Read In Your Language

Wanna Thank Blog Publisher For His Time?

Friday, December 10, 2010

Earn As You Learn Basic Web Designing & Publication

Dear Readers,

A few years ago, it struck me that I should know something about web designing and publication first hand. And, I thought why don't I I learn and at the same time I earn? I then decided to buy a value-for-money web hosting package with a world-renowned web-host (please click the hotlink below). At that time, US$1 = RM3.80. Still the package was much cheaper and superior than any web hosting packages I could buy from local web hosts - You do your research and you will know what I meant.

I used the free site builder that comes with the web-hosting package to design an affiliate marketing website for my domain name (www.GT-ibiz.com) which I separately bought. Within just 12 months of trying as a newbie with "zero" knowledge, I was able to receive 2 cheques in US$ from Commission Junction and declared some profits to the Inland Revenue.

But our Malaysian broadband's reliability and speed were constant annoying issues back then. After making numerous "feedback calls" to Multimedia Commission, I gave up before improvements finally came. But, at least, I have tried and found out that it is possible to use the "free website builder" to build a website that makes money online as a complete newbie in internet marketing.

Now that the reliability and internet speed issues have been largely improved - although, the costs of internet access/usage remain relatively high compared to those in the advanced countries that I know of in my earlier foray in affiliate marketing, I am beginning to feel that it would be less frustrating now to try my hands at internet marketing again during my leisure.

So, friends out there - particularly, the real estate people: If you want to teach your self web designing and publication at minimal costs during your free time, I suggest you start by using the "free website builder" provided by this value-for-money web hosting package at only US$4.95/mth (about RM16/mth only, based on US$1 = RM3.2) from this world renowned web host (click HOSTGATOR for specific details) which comes with unlimited bandwidth and unlimited disk space! 

And, DON'T forget, to enjoy a further discount,  enter "propertyhost" as the "discount coupon code" after you have made your selection of the web hosting package and are about to pay online via your PayPal account or your credit card - there is a space or "data field" for you to enter "propertyhost" as the "discount coupon code"  to enjoy a further discount of nearly US$10!

To me, paying about RM16/mth to subscribe to a world renowned web hosting package which comes with "free website builder" for me to learn and teach myself web designing and publication during my free time and at my own pace is really good peanut in this era of ICT and online marketing. YOU don't have to be illiterate in online marketing or in dealing with web designers for your products and services to be marketed 24hrs a day, 7 days a week and 365 days a year, non-stop via the internet, even when you sleep or holidaying away!

Wherever you may be.....start learning web designing and publication now if you have not even started.....  

Cheers,
Douglas GT Tan
Hp No.: 012-288 6993

Tuesday, September 28, 2010

Seminar in Real Estate at University of Malaya on 9th Oct 2010 (Sat.)

Dear Readers,

If you are a real estate agent, valuer, developer, property manager, banker, financial planner or whose job has something to do with Malaysian real estate, this upcoming seminar at University Malaya (Petaling Jaya) on 9.10.2010 (Sat) may interest you.

The email which I just received from the organizer reads:

"Dear Sir/Madam

On behalf of the Centre for Studies of Urban & Regional Real Estate (SURE), Department of Estate Management, Faculty of the Built Environment, University of Malaya, we would like to announce that our annual Seminar  in Real Estate entitled “Property Market 3 S’s: Slow, Steady or Stable?" will take place as follows:

Venue: University of Malaya, Kuala Lumpur (Auditorium, Faculty of Built Environment)
Date : 9th October 2010

The seminar is applied for 5 CPD hours from the Board of Valuers, Appraisers and Estate Agents Malaysia.

We  would be very grateful if you could distribute the attached brochure  for the attention of your respected employee/ colleagues.

We thank you for your kind support.

Regards
Dr Sr Rosli Said
(SURE : 03-79677620)"
---------------------------------------------------------------------------------------------------------------
The Brochure:
Mr/Mrs/Ms Name : __________________________________________
Organisation : _________________________________________
Designation : __________________________________________
Address : ___________________________________________
__________________________________________
__________________________________________
Postcode: ____________ City: _______________ State: _____________
Tel : __________________________Fax : _________________________
E-mail: _____________________________________________________
 
I/we enclose cheque/bank draft/money order/local order (No._______) of RM ____________being payment for the following:
Registration Fees:
Professional s RM 200.00
Students RM 80.00
 
Payment can be made using crossed cheque, bank draft, money order
or local order to: BENDAHARI UNIVERSITI MALAYA.
 
Mode of Payment Cancellation Policy
No REFUND will be made upon
any cancellation.
 
For Further Information and Registration, please contact:
Seminar Secretariat
Centre for Studies of Urban & Regional Real Estate (SURE)
Department of Estate Management
Faculty of the Built Environment
University of Malaya
 
SURE centre +603 7967 7620
Nor Azlin Mohd Noor +6017 982 0156/norazlin85@gmail.com
Nurarifah Abd Razak +6012 678 7094/ arifah.razak@gmail.com
Siti Fairuz Che Pin +6013 644 4695/fairuzchepin@yahoo.com
 ---------------------------------------------------------------------------------------------------------

During this programme, the participants will be given Handouts & Certificate 5 CPD hours applied from
BOVAEA
 
Who Should Attend? This seminar is primarily targeted at:
• Academics
• Valuers, Property Managers, Estate Agents, Property Consultants
and other practitioners
• Bankers
• Insurance Agents
• Investors
• Developers
• Government Officials
• Students

Background
The seminar aims to provide an exciting forum for discussing, sharing
experience, and fostering collaboration among participants.
The objective of this seminar is to identify key issues driving the evolution
of Real Estate practice in Malaysia which focuses on global trends
Seminar Objective
• To establish network among real estate researchers and practitioners.
• To bridge the gaps of knowledge between the academia and the
practice.
• To disseminate knowledge within the realm of real estate.
 
