Welcome to LBS Perks & Plusses Mini Fest held at Mercu Jalil!
The two-day event, joined by Mercu Jalil homebuyers and a total of 17 collaborative partners aimed to bring the community closer and showcasing the benefits of the customer loyalty program made exclusively for LBS homebuyers.
We are proud to announce the LBS Perks and Plusses – Mini Festival that was scheduled on the 28th and 29th October has ended perfectly. The promising crowd is definitely a reflection of our commitment to enhancing your home buying journey. Heartfelt thank you for helping us achieve our success!
Recently, Mercu Jalil, an apartment complex nestled in the heart of Bukit Jalil, initiated the Vacant Possession (VP) process for its homeowners. This vibrant apartment boasts two blocks, each with 680 units, making a total of 1,360 units. With two distinct unit types, Type A at 1,000 square feet and Type B at 1,200 square feet, Mercu Jalil offers modern living on 5.43 acres of strata-titled land. What sets it apart is its strategic location, near major highways like KESAS Highway, Maju Expressway, and Bukit Jalil Highway, as well as close proximity to Tzu Chi Kuala Lumpur International School, Pavilion Bukit Jalil, and Alam Sutera LRT Station. The apartment complex also offers 16 facilities, with 9 on the ground floor and 7 on the 9th floor.
The VP process marks the handover of a vacant unit to homeowners, void of any equipment or furniture beyond what’s specified in the Sale and Purchase Agreement (SNP). However, before this transfer occurs, the developer must obtain the Certificate of Completion and Compliance (CCC) and ensure that water and electricity services are operational. In essence, this process assures homeowners that their new abode is ready and safe to occupy. Interestingly, Mercu Jalil has embraced a digital approach for the entire VP process, promoting sustainability by eliminating paper usage.
On October 6, 2023, Mrs. Alicia and her partner received the long-awaited call from LBS Bina to take possession of their new home in Mercu Jalil. It marked a historic day for the couple who had purchased their unit during the 2020 pandemic. This was their first experience buying from LBS Bina Group, and they chose Mercu Jalil after careful consideration of location, pricing, and offers. For them, the strategic location, excellent access to public transportation, and proximity to major highways were the key factors influencing their decision. The homeownership process proved to be straightforward, with Mrs. Alicia and Mr. Clarence only having to wait for the keys, as the housing project was still under construction at the time of purchase.
The couple’s unit is a Type A with 1,000 square feet of space and two parking spots, situated on the 36th floor of the A block, which boasts a total of 46 floors. They were delighted with the quality of the finishing and the breathtaking view from their elevated residence. They plan to hire contractors to inspect their unit for any defects or finishing issues, making full use of the 24-month Defect Liability Period (DLP), which began on September 7, 2023. Mrs. Alicia intends to personalize the unit to her liking and will move in once everything is in place.
Thrilled with their decision to purchase in Mercu Jalil, Mrs. Alicia and her family were further delighted to learn about the LBS Perks & Plusses loyalty program. This program rewards LBS property buyers with a range of privileges, including referral programs, cash rebates for second home purchases, early access to new project launches, and invitations to exclusive events. Members of this program also enjoy special offers and benefits from 39 LBS Perks & Plusses strategic partners, such as Watsons, Coway, Acson, Goodnite, and many more. The program is complimentary for any individual or corporate buyers who have purchased LBS properties or its subsidiaries with a minimum purchase price of RM150,000.
On October 28 and 29, 2023, LBS hosted a “Mini-Fest” for the LBS Perks & Plusses rewards program at Mercu Jalil apartment, Bukit Jalil. The two-day event featured a variety of engaging activities. One of the highlights was a lucky draw with prizes from Watsons, Gintell, Acson, and Goodnite. The event also included free gifts from strategic partners of the rewards program. With 16 strategic partners participating, homeowners collecting their keys at Mercu Jalil, Bukit Jalil added to the festive atmosphere. The event successfully introduced the LBS Perks & Plusses reward program to the homeowners under LBS Bina Group, offering a glimpse of the many benefits awaiting them in their new Mercu Jalil homes.
LBS believes that successful housing developers take customer success seriously – listening to what customers want and innovating across its suite of products. A large development company needs a good handle on business finance to manage the cash flow throughout the life cycle of a project.
Enjoy our LBS Perks and Plusses introduction video for all our loyal customers and future potential buyers.
LBS AND MGB TAKE THE LEAD IN RENEWABLE ENERGY THROUGH A STRATEGIC PARTNERSHIP WITH MGTC
SELANGOR, 6 October 2023 – LBS Bina Group Berhad (“LBS”), a renowned people’s developer and its subsidiary, MGB Berhad (“MGB”) (collectively known as the “Group”), a construction and property development solutions provider are delighted to announce an upcoming strategic collaboration with the Malaysia Green Technology and Climate Change Corporation (“MGTC”), an agency under the Ministry of Natural Resources, Environment, and Climate Change, mandated to drive the country’s efforts in Green Growth, Climate Change Mitigation, and Green Lifestyle.
This collaboration will establish a consortium comprising LBS, MGB, Midwest Green Sdn Bhd (“MWG”), and MGTC, with the primary objective of revolutionizing the solar energy landscape by integrating cutting-edge green technologies into the next evolution of solar farming encompassing Carbon Capture Storage (CCS), crop cultivation, and water harvesting. This consortium represents a significant advancement in the field of renewable energy while simultaneously promoting the development of innovative large-scale solar programs.
The exchange of the Letter of Intent (“LOI”) occurred during the International Greentech & Eco Products Exhibition & Conference Malaysia 2023, held at the Kuala Lumpur Convention Centre. LBS was represented by its Executive Chairman, Tan Sri Ir. Lim Hock San, while MGB was represented by its Group Managing Director, Datuk Wira Joey Lim Hock Guan, and MGTC was represented by Ts. Shamsul Bahar Mohd Nor, the Group Chief Executive Officer. Additionally, Dato’ Alvin Lam Lip Shyan and Datuk Edward Chew Chun Hoe acted as representatives for MWG. The event was witnessed by YB Dato’ Sri Huang Tiong Sii, the Deputy Minister of Natural Resources, Environment, and Climate Change, in the presence of Mr. Lim Chin Siu, the Group Managing Director of Solarvest Holdings Berhad, and Mr. Windsor Khor Thiam Seng, its Head of Commercial Utilities Director.
LBS Executive Chairman, Tan Sri Ir. Lim Hock San, who also serves as the Executive Vice Chairman of MGB, commented, “We are thrilled to embark on this new era of sustainable energy with MGTC. Our group, bolstered by its expertise, stands at the forefront of the solar farming sector. Together, we are shaping a future where renewable energy is not merely a conceptual idea but a tangible and environmentally friendly reality. Our unwavering commitment to holistic sustainable development and environmental responsibility is our greatest strength in this endeavor.”
