Cuepacs: 60% of civil servants don’t own a home
About 960,000 out of 1.6 million or 60% of civil servants in Malaysia still do not own a home, according to the Congress of Unions of Employees in the Public and Civil Services (Cuepacs). Of the total, 75% were those aged 40 years and below. Cuepacs has urged the government to give extra attention to home owneship issues among the civil servants, in addition to controlling housing prices and building more affordable homes. “Without the intervention of the government in fixing the price of houses, civil servants will remain unable to have a house of their own,” said Cuepacs president Datuk Azih Muda. (The Malay Mail Online)

Kedah to let developers revive abandoned housing projects
The Kedah state government will be giving developers the opportunity to take over housing projects that have been abandoned since seven years ago involving 1,922 units. Under the Private Affordable Housing Scheme (MyHome), the state government had agreed to give the housing project sites to developers to build MyHome 1 and MyHome 2 units, which would be discussed with the state’s Housing Divisio and local councils. Developers are advised to build multi-storey buildings to maximise land in Kedah, which would also help reduce the price per unit. The state government would also review policies involving property development including whether to reduce or eliminate the existing development charges. (Astro Awani)

TRX Signature tower estimated GDV RM3.5bil, 15th tallest in the world
Mulia Property Development Sdn Bhd, which is part of Indonesia’s commercial property developer Mulia Group, will be building its in the 70-acre Tun Razak Exchange that is being primed as Malaysia’s financial and banking district. The centrepiece landmark has a GDV of more than RM3.5 billion, and will comprise 92 storeys of column-free floors each averaging 34,000 sq ft, the largest configuration of column-free floor space in the city. It is expected to be the 15th tallest building in the world at 1,440 ft (438.9m) tall, close to the Petronas Twin Towers, which measures 1,483 ft (452m). Signature Tower is expected to be completed by 2018. (The Star Online)

Artist impression of the TRX SIgnature Tower

Artist impression of the TRX SIgnature Tower

Abandoned Plaza Rakyat to be redeveloped in June 2017
Work on the Plaza Rakyat development in Kuala Lumpur is expected to start in June 2017, some 20 years after the project was abandoned following the 1997 economic crisis and financial problems faced by the developer, Plaza Rakyat Sdn Bhd (PRSB). However, the claims by all depositors of the project must be settled before the project could proceed. Advertisements had been placed in mid-April and the depositors have until May 7 to respond, and were free to choose whether to make the claims or own lots in the redeveloped building. Beneficiaries of the depositors who have died can make claims by showing the sale and purchase agreement of the business lots. It was reported that 211 depositors of the project can get back their money back after settling the matter with the appointed lawyers. (The Sun Daily)

Related article: Draining Kuala Lumpur’s biggest fish pond after 20 years.

EcoFirst focusing on Ulu Klang land acquisitions
Property developer EcoFirst Consolidated Bhd, which saw its net profit more than double to RM1.51 million in 3QFY16, is focusing on the acquisition of 87 acres of prime land in Ulu Klang, Selangor. Group CEO and executive director Datuk Tiong Kwing Hee said the plans for the land will keep EcoFirst busy and secure steady income for the next 10 years. In Dec 2013, EcoFirst announced it was buying two pieces of land measuring 61.58 acres in Ulu Klang for RM145 million for a mixed-use project worth over RM1 billion. In April last year, it announced that it was buying another parcel of land measuring 25.09 acres in Ulu Klang for RM62.9 million. Its Upper East @ Tiger Lane luxury condominium project in Ipoh, Perak, will be the group’s main driver for the rest of financial year ending May 31, 2016 (FY16). (The Edge Markets)

SP Setia plans RM1.9bil Melbourne project
SP Setia Bhd has purchased a 1.02-acrre site in Melbourne for a mixed development project with an estimated GDV of A$460 million (RM1.91 billion). The acquisition is the largest east-end Central Business District (CBD) development site in the city to be sold in over a decade. SP Setia’s Australian property development arm Setia (Melbourne) Development Co Pty Ltd had inked a conditional agreement to acquire the freehold land, 308 Exhibition Steet, for A$101mil (RM300.96mil). The land will be redeveloped into two residential towers comprising up to 800 units with a retail podium space, and is slated to be launched in the second half next year. (The Star Online)

Malaysian property developer disposes of RM1.12bil Trump Tower in Canada
Malaysian property developer Tiah Joo Kim has sold off the controversial Trump International Hotel and Tower in Vancouver, Canada that his firm developed. The US$360 million (RM1.125 billion) Trump Tower had been shelved in 2009, but was revived in 2013 and due to be completed by the end of this year. The 63-storey tower consists of 15 storeys of hotel followed by over 200 units of condominiums. According to the Vancouver Sun, Tiah now plans to develop a US$300 million (RM 937 million) residential area on a 15-acre site his family bought from the British Columbia government in 2007. (The Malay Mail Online)

Trump Tower under construction in Vancouver, Canada (Photo from VanCity Buzz, March 2015)

Trump Tower under construction in Vancouver, Canada (Photo from VanCity Buzz, March 2015)