Monday, 30 July 2012

Malaysia’s Smart Village – A global model for poverty alleviation


Rimbunan Kaseh, a ‘smart village’ aimed at addressing rural poverty while promoting sustainability and community has been launched at Kuala Lumpur’s northeast, according to a report by CNN.
The village, which is the result of a public/private partnership, can be used as a model for alleviating poverty around the globe, said its creators.
In addition to 100 houses, Rimbunan Kaseh features facilities for recreation, training and education. It also has a sustainable agricultural system, which offers supplementary income and a reliable food source to the residents.
A four-level aquaculture system grows algae and guppies, which in turn provides food for bigger fish such as protein-rich tilapia; while filtered water from the fish tanks are utilised for watering crops, flowers and trees.
“It is a complete loop; a modern farm – one that could even exist on the rooftop of a building,” said Tan Say Jim, Managing Director of IRIS Corporation Berhad, the firm that is spearheading the efforts for such village.

KLIFD to reshape Malaysia’s financial setting


Malaysia’s financial landscape will soon take a new shape, following the completion of the Kuala Lumpur International Financial District (KLIFD), a state-of-the-art infrastructure and technology project.
The KLIFD was one of the early Entry Point Projects (EPPs) under Malaysia’s Economic Transformation Programme (ETP), which intends to double Malaysia’s per capita income to RM48,000 in 2020.
The 28.3ha project involves a physical clustering of key international institutions and support services, and is expected to grow three times its current size by 2020.
The RM26 billion project also intends to support Greater KL to drive rapid growth in Kuala Lumpur while upgrading the liveability ranking of the city to the world’s top 20.
“We plan KLIFD to be a space like no other, and this is our forte as urban planners. Buildings can always be good, but we want to emphasise that this project will resolve itself in the public realm,” said Jorge Silvetti, Principal of Machado and Silvetti Associates.

Johor gets new township with GDV of RM3 billion


Crescendo Corp Bhd is set to unveil its Bandar Cemerlang township project, which sits on 1,390 acres of land in Johor and has a gross development value (GDV) of RM3 billion over 10 to 15 years.
“The township is strategically located near Ulu Tiram town and can be accessed via Johor Baru-Kota Tinggi Highway,” said Gooi Seong Lim, Managing Director at Crescendo Corp, in a report by The Star.
“We will start with some medium-cost houses in phase one and these will have a GDV of about RM150 million.”
Moreover, Crescendo enjoys a healthy demand for its Nusa Cemerlang Industrial Park (NCIP), given the Singapore government’s effort to move some of its medium and small industries to Johor.
“We have developed 30 percent of our NCIP land bank and hope to develop about 50 percent in the next couple of years,” he noted.

Saturday, 28 July 2012

Grand Hyatt Kuala Lumpur to open in August


Grand Hyatt Kuala Lumpur, the first five-star Hyatt Hotel in the capital, could open as early as this Hari Raya in August.
Currently, the 412-room hotel is taking bookings for stays starting 1 September 2012.
Robert Dallimore, General Manager at Grand Hyatt, said the fit-out and dry-runs of the hotel are under final touches and the developer is also awaiting the certification of completion and compliance.
The hotel is located in Jalan Pinang next to the Twin Towers and the Kuala Lumpur Convention Centre and targets the corporate and meeting, convention, incentive and exhibition crowd.
“Because of our location (tourist zone) there will also be the leisure market,” said Dallimore.

Public calls for re-decision on Sg Ara hillslope project


The state government of Penang should cancel the planning permission approval for the hillslope project in Sg Ara since the development could endanger the lives of the residents, said Teh Leong Meng, Chairman of the Local Government Bureau of Penang Gerakan.
According to a report by Bernama, the residents of Sg Ara are the first to challenge the state government’s decision in the Appeals Board hearing on 18 July.
The project poses a safety concern to the residents as it is located on a hill behind their homes. Aside from that, the residents are also worried of the legal expense that might be incurred should the case become a protracted court battle, noted Teh.

