Lai Meng school land along Jalan Ampang for sale at RM400mil
The Lai Meng school property located along Jalan Ampang, which is owned by Magna Prima Bhd, is still up for sale, and looking for offers from interested buyers within the next 1.5 months. An expression of interest advertisement was put up yesterday to sell the 2.62-acre freehold land that will cost about RM400 million, and comes with approval for offices, a hotel and/or serviced apartments. According to the marketing agent of the real estate, several big developers have already enquired about the land which is 300 meters from KLCC, as there is strong demand for development land in prime locations. (Malaysia Chronicle)

Public advised to approach legal or registered agents for property deals
The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) advised the public to hire the services of legal or registered real estate agents (REA) or real estate negotiators (REN) when buying or selling property. There are around 50,000 illegal agents at large, and the public should be careful when buying any property in order to prevent losing their savings. All registered REA or REN are given a tag with a unique number and obligated to wear the tag when doing business. In fact, even those who sell or act as marketing agents for developers in shopping complexes or exhibition halls and are not registered with BOVAEA as REA or REN are considered as illegal agents too. (The Sun Daily)

Photo from Free Malaysia Today

Photo from Free Malaysia Today

Ringgit falls to 17-year low, KLCI slumps
Yesterday saw a sharp fall in both the Malaysian stock market and currency. The ringgit fell to a 17-year low at 3.9125 against the US dollar yesterday, while the KLCI slid 1.79% (30.92 points) to 1,694.64 points, the lowest closing since June 29. (The Malaysian Insider)

7,000 PR1MA homes to be balloted
PR1MA Corp Malaysia will ballot at least 7,000 of its 1Malaysia Housing Programme (PR1MA) homes this year. The houses are being built in Kedah, Johor, Perak, Kuala Lumpur and Penang include landed houses, family apartments and studios. All are in various stages of completion, with the first delivery expected this year. The first balloting was held in July for 325 units of PR1MA homes in Cyberjaya. About one million people have registered for PR1MA homes and are eligible for the ballots. (The Malaysian Reserve)

Klang Valley property retail market faces dilution
The scheduled completion of 13 new shopping malls within the second half of 2015 and early 2016 is expected to further dilute the Klang Valley property retail market. Property consultancy Knight Frank Malaysia reported that the local retail industry was expected to grow at a slower pace amid lowered consumer sentiment due to rising cost of living and a slowing economy. Despite the subdued market, there are still ongoing entries of new international brands and expansion of existing brands, especially at prime shopping centres. (The Star Online)

No law against overcrowded homes
Overcrowded homes are on the rise, especially with properties being converted into hostels for students or foreign workers. Landlords would try to cream in as many tenants as possible to maximise returns, sometimes with more than 10 people in a house. Many of these ‘hostels’ can be found in the Klang Valley, especially near higher learning institutions, industrial areas and commercial centres. However, according to the Local Government Act 1976, it is stated that having 50 or 60 occupants in a property would not be considered overcrowded, based on an average double-storey terrace house. This is because Section 79 of the Act states that there can only be one adult for every 350 cubic feet of clear internal space. There are clearly loopholes in the law, but local authorities should come up with guidelines for zoning of houses, including hostels. (The Star Online)

Kedah lowers development charges, eases housing quotas
The Kedah state government has reduced the development charges imposed on housing developers in the state from 20% to 10% with immediate effect. The quota for affordable housing and low-cost home quotas on Malay reserve land for projects below 100 units have also been abolished, while developments on freehold land will be exempted from the quota if there are less than 50 units. (The Star Online)

France increases search efforts for MH370 wreckage
France has said it will launch new searches by air, land and sea from Reunion to find more wreckage from MH370, after a wing part washed up on the island was confirmed to be from the ill-fated flight. Military aircraft, foot patrols, helicopters and maritime units will join the search efforts. In addition, local authorities for the island district would organise a thorough search for other parts starting Monday. (New Straits Times Online)

Plane debris found on the Indian Ocean island of Reunion, seen here on Thursday, July 30, 2015, will be transported to France to find out whether it is from missing airliner MH370, Malaysia's prime minister has said. Initial reports suggest the two-meter long object likely to be from a Boeing 777. (Raymond Wae Tion/Maxppp/Zuma Press/TNS)

Plane debris found on the Indian Ocean island of Reunion, seen here on Thursday, July 30, 2015. (Raymond Wae Tion/Maxppp/Zuma Press/TNS)