Umno Youth: Government should be guarantor for ‘My First Home Scheme’ applicants
Umno Youth wants the government to stand as guarantor for applicants of the “My First Home” scheme who failed to get a loan from financial institutions. The scheme is under the purview of the Finance Ministry, which was implemented by the Urban Wellbeing, Housing and Local Government Ministry after a request by Umno Youth last year. Unsold Bumiputera housing units have to be handed over to the Urban Wellbeing, Housing and Local Government Ministry for three months to look for bumiputera buyers before being put on the open market. (The Malaysian Insider)
SP Setia confident of achieving RM4bil sales target
Property developer SP Setia Bhd is optimistic of hitting its sales target of RM4 billion for the financial year, despite the economy slowdown. Its unbilled sales stand at RM9.5bil from sold out projects, but the sales are not recognised as the building have yet to be completed, said acting president and CEO Datuk Khor Chap Jen. He also said that the group’s overseas projects were not slowing down, but instead posed to receive 40% to 50% revenue contribution next year. For its financial quarter ended July 31, 2015, SP Setia posted a net profit of RM261.8mil, a 153% jump from RM103.3mil last year, while revenue was at RM1.6bil, 81% more than last year. (The Star Online)
Country Heights JV to revamp Palace of Golden Horses
Country Heights Holdings Bhd (CHHB) has entered into a joint venture agreement with Galaxus Corp Sdn Bhd to revamp the management and business of the Palace of Golden Horses resort in Seri Kembangan. The JV will be done through a newly incorporated company, Stallion Management Sdn Bhd, with the aim to expand CHHB’s hotel business.. The joint venture is expected to seek strategic partners to expand the hotel business, raise funds for the expansion of the hotel business, and target on a best effort basis the securing of at least five additional hotels within Asia to be managed as part of the business. (The Star Online)
Second Ramada hotel planned for Johor Bahru
Wyndham Hotel Group has signed an agreement for a second Ramada hotel in Johor Bahru, following the announcement of its first hotel just four months ago. The latest hotel will be the Ramada Meridin Johor Bahru, a 26-storey, 322-room hotel scheduled to open in 2018. Like the first hotel, the 322-room Ramada Encore Meridin Johor Bahru, it will be developed by Mah Sing Group and operated under a franchise agreement with Ramada. The new hotel is located approximately 45 minutes’ drive from Singapore and less than a kilometre from Legoland Malaysia, forming part of the Meridin Hotel Suites complex in Medini, Iskandar. It will also be the fifth Wyndham property in Malaysia. (Travel Daily Media)
Spring Gallery tapping into Terengganu property market
Spring Gallery Bhd is banking on the untapped East Coast property market for future growth. The ceramics maker turned property construction company, formerly known as PFCE Bhd, has received a second managing contractor agreement for a RM147 million development consisting a three-storey shopping complex and a 12-storey three star hotel in Kemaman, Terengganu. Company executive director Kuan Poh Huat said that Kemaman was a relatively untapped potential market with a very niche segment, as its economy is supported by the oil and gas industry with a population with spending power. Its first property development, an 18-storey apartment in Kemaman, had a take up rate of over 50% and demand came mostly from locals. (The Edge Markets)
EG Industries sells Kedah land for RM9mil
EG Industries is disposing of six parcels of leasehold industrial land, measuring about 6.28ha in Bandar Kuala Ketil, Kedah, for RM9 million. It entered into a SPA with chemical product manufacturer and trader Schaefer Kalk (Malaysia) Sdn Bhd. The move is for the company to dispose of non-core assets and focus its resources on its core electronic manufacturing services business. The disposals are expected to realise an estimated gain of RM1.6 million. (The Edge Markets)
Ascendas REIT acquires Singapore business park for S$420mil
Singapore’s Ascendas REIT will acquire One@Changi City business park for S$420 million from a joint venture between Ascendas Development Pte and Frasers Centrepoint Ltd. One@Changi City is a nine-storey multi-tenanted business park property, with 97.1 percent occupancy, according to the statement. After the completion of the acquisition, the REIT will own 103 properties in Singapore, 26 properties in Australia and 2 properties in China. (Bloomberg)