Rising KL property prices drive investors away: Axis REIT


Klang Valley’s property market is “saturated” and high land prices are pushing potential investors away into newer but cheaper areas, according to Axis Real Estate Investment Trust (REIT) Managers Bhd.
In Shah Alam, for instance, companies were disposing their land prior to moving out to other areas such as Nilai, noted Stewart LaBrooy, Chief Executive Officer and Executive Director of Axis REIT.
“The Klang Valley is now too expensive for a lot of investments (such as) in Shah Alam. Land prices for industrials in Shah Alam for recent transactions are now about RM120 psf compared with Petaling Jaya 10 years ago at RM90 psf,” he said.
“It is getting to a point where Shah Alam will not be able to have price points to support industries per se.”

Tuesday, 24 July 2012

Iskandar Malaysia bags RM10.67b new investments


Iskandar Malaysia clinched RM10.67 billion of new committed investments in the first half of 2012, according to a report by Bernama.
Datuk Ismail Ibrahim, Chief Executive Officer of Iskandar Regional Development Authority (IRDA), said that the region’s total cumulative committed investments from 2006 to June 2012 reached RM95.45 billion.
“Forty-three percent of the committed investments were already realised,” he noted, adding that “domestic investments constitute 62 percent (RM58.95 billion) of the total investments of RM95.45 billion, while the remaining 38 percent (RM36.50 billion) is from overseas.”
“Key investments to date are represented by Asia (42 percent), Europe (40 percent) and the Middle East (14 percent).”

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Prasarana to put up rail-and-property projects


Syarikat Prasarana Negara Bhd will get busy in the next 18 months as it prepares for a number of rail and property projects.
Aside from the team up with Naza TTDI group for the Taman Tun Dr Ismail project and the Crest Builder group for the Dangi Wangi project, Prasarana will also have other projects to work on with other developers.
The company is currently evaluating plans coming from six bidders for its 6.5 acres in the township of Ara Damansara.
“We are in the final stage of evaluation and will not be able to estimate the gross development value (GDV) of the project just yet,” said Datuk Shahril Mokhtar, Managing Director at Prasarana Group.



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Expert points out loopholes in security at malls


Security in malls can still be enhanced, according to Datuk Shaheen Mirza Habib, President of Security Services Association.
His statement follows a series of crimes committed within the vicinity of shopping malls in recent days.
He noted that the mall’s management still had “that apathetic attitude” towards ensuring security despite the increasing number of crimes committed within their establishment.
“I see this for myself when visiting some shopping malls,” he said.

Monday, 23 July 2012

Malaysia’s real estate remains a preferred investment choice


PETALING JAYA: Despite the overall gloom and doom in the global economy, a glut of condominiums and cooling measures by Bank Negara to deter speculation in the overall property market, the general observations on the ground indicate strong sales for certain segments of this market.
This underscores the fact that real estate continues to be a preferred investment choice in the current economic climate.
The latest report by Knight Frank Real estate highlights 1st half 2012 said there were five completions in the first six months of this year, bringing the total cumulative supply in Kuala Lumpur to 29,882 units.
Another five developments are expected to be completed in the second half this year. This will bring the cumulative supply to 31,163 units. These numbers cover the high-end condominium market priced RM500 per sq ft and above.

Weakening ringgit lures more S’poreans to buy M’sian property


Taking advantage of the weaker ringgit that declined 2.7 percent in the past year, more Singaporeans are buying properties in Malaysia.
Based on the figures from Malaysia Property Inc, an agency that promotes the country’s real estate abroad, showed that total transaction value of property had increased 28 percent from RM107.4 billion in 2010 to RM137.8 billion in 2011, of which two percent accounted for foreign investments.
Local agents have also increased their efforts to attract Singaporeans to invest in Malaysian property through heavy advertising, road trips and roadshows.
According to Propnex, Singaporeans have purchased around 50 units in the second quarter of the year, doubling purchases in the first quarter.

Perak’s property sector booming rapidly


Housing demand in Perak is growing and the state’s real estate industry is undergoing rapid development, particularly in Bagan Serai and Parit Buntar, according to Chief Minister Datuk Seri Dr Zambry Abdul Kadir.
“I would like to inform that land application in Parit Buntar has been exhausted, which means there is no more government land left for development following the high-level of development taking place,” he said in a report by Bernama.
To avoid a supply glut, he revealed that the state government will ensure that there is sufficient demand in every development.

