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CONSUMER PRICE INDEX INCREASES 1.4% IN APRIL 2018

In April 2018, Malaysia’s Consumer Price Index (CPI), which measures headline inflation, increased by 1.4% compared with the corresponding month in 2017. Major groups registering positive expansion included indices for: food and non-alcoholic beverages (+2.6%), restaurants and hotels (+2.2%), health (+2.1%), housing, water, electricity, gas and other fuels (+2.0%), furnishings, household equipment and routine household maintenance (+1.8%) and education (+1.1%).

(NST, The Sun & The Star, 24/05/2018)


NATIONAL LIABILITIES AT 80.3% OF GDP

Malaysia’s national liabilities equated to RM1.087 trillion, equivalent to 83% of the gross domestic product (GDP) as at the end of December, 2017. This included off-balance sheet payments of RM201.4 billion, which were allotted to lease payments (including rental, maintenance and other charges) for a host of Public-Private Partnership projects associated with the construction of schools, hostels, roads, police stations and hospitals. The official federal government debt stood at RM686.8 billion, whereas government guarantees amounted to RM199.1 billion, which was ascribed to entities that failed to service their debts. Several of them include Danainfra Nasional Bhd (RM42.2 billion), Govco Holdings Bhd (RM8.8 billion), Prasarana Malaysia Bhd (RM26.6 billion), Malaysia Rail-link Sdn Bhd (RM14.5 billion), and an estimated RM38 billion for 1Malaysia Development Bhd (1MDB).

(The Sun, 25/05/2018)


BRIEF TAX HOLIDAY FROM JUNE 1, 2018

Malaysians may enjoy a “tax holiday” for purchases of goods and services prior to the implementation of the Sales and Services Tax (SST), which is expected to take several months to become operational. The SST will be reintroduced to substitute the “zero-rating” of the Goods and Services Tax (GST).

(NST & The Star, 19/05/2018)


SST WILL BE BACK AT UNCHANGED 10%

In 2018, the Sales and Services Tax (SST) will be reintroduced at an unchanged rate of 10% to replace the Goods and Services Tax (GST). SST stood at 10% prior to its replacement by the GST in April 2015.

(The Sun, 23/05/2018)


HOUZKEY NOW OPEN TO “SECONDARY” MARKET

Maybank Islamic Bhd’s Rent to Own (RTO) scheme, HouzKEY, is now available on the “secondary” market to fulfil customers’ demand for an extensive selection of properties. HouzKEY was launched on the “primary” market on January 15, 2018, and serves as the country’s first bank-initiated RTO scheme. Such a scheme enables customers to spur their home ownership expedition, with no down payment and merely three months of rental deposits payable.

(NST & The Star, 19/05/2018)


KPKT CONSIDERS SYNCHRONISING GOVERNMENT AFFORDABLE HOUSING SCHEMES INTO ONE PROGRAMME

The Housing and Local Government (KPKT) ministry is considering a proposal to synchronise existing public affordable housing schemes (including PR1MA) under one standard programme, in order to circumvent overlaps. KPKT proposed the establishment of a National Affordable Housing Council, which will integrate diverse functions of numerous agencies. The council is to oversee affordable housing construction matters, the coordination of a unified and transparent database on unsold affordable homes and to organise a rent to own scheme for B40 and M40 groups.

(The Edge Property, 22/05/2018)


REVIEW OF CPTPP, RCEP TRADE PACTS

The government will review several trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), to evaluate Malaysia’s viability in the participation of trade partnerships. The definitive verdict will be reviewed by the new trade minister for ratification purposes, citing that it necessitates legislative amendments. Trade agreement negotiations are currently ongoing, with expectations of the Malaysian Government being supportive of RCEP and CPTPP. CPTPP’s 11 members include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. RCEP is a free trade agreement between all 10 Asean countries and additionally involves Australia, China, India, Japan, South Korea and New Zealand.

