Slow property market seeing more illegal agents, says BOVAEA
In the current slow property market situation, more sellers have resorted to engaging unlicensed real estate agents to help dispose of their property, the Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) said. A six-month campaign ran by the board recently showed that even a public-listed company was promoting properties for a developer. The board’s chairmain, Faizan Abdul Rahman, said any unregistered party that collected a fee for selling or promoting property was illegal, and many companies and individuals were unaware that their actions were against the law. Those found guilty can be fined up to RM300,000 or face 3 years jail, or both. (Malay Mail Online)
Tip: Here’s how you can identify a licensed real estate agent in Malaysia!
PKR urges Tabung Haji, KWAP to halt Bandar Malaysia deal
PKR is urging Lembaga Tabung Haji and Retirement Fund Incorporated (KWAP) to demand the immediate return of its RM1.5 billion sukuk financing loan from 1MDB. Party secretary-general Rafizi Ramli said he would write to both funds urging them to stop the sale of Bandar Malaysia, as well as initiate a public campaign to do the same. The move is in response to 1MDB’s rebuttal yesterday, which stated that the utilisation of the proceeds were in accordance with sukuk issurance guidelines and no default has arisen from the sale agreement. The sukuk was issued two years ago through 1MDB’s Bandar Malaysia, but now 60% of the equity had been sold to the consortium as part of 1MDB’s debt reduction plan. (The Malaysian Insider)
Yong Tai calls off RM168mil U-Thant development plan
Property developer Yong Tai Bhd has scrapped its plans to participate in the development of a luxury apartment block along Jalan U-Thant, Kuala Lumpur which has a GDV of RM168 million. It decided not to proceed with the proposed RM3mil purchase of Yuten Development Sdn Bhd, which is jointly undertaking the project with Fahad Holdings Sdn Bhd. One of the conditions imposed is that the density of the U-Thant project is lower than the density stipulated in the Yuten share sale agreement, and Yuten had to secure the development order for the U-Thant project comprising 128 condominium units. After consideration, Yong Tai’s board had decided not to go ahead with the proposed acquisition, and both vendors have agreed to mutually terminate the SSA. (The Star Online)
OSK’s Mirage by the Lake named “Best in Asia Pacific”
Mirage by the Lake, a nature-inspired development within a green environment at Cyberjaya by OSK Property Holdings Bhd, was named the “Best in Asia Pacific” in the condominium category at the International Property Awards 2015 held in London on Dec 7 last year. The accolade follows OSK Property’s win at the Asia Pacific regional competition where the project was awarded Best Condominium Malaysia last May. The International Property Awards is the largest and most widely recognised programme, and projects are judged on innovation and sustainability. (The Malaysian Insider)
OSK Property’s Mirage by the Lake development in Cyberjaya
MQ Tech plans JV for Malacca theme park
Mold manufacturer MQ Technology Bhd is planning to diversify into the theme park business through a proposed joint venture to develop the Dive Park Zone at Malacca Explorer Resort in Klebang. The company’s unit Star Acres Sdn Bhd has signed a joint venture agreement with Cash Support Sdn Bhd (CSSB) in which Star Acres would hold a 51% stake. The project forms part of a mixed development comprising residential, commercial and recreational amenities known as Malacca Explorer Resort, currently in different phases of development and estimated to have a GDV of RM183mil. The Dive Park Zone theme park has two phases; phase one has been partially completed and will be launched in 3Q this year, while phase two is at the initial conceptual design and planning stage, to be finalised in 2017. (The Star Online)
Axis REIT focusing on industrial properties and e-commerce
Axis REIT Managers Bhd is in the middle of completing four industrial properties in Johor by end-January, and another two by the middle of the year. This is in line with its plan to expand its portfolio in 2016 thanks to the opportunity in the current softening economic environment. Its focus this year is on industrial assets and the e-commerce industry. As at Dec 31, 2015, Axis REIT owned 34 properties worth a total RM2.14 billion. Its total trust revenue rose by 18% in FY15 compared to a year earlier, while realised net income for FY15 increased 13% from the previous year. (The Star Online)
