D' REAM

THE REAL ESTATE AGENT MAGAZINE

YOUR MONTHLY NEWS UPDATE @ JANUARY 2022
A publication of the

Malaysian Institute of Estate Agents

For Internal Circulation of Members Only

Message From
The President
HAPPY NEW YEAR 2022!
On behalf of the Board of Directors, I would
like to extend the best of wishes to all our
members as we enter into the new year
2022. Reflecting on Year 2021, we endured
and survived one of the longest lockdowns
for the sector being unable to operate from
June to August 2021 which affected the real
estate sector substantially.

Given all odds, a select of our members have

shown great resilience in their business and
PRESIDENT CHAN AI CHENG
able to not only survive but thrive! Indeed
these are role models for other members as
we journey through these challenging times.
Ai Cheng
Indicators are pointing towards a hopeful
year 2022 for the real estate sector as the
economy reactivates and stabilises.

Start the year with a resolve, a goal and a

plan and there is never a better time than
now to get started.

Make 2022 your best year yet!

 January 1/2022

MANIFESTO [2021 - 2023]

2
 January 1/2022

Contents
04 MIEA IN THE
NEWS
MIEA urges the public to use only
registered persons in real estate
services
Flood
Rental Market

12 MEMBERSHIP
BENEFITS
Exclusive Membership Benefits
Collaboration With Samsung

16 BOVAEP
UPDATES
CDP For REN Tag Renewal 2023 has
commenced

20
SURVEY
FINDINGS
MIEA conducted a survey amongst
members on their views on how the
Budget 2022 will affect the property
market for 2022.
3
 January 1/2022
MIEA Speaks To Media
On Engaging Registered Estate
Agents, PEAs and RENs
Tuesday, 4 January 2022

MIEA was invited by Datuk Seri Michael

Chong for a Press Conference to promote the
engagement of the services of Estate Agents
as an additional protection point for
Landlords. In compliance with AMLA under
BNM, all agents are to conduct Customer Due
Diligence (CDD) and that way offer more
information to the Landlords of the Potential
Tenant who will be occupying their premises.

MIEA was represented by President Chan Ai

Cheng, Secretary General Evon Heng and
President Elect Tan Kian Aun.

In addition to this, Real Estate Agencies with

the amendment to ACT 242, has expanded
their scope of services to include Tenancy
Administration. This is an add on service that
Landlords can opt for where regular visits by
the agent to the premises will help nip the
issue in the bud.

The Media however picked up the plight of the

victims in this case of TNB bills with only a
small highlight on the use of registered agents
as another layer of protection.

4
 January 1/2022

Public Is Advised To Engage The

Services Of Registered Agents Only

TV Coverage on 8TV

5
 January 1/2022

MIEA IN THE NEWS : MIEA IN THE NEWS :

RENTAL MARKET FLOOD

President Chan Ai Cheng on Live Radio

Interview on BFM 89.9 on Friday, 14 January
2022 @ 7.15am on the Rental Market

6
 January 1/2022

MIEA IN THE NEWS : MIEA IN THE NEWS :

RISING COST NREA

OTHER HAPPENINGS

Monday, 24 January 2022

MIEA CEO PP K Soma Sundram was

invited alongside Munirah Mohammad in a
panel with host Low Tung at the CID
Realtors FB Live training on "How To
Avoid Undercut In Property Transactions?"
7
January 1/2022
 January 1/2022

Who Is Who At The Helm Of MIEA (2021-2023)

Name: Selvem Durasamy

Title: Board of Director, MIEA
Portfolio: Chairman MIEAMLS Sub-Sale
Career : Principal Realtor, Richland Properties

Qualification
Registered Real Estate Agent (E1745)
Degree in Business Administration
Diploma in Estate Management (BOVAEP)

Contribution to MIEA
BOD, MIEA since 2019 till to date MIEA
Organizing Chairman MAREC 2020-2021
MIEA EAPC committee member
Chairman MIEAMLS Sub-Sale
NCC Trainer

Hobbies
Mountain Hiker – climbed Mount Kinabalu twice in
2012 & 2016
Travelling

Selvem Durasamy
MIEA Director

9

BOARD OF DIRECTORS UPDATE
MIEA BUDGET 2022
Friday, 7 January 2022
The Board of Directors (BODs) started the year with a
MIEA Budget 2022 Discussion Day. Preparing the
Budget for the Institute is no small task and it goes
through a rigorous process as plans for the year must be
discussed and deliberated before a budget can follow.
The process is similar at the branches where branch
committee headed by their respective Chairmans plan
and propose the budget for finalisation at the BOD
meeting before presentation at the Annual General
Meeting (AGM).
The first draft plan and proposal starts in Q4 of the year
before finalisation in Q1 of the following year.
Now that's a dashing group of MIEA Board of Directors [2021-2023]
January 1/2022
BOD Meeting 1/22
Saturday, 15 January 2022
MIEA BOD meet once a month for
the committees to present their plans
& progress and to seek for the BODs
approval on programmes that the
committees proposed. BOD
meetings can take all day depending
on the matters that require
deliberation before endorsements,
although in recent months, meetings
are on average 4 hours in length
only. This is to ensure minds are
actively engaged and time is use
effectively.
10
 January 1/2022

BOARD OF
DIRECTORS
UPDATE

MIEA BOD Get

Together For Loh
Sang
Thursday, 27 January 2022

This is the first get together

physically of the BOD for a
luncheon with Loh Sang to usher in
the Year of the Tiger in all its
roarness! The wishes as the dish
was tossed by the BODs is for the
Growth of the Institute, for Unity,
for Progress, for Relevance and
Good Health & Success.

