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Wednesday, April 29, 2009

Sunrise wins best residential awards in AsiaPac Property competition

10 Mont'Kiara

KUALA LUMPUR: Two luxurious condominiums under construction by Sunrise Bhd have won best residential awards in the Asia Pacific Property Awards 2009 competition.

Sunrise said on April 29 that 10 Mont’Kiara won in the category for “Best High Rise Architecture in Malaysia” and 11 Mont’Kiara for “Best High Rise Development in Malaysia”.

The Asia Pacific Property Awards were established in 2008 and were selected by independent judges selected by the International Property Awards organisers.

Twenty-one countries in the Asia Pacific zone took part in the coveted property awards this year which was sponsored by CNBC Arabia Television.

The luxurious bungalow-in-the-sky twin-tower 10 Mont’Kiara boasts 332 lavish units with sizes ranging from 3,478 sq ft to 4,090 sq ft and sprawling penthouse units of 7,500 sq ft.

11 Mont'Kiara

The iconic Green Mark-rated 11 Mont’Kiara presents five uniquely patterned curvilinear towers with a total of 339 units each enjoying a grand 270ยบ view. With two private abodes per floor, unit sizes start from 2,700 sq ft with a choice of eight unique designs.

Limited units in both condominiums, located next to each other at Jalan Kiara 1, are available for sale.

By The EDGE Malaysia

Developers of luxury condo hardest hit

Analysts say property firms need new launches to boost sales

PETALING JAYA: The impact of the current economic downturn on property companies depends on the sub-segments that they are exposed to, with developers of luxury condominiums likely to take a much bigger hit, say analysts.

Developers also need to boost sales via new launches instead of sustaining on unbilled sales, they said.

OSK Research property analyst Mervin Chow said sales of luxury condominiums had been extremely slow.

“Certain speculators and short-term investors, especially those with poor holding power who have been trying to unwind their investments, will place massive downward pressure on luxury condo prices,” he said. “The glory days of luxury condos are over.”

Chow said the luxury condo segment “will experience a steep correction that should last for two years before a slight recovery, likely to be seen in 2011 when developers start to launch some projects which were scaled back in the previous two years.”

ECM Libra property analyst Bernard Ching agrees that companies which are exposed to high-end properties, especially condos within the KLCC and Mont Kiara areas, have been seeing declining sales.

However, Ching said many developers were now more prepared to face the downturn, having survived the 1997/98 Asian financial crisis.

“Most developers are now focused on preserving cashflow. This has been done by differring ‘greenfield’ projects which require substaintial upfront costs and focusing on existing projects or unsold stocks.

“Many developers are also introducing aggressive financing packages to entice buyers,” he added.

He noted that many developers were absorbing some of the upfront costs such as legal fees, stamp duties and even interest payments during the construction period and beyond.

For instance, early this year, SP Setia Bhd and Mah Sing Group Bhd required buyers to pay only 5% upon signing the sales and purchase agreement, with no further payments until completion of the projects concerned.

Analysts also noted that the sales performance of landed properties, especially in the mid to high-end segment, had been relatively better compared with luxury condos.

Chow said developers had been surviving on their huge unbilled sales built up in recent years, hence it was not a surprise that most were still able to report an impressive set of earnings figures in their latest quarterly results.

“However, as most of these developments are due for completion soon, much of these huge unbilled sales will be largely exhausted towards the later part of this year,” he told StarBiz.

An analyst at TA Securities concurred that some developers were sustaining on unbilled sales, and that they must have new launches to boost revenue.

“As long as companies have huge unbilled sales, they will still show resilient performance,” he said, adding that many developers were holding back on new launches now because buyers were adopting a “wait-and-see” attitude in anticipation of declining property prices.

Meanwhile, ECM Libra’s Ching said with the Malaysian property market in a downcycle for at least a year now, listed property companies had seen their market values decline significantly.

“Based on the KLSE Property Index, these companies’ market values have fallen by 48% since July 2007,” he said.

The TA Securities analyst said: “We will see price correction for mid-cap (property) companies by the end of the third quarter.”

By The Star (by Rachael Kam)

Mah Sing bags 2 AsiaPac Property awards

KUALA LUMPUR: Mah Sing Group Bhd’s Southgate Commercial Centre and Aman Perdana projects saw the lifestyle developer winning two coveted awards in the Asia Pacific Property Awards 2009.