With Solarvest Holdings Bhd (“Solarvest”) as our preferred Engineering, Procurement, and Construction (“EPC”) Contractor, the consortium’s ambitious plans for large-scale programs have been meticulously crafted to redefine industry standards and provide a roadmap for a greener, more sustainable future.
“This collaboration seamlessly aligns with the Group’s commitment to advancing our organization’s journey to achieve Environmental, Social, and Governance (ESG) goals and enhance sustainability efforts. Simultaneously, it positions us within the framework of the Malaysian Government’s Energy Transition Roadmap. We are laying the foundation for a greener and more sustainable Malaysia for the next generation,” added Tan Sri Ir. Lim Hock San.
-End-
For Immediate Release
LBS AND MGB TAKE THE LEAD IN RENEWABLE ENERGY THROUGH A STRATEGIC PARTNERSHIP WITH MGTC
SELANGOR, 6 October 2023 – LBS Bina Group Berhad (“LBS”), a renowned people’s developer and its subsidiary, MGB Berhad (“MGB”) (collectively known as the “Group”), a construction and property development solutions provider are delighted to announce an upcoming strategic collaboration with the Malaysia Green Technology and Climate Change Corporation (“MGTC”), an agency under the Ministry of Natural Resources, Environment, and Climate Change, mandated to drive the country’s efforts in Green Growth, Climate Change Mitigation, and Green Lifestyle.
This collaboration will establish a consortium comprising LBS, MGB, Midwest Green Sdn Bhd (“MWG”), and MGTC, with the primary objective of revolutionizing the solar energy landscape by integrating cutting-edge green technologies into the next evolution of solar farming encompassing Carbon Capture Storage (CCS), crop cultivation, and water harvesting. This consortium represents a significant advancement in the field of renewable energy while simultaneously promoting the development of innovative large-scale solar programs.
The exchange of the Letter of Intent (“LOI”) occurred during the International Greentech & Eco Products Exhibition & Conference Malaysia 2023, held at the Kuala Lumpur Convention Centre. LBS was represented by its Executive Chairman, Tan Sri Ir. Lim Hock San, while MGB was represented by its Group Managing Director, Datuk Wira Joey Lim Hock Guan, and MGTC was represented by Ts. Shamsul Bahar Mohd Nor, the Group Chief Executive Officer. Additionally, Dato’ Alvin Lam Lip Shyan and Datuk Edward Chew Chun Hoe acted as representatives for MWG. The event was witnessed by YB Dato’ Sri Huang Tiong Sii, the Deputy Minister of Natural Resources, Environment, and Climate Change, in the presence of Mr. Lim Chin Siu, the Group Managing Director of Solarvest Holdings Berhad, and Mr. Windsor Khor Thiam Seng, its Head of Commercial Utilities Director.
LBS Executive Chairman, Tan Sri Ir. Lim Hock San, who also serves as the Executive Vice Chairman of MGB, commented, “We are thrilled to embark on this new era of sustainable energy with MGTC. Our group, bolstered by its expertise, stands at the forefront of the solar farming sector. Together, we are shaping a future where renewable energy is not merely a conceptual idea but a tangible and environmentally friendly reality. Our unwavering commitment to holistic sustainable development and environmental responsibility is our greatest strength in this endeavor.”
With Solarvest Holdings Bhd (“Solarvest”) as our preferred Engineering, Procurement, and Construction (“EPC”) Contractor, the consortium’s ambitious plans for large-scale programs have been meticulously crafted to redefine industry standards and provide a roadmap for a greener, more sustainable future.
“This collaboration seamlessly aligns with the Group’s commitment to advancing our organization’s journey to achieve Environmental, Social, and Governance (ESG) goals and enhance sustainability efforts. Simultaneously, it positions us within the framework of the Malaysian Government’s Energy Transition Roadmap. We are laying the foundation for a greener and more sustainable Malaysia for the next generation,” added Tan Sri Ir. Lim Hock San.
-End-
About LBS Bina Group Berhad
LBS Bina Group Berhad (“LBS”), an internationally recognized developer with a vision for building and inspiring delightful spaces, is a renowned township developer that has amassed numerous awards through their various developments. By placing people at the heart of their approach, LBS has been building and shaping the nation’s landscape for over 30 years while continuing to meet the market demands for quality and affordable homes.
The continued success of LBS is attributed to the leadership of Executive Chairman, Tan Sri Lim Hock San. In recognition of his leadership, Tan Sri Lim was named as the Property Man of the Year by Malaysia Property Award (formerly known as FIABCI Malaysia Property Awards of Distinction or FIABCI Malaysia Awards of Distinction) in 2018, which is the gold standard for developers in the real estate industry. Further recognition received was the “Oscar Award” in the property fraternity. The award was in recognition of Tan Sri Lim’s perseverance and resilience over time within the industry, excellent demonstration of strong leadership, deep industry knowledge and impeccable values of integrity and responsibility.
To date, LBS with vast land banks spread across Malaysia, will continue to grow in stature and strength, through replicating successful townships such as Bandar Saujana Putra to other parts of Selangor including KITA @ Cybersouth in Dengkil, LBS Alam Perdana in Bandar Puncak Alam and so on. Beyond property development, LBS is also venturing into retail management, hospitality and tourism.
LBS DAN MGB TERAJUI BIDANG TENAGA BOLEH DIPERBAHARUI MELALUI PERKONGSIAN STRATEGIK BERSAMA MGTC
SELANGOR, 6 Oktober 2023 – LBS Bina Group Berhad (“LBS”), pemaju perumahan terkemuka dan subsidiarinya, MGB Berhad (“MGB”) (secara kolektif dikenali sebagai “Kumpulan”), penyedia solusi perkhidmatan dan pembangunan hartanah, hari ini mengumumkan kerjasama strategik dengan Malaysia Green Technology and Climate Change Corporation (MGTC), agensi di bawah Kementerian Sumber Asli, Alam Sekitar dan Perubahan Iklim yang diberi mandat untuk memacu inisiatif Pertumbuhan Hijau, Mitigasi Perubahan Iklim dan Gaya Hidup Hijau negara.
