Editor's Note
THE SUN 22/4/2005
ONE favourite pastime of a good section of Klang Valley residents must be
show unit hopping. Come almost every weekend, housing development sites in
the Klang Valley come alive with the seemingly never-ending number of
launches - events that have been carefully planned to coincide with the
rest days.To bring in the crowd developers have
no qualms going the extra mile; often providing a generous spread of
complimentary finger food, drinks and even entertainment that has been
painstakingly chosen to pamper and please the target visitors.
Even then, the formula of just the satay, fizzy drinks
and chilled mineral water alone is no longer enough to excite the crowd -
thanks to growing competition in the marketplace. Enter the lavishly
furnished show units. It is incredible how it a tastefully furnished show
unit can help sell property. I have witnessed how even the most cautious
and conservative of professionals, acting against their grain and
training, put their money down for a real estate that they had absolutely
no intention of buying in the first place.
Naturally, while some may have lived to regret the
unintended purchase, there are others who must have thanked their lucky
stars that led them into signing on the dotted line.
For the prospective buyer, be it the owner-occupier or
investor, never forget your rights as well as obligations. This is
especially true for strata-titles property where communal living is the
very fabric of the lifestyle it offers. It is no different whether the
purchase is a super high-end type costing as much as RM1,000 psf or one
that does not cost an arm or leg.
In recent times, strata living - something that has been
around for the last 25 years - has caught on fast in the Klang Valley,
pushed by factors such as the modern lifestyle and security it offers
coupled with land scarcity that has translated into spiralling land costs
and consequently property values.
According to latest government data, as at the third
quarter of 2004, Malaysia's supply of strata property totalled almost a
million units - 900,785 units to be exact - and the stock is growing
rapidly. This accounts for more than a quarter (26.5%) of Malaysia's total
housing stock of 3.4 million units. It is no surprise that the bulk or
over 60% of the strata homes are found in Kuala Lumpur and Selangor, where
land and property values is beyond the comprehension of many staying
outside the Klang Valley.
For Klang Valley folks who can remember, strata homes
debuted back in the 1980s when Tan & Tan Development introduced Desa
Kudalari located in the heart of KL. Since then, some have sworn by strata
living and would not consider any alternative lifestyle. Then there are
the strata dwellers who should never consider communal living in the first
place, given their little or no appreciation for the concept involved.
On the other side of the coin, there exists black sheep
among property managers. Property management or, more precisely the lack
of it, is a core complaint of strata living. By the same token, property
managers complain about the challenger in maintenance fee collection.
Education is key to successful communal living. Because
strata living has caught on so quickly in Malaysia, there is an urgent
need to streamline the Strata Titles Act 1985 which appears to be
outdated. The government needs to keep up with the innovations of the
industry such as strata landed living - for it to continue with its
journey ahead. Such are some of the issues identified and discussed in a
Property Roundtable on Strata living organised by The Edge on April 12.
The six-members panel also explained why it could take more a decade for a
strata title to be issued and they suggested ways to expedite the process.
If you are interested in more details of the roundtable,
check out the coming issue of The Edge. The panellists comprised three
award-winning developers - Datuk P Kasi (executive director and co-founder
of MK Lang Holdings group); Datuk Michael Yam (chief executive officer,
Sunrise Bhd) and PK Poh (group managing director, Dijaya ResortCorp Bhd).
The others were: John Loh (president of the Institution of surveyors
Malaysia), Wong Kok Soo (managing director, Yap Burgess Rawson
International) and Janardhanan Gopala Krishnan (chief operating officer,
Azmi & Co Building Services Sdn Bhd.
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