Penang CM: Kampung Mutiara development will not be approved
Penang Chief Minister Lim Guan Eng said that the state government will not approve any application for development in Kampung Mutiara, Batu Feringghi. The land-owner had not submitted a development application for the land, and the state government had not taken any action to evict residents in the area. Yesterday, about 1,000 Kampung Mutiara residents staged a protest against the land-owner who wants them to vacate the property. (Bernama)
IJM expects slow year for property
IJM Corp Bhd is expecting a slow year for its property segment despite more than doubling its net profit in the first quarter of the year. The company said the local property market is facing consumer confidence issues due to difficulty in obtaining home loans. However, it had lined up RM1.2 billion worth of property launches in the next six months, which will depend on the registration response. For its London project, the weakening ringgit has not affected investors’ interest. (The Sun Daily)
E&O plans UK property listing
Eastern & Oriental Bhd (E&O) plans to list its indirect wholly-owned unit, Eastern & Oriental Property (UK) Ltd (E&O UK) on the London Stock Exchange (LSE) to support its expansion in the UK. The group propsed to admit the entire shares and warrants of E&O UK to trading on Alternative Investment Market (AIM), the LSE’s international market for smaller growing companies. Its board of directors are in the process of deciding the issue/offer size and price for the initial public offering (IPO). (The Sun Daily)
Townhouses in Sarawak a new concept with growth potential
Townhouses are gaining popularity in Peninsular Malaysia, and although they are a relatively new concept in Sarawak, the sector has a good potential for growth in the future, opined CH William Talhar Wong and Yeo Sdn Bhd (WTWY). Managing director Robert Ting said that one of the main attractions of a townhouses is that it provides a balance between affordability and privacy, which offer landed house living with condo facilities, like a ‘middle ground’ between the two. It is also a gated and guarded development, providing safety and peace of mind for residents. He said that new families or first time home owners could consider townhouses as an option. (The Borneo Post)
Grand-Flo sees five-fold jump in Q2 earnings
Tracking solutions provider and property developer Grand-Flo Bhd saw its Q2 net profit jump five time to RM931,000 from RM177,000 from the previous quarter, largely driven by higher revenue in its property development division. This was mainly contributed by the Vortex project of its unit Innoceria Sdn Bhd, comprising shop offices and light industrial factories. Grand-Flo’s revenue for the quarter increased 22.3% to RM20.2 million, and maintains a positive outlook for the year despite challenging local and regional economic conditions. (The Sun Daily)
Kuala Lumpur to discuss haze issue with Jakarta
Natural Resources and Environment Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar will meet with his Indonesian counterpart to discuss the issue of transboundary haze, which is currently affecting parts of Malaysia. The meeting would include negotiations for a memorandum of understanding on a bilateral prevention programme on transboundary haze pollution. Air quality has improved in Sarawak following two afternoons of downpour, while Penang suffered a drop in visibility levels due to the haze. (The Straits Times)
Buildings in Kuala Lumpur obscured by the haze yesterday. (Photo from The Straits Times)
“Respect identity of Plaza Low Yat”
The owners of Plaza Low Yat have released a statement calling on the people to respect the name of the mall, saying it is not just a brand but also the name of their late grandfather, who was a pioneer of Kuala Lumpur’s development. Low Yat Group general manager Nyat Chin said there had been much criticism, anger and racist statements after the incident in July, especially after a suggestion for a “Low Yat 2” for Muslim traders. The owners said that the mall was not exclusive to any group of people, and reflected the beautiful mixture of all races and classes in visitors to the mall. (The Star Online)
RAs face difficulty getting members for security scheme
Kuala Lumpur City Hall’s (DBKL) efforts in giving approval for guarded neighbourhoods are being hampered by loopholes in the Urban Wellbeing, Housing and Local Government Ministry’s (KPKT) guidelines. Residents associations (RA) are making an effort to implement security scheme to increase safety and security, but KPKT’s guidelines were no longer suited for current times, and bound to cuase conflicts among residents. One of the requirements was that at least 51% of residents in an area give their consent before a gated and guarded community could be formed. It also disallowed permanent fixtures like boom gates but suggested use of traffic cones instead. (The Star Online)
Image from The Star Online
