Developed by the Malaysian Institute of Architects (PAM) and Association of Consulting Engineers Malay-sia (Acem), the GBI aims to reduce the nation’s urban carbon footprint.

The GBI is Malaysia´s first certification tool that will provide guidelines for environmentally friendly construction.

The index is private sector-driven to address issues of climate change and sustainability in Malaysia.

The Malaysian government has not made it compulsory for buildings in Malaysia to attain the green certification unlike Singapore.

Acem past president, Chen Thiam Leong, acknowledged it would be a tall order for the GBI initiative to make inroads without explicit government backing.

“If we can get the government in, that would be good. But we need to find a way to bring it in. For example, in many countries, including our own, the government is one of the biggest lessors of (landed) property, so it could set criteria, and if a building has no green rating it can say no,” he told The New Straits Times.

Sunrise Berhad is the first developer in Malaysia to lead the green drive when it attained Singapore´s Green Mark certification in 2008.

Source: Property Report Asia

“In every single one of those markets,” he said, “the locals will give you their reasons why their market won’t be as affected as much by the global credit meltdown as everyone else’s will be. Unfortunately, they can’t all be right. Research has shown that everyone thinks that they are better than average.”

Mr. Kahr provides an illustration, a table of Manhattan condo prices that reminds readers that it took four years, until 1993, for prices to hit bottom from the peak in 1989, and another four years for the market to claw its way back to the 1989 level.

In this context, a recent listing of a town house at 26 West 76th Street, on a leafy block just off Central Park, may be a powerful example of the audacity of hope. The asking price for the gutted and rebuilt 1890s building is $25 million, about 60 percent more than the most expensive town house ever sold on the Upper West Side.

Adam Gordon, a developer, bought the 25-foot-wide house for $5.8 million in 2006. He emptied the building of tenants, rebuilt the entrance and added Juliet balconies and a full-width four-story extension.

The building, once 13 apartments, is now a one-family elevator mansion sprawling over 10,000 square feet. According to the listing agent, Robby Browne of the Corcoran Group, it has a rooftop solarium, a wine cellar, a media room, a gym, a huge open kitchen and a glass-walled family room facing a small backyard.

“There is nothing this large at 15 Central Park West,” Mr. Browne said, speaking of perhaps the most successful new development in recent years.

But asking prices have been cut at seven of nine apartments now on the resale market at 15 Central Park West. Most were lowered in the last month or so, and several brokers questioned whether the asking price on the town house was realistic.

The highest price on record for a town house on the West Side is $15.75 million. The property, a 26-foot-wide mansion on a 41-foot-wide lot on Riverside Drive, was sold by James B. Rogers Jr., the business commentator and investor, in December 2007.

That was the month the recession began, and the real estate outlook has not improved. Still, Mr. Browne said that the town house on West 76th Street is different. The block of graceful town houses has uncommonly good light, and few if any comparable town houses are on the market. And such a sale requires only one seller and one buyer.

Source: New York Times

The list includes some of the most expensive cities in the world. Prime property in London and New York costs slightly more than $15,000 per square meter, according to Global Property Guide. A similar property in Paris, Hong Kong, Tokyo or Singapore costs more than $10,000 per square meter.

Tokyo, London and Hong Kong also make it into the top 10 cities with the highest cost of living, according to a recent study released by Mercer. Others are not too far behind, with Paris coming in at 12th place, Singapore at 13th place and Sydney at 15th place on Mercer’s list. The study uses New York City as the base at a score of 100 and goes on to score 145 cities around the world.

Shanghai and Munich are by far the least expensive cities on Forbes’ list of the top 10 places to invest.

1. New York City, U.S.

New York is still going strong but parts of the property market will experience a slowdown, according to a New York Times article. While Wall Street makes up only 5 percent of the total jobs in the city, it produces 23 percent of the city’s total salary. The spending pattern of Wall Street workers is a good economic indication for the city as well as the real estate market.

Traditionally, financial workers tend to spend their bonus money on property. Bonuses from 2007 should remain flat; this would help the housing market remain afloat in 2008. The effects of the credit crisis will be felt in 2009, as workers begin to see their bonuses disappear.

