| Journal Volume 7, No 1, ISSN: 1832-8505 Date: Jun, 2012 |
| Title: A CONCEPTUAL STUDY ON LANDLORD AND TENANT LAW IN PENINSULAR MALAYSIA: A FOCUS ON PRIVATE RESIDENTIAL TENANCY |
-By Azlinor Sufian
Abstract
Unlike other jurisdictions such as the UK, Australia, New Zealand and Canada, Malaysia does not have a legislation that deals specifically with landlords and tenants. A tenancy agreement can be concluded either orally or in writing. As such, the rights and obligations of both parties depend on the terms and conditions of the contract entered by them. The problem would arise if both landlord and tenant are not equal in footing in terms of bargaining power. Hence, their rights either as a landlord or a tenant may not be well-protected. There is no specific law dealing with rent control and other related matters that lead to tenancy disputes. These include issues on security and rental deposit, quality and safety of the rented house, termination, eviction, and a mechanism for dispute settlement. While provisions on tenancies and leases can be found in the National Land Code 1965, Contracts Act 1950, Distress Act 1951, and Specific Relief Act 1950, the existing legislation remains rather vague and deals with the issue in piecemeal. The question thus arises whether a comprehensive law in a single statute is really needed to regulate focuses on the relationship between a landlord and a tenant in a private residential tenancy. The objectives of this paper are to identify the key legal issues in a landlord and tenant relationship in this sector and to examine the adequacy of the existing legal framework. The reported cases on landlord and tenant may become evidence as to the need for a specific landlord and tenant law in Peninsular Malaysia, in particular, for private residential tenancy. The best practices from Scotland are taken as a reference, whenever necessary. The study found that based on laws and practices in these two jurisdictions, it is very significant to have a specific law to regulate the relationship between landlord and tenant in private residential tenancy in order to protect the interest of all parties involved.
Keywords: Landlord and tenant, housing, contract, common law, private residential tenancy
| Journal Volume 7, No 1, ISSN: 1832-8505 Date: Jun, 2012 |
| Title: DETERMINING FACTORS OF CORPORATE REAL ESTATE (CRE) STRATEGY IMPLEMENTATION IN THE MALAYSIAN BUSINESS CORPORATIONS |
-By Marwani Mohd Ridzuan
Abstract
This paper focuses on factors which may influence the top management of Malaysian business corporations to implement Corporate Real Estate (CRE) strategy in their organisation. The purpose of the study is to identify the determining factors that trigger the top management of business corporations to consider CRE strategy as part of their overall business strategy. Series of interview with the real estate experts and top management personnel indicate that there are some factors which may influence the Malaysian business corporations to include CRE strategy as their business strategy. Findings showed that common factors which influence top management personnel to incorporate CRE strategy in the business strategy include the type of business industry, knowledge and background of top management especially on their working experience, level of involvement on property matters, and top managements‟ personal beliefs on the business success.
Keywords: Corporate Real Estate (CRE), Corporate Real Estate Strategy, Business Strategy
| Journal Volume 7, No 1, ISSN: 1832-8505 Date: Jun, 2012 |
| Title: FORECASTING HOUSE PRICE INDEX USING ARTIFICIAL NEURAL NETWORK |
-By Mohamad Shukry b. Mohd Radzi, Chitrakala Muthuveerappan, Norhaya Kamarudin and Izran Sarrazin Mohammad
Abstract
Property forecasting is an important component in the decision-making process for investors and governments in supporting asset allocation, formulating property funding strategies, and determining suitable policies. Multiple regression analysis has been accepted as the most commonly used technique for property forecasting. However, this technique has a limited ability to effectively deal with relations among variables, nonlinearity, and multicolinearity. A number of alternative techniques have been applied to improve the reliability of forecasting information, one of which is artificial neural network. This study applies this technique to forecast residential property prices in Malaysia. Unemployment rate, population size, mortgage rate, and household income were chosen as the independent variables while Housing Price Index (HPI) was chosen as the dependent variable. Quarterly time-series data from 2000 to 2009 were used for training and testing the ANN model. Subsequently, data for 2010 and 2011 were used to validate the model. Model validation has resulted in the mean absolute percentage error (MAPE) of 8% thereby suggesting a high level accuracy of ANN in its ability to learn, generalize, and converge time series data efficiently and to produce reliable forecasting information.
Keywords: house price index, artificial neural network (ANN), demand forecasting
FORECASTING HOUSE PRICE INDEX USING ARTIFICIAL NEURAL NETWORK
| Journal Volume 7, No 1, ISSN: 1832-8505 Date: Jun, 2012 |
| Title: HOUSING DEVELOPERS’ INITIATIVE IN SUPPORTING SUSTAINABLE HOUSING DEVELOPMENT IN ISKANDAR MALAYSIA |
-By Ainur Zaireen Zainudin, Maslinda Abd Latiff, Norhidayah Md Yunus, Nor’Aini Yusof, Megat Mohamed Ghazali Megat Abdul Rahman and Khadijah Hussin
Abstract
This paper attempts to discover private housing developers‟ initiatives in supporting the development of sustainable housing in Malaysia. A study has been conducted to identify the sustainable housing concepts in housing development, the location, type of house, and price. By utilizing the post-modern approach, this study examines the marketing brochures collected during the Malaysia Property Exhibition 2009 (MAPEX 2009). As many as 31 brochures were collected and analyzed using the content analysis approach. From the analysis, it is found that most developers build houses by applying sustainable urban housing concepts although without directly using the word “sustainable” in their marketing brochures. Secure house is the most prominent sustainable housing concept used by housing developers, mostly through the development of gated and guarded housing. The developments have been concentrated in Johor Bahru, and mostly in the form of double-storey houses with prices above RM 200,000. It shows that this concept is parallel to Iskandar Malaysia Sustainable Development Principle that is to provide safety and comfort to the communities. Although this study has several limitations, it is significant to provide a preliminary overview on the progress of sustainable housing in the study area.
Keywords: Sustainable housing, housing developers’ initiatives, marketing brochures.
HOUSING DEVELOPERS’ INITIATIVE IN SUPPORTING SUSTAINABLE HOUSING DEVELOPMENT IN ISKANDAR MALAYSIA
| Journal Volume 7, No 1, ISSN: 1832-8505 Date: Jun, 2012 |
| Title: SPATIOTEMPORAL AUTOREGRESSIVE MODELLING OF RESIDENTIAL PROPERTY PRICES |
-By Nurul Hana Adi Maimun, SuriatiniIsmail, Abdul Hamid Mar Iman
Abstract
The aim of this paper was to evaluate the capability of the spatiotemporal autoregressive (STAR) model in constructing house price index using Malaysian data. An improved method for constructing the Malaysian House Price Index (MHPI) was proposed by incorporating spatial and temporal information into model specification. STAR was specified based on the theoretical framework and compared with the OLS based on logical, statistical, diagnostic, and predictive performance. Comparisons were also made between the OLS and STAR indices at the aggregate and disaggregate levels. The findings suggest that the STAR model performed better than the OLS model.
Keywords: Spatiotemporal autoregressive model; ordinary least squares; hedonic; spatial statistics; house price index; Malaysian housing market
SPATIOTEMPORAL AUTOREGRESSIVE MODELLING OF RESIDENTIAL PROPERTY PRICES