Kelana Jaya-Ampang LRT extension begins on Thursday
The Kelana Jaya and Ampang LRT Line Extension will begin operations this Thursday, June 30, as scheduled, announced Prasarana. The statement was released following concerns raised regarding the Certificate of Completion and Compliance (CCC) for the stations due to lack of parking facilities at some stations. Prasarana Chief Executive Officer Datuk Zohari Sulaiman said that it was in talks with Sime Darby, the master developer of USJ Subang Jaya to develop temporary parking facilities within two months until the future permanent parking options are provided. Besides the Park and Ride facilities, the company would also provide feeder bus services to and from the LRT stations. (The Malay Mail Online)

Demand for property still strong from first-time buyers
Demand from first-time buyers, including the younger generation, remains strong although housing affordability is a challenge, said Bank Negara. They account of 75% of 1.47 million borrowers. Young Malaysians are are saving up for their first home, with demand from Gen Y, or milennials, holding strong, especially with parents assisting them with downpayment, said Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Seri F.D. Iskandar. Those who cannot afford it themselves, and do not have parents to help, often pool their resources to purchase a housing unit as joint owners. Despite facing housing affordability challenges, Gen Y are still keen on buying, with the market expected to pick up with the completion of infrastructure development and public transportation facilities. (The Star Online)

EcoWorld sees silver lining in Brexit decision
Eco World International Bhd (EWI), which has three ongoing property development projects in London, is seeing a silver lining in Britian’s decision to exit the European Union (EU), as the weaker sterling pound is expected to lower the investment costs for it and its customers. The announcements of the EU referendum results have finally ended investors’ uncertainty on decision making. EWI executive vice-chairman Tan Sri Liew Kee Sin said that the weaker starling would help its Malaysian, Singaporean, Chinese and Hong Kong-based customers by bringing down their cost of investment. Furthermore, their reasons for buying properties in London have little to do with whether the UK is part of the EU. For EWI’s proposed IPO, the lower exchange rate would also mean that the cost to inject into the UK would be lower, and make it cheaper for EWI to acquire new sites post-listing. (The Star Online)

5,276 applications for MyDeposit in 2 months
A total of 5,276 applications for the First House Deposit Financing Scheme (MyDeposit) was received between April 7 and June 14 this year. Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said the applications were for 3,090 new houses and 2,186 sub-sale units. The three states with the highest number of applications were Selangor, Kuala Lumpur and Penang. 1,311 applications have been processed and 425 were eligible for the scheme. MyDeposit was created with a RM200 million fund from the government to assist first-time buyers with the deposit payment, which is limited to 10 per cent of the house price or a maximum of RM30,000, whichever is lower, for the purchase price of RM500,000 and below. (Daily Express)

Top developers hit by weak market
Top property development companies in the country have seen their sales decline from the peak in 2013, falling at double-digit rates in 2014 and 2015, said RAM Rating Services Bhd. The challenges are expected to remain in the subdued market, although most would still be supported by their strong locked-in sales. The poor showing was in tandem with the slower property market and lack of any significant boost from international projects, which had propped up their sales in the 2011-2015 period. Besides that, the more competitive landscape amid a soft market had prompted more aggressive promotions of new launches and to clear existing inventory. (New Straits Times Online)

Kuantan’s MPK1 field to get RM1mil facelift
The famous Padang MPK1 in Kuantan will undergo upgrades to offer more comfort to visitors. The upgrade, costing RM1 million, will include installation of a giant screen, floodlights, benches and recreational facilities. The field is a hotspot for recreational activities, and especially popular during Ramadan, as many people including members of the royal family and state leaders will gather here to break fast. It is hoped that the completion of the upgrading works, done in stages, will encourage more people to utilise the field with family and friends. (New Straits Times Online)