Govt to announce new housing loan scheme
In a move to facilitate loans between first-time house buyers and banking institutions, the government is expected to announce a new housing loan scheme during the tabling of the 2017 Budget. The scheme is aimed at helping first-time house buyers, especially young graduates, or those who have just started work, to get a full loan for the purchase of houses priced below RM300,000. (Malay Mail Online)

Developers required to build affordable units in Selangor soon
Property developers will soon be required to build affordable units for serviced apartment, SoHo and SOVo projects in Selangor, under the state’s new blueprint for housing development. According to Selangor Exco for Housing, Building Management and Urban Settlement Datuk Iskandar Abdul Samad, the sale of the affordable units will be under the control of the Selangor Housing and Property Board (LPHS). Homebuyers will need to register with LPHS to purchase these units, and the developers are not allowed to sell them. The 30% Bumiputera quota remains as a requirement for the projects. The percentage for affordable units will be determined according to the total of units built for a particular project. Eligibility for the units will depend on several criteria, including household income. (The Edge Markets)

KAJD and Powerchina sign RM30bil Melaka Gateway agreement
KAJ Development Sdn Bhd (KAJD), the master developer of Melaka Gateway, has signed an MoU with Powerchina International Group Ltd for a RM30 billion joint investment to build and develop three islands for various tourism, commercial, property and maritime developments. The islands will form part of Melaka Gateway, a tourism and property development project comprising three reclaimed islands and a natural island totalling 1,366 acres. Upon completion in 2025, the project is expected to draw in an estimated 2.5 million visitors annually to Melaka Gateway, with the creation of 40,000 to 45,000 job opportunities. (The Star Online)

A scale model of Melaka Gateway (Photo from The Star)

Malaysia remains attractive for infrastructure sector investment
Malaysia continues to be an attractive location for investments in the infrastructure sector, despite facing some key structural issues in its economy, said HSBC. Its economist, Joseph Incalcaterra, said Malaysia was one of the few high-middle-income economies that had a good demographic profile with significant population growth. The use of infrastructure projects and growth in urban areas are interesting aspects for the future revenue generation in all the projects, he said. Incalcaterra said from a monetary policy perspective, HSBC also believed that further easing on interest rate cut by Bank Negara Malaysia was likely, following the surprise Overnight Policy Rate (OPR) cut in July. (The Star Online)

Damansara Realty signs deal with Country Garden for property development
Damansara Realty Bhd has signed an MoU with Country Garden Real Estate Sdn Bhd to jointly undertake a property project. The agreement is for the development of a portion of land measuring about 52 acres in Johor Bahru. Damansara Realty said the development is to be undertaken via a new special purpose vehicle company to be incorporated at a later date. Country Garden Real Estate is a subsidiary of Country Garden Holdings Co Ltd, with principal business of property development. (The Edge Markets)

Tropicana to gain RM18.2mil from building disposal
Tropicana Corp Bhd is disposing an office tower including car parks and other accessory parcels in Damansara Intan, Petaling Jaya to a private entity for RM24.9 million. Tropicana is expected to net a disposal gain totalling RM18.2 million, which will be used as working capital and/or repayment of bank borrowings. The disposal is in line with its de-gearing exercise to strengthen its financial footing. (The Edge Markets)

Klang woman is Malaysia’s first confirmed Zika case
The Health Ministry has confirmed the first Zika case in Malaysia, involving a woman in Klang, Selangor. The woman, 58, is the mother of a female patient infected with the virus in Singapore, said Health Minister Dr S Subramaniam. The patient, who lives in Bandar Botani, visited her daughter in Singapore on Aug 19 and returned to Malaysia on Aug 21. She displayed symptoms of a rash on Aug 28 and sought medical attention at a private clinic on Aug 30, where the general practitioner diagnosed her with suspected Zika infection. Control activities to prevent the spread of the virus include eliminating Aedes breeding sites, larvaciding and fogging. (Malaysiakini)