IJM, Allianz introduce first triple insurance for house buyers
IJM Land Bhd has collaborated with Allianz Malaysia Bhd to launch Malaysia’s first triple insurance protection scheme – Home TIPs – to provide protection for house buyers. The three-in-one scheme would provide term life, personal accident and involuntary unemployment coverage for buyers of selected properties. The unemployment insurance covered under the scheme is the first of its kind being introduced in Malaysia. It is one of the major factors that cause potential buyers to hesitate to commit, especially after layoffs in the oil and gas industry. Selected buyers who are involuntarily terminated from employment during the policy will benefit from a timely payout by the insurance, while the term life and personal insurance would allow them to enjoy the financial benefits which would be paid in the unfortunate case of death or total permanent disability. The benefits are extended to house buyers for 36 months from the date of signing the SPA. The scheme is applicable to selected IJM residential development projects ranging from RM300,000 to RM2 million purchased directly from IJM Land from now until December 2016. (New Straits Times Online)
Malaysia income growth not up to ETP target
Malaysia’s gross national income (GNI) per capita and gross domestic product (GDP) growth has failed to meet the requirement as set out by the Economic Transformation Programme (ETP) despite having the Performance Management and Delivery Unit (Pemandu) to manage delivery against these targets. The ETP was launched in September 2010 as the road map for Malaysia to achieve high-income economy status by 2020. The country’s GNI per capita is required to grow at an annual rate of 6% between 2011 and 2020, but it only recorded an average GNI per capita growth rate of about 4% annually from 2011 to 2015. Pemandu chief executive officer Datuk Seri Idris Jala observed last week that Malaysia is no longer stuck in the middle-income trap, but an economist pointed out that instead of aiming to become a high-income country, it was pointless if the population did not experience any qualitative changes and technological and social progress. (The Edge Markets)
1,146 projects to be spruced by under My Beautiful Malaysia programme
The Urban Wellbeing, Housing and Local Government Ministry (KPKT) will incur an expenditure of RM208.35 million for sprucing up 1,146 problematic public facilities under the ‘My Beautiful Malaysia'(MyBM) programme. Its senior assistant secretary Ahmad Fadzlan Mustapha said the initiative under the National Blue Ocean Strategy had made a great impact for the betterment of the lives of the people involved. “Low-cost flats, government quarters and public toilets which before were unkempt, poorly managed and dirty, now have become the pride of users,” he added. (Bernama)
SStwo Mall up for sale for RM200mil
ASIAN Retail Mall Fund II (ARMF), which owns the SStwo Mall in Petaling Jaya, is believed to be seeking a buyer for the retail asset as an earlier plan to redevelop the site has been shelved. The vendor is hoping to seal the deal for around RM200 million, or through an asset/land swap. The neighbourhood shopping centre, operated by SStwo Mall Sdn Bhd, was shut down in March last year after operating for less than 4½ years. It was built at a cost of RM180 million. ARMF is also looking to divest two other malls, namely Island Plaza in Penang for RM120mil and Seremban Prima (previously Seremban Parade) for RM150mil. (The Edge)
Malaysia ready to deploy plans to fight haze fires in Sumatra
Malaysia is prepared to deploy its Bombardier aircraft to Sumatra, Indonesia, to help put out the forest fires that have been responsible for the cross-border haze, said Minister in the Prime Minister’s Department Datuk Seri Dr Shahidan Kassim. He said Malaysia, especially its National Security Coucil, is now in the state of full preparedness to assist in the operation. Malaysia had also sent aircraft to help put out the forest fires in Sumatra last year. (The Rakyat Post)
