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.

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. 

OPR (Overnight Policy Rate) is the interest rate at which a central bank lends money to commercial banks in the overnight market. In Malaysia, the OPR is determined by the Monetary Policy Committee (MPC) of Bank Negara Malaysia, the country’s central bank. The OPR serves as a benchmark for other interest rates in the Malaysian financial system.

To understand the OPR rates in Malaysia, you can follow these steps:

Stay updated with financial news: Stay informed about the latest developments and news related to the Malaysian economy, monetary policy, and central bank announcements. Regularly read reputable financial news sources, such as local newspapers, online news portals, or financial publications, to get insights into the current state of the OPR.

Visit the central bank’s website: Bank Negara Malaysia provides information on its official website about the OPR, monetary policy decisions, and related announcements. Visit their website and look for dedicated sections on monetary policy or OPR rates. This information is usually found in the “Publications” or “Monetary Policy” sections of the website.

Read monetary policy statements: Bank Negara Malaysia issues periodic monetary policy statements that provide details about the central bank’s decision on the OPR and the rationale behind it. These statements explain the economic conditions, inflation outlook, and other factors considered by the MPC in setting the OPR. By reading these statements, you can gain insights into the central bank’s thinking and factors influencing the OPR rates.

Analyze economic indicators: OPR rates are influenced by various economic indicators, such as inflation, GDP growth, employment data, and others. Monitoring these indicators can help you understand the direction in which the OPR may move. Look for reports on inflation, GDP growth, consumer price index, and other relevant economic data published by reputable sources like government statistical agencies or financial research institutions.

Seek expert opinions: Financial analysts, economists, and researchers often provide insights and analysis on the OPR rates in Malaysia. Follow renowned experts in the field who specialize in Malaysian economics or monetary policy. Their opinions and forecasts can provide valuable perspectives on the OPR and its potential impact on the economy.

Remember that OPR rates are subject to change based on economic conditions and central bank policy decisions. It is essential to regularly monitor the information sources mentioned above to stay updated on the latest OPR rates in Malaysia.

Are you done with paying high monthly housing utilities in Malaysia? Fret not. We have a few tricks up our sleeves that can effectively trim down your bills while comfortably enjoying your monthly utility bills. Here are some tips to help you reduce your monthly housing utilities in Malaysia:

Install energy-efficient appliances: One of the easiest ways to save money on your electricity bill is to replace your old appliances with new energy-efficient ones. Appliances such as refrigerators, air conditioners, washing machines, and televisions consume a lot of electricity. By choosing energy-efficient models, you can significantly reduce your monthly electricity bills. Look for appliances that have a high energy rating and inverters, such as those with a 5-star rating.

Unplug unused appliances: Many would think that leaving the plugs in is negligible due to its minuscule electricity usage. Did you know that appliances such as chargers, televisions, and computers continue to use electricity even when they are not in use? Unplugging these appliances when they are not in use can help you save money on your electricity bill.

Make use of natural light: Make the most of natural light by opening up your curtains and blinds during the day. This will reduce the need to turn on lights, which can help you save money on your electricity bill. Additionally, sunlight can help kill bacteria and provide vitamin D, which is essential for your health.

Install energy-saving light bulbs: Energy-saving light bulbs, such as LED bulbs, use less electricity than traditional light bulbs and can last longer. Switching to energy-saving light bulbs can help you save money on your monthly electricity bill. Additionally, LED bulbs come in different colors and can be dimmed or controlled by smartphones, creating a unique and comfortable ambiance for your home.

Turn off lights and fans when you leave a room: It’s easy to forget to turn off lights and fans when you leave a room, but doing so can help you save money on your electricity bill. Turning off lights and fans when they are not needed will not only help you save money but also prolong the lifespan of the appliances.

Use air conditioning efficiently: Air conditioning can be a significant contributor to your monthly electricity bill. To use your air conditioner efficiently, set the temperature to a comfortable level, clean the filter regularly, and turn it off when you leave the house. Using a smart air conditioner controller or a timer can also help you save money.

Reduce water usage: Reducing your water usage can help you save money on your monthly water bill. Consider taking shorter showers, fixing leaky faucets, and using a low-flow showerhead. Additionally, using a rainwater harvesting system can help you save money on your water bill while being environmentally friendly.

By implementing these simple tips, you can significantly cut down on your monthly housing utilities in Malaysia and save money in the long run. Not only will you be able to enjoy a more comfortable lifestyle, but you will also be contributing to a sustainable future.

Tan Sri Lim Hock San, executive chairman of LBS Bina Group Berhad (LBS), has been awarded the honourable title ‘Ir,’ joining the esteemed ranks of Malaysian professional engineers.

An ‘Ir’ must be registered with the Board of Engineers Malaysia and licenced to practise engineering in Malaysia after satisfying all of the prerequisites.

Board of Engineers Malaysia’s President, YBhg. Datuk Ir. Ahmad Redza Ghulam Rasool said that as a statutory body, who register and regulate engineering profession in Malaysia, it had certified and approved Lim as a professional engineer bearing title “Ir.” for his remarkable achievements and competencies in the engineering fields.

“With his vast experience and invaluable contributions to the engineering and construction industry, he has directly uplifted our nation in development sector. Tan Sri (Lim) serves as a shining example of a true leader, guiding his organization towards many success,” he said.

The Institution of Engineers Malaysia (IEM) congratulated Lim, saying that there is no doubt about his qualifications for this well-deserved distinction.

