Johor Rehda to help buyers secure housing loan
The Johor Real Estate and Housing Developers Association (Rehda) will continue engaging with the commercial banks to secure housing loans for eligible house buyers in the state. It is hoped that the move will help to solve the issue of eligible buyers failing to get bank loans for their housing purchase. At the same time, developers would also educate and brief prospective buyers on the disbursement of the loans by banks and why their applications were rejected, especially first-timers. Banks are encouraged to look at applications on a case-by-case basis instead of a blanket approval system, as there are many Johor locals with strong purchasing power who work in Singapore earning in Singapore dollar. (The Star Online)
Penang island running out of space for new developments
The proposal to acquire 323ha for industrial expansion in Penang is timely as the island is running out of space for new projects. Frepenca immediate past chairman Datuk Heng Huck Lee said Penang is in a very good position to attract fresh investments from the aerospace space sector due to the surrounding electronic and electrical supply-chain eco-system, as the aerospace industry is set to expand rapidly in Asia Pacific over the next five to 10 years. Another rapidly-expanding industry is the medical device sector, which will see soaring demand for medical and surgical demand from Asia Pacific. Penang is an attractive investment destination for these new medical device opportunities in Asia, as it already has a cluster of medical device companies. (The Star Online)
Heritage properties still attracting investors
In spite of the soft property market in Penang, heritage properties are still attracting strong interest from investors. The value of heritage properties has increased by about 37% to 157% per sq ft (psf) since 2008 due to investments made by Penangites staying overseas and by Singaporeans. Depending on the location, size and condition of the heritage property, current prices can range from RM550 psf to RM1,800 psf. According to the National Property Information Centre (Napic), a local company snapped up over 60 pre-war houses in George Town’s heritage areas for about RM122mil. The company also acquired a 30,000 sq ft of land in Magazine Road for about RM36.9mil, which was the highest transacted amount for a vacant land in 2015. Locals tend not to pay attention to the capital appreciation of heritage properties, but they should invest because supply is limited. There only some 3,853 units of such properties in George Town’s heritage core and buffer areas, according to George Town World Heritage Inc. (The Star Online)
The Chimes Heritage building at Jalan Bawasah, Penang. (Photo from The Star Online)
First component of PTMT now with SPAD, says state exco
The first component of the Penang Transport Master Plan (TMP) has been submitted to the Land Public Transport Commission (SPAD) for approval, said Penang state executive councillor Chow Kon Yeow. The proposed plan for the Light Railway Transit (LRT) linking Komtar and Bayan Lepas was submitted on March 29. The massive RM27 billion TMP is the state government’s hope to solve traffic woes in Penang, and involves an integrated transportation system of highways, LRT lines, bus services, ferries and water taxies. (The Malay Mail Online)
Exterior of Evolve Concept Mall, Ara Damansara (Photo from Mail Boxes Etc)
Evolve Concept Mall in PJ up for sale
Construction company JAKS Resources Bhd is looking to sell off its Evolve Concept Mall at Ara Damansara, Petaling Jaya in a bid to strengthen its balance sheet. Its CEO Andy Ang says while the plan to sell the mall is on the table, that the immediate focus is also to further populate and manage the mall with the right tenancy, to further enhance its value. The mall has a net lettable area of 460,000 sq ft, and has a retail mix including LOGO Fashion Lounge & Gallery, H&M, F.O.S, Jaya Grocer, Guardian pharmacy and various F&B outlets such as Peninsula Chinese cuisine and Texas Chicken with a convention hall. The four storey shopping mall had its soft launch last year and is connected to the upcoming Ara Damansara Light Rail Transit (LRT) station. (The Star Online)
SP Setia unit seeking additional RM75mil for Semenyih project
SP Setia Bhd’s unit, Setia EcoHill Sdn Bhd, is seeking an additional RM75 million to finance the development of a clubhouse and an international school at its GDV RM4 billion Setia EcoHill mixed township development in Semenyih, Selangor. The property developer said Setia EcoHill had sought the approval of Alliance Bank Malaysia Bhd to increase the limit of the Commercial Papers/Medium Term Notes (CP/MTN) Programme to RM580 million, from RM505 million. (The Edge Markets)
SPNB launches Vista Perdana phase 2 in Miri
Syarikat Perumahan Negara Berhad (SPNB) has launched phase 2 of the Vista Perdana township in Miri. Phase 2 of the project includes a total of 789 units of properties comprising single-storey terraced houses, single-storey semi-detached houses and single-storey bungalows, with prices starting from RM188,000. The company aims to build cheap and affordable homes of good quality in line with the government’s efforts, offering housing based on different levels of affordability and preference. SPNB’s upcoming project in Kuching is the Vista Wawasan mixed development. (The Borneo Post)
Genting Malaysia appointed as US casino manager
Genting Malaysia Bhd has been appointed as the manager of the First Light Resort & Casino in the US for an expected period of 7 years. First Light Resort & Casino, an Indian destination gaming resort, is to be constructed by the Mashpee Wampanoag Tribe in Taunton, Massachusetts and the appointment is pending approval from the National Indian Gaming Commission. The 900-room resort casino will be opened in phases and once fully completed, it will feature three hotels and a 150,000-square feet casino consisting of 3,000 slots, 150 gaming tables and 40 poker tables. (The Sun Daily)
