DONE DEAL: Serviced apartment at Gateway Kiaramas, Mont’Kiara, Kuala Lumpur

Sold for: RM690,000 (RM928.66 psf)

Concluded by: Kevin Teh (REN 02206) of Propstar Realty (013 5557333)

When: April 2019

Noteworthy:

• Freehold​
• Built-up: 743 sq ft
• 1 bedroom, 1 bathroom
• Fully-furnished unit
• High floor location
• Surrounded by major highways like Penchala Link, North-South Expressway and Sprint Highway

Gateway Kiaramas is a high-rise mixed development by Asia Quest Holdings Sdn Bhd which also developed other Kiaramas-branded projects in the Mont’Kiara area.

It comprises one 30-storey residential block and one 11-storey commercial block. Built-up sizes for the serviced apartment units range from 743 sq ft to 3,563 sq ft.

Mont’Kiara is surrounded by major highways like the Penchala Link, Sprint Highway, Jalan-Duta and North-South Expressway while there are myriad amenities at Plaza Mont Kiara, Hartamas Shopping Centre, Gardens International School, restaurants, cafes and others.

According to Kevin Teh, the spokesperson of Propstar Realty, the buyer reckoned that this residential unit was the best value among the properties he was considering.

This is attributed to its beautiful interior design and furnishing, and so the buyer was willing to pay a price above the average market value. “This unit has been sold at a benchmark price above the market value,” Teh told EdgeProp.my.

Based on EdgeProp.my data as of mid-November 2019, there were 14 for-sale listings and similarly-sized units (743 sq ft) which showed an average asking price of RM627,500 or RM844.55 psf. There were three transactions in 2Q2019 sold at an average price of RM671,378 or RM 792 psf. Meanwhile, there were 25 rental listings (as of November 2019) with an average asking rental of RM3,224 per month or RM3.17 psf. The indicative rental yield is 4.49%.

Source: https://www.edgeprop.my//content/1611431/done-deal-serviced-apartment-gateway-kiaramas-mont%E2%80%99kiara-kuala-lumpur

Malaysia is one of the easiest countries in Asia to acquire properties for expats.

There is no limit as to how many properties a foreigner can purchase as long as it is within a certain guideline:

Malaysians use Ringgit Malaysia abbreviated as MYR or RM as locals tend to use daily.

The current exchange rate (as per August 2, 2019) is: 1HKD = 0.53MYR

Property purchasing procedure (https://www.imoney.my/articles/property-guide-expat-malaysia)

Here are seven main procedures you’ll need to be familiarised with as it sums up the process of acquiring a property in Malaysia:

1. Sign the developer’s sales form or the offer to purchase form with the vendor, for sub-sale transactions.
2. Apply for financing if necessary.
3. Provide these following documents to the solicitor:

• Photocopy of passport
• Correspondence address and contact numbers
• Income tax number and the place of submission of the income tax

4. Within 14 days from the date of signing of the sales form, or offer to purchase, sign the Sale and Purchase Agreement (SPA), deed of mutual covenant and other transactional documents. Pay the 10% deposit to the developer.
5. Solicitor to apply for state authority consent. Purchaser to provide the following documents to the solicitor:

• One certified true copy of the SPA
• One certified true copy of the Foreign Purchaser’s passport
• One certified true copy of the constitution in the case that the purchaser is a foreign company
• Latest quit rent and assessment receipt of the property
• Application form under the Section 433B of the NLC

6. Pay the balance purchase price in accordance with the Third Schedule of Schedule H Housing Development (Control and Licensing) Regulations 2015 or the SPA.
7. Pursuant to Schedule H, the developer shall deliver vacant possession of the property within 36 months from the date of the SPA, or a later date as may be approved by the relevant authority. Upon delivery of vacant possession, the developer shall deliver the strata title and certificate of completion and compliance to the foreign purchaser. In the case of a sub-sale transaction, the vendor shall deliver vacant possession to the purchaser in accordance with the terms of the SPA.

Residential property financing for expats in Malaysia

Malaysian banks and foreign banks in the country provide loans to foreigners up to 70% to 80% of the property price, an offer that you won’t be able to find in many other countries. These loans will be given to foreigners who are working in Malaysia and have a valid working permit.

However, there are also foreign and local banks who would be willing to lend loans to non-resident foreigners or those who have retired in Malaysia under the Malaysia My Second Home (MM2H) programme.

MM2H Programme

The Malaysia My Second Home (MM2H) Programme is endorsed by the Government of Malaysia to allow foreigners who fulfil certain criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass. This Social Visit Pass is initially for a period of ten years. However, it’s renewable.

