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Saturday, May 14, 2011

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.


Friday, May 6, 2011

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

Thursday, May 5, 2011

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

Wednesday, May 4, 2011

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.