Property360Digest E-MAGAZINE Issue#3 | Page 14

Issue # 3 12 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