China-Malaysia Qinzhou Industrial Park attracts RM19.3bil investments
The China-Malaysia Qinzhou Industrial Park (CMQIP) in Nanning has so far confirmed over 50 industrial projects with a total investment value of close to 30 billion yuan (RM19.3bil). The ‘two countries, twin parks’ model is one-of-its-kind in the world, with commitments from both governments to ensure its success. It is set up as a government-to-government project and has attracted a number of advanced, high-technology companies. The park will be developed in three phases, with the first phase of 15 sq km targeted to be fully developed by 2020. CMQIP’s sister park is the Malaysia-China Kuantan Industrial Park (MCKIP) in Kuantan. (The Star Online)
Malaysia mulls raising minimum property prices for foreigners
Malaysia is considering raising the minimum purchase price for properties bought by foreigners, due to the weakening ringgit. Housing Minister Noh Omar said that revising the floor price would give Malaysians wider availability to buy a property. Foreigners generally can only buy Malaysian property valued at RM1 million and above, with state governments allowed to set their own minimum prices. He said the government is considering two options; one is to raise the floor price of RM1mil per property, and the other is to set the minimum price in US dollars for all foreign buyers. Housing and industrial units in Johor, such as in the Iskandar Malaysia region, Penang, Malacca and Kuala Lumpur are often sought by buyers from Singapore. (The Straits Times)
Country Garden confident of sustaining momentum
Master developer Country Garden Pacificview Sdn Bhd is confident of sustaining its momentum in attracting property buyers and investors from Asia and beyond into its US$100 billion (RM447 billion) mega project in Johor. Despite tighter restrictions by the Chinese government on overseas residential purchases, the buzz over Forest City was far from over. Downturns and upturns are part of the property cycle as well as the economy, and we have experienced these in our 20 years as a property developer, said Country Garden Pacificview executive director Datuk Md Othman Yusof. The Guangdong-based group last Friday said it was going global with its massive Forest City project in Johor as it was switching strategy to expand its sales reach, and was thus conducting an overhaul of its sales centres in mainland China. (New Straits Times Online)
Artist’s impression of the Forest City in Johor. Country Garden sold around 18 billion yuan worth of apartments in Forest City last year, with Chinese nationals accounting for 70% of buyers.
Developers advised to tweak strategy to sustain earnings
Property developers have reported lower earnings for FY2016 as they struggle to sell properties amid a slowdown in the market. Analysts expect the market to rebound in the second half of the year, or at least by early next year. It was suggested that developers tweak their business strategies in order to sustain earnings, which include moves to expand their product portfolio to mass-market housing, venturing overseas where there is demand for mid- to high-end properties and revising annual targets. (New Straits Times Online)
PM: Customs department to be corporatised soon
Prime Minister Datuk Seri Najib Razak announced that the government would go ahead with the decision to corporatise the Customs Department with a better service scheme. The move to corporatise the Customs had been delayed following the implementation of GST on April 1, 2015. Najib said Malaysia needed a modern and progressive tax system to ensure the transformation of the country and become a developed nation. (Malay Mail Online)
UEM Sunrie sells Canda land for RM372mil
UEM Sunrise Bhd is selling 4.9 acres in British Columbia, Canada for C$113mil (RM372.57) under its strategy to focus on the domestic market in Malaysia and to shift its international business focus to Australia. The sale was to focus on Australia where the UEM Sunrise Group has two ongoing projects and a third project currently in the pipeline. (The Star Online)
Coca-Cola invests RM500mil for expansion of Nilai plant
Coca Cola Malaysia is investing RM500 million to expand the size and production capacity of its current plant in Nilai, which began operations in 2011 and serves as the halal production hub for Malaysia, Singapore and Brunei markets. It will be expanded by another four hectares, adjacent to the current 12-hectare plant. The plant extension is expected to be fully operational in 2020. (New Straits Times Online)
The new Taman Bahagia LRT park-and-ride facility. (Photo from The Star Online)
Two months free parking for motorists using Taman Bahagia LRT station
Motorist will have free parking from now until May at the newly-opened Taman Bahagia LRT park-and-ride facility in Petaling Jaya. There are a total of 504 parking bays and five spots for the disabled at the new facility. RM3 will be charged per entry after the two months free parking is up. This parking lot is the third phase for the station, with the first comprising 55 parking lots and the second with 224 lots. It is located on TNB reserve land used to house electric towers. Enforcement officers would take strict action against motorists who park irresponsibly by either clamping, towing or issuing summonses. (Star Metro)