Southgate in Kuala Lumpur was recognised as “Best Office Development in Malaysia”, whilst Aman Perdana in the Meru-Shah Alam corridor was named “Best Mixed Use Development in Malaysia”.

The awards, organised in association with CNBC Arabiya, would be presented to the winners at a gala dinner at the Marina Mandarin in Singapore on July 16.

Mah Sing said in a statement on April 29 the awards proved the group’s continued commitment to raise the benchmark as a premier lifestyle developer.

The Asia Pacific Property Awards 2009 was part of the International Property Awards, the world’s most prestigious competition dedicated to finding the best real estate professionals across the globe.

Mah Sing was named a winner of these coveted awards for three years from 2007 to 2009 which proved that Malaysia was not only able to compete at this level but also excel in this highly competitive Asia Pacific property arena.

Its innovative product development and quality of finishes, as well as committed customer service saw the group taking top honours in the property category in recent The BrandLaureate 2008-2009 awards.

The group also won in three categories in the Euromoney Liquid Real Estate Award 2008, which were Best Developer, Overall – Malaysia; Best Office/Business Developer – Malaysia and Best Mixed-Use Developer – Malaysia.

Mah Sing group managing director Datuk Seri Leong Hoy Kum said the group was gratified to be recognised for its development on an international level.

“Buying a property is quite probably the most significant personal expense anyone is likely to make during their lifetime. As a developer that is setting global standards, we will continue striving to live up to our buyers expectations by offering quality properties.

“Coming hot on the heels of our recent win namely Best Brand in Property in the prestigious The BrandLaureate Awards 2008-2009, these awards serves to encourage us and allow us to stand out in the crowded market place. We will continue to build a leadership position for Mah Sing Group Berhad whilst contributing to branding Malaysia globally,” he said.

Mah Sing, meanwhile, extended their “Easy Home Ownership” campaign to June 30, 2009. The campaign is a financing programme for their residential and commercial properties.

Of the purchase price, buyers are required to pay only 5% for residential properties, and 15% for commercial properties, with the balance payable upon completion of the properties. For completed residential properties, buyers can reduce their monthly installment payments by servicing only the interest on their loan amount for the first five years. Mah Sing Group will absorb the legal fees for the sales and purchase agreement, loan documentation, and memorandum of transfer for selected properties.

Mah Sing Group has 16 projects in Klang Valley, Penang island and Johor Bahru with RM3.8 billion worth of remaining gross development value and unbilled sales as at Dec 31, 2008.

By The EDGE Malaysia

House buyers cautious due to fears of income security

PETALING JAYA: Potential house buyers are still wary about making property purchases despite lower mortgage rates as the economic outlook remains uncertain, analysts said.

Average mortgage rates have fallen to about 3.5%, but at the same time banks have been more stringent on the approval of loans. The average mortgage rate is obtained from base lending rate (BLR) of 5.55% minus 1.5% to 2.4% for housing loans (or effective annual rates between 3.15% and 4.05%), depending on the amount and tenure of loans, and the package customers sign up for.

OSK Research said the attraction of lower mortgage rates had been superseded by fears of income security amid a deteriorating economic outlook.

“For those who are still financially sound, most would rather wait a while longer to snatch up better bargains a few more months down the road. Some are hoping for developers to come up with more creative and attractive perks and some are also waiting for prices to drop further, if any, before they are convinced to buy,” the OSK analyst told StarBiz.

The research house said downside risk for landed properties appeared limited compared to luxury condominiums, with the demand for landed properties expected to return by year-end.

“Most of the homebuyers in this segment are cash-rich and not highly leveraged. Given the accommodative interest rates today, any forced-selling or foreclosures of properties like the one we saw during the 1997/98 Asian Financial Crisis will be limited in this downcycle,” it said.

OSK Research expects the demand for luxury condominiums to decline by 30% to 40% in 2010 from 2008, with luxury condo prices already currently down by 15% to 20%.

An analyst from Kenanga Research agrees that the bearish economic outlook is making potential buyers hesitant about buying properties now.

“What if this (sign of market recovery) is just one-off data? What we need is for the sentiment to improve,” she said, noting that only 60% of bookings had been translated to actual sales compared to almost 100% previously due to more stringent loan requirements.

