Developers urged to build more affordable houses in city centre
Government-linked companies (GLC) in the property development sector such as UDA Holdings Bhd have been requested by the government to build more low-cost and affordable houses in the city centre to accommodate the needs of lower income earners living in Kuala Lumpur. Deputy Finance Minister Datuk Johari Abdul Ghani said it was the social responsibilities of these companies to balance the development in the city area, and stay economically competitive in the industry as a significant developer and asset management company. The main issue faced by 1Malaysia People’s Housing (PR1MA) and Syarikat Perumahan Negara Bhd (SPNB) is that landbank for these homes are far away from the city centre without easy access to public transportation. (Bernama)
Selangor favours dialogue to settle RM1.18bil land deal
The Selangor state government is in favour of an amicable discussion between the parties involved in the RM1.18 billion land deal in Ijok, Kuala Selangor. The parties to the dispute are namely Eco World Development Group Bhd (EcoWorld), Menteri Besar Incorporated Selangor (MBI) and the vendors of the land. Four vendors recently signed a sale and purchase agreement (SPA) with EcoWorld’s wholly-owned subsidiary, Paragon Pinnacle Sdn Bhd, for the proposed acquisition of 26 pieces of land in Ijok, Selangor. EcoWorld planned to develop the land into a RM15 billion self-contained township; however, MBI issued a statement in September contending that the land was located in an intended township of Alam Mutiara, which has ongoing legal court proceedings with the Selangor government. Cheks showed that the Alam Mutiara project is still classified as an abandoned housing project in a recovery plan. (The Malaysian Insider)
Malaysian investors eyeing Japan, Asia Pacific
Malaysian unit trust investors are looking at options overseas such as Japan and other Asia Pacific countries to increase their yields. A survey by Eastspring Investments Bhd showed that the majority of investments continued to stay within Malaysia, but outflow was expected with a potential drop in home allocation. One of the biggest trends is moving into safer products or diversifying outside their home country. The study also showed disparity between risk and expected returns, with Malaysian investors expecting returns of up to 24% but unwilling to lose an average of 12% invested capital. (The Sun Daily)
Sanbumi sees better earnings prospect with property development
Tourism-focused Sanbumi Holdings Bhd, which has been loss-making since 2006, is cautiously optimistic that its diversification into property development will boost its earnings prospect, starting with the launch of a 37-storey serviced apartment project in Bukit Mertajam. The company’s main business took a blow following the two major Malaysian airlines tragedies last year, especially from the Chinese tourists who make up 50-60% of tourist arrivals. The company plans to restructure and consolidate its businesses, continuing with the core business of tourism activities and diversifying into property development. (The Edge Markets)
Penang MCA wants Indonesia to compensate for haze
Penang MCA has called on the government to obtain compensation from Indonesia for the losses incurred regarding the haze situation. Its chairman, Datin Paduka Chew Mei Fun, said that Malaysia has suffered choking haze each year caused by forest fires in Indonesia. Children are unable to go to school due to the unhealthy air levels, hawkers’ and other outdoors businesses have dropped, and medical expenses for most people have also gone up due to the haze. (Astro Awani)
SPAD to nab Uber drivers with app
The Land Public Transport Commission (SPAD) has found a way to apprehend private car owners offering illegal taxi services, such as Uber, without using undercover operations. SPAD will use the mobile phone app to trace private car owners using their vehicles for the service and block renewal of their road tax. After the car has been identified from the digital log along with video and photo evidence, the authority will send out a notice to the car owners to attend an ‘interview’ with SPAD enforecement. (The Malaysian Insider)
A file illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign in Frankfurt, September 15, 2014. A German court is set to rule March 18, 2015, whether Uber’s novel taxi-hailing service violates driver licensing rules, a decision that could lead to a nationwide ban on the service. The case in a Frankfurt court brought by German taxi operator group Taxi Deutschland against Uber is one of more than a dozen lawsuits filed across Europe in recent months by taxi industry associations against the San Francisco-based company. Taxi drivers around the world consider Uber unfairly bypasses local licensing and safety regulations by using the internet to put drivers in touch with passengers. (Photo from REUTERS/Kai Pfaffenbach)
