HCK Capital Group has appointed Mr. Yee Tuck Sing as the Executive Director, Property division, taking full charge of the business management and operations of the Group’s properties and related businesses.
Given the responsibility to develop and expand the property division, Mr. Yee sets about refining the course for the division with the following goals and missions:
- Establishing HCK Capital Group as a boutique property developer in the market whereby the main focus is in the middle and upper market range developments.
- Emphasising in modern concept with unique end-user experience.
- Commitment to innovation in order to establish new benchmark for quality and standards.
- Delivering the best in customer service as The HCK Total Experience.
With regard to the recent changes announced in Budget 2014 on Real Property Gain Tax (RPGT) and Developer Interest Bearing Scheme (DIBS), Mr. Yee opined that the increase in RPGT and the removal of DIBS will have some impact on secondary property market but will have minimum impact on new launches. Mr. Yee thinks that this will curb speculation in the housing market and will likely to promote a more healthy and sustainable property market in the long run. However Mr. Yee still see the property market being slightly affected in the short-term but in the long term the market will stabilise.
“In this current environment, there will be only genuine home buyers and genuine investors. There will be no reduction in the loan to value (LTV) ratio and no rise in stamp duties which is good news for property buyers”, Yee said.
Mr. Yee also reiterated that the changes to RPGT and DIBS will have no impact on HCK Capital Group. This is because the Group has an attractive investment plan for some of its properties, PEP Invest which provides a 3+3+3 years package with a minimum 6% per annum of guaranteed rental returns that benefits the buyer.
According to Mr. Yee, the increase of the threshold for foreign buyers to RM1 million will have minimum impact on the Group as foreign buyers constitute only about 8% of the Groups units.
About Mr. Yee Tuck Sing
Prior to joining HCK Capital Group to head the Property Division, Mr. Yee Tuck Sing served as the Project Director and Chief Operating Officer of Encorp Berhad Group of Companies. He has a wealth of experience in the areas of property development, construction management, business development, strategic planning and building materials procurement. He was previously attached to Sino Land Company in Hong Kong and was also Director of Chin Foh Berhad. Mr. Yee holds an honours degree in Engineering Production from The Birmingham University, England.
Mr. Yee Tuck Sing, Executive Director of HCK Capital Group’s Property Division