Naza TTDI hopes to seal KL Metropolis hotel deal by 1Q17
Naza TTDI Sdn Bhd, which is in discussions with four potential investors for the development of the hotel in its KL Metropolis mega project, is optimistic of a deal by the first quarter of 2017. It hopes to secure investors for the hotel, which is an important component of its master plan. With the completion of Malaysia’s largst exhibition centre, Malaysia International Trade and Exhibition Centre (Mitec), at KL Metropolis, the company believes that potential investors will be more confident in investing. The mega project will be divided into nine precincts (Met One to Met Nine) with launches from next month until 2Q of 2019. The entire development has an estimated GDV of RM20 billion and will cover 75.5 acres of land. It is expected to be fully completed by 2027. Aside from the hotel and residential components, the project will also include two blocks of office towers and two retail malls. (The Edge Markets)
Developers want cheaper land
Developers are willing to build low-cost and affordable homes, on the condition that the government provides cheaper land to prevent their margins from shrinking further. Eco World Development Group Bhd president and CEO Datuk Chang Khim Wah said developers realise that they have to build low-cost and affordable houses but their margins are being squeezed because of high land and construction costs. In terms of density, the land usage has shrunk but overall cost has risen, due to increased infrastructure requirements compared to 15 years ago. Henry Butcher Malaysia CEO Tang Chee Meng said there is still weak affordability and low supply of affordably-priced properties in the market. Higher-income people have no problems buying and lower-income earners have low-cost housing schemes; it is the middle-income group who are left behind with the lack of affordable homes. (New Straits Times Online)
Malaysia’s biggest outlet mall to open in Penang next month
Malaysia’s biggest outlet mall, Design Village, will open its doors from November to offer a selection of items at lowered prices. The outlet mall, located within the newly-developed township of Bandar Cassia in Batu Kawan, is the first in the northern region. Built on a 24-acre tropical garden, the mall will have popular brands from fashion to home appliances all at markdown prices. Design Village, developed by PE Land Group, is the first outlet mall in the northern region. (Malay Mail Online)
Design Village outlet mall will open in Penang next month
Brush up on strata knowledge to avoid court, property managers told
Property managers have been told to familiarise themselves with real estate law, especially the Strata Management Act 2013, to avoid being brought to court by property owners, said lawyer and former consumer tribunal chairman Datuk Pretam Singh. There are approximately 1,200 cases filed to date against property managers related to strata-related issues this year. A court proceeding for such cases would usually take 60 days and losing a case could lead to a RM250,000 fine, he explained. The Strata Management Act was enacted to provide for the proper maintenance and management of buildings. (Malay Mail Online)
‘Better handouts, tax relief to boost consumption in 2017 Budget’
According to MIDF Amanah Investment Bank Bhd chief economist Dr Kamaruddin Mohd Nor, the 2017 Budget is likely to be a populist one with improved handouts such as BR1M and tax relief for targeted groups, particularly the bottom 40 (B40) and middle 40 (M40). The assistance offered to these groups would help boost domestic consumption, as these groups spend almost 70%-80% of their income on necessities such as food and accommodation compared to other groups with higher income. It would highly likely be an election budget instead of a cost-cutting budget, he added. Kamaruddin is also hopeful there would be an allocation for education, vocational and technical training, and agriculture. (New Straits Times Online)
Retirement planning must include housing, social engagement
Retirement planning must include housing and social engagement for retirees to maintain their standard of living even in old age, said financial planner Dr Niki Shuhada Shukor. She said that retirement planning for housing does not necessarily involve moving to a smaller house as retirees could maintain their current house as long as they could afford the expenses. However, an alternate option is to move to a smaller house to help keep maintenance bills manageable and to be closer to facilities such as grocery stores, supermarkets and recreational areas. Another important factor in retirement planning is social engagement. Social interactions are important, therefore it was advisable to invest and grow their money to ensure a comfortable retirement. (Bernama)