Programme
0800—0830 hrs Registration
0830—0845 hrs Opening and welcoming speech by the Dean, Faculty of Built Environment
0845—0930 hrs Plenary 1 : Dr. Sr Rosli Said, University of Malaya
Title : Analysis of the inter-relationship between the housing market and
housing finance system: Evidence from Cointegration and
Causality Tests
0930—1015 hrs Plenary 2 : Dr Sr Rahah Ismail; Department of Valuation and Property Services,
Ministry of Finance
Title : Investment Opportunities in Iskandar Development Region
1015—1045 hrs Tea Break
1045—1130 hrs Plenary 3 : Yg Berhormat Senator Dato’ Sr Abdul Rahim Abd Rahman; Rahim
& Co Chartered Surveyors Sdn Bhd
Title : Impact of Current Government Policy Towards Property Market
1130—1215 hrs Plenary 4 : Sr Kumar Tharmalingham; Hall Chadwick Asia Sdn Bhd
Title : Investment Trends Opportunities in Klang Valley
1215—1300 hrs Plenary 5 : Sr Ho Chin Soon; Ho Chin Soon Research Sdn Bhd
Title : From Slow, Steady and Stable into Swift, Smart & Stylish Real Estate
1300—1415 hrs Lunch
1415—1700hrs Paper Presentation
1415—1445 hrs Mr Bawa Chafe Abdullahi
Title : Nigeria’s Housing Policy and Public-Private Partnership (PPP) Strategy:
Reflection in achieving home ownership for low-income group in Abuja,
Nigeria
1445—1515 hrs Sr Yasmin Mohd Adnan
Title : Tenant’s Preference for Office Occupation Decision Making in the City
Centre of Kuala Lumpur
1515—1545 hrs Madam Roya Shokoohi
Title : Barriers to Primary-aged Children in their Walking to and from School in
Tehran, Iran
1545—1615 hrs Mr Wang Hong Kok
Title : Governing Common Property of Low Cost Flat in Selangor—Issues and
Challenges
1615 hrs Tea Break and Adjourn
**Subject to Change Without Prior Notice"

Be there if you can!

Cheers,
Douglas GT Tan
Blog Publisher

Friday, September 17, 2010

Can A Malaysian Real Estate Agent Act for a Buyer or a Tenant?

Dear Readers,

Have you ever wondered whether in law and in practice: A Malaysian Real Estate Agent can act for a buyer or a tenant of a property?

In my nearly 20 years of experience in the real estate agency trade, the agency firm which I worked for previously as well as my own agency firm had on some occasions acted for the buyers (instead of the Vendors) who were therefore the firm's clients responsible for the payment of the firm's estate agency fees upon successful purchase of their wanted properties. One such case was recorded in my "Record of Experience" submitted, among others, to the Board of Valuers, Appraisers & Estate Agents of Malaysia (the "Lembaga") in my Test of Professional Competence before qualifying for registration as a Malaysian Real Estate Agent by the Lembaga.

And, in August/Sept this year (2010) too, I have also successfully acted for a Tenant who wanted me to find a replacement tenant to take over the remainder term of his tenancy. This Tenant (not the Landlady) became my client and paid me my fee when the replacement tenancy was approved and accepted by the Landlady.

So, while it is the common practice in Malaysia for the REA to act for the Vendor (or the Landlord, as the case may be) as the REA's client, under our Malaysian estate agency law, a Malaysian REA may act for the Buyer (or the Tenant/Lessee) of a property instead of the Vendor (or the Landlord/Lessor). Under our estate agency law, "Estate Agency Practice" (vide: Definitions Chapter of the MEAS) means:
"acting or holding oneself out to the public or to private individuals or firms as ready to act in whatever manner (including the act of referring or introducing the availability of land (as defined in the National Land Code) for sale or rental discreetly or otherwise), for a commission, fee, reward or any other consideration in respect of the sale or other disposal of land and buildings and of any interest therein or the purchase or other acquisition of land and buildings and of any interest therein or in respect of the letting or renting of land and buildings and of any interest therein"

In the preceding paragraph, I used the words "instead of the Vendor (or the Landlord/Lessor)" because a Malaysian real estate agent cannot act for more than 1 party to the same estate agency transaction as stipulated in Rule 89(2) of the "Valuers, Appraisers & Estate Agents" Rules 1986 (the "VAEA" Rules) which reads:
"A registered estate agent shall not charge or attempt to charge fees on more than one party in any one transaction...".

The party that the REA can charge fee is the REA's "client" or "principal" under our estate agency law and professional practice.

Rule 89(2) means that if the Buyer (or the Tenant) is already the client or principal of the REA (who is therefore responsible for the payment of the REA's fees), the REA CANNOT also collect or attempt to collect fees from any other parties to the same transaction including the Vendor (the Landlord or the agent acting for them, whichever is relevant).

Collecting or attempting to collect fees from more than 1 party to a real estate agency transaction is illegal under our Malaysian estate agency law (i.e. contrary to Rule 89(2) of VAEA Rules) and, I believe, against the Malaysian "agency law" in general as well.

So, to the question "Can Malaysian Real Estate Agent act for a Buyer or a Tenant?", I would say: "Yes, both in practice and in law, a Malaysian Real Estate Agent can act for a buyer or a tenant".

Some expat customers of mine in fact told me that back in their countries, the normal practice is for the Buyer or the Tenant to pay agency fees to the agents. So, they were pleasantly surprised when in Malaysia, they didn't have to pay agents' fees and yet could hitch multiple free rides to view properties until their wanted ones were found!

I have therefore urged in my "Record of Experience" that more Malaysian REAs should act for their expat Buyers or Tenants/Lessee (who in their home countries commonly pay fees to agents as the agents' clients) while other REAs act for the Vendors or the Landlords/Lessors so as to generate more incomes and tax revenue all round for the Malaysian REAs and our country.

All views and comments are welcome.

