105 fraud cases related to illegal agents reported last year
Second Deputy Finance Minister Datuk Lee Chee Leong revealed that the number of fraud cases related to illegal real estate brokers reported last year has decreased last year from the previous year. As at December 2016, 105 fraud cases were reported, compared to 180 cases of illegal brokers in 2015. Lee noted that the Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) will not be able to assist a person who is cheated of his or her money after using the services of illegal brokers. (The Edge Markets)
Public advised not to engage illegal real estate agents
Members of the public are reminded to not use the services of illegal real estate agents and negotiators. Not only will there be problems when they engage the services of such people, it will also result in the government losing out on its revenues as these illegal agents do not pay taxes or GST. BOVAEA would not be able to help people who use the services of illegal agents and cheated of their money. A registered real estate agent (REA) will carry a four-digit REA number, while a real estate negotiator (REN) will have a five-digit REN number. (The Star Online)
Related article: [Infographic] How To Identify A Licensed Real Estate Agent in Malaysia
Groundwork for Bandar Malaysia to begin soon
Groundwork for the multi-billion-ringgit Bandar Malaysia project will begin soon, according master Iskandar Waterfront Holdings (IWH), which is part of a consortium together with China Railway Engineering Corp (CREC). It was reported that the initial funding of RM10 billion was ready, with only a few “loose ends” to tie up with the governments of Malaysia and China. Bandar Malaysia, which is located on the Sungai Besi air force base, will also be the site of the Kuala Lumpur terminal for the Kuala Lumpur-Singapore high speed rail link. The consortium will take ownership of one-third of the Bandar Malaysia site during the first phase of the project, while the rest will be transferred over the coming two years after the relocation of military facilities. (Malay Mail Online)
Artist’s impression of the Quarza Residence.
Sime Darby’s KL East project boasts ‘green’ concept
Sime Darby Property’s integrated development KL East is set to change the landscape in the city’s east side. The 62-ha project is touted as the new lifestyle destination in the capital, with an enclave that includes residential, lifestyle and commercial components. Located about 15km from the city centre, KL East prides itself as a development dedicated to rainforest regeneration and promotion of sustainable living, with more than 50% being green open spaces. This includes the KL East Eco Park that spans 21.5ha. The development’s inaugural residential twin towers, The Veo, comprises 175 residential units each, while another two residential towers, Quarza Residences, has 254 units each and sits atop a shopping mall. (The Star Online)
JAG to debut maiden property development in 3Q this year
Electronic and industrial waste processor JAG Bhd is planning to launch its maiden property development project in the third quarter this year, following the approval from shareholders to diversify into property development and investment. The project will be a mixed development on a 3.33-acre site in Kampung Jawa, Klang with total GDV of RM155mil to RM170mil. It will be developed over three phases and set to complete within four years. The development will comprise shop offices, a seven-storey office tower, and residential units. The company is also looking for landbanking opportunities and joint ventures with land owners and developers. (The Edge Markets)
Malaysia expecting sluggish year in investment
Malaysia is expecting a sluggish year in total investments as global businesses continue to navigate headwinds and uncertainty. International Trade and Industry Minister Datuk Seri Mustapa Mohamed projected that the country’s services and manufacturing sectors, which saw modest growth in investments and project in 2016, could see up to a RM2bil to RM3bil decrease in overall investments this year. Malaysia’s outlook continues to be uncertain due to increasing protectionist sentiment of several countries, but is off to a good start with the RM31 billion investment from Saudi Arabia. (The Star Online)
Beautifying cities in preparation for SEA Games
DBKL’s preparation efforts for the 29th SEA Games in August is going into overdrive, with less than six months to go. DBKL was put in charge of two committees to handle food, accommodation and urban beautification by the Malaysia SEA Games Organising Committee (Masoc). DBKL was also involved in transporting officials and athletes from their hotels to the venues of different sports. The venues for the games have been finalised and four major facilities under DBKL would be utilised. The venues are Dataran Merdeka for archery, Stadium Titiwangsa for sepak takraw, Taman Pudu Ulu for petanque and Stadium Bola Sepak for football. A gateway at the Kuala Lumpur-Selayang border in Jalan Kuching has been built as part of the beautification exercise. (The Star Online)