Kolaborasi ini mewujudkan satu konsortium yang terdiri daripada LBS, MGB, Midwest Green Sdn Bhd (“MWG”) dan MGTC, dengan matlamat utama untuk merevolusikan landskap tenaga solar di samping mengintegrasikan teknologi hijau canggih ke dalam evolusi ladang solar yang merangkumi teknologi Pengawalan Penyimpanan Karbon (CCS), pertanian dan penuaian air. Konsortium ini mewakili kepentingan untuk meningkatkan penggunaan bidang tenaga boleh diperbaharui sekali gus mempromosikan pembangunan program solar berskala besar yang berinovatif.
Majlis pertukaran dokumen Surat Minat (“LOI”) itu telah berlangsung di Persidangan dan Pameran Teknologi Hijau serta Produk Eko Antarabangsa Malaysia (IGEM) 2023, Pusat Konvensyen Kuala Lumpur. Pengerusi Eksekutif LBS, Tan Sri Ir. Sri Lim Hock San mewakili LBS, manakala MGB diwakili oleh Pengarah Urusan Kumpulan, Datuk Wira Joey Lim Hock Guan. MGTC diwakili oleh Ketua Pegawai Eksekutif Kumpulannya, Ts Shamsul Bahar Mohd Nor dan Pengarah-Pengarah MWG, Dato’ Alvin Lam Lip Shyan dan Datuk Edward Chew Chun Hoe. Majlis pertukaran dokumen LOI tersebut turut disaksikan oleh YB Dato’ Sri Huang Tiong Sii, Timbalan Menteri Sumber Asli, Alam Sekitar dan Perubahan Iklim diiringi oleh Pengarah Urusan Kumpulan Solarvest Holdings Berhad, Encik Lim Chin Siu serta Ketua Pengarah Utiliti Komersialnya, Encik Windsor Khor Thiam Seng.
Pengerusi Eksekutif LBS, Tan Sri Ir. Lim Hock San, merangkap Naib Pengerusi Eksekutif MGB mengulas, “Kami amat teruja dengan kerjasama bersama MGTC di dalam era baru kelestarian tenaga boleh diperbaharui ini. Menerusi kolaborasi ini, Kumpulan kami dapat memperkukuhkan kepakaran di samping berpeluang untuk mempelopori sektor ladang tenaga solar. Gandingan ini bakal merealisasikan masa depan berteknologi tenaga boleh diperbaharui yang lebih mesra alam. Komitmen kami yang tidak berbelah bahagi terhadap pembangunan mampan dan bersepadu serta tanggungjawab terhadap alam sekitar merupakan kekuatan utama kami dalam usaha ini.”
Pemilihan Solarvest Holdings Bhd (“solarvest”) sebagai Kontraktor Kejuruteraan, Perolehan dan Pembinaan (“EPC”) kami, selaras dengan hasrat konsortium yang bercita-cita tinggi untuk melaksanakan program ini di dalam skala yang besar dan direka untuk mentakrifkan semula piawaian industri di samping menawarkan pelan hala tuju yang lebih hijau dan mampan.
“Kerjasama ini mewakili komitmen Kumpulan untuk memacu perjalanan organisasi bagi mencapai matlamat Alam Sekitar, Sosial dan Tadbir Urus (ESG) dan meningkatkan usaha kemampanan sekali gus membantu menempatkan kami sejajar dengan rangka kerja Pelan Hala Tuju Peralihan Tenaga Kerajaan Malaysia. Inilah usaha kami bagi membina asas untuk Malaysia yang lebih hijau dan mampan bagi generasi akan datang,” tambah Tan Sri Ir. Lim Hock San.
-Tamat-
Untuk Siaran Segera
LBS DAN MGB TERAJUI BIDANG TENAGA BOLEH DIPERBAHARUI MELALUI PERKONGSIAN STRATEGIK BERSAMA MGTC
SELANGOR, 6 Oktober 2023 – LBS Bina Group Berhad (“LBS”), pemaju perumahan terkemuka dan subsidiarinya, MGB Berhad (“MGB”) (secara kolektif dikenali sebagai “Kumpulan”), penyedia solusi perkhidmatan dan pembangunan hartanah, hari ini mengumumkan kerjasama strategik dengan Malaysia Green Technology and Climate Change Corporation (MGTC), agensi di bawah Kementerian Sumber Asli, Alam Sekitar dan Perubahan Iklim yang diberi mandat untuk memacu inisiatif Pertumbuhan Hijau, Mitigasi Perubahan Iklim dan Gaya Hidup Hijau negara.
Kolaborasi ini mewujudkan satu konsortium yang terdiri daripada LBS, MGB, Midwest Green Sdn Bhd (“MWG”) dan MGTC, dengan matlamat utama untuk merevolusikan landskap tenaga solar di samping mengintegrasikan teknologi hijau canggih ke dalam evolusi ladang solar yang merangkumi teknologi Pengawalan Penyimpanan Karbon (CCS), pertanian dan penuaian air. Konsortium ini mewakili kepentingan untuk meningkatkan penggunaan bidang tenaga boleh diperbaharui sekali gus mempromosikan pembangunan program solar berskala besar yang berinovatif.
Majlis pertukaran dokumen Surat Minat (“LOI”) itu telah berlangsung di Persidangan dan Pameran Teknologi Hijau serta Produk Eko Antarabangsa Malaysia (IGEM) 2023, Pusat Konvensyen Kuala Lumpur. Pengerusi Eksekutif LBS, Tan Sri Ir. Sri Lim Hock San mewakili LBS, manakala MGB diwakili oleh Pengarah Urusan Kumpulan, Datuk Wira Joey Lim Hock Guan. MGTC diwakili oleh Ketua Pegawai Eksekutif Kumpulannya, Ts Shamsul Bahar Mohd Nor dan Pengarah-Pengarah MWG, Dato’ Alvin Lam Lip Shyan dan Datuk Edward Chew Chun Hoe. Majlis pertukaran dokumen LOI tersebut turut disaksikan oleh YB Dato’ Sri Huang Tiong Sii, Timbalan Menteri Sumber Asli, Alam Sekitar dan Perubahan Iklim diiringi oleh Pengarah Urusan Kumpulan Solarvest Holdings Berhad, Encik Lim Chin Siu serta Ketua Pengarah Utiliti Komersialnya, Encik Windsor Khor Thiam Seng.
Pengerusi Eksekutif LBS, Tan Sri Ir. Lim Hock San, merangkap Naib Pengerusi Eksekutif MGB mengulas, “Kami amat teruja dengan kerjasama bersama MGTC di dalam era baru kelestarian tenaga boleh diperbaharui ini. Menerusi kolaborasi ini, Kumpulan kami dapat memperkukuhkan kepakaran di samping berpeluang untuk mempelopori sektor ladang tenaga solar. Gandingan ini bakal merealisasikan masa depan berteknologi tenaga boleh diperbaharui yang lebih mesra alam. Komitmen kami yang tidak berbelah bahagi terhadap pembangunan mampan dan bersepadu serta tanggungjawab terhadap alam sekitar merupakan kekuatan utama kami dalam usaha ini.”
