Penang govt collecting info to reintroduce Rent Control Act
The Penang state government is currently collecting information on the rental increase in the state in order to proceed with the next stage of reintroducing the Rent Control Act. The state can table the enactment without the federal government’s approval as it has provided for each state to regulate rentals imposed by landlords. The reintroduction of the Act is only aimed at properties within the core and buffer zone of the George Town World Heritage site, and is meant to control the manner of the rental increase, not to increase the rental. In July this year, Chief Minister Lim Guan Eng contemplated reintroducing the Act over concerns of rising rent in the George Town Heritage Zone, to ensure the Unesco site was not adversely affected by gentrification. (The Sun Daily)
Magna Prima to launch The View Residence by year-end
Property developer Magna Prima will launch its RM200.81mil GDV The View Residence, which will be constructed on its recently-acquired Shah Alam land, in 4Q this year. The group is looking to launch it by year end in order to realise some of the sales within the current financial year. The View Residence will comprise 315 units of three blocks of 15-storey residential apartments and five shop offices. (The Edge Markets)
Ekovest optimistic of RM1bil revenue mark
Construction outfit Ekovest Bhd expects to surpass the RM1 billion revenue mark by its financial yar ending Dec 31, 2017, driven by strong outstanding order book of RM5.3 billion, which comprises construction of highways, condominium, shopping malls and the River of Life jobs, keeping the company busy for the next 3 years. The bulk of Ekovest’s order book was contributed by the RM3.9 billion Setiawangsa-Pantai Expressway project (SPE). The company is confident of achieving the RM1 billion mark by next year. (New Straits Times Online)
Proposed Penang tram line not integrated with transport hub, say activists
Heritage activists are protesting the proposed Penang tram line by SRS Consortium, as the rails are not integrated with the proposed transport hub for monorail and LRT. Penang Heritage Trust vice-president Khoo Salma Nasution said it was a major flaw in the Penang Transport Master Plan (PTMP), as it would only serve as a tourist attraction, and added that anyone arriving by the LRT would have to walk to Lebuh Carnarvon where the tram station is to be located. Not only that, the single track means that passengers who missed the tram would have to wait for it to finish its route before they could board again. (The Rakyat Post)
Seacera sells unit to OCR Land
Seacera Group Bhd has disposed of its remaining 51% stake in Seacera Land Sdn Bhd to OCR Land Holdings Sdn Bhd for RM25 million. The disposal will help the group to unlock its investment, and the cash received from the disposal – about RM8 million – may be used for future investments. Seacera, which is involved in tile manufacturing, property development and construction, said development activities may have to be deferred due to the slowdown in the property market, particularly the commercial segment. (The Sun Daily)
Residents to blame for dispicable state of PPR flats
Residents of Kota Damansara’s PPR flats have blamed fellow occupants for the pathetic state of the public housing flat, especially when it comes to cleanliness and maintenance. Previous members of the flat’s Residents Association accused residents of their lack of civics and shifting their responsibilities to the authorities instead. They claimed that occupants often threw rubbish haphazardly while refusing to pay the rent of RM250 per month. Some residents even rented their units out to foreigners for quick cash, which is illegal. The monthly rental is crucial for the flats’ upkeep, and some residents have expressed their disappointment at occupants not paying the rental. (Malay Mail Online)
Daya Materials bags RM224mil Aspen construction job
Daya Materials Bhd’s engineering and construction unit was awarded a RM224 million contract to build retail facilities for Aspen Vision City Sdn Bhd in Batu Kawan, Penang. Aspen Vision City is a joint venture between Penang based property player Aspen Group and Ikano Group, the operator of Swedish furniture store IKEA in Singapore, Thailand and Malaysia. The development in Batu Kawan will boast the first IKEA store in Penang and the northern region. The contract will last for 17 months. (The Edge Markets)
