Property Hunter Magazine October Issue 2014 | Page 42

/// East Malaysia Property News Build-Then-Sell Proposal Will Be Handed to Cabinet Eight years ago, the policy was announced in parliament and approved for implementation by the government in August 2006 and the current choice given to developers to either BTS or Sell-Then-Build (STB) saw most opting for the latter. “The decision is not easy because the developers, especially smaller developers will require extra financing for their housing projects and even the banks will also have to change their financing models (to accommodate such a rule). The Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan The Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said his ministry will be submitting papers to the cabinet on the pros and cons of the Build-Then-Sell model within a month or two, drawing flak from National House Buyers Association (HBA) secretary general Chang Kim Loong. As reported by local media, Chang argued that talk of submitting papers on the pros and cons of the policy was a step back from the commitment made by the previous housing and local government minister Datuk Seri Chor Chee Heung, that it be made mandatory by the year 2015. “The ministry has to look at the overall economic impact of such a move and not only house buyers’ interest,” Abdul Rahman said. He added that only a few developers have implemented the BTS model since it was introduced on a voluntary basis in 2007, despite various incentives being given to encourage more to move to the BTS model. Incentives for developers include exemption from paying the RM200,000 deposit for a housing development licence, exemption from obligation of building low-cost units and given options to build medium low-cost houses in lieu, and fast-lane priority for applications such as land conversion and subdivision, planning permission a nd building plan approval. Moreover, under the BTS model, buyers need to pay a 10% deposit and only pay the remaining 90% purchase price upon completion of the unit. The STB model however see buyers pay or draw loans until the construction is completed. This story was first published by www.propertyguru.com.my and is reproduced as part of an editorial partnership between Property Hunter and PropertyGuru Group. UUC Phase 1 Ready to Be Moved in Soon during the launching ceremony. Indeed, a number of walls around the compound of the 40,000 sqft UUC Clubhouse have been designated as the drawing boards for the contest participant. GRAND MERDEKA Mei Wong, the operation manager of The W Group claimed that the group is the first developer in town to launch such initiative. The winner will not only be able to have his or her masterpiece featured in prominent spots at the 5000 unit establishment, he or she will also walk away with attractive cash prizes. During the launch event, Property Hunter was given a private tour around the development. Phase 1 which consists of 1,360 units is expected to be handed over in a couple months time upon obtaining the occupancy certificate (OC). University Utama Condominium (UUC), a signature community development by The W Group is doing its final touch up to prepare itself for the tenancy handover, which is expected to happen in a couple of months time. of the “Feature Wall Design Competition”. The competition initiated by the group’s concept designer Alan Wong is an event aimed at encouraging the creative minds of the local people. UUC officially welcomed its first troop of guests through its door during a recent byinvitation event, which also signified the launch “We want to be able to provide a platform for the talented local artists or art enthusiasts to be able to express their creative work” said Alan Wong 42 www.PropertyHunter.com.my The units at UUC are almost fully furnished and are renovated to high quality standard. UUC boasts a high measure of security with a full fledge team of trained security guards safeguarding the compound, and each unit is also fitted with high tech smart home intelligent system which can capture images of the house remotely. Phase 1 and 2 are completely sold out with approximately 70% sold at phase 3. The developer announced that phase 5 will soon be opened for sale so interested parties are encouraged to contact them at +6088 260 727 or [email protected]. www.PropertyHunter.com.my 43