(NST, 23/05/2018)


AIRASIA STARTS NEW ROUTE TO HUA HIN, THAILAND

AirAsia launches its seventh route to Thailand following its inaugural flight from Kuala Lumpur to the stylish coastal town of Hua Hin. AirAsia will operate four direct flights per week to Hua Hin and six additional routes including Bangkok, Phuket, Krabi, Hat Yai, Chiang Mai and Pattaya.

(The Star, 19/05/2018)


HSR AND MRT 3 PROJECTS MAY BE REVIEWED

As the new Malaysian Government seeks to re-evaluate “mega” construction projects, the Kuala Lumpur-Singapore high speed rail (HSR) and the Klang Valley mass rapid transit line 3 (MRT 3) projects could be changed. These projects have an aggregate building cost of approximately RM105 billion, with the HSR at RM60 billion and the MRT 3 at RM45 billion. The HSR is a 350km railway scheme linking Kuala Lumpur and Singapore, with operations expected to commence in 2026. The MRT 3 functions as an urban rail line stretching 40km, which was previously meant to be publicly displayed for three-months (to gather feedback on said alignment), commencing the end of June, 2018.

(The Star, 19/05/2018)


MELAKA LOOKING AT WAYS TO IMPROVE PUBLIC TRANSPORT

The Melaka State Government will imminently address delays in public bus services delivered by its subsidiary company, Panorama Melaka Sdn Bhd. Such delays were evident due to an insufficiency of buses plying routes in several areas within Melaka, as merely 17 of the 60 buses under the company were operational. Affected routes include the Melaka Sentral to Tampin route (two separate routes available via Cheng and Durian Tunggal), the Melaka Sentral to Masjid Tanah route and the Melaka Sentral to Ujong Pasir route.

(The Star, 22/05/2018)


NEW LAUNCHES TO BOOST HO HUP

Ho Hup Construction Company is optimistically expected to experience sustained financial performance in the current financial year, as reinforced by the launch of three new property developments with an approximate total gross development value (GDV) of RM1.7 billion. Ho Hup received encouraging feedback from the preliminary launch of their Kota Kinabalu project worth a GDV of RM800 million and by the end of 2018, the group is scheduled to launch properties in Bukit Jalil, worth a GDV of RM500 million, and to prospectively launch its first municipal development site, Iskandariah, Kulai, in 3Q18.

(NST, 19/05/2018)


WZ SATU SLASHES PR1MA CONSTRUCTION COMPANY PRICE TAG TO RM7 MILLION

Revised from RM30 million to RM7 million, WZ Satu Bhd is acquiring the entire equity interest in Cekap Semenanjung Sdn Bhd’s wholly owned subsidiary, Sinergi Dayang, which has a contract to erect a mixed development project in Pahang. Sinergi Dayang has also secured a RM503.2 million contract from Perbadanan PR1MA Malaysia to construct approximately 2,426 PR1MA homes along with its corresponding amenities and infrastructure, and 69 retail units in Kuantan, Pahang.

(The Edge Property, 21/05/2018)


UOA TO FOCUS ON “MID-END” RESIDENTIAL MARKET

UOA Development Bhd strategises to retain its focus on the mid-end residential market, as approximately RM1.9 billion worth of new launches are planned for in 2018. Since the start of 2018, UOA has unveiled several ongoing residential projects, including the South Link Lifestyle Apartments and Phase 2 of Park Residences, both situated in Bangsar South, Kuala Lumpur. Despite soft property market sentiment, demand from mid-end residential markets remains steady, which further reiterates the company’s intent to emphasise on this particular segment.

(The Malaysian Reserve, 24/05/2018)


BUSINESS AS USUAL AT HSL

Hock Seng Lee Bhd’s (HSL) 20 ongoing projects across Sarawak (predominantly infrastructure-based) have not been adversely affected by changes in the Malaysian Government. Projects relating to the RM1.7 billion Pan Borneo Highway work package which covers a 76km stretch in central Sarawak and the centralised waste-water management system in Kuching and Miri, are all “progressing well”. Works on the Pan Borneo highway (currently 25% completed) include extending the 1.7km-long Batang Rejang Bridge, constructing Sibu and Julau interchanges and erecting 17 new bridges. The Kuching centralised waste-water project (package 2) worth RM750 million is currently 5% completed, whereas the RM333 million Miri project is 15% completed.

