Budget 2018 to lay foundation for TN50
One of the main focus in Budget 2018 is to lay foundations for Prime Minister Najib’s National Transformation 2050 (TN50) plan, said Treasury Secretary-General, Tan Sri Dr Mohd Irwan Serigar Abdullah. “Basics like operating and developmental expenditure would remain but several new announcements especially on the TN50 programme would be made in Budget 2018,” he said. The implementation of TN50 would start sometime in 2018 by laying the groundwork for the environment, education, housing and social aspects areas. (Malay Mail Online)
Penang low-cost housing fee hike postponed
The Penang state executive council has decided to postpone an increase in low-cost housing contribution for developers next year. The funds collected was to allow the state government to build more low-cost and low-medium cost housing in the state. Developers will have to pay the new amounts from next year onwards, due to increase in construction costs and GST. Under the state’s housing policy, developers are required to build a set amount of low- and low-medium cost units in their housing projects. Currently, Penang-based developers who opt out are required to pay RM120,000 per unit, while non-Penang developers have to pay RM180,000 per unit. (Malay Mail Online)
Putrajaya on right track to become low carbon green city by 2025
Putrajaya is on the right track to being transformed into becoming a sustainable low carbon green city by 2025. “This is in line with the Putrajaya Green City 2025 (PGC2025) initiative by reducing its greenhouse gas emissions by 60% and a cooler Putrajaya by two degrees Celcius,” said Energy, Green Technology and Water Ministry Secretary-General Datuk Seri Dr Zaini Ujang. He said the initiative to create a low carbon city should not just be for Putrajaya, but a thorough study must be conducted to extend it to other cities like Kuala Lumpur. (The Sun Daily)
CIDB: Construction sector to grow 8% this year
The construction industry is expected to grow by 8% this year, reflecting a total value of RM170bil underpinned by a number of mega infrastructure projects that will contribute to the economy. This will be an increase from 7.4% last year. Notable projects include the RAPID project in Pengerang, east coast rail line (ECRL), Kuala Lumpur-Singapore high-speed rail, Pan Borneo Highway, Damansara-Shah Alam elevated highway, LRT3 project, West Coast Expressway, and MRT2 project. There are also commercial real estate projects which will boost construction demand such as Bandar Malaysia and Cyberjaya City Centre. (The Star Online)
LRT station to be built behind Klang market
A section of the 22-year-old Klang Market complex will be making way for the LRT3 project, following a change to the initial layout plan. The change to the RM9bil project involved moving an LRT station from the front to the rear of the market complex in Jalan Meru. It was deemed necessary because of technical issues faced in the construction of the LRT track. The LRT station would be directly linked to the market complex via a bridge. The LRT project will connect Klang to the existing Klang Valley rail transportation network through the Kelana Jaya line. (The Star Online)
SP Setia tops Singapore property bid
SP Setia Bhd is said to be the highest bidder for a residential project in Toh Tuck Road in Singapore with an estimated bid of S$265mil (RM837.66mil). According to the Business Times, the property developer was among 24 bidders for the 18,721.4-sq m plot, which is located in a suburban area near Bukit Timah. SP Setia’s bid is said to be the highest at S$265mil, which translates to about S$939 per square foot per plot ratio, exceeding initial analyst expectations. While primarily known for its overseas development in Australia and the UK, S P Setia’s foray into Singapore has been hinted at in the past. (The Star Online)
Singapore remains most-liveable city for Asian expats for 18th year
Singapore has been named the most-liveable city for Asian expats for the 18th year, but the Republic’s lead has been narrowing because of worsening air pollution. According to the annual survey by ECA International, Singapore placed ahead of Australian cities Adelaide, Brisbane and Sydney in joint-second, with Osaka rounding up the top five. The factors that saw Singapore edge out regional rivals were low crime rates, decent medical facilities and excellent infrastructure. (TODAY Online)
Cuepacs to build affordable houses for civil servants in Putrajaya
The Federal Territories Ministry has agreed to provide a piece of land in Putrajaya for the construction of affordable houses costing below RM100,000 specially for civil servants. The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) is targeting to build at least 20,000 units of houses at the site with a minimum area of 800 sq ft for as low as RM80,000 each. The housing project will use the rent-and-buy method, in which a certain period of rent will be considered as deposit for the purchase when a tenant qualifies for a housing loan. (Malay Mail Online)
Masterplan of KL Metropolis. The Met 8 Corporate Towers will be one of the eight precincts of KL Metropolis. -MOHD SUHAIMI MOHAMED YUSUF
Sales gallery for The MET Corporate Towers to be open next month
Property developers Triterra Metropolis Sdn Bhd and Naza TTDI Sdn Bhd will be completing the sales gallery for MET 8, also known as The MET Corporate Towers, sometime next month. The development is currently undergoing a private preview, with the developer planning the pre-launch of the RM650 GDV project. It will comprise two blocks – the first 450,000 sq ft block is available for retail customers, while the other tower will be 150,000 sq ft. (The Edge Markets)