Jupiter Securities Sdn Bhd head of research Pong Teng Siew said that with the mortgage rates of 3.5% and effective cost of funds of 1.5%, banks net interest margin should be about 2% now.

“But cost of funds for smaller banks such as EON Capital Bhd, RHB Capital Bhd, AMMB Holdings Bhd are higher (slightly over 2%) because of higher interest bearing liabilities,” he told StarBiz.

A house buyer contacted by StarBiz said his current mortgage loan interest rate was 3.15% for the first two years and 3.45% for the remaining tenure.

He recently signed up for a 20-year conventional home loan from Alliance Bank Malaysia Bhd for the purchase of a double-storey house.

He is paying about RM1,700 per month for his RM300,000 loan.

His loan package included a one-time payment of RM2,500 for mortgage reducing term assurance, legal fees and stamp duty.

Other banks are offering similar mortgage rates.

For example, RHB Bank is charging BLR minus 2.1% for housing loans that range from RM250,001 to RM500,000, while Hong Leong Bank Bhd is offering BLR minus 2.2% for a RM300,000 mortgage loan.

Malayan Banking Bhd uses a property’s location as one of the criteria to determine interest rate, but is still offering rates in the region of BLR minus 2%.

All these banks have BLR of 5.55%.

By The Star (by K.C. Law)

Sime Darby sells 700 homes from 3rd showcase

PETALING JAYA: Sime Darby Property Bhd has clinched sales of over 700 units worth RM500mil from its third series of Parade of Homes showcase launched last month.

Managing director Datuk Tunku Putra Badlishah said the company’s initial target sales was RM600mil for the third showcase that runs till June 15. It had RM800mil worth of properties on sale for the third showcase.

“We are pleasantly surprised with the strong sales results amid the current economic situation.

“This proves the Malaysian property market is still resilient and people are still willing to invest in properties,” he told StarBiz.

Of its nine new launches, three projects were fully taken up.

Sime Darby’s Parade of Homes campaign, which was held in conjunction with Malaysia Property Expo 2009, has generated sales of RM246mil and RM146mil for its first and second series respectively.

Tunku Putra Badlishah said property buyers tended to purchase from reputable developers during this time for the assurance of completion of their projects.

“While other property developers are occupied with clearing their previous launches, we have, as of now achieved 60% of sales for our new launches,” he said.

Among the benefits offered during the showcase are special easy payment scheme that allows buyers to pay the difference between the purchase price and loan amount in monthly instalments of up to 12 months, base lending rate minus 2.3% after vacant possession and interest-free period during construction.

The property developer also provides a guaranteed buy-back programme.

By The Star (by Shannen Wong) 

Reviewing Malaysian REITs

Menara Axis in Petaling Jaya

The Malaysian real estate investment trusts (MREITs) were launched in 2005 after REITs in general hit the stock markets in Japan, Hong Kong and Singapore. Within a year 10 REITs were launched, one repackaged with another two oldies remaining, making up 11 REITs.

Before the global financial turmoil in 2008, the MREITs performed predictably well, yielding 6% to 7% dividend returns with marginal growth in share premium.

By end-2008, along with the rest of the equities market, the MREITs took a severe beating from which they have hardly recovered.

Some salient points of the MREITs are worth noting.

■ REITS share prices have declined substantially.

The MREITs today show a substantial discount to the net asset values (NAV) of the assets underlying the REITs, ranging from 23% to 39% (as shown in Table 1). The property market, in general, has not shown such drastic changes in values over 2007.

Although the asset base of the MREITs has increased, much of this is due to the injection of new and additional assets and not because of increases in asset values or appreciation in values.

The peculiar nature of this phenomenon is because of the nature of the REITs.

■ On a down market, REITS show equity tendencies, on an up market, REITS show bond tendencies.

Much research has been carried out by academics as to the behaviour of REITs. The research has been inconclusive.

It will appear, from the little information and research that can be done in Malaysia, that MREITs have a tendency to behave like an equity in a down market, that is, if the stock market declines the MREITs will also follow suit, irregardless of the stability, or otherwise of the underlying asset.

However, in an upswing, the fixed nature of the income and the inability of the underlying asset to react quickly forces the MREITs to behave like a fixed-income instrument, like a bond. This phenomenon would explain why the MREITs are now selling at a discount to the NAV.

■ Income to continue at current levels.

