event and get photographed with star drivers, R3 Head and champion drifter – Tengku Djan Ley and chassis engineer and race driver Faidzil Alang.

Features at a glance

Performance:

• Power: 145bhp @ 7,000rpm
• Torque: 168Nm @ 5,000rpm
• Weight: 1200kg 

Engine

• Carbon Fiber Intake System
• Reprofiled Cams
• Recalibrated ECU
• High Flow 4-2-1 Extractor
• Tuned exhaust system
• Lightweight Adjustable Aluminium pulleys

Chassis

• 16″ Lightweight R3 Gunmetal Wheels wrapped in Bridgestone Potenza RE001R in 205/45 rubber
• 500-degree Celcius rated brake pads
• R3 Springs with tuned suspension settings

Exterior

• Fire Red metallic paint with black roof
• Full CPS Bodykit
• New R3 Front splitter
• New R3 Rear wing

Interior

• R3 Limited Edition seats in Nappa Leather
• 2-Tone black interior detailed in red stitching
• Matt-red dashboard trims
• R3 floor mats
• Engine start button
• Aluminium foot pedals and gear knob
• Solar and security protection
• 2-DIN audio head unit with 3D GPS navigation

Credit: http://r3gister.org/2011/02/2011-r3-satria-neo-its-official/

Thinking Of Buying Your 1st Home?

Few things to note for beginners;

• Know your budget, then ask yourself - is it for investment or stay?
• Think about the criteria - what type of property, at which location and at what price range?
• Know the market - search on internet on property for sale (focus on your criterias)..the website that always at the top of my mind is http://www.iproperty.com.my/.
• Match your criteria against the market price range and your budget. You may adjust your criteria (upward/downward) at this stage to suit your budget.
• View your potential property - contact the agent/ negotiator on the property advertisement for viewing arrangement or let your preferred NEGOTIATOR do the arrangement for you.
• Finally, decide on the property you want to buy..

You could maintain relationship with some property agent/NEGOTIATOR, who could assist you in looking for the property that would suit your criteria. A good negotiator could recommend properties for your viewing and provide additional information to you regarding the property. I myself is one of the NEGOTIATOR that you might want to consider. However, the area i'm covering is limited to Subang Jaya, USJ, Putra Heights, Sunway and Shah Alam.

Last but not least, after decision is made, there are more procedures, which you need to follow before you can get the title as the owner of the property. Perhaps, i can share with you in my future posting. Stay in touch!