End-financing, loan rejections top reasons for unsold properties
End-financing issues and loan rejections, which have plagued the property market since 2014, are the top reasons for unsold properties and reduced launches. Another issue is applicants’ CCRIS record. According to the Valuation & Property Services Department’s Property Market Report 2016, there were 14,792 overhung units in Malaysia worth RM8.56 billion last year, higher by 43.8% in volume and 70.7% in value from last year. Based on a Rehda survey, 72% of residential and commercial units remained unsold in 2H2015. The majority of unsold units were in the price range of RM250,000 to RM1 million. (New Straits Times Online)

Malaysia, Singapore to sign RTS deal by year end
Malaysia and Singapore will sign an agreement on the Rapid Transit System (RTS) before the end of this year. The link to connect both countries would be a high bridge, although other options such as an undersea tunnel had been discussed. The station would be located on the ground while the tracks would gradually increase to a height of several metres before descending when the train approached it. The RTS is an extension from Singapore’s Mass Rapid Transit (MRT) station from Woodlands to Johor Baru, and will greatly boost connectivity for thousands of people commuting between both countries daily once it is completed. (The Star Online)

Northern Corridor Economic Region Development Blueprint unveiled
The Northern Corridor Implementation Authority (NCIA) aspires to transform Peninsular Malaysia’s four northern states into a world-class economic region with an economy worth RM300 billion by 2025. The goal, if achieved, could create more than 160,000 job opportunities in Perlis, Kedah, Penang and Perak in the lucrative sectors of services, manufacturing, agriculture and bio-industries. The Northern Corridor Economic Region (NCER)’s Development Blueprint, also known as Blueprint 2.0, was formulated to outline socio-economic development and growth plans that will be undertaken and implemented from 2016 to 2025. (New Straits Times Online)

MK Land launches condo project in Damansara Damai
Property developer MK Land has launched its most recent project in Damansara Damai, Residensi Suasana@Damai, which will appeal to those seeking an urban retreat in lush green surroundings. The piling and foundation work for the 21-storey condominium in PJU 10, Petaling Jaya, is completed. Construction of Tower A officially started last Sunday and is scheduled to finish by 2020. The development is near the Damansara Damai MRT station, and the developer is working with MBPJ to provide new routes into the area to avoid congestion. (The Star Online)

The sale of units for Tower B also began on the day of the project‘s launch, allowing visitors to get a glimpse at the development. -THE STAR

Vizione bags RM58mil government housing subcontract
Vizione Construction Sdn Bhd, a wholly-owned subsidiary of Vizione Holdings Bhd, has won a RM58 million subcontract for a government housing project in Kelantan under the People’s Housing Programme (PPR). The contract from Warisan Sanjungan Sdn Bhd is to supply material, labour, necessary tools and equipment to build 418 units of low cost walk-up flats at Machang district. It will undertake the main building works (except for earthwork) which includes structure, architecture and mechanical and electrical works, complete with ancillary building, landscaping and infrastructural works. The project is expected to commence in the second quarter of 2017 and be completed 30 months later. (The Edge Markets)

Malaysia wins best Best Medical Travel award for third consecutive year
Malaysia has bagged the Health and Medical Tourism Destination of the Year award for the third consecutive year. The International Medical Travel Journal (IMTJ) Awards 2017 was presented to Malaysia Healthcare Travel Council (MHTC) chief executive officer Sherene Azli. The award has further cemented the country’s position as the top leading medical tourism destination that provides top-notch and innovative healthcare services. Malaysia also received the “Health and Medical Tourism Cluster of the Year” award for the first time this year. The annual IMTJ Medical Travel Awards recognise innovation, excellence and best practices in the medical travel and medical tourism sector. (The Star Online)

VR theme park to open in Damansara next year
A US-based company is set to open a virtual reality (VR) theme park in Damansara Perdana, Petaling Jaya early next year. Hero Central Park, which will be located at Empire City Damansara Shopping Mall, is US VR Global Inc’s first foray into the virtual reality theme park business. It will be the company’s launchpad into emerging markets, especially Asean, India and China. The park, which will occupy 170,000 square feet of space, will be one of the largest VR parks in the world. CEO Mark Olivier Francq said a VR theme park could be built within six months, unlike conventional parks, which would typically take years to build. The total cost of building the park would be RM100mil, and will be built in two phases, with the first phase costing RM70mil. (Free Malaysia Today)