Whole-Unit, Long-Term Rental Management in Penang

MyLoft provides whole-unit, long-term residential rental management for property owners in selected Penang Island areas. It is not a room-rental or short-stay management service — those are handled by our sister brands.

MyLoft is operated as MYLOFT MANAGEMENT, SSM Registration No. 202503059765 (003705386-D). It is co-founded and owned by Harry Ooi Dun Yi and Tan Li Ming, who holds a BEng Civil Engineering. That degree is not presented as a property-management or estate-agency licence.

The ongoing management fee is 10% of rent actually collected. If rent is not collected, there is no percentage-based management fee on that uncollected rent. The fee applies to rent MyLoft collects while it continues managing the tenancy under the agreement.

No. There is no separate agent or tenant-placement fee, and no separate advertising, photography or listing charge under the current MyLoft offer. There is also no separate renewal or replacement-tenant charge. The ongoing 10% management fee still applies.

A RM250 documentation fee applies and is borne by the owner. Stamping fees are additional if required and are also borne by the owner; the amount depends on the document and circumstances. Repairs, furnishing, preparation and other applicable property expenses are separate from the 10% management fee.

No. We target tenant placement within 30 days after the property is rent-ready, access is available, the asking rent is approved, required listing information is complete and active marketing begins. Actual timing depends on asking rent, condition, location, demand, viewing access, furnishing, tenant suitability and owner decisions.

Tenant security deposits are held and administered by MyLoft Management according to the applicable tenancy agreement. The refundable balance is returned within 14 days after move-out, subject to inspection, return of keys and access devices, and final reconciliation.

MyLoft’s full-time finance administration team follows up rental payments and relevant tenant bills. Outstanding rent or tenant bills may be deducted from the deposit where permitted. If the deposit is insufficient, the remaining treatment follows the tenancy and management agreements. MyLoft does not guarantee or advance unpaid amounts.

Statements are prepared and payouts processed at month-end. Relevant rent collected, expenses, deductions, outstanding payments and late collections should be itemised. Payout amounts depend on rent actually collected and completion of the monthly reconciliation.

MyLoft may coordinate repairs costing up to and including RM500 per incident without prior owner approval; repairs above RM500 require prior approval. Costs remain separate. Move-in and move-out condition checks are coordinated, while other inspections follow the agreed property scope.

Available appointment periods range from six months to two years and the standard termination notice is three months. If MyLoft continues managing an active tenancy and collecting rent after notice, the 10% fee continues during that period. Final handover follows the signed agreement and active-tenancy status.

Yes. Vacant whole units are a common starting point. We review the unit’s condition and readiness, then coordinate preparation, marketing and the tenant search within the agreed scope.

Yes. We can discuss support with rent collection, tenant communication and ongoing property matters. Taking over an existing tenancy depends on reviewing the current tenancy and management arrangements first.

Yes. MyLoft is a local Penang Island team that coordinates rental matters on behalf of owners who live elsewhere. Share your property location and situation and we will confirm whether we can assist.

We review your details, contact you using your preferred method, learn more about the property and discuss the next appropriate step. There is no obligation to proceed.

No. Tenant demand, rental level and timing depend on the property, condition and current market. We assess the unit and discuss a practical approach without promising an outcome.