‘Homeless generation’ if property prices continue to rise
The National House Buyers Association (HBA) has warned the government that an entire ‘homeless generation’ will emerge if nothing is done to halt property prices from spiralling out of control. HBA has told Putrajaya that property prices have become inflated beyond the reach of the majority of Malaysians, and giving subsidies to low-income households was not the answer. Unless serious measures or policy reforms are made, the next generation of young Malaysians would be ‘homeless’, which would bring about various social problems. HBA suggested that the government imposed control over profit margins in the sale of property by developers, sub-contractors, suppliers, vendors, and others, and said that there was an urgent need to curb excessive speculation in the property market. (The Malaysian Insider)
Good response expected from SHEDA Property Expo 2015
The organizers of the SHEDA Property Expo 2015, the annual property exhibition to be held on September 25 to 27 at Borneo Convention Centre Kuching (BCCK), revealed that all booths had been taken up. The encouraging response has reflected positively on the property market in Sarawak despite the current economic uncertainty. More than 20 programmes are lined up, comprising property market talks and activities for children and family. (The Borneo Post)
UEM eyes RM500mil sales from campaign
Property developer UEM Sunrise Bhd is targeting sales of RM300 million to RM500 million from its two-month Signature Selection campaign. The campaign offers customers units from property projects in Mont’Kiara, Cyberjaya and Nusajaya, which included 11 Mont’Kiara, Residensi22 Mont’Kiara, East Ledang’s Lakeside Twin Villas and Nusa Idaman’s Twin Villas II, each with a gross development value of over RM800 million. (The Star Online)
Hap Seng Q2 pre-tax profit soars to RM601mil
Hap Seng Consolidated Bhd saw its pre-tax profit for the second quarter (Q2) soar to RM601.6 million from RM351.3 million in the same quarter last year, while revenue increased to RM1.0976 billion from RM1.0973 billion previously. The company also saw its shares go up eight sen yesterday. The better results were attributed to RM508.8 million gained from the disposal of Hap Seng Capital Pte Ltd, as well as its property division projects. (Bernama)
Sunway sees increase in Q2 pre-tax profit
Sunway Bhd’s pre-tax profit for Q2 rose to RM250.92 million from RM233.57 million in the same quarter last year. However, its revenue saw a decline to RM1.04 billion from RM1.2 billion previously. The higher pre-tax profit was boosted by Sunway REIT shares and contributions from most business segments, except for property development and trading and manufacturing. The group expects to capitalise on ongoing construction works such as the infrastructural rail projects for its construction, quarry and building divisions.(The Malaysian Insider)
IOI Properties pre-tax profit at RM1.13 billion
IOI Properties Group Bhd saw its pre-tax profit for Q2 rise to RM1.13 billion, from RM1.12 billion a year ago, while its revenue increased to RM1.91 billion from RM1.45 billion previously. The group said the increase in property development was mainly due to higher sales from projects in Klang Valley, Malaysia and Singapore. Also cited were higher contributions from property investment and leisure and hospitality. It expects to generate higher income in 3Q with the completion of two office towers and Le Meridien hotel. (The Malaysian Insider)
Tan Sri Mohamad Salim Fateh Din (Photo from mutiara-damansara.com)
MRCB boss wins APEA 2015 award
Malaysian Resources Corporation Berhad (MRCB) group managing director Tan Sri Mohamad Salim Fateh Din received an award in the Outstanding Category together with 14 other recipients at the recent Asia Pacific Entrepreneurship Awards (APEA) 2015. He was among the 33 entrepreneurs and business leaders in the country who received their awards at the dinner ceremony held last night. The APEA awards aim to celebrate entrepreneurial excellence, innovations, fair business practices and sustainable leadership, and award-winners are recognised by Enterprise Asia as among the leading entrepreneurs and contributors for Malaysia’s intensifying economic development. (The Sun Daily)
House owner escapes injury in USJ bomb blast
A 74-year-old man escaped unhurt after a bomb went off in front of his double-storey house at Jalan USJ 11/3D yesterday. The victim was reading a newspaper in his house when he heard a loud explosion around noon. The explosion had damaged his car’s rear part. Initial interrogations with tenants, who rented two rooms in the house, revealed that the owner had a debt with someone. (The Sun Daily)
