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PENANG – a Place to Die for with the Lures of Old World Charms

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PENANG – a Place to Die for with the Lures of Old World Charms PROPERTY HIGHLIGHT HENRY BUTCHER MALAYSIA (PENANG) PROVIDES INSIGHT ON PENANG PROPERTIES AND FOREIGNERS NEED- TO-KNOW WHEN BUYING enang State, also known as Pulau Pinang, Pearl of Orient, Prince of Wales Island, and Silicon Island of the World, encompasses an island and mainland (Seberang Perai), with a total land area P 2 2 of 293 km and 738 km respectively. The state, with its mix of beachfront, city heritage, and hillside residential living, makes for a diverse and colourful place to live, stay, nurture the young, and retire. To date, the accolades awarded to Penang, include the inscription of George Town as the UNESCO World Heritage Site on 7 July 2008; the island was also honoured one of the top Asian Islands in Travel + Leisure’s 2008 World’s Best Awards; Penang has been chosen as No. 2 by readers recommendation in the New York Times as “Best Places to Go” in 2009. Furthermore, George Town was ranked the most liveable city in Malaysia and the eighth most liveable in Asia by ECA International in 2010 and 2011 respectively. The SmartTravelAsia.com, in 2011, ranked Penang as one of the top 10 holiday destinations in Asia. Moreover, Yahoo! Travel voted Penang eighth in place as the “Ten Islands to Explore Before You Die”. Recently, Penang AsamLaksa was picked as the 7th most delicious in CNNgo.com under “World’s 50 most delicious foods” list. On Feb 2013, KIPLINGER–a US based personal finance and PENANG business forecasting publication (in February 2013) listed Penang as a great place for foreigner to retire in. In short, Penang, or The – A PlACE TO Pearl of the Orient, with her own unique and charming character, is a place to die for. In terms of living in this state, the Malaysia My Second Home (MM2H) programme was launched by the Malaysia government a DIE FOR WITH few years ago, with offers of a renewable, ten-year, multiple entry visa for qualified applicants (non-Malaysian) who choose to stay and live for a long term or extended period in Malaysia. As of THE LURES OF March 2013, the MM2H programme has generated a lot of interest and more than 21,000 foreigners have been approved under this programme1. Penang has indeed proven to be an excellent choice OLD WORLD to stay/retire under the MM2H programme. Property Investing in Penang Penang, with her charming charisma and strategic location, is one CHARMS of the most dynamic real estate markets in Malaysia. The sector has experienced significant growth, in terms of volume and value transacted for the last couple of years. 40 HOMEBUYERS MALAYSIA “Currently, pre-war heritage shophouses around George Town’s Unesco World Heritage Site present high investment value and potential capital appreciation. The price index of these pre-war properties in George Town has started to soar since 1999. The cumulative annual growth rate (CAGR) (1999-2012) of pre-war heritage properties’ price per square foot is at about 13.4%.” On the island, the hotspot or corridor of opportunities RPGT rates would be from Batu Maung–Bayan Lepas–George Town–Tanjung Disposal Bungah–Teluk Bahang areas. On the mainland, investors would be Individual Individual Period Company able to get residential properties that are relatively cheap and low (Citizen / PR) (Non-citizen) density at strategic locations. A new enabler–the second Penang Disposals 15% 15% 15% Bridge will appear in the landscape of Penang in the third quarter within 2 years of this year. Opportunities are not only abound on the island but Disposals at the mainland as well. Investors could look into and analyse within 3rd to 10% 10% 10% the future potential opportunities of the land banks around the 5th year intersection of the North-South Highway and the second Penang Disposals after 0% 0% 0% Bridge. The areas around the five new proposed highways under 5th year the “Recommended Penang Transport Master Plan Strategy, 2013”, namely George Town Outer Bypass, The North Coast Pair Road, The Air Itam–Relau Pair Road, The North-South Expressway Link The following RPGT exemptions which were implemented under Road, and the Third Sea Crossing, could be potential property the previous Budget 2012 continue to be available: hotspots in the near future. (a) RPGT exemption on gains from the disposal of one residential Currently, pre-war heritage shophouses around George property once in a lifetime to individuals; Town’s Unesco World Heritage Site present high investment value (b) RPGT exemption of up to RM10,000 or 10% of the net gains, and potential capital appreciation. The price index of these pre-war (whichever is higher) from the disposal of real property by properties in George Town has started to soar