(The Star, 25/05/2018)


SUNCON SECURES CONTRACTS WORTH RM69 MILLION

For a total of RM69.5 million, Sunway Construction Group Bhd (SunCon) has been awarded with two piling project contracts from two separate companies. Worth RM23.17 million, SunCon’s subsidiary, Sunway Construction Sdn Bhd, attained Tenaga Nasional Bhd’s “letter of acceptance” for SunCon to conduct piling works for the TNB Campus in Kuala Lumpur. Said project shall be completed within 7 months from the date of commencement, which will be prospectively agreed upon between the parties. Worth RM46.32 million, SunCon’s subsidiary, Sunway Geotechnics (M) Sdn Bhd, has accepted a letter of award from Cergas Murni Sdn Bhd for piling works on a proposed mixed development. Components of said development include a shopping centre, office space, a hotel, an entertainment centre and serviced apartments for BBCC Development Sdn Bhd in Kuala Lumpur.

(The Sun & The Star, 24/05/2018)


BNM FOLLOWED ALL LAWS ON LAND PURCHASE

Bank Negara Malaysia’s (BNM) land acquisition for purposes of developing a financial education hub was initiated by the bank and conducted as an “arm’s length” transaction. The purchase was transacted at a fair value which was ascertained by an independent private sector valuer. BNM initiated the purchase of 55.79 acres of land contiguous to its Sasana Kijang complex from the government for RM2 billion. The land will be utilised for the relocation of the Global Islamic Finance University and the International Shari’ah Research Academy for Islamic Finance.

(NST, 25/05/2018)


SETIA ECOHILL 2 TO UNVEIL STARTER HOMES PRICED FROM RM513,000

On May 26, 2018, SP Setia Bhd will soft-launch the “Barras” starter homes in its Setia EcoHill 2 Township in Semenyih, Selangor. “Barras” is the first of the starter homes series in the township, comprising 114 units of 20 ft. x 70 ft. (land area) 2-storey terraced homes priced from RM513,000. Due for completion in 3Q20, the homes feature two types of layouts: 3 bedrooms and 4 bedrooms.

(The Edge Property, 22/05/2018)


ENGLISH – STYLE HOUSES IN SETIA ALAM

Located in Setia Alam, Shah Alam, “Emma Crest” forms part of Precinct 5 within the Setia Eco Park Township. The 13.1 acre freehold development by SP Setia Bhd is worth a gross development value (GDV) of RM200 million, which will comprise 110 double-storey semi-detached homes. Priced from RM1.86 million each, Emma Crest home has land areas ranging between 3,412 sq. ft. and 5,317 sq. ft. and built-up areas of between 2,702 sq. ft. and 3,100 sq. ft. In April 2018, SP Setia launched the first component of the “Emma Crest” project (Phase 12C1), which features 42 units which are currently 50% sold. With a GDV of RM83 million, earthworks under Phase 12C1 have commenced, with scheduled completion in May 2020. Under the second prospective component of “Emma Crest”, the developer will erect 22 semi-detached houses, which are scheduled to be launched in July 2018, whereas remaining homes will be constructed under the final phase of the project in 2019. Each phase is projected to be completed in approximately two years.

(The Star, 24/05/2018)


EPF CONSIDERS THE SALE OF AXIATA TOWER IN KUALA LUMPUR SENTRAL

The Employees Provident Fund (EPF) is studying the sale of Axiata Tower in Kuala Lumpur Sentral, with the Grade A office tower approximated to cost as much as RM530 million. With a net lettable area of 355,096 sq. ft., the 30-storey building is 91% occupied with Axiata Group taking up over 30% of the overall space. Other major tenants in the building include: Perbadanan Insurance Deposit Malaysia, CEO Suite (M) Sdn Bhd (a serviced office provider), Navis Management Sdn Bhd, Google Malaysia and Bombardier (M) Sdn Bhd.