Cheers,
Douglas GT Tan
Publisher of
http://PropertyMarketingMsia.blogspot.com

Wednesday, September 15, 2010

Asking Real Estate Agents for "Kickbacks" - How Best to Deal With This?

Dear Readers,

1) From time to time, in the practice of real estate agency, a real estate agent might encounter prospective buyer or tenant who asked for "kickbacks" if he or his firm were to successfully buy or rent the property through the real estate agent's firm. And, if you don't agree to this, he or his firm would buy or rent through another estate agent who agreed to give him the "kickbacks" often innocently termed as "referral or introduction fees" for as much as 30% to even 70% of the fee!

2) Rejection of such "attempts at kickbacks" would have been easy and swift with no regret whatsoever if the intention (for "kickbacks") was made known right from the very beginning before any efforts was put into the case. But most often then not, it is only after the estate agents have put in much work, time and expenses with closure of the deals in sight that these people would start asking for the "referral fee" which if you don't agree, the un-mistaken tacit or expressed message is that: the case would be taken over by another agent who would be more than willing to give the "referral fee" as much of the works have already been done by the abandoned agent.

3) Thus, outright rejection of the requests for kickbacks is never easy and swift if the agents have already spent much time and efforts (what more, money?) to bring the deal to the threshold of closure. Do you agree?

4) So, dear readers: Tell me, what would you do if you were a professional real estate agent in that kind of situation where an outright "no" to the signing of a written undertaking to pay the "referral or introduction fee" would have meant all your time, efforts and money going down the drain? Is there an intelligent way out? Does the law (say, Sections 10 & 24 of the Contract Act 1950) offer a legal way out of this? What if, instead of going to Court, they decide to use "Debt Collectors" with underworld link to collect their "referral fees"?

5) Your comments on the above issue are most welcome. To start the ball rolling, I share herewith my views in "good faith":
  1. I DO NOT think it is an intelligent response to give an outright "no" if and when you have already put in much time, efforts and expenses. Reasonably, in that kind of situation, your "no" should be expressed differently: For example, if you are given the chance to draft the written undertaking, then draft it in such a way that they cannot enforce it in law, say, use terms which do not mean that you have to pay outright - say, instead of using the word "pay", use the word "re-imburse" because re-imbursement, as far as I know, requires proof or evidence of approved expenditure of the sum to be re-imbursed. Or, if the draft undertaking comes from them, then sign it with some amendments, whenever possible, because "qualified acceptance is no acceptance" - a well-established contractual principle as codified in Sec 7 of the Contracts Act 1950 ("Act 136");
  2. Worse comes to worst, particularly after you have taken a cut in your professional fee in order to persuade the Owner to accept their low offer and yet after your sacrifice, they ask you for substantial "referral fee" in written undertaking, then go to Court with them: Persuade the Court that the undertaking is void under Sections 10 & 24 of the Contracts Act 1950 as it has the illegal object of collecting "kickbacks", which should be obvious if the intended recipient of the "referral fee" is the buyer or tenant himself or a party closely related to them (e.g. spouse, brother, partner, director, share-holder, etc);
  3. If instead of going to Court, they go to "Debt Collectors", then I think at the first harassment by the Debt Collector, you should get in touch with the Police for advice or at least let the Police who to look for if something were to happen to you. Giving in to the harassments by the corrupts, in my view, should never be a professional response. Let's give the corrupts a good fight!
6) Can we have more views on this issue from our readers particularly if you are professional registered estate agents. Perhaps, a MACC officer should be invited to give inputs to enlighten us all on the best ways to handle such situations.

Cheers,
Douglas GT Tan
Moderator.

Sunday, September 12, 2010

Successful Co-Agency on 4-Storey PJ SS2 Shop-Office for a Budget Hotel

Dear Readers,

(PJ: Updated - 14.9.2010) If all go well, PJ SS2 will soon have its first "Budget Hotel" run by a budget hotel chain which focuses on making customers feel like being at home: Thus the name - My Home Hotel.

This "PJ SS2 Budget Hotel" will be located neighbouring Island Cafe (along Jalan SS2/61, Petaling Jaya - beside Magnum). The hotel chain currently has branches in Setapak (1 & 2), Kuchai Lama, Shah Alam, Kota Damansara, Gua Musang...(click here to know more).

PJ SS2 Budget Hotel story started this way: I hung a banner on the external wall beneath my office to source for a tenant for the office space below my firm vacated by a law firm which was previously there for more than 5 years. After getting a Tenant but before the banner was taken down, a Mr. Raymond of the budget hotel called to ask if the whole block was available for rental; I told him "no" but asked him whether PJ SS2 would be okay. Well, he said that would be ideal.

That same day, called Mdm May of 4-storey SS2 shop-office beside Maybank. She said the bank (I am not saying which bank) had approached. So, she would wait for the bank; then called a Ms. Florence of Xxxstrong who hung a banner at where "Deva's Bridal" was previously at (No. 191); for 3 days, no reply on whether Owner would accept a Budget Hotel tenant; then, called Terrence of Xxvine Realtors who also hung a banner at the former Deva's Bridal - Terrence was quick; by noon the next day (Monday - 16.8.2010), co-agency letter for the viewing of "Deva's Bridal" have been signed with Xxvine Realtors. But Terrence only managed to show the 4-storey shop-office neighbouring Island Cafe to me and my prospects' (Mr. Raymond & associates); A formal offer with a conditional earnest money of RM15,000.00 was made to the Owner via my realty immediately after the viewing...

After nearly 10 days of negotiations over the finer terms of tenancy including sessions that stretched beyond mid-night and beyond lunch-time with each passing day offering no certainty of a deal, a 3+3+3 years tenancy agreement was finally finalised and ready for signing in the evening of 26.8.2010 on 1.5 hours' notice. Terrence couldn't made it for this occasion (car "broke-down"). Rent-free renovation period has started since 1.9.2010. We wish both the Landlord and the Tenant the best of tenancy relationship and business. 