Sunday, 22 July 2012

NBA legends grace launch of one-stop property centre


SwhengTee International Real Estate Investors recently launched a one-stop property centre dedicated to real estate agents and other professionals involved in the industry, according to a report by Business Times Malaysia.
Located at VSQ Corporate Tower 2 Petaling Jaya, the SwhengTee International Real Estate Exchange Centre will act as a venue for networking support among real estate professionals and is slated to commence operations in January 2013.
The centre will accommodate property investor clubs and industry professionals such as financial advisers, feng shui masters, interior designers, architects, lawyers, developers and valuers, along with property agents.

Why would billionaire Mark Zuckerberg need a loan?


Facebook founder Mark Zuckerberg (pictured) recently refinanced his Palo Alto home near the company’s headquarters with a 30-year 1.05 percent adjustable mortgage rate.
This has left many wondering why a billionaire such as himself, valued at around $15.6 billion (RM49.27 billion), would take out a loan for a US$5.95 million (RM18.79 million) house when he can buy it outright.
According to analysts, this is because US mortgage rates are at historical lows and Zuckerberg’s loan costs absolutely nothing.

Four states agree to provide land for low-cost houses: DPMM


Four states have responded to the request of the Malay Chamber of Commerce Malaysia (DPMM) for land, which will be used to develop affordable houses and apartments for the middle-income group.
According to Syed Ali Alatas, President of DPMM, all state governments were sent with the letter requesting for the land.
“I’m not going to disclose which states have given their response but one of them has suggested that we cooperate with the government agencies to build the middle-cost houses,” said Syed Ali.

Saturday, 21 July 2012

Lembaga Tabung Haji fund for prop acquisition at RM3.5b


Lembaga Tabung Haji (LTH), which is in the middle of finalising its first commercial property acquisition in London, still has RM3.5 billion cash to acquire more property.
Datuk Ismee Ismail, Group Managing Director/Chief Executive Officer of LTH, said only half of the RM7 billion fund has been used for the acquisition of real estate in Malaysia and overseas.
He said the RM7 billion fund accounted for 20 percent of LTH’S RM35 billion total fund.
“I think we are still under-invested. The investment in real estate has not touched RM7 billion. Our focus firstly will be on properties in Malaysia, which we have started doing that for the past three years,” Ismee said.
He added that the remaining fund may not be used up this year despite the availability of viable properties to acquire.

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Setia Haruman to put up more purpose-built buildings

Setia Haruman Sdn Bhd, the master developer of Cyberjaya, plans to focus on developing purpose-built buildings in order to generate recurring income.


Tan Sri Mustapha Kamal, Chairman at Setia Haruman, said purpose-built buildings, which are developed according to a tenant’s specific requirement, is considered a viable real estate investment fund (REIT) portfolio.

Mustapha said offices located in Cyberjaya are attractive for investors as they can reach between seven percent to eight percent yield. Average rental rates, including service charges, can also go up to about RM5.50 psf.

Gandini’s land to be used for green township


The proposed divestment of Gadini, a wholly-owned subsidiary of Malaysia Building Society’s (MBSB), to Ken Holdings Bhd is in line with the group’s effort to dispose foreclosed properties and non-income generating assets, according to OSK Research Sdn Bhd.
“The proposed sale is expected to result in a gain on disposal of some RM6.75 million, which will translate into an increase in its earnings per share by about 0.48 sen, based on our financial model,” noted the research house in a report by Bernama.
“Assuming MBSB decides to reward shareholders by paying out this gain in full as dividend, the stock’s gross dividend yield would increase from 5.5 percent to 5.7 percent, based on our projections.”

Stable office rentals in KL

KUALA LUMPUR: Rental rates for purpose-built offices in Kuala Lumpur were generally stable in the last three years, except for certain suburban and city centre areas which showed an upward trend, according to the 2011 Purpose Built Office Rent Index (PBO-RI) for Federal Territory of Kuala Lumpur.