It is anticipated that the current income of the MREITs will continue at current levels and may not be affected by the general downturn. Almost all the MREITs were launched before 2007; therefore the rents underpinning their income were at 2006 and 2005 levels.

It is believed that these rents are sustainable and the majority of MREITs did not increase the rental levels to the high levels reached in 2007. Hence, the income and the dividend flow is expected to continue.

■ Sale and leasebacks will continue to perform better.

Another reason the income will be sustainable is because a number of MREITs has secured guaranteed returns on a sale-and-leaseback basis. Therefore, the downturn in the market is shielded.

■ Yields have increased tremendously.

The sustainable income, coupled with the decline in the net asset value, has boosted dividend yields to between 6% and 14%. Table 1 explains the dividend yield position of the MREITs in January 2009. These returns show, on average, an increase of 50% over the previous yields.

■ Singapore yields even higher due to a sharper drop in REITS pricing.

The sharper corrections to the equities market and the more prominent impact of the economy has affected the Singapore REITs, pushing prices down and, thus, increasing yields. Some REITs are giving yields in excess of 25% in Singapore.

■ Injection of new assets will face yield disparities.

The yield disparities have affected the injection of new assets into existing REITs. Most real estate pricings and rental incomes fall between 6% and 8% for commercial properties. When current yields are in excess of these returns, REIT sponsors will be unable to inject new assets at below the dividend yields.

■ Opportunities for acquisition of better quality asset.

However, the current downturn can also provide wonderful opportunities for the acquisition of better quality assets and a more competitive pricing of the real estate.

■ Refinancing.

Financing for REITs has been different from normal financing. As the requirement is for the income to be distributed, almost all the MREITs have been servicing only the interest component of the loan; there is no repayment, partially or otherwise of the loan.

This, coupled with the lower negotiated interest rates regime, has helped the MREITs to declare a higher dividend than the yields from the underlying asset.

In a number of cases, refinancing may be soon. In view of the reduced interest rates currently being considered by the financial institutions, it might be easier to get a lower interest rate.

The MREITs appear to have weathered the financial storm well as the discounts to the net asset value is manageable and not as severe as in other countries.

Added to that is the sustainable income from the rents.

It would appear, therefore, that MREIT yields will be maintained and the downside risks are manageable.

PEPS is the acronym for Persatuan Penilai & Perunding Harta Swasta Malaysia (Association of Valuers and Property Consultants in Private Practice Malaysia). We welcome your feedback on this article. Please email to

By The Star

Freebies, low interest rates pamper house buyers

IT looks like potential house buyers are having the best deal ever — they are being courted by developers who are eager to seal more sales by offering better terms, including freebies, as well as financiers who have brought down interest rates to among the lowest since 1980.

At rates as low as base lending rate (BLR) of 5.25% minus 2.3%, buyers can lock in their loans for the whole of their loan tenure.

This is made possible by the all-time low overnight policy rate at 2% per annum now.

This compares with the previous rates of BLR plus a certain percentage of spread in the past two to three years.

The high liquidity in the local banking system as a result of the people’s high savings rate, coupled with a low loans growth in the past three to four quarters, has resulted in banks having huge cashpiles.

As at Feb 28, the loans-to-deposits ratio stood at only 73.6%, compared with 92.8% during the 1997 Asian financial crisis and 85.9% in 2001 during the dotcom bust. The banking system is flushed with total deposits of RM976.5bil while total loans disbursed amounted to only RM729.2bil.

This means close to RM250bil is still available for financing purposes.

Amid the global financial crisis and the adverse impact on the local economy, loans for most business sectors, including for small and medium enterprises, are expected to slow down further.

Property loans are still a major source of financing for local financial institutions but since last October, the monthly residential property loans growth has contracted by 5% to 27% on a year-on-year basis.

The low loans rate reflects the people’s cautious sentiment on the state of the economy and their unwillingness to spend on big-ticket items, including property.

Besides new property loans, banks are also looking at the refinancing market as more borrowers are considering the option of re-financing or re-mortgaging their properties to benefit from the existing low interest rates.

If one were to opt for a new loan facility from another bank, the borrower has to be prepared to pay penalty charges for early redemption of the loan. This usually works out to between 3% and 5% of the outstanding loan or the total amount taken.

Depending on the loan tenure and financing rates one has signed up for, it looks like most borrowers will opt to refinance their property as it will still work out to be cheaper for them, even after paying the penalty charges.

