Penalty for China buyers who seek to cancel Forest City purchase
Developer of the Forest City project, Country Garden, had reportedly agreed to refund buyers from China caught out by the new capital controls, but a statement from the company late last night appeared to rule that out. “In the event of home booking cancellation, we would also like to clarify that cancellation after a sales and purchase agreement has been signed is deemed as a breach of contract,” Country Garden said in a press statement. Buyers contacted by The Straits Times yesterday said they have not been told of any change to Country Garden’s refund policy, and that sales staff they had spoken to said there had been no change. (The Star Online)
Survey finds buyers value safety over price, but location still top priority
Malaysians who want to buy houses now consider safety and property size above price, although location remains the most important criterion. The survey carried out by a local property website showed that the change in potential property buyers’ top considerations for this year was due to more Malaysians exploring residential areas farther away from urban areas. As people look to new areas outside of the city centre that meets their budget, location remains a priority but with safety and security growing in importance. Among 1,013 respondents, location (98%), security and safety of the property location (84%) and property size (73%) emerged top from a list of 18 factors.
(Malay Mail Online)
Carey Island gained fame in 2015 when it was revealed as one of the filming locations for Indian blockbuster film Kabali, starring superstar Rajinikanth. (Photo from Behindwoods.com)
Malaysian, Indian firms to develop port and maritime city on Carey Island
Malaysian and Indian companies will jointly develop port and maritime city projects worth about US$32 billion (RM142 billion) on Carey Island in Klang, Selangor. Indian companies were interested in Carey Island due to its strategic geographical location. Malaysia’s MMC Port Holdings Sdn Bhd and Adani Ports & Special Economic Zone Limited of India are expected to develop the Carey Island Port Project worth US$9.39 billion. The development of an integrated maritime city to the proposed Carey Island Port will see a joint venture between MMC Port Holdings and Sime Darby Property Bhd with Adani. The integrated maritime city is worth US$22.78 billion for a 30-year period. (The Sun Daily)
AEON aborts purchase of land for new mall
Aeon Co (M) Bhd’s plan to build a new shopping centre in Batu Pahat, Johor has been halted following the termination of a land deal there. The retailer’s agreement to buy a 20-acre freehold land from Genting Property Sdn Bhd for RM34.8mil was cancelled on Wednesday. This was due to the non-fulfilment of the conditions precedent and inability to agree for a further extension. Aeon said it would seek a refund totalling RM13.9mil – comprising the deposit plus two other payments – from Genting Property. (The Star Online)
MQ REIT aims to maintain 98% occupancy this year
MRCB-Quill REIT (MQ REIT) is targeting to maintain its 98% occupancy rate this year despite the challenging economic environment. The company currently has 17% tenancy which is up for renewal this year. However, if there is any fluctuation in rental, then the percentage of renewal and occupancy rate would be low. It plans to focus on commercial properties in the city as the income is still decent. The REIT has 11 commercial properties across Malaysia, including in Cyberjaya, Kuala Lumpur city centre, Shah Alam, KL Sentral and Penang. The company’s property yield is reported to be around 6.5% and it is evaluating some proposals to increase its office space. (The Star Online)
Amanah Harta Tanah PNB eyes more asset buys
AmanahRaya REIT, managed by Pelaburan Hartanah Nasional Bhd, a wholly-owned unit of Permodalan Nasional Bhd (PNB), which recently completed the acquisition of Mydin Mall Seremban 2 for RM240 million, is planning to buy more assets to further boost its financial performance amid the property market slump. The group is looking to expand its portfolio of assets — regardless of asset type — to boost the group’s rental yield income. Besides that, the group is also planning the refurbishment of its assets. (The Edge Markets)
LRT3 route from Bandar Utama to Johan Setia (Image from Enterprise TV)
Mudajaya bags RM58.3mil LRT3 job
Mudajaya Group’s subsidiary Mudajaya Corporation Bhd has won a RM58.29mil contract from Prasarana Malaysia Bhd for the LRT3 project from Bandar Utama to Johan Setia, Selangor. The job is for the manufacture, supply and delivery of precast pier caps and related works. The project is to start by the second quarter of 2017 and be completed by the end of 2019. (The Sun Daily)
Boustead Plantations studying land proposals
Boustead Plantations Bhd is looking at a few acquisition proposals for its land in Sabah and Peninsular Malaysia, including its 11,000 acres close to Pengerang in Johor. It is studying options on whether to retain some of its land as plantation, for property development, to sell to its sister company or to go into joint venture (JV) with another party to develop the land. Deputy chairman Tan Sri Lodin Wok Kamaruddin said there are some land which of late has become valuable to be converted into property development, citing land in Kulai, Johor that was disposed last year, as an example. (The Sun Daily)