New York, which is also the base city for the Mercer study, comes in at 22nd place on the cost of living list. The city has one of the most expensive prices for apartment buyers, with property in prime locations costing about $15,933 per square meter, according to Global Property Guide.

2. London, United Kingdom

Housing prices in London fell by 2.5 percent just this June, according to the Evening Standard (U.K.). The average house in the city sold for $20,000 less than it did in the month of May. House prices are expected to fall by as much as 25 percent by 2010, according to a report by Oxford Economics. However, the same report forecasted a 15 percent rise in prices by 2013.

With a score of 125, London comes in third place, after Moscow and Tokyo, on the Mercer cost of living list. Prime location apartments are the most expensive in the world, ranging from $15,202 to as high as $24,250 per square meter, according to Global Property Guide.

3. Washington, D.C., U.S.

The Washington, D.C. residential market is showing falling prices, similar to other cities in the rest of the U.S., according to Washington Business Journal.  Prices fell an average of 15 percent by May 2008 compared to the same period in 2007, according to Standard & Poor’s/Case-Shiller Price Index.

While the housing market has been impacted by oversupply and bad loans, the commercial sector doing well thanks to government generated business in the capital, according to Forbes magazine.

D.C. wasn’t assessed by both Mercer and Global Property Guide studies.

4. Paris, France

Just like most other markets around the world, the French housing market is also suffering from the effects of the credit crunch. In the first six months of 2008, prices fell 2.6 percent but rose by 3 percent in June, erasing the decline seen in the first two quarters of the year, according to an article at French-Property.com.

The occupancy rate of the commercial market in Paris is at its highest, according to Forbes magazine. The sector will see rising rental prices for as long as demand continues to outstrip supply in the city, as is now the case.

Paris comes in at 12th place, right before Singapore, on the Mercer cost of living list, scoring 109.4. Prime location apartments are sold for about $13,826 per square meter, according to Global Property Guide.

5. Shanghai, China

Both the housing and the residential sectors in Shanghai continued to do well, according to a report by Jones Lang LaSalle. Retail properties located in prime areas have a zero vacancy rates while a robust demand remains. Office rents for the city are up by 2.4 percent over the second quarter. Residential rental market remains strong.

Shanghai comes in at 24th place, right before the famed European city of Amsterdam, on the Mercer cost of living list, scoring 98.3. Prime location apartments cost about $3,318 per square meter, according to Global Property Guide, making Shanghai the least expensive city for apartment buyers on Forbes magazine’s list of the 10 best places to invest. more…

The world’s three biggest financial powerhouses, the US, Japan and Germany, have all experienced negative or zero growth in property prices in the 12 months to 31 March, according to the latest Global House Price Index from the estate agent Knight Frank.

The once booming Baltic states of Latvia and Estonia – where many Britons have bought holiday homes – suffered the most, crashing 20 and 10 per cent respectively to the bottom of the table of 33 nations.

In western Europe, Irish homeowners experienced the sharpest downturn, losing 8.8 per cent of the value of their homes, while in Germany prices fell by 5.2 per cent. In Japan, prices fell by 0.7 per cent, while the US, where the Treasury has pumped in billions of dollars to revive the economy, experienced zero house price growth.

Britain’s runaway housing boom slowed to an annual rise of 1.1 per cent, though new figures from the Nationwide Building Society this week revealed they had slumped 2.5 per cent in May, the fastest fall in prices since the housing recession of the 1990s.

Few major economies escaped the global housing slowdown, with France, Hungary, Austria, Lithuania, Switzerland, Poland, New Zealand, Israel and Denmark all recording annual rises of 3 per cent or less. Some burgeoning economies have bucked the trend, though, mostly in Asia; Singapore was up 29.9 per cent, Hong Kong 28 per cent and China 11 per cent. Iceland and Australia also did well.

The figures indicate the deep impact felt by the slowdown triggered last year by the defaults of sub-prime home loans by Americans, but they miss its severest effect because the trend has intensified in the first half of 2008.

