GENTING Highlands latest update

Great news for shoppers as Malaysia's second premium outlet center called Genting Premium Outlets or GPO is set to open in late 2016 May 2017 up at Genting Highlands or Resorts World Genting as it is now known. 2016 will be an amazing year for Genting as a number of new attractions are set to open all the way till 2017 where the much talked about first ever 20th Century Fox World theme park will open here as well.

Genting Premium Outlets will also be located near the Awana Resort and Golf Course, which is a little more than half way up to Resorts World Genting. A gross area of about 600,000 square feet that will house 150 designer brands and also local brand name stores will be available to suit the Southeast Asian market and there will be an allocation of 4,000 parking bays for cars and buses here.

Shoppers can expect brands like Aigner, BCBGMAXAZRIA, Burberry, Canali, Coach, Ermenegildo Zegna, Furla, Guy Laroche, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Swatch, Tumi and more here. At GPO, you will also find retail shops selling sportswear, fine leather, luggage, housewares, home furnishings, fashion accessories and more.

Genting Premium Outlets is located next to Awana Resort and Golf Club

The first phase of the Genting Premium Outlets will cover an estimate area of 300,000 square feet and is expected to be ready in 2016. A new food street area is also planned around the GPO and in total, the company is expecting around 4 million or more tourist a year. The second phase of the project would kick off in the next three to five years whereby another 40 brands would be included with a built up area of 80,000 square feet.

GPO will cost about RM200 million and this will be Southeast Asia’s first hilltop Premium Outlet Centre and Malaysia's second Premium Outlets Store after Johor Premium Outlets or JPO. This is also not the last as there are plans for a third Premium Outlet in the north of Malaysia in time to come.

About Genting Premium Outlets GPO

Genting Simon Sdn Bhd is a unit of Simon Genting Ltd, a 50:50 joint venture between Genting Plantations Bhd and Premium Outlets, the outlet division of Simon Property Group. The centre will be operated by GSSB, a wholly owned subsidiary of Simon Genting Ltd (SGL). GPO is also the 85th Premium Outlet Center in the Premium Outlets portfolio, development for Genting Premium Outlets is targeted for completion in the last quarter of 2016.

Genting Simon Sdn. Bhd. during the press conference

How to go to Genting Premium Outlets GPO

Genting is located about one to one and a half hours drive from Kuala Lumpur city center. There are various methods to get here and all of them are via road only. Unless you have a big wallet, you can charter a helicopter from KL to fly there in probably 15 minutes. Below are the ways to go to Genting Premium Outlets at Genting Highlands.

Car - Self driving is probable the best and easiest way to get here. From Kuala Lumpur, you need to take the MRR2 or Middle Ring Road towards the East Coast Highway or Karak Highway. The turn off to Genting is just before the main tunnel. I would strongly recommend you use Waze or GPS for first timers. One way drive time is around 60-80 minutes. 

Taxi - There are numerous taxi companies that offer KL-Genting services. One way would cost you about RM100 for 1-4 persons. Taxis include standard taxis which you can stop anywhere, executive taxis, Genting Taxis, radio call taxis and hotel taxi or limousine services. 

Taxi from KLIA and KLIA2 - There are a number of taxis that will gladly take you up to Genting Highlands, but the price will cost anywhere from RM250 to RM350 per taxi and 4 persons max. There is also a Limousine service  where prices are from RM3000 or more. Alternatively, there is the SkyVan which can seat 6-8 persons and this will cost around RM450 to RM600. 

Bus - A number of bus companies offer KL to Genting or PJ to Genting and back services. You can find most of the buses at Puduraya Bus Station near Chinatown KL, Duta Bus Terminal or in Petaling Jaya, One Utama Shopping Center Bus Terminal. The price is around RM12 one way per person and time taken is about 80-100 minutes one way. 

Cable Car - Note that most bus services stop at the main cable car station where you will continue your journey via cable car the rest of the way. A great experience for 1st timers but if you want to go all the way to the top, you need to double check with the taxi or bus company if ticket is all the way or just half way. 

