{"id":19434,"date":"2016-07-12T12:14:29","date_gmt":"2016-07-12T05:14:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/penangs-rent-control-law-may-be-staging-a-comeback\/"},"modified":"2016-07-12T12:26:20","modified_gmt":"2016-07-12T05:26:20","slug":"penangs-rent-control-law-may-be-staging-a-comeback","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/penangs-rent-control-law-may-be-staging-a-comeback\/","title":{"rendered":"Penang\u2019s rent control law may be staging a comeback"},"content":{"rendered":"


\nForeign investors may be putting the heritage site at risk
\nImage credit: Easyuni.com
\nIn response to the Penang\u2019s Heritage Site being put at risk by foreign investors, Penang\u2019s Chief Minister Lim Guan Eng is considering reinstating the rent control law, according to\u00a0PropertyGuru.com.my.
\nAs the property portal previously reported,\u00a0the elderly in Penang are being evicted and are being forced to be homeless due to callous property investors and increasing rental.
\nProperty experts are however attempting to discourage the reinstatement of rent control, as the last time this law was implemented, the prehistoric buildings were neglected as the landlords deemed the rental returns too low to be worth the effort. According to the landlords, the only people who benefitted from the low rental were the tenants who in turn rented out their homes to visitors.
\nChief Minister Lim Guan Eng however says that the act imposed this time will be different from the Rent Control Act 1966 as the building owners will still have a say in the rental rate of their properties. The only difference is that they will not be able to raise the rate exorbitantly as compared to its last rented rate.
\nBy doing so, the authorities hope to curb callous investors who are merely looking for rental returns, and ensure that the existing tenants who comprise mainly of the elderly will still be able to continue to afford living in their homes.
\nMichael Loo, executive director of PA International Property Consultants (Penang) Sdn Bhd, believes that the majority of the tenants who are renting these heritage properties in Penang are local and foreign investors, including investors from Singapore.
\nThere are parties who do not approve of the rent control law, as they believe that it is a suppression of owner rights.
\nAccording to Mark Saw, executive director of PPC International Penang Sdn Bhd, the move may have adverse effects on the interest of foreign investors in Penang, while Raine & Horne International Zaki + Partners senior partner Michael Geh hopes that all owners and stakeholders will be consulted with before the move is implemented.
\nSaw add\u00a0that the last time that rent control was implemented, property values were stagnant, and only after lifting the laws did the value increase once the owners saw the value in their properties. He further urged the government of Penang to perform in-depth studies before carrying out their moves, otherwise there could be detrimental effects in the long run.
\nPrior to the sudden interest foreign interest in Penang\u2019s prehistoric buildings, the selling price of the buildings were only between MYR500 (USD125) and MYR600 (USD150) per sqft for the heritage properties. But the prices have now skyrocketed to between MYR2,000 (USD501) and MYR2,500 (USD626) per sqft \u2013 and after sprucing it up a little, the rental prices have also skyrocketed to as much as five times its previous cost.
\nRead the original article on\u00a0PropertyGuru.com.my
\nLearn more about the current state of Malaysia\u2019s real estate sector at\u00a0the next Property Report Congress on 11 August 2016 at the InterContinental Kuala Lumpur. The whole-day conference Property Report Congress Malaysia\u00a0is a dedicated, high-level forum for industry leaders, VIPs, and real estate professionals to discuss how to continue driving growth and excellence in one of the world\u2019s emerging real estate markets.\u00a0For tickets, partnerships and enquiries, visit the\u00a0website\u00a0or contact\u00a0Amy@propertyguruinternational.com.
\n
\nSource : property-report.com
\nRead more…Penang\u2019s rent control law may be staging a comeback<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Foreign investors may be putting the heritage site at risk Image credit: Easyuni.com In response...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-19434","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-53s","jetpack-related-posts":[{"id":33446,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/these-secondary-malaysian-markets-buck-the-property-slump\/","url_meta":{"origin":19434,"position":0},"title":"These secondary Malaysian markets buck the property slump","date":"November 8, 2016","format":false,"excerpt":"\r More transactions than the primary market Despite a dip in overall transactions, the secondary market in Penang and Johor remained strong this year with a steady number of transactions, reported The Star. 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