Anyway, on 4.9.2010 the co-agency fee was ready for Xxvine Realtor's collection and on 8.9.2010, Terrence collected the same for his firm although there was no co-agency agreement signed for this property. We believe we did the right thing because he did open up the property for me and my prospects' viewing - it's not a case of after the signing the co-agency letter, no joint-viewing nor introduction of prospects happens.

Presently, if you are looking to rent PJ SS2 properties, my agency has the following HOT listings:
  • 9,268 sf (whole 1st floor with lift) at RM3.90 psf (RM36,000pm) for F&B, restaurant, etc.;
  • 4-Storey Shop-Office (Maybank row) at RM15,500 pm;
  • Whole Ground Floor (Jln SS2/72) at RM4,200pm (must be clean business - no car workshop, no restaurant, no business that can dirty the place, office or retail of clean products okay with Owner);
  • Upper Floors (22x75sf) from RM1,200pm onwards in the heart of SS2.
We are currently also looking for more whole block (3-storey or 4-storey) buildings in PJ SS2 for viewings by a prospect in TCM wellness business - Prospect would be back from China very soon.

I take this opportunity to wish all Muslim friends:
Selamat Hari Raya Aidilfitri!

Best regards,
Douglas GT Tan (E1579)


H/p: 012-288 6993 (Douglas)/ Tel: 03-7958 8821
Fax: 03-7958 7821
Blog: http://PropertyMarketingMsia.blogspot.com

Friday, July 2, 2010

RET-HT01 for Sale: From RM 25.62 Million to Just RM7.1 Million Minimum!



(Update, 13.7.2010)
 
Dear Shopping Malls-Investors, 

1) You may be interested to know that the sale price of this property known as RET-HT01 has been lowered from RM25.62 million to just RM7,106,400 for a limited time only ending on Aug. 4th, 2010, 5pm. 

2) With a total lettable area of 347,438.62sf, you only need to rent out the shops and the office floor at RM2psf (x 347,438.62sf x 12 mths) to generate a gross rental revenue of RM8,338,526.88 - a more than 100% payback of investment capital in just 1 year! But, that's not all: Interestingly, the shops and the office space can actually fetch much higher rental than RM2psf if the right marketing efforts and branding are applied.

3) This property "RET-HT01" comprises 80 shops and 1 whole floor of office space at Plaza Hang Tuah next to University Technical Malaysia, Melaka. Now, you can buy it real cheap to turn it into a crowd-pulling malls - such as a “Digital-Mall” of Melaka (as Melaka currently still does not have a "Digital Mall") much like the one in Low Yat Plaza KL or in what was previously Metrojaya Section 14, PJ.
 
4) So there you are, a golden investment opportunity right before you for a limited time only. What a fire sale! Hurry, buy the Tender Package for RET-HT01 through me now at RM100/pack only (H/p: 012-288 6993).

5) Your recognition and support of my introduction efforts would be very much appreciated.



----------------------------------------------------------------------------------

(Original Post, 3.7.2010) The above-stated minimum tender price of RM7,106,400 is a whopping 46% lower than the price of RM13.16 million set in April/May 2010 in an earlier tender and 72% (yes 72%) lower than its assessed price of RM25.62 million in the year 2004. And, this was what NST Property Times wrote on 29.9.2006 when RET-HT01's Indicative Market Value was lowered from RM25.62 to RM18.05 million:

"Another sound investment opportunity takes the form of an 11-storey shopping centre in the heart of Malacca town and at the junction of Jalan Tun Ali and Jalan Tun Mamat (RET-HT01).

Known as Plaza Hang Tuah, its 80 available retail lots and one floor of office space with a total area of 347,438sq ft is pegged at an IV of RM18.05 million, which is nearly 30 per cent lower than its value of
RM25.62 million when assessed two years ago. That means even better prospects for its successful bidder, as a rent of RM2psf for the anchor tenant space and between RM3.50psf and RM10.50psf for the standard lots would be sufficient to generate attractive yields.

In order to make Plaza Hang Tuah stand out from the crowd and be a distinctive face in Malacca, it is also suitable for use as an arts, entertainment and leisure centre to complement the State’s initiatives in this direction, or with necessary refurbishment, as an institution for higher learning."

Well, I think it is better to make Plaza Hang Tuah crowd pulling than standing out from the crowd. I will be approaching some investors who have already made it a huge success in 2 previously "not-so-successful" malls into crowd-pulling niche market malls. So, it's time for action or a golden investment opportunity may be gone forever!

Call me (h/p no.: 012-288 6993) now for its Tender Package (containing Valuation Report, original Tender Form, Terms and Conditions of Sale, Summary of Particulars of the Property and a sample Sale and Purchase Agreement) at RM100/package available from July 5th, 2010 until the tender closes at 5pm, Aug. 4th, 2010.

Regards,
Douglas, Tan Gee Tick (E 1579)

GT REALTY [E (3) 0698]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor.

Tel: 03-7958 8821 / 012-288 6993
Fax: 03-7958 7821
Email: tanhalim1@gmail.com

Thursday, July 1, 2010

To Let / For Rental: KLCC Hampshire Residences Apt, Fully Furnished, 2 Bedrooms

Dear Readers,

(KL, 3.7.2010): If you or your friend  is looking for a reasonably upmarket condominium apartment near or within walking distance to KLCC to rent, say, for at least 1 year, well, do consider this one at Hampshire Residences, off Jalan Ampang, Kuala Lumpur (just behind Corus Hotel, opposite Wisma MCA):




Location: Blk A, 18th Floor


No. of Bedrooms: 2

No. of Baths: 2

Conditions: Brand new, fully furnished, fully air-conditioned - please see the slide presentation.

