Survey finds 75% of Malaysians unhappy with property prices
According to a recent survey by PropertyGuru, 75% of Malaysians are unhappy with the current property market, attributed to expensive, overpriced properties and lack of government action. Only 25% felt satisfied with general conditions of the property market, a significant drop from 32% last year. Some of the key reasons cited are perception of overpriced properties (86%), rapid increase of prices (61%), weak economy (57%) and unpredictable real estate conditions (37%). The survey also found that one out of three respondents had difficulty in attaining approval for bank loans, which was also a source of dissatisfaction. (The Sun Daily)
UDA expects total GDV of RM10bil in five years
UDA Holdings Bhd is expecting the total gross development value (GDV) of its projects in the country to reach up to RM10 billion in the next five years. The group’s local development projects including mixed developments are located at Bukit Bintang City Centre (BBCC), and several projects in Johor and Penang. It is reported that the company is currently about to hit RM1 billion GDV. Due to the current soft market, it will focus on more affordable projects while keeping an eye on the market situation. The groundbreaking ceremony for Kampong Baru Legasi, a mixed development project on 1.157 hectares of land in Kampong Baru, was officiated by the Prime Minister over on Sunday. (The Malay Mail Online)
Gerakan: Penang new housing measures only help developers
Penang Gerakan Youth Legal and Public Complaints Bureau Chief Jason Loo said that the Penang government’s new measures on affordable homes only benefit the developers and not the lower-income earners. Last Monday, it was announced that the household income ceiling for affordable housing applications would be increased so that more people could apply for a bank loan, but Loo pointed out that the move would only help developers to sell their units, and those with income below RM4,000 still could not afford to buy a house in the state. In addition, the RM150,000 special affordable home category did not help as the units did not include a car park and furnishing, which would incur extra cost for the buyer. It was suggested that the problem be addressed by reducing the prices of affordable homes instead. (Bernama)
IOI Properties buys RM20bil GDV land from chairman for RM1.58bil
IOI Properties Group Bhd is buying 400 acres of land, with a combined gross development value of RM20 billion, from chairman Tan Sri Lee Shin Cheng for RM1.58 billion in cash and new shares. IOI Properties said the landbank of the companies it is acquiring is located within IOI City Resort and adjacent to its current development. The land is also strategically fronting the entrance of Putrajaya and next to the South Klang Valley Expressway (SKVE). The acquisition will be in two parts: the first with Mayang Development Sdn Bhd (MDSB) for RM1.26bil, and the second with Nusa Properties Sdn Bhd for RM319.83mil. (The Star Online)
(Source: Wikimedia Commons)
Prasarana agrees to LRT3 route change
Prasarana Malaysia Bhd has agreed to change the route of its Bandar Utama-Johan Setia LRT3 route. The line, which was originally planned to cut through the housing area of Taman Muhibah, Klang will be changed to Pasar Besar Klang at Jalan Meru. The station which was initially planned to be built next to SMK Tinggi Klang will also be changed to next to the market. As it will no longer run through the housing estate, the alignment changes will not involve any acquisition of property. Residents of Taman Muhibah had objected to the proposed alignment, in which 12 houses and 8 shoplots would have to make way. Work on the 36km route is expected to complete by Aug 31, 2020. (Malaysiakini)
Malaysia to continue “waterbombing” Sumatera fires
Malaysia will continue to send its aircraft to Indonesia to help tackle the fires in Sumatera, which are causing severe haze in the region. The Bombardier aircraft and Dauphin helicopter deployed to Sumatera were brought back to Malaysia yesterday for maintenance, and will be deployed back to Indonesia on Friday or Monday. A total of 25 Malaysian Maritime Enforcement Agency (MMEA) personnel were involved in the mission. Bombardier CL415 aircraft pilots can carry an average of 26 water bombing runs, dumping a total of 165,000 litres of water onto the blaze daily. (New Straits Times Online)