Pemilihan Solarvest Holdings Bhd (“solarvest”) sebagai Kontraktor Kejuruteraan, Perolehan dan Pembinaan (“EPC”) kami, selaras dengan hasrat konsortium yang bercita-cita tinggi untuk melaksanakan program ini di dalam skala yang besar dan direka untuk mentakrifkan semula piawaian industri di samping menawarkan pelan hala tuju yang lebih hijau dan mampan.
“Kerjasama ini mewakili komitmen Kumpulan untuk memacu perjalanan organisasi bagi mencapai matlamat Alam Sekitar, Sosial dan Tadbir Urus (ESG) dan meningkatkan usaha kemampanan sekali gus membantu menempatkan kami sejajar dengan rangka kerja Pelan Hala Tuju Peralihan Tenaga Kerajaan Malaysia. Inilah usaha kami bagi membina asas untuk Malaysia yang lebih hijau dan mampan bagi generasi akan datang,” tambah Tan Sri Ir. Lim Hock San.
-Tamat-
Mengenai LBS Bina Group Berhad
LBS Bina Group Berhad (LBS), pemaju perbandaran terkemuka di peringkat antarabangsa dengan visi untuk membina ruang inspirasi sempurna merupakan penyandang pelbagai anugerah menerusi projek pembangunannya. Dengan mengutamakan pembeli rumah, LBS telah membina dan membentuk landskap negara selama 30 tahun dan terus memenuhi permintaan pasaran bagi rumah berkualiti dan mampu milik.
Kini, dengan bank tanah di seluruh Malaysia, LBS terus meraih kejayaan dan kekal kukuh dengan kejayaan perbandaran seperti Bandar Saujana Putra, KITA @ Cybersouth di Dengkil, LBS Alam Perdana di Bandar Puncak Alam dan lain-lain lagi. Selain daripada pembangunan hartanah, LBS turut terlibat di dalam pengurusan runcit, perhotelan dan pelancongan.
Kejayaan berterusan yang dilakar oleh LBS adalah hasil kepimpinan Pengerusi Eksekutif Kumpulan LBS, Tan Sri Lim Hock San yang turut dianugerahkan dengan pingat emas sebagai Property Man of the year by Malaysia Property Award (FIABCI) pada tahun 2018 yang merupakan Anugerah ‘Oscar’ dalam industri hartanah. Ketabahan dan kegigihan Tan Sri Lim di dalam mengatasi cabaran industri, serta kepimpinan yang cemerlang dengan pengetahuan ilmu industri hartanah yang unggul di samping nilai integriti dan tanggungjawab menjadi tonggak kepada penerimaan anugerah ini.
Untuk pertanyaan media, hubungi: Jabatan Komunikasi Korporat, Media & Digital, LBS
Petaling Jaya, 3 October 2023 – A renowned people’s developer, LBS Bina Group Berhad (“LBS” or the “Group”) today shared its wish list for Budget 2024 which will be tabled in Parliament on 13th October 2023.
Following the conclusion of Malaysia’s 15th General Election and 2023 State Elections, LBS is pleased that Malaysia has achieved political stability and is optimistic of a stronger economy in the upcoming months. However, the property sector has encountered multifaceted challenges, with two prominent ones being rising interest rates and higher raw material prices. With the Ministry of Finance projecting a 4% – 5% growth rate for Malaysia’s economy in 2023, LBS remains steadfast in its commitment to delivering affordable and quality housing to meet the nation’s demands.
To fulfill its crucial role in this endeavor, LBS eagerly anticipates the government’s forthcoming announcements in Budget 2024. As a proactive participant, LBS has crafted several proposals that it deems essential to spur the property sector. It is our hope that the government will consider these proposals as valuable contributions towards achieving a vibrant and resilient property sector that aligns with Malaysia’s economic growth objectives.
a) Revival of the Home Ownership Campaign (HOC)
Amidst the current inflationary challenges, the cost of essential items, including housing, has increased. To ease the financial strain on the public, especially for those aspiring to become first-time homeowners, we wish to suggest the government to explore additional measures. Specifically, we propose the reinstatement of the Home Ownership Campaign (HOC). The HOC’s effectiveness during its previous run from 2019 to 2021 is well-documented. Therefore, reintroducing it would stimulate demand, promote homeownership, and expand choices and affordability for prospective buyers.
b) Incentives for adoption of Industrialised Building System (IBS) precast system
The government should consider providing special incentives or subsidies for developers who incorporate the IBS precast system into their housing projects, as this can help reduce construction costs and make housing more accessible. These short-term incentives can pave the way for the widespread adoption of IBS precast systems in the property sector. The ultimate goal is to achieve higher construction efficiency, cost-effectiveness, and sustainability while maintaining or improving overall construction quality.
c) Strengthening environmental incentives for developers
With the increasing global interest in sustainable and green buildings, the capital expenditure to design, develop sustainable and carbon neutral buildings can be an added cost to local developers, especially when it can be higher than conventional buildings.
The government should continue to support and expand green building development and consider providing grants to developers to encourage industry players to incorporate more green features into their developments, such as the use renewable energy sources including solar panels. In addition, financing support for green financing with lower interest rates should also be considered.
d) Lower compliance costs
Through our commitment as a people’s developer, LBS prioritises affordability in all its projects. Nevertheless, the expenses related to compliance, such as development charges, land conversion premiums, or strata title application fees, have been on the rise. Developers and contractors are frequently compelled to transfer these costs to consumers through higher property prices. Given the current economic climate, we kindly request that the government consider imposing limits or reducing compliance costs associated with the development of a property.
e) Promoting urban growth through infrastructure development
Sustainable urban growth is a key goal for many governments worldwide. Infrastructure development is a cornerstone of this objective, as it directly impacts the quality of life for urban residents and the long-term viability of cities.
With this, we recommend the government to provide incentives to developers in order for them to incorporate smart technologies into their projects, such as energy-efficient building systems, smart grids, waste management solutions, and intelligent traffic management systems.
Commenting on the wish list, LBS Executive Chairman Tan Sri Ir. Lim Hock San said, “We are hopeful that Budget 2024 will bring about a significant change and positively influence the sentiment in the property market through the introduction of stimulus packages. This budget presents an opportunity for the government to assist the general public in addressing everyday challenges, particularly related to homeownership.
The formation of a unity government is expected to create an environment that can attract more investors, foster economic growth, and enhance the overall well-being of the population. We eagerly anticipate the government’s commitment to ensuring the availability of adequate, high-quality, and affordable housing options, allowing more people to realize their dream of owning a home.
