More house buyers expected this year
This year will likely see more people buying houses as consumers come to terms that property prices are unlikely to crash like they did in 1997 or 2008. People had been accepting that prices have not fallen since 2015, and property prices would remain stable or continue to appreciate, albeit at a more moderate pace supported by new game changers such as the MRT lines and transit-oriented developments. Nevertheless, while local properties remained to be affordable and attractive to overseas buyers because of stable prices, it had become a growing national issue to many Malaysians who were not able to afford houses, given the rise in cost of living and slow growth in take-home salaries. Although 2017 is expected to be another sluggish year, more Malaysians are expected to buy houses as consumer sentiment improves. (New Straits Times Online)
Work begins on RM1.2bil Qi City in Ipoh
Construction work has started on Qi City, a RM1.2 billion mixed residential and commercial educity development project undertaken by Wawasan QI Properties’ subsidiary, Green Venture Capital (GVC) in Bandar Meru Raya, Ipoh. The development which is slated for completion in 2020 will comprise a 840-bed teaching hospital, three blocks of 768 condominium units and 18 penthouses, a lifestyle mall, a convention centre to cater for up to 1,500 people and 460 units of hotel suites, and the Quest International University Perak campus. In addition, an animation theme park and a water park will be developed within the city. The main sales launch is expected in June, but it may have a soft launch in April. (The Sun Daily)
Qi City @ Bandar Meru Raya, Ipoh (Image from SkyscraperCity)
Ekovest to list property, infrastructure units on Bursa
Ekovest Bhd is planning to list its property and infrastructure units on Bursa Malaysia. Without mentioning a timeline, the group ultimately wants its infrastructure, property and construction arms to be listed entities. The IPO for the Duke highway would take place first before the property division headed for a listing. The group’s Duke project will encompass 10 highways when completed by 2030. Currently, Phase 1 is operational while Duke Phase 2 is scheduled to be operational in the middle of this year. Duke Phase 3, known as Setiawangsa-Pantai Expressway, is under construction at a cost of RM3.9 billion. (New Straits Times Online)
New property evaluation method bumps up assessment in Putrajaya
Landowners are seeing red after receiving the latest assessment notices from Putrajaya Corporation (PPJ). One landowner complained about the three-fold increase of a recent valuation review on his plot of vacant land, which had jumped from RM1,300 to RM3,400 per annum. Another landowner had a similar shock when his property was valued nearly twice the amount and was forced to pay an extra RM1,000 for the assessment rate, despite it being lowered to 6% from 8% previously. A cap has been imposed on the higher sum, but no additional information has been given on how long the capping will be in force. This has caused much anxiety among residents. The Putrajaya assessment hike has also fueled speculation that property values in the planned township have risen. (The Star Online)
The gazebo at the new recreational park in Taman Puncak Jalil (Photo from The Star)
New park for Seri Kembangan residents
Residents of Taman Puncak Jalil in Seri Kembangan have finally got a recreational park after 10 years of waiting. A 2.56ha park in Jalan PUJ 4, Taman Puncak Jalil was opened to the public last week, in line with the “Wishlist Green City 2030” campaign. Residents had already started using the park and its facilities before the official launch. Among the facilities for the public are gazebos, a walkway from the bottom to the top of the hill, garden chairs and basic amenities of rubbish bins and signboards. The park project started in 2003 but was abandoned in 2006. (The Star Online)
Berjaya founder pledges 5,000 homes for poor Filipinos
Malaysian billionaire Vincent Tan has promised to build 5,000 homes for poor Filipinos with the help of the Gawad Kalinga (GK) Community Development Foundation. The founder of the Berjaya Group of companies donated P100 million (RM9mil) to GK in 2012 as part of his P300-million (RM26mil) pledge for the construction of 3,000 homes for Filipinos hit by natural calamities. Tan said Berjaya and GK had built 1,000 houses so far. He also plans to replicate the project in Malaysia to provide free shelter to poor Malaysian communities. (The Star Online)
Malaysia a major draw for healthcare tourists
International tourists are coming to Malaysia on medical tourism junkets, lured by high-quality yet affordable healthcare and the good climate. It is more lucrative than conventional tourism because healthcare travellers tend to stay longer for their treatment and check-ups. After their treatment, they stay on to recuperate and the nation also benefits when their relatives come to visit while they are recovering. Malaysia is also a preferred choice for its year-round warm weather. The Health Ministry said the country welcomed about 850,000 medical tourists in 2015 with revenue amounting to more than RM900mil compared with RM777mil in 2014. (The Star Online)
