Credit rating now required for Penang affordable housing
The Penang government has added a requirement for applicants of affordable housing to submit their credit rating from Bank Negara’s Central Credit Reference Information System (CCRIS) in order to reduce rejection rates. The additional requirement would act as a filtration system to access whether a person is credit ready before the Selection Process Enhancement Committee (SPEC) approves their application. Previously, applicants couldn’t go ahead with their purchase because their loan was rejected due to credit ratings not meeting the requirement. Following the implementation of this requirement, rejected applicants will be sent to the Credit Management and Counselling Agency for counselling on how to improve their credit rating. 35,229 people are currently on the waiting list for affordable housing. (The Malay Mail Online)
Global investors favour Malaysian property market, says analyst
Dubai-based property and investment company, IQI Group Holdings, chief economist Shan Saeed said property investors are positioning themselves to capitalise on renewed confidence in Malaysia’s economy, despite global volatility. The nation’s structured growth would continue to attract investments from European countries, China, Japan and South Korea, which are looking at Malaysia’s property market from a favourtable perspective. On Malaysia’s property market outlook, Shan said Kuala Lumpur would become more like Hong Kong in terms of exorbitant property prices, with property prices expected to stabilise by 2018-2019. (Astro Awani)
Len Cheong unit in JV for RM6.7mil Melaka residential project
Furniture maker Len Cheong Resources Sdn Bhd, a wholly-owned subsidiary of Len Cheong Holding Bhd (LCH), is proposing a joint venture with Goldpeace Corporation Sdn Bhd to develop a 0.92ha agricultural land in Melaka into residential houses with estimated GDV of RM6.7 million. Goldpeace Corporation owns the land for the development. The JV is part of Len Cheong’s proposed plan to diversify its business into the property development sector. The proposed development will consist of 18 units of single-storey semi-detached houses and one bungalow on the freehold land in Bukit Lintang, Melaka Tengah. Construction is expected to begin in second half of 2017 and completed within two years. (The Edge Markets)
Terengganu Sultan calls for development of wakaf land
The Sultan of Terengganu, Sultan Mizan Zainal Abidin has called on all quarters to assist the Terengganu Malay Customs and Islamic Religious Council (Maidam) to develop wakaf land with potential in the state. There are 704 lots of wakaf land in Terengganu with various purposes, including construction of mosques, surau, burial grounds, orphanages and religious education. Some of these wakaf lands have development potential but Maidam lacks funds for this purpose. The sultan called on the state government, privat sector and financial institutions to work together with Maidam to develop the wakaf land. The would help improve the economy and living conditions of people in the state, especially the poor. (Astro Awani)
Malaysian firemen handling snakes pulled from a drain (Photo from Underwater Times)
Rising cases of snakes caught at home due to hot weather
There have been an alarming number of cases of snakes caught inside homes, buildings and close to human habitat in the past two months, due to the El Nino phenomenon. The Malaysian Civil Defence Department (JPAM) has recorded a total of 3,780 cases in March and 3,708 cases in February nationwide, while the Fire and Rescue Department has recorded 973 cases in March and 899 cases in February nationwide. The change from rainy season to hotter climates, made worse by El Nino, have resulted in snakes looking for shelter in cooler places such as underneath cupboards and chairs, as well as the kitchen and washroom. The reptiles also migrate to new places when their old habitats are destroyed or no longer suitable, likely due to deforestation or development. The public are advised to stay calm and refrain from provoking the snakes, and immediately call emergency services. (The Star Online)
KWSP e-Withdrawal
EPF e-Withdrawal to include education
The Employees Provident Fund (EPF) has expanded its e-Withdrawal service to include education withdrawals. Previously, members could only apply for housing withdrawls through the online facility, which was introduced in 2013. Members can now submit their application online to withdraw their EPF savings to finance their own or children’s education fees at local higher learning institutions. From the initial RHB Bank, other financial institutions which are part of the e-withdrawals are RHB Islamic, Maybank, Bank Islam, Oversea-Chinese Banking Corporation (OCBC), Bank Simpanan Nasional (BSN), Ambank and United Overseas Bank (UOB). Housing withdrawals are used to reduce/redeem housing loan; repayment of housing loan monthly instalments and purchase or build a house. For education withdrawals, they can be used to fund education fees, as well as repay outstanding balance of education loans. (The Star Online)