(The Edge Property, 19/05/2018)


OEI GROUP TO MAKE MALAYSIA ITS REGIONAL HUB

Ortus Expert International Sdn Bhd (OEI Group), a local beauty and skincare company with footprints in the US, Japan and France, strategises to utilise Malaysia as its regional hub. Malaysia’s open economy is exceptionally alluring and conducive for the company to set up its hub, therefore signifying it as an encouraging platform in order to permeate surrounding Asean markets. In the context of production and distribution costs, Malaysia represents an advantageous market. In terms of population and market size, however, the company tends to skew their interest towards larger markets such as Indonesia and India.

(The Malaysian Reserve, 22/05/2018)


FORTUNE CONCEPT TO EXPAND IN MALAYSIA

Over the next five years, Fortune Concept Ltd, distributors of international lifestyle brands for watches, jewellery and sunglasses, is planning to double its number of outlets from 14 kiosks and standalone stores in key cities in Malaysia.

(NST, 24/05/2018)


AEON SETS ASIDE RM440 MILLION FOR CAPEX

In 2018, AEON Co (M) Bhd allocated between RM300 million and RM500 million in capital expenditures (capex). The capex allotment is inclusive of the newest mall in Kuching, Sarawak, which opened in April, 2018. The residual capex will be channelled into the Taman Maluri Shopping Centre expansion and refurbishment of Tebrau City, Bandar Utama and Bandar Sunway. As at the end of 2017, AEON had 26 malls established across Malaysia.

(NST & The Star, 25/05/2018)


ESTATE WORKERS HOLDING OUT FOR FREE HOUSING AT SITE OF DEVELOPMENT PROJECT, ELMINA WEST

Ladang Elmina workers in Sungai Buloh seek assurance on replacement housing prior to vacating their quarters, which forms part of the Bandar Elmina project by Sime Darby Property Berhad. The affected site spans 960 acres of land and has been earmarked for an affordable housing project. The project involves three phases: Rumah Selangorku 3 (1,044 units), Rumah Selangorku 4 (715 units) and 192 two storey terraced houses. Sime Darby Property has proposed to apportion affordable Elmina West housing units to each worker at a price RM42,000, of which RM17,000 is to be subsidised by Sime Darby Property.

(The Star, 19/05/2018)


TRX CITY DID NOT RECEIVE ANY OF THE US$3 BILLION RAISED FOR THE PROJECT

TRX City Sdn Bhd did not attain any proportion of the US$3 billion (RM11.9 billion) funding raised in 2013 for the 70-acre Tun Razak Exchange (TRX) international financial district. This was despite statements claiming that these funds would be utilised for the development of the international financial district. As such, TRX City, the property arm of 1Malaysia Development Bhd (1MDB), were forced to sell five parcels of land for RM1.36 billion in order to finance infrastructural costs. Of this amount, RM1.1billion (81%) of the sales proceeds was somehow acquired by 1MDB. Back in 2014, Australian property and infrastructure group, Lendlease, entered into a joint venture with TRX City to develop a 17 acre lifestyle quarter, which included “The Exchange TRX” retail mall. Additional projects within the TRX include the Exchange 106 skyscraper, which will prospectively be fully operational in 1Q19, as Malaysia’s tallest building.

(The Edge Property, 21/05/2018)


HATTEN LAND PARTNERS WITH FUNDPLACES TO LAUNCH SEA’S FIRST PROPTECH BLOCKCHAIN FOR HOTELS, RETAIL MALLS

Hatten Land has inked a strategic partnership with Singaporean proptech startup company, FundPlaces, to instigate Southeast Asia’s first hospitality blockchain platform in December 2018. Dubbed “StayCay”, the dedicated blockchain platform functions as a “hotel token” generator, whereby users could exchange said tokens for discounted hotel packages managed by Hatten Land and major shareholder, Hatten Group. The blockchain-based rewards programme will be utilised in Hatten Group’s F&B and wellness, retail and hospitality outlets.

