China developer to launch RM1.2bil Mont Kiara project
Chinese property developer Agile Property Holdings Ltd, through its subsidiary Agile Real Estate Development Sdn Bhd, will launch a RM1.2 billion residential project in Mont Kiara. The company is jointly developing the project with PJ Development Holdings Bhd (PJD), from whom it purchased the10-acre land for RM200mil last year. The development, dubbed Agile Mont Kiara, will feature 11 residential towers with units ranging from 1,162 sq ft to 5,037 sq ft, with an average price of RM950 per sq ft. Construction on the project has just begun and slated for completion in two years, with an official launch in mid-October. (The Star Online)
Timely for Singaporeans to buy Malaysian luxury property as ringgit falls
With the ringgit hitting record lows against the US and Singapore dollar, it is now a good time for Singaporeans to invest in Malaysian properties, said Vinod Nair, founder and CEO of MoneySmart.sg, Singapore’s top personal finance portal. The property market in Singapore is strongly regulated with no sight of significant lower levels, while the cheaper ringgit provides a good opportunity for Singaporeans, as they will be able to buy luxury properties in key Malaysian cities like Kuala Lumpur, Petaling Jaya, and Penang. He also remarked that foreign direct investments was a powerful tool for Malaysians to hedge against the declining ringgit. For those who had already invested, it would be wise to wait out this bad period. (Bernama)
Cuepacs: Homes should be 1,000 sq ft
The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) is urging the government to review its 252 civil service schemes, including 81 schemes announced in the budget last year as well as a complete salary overhaul. The government was also urged to focus on 1Malaysia civil servents housing, including Sabah and Sarawak. Cuepacs proposed that houses be priced below RM150,000 and built-up area increased to 1,000 square feet instead of 850 square feet. Other suggestions included GST exemption for senior citizens, disabled people, children, and those with average income less than RM5,000. The union also asked to be included in housing loan processes as many of their members had complained of lengthy processing times, sometimes more than a year. (Daily Express)
Currency fluctuations have minimal impact on rail projects
The weak ringgit will have minimal impact on on-going and future rail development project, as contractors have hedged the costs of materials against foreign exchange fluctuations. Purchases of imported rail equipment would be impacted, as they were in US dollar, but most of the parts were assembled locally, with most of the work done involving local materials. This has cushioned the impact and thus it is important to localise as much as possible, said Construction Industry Development Board chief executive Datuk Seri Judin Abdul Karim. Meanwhile, the Land Transport Commission (SPAD) said that the Malaysia-Singapore high-speed train project was estimated to be completed by 2022. (The Rakyat Post)
Segambut Estate residents trying to block a lorry carrying an excavator last year. (Photo from The Star Online)
DBKL offers government flats to former Segambut Estate residents
Kuala Lumpur City Hall (DBKL) has offered government housing to former residents of Segambut Estate under humanitarian grounds. A total of 32 families were evicted last year after the land was sold to build a driving school. Some residents refused to leave and had been living in tents by the roadside near their former homes. Offer letters for the government flats were presented to 25 eligible families, and they can movie in after paying the deposit, with a monthly rent of RM124. There was no policy where government housing was provided for occupants of private land, but this was deemed a special case based on humanitarian grounds. (The Star Online)
Unemployed man jailed and whipped for cheating property agent
A jobless man who conned a property agent out of RM41,200 two years ago has been sentenced to eight months in jail and one stroke of the rotan. The man was charged with making a withdrawal of RM41,2000 from a bank account that did not belong to him. The money belonged to a property agent, who received a telephone call claiming she owed money for a credit card. She was duped into transferring the money, but suspected foul play and lodged a police report. (Bernama)