Ever wondered what

Loh Sang means?
Check this out. Extract from
johorkaki.blogspot.com

11
 January 1/2022

EXCLUSIVE MEMBERSHIP BENEFITS

COLLABORATION WITH SAMSUNG

MIEA is proud to announce our collaboration with

Samsung Electronics, a multinational electronics and
information technology company headquartered in
Suwon and the flagship company of the Samsung
Group.

Every active member will be entitled to the Discounts

offered on a range of products which includes
handphones (including Galaxy Z Fold3 5G and Galaxy
Z Flip3 5G!), kitchen appliances, home entertainment
to name a few.

The discount is available through their online store

only. Please click the link below to create an account if
you are not a Samsung phone user. Then you may
CLICK HERE TO REGISTER redeem the discount using your membership number.

12
January 1/2022
 January 1/2022

ARENA UPDATES

ASEAN REAL ESTATE

NETWORK ALLIANCE
(ARENA) Council of
Presidents (COP) Meeting
Saturday, 22 January 2022 @ 3pm

MIEA is a Member of the ASEAN Real Estate

Network Alliance (ARENA) since 2012. The
Council of Presidents comprises of Presidents
of the member real estate associations across
ASEAN, the Chairman being the President of
the Association hosting the ARENA
Convention & Expo (ACE) in the year.

The last ARENA COP meeting was held on 25

April 2020 via zoom in light of the pandemic.

Stay tuned. More networking updates to

follow.

OBJECTIVES OF ARENA
To establish a framework and strategic alliance for cooperation & network among the associations and its
members
To facilitate and establish cross border business networking environment and platform
To promote friendship and fellowship among its real estate practitioners
To meet on a regular basis to plan, discuss & promote its objectives
To have a common ARENA platform for real estate practice
To organize trade missions and promote the exchange of listings amongst members of cooperating associations
To engage with the governments of the ASEAN member countries to recognize and support the initiatives of
ARENA 14
 January 1/2022

Register Now
WWW.MIEA.COM.MY/NCC
 January 1/2022

BOVAEP UPDATES : REN TAG RENEWAL 2023

CDP For REN Tag Renewal 2023 has commenced

2 CDP Classes were organised by BOVAEP in January 2022. We encourage all RENs to not wait
till the last minute and to make plans to attend the CDP classes as early as possible.

Do check the circulars online for latest classes at :

https://lppeh.gov.my/WP2016/latest-news/

16
 January 1/2022

STATUTORY COMPLIANCE

Deferment of the
implementation of 2%
Withholding Tax on Payment or
Commission Made To Agent
Wednesday, 12 January 2022

To ensure that companies are well prepared and given

proper notice to their agents, distributors and/or dealers,
the Inland Revenue Board of Malaysia (IRBM) has
postpone the implementation of the tax deduction
remittance under Section 107D of ITA 1967 until 31
March, 2022.

The payee company is allowed to remit the 2% tax

deduction on cash payments paid to agents, distributors,
or dealers for January to March 2022 in April 2022,
without any penalty.

BOVAEP UPDATES : REN TAG RENEWAL 2022

https://lppeh.gov.my/WP2016/notification-ren-tag-
renewal-2022/ 17
 January 1/2022

BUSINESS DEVELOPMENT : MIEA MLS PROJECT

Project Briefing : 11 January 2022

MIEA MLS Project Kickstarted in Q4 2021 under a new portfolio headed by MIEA BOD Aldrin Tan. It
started out with an exclusive project secured by Esprit Real Estate being the Lead Agent located in Shah
Alam. A small group of members from 4 real estate firms participated in this working collaboration which
has resulted in viewings, presentations and closing.

Moving into 2022, opportunity is now open to all members of a premier industrial and logistics hub
project in Selangor. The Lead Agent is one of 2 firms appointed to market this project. Opportunity is
now opened to all members via your firms to collaborate towards successful sale.

As in all things, the important thing is to "Get Involved".

Under the MIEA MLS Programme, training and marketing support* is provided!

Should you be keen to tap into the new projects market or perhaps you have a project you wish to
collaborate with other firms to boost sales, get in touch with us. Lets see how together we can make
great things happen in 2022.

REN NETWORK

REN Network Committee had their first get together for the Year 2022 and what better way than over
some 'makan'. The committee met up on Wed, 19 Jan 2022 at OMG Free Reno Showroom for a
presentation on an attractive Renovation & Furnishing Solution for Property Owners. More HOT
updates on this to follow. 18
 January 1/2022

SURVEY FINDINGS : PRACTISIONERS & BUDGET 2022

MIEA conducted a survey amongst members on their views on how the Budget 2022 will affect the
property market for 2022. Here's the findings :

Real Properties Gains Tax

Real Property Gains Tax (RPGT) will not be applied for properties sold after sixth year from 1st
January 2022 applicable for individual citizens, permanent residents and persons other than
companies.

Do you foresee more listings coming into the

SubSale market?

Will vendors reduce the selling

price if they acquired the
properties more than 6 years ago?

Will there be any impact on New

Project Launches?

Do you expect the volume of sale

transactions to increase?

20
 January 1/2022

SURVEY FINDINGS : PRACTISIONERS & BUDGET 2022

Given the RPGT exemption

introduced in 2021 for 3
residential properties,
what was the effect on
sales on your business?

Based on your knowledge, will owners holding

their properties for more than 6 years rush to
sell to see profits?

Is 6 years too long to hold, if not, what

year should tax exempt be given?

Do you think this tax exempt

will spur the real estate
market?

Interesting Findings?
CATCH PART 2 IN D'REAM FEBRUARY 2022 EDITION
21
 HAPPY CHINESE
NEW YEAR!
TH E R
E YE G
AR OF TI

Wishing All Our Members

A Roaring Year 2022