(The Edge Property, 22/05/2018)


MATRIX CONCEPTS GEARS UP FOR MORE LAUNCHES IN FY19

Matrix Concepts Holdings Bhd has lined up prospective launches worth RM1.6 billion for its financial year ending March 31, 2019 (FY19). In 2018, the group is embarking on the launch of Chambers KL serviced residences, as its first expansion into Kuala Lumpur’s high-rise residences segment, with a gross development value (GDV) of RM310.6 million. Matrix recently-launched Tiara Sendayan 1 in Seremban, comprising 404 double-storey link homes with a total GDV of RM150.6 million, which was fully sold within a week of launch.

(The Edge Property, 23/05/2018)


MKH GEARS UP FOR 2H18 LAUNCHES

In 2H18, MKH Bhd is planning to launch properties worth an approximate gross development value of RM581 million. Prospective projects include Precinct 1 of Kajang East (double-storey terraced homes), MKH Boulevard II in Kajang (serviced apartments and a commercial element), and Phases 5, 10 and 11 within Hillpark @ Shah Alam North, Puncak Alam, Selangor (semi-detached and terraced shop-lots). With an indicative selling price starting at RM782,000, Kajang East Precinct 1 will comprise 329 units, with a built-up of 1,850 sq. ft. Within Hillpark, 144 semi-detached and terraced shops will be built. The semi-detached houses will have built-up areas of 3,150 sq. ft. and an indicative selling price from RM1.63 million, whereas the terraced houses will have built-up areas of between 3,078 sq. ft. and 3,531 sq. ft. and a tentative selling price from RM1.08 million. MKH Boulevard II serviced apartments will contain 604 units in totality, with built ups between 550 sq. ft. and 950 sq. ft. and indicative selling prices from RM335,000.

(The Edge Property, 25/05/2018)


JHM ACQUIRES THREE RENTED PROPERTIES IN KEDAH FOR RM12.5 MILLIO

JHM Consolidation Bhd is acquiring three properties in Sungai Petani, Kedah, from MIDF Property Bhd, for RM12.5 million. The first property is a 45,316 sq. ft. freehold parcel of industrial land containing a 1½-storey detached factory, which is priced at RM3.125 million. The second property is 81,354 sq. ft. of freehold land containing a 1½-storey detached factory, which is priced at RM4.678 million. Lastly, the third property is 71,311 sq. ft. of freehold land containing a 1½-storey factory building, which is priced at RM4.697 million. All three properties are tenanted by JHM’s wholly-owned subsidiary, Morrissey Integrated Dynamics Sdn Bhd.

(The Edge Property, 24/05/2018)


LEADING THE WAY IN PREVENTIVE HEALTHCARE

Sunway Medical Centre has introduced a 549 sq. ft. Wellness Centre to fulfil escalating demand for preventive healthcare services. Located on the fourth floor within Tower A of the hospital, the centre is designed to facilitate customers in mitigating potential health risks via preventive care. The hospital additionally embarked on a five-year expansion plan, commencing with the redevelopment of Tower C. The former wellness centre (erected when the medical centre first started operations) is still being maintained, as demand for its services from local and foreign patients has surged.

(The Star, 19/05/2018)


A LUXURY RETIREMENT COMMUNITY

“Rei Seraya Residence” is a senior living project jointly developed by a consortium comprising Pelaburan Hartanah Bhd, UEM Group Bhd and Medical Care Service Inc (MCS). The development will span across 1.48 acres of land in Jalan Ampang, Kuala Lumpur (next to Gleneagles Hospital), and is set on becoming a luxury retirement community with the option of either Independent or Assisted Living. Overall, 100 Assisted Living units offer 300 sq. ft. of space each, with en-suite bathroom facilities within an exclusive household concept, which provides for medium to high care services for residents. There will be 200 Independent Living units offering 900 sq. ft. of space each, which adheres to the concept of a luxury two-bedroom apartment with wheelchair friendly en-suite bathrooms, a kitchen and a living room.