“Looking at the data… the market is still good,” National Property Information Centre (Napic) director Dr Zailan Mohd Isa said at a pre-launch briefing of the 2011 PBO-RI which will be launched today.
The rent index has four regions, namely Kuala Lumpur City Centre-Golden Triangle (KLCC-GT), Centre Business District (CBD), within city centre (WCC) and suburban.
According to the rent index, average monthly rentals for purpose-built offices in the WCC region had increased gradually from RM2.92 per sq ft in the first quarter of 2009 to RM3.46 per sq ft in the fourth quarter of 2011.
This meant that average monthly office rentals in the WCC region had increased 18.5% over a three-year period.
It was also noted that average monthly office rentals in the suburban region had appreciated by 13.2% over a three-year period, rising from RM3.10 per sq ft in the first quarter of 2009 to RM3.51 per sq ft in the fourth quarter of 2011.

Medini to get RM2.6 billion condo project


Medini Iskandar Malaysia Sdn Bhd, a subsidiary of Iskandar Investment Bhd, collaborated with China’s Zhuoda Real Estate Group to develop 2,600 units of luxury condominiums in Medini, Johor, according to a report by Business Times Malaysia.
To be constructed in two phases, the condominiums have a gross development value of about RM2.6 billion and are set to be completed in five years.
Considered as Zhuoda’s first overseas venture, the project will be carried out by a joint-venture (JV) company known as Zhouyuan Iskandar Sdn Bhd, in which Medini Iskandar holds a 20 percent stake.

Residents cry foul over hillside Sg Ara development


The Penang Island Municipal Council (MPPP) is facing the ire of about 5,000 Desa Ria residents, following its approval to a new building development comprising 600 bungalow and condo units at the Sungai Ara hillside, according to The Malay Mail.
Representing the aggrieved residents, Manuel Nicholas said they were disappointed that the council approved the project by Sunway City Penang Sdn Bhd, “despite knowing that hill development is risky.”
Nicholas added that “the council has called this a ‘projek istimewa’ (special project). We wonder why.”
Sitting on an 80.9-acre site beside the water catchment area, the project will include 14 condominium blocks of five to 16 storeys, two clubhouses and 92 bungalow units
Nicholas cited that the hill “is almost 800 ft high.”

Wednesday, 18 July 2012

Harbour Mall opens in Sabah


Harbour Mall, predicted to be the next shopping haven in Sabah, opens with a large scale PC fair starting 16 July to 22 July.
Located in the central business district (CBD) of Sandakan, Harbour Mall is the first shopping mall fronting Sandakan Bay and is part of Sandakan Harbour Square urban renewal project with a GDV of approximately RM510 million.
Managed by Ireka Development Management Sdn Bhd, Sandakan Harbour Square is developed by ICSD Ventures Sdn Bhd along with joint venture partner Sandakan Municipal Council.

5,352 tenants bought property under government programmes


The Dewan Negara was informed that 5,352 tenants acquired houses under the Kuala Lumpur City Hall Public Housing (PA DBKL) and the People’s Housing Project-National Economic Action Council (PPR-MTEN) programmes.
Under these programmes, the government had permitted the sale of 44,146 flats to current tenants, said Datuk Raja Nong Chik Raja Zainal Abidin, Minister of Federal Territory and Urban Wellbeing.
“As at May, 37,133 flats have been offered to tenants under the programme(s). From the total offered, 11,823 tenants wished to continue renting,” he said in response to a query by Senator Datuk Syed Ibrahim Kader.
The minister also noted that 4,466 tenants accepted the special funding scheme offer as of 21 June.

Crime wave prompts security checklist for property agents


The Malaysian Institute of Estate Agents (MIEA) has formulated a list of safety measures for property agents, following incidents of heinous crimes against them, according to a media report.
In a report by The Star, Siva Shanker, Deputy President at MIEA, said the institute is concerned about the murder and robbery cases perpetrated against property agents by so-called buyers. The most recent of which is the murder of Tang Yong Ching, whose body was found at Damansara, Petaling last week.
This leaves MIEA with no choice but to implement safety measure even though it would involve more work for both clients and agents, he said.

Tuesday, 17 July 2012

Kedah government backtracks on housing policy?


Amid negative feedback, the state government of Kedah has agreed to review a provision under its proposed housing policy, which mandates developers to increase the quota of affordable homes from 30 percent to 60 percent.
Datuk Amiruddin Hamzah, Chairman of State Industry, Investment and Housing Committee, assured that he will discuss the proposal with the members of the Kedah Real Estate and Housing Developers’ Association (REHDA) before making a final decision.
He explained that the government did not intend to ignore the stakeholders to this issue, which include the developers and other vital non-governmental organisations.