Full Condo. Facilities

Availability: Immediate


ASKING RENTAL: RM6,200 per month gross (inclusive of monthly service charges)


Contact: 012-288 6993 / 03-7958 8821 (Mr. Douglas GT Tan)


Regards,

Douglas, Tan Gee Tick (E 1579)

Principal/Proprietor

GT REALTY [E (3) 0698]

22-B (2nd. Floor), Jalan 19/36,

46300 Petaling Jaya,

Selangor.


Tel: 03-7958 8821 / 012-288 6993

Fax: 03-7958 7821

Email: tanhalim1@gmail.com

Wednesday, June 30, 2010

DEV-0102, 4.94-Acre of Freehold Development Land For Sale at Port Dickson


The above-stated minimum tender price of RM5,292,000 is a whopping 46% lower than the price of RM9.8 million set in the earlier tender in April/May 2010. And, this land is located in the beach resort town of Port Dickson. 

For more details, call me (h/p no.: 012-288 6993) for its Tender Package (containing Valuation Report, original Tender Form, Terms and Conditions of Sale, Summary of Particulars of the Property and a sample Sale and Purchase Agreement) at RM100/package available from July 5th, 2010 until the tender closes at 5pm, Aug. 4th, 2010.

Regards,
Douglas, Tan Gee Tick (E 1579)

GT REALTY [E (3) 0698]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor.

Tel: 03-7958 8821 / 012-288 6993
Fax: 03-7958 7821
Email: tanhalim1@gmail.com

Monday, June 28, 2010

DEV-P4005: 6.2-Acre Shah Alam Commercial Land for Sale at RM41psf Min.!





(Update, 20.7.2010): This freehold land of 270,101 sq. ft. (25,093.23 sq. m. or about 6.2 acres) may just be ideal to meet your business needs or expansion plan. Its minimum tender price is only RM10,960,000.00 (RM41 psf or, RM3.76 psm on the land area).

For more details, call me now for its Tender Package (containing Valuation Report, original Tender Form, Terms and Conditions of Sale, Summary of Particulars of the Property and a sample Sale and Purchase Agreement) at RM100/package available from July 5th, 2010 until the tender closes at 5pm, Aug. 4th, 2010.

Regards,
Douglas, Tan Gee Tick (E 1579)


GT REALTY [E (3) 0698]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor.

Tel: 03-7958 8821 / 012-288 6993
Fax: 03-7958 7821
Email: tanhalim1@gmail.com

DEV-P4001: 37,382 sf of Commercial Land at Shah Alam for Sale at RM56psf



View DEV-P4001: For Sale by Tender in a larger map

(Update, 25.7.2010 - Shah Alam, Section 27): This land is just behind the well-patronised SSW Emporium. At the minimum price of RM2.08 million, if you buy and lease it out (as, say, furniture exhibition space) at RM0.50 psf/mth (x 37,382 sf x 12 mths = RM 224,292), it will generate a gross rental yield of more than 10% over the minimum price.

Rental yield and capital gain upon disposal some time down the road are paramount to investor, 2nd layer or not is secondary. Don't you think so? If you believe there is commercial sense in buying this land, then there is still some time left.

Prokhas Property Tender or SSE 2/2010 will only be closing at 5pm, August 4th, 2010. For the original tender form, valuation report, draft Sale & Purchase Agreement and the likes, call me now at h/p no.: 012-288 6993.

If DEV-P4001 is too small to meet your requirements, there is another bigger piece of 6.2 acres in the same location. Details in my post on DEV-P4005 which should be above this post.

Thank you for your consideration.

Best wishes,
Douglas, Tan Gee Tick (E 1579)

GT REALTY [E (3) 0698]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor.

Tel: 03-7958 8821 / 012-288 6993
Fax: 03-7958 7821
Email: tanhalim1@gmail.com

DEV-P4003: 501.5-Acre of Mixed Development Land at Semenyih Selangor For Sale at RM1.75psf Only

Dear Investors, (Updated, 4/8/2010): Kindly be informed that this DEV-P4003 (& IND-P4112) have also been WITHDRAWN from the current tender exercise closing 5pm, today. A letter from Prokhas dated 2/8/2010 has been received by fax this morning in which it is also stated that refund for those who had purchase tender packages for the properties will be effected in due course. Once the refund is received, GT Realty will refund the same to the interested party who/which has bought the tender package through GT Realty. Sincere apology for any inconvenience caused.



View DEV-P4003 in a larger map


This is a 501.5-acre freehold mixed development land with its Phase 1 development (102.54 acres) abandoned. You may view it with Google satellite / map / terrain.

It is now being offered for sale by tender at the minimum tender price of only RM1.75psf (RM38.4 million). In year 2002, an abandoned freehold project known as Brogaville (DEV-5018) but fronting Semenyih-Broga road of nearly 100 acres carried an Indicative Market Value of RM5.50psf.

In the Google Map, I have drawn a blue line (subject to fine tuning in line with the terrain) to suggest that (a DO for) a new access road from the Silk Highway to the Southwestern side of the land (DEV-P4003) be applied for so that accessibility to this land and its surrounding will be greatly shortened to just about 2 km instead of the existing 20 km from the same point at the Silk Highway via Semenyih Town - Jalan Sungai Lalang - Unnamed Metalled Road - Gravel Road - Laterite Road which route is also shown in blue line on my Google Map. With this new access road,  I have no doubt that this land's worth will be increased substantially over a short time - my 2-sen's tongue in cheek!

So, astute developers and investors, if you see such potential in the land, call me now at h/p no.: 012-288 6993 for its Tender Package (containing Valuation Report, original Tender Form, Terms and Conditions of Sale, Summary of Particulars of the Property and a sample Sale and Purchase Agreement) before its tender closes at 5pm, Aug. 4th, 2010.

At the minimum tender price of RM1.75psf, don't you think you should tender for it!

Cheers,
Douglas, Tan Gee Tick (E 1579)

GT REALTY [E (3) 0698]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor.

