Weaker ringgit will attract foreign investment in Malaysian property
Guocoland (Malaysia) Bhd managing director Tan Lee Koon said that a weaker ringgit will attract more foreign investors into the country’s property sector, with the ringgit breaching the 3.80 level against the US dollar this week. The company expects the current exchange rate scenario to raise demand for its luxury residences in Damansara City, especially from Singaporeans and Cambodians. (The Star Online)
Sunway to launch 6 projects with RM1.5 billion GDV in 2H2015
Sunway Property is set to launch six property developments in the Klang Valley, Penang and Johor with a total gross development value of RM1.5 billion in the second half of 2015. The projects include a mixed development in Sunway Gandaria (Bangi, Selangor), Casa Kiara 3 condominium in Mont Kiara, landed houses in Sunway Cassia, Batu Maung (Penang), and landed homes in Sunway Iskandar, Johor. (The Malaysian Insider)
UEM Sunrise signs deal for Hyatt House hotel
Arcoris Sdn Bhd, a wholly-owned subsidiary of UEM Sunrise Bhd, has entered into a management services agreement with Hyatt Hotels and Resorts for a Hyatt House hotel in Mont Kiara. It is expected to be opened in 2017, and will be the first Hyatt House hotel in Malaysia. (The Star Online)
SP Setia’s first Singapore project completed early
SP Setia’s maiden development project in Singapore, 18 Woodsville, has been completed two months ahead of its scheduled date. The development has obtained a temporary occupation permit (TOP) ahead of schedule, and unit owners are being invited to collect their keys. The group has a second Singapore development in construction called Eco Sanctuary. (The Star Online)
RM150 billion offer of free housing for Sabahans ‘too goo to be true’
The New Sabah Times, a local Sabah daily, recently reported that a businessman, Dr Harrey M Dauwat, was offering RM150 billion worth of housing for free to Sabahans. He claimed that his company, HMD-Braxton Bhd Group, would be building 500,000 houses in Sabah over the next 10 to 15 years, starting with double-storey houses costing RM300,000 in interior Keningau next month. He was also involved in the proposed Gaur Eco City project in northern Kota Belud district. The ‘free house’ offer has raised eyebrows online, including Sabah’s tourism minister. (The Rakyat Post)
Sunsuria City township to launch RM1bil Phase 1 this year
Sunsuria Bhd seems unfazed by the slump in the local property sector, and is going ahead with the Phase 1 launch of its Sunsuria City township in Sepang this year. The phase has an estimated gross development value of RM1 billion and comprises residential, retail and commercial spaces. The soft launch will be in mid-September this year. (The Edge Markets)
Greek debt crisis unlikely to affect Malaysia
Treasury Secretary-General Tan Sri Dr Mohd Irwan said that Greece’s financial crisis would not significantly affect Malaysia’s economic and financial structure, as the country is not fully exposed to external headwinds from Greece. The impact may be there, but not much and only temporarily. The ringgit eased slightly yesterday but continues to face pressure over concerns of Greece leaving the eurozone. (The Sun Daily)
Read our explanation of the Greek debt crisis here.
MBPJ to educate low-cost flat residents on importance of assessment fees
The Petaling Jaya City Council (MBPJ) has been collecting assessment fees from residents of low-cost flats, but there is still an outstanding amount of RM658,000 in arrears. The MBPJ’s Operasi Waran campaign was to educate residents on the need to pay their assessment fees, with incentives like council-provided towels and instalment payments, as well as parking EZ-PAY counter vehicles in strategic areas. Council enforces would be allowed to cart away possessions from those who failed to make their payments, to be auctioned off to pay for their arrears. (The Star Online)
For residents in low-cost housing areas such as this one in Petaling Utama, the Finance Department had also brought one of MBPJ’s EZ-PAY counter vehicles, so they could settle their assessment rate arrears on the spot to avoid having their removable goods seized. (Photo from The Star Online)