Below are the terms and conditions of application:

Financial requirements:

Applicants are expected to be financially capable of supporting themselves before applying for this programme in Malaysia. Upon application:

• Applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM500,000 and offshore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 500,000.
• Applicants aged 50 and above may comply with the financial proof of RM350,000 in liquid assets and offshore income of RM10,000 per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM350,000. For government pensioners, they can show proof of receiving a pensionof at least RM10,000 per month.

Upon approval:

Aged Below 50 years old

• Open a fixed depositaccount of RM300,000.
• After a period of one year, the participant can withdraw up to RM150,000 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
• Must maintain a minimum balance of RM150,000.00 from second year onwards and throughout stay in Malaysia under this programme.

Aged 50 years and above

• Open a fixed deposit account of RM 150,000.00
• After a period of one year, a participant who fulfills the fixed deposit criterion can withdraw up to RM50,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes.
• Participant must maintain a minimum balance of RM100,000.00 from the second year onwards and throughout his/her stay in Malaysia under this programme.

Medical report:

All applicants and their dependents are required to submit a medical report from any private hospital or clinic in Malaysia.

Medical insurance:

Approved participants and their dependents must possess valid medical insurance coverage that is applicable in Malaysia from any insurance company. However, exemptions may be given for participants who face difficulty in obtaining a medical insurance due to their age or medical condition.

Security bond (Direct application only):

Applicants applying directly are required to fulfil the security bond condition. Please refer to Security Bondfor the rate per person by nationality, ranging from RM200 to RM2000.00.

Personal bond (Application through an agent):

Licensed companies are required to provide the personal bond for their clients who have been approved under the MM2H Program.

The programme is open to citizens of all countries recognised by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 as dependants. Log on to the official portal http://www.mm2h.gov.my/index.php/en/ for more info.

I am Kevin Teh, I’m a senior real estate negotiator, a Team Manager for a team of negotiators, from Propstar Realty, I focus in the Mont Kiara and Bangsar area, serving owners, buyers and tenants in this area since 2012.

I have currently a team of 12 negotiators working round the clock to find properties for Purchasers to acquire.

We work exclusively with our clients with a monthly report of available condominium units for consideration, mainly in Mont Kiara, Bangsar, KLCC.

We also market a list of primary market properties ie ‘off plan’ projects in the Kuala Lumpur area.

Sold for: RM 600,000

Concluded by: Kevin Teh (REN 02206, 013-5557333) of Propstar Realty Sdn Bhd

When: January 2019

Noteworthy: 
● Opacus – Type B
● 4+1 bedrooms and 3 bathrooms
● Freehold
● Land size 18ft x 65ft; built-up  1,708 sq ft
● Easy access to NKVE-Setia Alam Link highway

Opacus (in the Echinodorus series) is nestled in a mature part of Precint 17, Setia Alam with easy access to key destinations such as Subang Jaya and KLIA via the dedicated toll-free NKVE-Setia Alam Link highway. Opacus comprises Type A and Type B with 127 units in total.

The development is also a short drive from amenities such as Setia City Mall and Setia Alam Central Park.

The unit sold is the Opacus Type B which consists of 4+1 rooms and three bathrooms. These particular double-storey terraced homes are new and were handed over to owners at the end of last year (2018), according to PropStar Realty’s Kevin Teh, who brokered the deal.

“The buyer was looking to own a property around the area [Setia Alam]. He recently got married and was looking for a landed home for his family after selling off his former dwelling in Sungai Besi,” said Teh.

He said the transacted price was reasonable. The price of RM600,000 could be one of the cheapest  for the development. “These newer homes are smaller and narrower, hence they are priced as such,” added Teh.

The house was purchased in the developer’s unit condition.

Available listings on EdgeProp.my came up with five listings with asking prices from RM615,000 to RM720,000.

Rented for: RM12,000 per month (RM3.27 psf)

Date: December 2018

Concluded by: Kevin Teh (REN 02206, 013-555 7333) and Ceryn Ho (REN 13390) from Propstar Realty

Noteworthy:
● Built-up: 3,668 sq ft
● 4+1 bedrooms and 5 bathrooms
● Comes with 3 carpark bays
● Party furnished unit
● High floor with unobstructed Mont’Kiara views

10 Mont’Kiara, or better known as MK10, was the last condominium built by Sunrise Bhd before it was taken over by the then UEM Land Holdings Bhd in 2010. The two-block condominium was completed in 2009. There are four standard units per floor varying in sizes from 3,478 psf to 4,090 sq ft.