Helicopter - For the well heeled, this is a quick option up there which is only 15 minutes. But special arrangements need to be done for this service in advance which can cost anywhere from RM3000 on wards. You need to contact Resorts World Genting to make this arrangement.

Overall, if you need more help on transportation to Resorts World Genting, please contact Genting Transport Reservations Centre - Tel: (603) 6251 8398 

The Genting Integrated Tourism Plan layout

In general, the new Premium Outlets at Genting would help strengthen Malaysia's position as one of the world's best tourist destinations and shopping havens as Resorts World Genting has taken a very strong initiative to cater to the tourism industry which is part of the 10 Year Genting Integrated Tourism Plan. Among the other new attractions that will open in 2016 2017 are Sky Avenue Mall Genting, Sky Plaza Shopping Mall, a new cable cay system and of course, the Genting Premium Outlets (GPO). 

source: http://blog.malaysia-asia.my/2015/11/genting-premium-outlets-gpo.html

MRTAs & MLTAs – What are they, and do you need it?

MRTAs and MLTAs are variants of life insurance products. Known as Mortgage Life Insurances, they are designed to pay off the outstanding loan balance in the event that the borrower dies or suffers from total and permanent disability (TPD) before the loan is fully paid off.

There are two types of mortgage life insurance available:

1) Mortgage Reducing/Decreasing Term Assurance (MRTA or MDTA)
2) Mortgage Level Term Assurance (MLTA)

Note: MRTT / MLTT = Takaful equivalent

Mortgage Reducing/Decreasing Term Assurance (MRTA or MDTA) / Takaful (MRTT)

MRTA or MDTA is a reducing term life insurance:

• It protects the borrower against death or TPD
• The sum assured reduces with time – Gradually decreases to nothing by the end of the tenure

The premium for this insurance is dependent on the sum assured and the tenure of coverage, as well as other factors pertinent to life insurances (E.g. Age, gender). Customers can choose the tenure and sum assured, and the premium is paid up front.

One thing to note is that MRTA/MDTA policies follow the property loan rather than the policy owner. As such, a new policy has to be taken for each new property that a person has, or whenever he refinances his loan. Some banks/insurance allow transfers of MRTA policies to another property upon request, but this is rare.

It has become common for borrowers to take up this policy along with a mortgage loan for a few reasons:

• Most convenient, as it is typically packaged as an option together with the loan
• Some lenders allow the cost of insurance to be added to your loan amount
• Some lenders offer better interest rates if a borrower signs up for a MRTA/MDTA policy with them.
• The idea behind MRTA/MDTAs is that as your loan balance decreases over time, so should the sum assured, thus saving on premiums. The premium for this type of insurance is cheaper than MLTAs

Mortgage Level Term Assurance (MLTA) / Takaful (MLTT)MLTA is closer in nature to traditional life insurance policies:

• It protects the borrower against death or TPD AND (Key difference) Optionfor 36 Critical Illnesses.
• The sum assured does not decrease with time.
• Borrowers can choose to expand their coverage to include more than death or TPD (E.g. 36 critical illnesses).
• Borrowers can choose to have a savings feature, where a portion of the premiums paid accumulate as a cash surrender value.

MLTAs are not typically packaged as an option together with the loan, but must be taken up separately with 3rd party insurance providers. Premiums are higher than MRTAs, and are paid on a monthly, quarterly, half-yearly, or yearly basis.

MLTA policies are transferable to other properties. As such, the policies can be used to insure new property loans, or when you refinance the property. Borrowers can adjust the sum assured as required without having to prove your health/age again.

This option is more commonly used by more sophisticated borrowers for short termproperty purchases.

source: http://www.starproperty.my/index.php/articles/investment/mrtas-mltas-what-are-they-and-do-i-need-it/

Mortgage Reducing Term Assurance (MRTA): Why would you need it?

If you’re taking a home loan to buy a property, chances are: you’ll be required to pay for Mortgage Reducing Term Assurance, or MRTA, by the bank as part of your loan arrangement. Some banks insist on the borrower taking out this policy, or another kind of life insurance policy, while some banks merely encourage you to do so.

