Sri Indah Condominium
Unlisted Real Estate Agents Tarnishing
Industry
system introduced
would negate and
weed out these
players.
Award-winning property
developer, Wah Mie Group is one
of the most well-known names
in the industry in Sandakan. The
Group’s latest high-rise project is
Sri Indah Condominium located
at KM 6, Jalan Utara.
With its strategic location in the
centre of a booming commercial
area, the 480 condominium units
is an ideal purchase for small
families looking to settle down
and property investors alike.
To ensure the upmost comfort
of residents, the condominium is
surrounded by greenery which
is enhanced by refreshing cool
breeze. Residents can also enjoy
facilities such as a club house
equipped with basketball courts,
a badminton court, a swimming
pool, a gymnasium and a multipurpose room.
For more information, visit www.
wahmie.com.
Sultan of Brunei’s Sharia Law Plan
Could Benefit Sabah and Sarawak
Property Market
Criticizing the Sultan is forbidden,
but the citizens of Brunei have
still expressed their displeasure
with Sharia law over social media,
Agence France Presse reported.
Brunei’s all-powerful Sultan has
ordered his citizens to stop
criticizing his plan to institute
a harsh version of Sharia law,
telling them they’ll be sorry once
the law is implemented.
Sultan Hassanal Bolkiam, one of
the world’s richest men, presides
over the tranquil, oil-rich kingdom
neighbouring Malaysia with a
population of 400,000.
He announced last October that
Brunei would gradually institute
Sharia law punishments such
as flogging, severing limbs and
death by stoning beginning April
1.
“They cannot be allowed to
continue committing these
insults, but if there are elements
which allow them to be brought
to court, then the first phase
of implementing the Syariah
Penal Code Order in April will be
very relevant to them,” he said,
according to a copy of his speech
published by state media.
Uncertainty and mixed
sentiments from non-muslim
citizens splurge sudden increase
interest in neighbouring Sabah
and Sarawak with reports from
several property developers
reporting unusual increase in
property enquiry from Bruneians
to invest abroad as a second
option.
Elson Kho, director of Property Hunter teaches
registered agents how to be more competitive in the
market
There are now 30,000
to 40,000 unregistered
real estate agents
and negotiators in the
country, according to
Malaysian Institute of
Estate Agents (MIEA)
president Siva Shanker.
Shanker said these
illegal and unregistered
real estate agents
and negotiators are
profiteering through
various misconduct
practices which is
jeopardising the
professionalism and
accountability of the
real estate industry.
Among the
misconducts
reported include the
misinterpretation of
the size of property,
miscalculation of
assets valuation, failure
to return deposits
and delay in providing
services before
signing the purchase
agreement.
“These real estate
agents and negotiators
are thriving because
currently, there is no
enforcement coupled
with poor awareness
of the public,” he told
reporters after a media
briefing in Putrajaya
yesterday.
Shanker said after the
announcement of the
introduction of a new
tag system which is
going to be applied in
May, real estate agents
and negotiators have
been on the move
to get themselves
registered.
“We have conducted
41 classes in 10
locations across the
country for some
11,000 participants
in three and a half
months,” he added.
Meanwhile, the
Board of Valuers,
Appraisers and Estate
Agents (BOVAEA) has
announced that all
real estate negotiators
will be using an
identification tag in
its effort to curb the
activities of illegal
agents.
Its president, Abdul
Hamid Abu Bakar, said
the introduction of
the new identification
system will not only
raise the real estate
industry standards
but also to increase
public confidence in
the real estate players,
specifically the real
estate negotiators.
He said over the
years, the real estate
industry has received
a negative image due
to these unregistered
estate agents and
negotiators. The new
tag identification
“The tag identification
system allows the
public to spot an
unregistered real
estate negotiator from
a registered negotiator.
If a real estate
negotiator does not
wear his tag, we urge
the public to report
the negotiator to the
BOVAEA for further
assistance,” he told
a media briefing in
Putrajaya yesterday.
Under Section 30 of
Valuers, Appraisers
and Estate Agents
Act 1981, anyone
who commits an
offence is liable upon
conviction to a fine not
exceeding RM300,000
or imprisonment not
exceeding three years
or both.
Abdul Hamid said
the registration for
real estate regulators
under the new
regulation started in
October 2013 and
ended on Feb 28,
2014. He said during
the period, BOVAEA
has registered over
1,779 real estate
agents and 16,243 real
estate negotiators.
“The primary objective
of the registration
exercise is to improve
the professionalism
and accountability of
all negotiators in this
industry. The exercise
shall also minimise
the number of illegal
agents who may be
involved in unhealthy
practices which mars
the credibility of this
profession,” he added.
www.PropertyHunter.com.my
41