Sime Darby Property: Property market to remain soft in 2017
The Malaysian property market is expected to remain soft next year and developers will continue to review their launches. “Purely based on property development, I don’t think any of the property developers met their budget because the market is so soft,” said Sime Darby Property managing director Datuk Jauhari Hamidi. He expects 2017 to be a soft year, with the market picking up towards the end of 2017 or in early 2018. Property developers should take the opportunity to review their launches within current market conditions, and look at how they can optimise their staff size and redeploy them to other activities to increase productivity. (The Sun Daily)
Be vigilant and know your rights, house buyers told
Owners of new houses must look out for any defect their property may have and know their rights and what they can do, said Paramount Property CEO Beh Chun Chong. Most of the time, defects stemmed from poor workmanship and could cause a lot of damage to the property. Water is the number one enemy as leakages can cause structural problems, as well as rot and mould. New homebuyers should look for signs of leakages, including water stains, damp walls and unusually high water bills. Homeowners of new properties must know they have a 24-month defect warranty period for visible defects, such as cracked or chipped tiles, while hidden defects such as leaking pipes or defective wiring which ran behind walls have a six-year warranty period. A developer was obligated to fix these defects during the warranty periods, failing which a homeowner could take the developer to the Housing and Strata Management Tribunal (TPPS). (Free Malaysia Today)
Bankers optimistic for 2017 despite challenging times and global uncertainties
While it will remain challenging for banks amid the global economic uncertainty, bankers are optimistic that the sector will see improved profitability next year after experiencing flat growth this year. The improved performance is expected to be largely driven by stronger domestic economic growth coupled with continued cost-saving initiatives launched by financial institutions. On the other hand, a stronger US dollar, higher US interest rates, the possibility of increased US protectionism and the continued slowdown in China’s economy were considered as downside risks heading into 2017. (The Star Online)
Selangor Properties earning down 88% in Q4
Selangor Properties Bhd reported an 88% decline in net profit to RM57.4mil for the fourth quarter ended Oct 31 compared to a year ago after an extraordinary gain last year from the disposal of land. Its revenue increased 30% in the same period to RM35.5mil due to higher occupancy and rental rental revenue from properties, especially Plaza Batai in Bukit Damansara. The company said there were no sales from the Aira Residence units as these were registered in financial year 2016 as the project was launched in October 2016. (The Star Online)
Mitrajaya bags RM183mil West Coast Expressway job
Mitrajaya Holdings Bhd has bagged an RM183.44 million contract from concessionaire West Coast Expressway Sdn Bhd to build Section 2 of the West Coast Expressway (WCE) from the South Klang Valley Expressway interchange to the Shah Alam Expressway interchange. The WCE, which is currently under construction, is slated for completion in 2019, and will connect Klang, Kuala Selangor, Teluk Intan, Setiawan, Manjung and Hutan Melintang, among others. (The Edge Markets)
Evergreen expresses interest in Double Tree Hilton in Port Dickson
Hong Kong-based Evergreen Offshore Inc has expressed interest in a number of projects belonging to Palm Spring Development Sdn Bhd (PSD), which is wholly-owned by Tanco Holdings Bhd. The projects include a Double Tree Hilton Hotel, theme park, spa village and service suite and convention hall which are expected to be part of PSD’s Dickson Bay project in Port Dickson, Negeri Sembilan. PSD is principally involved in property development and property investment and is the master developer of Dickson Bay (previously known as Palm Springs Resort City), a 400-acre sea-fronting integrated resort development located in Port Dickson. (The Edge Markets)
Malacca to increase CCTVs in tourist areas
The Malacca government will increase the number of CCTVs installed in tourist areas to curb crime, especially snatch theft and robbery. Efforts were being undertaken in stages according to the budget and planning of local authorities in the state. At the moment a total of 76 CCTV have been installed throughout the state. The government plans to increase this number threefold but it will have to depend on the budget allocated. In another development, the state government had authorised housing schemes to implement the guarded or gated system to ensure safety of the residents and community. (Malay Mail Online)