In view of the current challenging times when most people are watching over their spending, any amount of savings will be welcomed.

It is understood that some banks have offered to absorb the loan processing fees and penalty charges if the borrower switched to their loans.

With the many financing packages available today, the onus is on the borrowers to weigh all the costs and benefits before signing on the dotted line.

Angie Ng is deputy news editor at The Star

By The Star (by Angie Ng)

Paramount Venue plans to build apartments in Sentul

Developer Paramount Venue Sdn Bhd aims to launch six blocks of low-cost and low-medium cost apartments worth RM62 million collectively in Sentul, Kuala Lumpur, over the next 8-15 months.

The company will launch four blocks of low-cost apartments, comprising 850 units worth RM42,000 each, by year-end.

It expects to launch two blocks of low-medium cost apartments featuring 320 units, each priced at an average of RM80,000, by early 2010, project director Mohd Zainudin Badarudin said.

The properties will be built within its ongoing RM1 billion Bandar Sentul Utama township project, located close to the YTL Sentul east and west developments.

Mohd Zainudin said the low-cost apartments are primarily for squatters occupying several sites at the township while the low-medium cost apartments are to cater to the low-income group.

"We are in the midst of submitting the building plans to City Hall for approval," he said yesterday after handing over keys to buyers of Sentul Utama condominium at the township, witnessed by Datuk Bandar Kuala Lumpur Datuk Ahmad Fuad Ismail.

The 28ha Sentul project was supposed to have been developed in 1997 but failed in 1994 as its developer, Sentul Murni Sdn Bhd, a unit of Mycom Bhd, was dragged into a legal battle by squatters located within the township.

To rid itself of assets that are slow to develop, the ailing public-listed Mycom sold Sentul Murni to Paramount Avenue in 2005.

At the time when Paramount Avenue took over the project, only the first phase comprising low-cost apartments had been completed, while 80 per cent of Phase Two namely the Sentul Utama Condominium and the following phases were abandoned.

In less than 30 months after Paramount Venue took over, it completed three 17-storey blocks (Sentul Utama Condominium), totalling 720 units.

It hopes to start constructing the final block, or Block D, by August.

"We are waiting for building approvals and for the squatters to relocate. Block D will have 240 units with added features, each priced from RM180,000. We have Singaporean investors who are keen to buy the units," Mohd Zainudin said.

Earlier at a press conference, Ahmad Fuad said a programme has been put in place to help relocate squatters in project areas.

"Between 1990 to 2007, there were 270 abandoned projects in the Federal Territory, majority of which have been revived. We need more white knights like Paramount Venue to take over abandoned projects for the sake of buyers," he said.

By Business Times (by Sharen Kaur) (Posted on April 28, 2009)

Ken looks to RM80m HQ for recurring income

Property developer Ken Holdings Bhd will build its RM80 million headquarters in Taman Tun Dr Ismail to help provide recurring income for the group.

The 12-storey office block, to be ready in three years, is expected to provide an annual rental income of RM12 million to RM15 million.

Construction of the office block will begin by the year-end or in the first quarter of next year.

"We target to build a Grade A and green-mark office block which promotes environmental awareness. We plan to rent out about 90 per cent of the space to tenants," Ken Holdings managing director Kenny B.K. Tan told reporters after its shareholder meeting yesterday in Kuala Lumpur.

Tan said the development will probably be financed using internal funds. The group has zero debt.

Initially, Ken Holdings was supposed to build two 20-storey buildings - an office tower and serviced apartments - on about 5ha along Jalan Burhanuddin Helmi.

It had purchased the land from Prokhas Sdn Bhd for RM15.8 million.

However, the plans came to a halt when residents in the vicinity protested against the development.

On its financial outlook, Tan said the company will be able to sustain its performance with the projects in hand.

It posted net profit of RM6.3 million against revenue of RM39.1 million in the financial year ended December 31 2008.

The gross development value (GDV) of its ongoing projects in the Klang Valley and Penang are estimated at RM700 million and will keep the company busy for five years.

"We will also finish our serviced apartments, known as Ken Bangsar, in Bukit Bandaraya by the third quarter of 2009," Tan added.

The project, with a GDV of RM120 million, comprises 14 floors with 80 units. Prices range from RM650 to RM1000 per sq ft.

The take-up has been close to 50 per cent as Ken Holdings has had two soft launches.