Knight Frank’s figures for the first three months show that prices plunged by 8.4 per cent in Ireland and by 3.9 per cent in the UK. In the US, they fell by 0.2 per cent and in France by 0.1 per cent, but they rose in Germany by 1.8 per cent and by 6 per cent in Russia.

In a statement, Knight Frank said: “The number of markets where prices have fallen has increased, and, although there are still locations where price growth is in double figures, at the moment they are the exception rather than the rule. A year ago, 35 per cent of the markets covered by the Global House Price Index saw house price inflation in double figures. In the first quarter of 2008, this proportion had just fallen to 20 per cent.”

The British estate agent added: “The geography of the best-performing markets is not as clearly delineated as in previous years, when we might have been able to say that growth was strongest in the Far East, or central and eastern Europe. Today the top performing markets are dispersed around the world, with Bulgaria, Singapore, Hong Kong and Jersey being the locations with the highest growth rates.”

The global index is based on national statistics, where available, or figures from a respected national organisation.

Real Estate Investment Trusts, REIT, are listed on the stock exchange and make for a very liquid investment. With most brokerage firms requesting no minimum investment the advantage over real estate properties is in the guarantee of losses never being passed to the investor. Additionally, income and property taxes only apply in states where the investor resides unlike actual real estate ownership or real estate partnerships which require property taxes to be paid in the state in which the property is located. This, alone, provides an incentive to move into REIT plans with properties in states where taxes are more significant than in the state you may actually reside.

With an REIT, monies are deposited into a mutual fund account with shares purchased in the REIT program of your choosing. As an REIT is required to distribute 90% of its taxable income to shareholders, most REIT plans are publicly held and traded on the stock market. In contrast to an REIT, a real estate partnership is not publicly traded on the stock market and will routinely pass investment losses to the investors.  By doing so, most investors find they may see red in their investment portfolio and may also be required to meet future contribution requirements through their real estate partnership agreement.

Source: Associated Content

James and Nancy Wood know all about the economic pitfalls of recession and the dollar’s declining value overseas.

Still, the Carbondale couple made a choice some would say defies logic: They bought a condominium on the tiny Caribbean island of Bonaire earlier this year.

“We thought it would be a good investment because of what’s happening in the U.S., frankly,” James Wood said.

And they’re not alone. Americans own 500,000 to 600,000 foreign properties, according to a November report produced for the National Association of Realtors.

But are those investments safe?

Boulder real estate investor Jack Walker said the age-old mantra of “buyer beware” is particularly important when purchasing properties overseas.

“I would think 99 percent of transactions when you buy overseas are fine,” Walker said. “You just don’t want to be the person who is the 1 percent.”

The English expatriate has bought homes in Australia, England, Monaco, Scotland, Singapore and the United States — and he has some horror stories of purchases gone wrong.

To avoid joining the ranks of the unhappy 1 percent, Walker said, serious land-shoppers should begin their buying excursions with a trip to a lawyer’s office.

“This is an important legal transaction, and it can have all kinds of ramifications,” Walker said. “Whereas in the United States you go to a Realtor, and the Realtor takes you through the transaction and you’ve got someone to sue if something goes wrong, that isn’t the case in many other jurisdictions in the world.

“A lot of people don’t want to go to a lawyer (because) it’s expensive, but believe me, the investment in the legal fees is absolutely going to be the best investment that they make,” Walker said. “You’re a child in an adult world when you’re buying a home in a foreign country. It’s so easy to be taken for a ride.”

Understanding the difference between land-lease agreements and outright land sales and being clear on lingering U.S. tax responsibilities are two other areas Walker recommends reading up on.

“It’s very difficult to get out of the American system, which taxes you on your worldwide income,” he said. “So if you’re thinking, ‘I’m just going to leave the United States and live in Costa Rica,’ you need to consult a tax attorney. You don’t want to be flying home to visit friends and relatives and be arrested because of failure to file tax returns or tax avoidance. It’s not a fun thing to do.”

