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IOI Properties Bhd is aiming to start construction of an office development with an estimated gross development value of at least S$3.5 billion (RM11 billion) at its newly acquired site in Central Boulevard, Singapore by the end of 2017. The development will have a built up area of approximately 1.5 million sq. ft. In November…

Aspen Vision City Sdn Bhd is set to soft launch the second phase of its commercial component, the Vittoria Financial Centre, at Aspen Vision City in Bandar Cassia, Batu Kawan in Penang on March 18, 2017. Vittoria Financial Centre sits on a 5.81 acre freehold site with a gross development value of RM237.6 million. It…

The state government has increased the minimum price for foreign purchases of landed properties on Penang island from RM2 million to RM3 million. The State Housing Committee said the increase was to protect the interest of locals due to the depreciation of the ringgit. “The state government feels that the serious depreciation of the ringgit…

The validity of the letter of award to the Gamuda Bhd-led consortium chosen as project delivery partner for the RM46 billion Penang Transport Master Plan has been extended to August 31, 2017. This is the second extension of the LOA by the Penang government after the previous one, expired on February 28, 2017. Gamuda holds…

Sunway Property, will be targeting young entrepreneurs and new start-ups for the GRID Collection at Sunway Iskandar, Johor. The mixed development planned for launch in June 2017 comprises 41 retail units, 74 office units and 501 apartments with a total gross development value of RM376 million. Sitting on a 5.11-acre plot, the GRID Collection is…

United Malayan Bhd subsidiary UMLand J-Biotech Park Sdn Bhd (UJP) has signed an initial deal with two parties to promote Johor Halal Park. UJP signed a memorandum of understanding with Cosmetic & Perfumery Association of Hong Kong Ltd and Persatuan Anggun Menawan Malaysia to bring in potential investors from Hong Kong, Macau and China to…

Forest City, in Iskandar Malaysia, Johor, is going global as owner Country Garden Holdings Co Ltd switches strategy to expand its sales reach. Country Garden, China’s third largest developer (by sales) plans to set up showrooms in the Middle East, India, Vietnam, Thailand and Japan to promote the project. The developer reportedly sold around 18…

Kuala Lumpur has been ranked the second best city in South-East Asia in Mercer’s 2017 Quality of Living rankings, with Johor Baru in third place. The annual survey by consulting firm Mercer, used by multinational companies to design expatriate packages, ranked Kuala Lumpur as second for the city with the best quality of life in…

Changes in the Solicitors’ Remuneration Order is good for buyers of second-hand homes and commercial units as the sale of these properties, which do not fall under the Housing Development (Control and Licensing) Act, can receive up to 25% discount on conveyancing fees according to their lawyers’ discretion. Before this, lawyers were not allowed to…

The sale and transfer of property valued at RM500,000 and below will now be subjected to a 1% conveyancing fee. The revision, which was approved by the Solicitors Cost Committee on February 28, 2017 will also see 0.8% conveyancing fee for properties worth above RM500,000 but below RM1 million. Previously, only properties worth RM150,000 and…

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Jones Lang Wootton