Beware of bogus PR1MA agents!
Don’t fall for bogus 1Malaysia People’s Housing (PR1MA) agents who claim to be able to secure a unit of the affordable housing for a fee. Real PR1MA agents do not charge any fee for their services, Perbadanan PR1MA Malaysia said, adding that the public can visit its website for the list of real estate agents appointed by PR1MA Malaysia to help handle the sales of PR1MA homes. Real estate agents appointed as PR1MA agents are not allowed to charge any fee, and are entrusted to deal with the sales of PR1MA homes including applicants’ loan applications. (The Sun Daily)

Six companies vying for Bandar Malaysia master developer job
Six companies are vying to be the master developer for the Bandar Malaysia project. The finance ministry will wait until until the end of the month for the companies to submit their proposal. The government opened the request for proposal (RFP) in June to select a master developer for Bandar Malaysia. The selected candidate must be a Fortune 500 company; have a cumulative revenue over three years of RM50 billion from the entire value chain of real estate and associated business; and have experience in international real estate development projects. Located in Sungai Besi, the 196.7ha project is five times the area of the iconic KLCC project. (The Sun Daily)

IJM to launch properties worth RM750mil in FY18
IJM Corp Bhd’s property unit, IJM Land Bhd, plans to launch properties worth RM750mil in the 2018 financial year (FY18). The take-up rate was anticipated to be good for its Bandar Rimbayu, Shah Alam, Seremban 2 project while its Riana South, Cheras project currently enjoyed a take up rate of 60%. IJM Corp recorded a higher pre-tax profit of RM197.5mil for the first quarter ended June 30, 2017 and revenue rose to RM1.46bil from RM.131bil previously. The rise in pre-tax profit was attributed to improved earnings from the group’s construction, property development and infrastructure divisions. (The Star Online)

WCT mulls shelving Paradigm KL project
WCT Holdings Bhd, controlled by Tan Sri Desmond Lim, might be putting the proposed Paradigm KL retail mall project on hold simply because of a larger retail mall project, Pavilion @ Bukit Jalil, coming up just 5km away. Slated for completion next year, Pavilion @ Bukit Jalil is a joint development between Ho Hup Construction Co Bhd and Malton Bhd, in which Lim has a 36.18% stake. Paradigm KL is part of WCT’s Paradigm Garden City (PGC) integrated development in Taman OUG, located between Jalan Kelang Lama and Bukit Jalil. “Apart from being too near to Pavilion @ Bukit Jalil, where cannibalisation would occur, the site’s location right next to KESAS Highway is another issue. There are usually pipelines laid under highways, and developments usually have to be kept at a distance for safety reasons,” said one industry observer. The master plan for PGC, which sits on a 63-acre freehold parcel, includes luxury condos, a retail mall, a corporate office tower, retail offices and a hotel. The total GDV is said to be RM8 billion to RM10 billion. (The Edge Markets)

WCT Paradigm Garden City master plan (Image from Waltz Residences)

Property developer Hua Yang aims for RM400mil sales
Hua Yang Bhd is targeting sales of RM400 million for the financial year ending March 31, 2018 (FY18), banking on new property launches and strategic acquisition in Magna Prima Bhd. Although the market is quite tough, it hopes the conditions will change towards the end of the year. The company is set to launch a new high-rise mixed project with GDV of RM322 million at Puchong West in October-November this year, which will be part of its new RM2 billion flagship integrated residential project. Klang Valley would account about half of the company’s future GDV, with 30% in Perak and 13% in Penang. In addition, its recent acquisition of Magna Prima will afford it the opportunity to collaborate on new property projects. (NST Online)

Rehda: Home prices won’t go down unless authorities step in
The perceived high prices for Malaysia’s residential properties will unlikely drop until or unless the relevant authorities intervene directly to address the issue, said Rehda president Datuk Seri Fateh Iskandar. This was because local developers had to fork out a substantial amount for costs related to constructing a property, which include building utilities and other infrastructure. He also said developers were increasingly suffering as a result of land conversion costs by state governments. One way to ease the burden of developers was for the government and states to provide incentives such as tax reliefs and nominal land conversion charges, he suggested. (Malay Mail Online)

Sime Darby Property most awarded developer with 13 QLASSIC wins
Sime Darby Property Bhd (SDP), the property division of Sime Darby Group Bhd, has won 13 quality building awards at the Quality Assessment System in Construction (QLASSIC) Excellence Award 2017, making it the most awarded developer at the event. SDP was awarded for its various products in townships such as Bandar Bukit Raja, City of Elmina, Bandar Ainsdale and Nilai Impian, as well as a commercial development in Ara Damansara by its subsidiary Sime Darby Brunsfield. SDP was among high-achieving developers and contractors of 43 projects which received awards. The QLASSIC is a system or method to measure and evaluate the workmanship quality of a building construction work based on the Construction Industry Standard (CIS 7:2006). (NST Online)

Mah Sing’s Icon City bags 3 QLASSIC awards
Mah Sing Group Bhd’s Icon City project in Petaling Jaya has won three awards at the QLASSIC 2017 awards. Icon City was awarded Best QLASSIC Achievement Awards 2017 for the residential (large over RM100 million) category, as well as 2 High QLASSIC Achievement Awards 2017 for its Tower 1 and Tower 3A. “Phase Two of Icon City is currently in the planning stage with the upcoming launch in the near future,” said Mah Sing. (The Edge Markets)

Temporary closure of Broga Hill due to restoration works (Photo from The Star)

Broga Hill temporarily closed for restoration works
Hiking hotspot Broga Hill will be temporarily closed until further notice to enable restoration works to be carried out on its slopes. Hikers and visitors have been advised against entering the trail as it would be dangerous with the ground unsuitable for hiking. Unauthorised slope clearing and terracing works were carried out at the site by the Rubber Industry Smallholders Development Authority (Risda) on behalf of the Orang Asli Development Department (Jakoa). The whole restoration project is estimated to cost RM1mil, and will take about three to five months to complete. (The Star Online)

China’s Wanda withdraws plan to buy London property
Chinese conglomerate Dalian Wanda said on Tuesday it was abandoning plans to buy a £470 million plot of land in London, as Beijing presses companies to halt overseas acquisitions. A spokesman for Wanda confirmed its affiliate, International Real Estate Center, would no longer purchase the four-hectare (10-acre) Nine Elms Square site but did not give more details. The Chinese government laid out new rules on Friday to restrict foreign investments in sports clubs, real estate and entertainment. Beijing had encouraged such foreign ventures in previous years but the government now worries about growing debt loads that could endanger the economy. (Economic Times)