If you’re one the tens of thousands of first-time home buyers out there who are wondering why you need to fork out precious Ringgit to pay for this home loan insurance, allow us to shed some light on MRTA and what it means to your home loan deal.

What Is MRTA?

MRTA is an insurance policy that settles outstanding home loan amounts in the event of death or total disablement of the borrower due to natural causes, illness or accidents. Exclusions include death due to suicide and AIDS/HIV.

Why Would You Need MRTA?

MRTA is essentially a protection mechanism for all people with home loans, especially for households with sole bread earners.

Generally, in the event of untimely death or disability of a home loan borrower (significantly if he or she is the main income earner), the greatest problem facing surviving households is their ability to pay off the remaining home loan.

In many instances, the surviving family members may even need to sell off the property at a less-than-competitive price just to pay off the outstanding amount.

By signing up for an MRTA, the MRTA will pay off part or all of the unpaid portion of a home loan, so that the surviving family members don’t have to sell off the property.

For example, if you and your husband buy a house for RM500K this year and in 10 years’ time, it’s worth RM600K but your loan still comes up to RM400K, should your husband not be able to pay the loan anymore, you could still sell the house and buy a small apartment for RM150K, or make sure you earn enough money to pay the instalments.

If you had the insurance, however, the policy would pay for whatever outstanding debt left, or part of it, so that the monthly installments are less onerous.

How Does One Apply for MRTA?

In Malaysia, MRTA is usually incorporated as part of the home loan application process. Commonly, you’ll only be required to pay a single MRTA premium. You will not need to pay a premium again throughout the entire duration of the policy.

Important Considerations for MRTA

Like any other insurance policies, MRTA has a specific insured amount as well as policy duration. The premium depends on the sum assured, interest rate, term, construction period, joint-life, and age at next birthday, among others. Discount on the premium is given for joint life application if your home is jointly owned by your spouse or next of kin.

Bear in mind that in the event of death or permanent disability, MRTA would pay off only the amount that is covered, within the time, as dictated by the policy. It does not pay for everything that the insured owes to the bank. Due to the above reason, home loan applicants are generally advised to purchase MRTA based on your specific requirements (instead of just going for the cheapest policies available).

For sole bread earners, buying maximum coverage is especially recommended despite a heftier premium, because your families are more at risk should anything happen to you. For households with multiple income earners, you may consider opting for a policy with lower coverage.

The premium can also be financed by your bank, as in bundled into your loan.

source: http://www.starproperty.my/index.php/articles/investment/mrtas-mltas-what-are-they-and-do-i-need-it/

A beginner’s guide to mortgage insurance

CHOOSING the right mortgage insurance may not be a life or death situation, but it is one important life choice. The right insurance might become the life saver for your loved ones when facing the uncertainties of life, while the wrong one will do little to alleviate a difficult financial situation.

In Malaysia, two mortgage life insurance are available to homebuyers – Mortgage Reducing Term Assurance (MRTA) and Mortgage Level Term Assurance (MLTA).

Quoting the “2013 Protection Gap in Malaysia” study, Life Insurance Association of Malaysia (Liam) president Toi See Jong said out of every 10 Malaysians, four to five persons don’t have life insurance.

Such complacency is why most Malaysians are grossly underinsured, and many are risking unsettled loan in the event of accidents or sudden deaths. Thus, transferring the burden of mortgage repayment to the loved ones.

What is the difference between MRTA and MLTA?
As property prices have skyrocketed in recent years, majority of Malaysians find themselves having to utilise the maximal loan-to-value ratio of 90% with longest loan tenure possible to reduce their equated monthly instalment (EMI).

Allianz Life chief executive officer Joseph Gross explained that MRTA and MLTA are commonly pegged to a home loan to cover the loan in the event of the death or TPD of the insured.

