Panorama KLCC: Joint Venture

Saturday, March 6, 2010

Joint Venture

Panorama, a signature high-end luxury development by Promatik Emas Sdn Bhd, a joint venture co-operation by UOL Group Limited and General Corporation Berhad. Located in the heart of KLCC, Panorama offers you the best in fittings and finishes for your living pleasure.

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Quality Features

* Luxury condominium

* Low density

* Choice units from 592sf - 1,819sf

* Comprehensive facilities

* 37 metre infinity swimming pool

* Floor-to-ceiling Windows come with quality day & night curtains

* 11 feet high ceiling

* High quality finishes & fittings

* Marble floor finishes for living & dining area

* Timber flooring for all bedrooms except maid's room

* Concealed ducted air-conditioning for living & dining hall

* Split unit air-conditioning to all bedrooms except maid's room

* Selected quality bathrooms' sanitary ware & fittings

* Water heater system to all bathrooms & kitchen except maid's bath

* Built-in Wardrobe to all bedrooms except maid's room

* Fully equipped Kitchen with elegant designed kitchen cabinet & fitting and quality electrical appliances (oven, microwave oven, refrigerator, hob & hood, 2-in-1 washing machine cum dryer, and etc.)

* State-of-the-art security system

Why Invest In Malaysia?

Malaysia offers a superb climate along with an exotic culture and its strategic location makes it popular with many Asian as well as European visitors. The Malaysian tourist industry is undergoing a growth period and has seen a great increase in tourist arrivals. Cost of living and property prices remain very low in Malaysia compared to her regional counterparts and these properties offer great investment potential with a healthy 15%-30% annual growth.

Meanwhile, the property market in the capital city of Kuala Lumper is kept buoyant and strong by increased foreign investment in the form of expatriates seeking top quality residential and commercial premises in the city.

Living In Kuala Lumpur

Are there any religious restrictions?
No. There aren't any restrictions on religion as Malaysia is a tolerant multi-racial and multi-religious society.

How many internationl schools are there in Kuala Lumpur city?
There are altogether more than 20 international schools in Kuala Lumpur with 4 located in the vicinity of Panorama, as shown below:
- Sayfol International School
- Fairview International Shool
- International School of Kuala Lumpur
- St. Mary School

What is the size of the expatriate or foreign community?
There are about 60,000 of them in Kuala Lumpur

Buying Property In Malaysia

Are there any restrictions on foreigners when it comes to buying property in Malaysia?
No. Non-Malaysiam & foreigners are free to purchase property in Malaysia. They only need to obtain the respective state authority's consent, which in this case will be Kuala Lumpur, before the purchase is considered valid and lawful.

How do I open a bank account in Malaysia?
Opening an account in Malaysia is relatively easy. Once you decide to purchase a property, your lawyer will introduce to you a bank of your choice. With the internet banking which you can access your account at all times from anywhere, check balance, transfer funds and even pay utilities bills - all done online through the internet.

The documents which need to be submitted are:
1) Identity card
2) Passport
3) Proof of Income (3 months income statement)

What are the fees associated with buying property in Malaysia?
1) Legal fee
2) Government stamp duties
3) Loan agreement fee

Leasing/Investing Property In Malaysia

Is there an asset management service program?
Yes. The owner can choose to appoint Pacific Star International Sdn Bhd (PSI) or its nominee to provide the following asset management services:-
a) Handover services upon vacant possession
b) Interior furnishing and fit-out services
c) Procurement of tenant
d) Tenancy management

Do we need to register leases in Malaysia?
For leases on commercial property exceeding 3 years, the tenant has the right to request for registration of lease with the land office. However, this is very rare and is not considered market practice for strata and residential property.

What is the current asking rental for high-end residential condominiums in KLCC?
Currently, the rental rate for high-end condominiums in KLCC ranges from RM5.00 to RM9.50 psf. (However, panorama rental return are expected at RM6.00 to RM7.00 psf.)

What is the expected maintenance costs psf per month?
The indicative maintenance costs by the developer is approximately RM0.45 psf per month, inclusive of the sinking fund. The sinking fund is a pool of funds which is set aside for specific purposes later on such as the repainting of the building, refurbishment of the lobby, and etc.

What are the taxes levied on the rental that an investor will be subject to?
Non-residents are liable to pay tax on Malaysian-sourced income, and this includes rental income as well. For non-residents, a flat rate of 26% on net rental income will be charged. Income-generating expenses are deductible from the gross rent, such as interest expenses, cost of repairs, assessment tax and quit rent. Taxes are paid on an annual basis, at the end of every tax year which is in April.

Owning Property In Malaysia

What are yearly local tax/assessment rates?
The assessment tax is a local tax based on the annual rental value of the property, as assessed by the local authorities. It is generally levied at a flat rate of 6% for residential properties and payable. This is paid half-yearly.

What is quit rent?
The quit rent is a local tax levied on all landed properties, payable annually at a rate of RM0.01 to RM0.02 per square foot. The quit rent is generally estimated to be less than RM100 per year. This is applicable for both landed and strata developments.

Are there any property capital gains tax?
No. The Real Property Gain Tax (RPGT) has been waived as at 1st April 2007.

Selling Property In Malaysia

When I sell the property, what charges and taxes will I pay?
In terms of taxes, the Real Property Gains Tax (RPGT) has been waived as at 1st April 2007 so there are no taxes to be paid upon selling the property.

However, depending on the bank loan you take. Most banks have a lock-in period (usually 3-5 years) whereby if the property is sold before the lock-period lapses, there will usually be an exit clause of 3% of the loan amount. You are advised to check this with your banker.

There will be other miscellaneous costs such as legal fees, agency fees (normally 2% of the selling price) and 'discharge of charge' costs.

Are there any restrictions or approval required for the disposal of property in Malaysia?
No. There are no restrictions and approvals required. Owners are free to sell to anyone in the secondary market.

Saturday, March 6, 2010

Joint Venture

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