(The Star, 25/05/2018)


MAJU PUNCAKBUMI’S APPEAL DISMISSED

The Putrajaya Court of Appeal dismissed Maju Puncakbumi Sdn Bhd’s (wholly owned subsidiary of Bursa Malaysia-listed Meda Inc Bhd.) plea against the liability of damages, resulting from a lawsuit instigated by owners of units within the Arc @ Cyberjaya condominium. Maju Puncakbumi launched the RM700 million project back in 2011 and pledged a fixed rental income for up to 25 years under a guaranteed return scheme, with an annual return rate of 8%. However, the owners professed that the rental payments merely lasted a year and a half, up until mid-2016. Maju Puncakbumi was thereby ordered to deliver vacant possession of the units within Arc @ Cyberjaya to 137 owners and to recompense the outstanding sum of rentals, which aggregated to RM3.97 million.

(The Edge Property, 21/05/2018 & The Sun, 22/05/2018)


CALL TO GAZETTE KAMPUNG DEW AS A FOREST RESERVE AS SOON AS POSSIBLE

Sahabat Alam Malaysia (SAM) and the Kampung Dew Firefly Eco-Tourism Association are appealing to the Perak government to expedite the gazetting of a firefly habitat zone as a forest reserve in Kampung Dew, Simpang Empat Semanggol, Perak. The immediate gazetting of the 377.8 acre habitat is seen as quintessential in both preserving and conserving the area from the threat of “illegal encroachment.”

(The Star, 21/05/2018)


RECENT POLL: 92% OF MALAYSIANS PREFER TO OWN THAN RENT

Despite the rising perception that many Malaysians are skewed towards renting rather than buying homes, statistics from a recent “Consumer Sentiment Survey” exhibit that 92% favour buying options over leasing. Among those polled, approximately 33% were currently renting, whereas 67% were residing in their “own homes”. In totality, 817 respondents participated in the survey for 2H17, whereby its outcome depicted that traditional aspirations of owning a home remains largely unchanged despite evolving property market trends and demographics. For those who prefer renting, the majority tended to opt for locations in close proximity to their office or workplace as the most imperative criteria (71%), followed by family considerations (55%) and public transportation accessibility (52%). High-rise homes are the preferred option for renters, whereby top choices included condominiums and serviced apartments.

(The Sun, 22/05/2018)


MALAYSIA RANKED NO. 9 FOR CHINESE TOURISTS’ SPENDING

As verified by online payment platform, Alipay, Malaysia was ranked as the ninth largest market worldwide for overseas spending by Chinese tourists, during the “May Day” holiday period (International Workers’ Day). Despite Alipay’s recent introduction in Malaysia back in May 2017, the country has an average per capita spending of 1,021.18 yuan (RM635.97). In 2018, Hong Kong topped the list for the top 10 “May Day” destinations by transaction volume, followed by Thailand, South Korea, Japan, Macau, Taiwan, Australia and Singapore. The United States stood in tenth place, following Malaysia in ninth place.

(The Star, 22/05/2018)


STANDARD RATING GST AT 0% SEEN AS “A BOON” FOR THE PROPERTY MARKET

Standard rating the Goods and Services Tax (GST) at 0% will boost sentiment in the property sector, particularly within the commercial sub-sector. Additionally, there will be some downward pressure in terms of pricing, which will ultimately benefit consumers. However, the long-term impact of the GST at 0% and the return of the Sales and Services Tax (SST) would be contingent on the finalised SST list, as some items including construction materials, could be exempted.