Furthermore, building on our sales target of RM2 billion for 2023, we are optimistic that the government will introduce initiatives that will further support our ongoing projects. We are looking forward to witnessing a robust recovery in the property market.”
Petaling Jaya, 3 October 2023 – A renowned people’s developer, LBS Bina Group Berhad (“LBS” or the “Group”) today shared its wish list for Budget 2024 which will be tabled in Parliament on 13th October 2023.
Following the conclusion of Malaysia’s 15th General Election and 2023 State Elections, LBS is pleased that Malaysia has achieved political stability and is optimistic of a stronger economy in the upcoming months. However, the property sector has encountered multifaceted challenges, with two prominent ones being rising interest rates and higher raw material prices. With the Ministry of Finance projecting a 4% – 5% growth rate for Malaysia’s economy in 2023, LBS remains steadfast in its commitment to delivering affordable and quality housing to meet the nation’s demands.
To fulfill its crucial role in this endeavor, LBS eagerly anticipates the government’s forthcoming announcements in Budget 2024. As a proactive participant, LBS has crafted several proposals that it deems essential to spur the property sector. It is our hope that the government will consider these proposals as valuable contributions towards achieving a vibrant and resilient property sector that aligns with Malaysia’s economic growth objectives.
a) Revival of the Home Ownership Campaign (HOC)
Amidst the current inflationary challenges, the cost of essential items, including housing, has increased. To ease the financial strain on the public, especially for those aspiring to become first-time homeowners, we wish to suggest the government to explore additional measures. Specifically, we propose the reinstatement of the Home Ownership Campaign (HOC). The HOC’s effectiveness during its previous run from 2019 to 2021 is well-documented. Therefore, reintroducing it would stimulate demand, promote homeownership, and expand choices and affordability for prospective buyers.
b) Incentives for adoption of Industrialised Building System (IBS) precast system
The government should consider providing special incentives or subsidies for developers who incorporate the IBS precast system into their housing projects, as this can help reduce construction costs and make housing more accessible. These short-term incentives can pave the way for the widespread adoption of IBS precast systems in the property sector. The ultimate goal is to achieve higher construction efficiency, cost-effectiveness, and sustainability while maintaining or improving overall construction quality.
c) Strengthening environmental incentives for developers
With the increasing global interest in sustainable and green buildings, the capital expenditure to design, develop sustainable and carbon neutral buildings can be an added cost to local developers, especially when it can be higher than conventional buildings.
The government should continue to support and expand green building development and consider providing grants to developers to encourage industry players to incorporate more green features into their developments, such as the use renewable energy sources including solar panels. In addition, financing support for green financing with lower interest rates should also be considered.
d) Lower compliance costs
Through our commitment as a people’s developer, LBS prioritises affordability in all its projects. Nevertheless, the expenses related to compliance, such as development charges, land conversion premiums, or strata title application fees, have been on the rise. Developers and contractors are frequently compelled to transfer these costs to consumers through higher property prices. Given the current economic climate, we kindly request that the government consider imposing limits or reducing compliance costs associated with the development of a property.
e) Promoting urban growth through infrastructure development
Sustainable urban growth is a key goal for many governments worldwide. Infrastructure development is a cornerstone of this objective, as it directly impacts the quality of life for urban residents and the long-term viability of cities.
With this, we recommend the government to provide incentives to developers in order for them to incorporate smart technologies into their projects, such as energy-efficient building systems, smart grids, waste management solutions, and intelligent traffic management systems.
Commenting on the wish list, LBS Executive Chairman Tan Sri Dato’ Sri Ir. Lim Hock San said, “We are hopeful that Budget 2024 will bring about a significant change and positively influence the sentiment in the property market through the introduction of stimulus packages. This budget presents an opportunity for the government to assist the general public in addressing everyday challenges, particularly related to homeownership.
The formation of a unity government is expected to create an environment that can attract more investors, foster economic growth, and enhance the overall well-being of the population. We eagerly anticipate the government’s commitment to ensuring the availability of adequate, high-quality, and affordable housing options, allowing more people to realize their dream of owning a home.
Furthermore, building on our sales target of RM2 billion for 2023, we are optimistic that the government will introduce initiatives that will further support our ongoing projects. We are looking forward to witnessing a robust recovery in the property market.”
-End-
About LBS Bina Group Berhad
LBS Bina Group Berhad (“LBS”), an internationally recognized developer with a vision for building and inspiring delightful spaces, is a renowned township developer that has amassed numerous awards through their various developments. By placing people at the heart of their approach, LBS has been building and shaping the nation’s landscape for over 30 years while continuing to meet the market demands for quality and affordable homes.
The continued success of LBS is attributed to the leadership of Executive Chairman, Tan Sri Lim Hock San. In recognition of his leadership, Tan Sri Lim was named as the Property Man of the Year by Malaysia Property Award (formerly known as FIABCI Malaysia Property Awards of Distinction or FIABCI Malaysia Awards of Distinction) in 2018, which is the gold standard for developers in the real estate industry. Further recognition received was the “Oscar Award” in the property fraternity. The award was in recognition of Tan Sri Lim’s perseverance and resilience over time within the industry, excellent demonstration of strong leadership, deep industry knowledge and impeccable values of integrity and responsibility.
To date, LBS with vast land banks spread across Malaysia, will continue to grow in stature and strength, through replicating successful townships such as Bandar Saujana Putra to other parts of Selangor including KITA @ Cybersouth in Dengkil, LBS Alam Perdana in Bandar Puncak Alam and so on. Beyond property development, LBS is also venturing into retail management, hospitality and tourism.
Petaling Jaya, 3 Oktober 2023 – Pemaju perumahan terkemuka, LBS Bina Group Berhad (“LBS” atau “Kumpulan”) hari ini menyenaraikan saranan bagi Belanjawan 2024 yang akan dibentangkan di Parlimen pada 13 Oktober 2023.
Berikutan keputusan Pilihan Raya Umum Ke-15 Malaysia dan Pilihan Raya Negeri 2023, LBS gembira kerana Malaysia telah mencapai kestabilan politik dan optimis bahawa ekonomi negara akan menjadi lebih kukuh untuk beberapa bulan akan datang. Walau bagaimanapun, sektor hartanah sedang berhadapan beberapa cabaran, dengan dua isu utama, iaitu kenaikan kadar faedah dan turun naik harga barang mentah. Kementerian Kewangan mengunjurkan kadar pertumbuhan sebanyak 4% – 5% bagi ekonomi Malaysia bagi tahun 2023, dan LBS kekal teguh dengan komitmennya untuk menyediakan perumahan mampu milik dan berkualiti selaras dengan permintaan negara.
