Govt may set up more programmes to aid house buyers
The government is considering setting up more schemes to help Malaysians purchase houses. Deputy Urban Wellbeing, Housing and Local Government Minister Datuk Halimah Mohamed Sadique said among the proposal include the establishment of Bank Perumahan. Several proposals are currently being studied by the ministry, but those who wish to buy a house, especially first-time buyers, are encouraged to get assistance from various government schemes such as MyDeposit. The Housing Bank Data System (Teduh) App, which acts as a one-stop centre to integrate data from various parties including federal agencies and state governments, would be accessible starting next year,. The app will allow the public to check status of ongoing housing projects as well as availability of Bumiputera housing units. (New Straits Times Online)
HBA concerned over frequent extensions granted to developers
The National House Buyers Association is concerned over the the frequent extensions granted to property developers to deliver homes to buyers. Developers are required to hand over the keys to house buyers within 24 to 36 months of signing the sale and purchase agreement (SPA). Failure to do so would result in the developer paying the house buyer liquidated ascertained damages (LAD), which is a form of compensation. However, developers may appeal for an extension under “special circumstances” and “hardship” from the Housing Controller, under the Urban Wellbeing, Housing and Local Government Ministry. In the past, the granting of such extensions was uncommon, but has become more frequent lately. This has become a great concern as the LAD is part of a house buyer’s rights, said HBA Honorary Secretary-General Chang Kim Loong. (Free Malaysia Today)
Soaring house prices worry young Penangites
Despite the affordable housing programme by the state government, Penangits, especially those below the age of 30, are worried that they are unable to own a house in the future. Housing proces in Penang island have risen by about 50% over the last five years, even houses build under the affordable housing scheme. The government has no power to control the price of houses sold by owners, but at present, it has set a moratorium of five years for affordable housing and 10 years for low cost housing before they can be sold in the open market. Building more houses to tackle the increase of property price was not a solution given that Penang’s land was limited, especially on the island. Instead of building more houses, there should be a regulation to control housing prices, as it is a basic necessity. (The Sun Daily)
Sunway Carnival Mall in Seberang Jaya
Sunway REIT buys land from parent for mall extension
Sunway REIT is acquiring a piece of land measuring 143,225 sq ft adjacent to its Sunway Carnival Shopping Mall in mainland Penang from its parent company Sunway Bhd for RM17.2 million cash. The purchase is to facilitate its plans to increase the mall’s net lettable area, and will comprise a 9-storey shopping mall that includes a six-storey parking bay above the retail space, with one floor of basement parking. The deal will not only enable Sunway REIT to meet larger retail space requirements of international and regional retailers, but also allow it to enhance its tenant mix, reduce impact of economic cycles on overall rental income, and stay relevant to consumer preferences and ever-evolving market trends. (The Edge Markets)
Biggest industrial park in Malaysia draws RM25bil investments
Samalaju Industrial Park (SIP) in Bintulu, Sarawak, the biggest single industrial park in Malaysia, has attracted and approved 16 projects with a total investment of RM25.29 billion. The 16 approved projects are expected to create over 13,000 job opportunities and create a significant industrial base that can generate more employment and business opportunities. Five companies have already started operations in SIP. It is currently in the initial stage focusing on the provision of basic infrastructure such as access roads, water and electricity supplies as well as the services required by the industries. It is in the final stage of construction and will be fully operational next year, with enhanced transportation and logistics support. (The Star Online)
Aerial view of Samalaju Industrial Park (SIP) in Bintulu, Sarawak. (Photo from Energy for Sarawak)
Thriven Global has more launches in the pipeline
Thriven Global Bhd, formerly known as Mulpha Land Bhd, is hoping to see increase in revenue contributed by its Lumi Tropicana and Desa Aman projects this year. Group managing director Ghazie Yeoh Abdullah said it will be launching property projects with GDV of more than RM500 million this year, including SOHO and serviced residences in Lumi Tropicana, 250 units of Kepong Rumah Mampu Milik in Kuala Lumpur, Desa Aman Business Park, and 66 single-storey terrace houses and 70 semi-detached houses in Desa Aman, Kedah. The group has secured 60% sales in the current launch of the Lumi Collections while its affordable homes in Desa Aman is fully sold. It now focuses on developing affordable houses and affordable luxury properties, mainly in the central and northern regions. (The Sun Daily)