For the commercial sub-sector, numerous individual sellers of commercial units were absorbing GST to spur sales, but with the GST at 0% effective from June 1, 2018, both supply and demand of commercial properties may well increase due to heightened investment incentives. Overall, the property market is to exhibit improvements commencing July 2018 and similarly so in 2H18.

(The Sun, 24/05/2018)


NO GST DOESN’T MEAN CHEAPER HOUSES SOON

The National House Buyers Association (HBA) has cautioned prospective house buyers against expecting an immediate reduction in property prices, with the elimination of the goods and services tax (GST) on June 1, 2018. The government’s decision on the “zero-rate” GST, pending the re-introduction of the sales and services tax, had placed developers in a dilemma over the pricing of properties previously built or under construction.

(FMT, 22/05/2018)


SINGAPORE TO BE FIRST STOP FOR JOHOR GOVERNMENT’S INVESTMENT DRIVE

The Johor State Government intends on designating Singapore as its first “investment stop” as the island republic is tactically situated in close proximity to Johor. The government denoted that it is imperative for Johor to persist with promoting its “business-friendly” nature whilst attempting to attract foreign investment.

(The Star, 19/05/2018)


MRCB HOPES TO RESOLVE EDL TOLL ISSUE BY YEAR-END

Malaysian Resources Corp Bhd (MRCB) will cooperate with the Malaysian Government to resolve the termination of the 8.1km Johor Bahru Eastern Dispersal Link’s (EDL) concession, by the end of 2018. Since the beginning of 2018, MRCB halted collection of the RM6.80 per trip toll for the EDL, which was built at a cost of RM1.2 billion.

(The Edge Property, 21/05/2018 & The Sun, 22/05/2018)


JOHOR SCRAPS PARTY QUOTA FOR AFFORDABLE HOMES

Johor will scrap the political party quota system for the allocation of approximately 3,000 of the 16,010 affordable housing units built over the last three years, under the Johor Affordable Housing Scheme (RMMJ). The 3,000 unit allotment was previously over allocated to Barisan Nasional’s constituent party members. The Johor State Government will set up a committee to reconfigure the allocation system, with the exclusion of the quota. RMMJ offers three types of houses, with prices of RM40,000, RM80,000 and RM150,000.

(The Sun, 24/05/2018)


IPMUDA DISPOSES OF TWO PROPERTIES IN JOHOR FOR RM11.3 MILLION

Ipmuda Bhd is selling off two freehold properties in Johor to Kenyin Hardware Sdn Bhd for RM11.3 million. To be disposed at RM5.7 million, the first property is built on 40,396 sq. ft. of land encompassing a single-storey warehouse, an annexed 2½-storey office building and a guard house. At a disposal value of RM5.6 million, the second property sits on 51,357 sq. ft. of land, with a single-storey open-sided structure and an annexed single-storey office building.

(The Edge Property, 22/05/2018)


GUH TO LAUNCH TOWNSHIP PROJECT

GUH Holdings Bhd intends on launching a mixed-development township on 46-acres of land in Simpang Ampat, Penang. The township is an integrated development with conceptual landscape and infrastructure, lifestyle shops, housing projects and a commercial hub and the master plan for the project will be submitted to the local authority for approval in early 2019.

(The Star, 23/05/2018)


PENANG GIVES GREENLIGHT TO PULAU JEREJAK PROJECT

Majilis Perbandaran Pulau Pinang (MBPP) has approved the demolition of buildings on Pulau Jerejak, Penang Island, as requested by their original developer, Tropical Island Sdn Bhd, for redevelopment purposes. Tropical Island has been granted conditional planning permission, which includes not encroaching on the island’s forest reserve. Despite being in its preliminary stages, the project is required to fulfil numerous conditions, which are to be mandatorily executed subsequent to the completion of demolition works. The company intends on developing a 79.8 acre parcel of land on the island into luxury hotels and residences.

(The Edge Property, 24/05/2018)


RICS

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Jones Lang Wootton