Bagi memenuhi matlamat ini, LBS mengalu-alukan pengumuman yang bakal diumumkan oleh Kerajaan semasa Belanjawan 2024. Sebagai sebuah syarikat yang proaktif, LBS telah merangka beberapa saranan yang dianggap penting untuk memacu sektor hartanah dan berharap agar Kerajaan dapat mempertimbangkan saranan ini sebagai suatu sumbangan yang bernilai dalam merancakkan sektor hartanah dan berdaya saing sejajar dengan objektif pertumbuhan ekonomi Malaysia.
1. Penyenaraian Semula Kempen Pemilikan Rumah (HOC)
Cabaran inflasi semasa melibatkan peningkatan harga barangan keperluan dan peningkatan harga rumah. Bagi mengurangkan tekanan kewangan kepada rakyat, terutamanya mereka yang berhasrat untuk memiliki kediaman pertama, kami mencadangkan agar Kerajaan mengkaji semula beberapa langkah tambahan. Secara khususnya, kami menyarankan pengenalan semula Kempen Pemilikan Rumah (HOC). Keberkesanan HOC telah terbukti sewaktu pelaksanaannya pada tahun 2019 – 2021. Oleh itu, dengan pengenalan semula kempen ini dijangka akan merangsang permintaan daripada bakal pembeli, menggalakkan pemilikan rumah dan membantu memberikan lebih banyak pilihan mengikut kemampuan bakal pembeli.
2. Insentif bagi penggunaan Sistem Binaan Berindustri (IBS)
Kerajaan seharusnya mempertimbangkan untuk menyediakan insentif atau subsidi khas bagi pemaju yang menggunakan sistem IBS ke dalam projek pembangunan mereka, kerana ia dapat membantu mengurangkan kos pembinaan dan menjadikan perumahan lebih mampu milik. Insentif jangka pendek ini akan membuka jalan kepada penggunaan sistem konkrit pratuang secara lebih meluas di dalam sektor hartanah. Matlamat utamanya adalah untuk mencapai kecekapan pembinaan yang lebih tinggi, pengurangan kos dan kemampanan sekaligus mengekal atau meningkatkan kualiti pembinaan secara keseluruhannya.
3. Memperkukuhkan insentif kehijauan bagi pemaju
Dengan peningkatan kesedaran global terhadap pembangunan yang mampan dan hijau, kos untuk mereka bentuk, membangunkan pembangunan mampan dan neutral karbon boleh menjadi kos tambahan kepada pemaju tempatan, malahan lebih tinggi berbanding pembangunan konvensional.
Kerajaan seharusnya mengambil langkah untuk menyokong dan meningkatkan pembangunan hijau dan mempertimbang untuk menyediakan geran khas kepada pemaju bagi menggalakkan pemain industri untuk mengintegrasikan kehijauan di dalam setiap projek pembangunan mereka, contohnya penggunaan sumber tenaga boleh diperbaharui seperti panel solar.
4. Kos pematuhan yang lebih rendah
Menerusi komitmen kami sebagai pemaju perumahan rakyat, LBS mengutamakan harga mampu milik dalam kesemua projeknya. Namun begitu, perbelanjaan yang berkait dengan pematuhan, seperti caj pembangunan, premium penukaran tanah, atau yuran penukaran hak milik strata saban hari semakin meningkat. Oleh yang demikian, pihak pemaju dan kontraktor terpaksa membayar kos ini dengan menaikkan harga hartanah. Berdasarkan iklim ekonomi semasa, kami berharap Kerajaan dapat mempertimbangkan had atau mengurangkan kos pematuhan berkaitan pembangunan hartanah.
5. Menggalakkan perkembangan bandar urban melalui pembangunan infrastruktur
Pembinaan perbandaran yang mampan merupakan suatu matlamat utama bagi rata-rata Kerajaan di peringkat global. Pembangunan infrastruktur yang mampan merupakan perkara penting bagi objektif ini, kerana ia secara tidak langsung akan membantu meningkatkan kualiti hidup penduduk untuk jangka masa panjang.
Oleh itu, kami menyarankan agar Kerajaan memberikan galakan insentif kepada pemaju agar mereka dapat menggabungkan teknologi moden ke dalam pembinaan projek seperti sistem cekap tenaga, grid pintar, solusi pengurusan sisa pepejal serta kecerdasan pengurusan trafik yang sistematik.
Mengulas senarai saranan ini, Pengerusi Eksekutif LBS, Tan Sri Ir. Lim Hock San berkata, “LBS berharap Belanjawan 2024 akan membawa perubahan ketara dan mempengaruhi sentimen secara positif dalam pasaran hartanah melalui pengenalan pakej rangsangan. Belanjawan ini memberi peluang kepada Kerajaan untuk membantu rakyat dalam menangani cabaran semasa, khususnya cabaran berkaitan dengan pemilikan rumah.
Pembentukan Kerajaan perpaduan diharap dapat mewujudkan persekitaran yang berupaya menarik lebih ramai pelabur, memupuk pertumbuhan ekonomi, dan meningkatkan kesejahteraan negara. Kami berharap agar Kerajaan dapat memberikan komitmen dalam memastikan rakyat mempunyai pilihan perumahan yang mencukupi, berkualiti tinggi dan mampu milik agar lebih ramai lagi rakyat Malaysia dapat merealisasikan impian mereka untuk memiliki rumah”.
Beliau menambah, “Berdasarkan sasaran jualan 2023 sebanyak RM2 bilion, kami optimis Kerajaan akan mengumumkan inisiatif yang akan terus menyokong projek kami yang sedang berjalan. Kami mengalu-alukan sebarang langkah kerajaan untuk memperkenalkan insentif pemulihan yang kukuh dalam pasaran hartanah.”
Petaling Jaya, 3 Oktober 2023 – Pemaju perumahan terkemuka, LBS Bina Group Berhad (“LBS” atau “Kumpulan”) hari ini menyenaraikan saranan bagi Belanjawan 2024 yang akan dibentangkan di Parlimen pada 13 Oktober 2023.
Berikutan keputusan Pilihan Raya Umum Ke-15 Malaysia dan Pilihan Raya Negeri 2023, LBS gembira kerana Malaysia telah mencapai kestabilan politik dan optimis bahawa ekonomi negara akan menjadi lebih kukuh untuk beberapa bulan akan datang. Walau bagaimanapun, sektor hartanah sedang berhadapan beberapa cabaran, dengan dua isu utama, iaitu kenaikan kadar faedah dan turun naik harga barang mentah. Kementerian Kewangan mengunjurkan kadar pertumbuhan sebanyak 4% – 5% bagi ekonomi Malaysia bagi tahun 2023, dan LBS kekal teguh dengan komitmennya untuk menyediakan perumahan mampu milik dan berkualiti selaras dengan permintaan negara.
