Issue # 3
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PROPERTY360DIGEST
PROPERTY360DIGEST
Issue # 3
property transaction history, its sale value,
per sq ft price as well as median prices
of properties in the area. Meanwhile,
homeowners can stay informed about their
property by keeping track of the volume
and value of similar homes being sold
recently, thus getting a clear idea of the real
estate value in their area.
Commenting on these features, David
Mawer said, “These features on iProperty.
com.my aim to help Malaysian homebuyers
NEWS & HAPPENINGS
Compiled by
Sarah Rae
13
in their property journey. These data points
will help you determine the value or at least
have a gauge of a reasonable price of that
property you have your eye on. On top of
that, you can easily streamline the kind of
property you would want to live in, be it
condominium or terrace home as well as
your preferred residential neighbourhoods
to check whether your target property falls
within your budget or not; allowing you to
conduct your property search much more
quickly and effectively.
“As the number 1 place for Malaysians
to search for property, we aim to provide
a convenient place to find value with
transaction data and points of interest,
personalised searches and home loan
eligibility reports, all in one platform. We’ve
identified the pain points in their property
search journey and we’ve matching the tech
and data solutions to help Malaysians find
their dream home.” added David Mawer.
Country Garden Danga Bay to appeal against the
decision of the Court of Appeal
Mr. David Mawer, General Manager of iProperty.com Malaysia Sdn Bhd
iProperty says that the Lack of
Awareness Among Many Reasons That
Leads To Home Loan Rejection
KUALA LUMPUR, D
ecember 2019 — 80% of housing loan rejection as of June 2019 was
because houses were priced more than three times of the applicant’s annual income ratio
according to an official of Bank Negara Malaysia. This was due to the lack of awareness
for home loan application process prevalent among prospective Malaysian home buyers,
especially those who are buying for the first time. Among other reasons for housing loan
rejections commonly include lack of repayment capabilities, unfavourable credit score,
bank’s diverse risk appetite and other financial commitments that may affect the success
rate of the loan application.
David Mawer, General Manager of iProperty.com Malaysia Sdn Bhd, said “The big issue
faced by many Malaysians is understanding fully how to successfully secure a home loan.
We have a lot of young people who are just starting out their careers and even for those
aged 30 and above, there seems to be little awareness and education on the home loan
application process, which ultimately means that it’s a challenge for a lot of Malaysians to
get a home. Based on our findings, only 43% of iProperty.com.my users are familiar with
Debt Servicing Ratio (DSR) and how it affects their home loan.”
Earlier this year, iProperty.com.
my conducted a survey concerning the
subject of home loan. The two biggest
consumer demographics in Malaysia, the
B40 and M40 groups, revealed that their
biggest home purchasing challenge is to
successfully secure a home loan. The B40
group finds the loan application process
most important and difficult whereas the
M40 group indicated that it is the most
difficult task.
“The concept of DSR is new to many
people. Often, they don’t understand that
each bank has their own DSR benchmarks.
The DSR shows how much of a person’s
income is used to service debt instalments
and is represented as a percentage. The
downside of not understanding it is when
people enter the market without the
education, they can get their home loan
application rejected by banks. This might
delay or discourage them from purchasing
a house.”
LoanCare, launched in early 2019, is
a home loan eligibility indicator feature
on iProperty.com.my to help Malaysian
homebuyers determine their DSR score
with an eligibility report from up to 17
banks. Homebuyers will have a better
idea of which bank to approach when
applying for a home loan thus increasing
the chances of getting approved at the first
attempt. Now, all buyers can access this
information for free on iProperty.com.my
at their fingertips.
In addition to LoanCare, iProperty.com.
my provides homebuyers the opportunity
to explore your desired neighbourhood
with the customised Point-of-Interest
feature. Besides location, property type
and price, liveability is another important
factor for most property seekers. The
customised Point-of-Interest is integrated
into the maps of the searched property and
helps homebuyers make better decisions
in terms of how convenient it is for them
to access the amenities surrounding the
searched property including the distance,
all in one view.
Homebuyers are also able to see the
transaction history of each property on
the website. Powered by brickz.my, home
seekers can instantly see up to 10 recent
Johor Bahru, December 2019 — With
regards to the decision delivered by the
Court of Appeal on 11 December 2019
in respect of a dispute between a home
buyer and Country Garden Danga Bay Sdn
Bhd (“CGDB”), we wish to state that while
CGDB respects the decision of the Court
of Appeal, we do not agree with the said
decision. We have instructed our lawyers
to proceed with the necessary leave
application to appeal to the Federal Court.
Thus far, we believe we have reasonable
basis to appeal.
CGDB has always been a law-abiding
corporate citizen, having the utmost
respect of the laws in force in Malaysia.
CGDB values all our purchasers and
we want to work together towards a
harmonized community.
Solicitor representing Country Garden
Danga Bay Sdn Bhd (CGDB), Leonard
Yeoh clarifying the recent verdict of the
dismissal by the Court of Appeal of the
appeal filed by CGDB over an earlier judicial
review against the Homebuyers’ Tribunal’s
decision that favoured a Singaporean
house buyer, with regards to a claim of
delivering a different unit.
Clarifications are based on questions
and answers (questions posed by press to
CGDB’s solicitor Leonard Yeoh) below:
1. The Court of Appeal has dismissed
the appeal, is CGDB going to file for an
appeal in the Federal Court?
Yes, we have been instructed to file for
leave by our client to appeal to the Federal
Court.
2. How many questions of law are you
going to put before the Federal Court?
Novel and jurisdictional issues since
there is a miscarriage of justice affecting
the public. We will work with our client to
finalise the questions.
3. How many days does CGDB have to
apply for leave to appeal to the Federal
Court?
One month.
4. Is it true that changes were made
on 25 out of 26 pages in the sale and
purchase agreement?
There was no mention in any of the
awards or judgments. It was merely an
allegation by the house buyer.
The above are clarifications on CGDB’s
position towards this case.
Two Malaysian Students named WINNERS of
The Asian Young Designer Awards 2019
Kuala Lumpur, December 2019 — The
Asia Young Designer Awards (“AYDA”),
organised by Nippon Paint Malaysia Group
in partnership with IJM Land Berhad, has
announced the two winners of the Asia
Young Designer Awards 2019. Following
this competition, the Malaysian winners
will advance to the regional level of the
competition at the Asia Young Designer
Summit 2019/20 which will be held in
Vietnam from 11 to 14 March 2020.
Elevating the learning experience to the
next level, the two regional winners from
the summit will have the opportunity to
embark on a once-in-a-lifetime 6-week-all-
expense paid Design Discovery programme
at the Harvard Graduate School of
Design in Boston, USA. This follows the
establishment of the Gennosuke Obata
Fellowship at Harvard, an esteemed
partnership that provides both parties with
the opportunity to exchange cross-cultural
ideas and values.
Aimed at nurturing the next batch of
design talents, AYDA is a platform that
exposes participants to experiences that
push them to challenge their design
boundaries in the fields of architecture and
interior design. Held across 15 geographical
regions across Asia, this year’s AYDA saw
a total of 1,230 submissions from 45
universities.
The theme for this year’s competition
— Forward: A Sustainable Future —
encourages the next generations of
architects and interior designers to
break the boundaries of current design
concepts by immersing their creations