ABM: Banks will continue providing loans to eligible borrowers
The Association of Banks Malaysia (ABM) reiterated today that its member banks, which comprise commercial banks operating in Malaysia, have been and will continue to provide home loans to eligible borrowers. The main reason for applications being rejected would include high debt service (DSR) ratio, while other reasons cited were applicants’ adverse credit history, insufficient income, repayment capability, weak documentation or banking records. ABM noted that the rejection of housing loan applications cuts across all income ranges, but trended higher among the lower to middle income group due to smaller disposable income relative to new and existing monthly commitments. The types of properties which this category of applicants looked for were lower-priced terrace houses and apartments in key urban areas. (Astro Awani)
Sunway to launch RM5bil GDV projects in Penang
Sunway Bhd is set to launch various projects with a total GDV of RM5 billion in Penang over the next 10 years. Of the amount, about RM2bil would be for long-term investment projects, including malls and hotels. One of the company’s major development plans on Penang island would be the Sunway Valley City, a RM2bil integrated project in Paya Terubong. The mixed-development on 9.7-ha will be divided into four phases, comprising shop offices, serviced apartments, a shopping mall, an educational institute (Sunway College), an office tower and a medical centre. (The Star Online)
MAPEX Ipoh to showcase projects worth more than RM50bil
Some RM50bil worth of projects will be exhibited during the three-day Malaysia Property Exhibition (Mapex) 2017 held from July 28 to July 30 at the Ipoh Parade mall. Projects from Johor, Penang and Cameron Highlands are among the properties that will be showcased there. Rehda is expecting sales of RM25mil from the exhibition this year, compared to RM20mil last year. High-end projects and affordable housing schemes will be part of the exhibition. In conjunction with the exhibition, there will be talks on the future and current prospects of the Malaysian property market, banking, law and tax concerns from the point of property investors. (The Star Online)
Perak Real Estate and Housing Developers Association (Rehda) committee members promoting Mapex 2017 -Photo from The Star Online
Bina Darulaman unveils two Kedah townships
Bina Darulaman Bhd (BDB) has unveiled two upcoming integrated township developments in Kedah worth a total of RM2.6 billion GDV. The two projects — Darulaman Saujana in Jitra and Darulaman Putra in Sungai Petani — are expected to be launched by its wholly-owned BDB Land Sdn Bhd this year, to be developed over the next 10 years. Darulaman Saujana is a residential township with a GDV of RM1 billion, spread across 203 acres of land, and includes 1,500 residential units comprising statutory housing, town houses, link houses, semi-dees and bungalow lots. Darulaman Putra will sit on 232 acres of land with GDV of RM1.6 billion. It will have 1,620 residential units, comprising statutory housing, link houses, semi-dees, bungalows and condominiums. (The Edge Markets)
Artist’s impression of Satori Sanctuary in the City, Melaka by Hatten Land
Hatten to develop Melaka’s first health-tourism centre
Melaka’s first full-fledged health-tourism centre, Satori Sanctuary in the City, will be developed in Bandar Hilir, Melaka at a cost of RM300mil. The mixed development project by Hatten Land Ltd, expected to be completed by 2020, is expected to boost the state’s medical tourism industry. The project, to be developed on 0.83ha, would house 50 nursing facilities and other healthcare services, besides a shopping mall, parking lots, 336 hotel rooms and 192 serviced residences. The project would also contribute to the increase in the state’s gross income and generate more jobs for the locals. Melaka is among the top three states in Malaysia that offer the best healthcare services, and has vast prospects for the medical tourism industry. (The Star Online)
UEM Sunrise unveils RM1bil Melbourne property project
UEM Sunrise Bhd has launched its third project, Mayfair, with a GDV of RM1 billion in Melbourne, Australia. Construction on the single-phase residential project is set to begin in the first quarter of next year and scheduled for completion in the second quarter of 2021. Mayfair offers 158 bespoke residences with layouts of one to five bedrooms, built-ups from 750 sq ft to 6,000 sq ft. Once completed, UEM Sunrise’s three mixed-use developments – the Aurora Melbourne Central, the Conservatory and Mayfair – would have an estimated combined value of RM4.88bil. (The Star Online)
Penguang gives nod to regulating property rentals
Regulating property rentals for the short term is necessary but ample time should be given to proprietors to comply with the requirements of the relevant authorities. Assistant Minister of Local Government Datu Dr Penguang Manggil said this will ensure public safety, compliance with government requirements and a level playing field for property owners. The council had ruled that people renting out their apartments for short-term rental services like Airbnb must now register their properties with the government. Penguang agreed that that a regularisation exercise is the way forward and the relevant authorities would have to enforce it against those who fail to meet the requirements. (The Borneo Post)
Penang transfers property to clan council for RM1
The Penang government has agreed to transfer a property in Love Lane to the Penang Chinese Clan Council for a nominal sum of RM1. Chief Minister Lim Guan Eng said the state government has always intended to transfer the heritage property to the beneficial owner of the property but that it must be done in accordance with the law. The property at 50, Love Lane in George Town, used to belong to the Eng Siew Kee Kongsi but was forfeited by the state government in 2013 and the owner failed to pay its assessment fees. (Malay Mail Online)
Rahim & Co celebrates 40 years in property consultancy
Property consultancy firm Rahim & Co International Sdn Bhd recently hosted an anniversary dinner to celebrate 40 years of business in the property industry. Founded in December 1976, Rahim & Co has grown to become one of the largest and most established real estate consultancy firms in Malaysia, with a nationwide network of 18 offices and a growing staff of over 300 people. It gained industry recognition as a renowned organisation in delivering unparalleled service across the property platform worldwide. The company’s track record of results and success is recognised through its multiple international accolades. (The Edge Markets)