Bagi memenuhi matlamat ini, LBS mengalu-alukan pengumuman yang bakal diumumkan oleh Kerajaan semasa Belanjawan 2024. Sebagai sebuah syarikat yang proaktif, LBS telah merangka beberapa saranan yang dianggap penting untuk memacu sektor hartanah dan berharap agar Kerajaan dapat mempertimbangkan saranan ini sebagai suatu sumbangan yang bernilai dalam merancakkan sektor hartanah dan berdaya saing sejajar dengan objektif pertumbuhan ekonomi Malaysia.
1. Penyenaraian Semula Kempen Pemilikan Rumah (HOC)
Cabaran inflasi semasa melibatkan peningkatan harga barangan keperluan dan peningkatan harga rumah. Bagi mengurangkan tekanan kewangan kepada rakyat, terutamanya mereka yang berhasrat untuk memiliki kediaman pertama, kami mencadangkan agar Kerajaan mengkaji semula beberapa langkah tambahan. Secara khususnya, kami menyarankan pengenalan semula Kempen Pemilikan Rumah (HOC). Keberkesanan HOC telah terbukti sewaktu pelaksanaannya pada tahun 2019 – 2021. Oleh itu, dengan pengenalan semula kempen ini dijangka akan merangsang permintaan daripada bakal pembeli, menggalakkan pemilikan rumah dan membantu memberikan lebih banyak pilihan mengikut kemampuan bakal pembeli.
2. Insentif bagi penggunaan Sistem Binaan Berindustri (IBS)
Kerajaan seharusnya mempertimbangkan untuk menyediakan insentif atau subsidi khas bagi pemaju yang menggunakan sistem IBS ke dalam projek pembangunan mereka, kerana ia dapat membantu mengurangkan kos pembinaan dan menjadikan perumahan lebih mampu milik. Insentif jangka pendek ini akan membuka jalan kepada penggunaan sistem konkrit pratuang secara lebih meluas di dalam sektor hartanah. Matlamat utamanya adalah untuk mencapai kecekapan pembinaan yang lebih tinggi, pengurangan kos dan kemampanan sekaligus mengekal atau meningkatkan kualiti pembinaan secara keseluruhannya.
3. Memperkukuhkan insentif kehijauan bagi pemaju
Dengan peningkatan kesedaran global terhadap pembangunan yang mampan dan hijau, kos untuk mereka bentuk, membangunkan pembangunan mampan dan neutral karbon boleh menjadi kos tambahan kepada pemaju tempatan, malahan lebih tinggi berbanding pembangunan konvensional.
Kerajaan seharusnya mengambil langkah untuk menyokong dan meningkatkan pembangunan hijau dan mempertimbang untuk menyediakan geran khas kepada pemaju bagi menggalakkan pemain industri untuk mengintegrasikan kehijauan di dalam setiap projek pembangunan mereka, contohnya penggunaan sumber tenaga boleh diperbaharui seperti panel solar.
4. Kos pematuhan yang lebih rendah
Menerusi komitmen kami sebagai pemaju perumahan rakyat, LBS mengutamakan harga mampu milik dalam kesemua projeknya. Namun begitu, perbelanjaan yang berkait dengan pematuhan, seperti caj pembangunan, premium penukaran tanah, atau yuran penukaran hak milik strata saban hari semakin meningkat. Oleh yang demikian, pihak pemaju dan kontraktor terpaksa membayar kos ini dengan menaikkan harga hartanah. Berdasarkan iklim ekonomi semasa, kami berharap Kerajaan dapat mempertimbangkan had atau mengurangkan kos pematuhan berkaitan pembangunan hartanah.
5. Menggalakkan perkembangan bandar urban melalui pembangunan infrastruktur
Pembinaan perbandaran yang mampan merupakan suatu matlamat utama bagi rata-rata Kerajaan di peringkat global. Pembangunan infrastruktur yang mampan merupakan perkara penting bagi objektif ini, kerana ia secara tidak langsung akan membantu meningkatkan kualiti hidup penduduk untuk jangka masa panjang.
Oleh itu, kami menyarankan agar Kerajaan memberikan galakan insentif kepada pemaju agar mereka dapat menggabungkan teknologi moden ke dalam pembinaan projek seperti sistem cekap tenaga, grid pintar, solusi pengurusan sisa pepejal serta kecerdasan pengurusan trafik yang sistematik.
Mengulas senarai saranan ini, Pengerusi Eksekutif LBS, Tan Sri Ir. Lim Hock San berkata, “LBS berharap Belanjawan 2024 akan membawa perubahan ketara dan mempengaruhi sentimen secara positif dalam pasaran hartanah melalui pengenalan pakej rangsangan. Belanjawan ini memberi peluang kepada Kerajaan untuk membantu rakyat dalam menangani cabaran semasa, khususnya cabaran berkaitan dengan pemilikan rumah.
Pembentukan Kerajaan perpaduan diharap dapat mewujudkan persekitaran yang berupaya menarik lebih ramai pelabur, memupuk pertumbuhan ekonomi, dan meningkatkan kesejahteraan negara. Kami berharap agar Kerajaan dapat memberikan komitmen dalam memastikan rakyat mempunyai pilihan perumahan yang mencukupi, berkualiti tinggi dan mampu milik agar lebih ramai lagi rakyat Malaysia dapat merealisasikan impian mereka untuk memiliki rumah”.
Beliau menambah, “Berdasarkan sasaran jualan 2023 sebanyak RM2 bilion, kami optimis Kerajaan akan mengumumkan inisiatif yang akan terus menyokong projek kami yang sedang berjalan. Kami mengalu-alukan sebarang langkah kerajaan untuk memperkenalkan insentif pemulihan yang kukuh dalam pasaran hartanah.”
-Tamat-
Mengenai LBS Bina Group Berhad
LBS Bina Group Berhad (LBS), pemaju perbandaran terkemuka di peringkat antarabangsa dengan visi untuk membina ruang inspirasi sempurna merupakan penyandang pelbagai anugerah menerusi projek pembangunannya. Dengan mengutamakan pembeli rumah, LBS telah membina dan membentuk landskap negara selama 30 tahun dan terus memenuhi permintaan pasaran bagi rumah berkualiti dan mampu milik.