Johor Baru’s Setia Sky 88, Malaysia’s tallest apartments


The 55-storey The Setia Sky 88, developed by SP Setia Bhd, is poised to be the tallest residential apartment in Johor Baru upon completion.
According to Ricky Yeo, General Manager of Setia City Development Sdn Bhd, the three-tower iconic building at Jalan Abdullah Tahir will be completed in four years.
“The Setia Sky 88 will be an iconic building in Johor Baru. It is time for Johor Baru to have an iconic building, it will be a gateway to Iskandar Malaysia,” he said, adding that “there will be no retail lots in this project as SP Setia wants the luxury service apartment to be very exclusive to its residents.”

Gombak land office still checking settlers’ legitimacy


Due to the large number of people involved, the Gombak Land office is still checking the documents of residents entitled to a house under the Bukit Botak resettlement scheme.
Jurasmadi Pauzi, Assistant District Officer (Gombak district), revealed that 1,406 names were listed in the scheme, of which 687 lots were drawn for Phase One and 394 in Phase Two.
“We are still checking the documents to verify their legitimacy,” he said in a report by Star Property.
“There are some settlers who have land titles but they are not the original settlers who had stayed here.”

Monday, 16 July 2012

Intensify promotion of Bumi units: MMC


Developers struggling to sell their Bumiputera units should try using promotions and property exhibitions to attract buyers, before asking for a release mechanism on the unsold units, according to Shikin Taib, Managing Director of MMC Sdn Bhd.
“They should advertise in Malay and English newspapers and embark on other promotion measures. If not, they would be stuck and there will be property overhang,” said Shikin in a report by Business Times Malaysia.
Based on a research conducted by the Real Estate and Housing Developers Association Malaysia (REHDA), Bumiputera allocation is the top cause of property overhang. Moreover, developers are complaining that unsold Bumiputera units are reducing their profit margin.

Developers to launch RM6.5b projects in Penang


Amid economic uncertainties, Penang- and Kuala Lumpur-based developers will roll out RM6.463 billion of residential and commercial properties in the second half of this year and in 2013.
Developers planning to have new housing projects in Penang include Mah Sing Group Bhd (RM180 million), IJM Land Bhd (RM608 million GDV), SP Setia Bhd (RM2.563 billion GDV), Ideal Property Development Sdn Bhd (RM1.1 billion GDV), Sunway Bhd (RM385 million GDV) and Ivory Properties Group Bhd (RM1.6 billion GDV).
The residential-cum-commercial neighbourhoods, such as Sungai Ara, Sungai Nibong, Teluk Kumbar, Bukit Jambul and Batu Maung continue to be suitable locations for developers.
All properties in Batu Maung and Bukit Jambul, except Sunway Cassia and IJM’s Trehaus will comprise high-rise projects.

PHB increases assets through new property acquistions

Pelaburan Hartanah Bhd (PHB) has increased its total asset values to about RM1.5 billion, following its acquisition of two retail buildings, two levels of basement carparks and three office buildings in Peremba Square in Shah Alam.



PHB said it has entered into a sale and purchase agreement (SPA) with Axaregal Sdn Bhd to acquire the assets in Peremba Square.
It added that 90 percent of the office blocks were currently occupied by local and international companies. The agreement gives PHB the right to own 85 percent of Peremba Square (Block A, B, D, E, F and G) except Block C which is owned by another entity.

Saturday, 14 July 2012

Sime Darby Property notches RM800m in gross sales


Following the launch of its campaign in early April, Sime Darby Property Lifestyle Collection has raked in a total gross sales value of almost RM800 million.
The sales growth was attributed mainly to strong take-up for commercial and residential properties across 10 known townships in Negeri Sembilan, Nilai and the Klang Valley.
As the campaign was set to close on 17 June, about 700 units of properties were sold.