According to Kevin Teh, the agent who co-brokered the rental deal, the landlord is a property investor who owns a few properties in Mont’Kiara.

“The landlord was asking for RM13,500 per month with no negotiation for this partly furnished unit. However, when there were no takers after a few weeks, he was open to negotiations.

“Meanwhile, the tenant was looking to rent a unit at MK10 for his family. He made an offer of RM12,000 per month. The landlord took the offer after he had checked the tenant’s profile and found that he as a reputable tenant with good payment record.

“The tenant requested the landlord to change the unit’s lights and he agreed,” Teh said, adding that the tenant owns a business in Mont’Kiara.

Teh said this deal is a rare one as MK10 is a premium condominium project. Most of the unit owners at MK10 are either owner-occupiers or strong investors with good holding power.

“This transaction is a rare as MK10 owners do not easily lower their asking rents because they have strong holding power. At the same time, only certain tenants and buyers can afford MK10 so, there are not many transactions at MK10,” Teh shares.

According to EdgeProp.my’s data, as at June 11, 2019,  the asking price for a unit at MK10 ranges  from RM270 psf to RM592.45 psf while the average asking rental ranges from RM2.53 psf to RM3.68 psf.

Sold for: RM3.9 million

Concluded by: Kevin Teh (REN 02206, 013-555 7333) of Propstar Realty

When: October 2018

Noteworthy:

• Built-up: 5,035 sq ft
• Comes with built-in furniture such as cabinet and wardrobe
• Low density with only 42 units in the project
• Corner unit with private swimming pool

Serai Saujana is a mixed residential development that comprises both condominiums and villas. It was developed and completed by Serai Saujana Developemnt in 2010.

*DONE DEAL: 11 Mont’Kiara condominium, Kuala Lumpur

“The buyer likes The Villa for it has only 42 three-storey bungalow units, making it a very exclusive and private place for his growing family,” said Propstar Realty team manager Kevin Teh who closed the deal.

He said the buyer has been looking to buy a unit in Serai Saujana. “I had introduced other similar properties nearby but he insisted on getting a ready to move in bungalow unit here”.

Meanwhile, the seller had planned to present the unit to his son as a wedding gift. However, the son decided to move somewhere closer to his work place hence the decision to sell the unit.

The unit is semi-furnished with built-in furniture in the living, dining, kitchen and bedroom areas. It has been kept in pristine condition since the completion of renovations in 2012, Teh noted.

He said the asking price for this unit was RM3.95 million, but the seller agreed to accept the offer of RM3.9 million which Teh said is the market price for such a unit at Serai Saujana.

“However, this unit comes with fittings that have never been used before, plus the property has never been occupied, I think this is a good deal for the buyer,” he said.

According to EdgeProp.my, as at Feb 27, villa units at The Villa @ Serai Saujana were transacted at an average price of RM3.6 million. The asking price ranges from RM3.7 million to RM4.2 million.

I

“Every day I woke up to a predictable life and no sense of satisfaction. I asked myself, what is the point? So I decided to take a leap of faith, quit civil engineering and try something else,” recalls Kevin Teh who is now Propstar Realty team manager. That “something else” turned out to be selling real estate.

That was seven years ago when Teh left a high-paying job as an engineer to become a property agent.

Born in Melaka and raised in Kuala Lumpur, Teh is a civil engineering graduate from a UK institution who then did his master’s in New Zealand. Following that, he worked for a firm in Auckland, New Zealand as a civil engineer.

*This agent will be there even when the banks reject you

*Real estate agents urged to use proptech to offer better services to clients

“I was with a large consulting firm (in New Zealand) for five years when I realised my career and pay were stagnant for some time. I found there was little chance for me in a foreign country to take my career to another level. So, I decided to pack my bags and go home to see what opportunities lie in Malaysia,” Teh shares.

He joined a local firm in Malaysia as a site engineer in 2010 but found little job satisfaction.

“It was a boring work routine and I did not see myself growing. There was an itch inside me to try my hand at sales so I explored different sales-related areas – insurance, property and unit trust. I took all exams, courses and training for all three but ended up picking unit trust and real estate,” Teh notes.

He started as a real estate negotiator with Reapfield Malaysia in June 2012. After 4½ years, he moved on to Propstar Realty, a boutique agency specialising in Kuala Lumpur’s Mont’Kiara property market.

“Choosing Reapfield was a right choice because it is a very established and systematic agency. You will be trained professionally. There were no hard feelings between me and my mentor and colleagues from Reapfield when I moved on to a smaller agency,” Teh reveals.

Today, he is a specialised agent in Mont’Kiara and Dutamas properties. His team is also slowly expanding its focus to Bangsar as both markets attract similar buyer groups.

