HBA: Restrict foreign buyers to strata property above RM2 million
The National House Buyers Association (HBA) has called for stricter rules for overseas buyers owning property in the country, urging Putrajaya to raise the minimum price from RM1 million to RM2 million for foreigners buying properties in Malaysia. HBA honorary secretary-general Chang Kim Loong said they hoped for restrictions to be tabled in Budget 2016 that allow foreigners to buy only stratified properties and not landed properties. He also suggested that the government limit foreigners’ purchases to only leasehold property, as freehold property should only be for Malaysians. HBA also called for the proper implementation of Perumahan Rakyat 1Malaysia (PR1MA) and reminded the government of its promise on the “Build then Sell 10:90” concept, which was supposed to have been made mandatory this year. (The Malaysian Insider)
Milux ventures into property with RM2.13b Pahang project
Home appliance maker Milux Corp Bhd is venturing into the property segment with a maiden property development in Pahang. The estimated gross development value of the project is RM2.13 billion, with a gross development cost of RM1.05 billion. It will comprise five condominium blocks with retail and club facilities. Milux will partner with RGF Cabaran Sdn Bhd (RCSB) to jointly develop the 12 pieces of land measuring over 25,000 sq m in Bentong, Pahang. Milux also announced that its wholly-owned subsidiary, Milux Property Sdn Bhd had entered into a joint venture cum shareholders agreement (JVSHA) with RCSB to form a JV company called Phoenix Pentagon Sdn Bhd to undertake the proposed project called Pentagon Genting Highlands. (The Edge Markets)
AmCorp Properties invest nearly RM102mil in Japanese real estate
AmCorp Properties Bhd has invested close to ¥ 2.9 billion (RM102.2 million) in Japan’s real estate. Its most recent venture is a co-investment partnership with Grosvenor Asia Pacific Ltd and Nan Fung to acquire 14 office and three retail units in a 44-storey residential-cum-commercial high rise located in Nishi Shinjuku, also known as the “Skyscraper City of Tokyo”. The properties are connected to the subway station and has access to public amenities and business facilities, all within walking distance. It is anticipated that ongoing redevelopments in the vicinity would enhance the properties’ value. AmCorp has been growing its overseas property portfolio in recent years, starting with several properties in London. (Bernama)
Genting HK buys Singapore-based club operator Zouk
Genting Hong Kong Ltd is buying Singapore-based club operator Zouk for an undisclosed sum, and the acquisition is expected to complete in 4Q this year. The move is to reach and attract a younger and more lifestyle-driven clientele. Under the terms of the agreement, Genting Hong Kong will acquire Zouk’s major trademarks along with the new Zouk Club in Clarke Quay, Singapore which is scheduled to open in 3Q of 2016, and continue to operate the annual ZoukOut dance music festival. However, Zouk Kuala Lumpur at Jalan Tun Razak is not included in the agreement. (The Star Online)
UEM Sunrise targets selling all Conversatory units by February 2016
Property developer UEM Sunrise Bhd aims to sell off all of the residential units for its second development project in Australia, the A$320 million (RM990mil) Conservatory, by February next year. To date, 65% of the apartments have been sold to investors from China, Singapore and Kuala Lumpur, with strong interest from Australians who are expected to take up about 20% of the units. The 42-storey residential development comprises 446 units, with prices starting from A$447,000 (RM1.38mil), is located on Mackenzie Street, Melbourne. (The Star Online)
MRT2 final alignment approved
The railway scheme for the second MRT line – the Sungai Buloh-Serdang-Putrajaya (SSP) Line – has been approved by Putrajaya, and MRT Corp said yesterday that it had received a letter from the Land Public Transport Commission (SPAD) informing the company of the final approval which includes the final alignment and station locations. With this, MRT Corp can now proceed with the construction of the SSP Line. The SPP Line will have 37 stations and a length of 52.2km; it will be integrate with the future Kuala Lumpur-Singapore High Speed Rail. (The Malaysian Insider)