Tel: 03-7958 8821 / 012-288 6993
Fax: 03-7958 7821
Email: tanhalim1@gmail.com

18.28-Acre Commercial Land Near Iskandar Johor For Sale at RM10psf (DEV-CI01)


The above-stated minimum tender price of RM8.1 million is a whopping 46% lower than the price of RM15 million in the earlier tender in April/May 2010. And, this land is located about 15 km north of the Iskandar Development Region. 

For more details, call me (h/p no.: 012-288 6993) for its Tender Package (containing Valuation Report, original Tender Form, Terms and Conditions of Sale, Summary of Particulars of the Property and a sample Sale and Purchase Agreement) at RM100/package available from July 5th, 2010 until the tender closes at 5pm, Aug. 4th, 2010.

Regards,
Douglas, Tan Gee Tick (E 1579)

GT REALTY [E (3) 0698]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor.

Tel: 03-7958 8821 / 012-288 6993
Fax: 03-7958 7821
Email: tanhalim1@gmail.com

Prokhas Property Tender 2/2010 From July 5 to 5pm, August 4, 2010

Dear Readers,

(Update, 16.7.2010): The original posting below must be read with this announcement from Prokhas: That DEV-P4004 and AGRI-9003 have been WITHDRAWN from the original tender list of Prokhas SSE 2/2010. A letter from Prokhas dated 13.7.2010 to that effect has been received this morning. We apologise for any inconvenience caused. Those who have bought their tender packages can apply for refund from the Prokhas' agents or Prokhas (whichever is the party you bought the tender package(s) from). Kindly be informed accordingly. Well, there are still 50 great properties to consider! Read on...
--------------------------------------------------------------------------
(Petaling Jaya: 29.6.2010): Prokhas will be having a nation-wide property tender known as Prokhas SSE 2 of 2010 from July 5 to 5pm, August 4, 2010. This was announced yesterday in a full-page advert in The Star as well as in a letter dated 28.6.2010 faxed and sent to me/my agency - a Danaharta Panel Real Estate Agent.

Among the highlights in the advert:
1) DEV-CI01: Located in Johor about 15 km north of Iskandar, this 18.28-acre freehold land's minimum tender price has been lowered by a whopping 46% to RM8.1 million from RM15 million set in the earlier tender exercise in April/May 2010. It comprises 4 parcels development land approved for commercial use. At RM8.1 million, it reflects only RM10psf;

2) DEV-P4003: Located at Semenyih, Selangor, this is a parcel of mixed development land of 501.5 acres (an abandoned project). At RM38,400,000, its minimum price reflects RM1.75psf or RM76,750 per acre. Developers in the vicinity should consider this piece;

3) DEV-P4004: Located only 6 km north of Johor Bahru, this parcel of 4.8 acres of vacant commercial land is offered for sale by tender at a minimum price of only RM16,880,000 which reflects RM81psf for a land so near to Iskandar and Singapore!

4) DEV-P4001: Located in Section 27 Shah Alam's Taman Bunga Negara, this is a vacant commercial land of 37,382 sf with a minimum tender price of RM2,080,000 (RM56psf) only. If you think it's too small, don't despair, there is another bigger piece of 6.2 acres in the same location - please see DEV-P4005 below;

5) DEV-P4005: Located also in Section 27 Shah Alam's Taman Bunga Negara, this vacant commercial land of 270,101 sf (6.2 acres) carries a minimum tender price of RM10,960,000 (RM41 psf) only.

6) DEV-0102: (30.6.2010, update) Located at Rachado Bay Resort, Port Dickson, Negeri Sembilan, at the 8.75 mile post of Jalan Pantai, about 14 km south of Port Dickson town. It's minimum tender price of RM5,292,000 is also a whopping 46% lower than the price of RM9.8 million set in the earlier Prokhas tender exercise in April/May 2010. It has a land area of 4.94 acres freehold. Just google "DEV-0102" and you will find a lot of information about this land that will certainly make you want to go in to tender for the land - what more if you can persuade the state government to change what has been approved for the land into a development of high-end beach resort homes both for the local and foreign market? There is still ample time for your due diligence.

Anyway, details on each of the properties including the original Tender Form which must be used, etc. are in the tender packages (RM100/property/pack) which is available from July 5th, 2010 until Aug. 4, 2010. Call early (h/p no.: 012-288 6993) to order your tender package. Please read here. for the New Straits Times report on this upcoming tender exercise

Regards,
Douglas, Tan Gee Tick (E 1579)
Principal/Proprietor

GT Realty [E (3) 0698)]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor.

Tel: 03-7958 8821 / 012-288 6993
Fax: 03-7958 7821
Email: tanhalim1@yahoo.co.uk

Tuesday, May 18, 2010

Co-broking or Co-agency in Malaysian Real Estate Agency Practice

Dear Readers,

(KL: 19.5.2010): You must have heard of these terms -- co-broking or co-agency in Malaysian real estate agency practice often enough to want to know: What is it? And, what does it entail? So, let me blog on it in this post


What is co-broking or co-agency?
Co-broking or co-agency is a fee-sharing arrangement involving at least 2 real estate agencies: whereby the the "Listing Agent" agrees to share with the "Introducing Agent" the professional estate agency fee received by it in the event that the party introduced by the "Introducing Agent" to the "Listing Agent" submits an "Offer to Purchase or to Rent" - the property/properties shown by the Listing Agent to the Introducing Agent and the interested prospect - via/through the Introducing Agent to the Listing Agent for its client's acceptance.

Does it involve the property owner?
The Malaysian Estate Agency Standards ("MEAS 1999") aptly recognises that co-agency or co-broking (unlike sub-listing under the Contracts Act) does not normally involve the Client of the "Listing Agent" (usually the property Owner) - This is stated in the "Definitions Chapter" of the MEAS1999.

