BBCC unfazed by office supply glut in Klang Valley
The developer of Bukit Bintang City Centre (BBCC) is unfazed by the office supply glut that is haunting the Klang Valley property market now, saying the RM8.7 billion integrated development is still getting a substantial amount of interest from potential investors or owners. Offices within the 19.4-acre land in Jalan Hang Tuah, where the former Pudu Prison was located, had many advantages, especially in terms of public transportation. Being a fully integrated development with offices, mall, entertainment venue, hotels and apartments will increase its traction and attractiveness as well. BBCC Development is jointly owned by UDA Holdings Bhd (40%), Eco World Development Group Bhd (40%) and the Employees Provident Fund (20%). (The Edge Markets)

Sunway Properties targets RM1.1bil sales in 2017
Sunway Property is targeting RM1.1bil in sales this year, underpinned by launches worth GDV RM2bil. The bulk of the launches will be in Malaysia, most of them integrated properties. Sunway Property also announced the acquisition of 8.45 acres of land along Jalan Peel, Cheras, which will be developed into Sunway Velocity TWO, directly opposite the Sunway Velocity Mall. More than 70% of Sunway Velocity TWO will comprise residential units, complementing Sunway Velocity which consists of 75% commercial units. (The Star Online)

IOI Properties to launch up to RM2.5bil worth of projects in 2017
IOI Properties Group Bhd is set to launch property projects worth RM2 billion to RM2.5 billion GDV this year, with on-going projects spread out in Singapore, Klang Valley, Johor and Xiamen (China). The group’s sales contribution are now evenly spread between local and overseas market, which is well-diversified and bodes well as the local property market slows. Shared holders recently approved the proposed ratification related to a S$2.57 billion land tender in Singapore and a proposed rights issue of up to 1.11 billion shares. Last November, its wholly-owned subsidiary successfully tendered for a prime tract at Singapore’s Marina Bay area, giving the group an opportunity to venture into prime office development in Singapore’s central business district. (The Edge Markets)

PR1MA aims to complete 15,000 homes nationwide in 2017
PR1MA Corporation has targeted to complete 15,000 units of PR1MA homes nationwide this year. As of January, a total of 260,188 units were approved by the members of the corporation while 132,352 units were now being constructed. PR1MA has also introduced a special flexible scheme, known as the Special PR1MA End Financing Scheme (SPEF), to give opportunity for the middle income group (earning between RM2,000 and RM15,000) to own homes. The scheme will offer access to higher loan amount and facilitate the home ownership process for first time buyers. (Malay Mail Online)

Hock Seng Lee eyes PPR projects
Sarawak-based engineering and construction group Hock Seng Lee Bhd (HSL) is set to cater to the rising demand for affordable housing, especially Kuching. The group is looking to build PPR homes on a bigger scale after it’s previous involvement in Kuching and Bintulu PPR projects. Rapid urbanisation and industrialisation in Sarawak have led to strong demand for affordable homes in a number of Sarawak’s major towns. However, despite property being among the group’s focus areas going forward, the engineering and construction sectors will remain its main moneymakers. Currently, the marine, civil engineering and construction sectors contribute 80% of HSL’s top line, while the remaining 20% is from property development. It is set to launch several residential and industrial projects with a combined GDV of RM160 million this year. (The Edge Markets)

Penang to absorb RM55.2mil in assessment rates, GST
The Penang state government has announced that it will absorb RM55.19 million in assessment rates for all property owners and Goods and Services Tax (GST) for all its services in the state this year. All low-cost, low medium-cost housing and kampung house owners in the state are exempted from paying assessment rates this year. The remaining property owners, including commercial properties, will be given 6% reduction. According to chief minister Lim Guan Eng, the state was able to give these exemptions and reductions because of its annual budget surpluses. (Malay Mail Online)