Incentives for developers to build affordable homes
In ongoing efforts by the government to increase home ownership, developers will be offered incentives such as charge reduction and green lane to speed up development approvals for affordable home projects in the Federal Territory. (Bernama)
146 developers of abandoned projects blacklisted
A total of 146 developers involved with abandoned projects have been blacklisted, in accordance with the Housing Development (Control and Licensing) Act 1966. Those blacklisted will not be able to apply permits to advertise new projects. As of April 30, 165 out of 216 abandoned projects since 2009 have been revived, and 51 projects are currently in various stages of rehabilitation. Measures have also been taken to revive and allocate funds for low and medium cost abandoned projects. (New Straits Times Online)
Latest property hotspot in Johor
The next property hotspot in Johor will be the Eastern Gate Development Zone, one of the five flagship areas in Iskandar Malaysia. Eco World Development Group compared the zone to ‘a diamond in the rough’, as the area’s growing population offers good growth potential for the company. The group’s newly launched Eco Tropics and Eco Business Park III in Masai is expected to attract interest from residents in and outside the zone. (The Star Online)
Hilton to open Malaysia’s first DoubleTree Resort in Penang
Hilton Worldwide has signed a management agreement with Pinnacle Nexus Sdn Bhd to open Malaysia’s first DoubleTree Resort in Penang next year. The resort will be located at the popular tourist belt of Batu Ferringhi. The RM230 million project is expected to be completed by end of the year and start operations in early 2016. (The Malay Mail Online)
The overview of DoubleTree Resort by Hilton Sanya Haitang Bay (China). (Photo: DoubleTree by Hilton)
1MDB: RM230 mil for TRX land justified
1Malaysia Development Bhd (1MDB) has stated yesterday that it had paid RM230 million, not RM320 million as claimed by Tun Dr Mahathir, to acquire 70 acres of land along the Tun Razak Exchange (TRX). 1MDB said that although the price psf was lower than market rates, the purchase price was justified as the cost of infrastructure it was obligated to deliver was at least RM1,500 psf. (The Edge Property)
Boustead to gain RM122 mil from land sales
Boustead Plantations Bhd is set to gain RM122 million from the disposal of 247 hectares of combined land in Kulaijaya, Johor. The disposal of the non-core quarry-related activities will allow the company to streamline and strengthen its operations in the plantation industry. (Bernama)
Mudslides put Mt Kinabalu residents on full alert
Mudslides have forced families living at the foothills of Mount Kinabalu to evacuate their homes since yesterday, and others are on full alert as rain continued to pour today. The mudslides began flowing into the school grounds of SK Kiau yesterday afternoon. Classes continued today but some parents opted to bring their children back home. (New Straits Time Online)
