LBS to launch 12 new projects worth RM2.3bil this year
Property developer LBS Bina Group Bhd is planning 12 new launches with GDV of RM2.3 billion this year.Of the estimated 5,543 units being launched, approximately 4,284 units will comprise affordable homes priced below RM500,000. Most of the projects launched will be within the Klang Valley, with several projects in Cameron Highlands, Pahang, and Batu Pahat, Johor. The company is also ready to hand over about 1,127 homes with a combined GDV of RM463.2mil. The company achieved sales totaling RM1.2 billion in 2016. (The Star Online)

Optimistic year for LBS, targets RM1.5bil sales
LBS Bina Group Bhd, which is aiming for RM1.5 billion sales in 2017, is cautiously optimistic on the Malaysian property market. Its launches this year will comprise 92% residential and 8% non-residential developments. While some property developers have reviewed their new launches due to the slowdown in the property market, LBS Bina is maintaining its planned launches based on its capabilities of applying the right strategy, with the right offerings, at the right time. It plans to sell homes priced at RM500,000 to RM600,000. There is a possibility of LBS entering a JV with Chinese investors to develop projects targeting the Chinese market, due to the influx of Chinese tourists into the country.(The Sun Daily)

Some 15% of Plaza Rakyat owners refused to accept compensation
Several Plaza Rakyat shoplot buyers are still unhappy and refusing to accept the compensation offer, claiming it is not enough after nearly two decades of hardship while the project lay abandoned. Approximately 104 of the 211 buyers have been issued offer letters by the current developer Profit Consortium Sdn Bhd, and 85% of them have accepted. Many of them purchased the lots as investment, but due to the project being abandoned, their deposit for the development that should have been completed in 2007 had laid idle, without the chance to gain interest. The developer and DBKL, as the landowner, do not actually have a legal obligation to pay. (The Star Online)

Artist impression of Bandar Malaysia

Artist impression of Bandar Malaysia

Bandar Malaysia jobs worth up to RM50bil
Opportunities for construction and infrastructure works worth up to RM50 billion are up for grabs, as Bandar Malaysia plans to roll out the transit-oriented development (TOD) and launch project tenders in 2017. Bandar Malaysia intends to house the KL terminus of the planned KL-Singapore high-speed rail (HSR), which will be integrated with the TOD that spans 60 acres. Bandar Malaysia’s master plan incorporates an integrated ‘underground’ city that sprawls over a gross floor area of 63m sq ft. While the residential and commercial components could attract property developers at a later stage, overall construction and infrastructure opportunities could be as much as RM50bil over several years. (The Star Online)

Housing Ministry will review provisions under Strata Management Act
Provisions under the Strata Management Act 2013 will be reviewed to require housing developers to settle all liabilities before handing over the apartments to Joint Management Bodies (JMB). It is important since there is no provision under the Act which says that developers must handover the apartments to JMB with zero liability. The amendments will clearly define the responsibilities of housing developers and JMB. When passed, the amendments will authorise the ministry to take action against errant housing developers, including blacklisting them. (Malay Mail Online)

UDA to build more affordable housing in KL
UDA Holdings Bhd is planning to build affordable housing with a starting price of RM300,000 per unit in the city this year. A total of 700 units would be built in locations such as Jalan Cochrane and Jalan Jubilee in Cheras. The project aimed to assist young people with a low-income to own their own homes. (Astro Awani)

Paramount Blossom, China firms in property JV in Seremban
Paramount Blossom Sdn Bhd has signed an agreement with China Railway Liuyuan Group Co Ltd and Fujian Hexinyuantong Investment Co Ltd to develop a 77-acre land in Mukim Rasah, Negri Sembilan. The development is expected to be one of the largest residential developments in Seremban, comprising 835 units with a gross development value of RM650mil. Paramount Blossom is the owner of the land while Fujian Hexinyuantong Investment will finance the project. China Railway Liuyuan will be responsible for the construction of the development. (The Star Online)