Does co-broking or co-agency involve an agreement?
Yes, co-broking and co-agency in practice involves an agreement known as the co-broking or co-agency agreement which must be reached before the Introducing Agent proceeds to introduce its interested prospect(s) to the Listing Agent. A co-agency agreement is a contract contingent upon:
* firstly, the Listing Agent showing its property/properties to the Introducing Agent and its interested party;
* secondly, the Introducing Agent introducing its interested party to the Listing Agent and its property/properties; and,
* most importantly, the Introducing Agent securing an "Offer to Buy or to Rent" from its interested party for the property/properties shown by the Listing Agent for submission to the Listing Agent for the acceptance of latter's client.

Does it involve joint-inspection of the Listing Agent's property/properties?
Yes, in practice, it is through a joint inspection that the Listing Agent shows its property/properties to the Introducing Agency and its interested party and, conversely, the Introducing Agent introduces its interested party to the Listing Agent and its property/properties. This joint-inspection is governed by Standard 3.2.8 of the Malaysian Estate Agency Standard 1999 where it is stipulated the the inspection must be supervised by and with the consent of the Listing Agent. Standard 3.2.6 suggests that property inspection is best recorded and documented.

Does co-broking or co-agency necessarily involve the Introducing Agent introducing its interested party to the Listing Agent?
Yes, otherwise what was the basis or "quid pro quo" for the Listing Agent to agree to share its fee?

Does co-broking or co-agency necessarily involve the Introducing Agent securing an Offer from its interested party for submission to the Owner via the Listing Agent?
Yes, this is necessary because many a times the same interested party may view the same property/properties of the Listing Agent through another/other Introducing Agent(s) as well. Recognition and hence the payment of fee are only given to the Introducing Agent who successfully secures an Offer from the interested party for submission to the Owner via the Listing Agent.

Facts: Last year (2009), my estate agency (GT Realty) successfully carried-out co-broking or co-agency with 2 other estate agencies which acted as the Introducing Agents: Reapfield and JA Valley (Tropicana). Both agencies not only signed co-agency agreements with GT Realty but also proceed to actually:
1) introduce their prospective buyers to us via a joint-inspection of the properties;
2) submit to us their interested parties' Offers for our submission to our Clients (the property owners) for consideration/acceptance.

Hence, when the deals were closed and our fees paid, even before they invoiced us, their co-agency fees were already ready for their collection. This has been our long standing policy and practice. This can be verified with our other Introducing Co-agents: e.g. Mr. Kuek of Magmas where we co-broke on a Desa Sri Hartamas bungalow lot of considerable value and more (to be listed later), etc. To us, trustworthiness is very important in business as in any other areas in life.

However, please be forewarned that my agency will not entertain anyone (particularly the bogus agents, freelance agents or, agents and "sleeping principals" who sublet their "licences") who tries to claim co-agency fee from us purely on the basis of a co-agency agreement which has been signed, partially signed or which were merely a forwarded draft - but which was not subsequently followed up with:
1) any introduction of any interested party to us;
2) any joint-viewing of our property/properties; nor
3) any submission to us of their interested party's/parties' Offer for our submission to our Clients for consideration/acceptance.

To us, no one can claim on the basis of an unperformed contingent contract even if there was indeed such a contract - what more, if there wasn't! Disputes as to facts and law of co-agency are best settled in court as under the watchful eyes of the learned judge and the lawyers who are ever ready to pounce, lying won't be easy in court - more so when doing so is a very very serious offence!

Cheers.

All comments are welcome.

Another Community-Service Article by:
Douglas GT Tan
CEO/Proprietor
GT Realty

Sunday, March 28, 2010

For Sale by Tender: 8.53-Acre Vacant Commercial Land at Sec 27 Shah Alam, Selangor

 



(Update, 29.6.2010: This property is now OFF the market. During the April/May Prokhas Property Tender Exercise 1/2010, Century Logistics' people bought a tender package through GT Realty. However, in my subsequent follow-up, I learnt that they would not be submitting any tender for this land. According to a subsequent press report, Century Logistics eventually bought a much bigger piece, if I recall the press report correctly, at about RM34 million at Bukit Raja. However, if you are looking to buy commercial land in the same locality, please be informed that in an upcoming July/August 2010 Prokhas Property Tender No. 2/2010, there are two pieces of 6.2-acre and 37,382 sf commercial land available for sale by tender at very attractive minimum tender prices. Click the hotlinks over the size of the land to know more. Regards, Douglas Tan.)
 
Dear Investors,

(30 March 2010). Are you currently looking for a piece of vacant commercial land of about 8.5 acres in Shah Alam, Selangor?

If so, then there is good news! Currently, a piece of vacant commercial land at Section 27 Shah Alam - along the western side of Persiaran Klang (within Taman Bunga Negara) - is available for sale by tender until 5pm, 4th May 2010: Its Photos, Location Plan & Layout Plan are as shown in this post.

You may also find its location or study its surrounding from "Google Map" by entering "persiaran klang, taman bunga negara".

Other details:

* Title No.: H.S.(D) 63624;

* Lot No.: P.T. 626;

* Mukim: Damansara;

* District: Petaling;

* State: Selangor Darul Ehsan;

* Tenure: Freehold

* Provisional Land Area: 34,514.208 square metres (371,520 square feet or 8.53 acres)

* Category of Land Use: "Bangunan";

* Express Condition: " Bangunan Perniagaan"

* Restriction in Interest: Nil

* Tender Closing Date: 5:00 p.m., 4th May 2010

* Indicative Price: RM24.15 million only (RM700 per sq. m or RM65 psf only) - Stamp Duty Waived!

For further details or to buy its tender package - containing original tender form, valuation report, terms and conditions of sale, sample Sale & Purchase Agreement, etc. - at only RM100 per pack, please contact me at 012-288 6993 / 03-7958 8821.

Hurry, opportunity waits no man.!

Best regards,
Douglas, Tan Gee Tick (E 1579)
Proprietor/CEO

GT REALTY [E (3) 0698]
22-B (2nd. Floor), Jalan 19/36,
46300 Petaling Jaya,
Selangor D.E.