His exemplary accomplishments and profound contributions in the field of engineering exemplify the highest standards of excellence, said IEM past president, Ir Lai Kong Phooi.

“It is with great admiration that I personally assert the importance of Lim’s role as an inspirational figure for the younger generation to look up to and emulate.

“As the past president of IEM, I wish to extend my heartfelt congratulations to Lim. He is well-deserved and qualified to be accorded for this professional engineering recognition,” he said.
“I wish Tan Sri (Lim) well and successful in all his engineering undertakings,” he said.

Lim, 65, graduated with First Class Honours in Civil Engineering from the University of Wales, the United Kingdom, in 1982.

When he returned to Malaysia, he joined the family business, which at the time included lorry transportation and construction.

Within two decades, the company had grown to encompass investments in real estate development, insurance, and tourism.

On December 6, 2001, Lim was named managing director of LBS.

Lim became the primary leader and spearheaded LBS Group to become one of the top players in the property development sector, thanks to his great entrepreneurship, acquired management abilities, and seasoned technical ability.

Lim was appointed executive chairman of LBS on March 1, 2021, following the retirement of Datuk Seri Lim Bock Seng.

He also holds directorships in several subsidiaries in the LBS Group, and is an executive vice chairman of MGB Bhd.

Lim has received outstanding accolades since 1982, in which year he won the second prize in the British Steel Corporation Competition for Design in Hollow Steel Section.

Credit :

https://www.nst.com.my/business/2023/06/917426/lbs-bina-chief-honoured-ir-title-board-engineers-malaysia

With everything that’s currently happening in the world, 2023 may not seem like the right time to invest in Malaysian property, especially if it’s your first time.

However, with the right property investmentstrategy at your disposal, there is no doubt that you will reap the rewards of your investment in good time.

So, if you are new to property investment in Malaysia and are keen to dabble in this popular investment option, here is a property investment guide that you might find useful before taking that big leap.

Exploring Buy and Hold Property Investment in Malaysia

Buy and hold is one of the most popular investment strategies in property investment, which requires the investor to identify the best place to invest in property.

Identifying an area or location with potential for growth is a crucial factor and includes looking into industrial expansion and population growth.

These factors are known to have a big impact on the property’s appreciation as well as the area’s rental market.

However, do take note that the buy and hold is a passive long-term investment property strategy, which means that you will not be able to see immediate returns if you choose to carry it out.

Apart from that, this popular investment strategy definitely requires extensive research and patience, and if successful, it will be able to generate higher returns in the future.

By carefully analysing the market, you can also minimise the risks of your investment being undermined and reap the returns of your property investment down the road.

Use The House Hacking Property Investment Strategy For Additional Income

If you are keen on investing in the housing market, then you might want to consider the house hacking strategy.

House hacking is basically renting out part of the residential space that you are living in, ideally a multifamily property, to others.

House hacking is an ideal way to help you generate some income as a landlord as well as offset the high costs of owning a house, which can be extremely costly.

It may not be a conventional property investment strategy to carry out in Malaysia but this upcoming investment property trend is definitely something to look into.

So, if you have a room or two of your own home to spare and do not mind the idea of having housemates, then this is a property investment strategy that you might want to try out!

Consider Strata Property As Your First Investment Property

If you are buying your first investment property, it’s most likely you would want to start with a more affordable property, like a strata property.

A strata property is a term often referring to high-rise properties with shared common facilities such as condominiums and apartments.

It is currentlythe best type of property to invest in the Malaysian market as it has a lower cost than investing in a landed property.

Apart from that, the demand for renting condominiums and apartments is also higher as more people are seeking a more affordable option when it comes to picking out a place to live.

Renting Out Your Best Investment Property On Airbnb

As travel and holiday make a comeback post-pandemic, short-term rental is one of the most lucrative types of investment property approach to consider doing in 2023 onwards.

So, if you have the perfect vacation home property at the best location, Airbnb is definitely a platform you will want to look at to list your property and connect with travellers.

Compared to traditional renting, Airbnb allows you to have more flexibility and use different pricing strategies depending on the demand and season.

Though this investment property approach does not guarantee you a steady income, the daily rate received from the short-term rental is relatively higher than the average daily rate of long-term rental.

Discover BRRRR As A Popular Income Property Investment Strategy In Malaysia

Another popular investment property approach you might want to consider is the BRRRR property strategy, which stands for Buy, Rehab/Refurbish, Rent, Refinance, Repeat.

When done right, BRRRR can certainly provide you with higher returns but it takes time and hard work.

First things first, you will need to buy a property that is affordable or has a lower value that can be upgraded with some refurbishment work, which brings us to the second step.

So, after acquiring a property, you will need to increase the value of the property through refurbishment. Adding features such as a security system, landscaping, kitchen remodelling and others, will help to increase the property’s capital appreciation and rental value.

Once that is done, you can then rent out your property at the best price and start generating cash flow.

After you have accrued revenue through renting out your property, the home can then be refinanced and sold at a higher price, and the whole process is repeated.

Do note that though this property investment strategy is quite technical, many property investors enjoy BRRRR not only as means of generating income but also as a hobby.

Ideal Property Investment in Malaysia with LBS Bina

If you are looking for high-quality yet affordable houses worth investing in, LBS Bina offers a selection of affordable investment properties for you to check out.

LBS Bina also keeps up with the ever-evolving architectural design trends to meet the aesthetic demands of today’s modern home buyers and investors.

To discover more about LBS Bina’s available projects for property investment, visit the LBS Bina website today!