Kini, dengan bank tanah di seluruh Malaysia, LBS terus meraih kejayaan dan kekal kukuh dengan kejayaan perbandaran seperti Bandar Saujana Putra, KITA @ Cybersouth di Dengkil, LBS Alam Perdana di Bandar Puncak Alam dan lain-lain lagi. Selain daripada pembangunan hartanah, LBS turut terlibat di dalam pengurusan runcit, perhotelan dan pelancongan.
Kejayaan berterusan yang dilakar oleh LBS adalah hasil kepimpinan Pengerusi Eksekutif Kumpulan LBS, Tan Sri Lim Hock San yang turut dianugerahkan dengan pingat emas sebagai Property Man of the year by Malaysia Property Award (FIABCI) pada tahun 2018 yang merupakan Anugerah ‘Oscar’ dalam industri hartanah. Ketabahan dan kegigihan Tan Sri Lim di dalam mengatasi cabaran industri, serta kepimpinan yang cemerlang dengan pengetahuan ilmu industri hartanah yang unggul di samping nilai integriti dan tanggungjawab menjadi tonggak kepada penerimaan anugerah ini.
Untuk pertanyaan media, hubungi: Jabatan Komunikasi Korporat, Media & Digital, LBS
Datuk Wira Joey Lim Hock Guan was invited for an exclusive interview with Sinar Harian where he expressed his viewpoints on the upcoming National Budget Wishlist and shared on LBS’ latest Customer Loyalty Programme
14 September 2023
During Sin Chew’s exclusive’s interview with Tan Sri Ir Lim Hock San, he shared his viewpoints on the upcoming National Budget Wishlist and placed focus on the government reintroducing HOC and firmly believes that this initiative will align with LBS’ goal in making homeownership more attainable for the nation.
25 September 2023
Nanyang arranged a virtual interview with Tan Sri Ir Lim Hock San to explore viewpoints on the upcoming National Budget Wishlist and emphasize on the significance of HOC for the nation.
26 September 2023
During the Persekutuan Persatuan-Persatuan Keturunan Lim Malaysia’s Mid-Autumn Festival Dinner, Astro Awani and AEC interviewed Tan Sri Lim Hock San, who is also the Acting President of Persatuan Lim. He shared on how the festival symbolises unity and is a important cultural value that transcends to beyond the association, namely family and also workplace.
Management Fees and Sinking Funds are both familiar terms for those residing in condos and apartments, and they serve distinct purposes in the proper functioning and maintenance of high-rise buildings. However, what distinguishes Management Fees from Sinking Funds, and how are they determined? Why is it imperative for high-rise property owners to contribute, and what are the repercussions of non-compliance?
Every high-rise building is equipped with shared amenities that are accessible to all residents, such as elevators, sidewalks, swimming pools, gyms, and community halls. All of these amenities require meticulous maintenance and efficient management to ensure their smooth operation and functionality. Therefore, high-rise unit owners are obligated to make monthly payments for management fees and sinking funds. These funds are allocated specifically for the upkeep and preservation of common facilities, public assets, and essential services.
These funds are collected and overseen by the Joint Management Body (JMB) before strata titles are issued, and responsibility for their management transfers to the Management Corporation (MC) after the issuance of strata titles.
What is a Maintenance Fee?
Maintenance fees serve as a financial resource that covers various foreseeable daily expenses, including cleaning, security, utility bills for the building, and the salaries of management and administrative staff. The management of a property entails substantial costs, and your monthly management fee is strategically structured to encompass these ongoing expenditures, as well as the costs associated with maintaining shared facilities and addressing minor repair needs.
Maintenance fees play an essential role in directly contributing to the maintenance and upkeep of common areas and facilities within a high-rise building. This diligent maintenance not only ensures the property’s visual appeal and operational efficiency but also acts to either sustain or boost property values. On the contrary, neglecting the maintenance of common areas can lead to a depreciation in property values.
Moreover, the routine maintenance funded through the collection of maintenance fees is instrumental in safeguarding the safety and security of residents. Timely repairs and maintenance of critical systems, such as fire alarms and elevators, substantially mitigate the risk of accidents and emergencies, thereby promoting a secure living environment.
How Management Fee calculated?
The maintenance fee is shared among unit owners, and fee varies by development projects. Some of the factors that determine the management fee are:
Unit size: The larger unit, the more you will have to pay.
Type of usage: Retail units cost higher than residential units
Type of service: Typically includes security, cleaning, elevator maintenance, etc.
Facilities: The more facilities, the more you will have to pay.
Size and type of common area: The larger the common area, the more expensive it will be to clean and maintain.
Number of units: Owners who own units in a high-density development cost lower, or vice versa.
What is a Sinking Fund?
Sinking funds accumulate over time to provide financial resources for significant future maintenance and repairs. High-rise buildings require periodic updates and major repairs, such as repainting, roof replacement, or elevator modernization. Without a sinking fund, the cost of these projects may need to be covered by special assessments, which can be financially burdensome for residents. Recurring expenses such as security services, cleaning services, utilities and elevators maintenance are required, monthly.
Sinking fund is important because it provides a financial support for future maintenance and repairs, promotes stable financial planning, preserves property values, prevents emergency situations, ensures compliance with regulations, and smooths fair cost allocation. It is a sensible financial tool that benefits both individual property owners and the overall health of the high-rise building or condominium.
How Sinking Fund Calculated?
The sinking fund cost is typically assessed at 10% of the total maintenance fees. Changes to this percentage can only be made during the Annual General Meeting. Even after a review, the minimum amount required must remain at least 10% of the management fee.
What Happens If You Don’t Pay Maintenance Fees?
It’s crucial to understand that when you contribute, everyone else is also fulfilling their financial obligations. If you are a unit owner in a strata property, you are obligated to pay both management fees and the sinking fund. According to The Strata Management Act 2013, the respective management body has the authority to determine, invoice, and ensure the collection of these fees. As you are legally required to pay maintenance fees, the management has the option to initiate legal action against you if you do not comply.
If you don’t pay it however, you might get stuck with the following penalties:
Interest charges: The management can legally charge interest for any common charges outstanding.
Lose voting rights: As an owner, you have certain voting rights under the JMB, but you lose those rights if you fail to pay the bills.
Criminal charges: In the most extreme circumstances, you can be charged for failure to pay maintenance charges.
Seizure of assets: The Act lays out the right to seize movable assets in order to recoup moneys owed for overdue fees.
The event, held in conjunction with the Merdeka Carnival 2023, was a resounding success, with our partners successfully opening booths. There was also Malaysian food and games that everyone enjoyed. We are excited to offer Perks & Plusses to our valued homeowners and look forward to establishing a long-lasting relationship with you!