since 1999. The individuals; and cumulative annual growth rate (CAGR) (1999-2012) of pre-war (c) RPGT exemption on gains arising from the disposal of real heritage properties’ price per square foot is at about 13.4%. property between family members (e.g. husband and wife, Since 1 July 2012, the minimum purchase prices for strata- parents and children, grandparents and grandchildren). titled and landed properties on Penang Island are RM1 million and RM2 million respectively. Nevertheless, for permanent residents, Legal Fees – Sales & Purchase Agreement (SPA) the existing limit of RM500,000 has been retained. For approved and Loan Agreement applicants under MM2H, the minimum purchase price stays put The fees to be collected by lawyers in handling the sale or purchase at RM500,000, with purchase limit of up to two properties. State of real estate/properties and loan documentation based on the consent is also required and the property cannot be disposed purchase price or loan value, as stated in the first Schedule of the within three years from the date of purchase. Solicitors Remuneration Order 2006, are as follow: Real Property Gains Tax in Malaysia Purchase Price or Loan Fees Schedule (%) In Malaysia, gains arising from the disposal of real property are Value subject to Real Property Gain Tax (RPGT). The relevant legislation is For the first RM150,000 1% (subject to a minimum fee governed by the Real Property Gain Tax Act 1976 (Act 169). Every of RM300) person, whether resident or non-resident in Malaysia, is chargeable For the next RM850,000 0.7%. in respect of any chargeable gain he has made on the disposal of a chargeable asset. For the next RM2,000,000 0.6% The Malaysian Government, in the recent Budget 2013 For the next RM2,000,000 0.5% announcement, has proposed a 5% increase to the current RPGT rates to further curb speculative activities in the local real property For the next RM2,500,000 0.4% market. With effect from 1 January 2013, the revised RPGT rates for Purchase price or loan value is Negotiable on the excess (but the disposal of real property and shares in real property companies in excess of RM7,500,000 shall not exceed 0.4% of such are as follow: excess) HOMEBUYERS 41 PROPERTY HIGHLIGHT Stamp Duty Stamp duty is usually payable by the purchaser and is levied on the document of transfer (i.e. the deed of assignment of the Principal SPA if the title has not been issued, or the memorandum of transfer if the title has been issued) based on the purchase price or the market price as determined by the valuation department of Stamping Office, whichever is the higher. The amount is as follow: (i) 1% on the first RM100,000; (ii) 2% on the next RM400,000; international network of Henry Butcher & Co., International Asset (iii) 3% on the remainder Consultants & Chartered Surveyors, has been providing real estate solutions to government, commerce & industry in Malaysia for more The Benefits of Engaging a Registered Real Estate than 20 years. Our “one-stop” concept offers comprehensive range Agent of professional services - meaning that you can deal with just one It is advisable to obtain the services of a registered real estate company for all your real estate (ranging from new/primary and agent whether for a sale or a purchase. It can help to save a buyer’s secondary markets of residential, commercial, industrial, agricultural, or seller’s time with all facts ready in hand. The agent is the best land), plant and machinery needs, asset auction, research and point of access for all available properties, who can arrange for the consultancy, project consultancy, and investment. viewings of the houses. He or she can narrow down the search by matching the house with one’s requirements. Some agents who This article is provided by Henry Butcher Malaysia (Penang). For are also the registered valuers have the advantage of advising one any enquiry on property investment or business partnership, please on the market value by providing him or her with a comparative contact Max Wong at +6016412 5582. market analysis. The agent can also recommend bankers and work with bankers on one’s behalf to pre-qualify a buyer for a loan. Note: The rates and schedules are subject to change by authorities from time to time. Sometimes, it is best to leave negotiations to the agent who will One is required to seek independent advice before making any investment decision. lead one through the process until a formal contract is signed. Henry Butcher Malaysia (Penang), which is part of the 1Tourism Malaysia (www.tourism.gov.my) Fascinating, historic, unique, g appealing, Penan romantic, love... Town, in George e gem heritag Site a pre-war own y to Heritage tunit oppor Rare World ESCO UN A For enquiries on property investment, please contact : Henry Butcher Malaysia (Penang) Sdn.
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