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View the Plan Displayed at the Kuala Managers Are Required to Register Them- That Are Worth RM4.28 Billion

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View the Plan Displayed at the Kuala Managers Are Required to Register Them- That Are Worth RM4.28 Billion EP 2 FRIDAY DECEMBER 28, 2018 • THEEDGE FINANCIAL DAILY YEAR-END SPECIAL SAM FONG | THE EDGE SAM The Edge Property Sdn Bhd (1091814-P) There was Level 3, Menara KLK, a change in No 1 Jalan PJU 7/6, Mutiara government Damansara, 47810 Petaling Jaya, Selangor, Malaysia for the ˎ rst time in the EdgeProp.my history of Malaysia. Managing Director/Editor-in-chief Au Foong Yee EDITORIAL Executive Editor Sharon Kam Editor Lam Jian Wyn Deputy Chief Copy Editor James Chong Copy Editor Vanessa Gnanasurian Senior Writers Rachel Chew, Tan Ai Leng Writers Natalie Khoo, Shawn Ng Art Director Sharon Khoh Senior Designer Jun Kit Designer Rajita Sivan For New Launches/Events/ Press Releases/News Tips email: [email protected] 10 highlights Tel: (03) 7721 8211 Fax: (03) 7721 8280 ADVERTISING & MARKETING Associate Account Director, and those on the Bukit Bintang stretch as it Advertising & Marketing t would probably be an Heidee Ahmad (019) 388 1880 understatement to say the year 2018 So sad, Ampang served the middle-income group who had Senior Account Manager been taken with its potent mix of nostalgia Ian Leong (012) 359 1668 has been an extraordinary year for Park Shopping and value-for-money off erings. Nearby of- Azoera Azami (016) 398 6904 Account Manager Malaysia. It goes down in history as Mall is gone… fi ce workers also frequented the place for Redzuan Abdul Marif (016) 845 9692 the year that saw the ˎ rst change in 1 lunch and for shopping that was easy on Kuala Lumpur’s oldest mall, Ampang the pocket. Marketing Support & Ad Trafˎ c government in 60 years following Madeline Tan (03) 7721 8218 Park Shopping Mall, which would have Th e mall has made way for the con- email: [email protected] IPakatan Harapan’s victory in the 14th turned 50 in 2023, shuttered its doors on struction of the Ampang MRT (mass rap- Jan 1. id transit) station which is expected to BUSINESS DEVELOPMENT General Election on May 9. Manager Nimalen Parimalam Since then, it has been a roller coaster Th e mall held its own against the newer, be ready by 2022, and an underground Account Manager Stannly Tan glitzier malls nearby such as Suria KLCC, walkway that will link it to the nearby ride for all, as the new administration, the Pavilion Kuala Lumpur Shopping Mall, Ampang LRT station. PRODUCT DEVELOPMENT & CUSTOMER ADVISORY public, the private sector, and the people Senior Manager Elizabeth Lay try to come to terms with the reality of Associate Omar Nawawi how things have been working and how For enquiries and listings email: [email protected] things are going to work from now on. Tel: (03) 7721 8174 / 8173 There has been a slew of announcements EdgeProp.my EdgeProp.my pullout is published and statements made regarding new by The Edge Property Sdn Bhd. It is available with The Edge Financial policies and decisions, as many were Daily every Friday. The pullout is also distributed at more than eager to make their stamp in running the 200 ofˎ ces, shopping complexes, country for the ˎ rst time. YEN YEING LOW | condos, medical centres and F&B outlets in the Klang Valley. You can The news headlines since then have also download it for free at www.EdgeProp.my also been dominated by the charges made against the former government and former Prime Minister Datuk Seri Najib Th e Edge Malaysia Razak. Publisher and Group CEO Overall, the country’s economy is not Ho Kay Tat expected to pick up anytime soon. The EDITORIAL Editor-in-chief Azam Aris rakyat has been told that the country is CORPORATE deep in debt, so the days ahead will be Chief Operating Ofˎ cer Lim Shiew Yuin challenging. ADVERTISING & MARKETING Chief Commercial Ofˎ cer Taking a cue from the overall economy, Sharon Teh (012) 313 9056 the real estate sector has remained General Manager Kingston Low (012) 278 5540 subdued while the government and the Senior Sales Managers Fong Lai Kuan (012) 386 2831 people continue to focus on affordable Gregory Thu (012) 376 0614 housing and housing affordability. Creative Marketing Chris Wong (016) 687 6577 Let’s take a look back at some of the Head of Marketing Support & Ad Trafˎ c biggest property industry news that came Lorraine Chan (03) 7721 8001 out of the year 2018. Ampang Park Shopping Mall shuttered its doors on Jan 1. FRIDAY DECEMBER 28, 2018 • THEEDGE FINANCIAL DAILY EP 3 YEAR-END SPECIAL determined to fulfi l the promises made Calling all Stop! DBKL’s during the General Election. By June, the Better late property dubious ministry was preparing to submit a Cabinet than never — managers, let’s land deals paper