“The property market was at its peak when I first started in real estate. Even a fresh guy like me could close a deal easily then. My first deal was a townhouse in

Damansara Jaya. The second viewer made an offer within a day. I was only three weeks old in the field then,” he recalls.

He describes that first year in property as a “honeymoon” period. “Closing four deals a month was a norm. It was a good time, but it was also bad because you tend to take things for granted when times are good.”

But from mid-2013, he began to see signs of a market downturn as deals were closed less frequently.

“Many agents and colleagues gradually left the industry. They could not maintain the lifestyle they used to enjoy as they did not prepare for rainy days,” he says.

The market downturn hit everyone with no exception. Teh had to start making cold calls which he never needed to do previously.

“When you really love what you do, you will try all ways to stay afloat. I arranged more viewings, invested more time on online listings, studied the market more and met more people to build my network,” he says.

Today, Teh has information about all the residential projects in Mont’Kiara at his fingertips and he is still closing deals regularly despite the market slowdown.

“Sales is like opening your own shop where you have to dump time and money into it. If you can stay through the down cycle, the market will reward you,” Teh says.

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Sold for: RM1.175 million (RM1,198 psf)

Concluded by: Kevin Teh (REN 02206, 013-555 7333) of Propstar Realty

When: July 2018

Noteworthy:

Developed by Hap Seng Land, Nadi Bangsar is one of the latest completed residential developments in Bangsar. The 38-storey development houses 416 serviced apartments with built-ups ranging from 441 sq ft to 1,130 sq ft.

Senior negotiator Kevin Teh of Propstar Realty, who concluded the deal, told EdgeProp.my that the seller is a property investor who owns a number of properties in the Klang Valley.

“He is the first buyer of this unit and did stay or rent it out. The unit is in a ‘developer handover’ condition,” Teh noted.

He added that the investor wanted to sell one of his properties and decided to unload the Nadi Bangsar unit (pictured) owing to the higher market demand for the development.

The buyer, meanwhile, is a foreigner who has been staying in Malaysia for many years.

“The buyer was my client, and I was appointed by him again earlier this year (2018) to look for a unit around the Bangsar area for his daughter who wanted to invest in Malaysian property.

“After showing them a few projects in Bangsar, they liked Nadi Bangsar the most as it is a newly completed project and located in a very chic environment, with hipster cafés and eateries in APW just a stone’s throw away,” Teh shared.

According to Teh, the seller was willing to sell the unit at slightly below the then market price (July 2018), which was about RM1.2 million to RM1.3 million for similar units in Nadi Bangsar.

Prices in Nadi Bangsar are reportedly holding up strongly.

According to data from EdgeProp.my, as at Jan 2, the average transaction price for Nadi Bangsar is RM1,306 psf while the asking price is ranges from RM1,173.47 psf to RM1,927.44 psf.

Interested to buy properties in Bangsar, KL​? Click here.

Editor: To real estate agents — Have you just concluded an interesting deal? We would love to hear from you! Contact us at editor@edgeprop.my

Sold for: RM625,000 (RM574.45psf)

Concluded by: Kevin Teh (REN 02206, 013-555 7333) of Propstar Realty

When: July 2018

Noteworthy:

Kiara Designer Suites is situated at Jalan Kiara 3, on the same road as Garden International School. The freehold development has only 338 suites.

Kevin Teh (of Propstar Realty), the real estate negotiator who closed the deal, told EdgeProp.my that the sale was a good deal as the owner was moving to another country.

“The owner requested to sell the property within a certain time frame because he was migrating to another country soon. And because of that, he didn’t mind selling the unit at slightly below market price,” Teh shared.

Meanwhile, the buyer was an investor who was eyeing the rental potential of such properties in the area.

“The buyer liked the unit as it is in a fairly good condition, and comes fully furnished. All he needed is some touch up and the unit will be fit to be rented out,” he explains.

Teh said similar units at Kiara Designer Suites are transacting on the high side of RM600,000 at “almost RM700,000 but still below that level, so this is a good deal to the buyer as it is below market price and fully furnished”.

According to EdgeProp.my data, as at Sept 26, the average transacted price for Kiara Designer Suites is RM752,500 or RM619 psf, while the asking price psf ranges from RM561 to RM682 psf.

Meanwhile, the asking rental is between RM2.31 to RM2.88 psf per month.

Interested to buy properties in Mont’Kiara, KL​? Click here.

Editor: To real estate agents — Have you just concluded an interesting deal? We would love to hear from you! Contact us at editor@edgeprop.my