China Railway Group to invest US$2bil in Bandar Malaysia
China Railway Group Ltd has announced it will invest US$2 billion (RM8.1 billion) to build its own regional centre in Bandar Malaysia, following its winning bid to acquire 60% of equity in Bandar Malaysia for RM7.41 billion from 1MDB Real Estate. The US$2bil is for the development of an integrated complex in Bandar Malaysia. It was reported CREC is one of the front-runners of high speed rail from KL-Singapore which will which include Bandar Malaysia as its main hub. (The Star Online)
Demand for housing still strong in Sarawak
Demand for housing in Sarawak still outstrips supply and remains strong despite the challenging economic situation, with both commercial and residential development projects progressing at a healthy pace and with many options to choose from. The slowdown in housing sales in Peninsular Malaysia has prompted some developers to venture into the Sarawak market, and the presence of other property exhibitors entering the state is a sign that prospects are good. Sarawak Housing And Real Estate Developer Association (Sheda) advisor Alex Ting said demand for landed and high-rise residential properties have been increasing. (The Star Online)
Survey shows “elite” Malaysians favour Australia, Singapore homes
“Elite” Malaysians who can afford to buy houses overseas favour Australia, Singapore, India and Germany, according to a recent survey by PropertyGuru. Of the 326 peopled polled online, only 7% owned a high-rise or landed residential property outside Malaysia. With the current economic situation, owning property abroad is a privilege that only the elite can afford. Out of the small group of 21 individuals who said they owned homes overseas, Australia topped the chart at 23 per cent, while Singapore, India and Germany were also popular choices at 20 per cent, 18 per cent and eight per cent respectively. Despite the weak Malaysian ringgit, 51 per cent of the 23 who owned either residential or other properties overseas said they found property prices there more affordable than in Malaysia. (The Malay Mail Online)
2016 a buyers market? Over 50% keen to purchase homes this year
In a recent online survey by PropertyGuru, more than half of Malaysians are keen to purchase homes this year as developers offer attractive prices to lure potential buyers. Respondents who felt properties were too pricey shrank to 48% from 55% last year, while 56% expressed intent to buy a house within the next six months. Even though the unaffordability issue remains, people are starting to realise that prices have moderated, in addition to developers offering more value to push unit sales. (The Malay Mail Online)
Guan Eng’s bungalow said to be valued at RM4.27 million
The bungalow bought by Penang Chief Minister Lim Guan Eng for RM2.8 million last year is said to have a market value of RM4.27 million, claimed Penang Umno Youth chief Rafizal Abdul Rahim. showed a copy of property transfer assessment declaration from Inland Revenue Department (IRD) to support his claim after lodging a report at the Malaysian Anti-Corruption Commission (MACC) state headquarters. Lim was earlier cited saying he did not know the current property market value of the bungalow as he was “not a property agent”. Rafizal had asked MACC to investigate about Lim allegedly purchasing the bungalow below market price as well as if the bungalow purchase was connected to the sale of state land. (New Straits Times Online)
TRC Synergy bags RM231mil Brunei airport works job
TRC Synergy Bhd has bagged a B$78.8 million (RM235.43 million) contract to undertake airfield pavement rehabilitation works at the Brunei International Airport. TRC’s wholly-owned unit Trans Resources Corp Sdn Bhd would begin the project on April 25 and expected to complete it on Nove 24, 2017. The project is the latest among a series of contracts TRC has secured since October last year, including other airfield-related contracts for the new Kuala Lumpur air traffic control centre building and associated works at Kuala Lumpur International Airport. (The Edge Markets)
Tambun Indah Land shares up 4.89%
Shares of Penang-based property developer Tambun Indah Land Bhd rose as much as 4.89% on Friday and closed at RM1.49, up 4.2%, valuing it at RM632.45 million. Its revenue for the fourth quarter (4QFY15) fell 17.29% year-on-year to RM91.05 million, due to lower revenue from property development and management. Revenue for the quarter was mainly contributed by Straits Garden in Penang Island and Rain Tree Park 1 in Pearl City. Net profit for the quarter, however, grew 17.27% to RM30.35 million, compared to RM25.88 million last year, attributed to higher profit margin from on-going projects. For FY15, its revenue declined 21.24% to RM367.65 million, and net profit fell 1% to RM101.12 million. (The Edge Markets)
