Affordable housing glut in Penang?
Property developers in Penang are predicting a glut in the affordable housing sector, as more than 34,000 units ranging from RM200,000 to RM400,000 will enter the property market within the next 3-4 years. Prospective buyers are ineligible to buy because their salaries exceed the gross household income limit, already own a property, cannot get a bank loan, or do not live in Penang. (The Star Online)
Mulpha Land renamed to Thriven Global
Mulpha Land Bhd announced last week that it had changed its name to Thriven Global Bhd, signifying the company’s new leadership, focused business plans, and positive growth trajectory. The new name was derived from combining ‘thrive’ and ‘driven’. The group will focus on growing its 3 business divisions: property development and investment, hospitality and lifestyle retail, and facility management. (The Malaysian Insider)
New approach to challenging property market
Last week, 2 of Malaysia’s largest property developers, Mah Sing and SP Setia, have announced their focus on building more “affordable housing” below the RM1mil mark, an indication that they have noted the slow and challenging property market. A younger population below 40 years old and urban migration will be the two key factors driving the housing market, thus developers will have to target this demographic in order to sell property and bring in revenue. (The Star Online)
Gamuda bids for residential land in Singapore
A consortium comprising Malaysian construction firm Gamuda Bhd is among 14 bidders for a piece of residential land measuring 1.214 hectates in the high-demand Toa Payoh estate, Singapore. The company and its partners recorded the highest bid of S$345.86 million (RM962.5 million), and will be Gamuda’s first venture into Singapore property development if they win the tender. (Astro Awani)
Jakel debuts property project in Cheras
Textile retailer Jakel is embarking on a new business venture in property development, as Jakel Development Bhd launched its first residential property project in Cheras last month. The RM400mil J. Dupion project features two 39-storey condominium blocks with 399 units, and 11,000 sq ft of commercial space. About 70% of its residential units have been sold since the launch. (The Star Online)
Jakel Trading Sdn Bhd group managing director and chief executive officer Mohamed Faroz (right) and chief operating officer Mohamed Nizam posing with a scale model of the J. Dupion development. (Photo: The Star)
LBI Capital to launch property projects worth RM152mil
LBI Capital Bhd plans to launch new property projects in Malacca, Johor and Selangor with a combined GDV of RM152 million by end of the year. The projects include an apartment tower worth RM100 million in Ayer Keroh, Malacca, shophouses worth RM20 million in Johor Baru, and industrial buildings worth RM32 million in Puchong. The company is also planning to sell bungalow land instead of completed bungalows to minimise holding cost. (The Malaysian Reserve)
Ceramics company Spring Gallery ventures into property
Spring Gallery Bhd, the ceramics company formerly known as PFCE Bhd, is venturing into property development with its first public-private partnership project worth RM200mil in Terengganu. Significant boardroom and shareholder changes within the company is the catalyst behind this business transformation. The company acquired Profit Sunland Sdn Bhd , which is presently dormant, and the intended activities are property development, property investment and general trading. (Malaysia Chronicle)
Curfew for Selayang eateries
Starting next month, under the new Selayang Municipal Council (MPS) policy, food outlets located within 200m from any housing estate, apartments and condominiums will not be allowed to operate past midnight. The ruling will affect more than 200 restaurants in residential areas, especially 24-hour restaurants. The reasons cited for this change were concerns regarding hygiene, health, safety, and productivity of residents. (The Star Online)
500 transit houses to be upgraded to permanent units for Kelantan flood victims
The federal government will upgrade over 500 transit houses, currently occupied by the Kelantan flood victims, to permanent units. The transit units, which have one or two bedrooms and a bathroom, will be added to make it three bedrooms and two bathrooms. RM19 million had been allocated for local authorities to repair damaged infrastructure. (The Malay Mail Online)