Best Western opens first luxury hotel in Kuala Lumpur


The world’s largest hotel chain, Best Western International (BWI) has officially launched BEST WESTERN PREMIER Dua Sentral, its first hotel in Kuala Lumpur.
The luxury hotel marks the debut of the BEST WESTERN PREMIER brand in Malaysia and serves as the flagship hotel of Best Western in the country.
“We are delighted to open this stunning new hotel and introduce our BEST WESTERN PREMIER brand to Malaysia,” said Glenn de Souza, Vice President International Operations, Asia & the Middle East at Best Western International.
Featuring 364 rooms, the hotel is located in KL Sentral and enjoys proximity to the Kuala Lumpur International Airport as well as shopping and entertainment districts.

The Elements @ Ampang: A taste of true luxury


The Elements @ Ampang, developed by Land & General Berhad, promises premier living that is second to none, offering in-house facilities, plus a modern lifestyle amid lush surroundings.
Strategically located off Jalan Ampang, Kuala Lumpur The Elements comprises two towers featuring 520 units of service apartments each, with built up area ranging between 520 sq ft and 1,570 sq ft.
The service apartments are conveniently located near hospitals such as the Gleneagles Intan Medical Centre, Ampang Puteri Specialist Centre and Prince Court Medical Centre. It is also a short distance from educational institutions including International School of Kuala Lumpur, Mutiara International School and Sayfol international School.

Wednesday, 11 July 2012

Gamuda Land to build RM600m mixed project in Kelana Jaya


Gamuda Land Sdn Bhd, the property division of Gamuda Bhd, bought a 4.86-acre freehold land in Kelana Jaya for RM95 million, which it plans to develop into a RM600 million mixed project comprising retail and office suites.
“The average selling price for the residential component is RM750 psf while the retail shops are estimated at an average selling price of RM800 psf,” said Chow Chee Wah, Managing Director at Gamuda Land.
“The planning and content of this development is anticipated to be revealed in early 2014.”

Klang to be adorned with new landmark


Port Klang Authority (PKA) has entered into a joint venture (JV) agreement with Lagenda Erajuta Sdn Bhd to develop a new landmark at Klang – the RM500 million 1Gateway project.
Sited on 6.47ha land at Taman Datuk Abdul Hamid, the commercial project is expected to be completed in five years and will comprise office towers, Cineplex, a shopping mall and two internationally branded hotels.
“Once completed, it will be a landmark in Klang,” said Datuk Dr Teh Kim Poo, Chairman of Port Klang Authority. He added that the JV agreement sees Lagenda Erajuta paying PKA at least RM45 million for the land cost.

E&O to launch second Andaman tower in August


Premier lifestyle property developer Eastern & Oriental Berhad (E&O) is set to launch the second tower of the Andaman at Quayside condominiums in Seri Tanjung Pinang in August, following the positive buyer response for its first tower.
“The response to the first tower of Andaman has been highly encouraging. Since we launched in February, the take up has passed the 70 percent mark and based on this positive response, we are ready to release the second tower,” said Christina Lau, Head of Sales & Marketing for Penang, E&O.
“We are confident that the appeal of the exceptional views offered by Andaman will continue to be a strong draw for the second tower,” she added.

Tuesday, 10 July 2012

Works at Lido Boulevard set to start this week


Mitigation works are set to start this week for the multi-billion ringgit beachfront project Lido Boulevard.
The integrated commercial waterfront and residential development overlooking the Strait of Johor, is nestled over a of 2.4 km area along the Tebrau Strait coastal line. The development starts right after Lot One, the abandoned JB Waterfront City, and ends just before the Marine Department.
“We had to have a complete revamp after the whole incident. We took a bit more time to be more careful,” said Khoo Boo Teng, Chief Executive Officer of Central Malaysian Properties Sdn Bhd (CMP).

UOA Development sells building to Lembaga Tabung Haji


UOA Development Bhd, through its wholly-owned unit Lencana Harapan Sdn Bhd, has proposed to sell a 13-storey boutique office building to Lembaga Tabung Haji (Malaysian Hajj pilgrims fund board) for RM102.2 million.
The one year old structure located at – Tower 6 Avenue 5, Horizon Phase 2, Bangsar South, and Kuala Lumpur – comes with a gross floor area of 146,000 sq ft and a purchase price of around RM700 psf.
“The current book value is RM75 million. The proposed disposal is expected to generate an estimated gain on disposal of approximately RM20.86 million,” said UOA, adding that Lembaga Tabung Haji has accepted the proposed sale.

