Institutional investors ready to pounce on property
Institutional investors may be in for bargain buys in the property sector, as tightly-held assets are expected to come on the market due to challenging business conditions. Big institutional players, funds and real estate investment trusts (REITs) will now be on the lookout for good properties that may appear on the market as the economic situation gets tougher. Those torn between saving the business or saving property will always choose to save the business. Previously unavailable properties and properties that were available but with unfavourable yields are now being offered at more realistic prices with matching yields as sellers are now willing to lower prices to more reasonable levels. Examples include Menara Hong Leong (Office Tower A), Menara Shell, Dijaya Plaza and AmBank Group Leadership Centre. The trend is expected to continue in 2H2016 and 1H2017. (The Sun Daily)

Ajiya partnering with Sarawak-based IMAG for PR1MA project
Ajiya Bhd is partnering with Sarawak-based IMAG Development & Construction Sdn Bhd to develop a housing project by PR1MA. Ajiya’s subsidiary Ari Utara Sdn Bhd (ARIU) signed an MoU with IMAG to work together, secure and implement a project to be awarded by PR1MA. The project is 746 units of PR1MA homes comprising townhouse units with amenities, utilities, facilities and infrastructures on a 24.88-acre leasehold land in Matang, Sarawak. (The Edge Markets)

Image from KL Eco City

ViiA Residences to set new benchmark pricing
SP Setia is planning to launch ViiA Residences in KL Eco City, Kuala Lumpur by end-August, with prices starting from RM1 million. The GDV RM450 million leasehold serviced apartment development will offer 326 units with built-up sizes from 650 to 1,300 sq ft. “The selling price averages RM1,600 psf, which is a new benchmark pricing for such properties in the Mid Valley and Bangsar areas,” said KL Eco City divisional general manager Tony Ling. The 40-storey ViiA Residences is part of the 25-acre (10ha) KL Eco City transport-oriented development which features pedestrian link bridges that connect the residential towers to the Light Rapid Transit (LRT) station, Mid Valley City as well as The Gardens shopping Mall. (The Edge Markets)

China needs housing space the size of Singapore each year
China needs to build residential property space that’s equivalent to the land area of Singapore, or 800 million square meters, every year until 2030. This means demand for new housing will remain relatively resilient in China. The estimate is based on Fitch’s assumption that over one-third of new demand will be driven by the demolition of all properties built before 1990, while demand from marriage-driven first-time buyers will decline after peaking in 2013. There have been reports of overbuilding and unsold housing stock in many areas of China. In July, the official Xinhua news agency reported that there are development plans in Chinese cities to have housing capacity for 3.4 billion people, which is more than 2.5 times China’s population and could exacerbate oversupply. (Reuters)

Penang’s Sia Boey site now secured area pending archeological findings
The old Sia Boey market site in Penang, currently undergoing an archeological excavation, is now a secured area to provent disturbances to the site, said Chief Minister Lim Guan Eng. Security was enforced at the site following a public visit to the site held last weekend, which Lim said was a breach of protocols as the visit was unauthorised because the archeological findings were not yet completed. the site’s management has now been placed fully under George Town World Heritage Inc (GTWHI), the state’s heritage agency. Excavation began at the site after an old canal built by the British was uncovered and remnants of a 19^th century police station or barrack were found. (The Malay Mail Online)

Duo bag historic silver Olympic medal in diving for Malaysia
Divers Pandelela Rinong and Cheong Jun Hoong won Malaysia’s first medal at the Rio Olympic Games, with a silver in the women’s 10m platform synchronised on Tuesday. The duo scored a total 344.34 points to finish second behind China’s Chen Ruolin-Liu Huixia (354.00). Canada came in third with 336.18 points. They had an unforgettable journey in Rio, as they were never out of the medal places in all five dives. However, they are not done at the Olympics; both of them will be competing in the 10m platform individual on Aug 17, while Jun Hoong will also be competing in the 3m springboard on Friday. (New Straits Times Online)