Tan also said that the group was looking to expand its landbank, but only at the right location and a good price.

Ken Holdings has a landbank of 56ha in the Klang Valley, Penang, Genting Highlands and other strategic locations.

Tan said that property prices in prime areas such as Bangsar, Mont'Kiara and the Kuala Lumpur City Centre were still holding firm.

"I can see the low- and medium-end housing being affected compared to high-end projects. However, the property market will probably be a bit more stable by year-end," he said.

By Business Times (by Jeeva Arulampalam) (Posted on April 28, 2009)

IRDA keeps options open on Cityscape Dubai 2009

DUBAI: Iskandar Regional Development Authority (IRDA) is keeping its options open on its participation at Cityscape Dubai 2009 in October to further promote Iskandar Malaysia, a special economic corridor being developed in southern Malaysia.

"We're keeping an open interest about taking part in Cityscape Dubai, unless something very negative happens," IRDA's strategic communications chief Jameson Pias said on the sidelines of Cityscape Abu Dhabi 2009 which concluded in the UAE's capital last week.

He said that continuous efforts must be made to raise the profile of Iskandar Malaysia, a 2,217sq km mixed development planned for completion in 2025.

Alluding to the current global property slowdown, Pias said: "There will be glitches here and there in the property market but this shouldn't be a basis for us to be discouraged. It's a question of how you manage the situation and look for niches."

He said future participations in events like Cityscape would convey the message that IRDA was committed to its Middle Eastern partners in Iskandar Malaysia and, at the same time, present an opportunity to seek out new partners in the project that offers good investment possibilities in other economic segments besides property and real estate.

The economic zone is being developed based on nine pillars, namely health services, educational services, financial services, information and communications technology and creative industries, electrical and electronics, petrochemical and oleo-chemical, food and agro-processing, logistics and related services, and tourism.

"Certainly some people have been hurt by the global economic crisis and credit crunch but there are others who have been prudent, and in times like these they may be the ones who'll take the opportunity to look for value investments, which Iskandar is offering," said Pias.

According to him, feedback from IRDA partners present at Cityscape Abu Dhabi indicated good response from visitors.

By Bernama

Association wants govt decision on hill slope projects

SUBANG JAYA: The Government should make a decision quickly on hill slope developments that have been halted since December last year, as it is causing hardship to developers.

Real Estate and Housing Developers’ Association national treasurer Muztaza Mohamad said it should state its hill slope requirements clearly, so that developers could carry on with their planning.

“The Government cannot have a wait-and-see attitude, it has to make a decision. To stop class three (25 to 35 degrees gradient) and four (above 35 degrees gradient) slope development, it will cause hardship to developers, as people have already invested millions.

“They (developers) have to move on,” he told reporters on the sidelines of the seminar on “New Approach in Land Development 2009”, officially launched by Natural Resources and Environment Ministry’s deputy director general of land and mines Datuk Azemi Kasim yesterday.

Muztaza, who is also Fairview Group of Companies group managing director, said the Government could utilise world-class Malaysian engineers to speed up introduction of new technical requirements.

The Government has stopped some of the hill slope developments in the Klang Valley for safety concerns after the Taman Bukit Mewah, Bukit Antarabangsa, landslide on Dec 6 that killed five people and destroyed about 14 bungalows.

During the seminar, an official of SDB Properties Sdn Bhd, whose bungalow development at Damansara Heights was temporarily halted, had expressed concern about the government’s inaction.

He said the company had spent about RM67mil on the 5.75-acre site but the future of the project was uncertain pending the issuance of new guidelines on hill slope development.

In the meantime, SDB Properties continued incurring costs on slope strengthening and stabilisation works, he added.

Meanwhile, the ministry’s mineral and geoscience division under- secretary Dr Azimuddin Bahari said Malaysia should learn and apply Hong Kong’s hill slope development management, as its soil composition was similar with our country.

“We can look at Hong Kong as a benchmark,” he said, adding that it provided online all the necessary information on hill slope development.

Azimuddin said Hong Kong had a building ordinance and it was mandatory for owners to comply, which Malaysia lacked.

However, he advised Malaysians to change their attitude and tackle landslide and soil-related issues seriously.

He said all parties – government authorities, developers and house owners – were responsible for safety of hill slope developments.

By The Star (Posted on April 28, 2009)