Ownership schemes offers discount to PKNS home buyers
The Selangor State Development Corporation (PKNS) is offering attractive discounts to encourage first-time home buyers to buy properties. The scheme — 1st Ownership — will see buyers getting a 10% discount on the offer price. The downpayment and fees for the sales and purchase agreement (SPA) and memorandum of transfer (MOT) will be absorbed by PKNS. The scheme is open to everyone as part of the agency’s move to encourage citizens to purchase homes. Another scheme is a loyalty programme which allows buyers who have purchased a house from PKNS to get a 12% discount on their second PKNS property. (Malay Mail Online)
Housing Controller has no power to grant extension
The High Court has ruled that the Housing Controller has no power to grant an extension of time to developers who delay the completion of housing projects. This means a housing developer has to pay compensation to the affected buyers for delays in the delivery of vacant possession. The ruling follows an application for judicial review by 71 buyers of the Sri Istana condominiums in Old Klang Road against the Housing Controller and Urban Well-being, Housing and Local Government Minister. It was found that the minister’s decision to grant the developer a 12-month extension of time to complete the project via a letter dated Nov 17, 2015 was invalid. The decision a landmark judgment as many project developers seek extensions to complete their projects in Malaysia. (The Star Online)
Sime Darby proposes internal restructuring ahead of listing
Sime Darby Bhd is proposing an internal restructuring following the group’s proposed listing of its plantation and property businesses on the main market of Bursa Malaysia. The exercise involves the restructuring of the group’s borrowings, transferring of certain assets, including land, within the group and capitalisation of inter-company loans. The conglomerate also proposed the distribution of Sime Darby’s entire shareholding in Sime Darby Plantation Sdn Bhd and Sime Darby Property Bhd. This means there will be three separate and independent listed entities with distinct businesses. (Malay Mail Online)
Artist’s impression of The Olive condominium in Sunsuria City (Image from Sunsuria)
Sunsuria targets RM993mil sales this year
Property developer Sunsuria Bhd is targeting RM993 million in sales from the launch of projects worth RM1.55 billion GDV this year. Executive chairman Datuk Ter Leong Yap was confident that the projects would be well-received, as there are a lot of people interested to buy properties. The projects that the company would be launching included the first residential development of Sunsuria City, The Olive condominium, Bell Suites serviced apartments that face the main entrance of Xiamen University Malaysia and an upcoming landed residential development known as Monet Residences. It will also focus on the second phase expansion of its mixed commercial development, The Forum, in Setia Alam. (The Star Online)
Felda to expand second generation housing programme
Felda is planning to expand the Planned Second Generation Housing Programme nationwide to resolve housing problems faced by the group. Through the programme, Felda would cooperate with the state government to provide housing sites for selected settlers before the eligible candidates can seek a loan from Syarikat Perumahan Negara Berhad (SPNB) for the construction of the house. (Astro Awani)
Titijaya Land plans to acquire Sri Komakmur for RM70.9mil
Titijaya Land Bhd has proposed to acquire Sri Komakmur Development Sdn Bhd (SKDSB) for a purchase consideration of RM70.91 million. The proposed acquisition would enable Titijaya, through SKDSB, to gain access to 75.444 acres of prime land within the high-growth and fast-maturing central development spine of Sabah. The prospects are encouraging, as the demand for residential and commercial properties in Sabah is expected to remain favourable among local and foreign buyers. (The Star Online)
Possible halt to KL City Plan shocks MPs
Kuala Lumpur members of Parliament are shocked over the statement by Federal Territories Minister Datuk Seri Tengku Adnan Mansor in a local English daily that the draft Kuala Lumpur City Plan 2020 may not be gazetted as planned. The minister was quoted as saying he would not sign or approve the plan as there was room in it for abuse. The draft plan is a blueprint for development in Kuala Lumpur. However, some MPs believe it could be a case of being misquoted, and are waiting for the minister to issue a statement. The plan involves land and housing issues, public transporation, green areas and public amenities with feedback from the public. (The Star Online)
Malaysia’s health services third best worldwide
The health service offered in Malaysia has been ranked third best in the world by International Living magazine, according to Deputy Health Minister Datuk Seri Dr Hilmi Yahaya. He said the recognition was made possible due to easy access to health service, even in the most remote areas, in Malaysia. There are 1Malaysia clinics, rural clinics, and mobile clinics. In areas not linked by roads, healthcare is provided via clinics on boats and helicopters, he said. (Malay Mail Online)