“The key difference is MRTA’s sum assured reduces over time while MLTA’s sum assured remains constant throughout the term of the policy,” he said.
Some home loans like flexi home loans allow one to make withdrawals but it will reduce MRTA’s sum over time. When the amount owed to the bank is higher than the MRTA’s sum, the MRTA will not be able to fully cover the home loan.

“While MLTA comes at a higher premium, the flat sum meant the borrower and the family will not have the same concern,” he added.

Mohd Adib Bin Mohd Yazid from Prudential Wealth Planner said since the bank is MRTA’s beneficiary, it is unable to protect a borrower’s family in totality.

“MLTA is more personal and often protect your next of kin. If anything happens, the family claims the insurance money. This money can be used to settle the outstanding loan amount since MLTA benefit is fixed sum assured,” he said.

Great Eastern Life Assurance (M) Bhd group agency manager Bon Sze Shean said borrowers should take note that if they decide to cancel MRTA before maturity date, the cash amount that the company will pay you is much less than the total amount premium you have paid.

He added that MLTA is a long-term financial commitment. It is not advisable to hold this plan for a short period of time in view of the high initial costs.

“If you find the fund that you have chosen is no longer appropriate, you have the flexibility to switch fund,” he added.
Bon also opined that borrowers should avoid surrendering their MLTA because if designed properly, the cash value can break even.

“Treat it as savings and use the cash value to pay off your loan (early settlement) in the later years and save on interest,” he said.

When asked if MRTAs and MLTAs are absolutely necessary, Jared Lim Loanstreetco-founder suggested that borrowers weigh their risks holistically from an estate planning perspective.

“If you are sufficiently covered by a life insurance policy, you can even consider skipping the MRTA or MLTA. But note that your beneficiaries will get lesser if you lose your ability to generate income,” Lim said.

He added that borrowers must go through the trouble of making sure their next of kin is aware of their policy and know how to make claims.

Adib said the process of insurance claim is basically the same for MRTA or MLTA. In the event of death, the claimant would need supporting documents such as certified copy of death certificate, copy of deceased identification card, burial permit, medical report, identity of claimant, proof of claimant relationship with deceased and most importantly, the original policy document.

“It is highly important to educate your family on this subject matter,” he said.

source: http://www.starproperty.my/index.php/articles/investment/a-beginners-guide-to-mortgage-insurance/

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• The Selangor government is the first in the country to control the development of serviced apartments, small office home office (Soho) and small office versatile office (Sovo), by setting conditions for the construction of affordable units, said state exco member Iskandar Abdul Samad.

He said with the new policy, developers are required to allocate between 10 to 20 percent of their construction to build affordable apartments and the percentage is based on the total number of units.

The state exco for housing, urban well-being and building management claimed that the federal government or BN state governments have no such policies.

“Why the respective governments are not brave enough to put requirements on developers to build affordable housing."

Iskandar (photo) said the affordable units are priced between RM230,000 and RM270,000, compared to Soho or Sovo units which are priced between RM450,000 and RM500,000.

“In actuality, the agreed prices are higher than that. However, the Selangor government has made it a requirement for developers to give discounts to buyers regardless of their race.

“The affordable housing units would be controlled by the Selangor Housing and Property Board. Those who want to purchase must be registered with the board.

“The developer cannot sell the units themselves. The qualification of the house buyers would be determined by household income. The quota for bumiputera would also be implemented,” he said in a statement today.

He said there are certain quarters in the media who tried to twist the facts on the new policy by claiming that the state has betrayed its people.

Iskandar said serviced apartments, Soho and Sovo are not the same as Rumah Selangorku housing.

“Rumah Selangorku are still priced between RM42,000 and RM250,000. The federal government's affordable housing costs up to RM300,000.

“Rumah Selangorku is built on land with residential status. But serviced apartments, Soho and Sovo are built on land which commercial status,” he said.

The Selangor exco said the targeted people for service apartments, Soho and Sovo are different from Rumah Selangorku.

The quit rent, property tax, water and electric tariff differs on properties built on commercial land.

source: https://www.malaysiakini.com/news/354127