Tel: 6-03-7958 8821 / 6-012-288 6993
Fax: 6-03-7958 7821
Email: tanhalim1@gmail.com

Wednesday, February 24, 2010

Documentary Proof of Legal Standing to Claim Estate Agency Fees in Court

Dear Readers,

Are you aware that: In year 2005, a well-known estate agency firm (with the acronym OR) failed to recover estate agency fee in the court because of failure to fully establish its legal standing to claim the fee. Apparently, it failed to meet the "locus standi" requirement under Sec 23(1) of the Valuers, Appraisers & Estate Agency Act 1981 (VAEA Act 1981): The Claimant adduced to the court a defective certificate of Authority to Practise (ATP) estate agency - his firm's ATP Cert. labelled as Form N when it should have been Form O under the law (Rule 25G of the VAEA Rules 1986)?

You see, since the enactment of the VAEA Act 1981  - and, all its subsidiary rules, etc. - real estate agency in Malaysia was no longer just a business - i.e. no longer a business regulated only by law of commerce/contract; It has since been a profession (pl. see also: statement by BOVAEA in Circular 11/96) - one that is regulated, over and above the normal law of commerce/contract, by specific estate agency law, rules, standards, practice notes and circulars of the Parliament-instituted statutory board - the BOVAEA.

Under the Malaysian estate agency law, anyone seeking to recover in any court any fees, charges or remuneration for any...services rendered as an estate agent - would not only have to prove that there was an enforceable agreement but also to show the court that he meets the two(2) "legal standing" requirements respectively stipulated in 1) Sec 22C(1)(d) & 2) Sec 23(1) of the Valuers Appraisers & Estate Agents Act 1981:

Under Sec 22C(1)(d): The claimant must establish that "...he is a registered estate agent and has been issued with an authority to practise under section 16".

Sec 22C(1)(d) reads :"No person shall - unless he is a registered estate agent and has been issued with an authority to practise under section 16 - be entitled to recover in any court any fees, charges or remuneration for any professional advice or services rendered as an estate agent."

A registered estate agent with the "locus standi" under Sec 22C(1)(d) would be able to produce to the court his certificate(s) of Authority to Practise (ATP) estate agency under Sec 16 as issued by the BOVAEA, namely: 1) his personal ATP Cert. in Form I (issued under Sec16(1) when he first registered as an estate agent), and; 2) his renewed personal ATP Cert. in Form K (issued under Sec 16 (2) when he renews his ATP annually).

Secondly, under Sec 23(1): He must also show the court that he is not a freelanced registered estate agent - operating from home, five-foot-way, etc. that is, practising without a duly registered estate agency firm - that is that he is a registered estate agent who "... practises as a sole proprietor..., a partner..., a shareholder or director...or as an employee of such sole proprietorship, partnership or body corporate".


Sec 23(1) reads: "No registered...estate agent shall...have the right to recover in any court any fee, charge or remuneration for any professional advice or services rendered by him pursuant to his practice unless he practises as a sole proprietor of a sole proprietorship, a partner of a partnership, a shareholder or director of a body corporate registered with the Board, or as an employee of such sole proprietorship, partnership or body corporate"

A registered estate agent who is not freelancing and who meets the locus standi requirement under Sec 23(1) would certainly be able to produce to the court 1) his Firm's ATP Cert. in Form O (issued by BOVAEA when his agency firm first registered with it); and 2) his Firm's renewed ATP Cert in Form Q (issued annually when his firm renews its ATP).


So, beware: For any claim of estate agency fee, related charges, etc. in any court, the Claimant must prove - apart from having to prove that there was an enforceable agency or co-agency agreement - that the 2 "locus standi" requirements as laid down by Sec 22C(1)(d) & Sec 23(1) of the Valuers Appraisers & Estate Agents Act 1981 are met as well.

All comments are welcome!

A Community-Service Article By,
Douglas GT Tan

Gong Xi Fa Cai!

Dear Chinese Readers,

Gong Xi Fa Cai!

Have A Happy & Prosperous Tiger Year !!
 
Usher in the Tiger year with this exciting acrobatic lion dance on poles captured on my camera - at Bandar Utama shopping complex, Selangor --. edited with a software with came with original SBE 2003:


Regards,
Douglas GT Tan

Sunday, January 31, 2010

Govt teams up with eBay to aid SMEs, reported The Star.

Dear Readers,

The Star online reported today as follows:

KUALA LUMPUR (1 Feb 2010): Online auction site eBay and its payment provider PayPal have signed a deal with government-controlled SME Corp Malaysia that will benefit small- and medium-scale enterprises (SMEs) in the country...

This is something that real estate marketers must be aware of even if selling real estate online may not be the "in" thing at the moment. Will people go to eBay to look for real estate? Only time can tell.

Anyway, for the press report, read here.

Regards,
Douglas.

Friday, January 8, 2010

BOVAEA Moving On 18 Jan 2010

To:
Registered Estate Agents, Appraisers & Valuers;
Probationary Estate Agents, Appraisers & Valuers; and
Members of the Public,

Please be informed that with effect from 18 January 2010, the BOARD OF VALUERS, APPRAISERS & ESTATE AGENTS OF MALAYSIA (a.k.a Lembaga Penilai, Pentafsir dan Ejen Hartatanah Malaysia) shall be located at the following address:

A-27-15 Level 27
Menara UOA Bangsar
No. 5 Jalan Bangsar Utama 1
Bangsar
59000 Kuala Lumpur

Tel No: 03-2288 8815/2288 8816/2288 8817
Fax No: 03-2288 8819


Yours truly,
Douglas GT Tan (E 1579)

Footnote:
The above announcement is based on a Notice dated 5 January 2010 issued by the BOVAEA. The BOVAEA can be reached via email or its website as follows:
Email: lppeh@po.jaring.my
Homepage: http://www.lppeh.gov.my/

Blog Archive