State government to address housing problem in Sabah


Given that some Sabah residents still cannot afford to own houses, the state government is looking at ways to address housing problems in the state.
According to Chief Minister Datuk Seri Musa Aman, the state government would find suitable sites for the people’s housing needs and would seek help from the National Housing Department.
“I have been told that Sabah will get an allocation under the 1Malaysia People’s Housing Scheme (PR1MA). What is important is to find good locations to develop the scheme,” said Musa.

Malaysia – Marvelane To Launch RM 77 million Commercial Project In KL

The Marvelane Square retail-cum-office development is slated to revive the Jalan Meru precinct, which developer Marvelane Sdn Bhd believes is suitable for more vibrant commercial properties.



A new development project with an estimated gross development value of RM 77 million is set to revive the Jalan Meru precinct.
Developer Marvelane Sdn Bhd said that its Marvelane Square project will give a facelift to the current commercial offerings that can be found in the area.
Managing director Ong Choon Hock said, “Marvelane Square challenges the perception that Klang is only suitable for shoplots, thus there is a need for a more vibrant, accessible and well-developed commercial properties.”
The project is currently under construction and is slated to be completed in 2013. Marvelane Square is a mixed office-cum-retail project that will offer 22 units of semi-detached and bungalow lots spread over a 2.99 ha plot. The units will be sold under freehold terms.

Government measures established to curb home prices


The government has established various control measures to ensure that the increase in home prices is reasonable and has little effect on the people, according to Housing and Local Government Minister Datuk Chor Chee Heung.
One of the measures implemented to restrain speculation is increasing property gains tax on homes sold off within two years from five percent to 10 percent, said Chor in a report by Bernama.
Chor noted that Bank Negara Malaysia has also set a loanceiling of 70 percent for third home purchase, hence borrowers must get the 30 percent on their own.
Senator Mohd Khalid Ahmad also asked Chor about the measures implemented by the ministry to monitor the rising prices of houses and if it will introduce legislation to curb it.

Seminar on safety tips for agents planned: MIEA


The Malaysian Institute of Estate Agents (MIEA) is in talks of organising a seminar intended to provide members with personal safety lessons following several attacks against real estate agents.
“We will also invite real estate agents and stakeholders from other bodies to attend,” said Siva Shanker, Deputy President of MIEA.
The seminar will be conducted following the disappearance of 45-year-old Tang Yong Ching last Thursday. Tang was last seen at 3pm when he left his house in Ara Damansara to meet a client.
His wife, 42-year-old Ng Mooi Ning, reported at the Kelana Jaya police station and sought help to the online community to look for her husband.

Sunday, 8 July 2012

Pr1ma Homes Cannot be Sold to Open Market


There is a good chance that owners of 1Malaysia Housing Programme (Pr1ma) homes will not be allowed to resell their houses at market price even after the 10-year moratorium period, according to a report by Star Property.
Prof Datuk Dr Kamarul Rashdan Salleh, Managing Director at Syarikat Perumahan Negara Bhd (SPNB), said the government may buy back the houses if homeowners decide to sell them after the 10th year.
“They (owners) cannot sell it in the open market. I think the government will enforce that,” he said after the ‘Affordable Housing: A Fact or Fiction?’ panel discussion during the Third Annual Affordable Housing Projects conference.
Quote from PropertyGuru News 9 July 2012

Prices of Affordable Housing to Follow Market Trends: Devamany


Even government-based projects with houses categorised as ‘affordable’ should follow the present market price, according to Datuk S.K. Devamany, Deputy Minister in the Prime Minister’s Department.
A report by the Malay Mail quoted Devamany as saying, “This pricing is standard nationwide nowadays. Property prices will go up in time. It will have to follow the current property market evaluation.”
For example, the price of a two-bathroom and three-bedroom apartment ranging from 800 sq ft to 1,400 sq ft, which costs between RM150,000 and RM350,000, will appreciate in time.
He also noted that prior to starting a housing project, they need to consider four important factors affecting property prices namely shortage of prime land, rising construction cost, urban migration and the property’s earning power.
Quote from PropertyGuru News 9 July 2012

Section 13 in Petaling Jaya set for Transformation


Section 13 in Petaling Jaya is set to be transformed into a new business park, said a recent report from The Star.
According to an unnamed town planner, current environment can no longer sustain the manufacturing sector in that 260-acre industrial and residential area.
“There are labour issues, traffic involving large trucks all of which are having a negative impact on the surrounding lots.”
While it was not possible to have shophouses in Section 13, the town planner also noted that there is no need for another town centre within the area given the commercial areas of Section 14.