on the proposal to place all aff ordable KL City Plan housing agencies under a single entity get registered About a week after the General Election, known as the National Aff ordable Housing 2020 gazetted With the amendment to the Valuers, Ap- on May 16, Kepong MP Lim Lip Eng lodged Council, for more effi cient and eff ective On Oct 30, the Kuala Lumpur City Plan praisers, Estate Agents and Property Man- a report with the Malaysian Anti-Corrup- management and execution. (KLCP) 2020 was gazetted with little fanfare agers Act 1981 that was passed on Oct 17, tion Commission (MACC) to investigate A few months later in October, the and caught many by surprise. Th e public 2017 and gazetted on Jan 2, 2018, property 64 parcels of land totalling 424.29 acres ministry revealed the names of the agencies can view the plan displayed at the Kuala managers are required to register them- that are worth RM4.28 billion. Th e land that will be consolidated under the council: Lumpur City Hall (DBKL) headquarters on selves with the Board of Valuers, Apprais- parcels had been sold by Kuala Lumpur 1Malaysia People’s Housing Scheme Jalan Raja. Attached to the gazetted plan is ers, Estate Agents and Property Managers City Hall (DBKL) under the purview of the (PR1MA), UDA Holdings Bhd, Syarikat an addendum on the developments that (BOVAEP). former Federal Territories Minister, Datuk Perumahan Negara Sdn Bhd (SPNB), were contrary to the plan. Previously known as the Board of Val- Seri Tengku Adnan Tengku Mansor from Housing Programme for the Hardcore Federal Territories Minister Khalid uers, Appraisers, Estate Agents Malaysia, 2013 to 2018. Poor (PPRT) and Malaysia Civil Servants Abdul Samad said infringements in the BOVAEP will now regulate property man- Almost half of the land parcels had al- Housing Programme (PPAM). current plan and new additions would agers in Malaysia. Prior to the amendment legedly been sold for the development of be taken into consideration in the future of Act 242, the act allowed only registered Federal Territories Affordable Housing draft KLCP 2040 which would kick off next valuers to conduct property management. (RUMAWIP) projects while the rest were Lower house year and is targeted to be gazetted by 2020. BOVAEP will provide training courses for higher-end residential and commercial To recap, the drafting of KLCP 2020 to registered property managers to en- products priced at market value, claimed prices? SST in, began in 1998 and was fi nalised in 2012. sure that they have suffi cient knowledge Lim. All of the parcels were sold without GST out However, it was not gazetted despite fre- of related laws and regulations as well as open tender and most of them transacted quent calls to do so. Many KL folks believe standard practices. at below the market price at that time and Th e new government abolished the Goods that the failure to gazette the KLCP has without having gone through a valuation and Services Tax (GST) on June 1 as prom- resulted in haphazard developments in report, he alleged. ised in its election manifesto and then KL. In a news report last year, DBKL said On top of that, some of the developers declared a tax holiday until the introduc- it was pointless to gazette it as it was due who had bought the land parcels have al- tion of the Sales and Service Tax (SST) to expire by 2020. It said it would instead legedly failed to pay development charg- on Sept 1. focus on the Kuala Lumpur Structure Plan es and the premium on the conversion of Under the GST regime, there was a fi xed 2050, but that was under the previous ad- EdgeProp.my land use, yet their projects were able to tax rate of 6% across every stage of the ministration. commence, Lim told reporters. supply chain. With the SST, the Service A month later, the MACC seized docu- Tax was 6% while the Sales Tax was 5% ments connected to the sale of the 64 plots and 10% depending on the type of goods. No comment — from DBKL’s premises and 48 plots have The single-stage tax is imposed only at LOW YEN YEING LOW | been cleared by the MACC as at July. Th e production level. Tax revisions remaining 16 plots have issues with either It seems to have been implemented their land titles or payments. hastily without a complete list of chargeable items which took many business operators Th e government made a few property-re- and consumers by surprise. But what was lated announcements during the tabling No money-lah clear was that property (including land) is of Budget 2019 on Nov 2. Th ese include not chargeable under SST. Also exempted raising stamp duties for property transfers — MRT3 and from tax are certain building materials worth more than RM1 million from 3% HSR scrapped such as cement, sand and iron and con- to 4%, and revisions to the Real Property struction services.
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