Another milestone accomplishment for Sin Hee Yang Property Group
Recently, Homefinder Malaysia has had the opportunity to speak with the executive director of Sin Hee Yang Property Group, Mr. Loo Chee Yang with regards to the upcoming Karnival Perumahan Bumiputra to be held at its property gallery at Bandar Baru Salak Tinggi, Sepang from 19–20 August 2017 (10am-6pm). Homefinder would also like to congratulate Mr. Loo on a truly successful press conference as well as a milestone collaboration and smart partnership between Sin Hee Yang Property Group and Bank Simpanan Nasional on 15 August 2017 at Dorsett Grand Subang, Subang Jaya in conjunction with SHYPG’s inaugural Bumiputra housing carnival. The following is an excerpt from the interview.
Kindly provide us with a brief overview of your company, as well as the nature of the collaboration or partnership between Sin Hee Yang Property Group and Bank Simpanan Nasional (BSN).
Sin Hee Yang Property Group (SHYPG) is a group of companies specialized in mix-housing developments ranging from 50 – 450 units per housing scheme consisting of commercial and residential homes. Since its establishment in 1991, SHYPG has completed over 50 housing projects with more than 2,000 units of property handed over to house purchasers with 90% of the products being affordable housing schemes. With its own construction arm – La Kuan Construction Sdn Bhd, SHYPG is able to complete the developments earlier than the expected time.
Karnival Perumahan Bumiputra is an event jointly organized by SHYPG and BSN to promote affordable yet luxurious homes to Bumiputra purchasers. About 98% of the properties offered during the event are priced below RM500k including semi-D’s. In this carnival, SHYPG offers low down payment plus other attractive options. In addition, BSN offers loan up to 100% via its Youth Housing Scheme (YHS) with faster approval, better interest rates and attractive loan packages.
The affordable housing dilemma or conundrum in Malaysia continues to persist despite the Government’s best efforts. In your professional opinion, what are the real or practical solutions needed to make local housing more affordable?
The 4 main factors for development costs are Land Cost, Labour Cost, Building Material Cost and Compliance Cost. Landowners, Suppliers, Contractors, as well as Government, are interrelated to the cost increase in any development. Recently, compliance cost itself already comprised 30-40% of a development cost.
As an esteemed member in the REHDA executive committee, briefly describe your key portfolio and professional obligations.
I am currently Chairman for Rehda Selangor (Zon Klang / Shah Alam), Assistant Secretary for Rehda Selangor, National Council Member at Rehda Malaysia, and Organizing Committee Member of Rehda MAPEX.
I believe this is the first time Sin Hee Yang and BSN are jointly organizing the Karnival Perumahan Bumiputra. Do you think such a “smart partnership” between Sin Hee Yang Property and Bank Simpanan Nasional will translate into more affordable housing and first homes for the local Malaysian population?
The “Smart Partnership Programme” between SHYPG and BSN will help first-time homebuyers by promoting low-entry cost with a higher loan margin of financing.
What are some of your future hopes and personal aspirations for the Malaysian housing industry with respect to real estate development, property investment as well as homeownership?
In my personal opinion, in order to boost the property market in the foreseeable future, the Government should come out with more incentives to lower income group purchasers or developers who build affordable housing schemes, such as waiver of stamp duties, easier financing, my deposit schemes, or waiver of GST involving certain building materials and infrastructure works. On the other hand, the local government should also reduce the prerequisite or requirement of low-cost or medium-cost housing percentage and loosen up specific guidelines for foreign purchasers of Malaysian properties. The cross subsidization to low and medium hosing is another main factor that keeps the house price increasing.
About Loo Chee Yang
Mr. Loo Chee Yang is currently the executive director of Sin Hee Yang Property Management Sdn Bhd (“Sin Hee Yang Property Group”). He also holds a Business Administration (BA) degree from the University of Oklahoma, USA. He has been in property development and construction industry since the establishment of the company in year 1991 and has more than 22 years of relevant experiences. Over that period, he has successfully completed various major projects contributing toward the building and construction industry. He is also a council member on the executive committee of REHDA (Real Estate and Housing Developers’ Association) in particular Rehda Selangor Chairman (i.e. Rehda Zon Klang / Shah Alam), Rehda Selangor Assistant Secretary, Rehda Malaysia National Council, and Rehda MAPEX Organizing Committee. For more information on Sin Hee Yang Property Group & Rehda Selangor, visit: www.sinheeyanggroup.com and www.rehdaselangor.com