Matt Dierksheide and his partner, Eric Schwarz, are no strangers to international travel. They’ve been to Africa, Asia, South America and Europe.

And they’re not wed to oversized American homes: They downsized from an 8,800-square-foot home in Castle Pines North to an 1,800-square-foot townhouse in Lone Tree before setting off to Europe with plans to buy a reasonably sized home there. more…

In the joint venture entity, Zicom CNA Automation Ltd, Zicom would hold 51 per cent and CNA Group would pick up the remaining stake.

This move is in line with its business objective of accelerating growth to ramp up its strategic focus on developing expertise on integrated building management solutions and green buildings with control and automation, the company said in a filing to the Bombay Stock Exchange.

Integrated systems comprises building automation, security and fire products.

Under the arrangement, Zicom would provide financial assistance for all projects that are procured under the proposed Zicom CNA Automation Ltd and CNA would provide sales and marketing support.

“We are pleased to tie up with CNA to address growing demand of automation industry particularly intelligent building management solutions for large residential and commercial complexes in India,” Zicom Electronic Security Systems Chairman Manohar Bidaye said.

The demand in the real estate sector now is boosted by the changes in land legislation such as the removal of caps on foreign direct investment and a policy to set up special economic zones, the company said.

Shares of Zicom were trading at Rs 128, down 0.12 per cent on the Bombay Stock Exchange

Source: The Economic Times

‘With the shifting of capital away from developed markets facing slumps, the unmet property demands in virtually all sectors in countries such as Indonesia and Vietnam offer investors growth opportunities not available in other markets,’ said Graham Wood, Exhibition Director for Cityscape Asia 2008 which takes place at Suntec, Singapore, 15 - 17 April 2008.

Cityscape Asia is an extension of the successful Cityscape Dubai organised by IIR Middle East. It is a joint venture between IIR Middle East and IIR Singapore, utilising the strengths of the global brand and expert local knowledge.

At the latter end of 2007, Cityscape Dubai smashed all previous records with 52,000 participants from more than 120 countries. Cityscape Asia is set to welcome more than 8,000 real estate professionals and host over 100 exhibitors.

Among Middle East investors taking an increasing interest in South East Asia is Limitless, the property arm of Dubai World, an exhibitor at Cityscape Asia, which is buying a $110m, 30% stake in three units of Indonesia’s biggest property developer by value PT Bakrieland Development.

‘Limitless is expanding in what is South East Asia’s largest economy,’ Wood added. ‘Fundamentally, Indonesia expects to shrug off the effects of a global slowdown with the country’s central bank forecasting growth of 6.2% this year after a 6.3% expansion in 2007′.

The Dubai developer is to work with Bakrieland on the Indonesian company’s Rasuna Episentrum, a residential and office complex in central Jakarta that Limitless can help market to overseas investors.

Less than an hour away from Singapore is Indonesia’s Bintan Island which welcomed 323,600 visitors last year, with one million visitor arrivals targeted by 2012. more…

Owning a home, a property in these places is a satisfaction. However, a buyer must consider factors before buying properties. It is the decision of the buyer to engage with real estate agents to handle transactions. Advantages of hiring the best real estate agents depend on its accreditation. STAR PROjECT is a member of The Singapore Accredited Estate Agencies (SAEA) Scheme was introduced in November 2005 to ensure that accredited agencies and agents are competent and proficient in their field, and are equipped with the necessary knowledge and skill to give advice and carry out property transactions and deals.

The scheme was initiated by the Singapore Institute of Surveyors and Valuers and the Institute of Estate Agents and is supported by the Ministry of Finance, the Housing Development Board and the Inland Revenue Authority of Singapore.

Individual agents must either have a degree or diploma in real estate studies, or passed a professional examination called the Common Examination for House Agents (CEHA).

And STAR PROjECT also possess a valid house agent’s licence issued by the Inland Revenue Authority of Singapore.

Aside from availing themselves to professional advice, clients of accredited agents will also have an avenue for dispute resolution (at the SISV Mediation Centre) should they encounter problems during transactions.

For more information visit Star Project’s site http://www.starproject.com.sg…