Noh: Banks should give full housing loans for first-time buyers
Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar said that banks should give full housing loans to Malaysians, especially first-time buyers, as the main problem faced by buyers now is end financing. He pointed out that banks only give 70-80% loans, and that people find it difficult to pay a 20% down payment, which would cost at least RM60,000 for a RM300,000 house. He explained that despite several government schemes to help ease the burden of first-time house buyers, a higher loan from the banks would be ideal to solve housing problems here. During the tabling of Budget 2017 last Friday, Prime Minister Datuk Seri Najib Razak announced a special end-financing scheme for the 1Malaysia People’s Housing Programme (PR1MA), where buyers would get a loan of between 90-100%. (Malay Mail Online)
Budget initiatives will encourage home ownership, says Rehda
The incentives ennounced in the 2017 Budget will give the property sector a much-needed boost towards achieving the target of housing the nation, said Real Estate and Housing Developers’ Association Malaysia (Rehda). The government’s effort to encourage home ownership among the first-time home buyers will help spur the growth of the property sector, particularly the affordable segment. The incentives for first time home buyers among others include 100% stamp duty exemption for houses below RM300,000 and special end-financing scheme for PR1MA houses. (New Straits Times Online)
Property valuers unhappy with Budget 2017 for not reinstating DIBS; house buyers rejoice
Property valuers are criticising the 2017 Budget for failing to address the slowdown in the property market, especially for not reintroducing DIBS for first-time buyers and confining the sale and purchase of homes up to RM400,000. House buyers, on the other hand, were happy over the decision by the government for not relaxing cooling measures to stem excessive speculation on house prices. The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector (PEPS) were also expecting the government and GLCs to come out with a plan to identify their surplus land for joint ventures with developers to build affordable housing. (Malay Mail Online)
Experts back proposed tram service in KL
Town planning experts have voiced support for the proposed tram service in Kuala Lumpur, for which SPAD will conduct a feasibility study. The new mode of transport would encourage more city folks to use public transporation and ease congestion in the capital. Malaysian Institute of Planners (MIP) vice president Noraida Saludin said tram rails which are built on roads do not use any structure so surrounding areas will not be affected during construction work. Unlike elevated structures which interfere with existing building and aesthetics, trams do not require cables, are environmentally-friendly, and moderate speed would suit busy city conditions. The service should also complement existing LRT, MRT and bus services. (Malay Mail Online)
Selangor on track to achieve RM6bil investment target for 2016
The Selangor state government has achieved 63.3% of its RM6 billion target, or RM3.8 billion, in the first eight months of the year, following the trimming of its direct investment target by 25% year-on-year amind the global economic slowdown. Selangor targeted RM8 billion in direct investments last year, and achieved RM7.9 billion. (The Edge Markets)
Photo from NST
MRT Corp expects RM2.5mil annually from retail spaces at stations
MRT Corp is expecting annual revenue of RM2.5 million from the rental of retail spaces at its 19 elevated stations along the MRT Sungai Buloh-Kajang (SBK) Line, which is set to launch on Dec 15. 15 companies had won bids for the retail spaces in April this year. About of the companies will begin operations in December, and the rest from July next year. The rental will be fixed based on the location of the station and ranging from RM1,200 to RM3,500 for a 200-sq ft lot. Among the international retail brands are Watsons, 7-Eleven and Family Mart, while the local brands are namely myNews.com, Noras Delight and Rotiboy. (Malay Mail Online)
MPAJ tears down illegal structure built in Taman Putra
An illegal structure built in Jalan 19, Taman Putra was demolished by the Ampang Jaya Municipal Council (MPAJ) on Tuesday. It was reported that a canopy operator had been storing equipment such as tables and canopies there. Residents had questioned the usage of the structure, which was said to be a hall for the Indian community to hold events, but grew suspicious when they saw lorries going to and from the location with equipment. (The Star Online)
