Liew Siew Pen provides a brief roundup of the 2017 Budget features affecting the housing industry
Malaysia Budget 2017 has successfully been tabled by the Prime Minister Datuk Seri Najib Tun Razak. For the housing industry, there are several innovative measures, including the “step-up” end financing scheme and exemption of stamp duty, which will be implemented as part of the initiatives to promote home ownership. Stamp duty on instruments of transfer for properties costing RM1,000,000.00 and above will also be increased from the current rate of 3% to 4% in curbing speculative buying.
The key elements of the Budget affecting the housing industry are summarised below:
Continue reading “The 2017 Budget and the Housing Industry”
In this two part series, Liew Siew Pen explains the legal framework and procedures governing compulsory land acquisition
The law of land acquisition is principally concerned with the rules governing the procedures to be followed in acquiring the land by compulsory means and with the awarding of compensation to the dispossessed landowner.
The rights of a property owner in Malaysia are governed by the following legislations:-
1) The Federal Constitution;
2) The National Land Code 1965 /Land Ordinance (Sabah Cap 68) 1950/Sarawak Land Code (Cap.81) 1958;
3) The Land Acquisition Act 1960/Land Acquisition Ordinance (Sabah Cap. 69) 1950/Part IV of the Sarawak Land Code (Cap.81) 1958.
Under Article 13 of the Federal Constitution, the nature and extent of property rights of a person are as follows:
(1) No person shall be deprived of property save in accordance with law.
(2) No law shall provide for compulsory acquisition or use of property without adequate compensation.
The above provisions ensure that a person is not deprived of his property without adequate compensation being made.
Continue reading “Land Acquisition – Balancing the needs of two parties”
Janice Gan provides an overview of the implications for housing developers from the recent amendments to the Housing Development (Control & Licensing) Act 1966
The Housing Development (Control & Licensing) Act 1966 (“HDA”) is an Act to provide for the control and licensing of housing development in Peninsular Malaysia as well as protecting the interest of purchasers of residential property still under construction. Continue reading “More Strings Attached: Housing Development (Control & Licensing) (Amendment) Act 2012”
Denise Chong points out the key areas that Landlords should take note and provide for in drafting Tenancy Agreements
Under Malaysian Law, only a tenancy exceeding 3 years may be registered against the title under the National Land Code 1965. So, whilst a Landlord of a registered lease is statutorily protected, a Landlord of a Tenancy (a lease less than 3 years) is not, and his relationship with his tenant is instead governed by a formal contract – a Tenancy Agreement.
Hence, it is especially important for a Landlord to set out terms and conditions in the Tenancy Agreement that will adequately protect his rights in the demised premises and particularly, to secure prompt payment of rentals from the Tenant. Below are a few specific areas that a Landlord should consider specifically providing for, in a Tenancy Agreement. Continue reading “Setting the terms: Protecting the Landlord’s interest in Tenancy Agreements”