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Quote from PropertyGuru News 9 July 2012

Saturday, 7 July 2012

Out of necessity in the Klang Valley


THE redevelopment and regeneration of huge swathes of Kuala Lumpur and other parts of the Klang Valley is taking on a fresh fervour with new residential and commercial projects set to juxtapose with the existing city skyline and landscape.
The upcoming regeneration projects that will change the skyline and landscape of the Klang Valley include that of the new Kuala Lumpur International Financial District (KLIFD) at the old government quarters at Jalan Tun Razak; Bandar Malaysia at the former Royal Malaysia Air Force site in Sungai Besi; Warisan Merdeka in Stadium Merdeka and Stadium Negara; and the redevelopment of Pudu Jail.
There are also the planned redevelopment of the Pekeliling Flats at Jalan Tun Razak and the former Wisma Angkasa Raya building in Jalan Ampang.
In the Klang Valley, the development of the 3,300 acres of the Rubber Research Institute land in Sungei Buloh has also hyped up much interest among industry players.
Quote from The Star Biz 7 July 2012

Hua Yang Bullish on Earnings Growth


PROPERTY developer Hua Yang Bhd is looking forward to another year of impressive sales and earnings growth, says group chief financial officer May Chan.
The group, which is known for developing residential properties in the affordable segment, will also be celebrating the 10th anniversary of its listing on Bursa Malaysia this November.
It plans to launch projects with a combined gross development value (GDV) of RM815mil for its current financial year ending March 31, 2013 (FY2013).

Chan says this will more than double the RM400mil GDV of properties launched by Hua Yang in its previous financial year.
The bulk of Hua Yang’s sales in FY2013 will be from its Klang Valley developments, namely Phase 4 of One South in Seri Kembangan (GDV of RM200mil) as well as new leasehold service apartments in Shah Alam (GDV of RM175mil) and Desa Pandan (GDV of RM160mil).
Quote from The Star Biz 7 July 2012

PJ Section 13 Gets a New Facelift


SECTION 13 in Petaling Jaya is probably one of the most recent examples of urban renewal. The 260 acres bordered by Section 14, Section 12 and Section 17 started out as an industrial area in 1960s and 1970s. At that time, some parts of Section 17 were rubber plantations and the setting up of factories there seem to be a good idea. The population around Section 13 was scarce and there was an abundance of land.
Growth, progress and development of residential properties soon resulted in communities forming around the residential areas of Section 13.
Today, there are plans to turn it into a business park.
A town planner who declined to be quoted says current environment can no longer sustain the manufacturing sector in that area.
Quote from The Star Biz 7 July 2012

Friday, 6 July 2012

The Pros and Cons of Redeveloping Used Land


SOME call it urban renewal, others prefer to call it regeneration. Yet there are those who prefer a less politically charged term like transformation. By whatever name it is called, each of these involve changes to land use.
The last several years, the Government announced several mega projects which involve some form of change in the use of land. There is the Sungei Besi Airport, which involves the conversion of an airport and its surrounding land into a mixed commercial project where hotels, service apartments and retail commercial space will be incorporated. In the case of the Sungai Buloh Rubber Research Institute, that involves the change of agricultural land to commercial use.
While both involve changes of considerable degree, the first is a redevelopement, while the second is development. The dropping of the “re” carries huge connotation. In the case of development, the landowner has the mandate to plan what he wants out of that piece of land. He can carve it out how he pleases, in whatever shapes and sizes. He can allocate different purposes for each of the parcels he has carved out and can plan the timeline for each of the parcel and why the development of one should precede another, a developer in Section 13 says.

Quote from The Star Biz 7 July 2012