Illegal boom gates, guard posts to be torn down
The Fire and Rescue Department has warned that boom gates and guard posts that were built illegally and pose obstacles to fire-fighting efforts will be taken down. Illegal structures that will be tackled include those built in violation of the Uniform Building By-laws’ requirements and Fire Services Act 1988 (FSA). Property developers must ensure their projects comply with the Uniform Building By-laws even during the planning stage, saying they would otherwise have their application for Certificate of Completion and Compliance (CCC) rejected. (Malay Mail Online)
Tight vetting to housing aid to ensure eligibility
The selection of individuals to receive housing aid from the government should be through tight vetting to ensure only those really eligible receive the allocations. It was also necessary to prevent wastage and overlapping which could cause dissatisfaction among the people. A special body needs to be set up to vet the list of recipients of housing aid. To overcome the problem of individuals taking advantage of the situation, information from the district officers could be considered as they could check if these individuals received other housing aid. (Malay Mail Online)
Empire City Damansara 2 land up for sale
Mammoth Empire Holdings Sdn Bhd — whose flagship development is Empire City Damansara in Petaling Jaya, Selangor — has put the land earmarked for its ambitious multibillion ringgit Empire City Damansara 2 project up for sale. Sources reported that it hopes to fetch RM800 million for the 64-acre site opposite the existing 23-acre Empire City along the LDP. The Empire City 2 site is double the size of the ongoing Empire City project. (The Edge Markets)
Photo from The Edge
Strong early response for EcoWorld newly launched projects
EcoWorld has launched five new projects over the weekend in the Klang Valley and Penang under its DNA campaign. The projects will carry the group’s DNA — design, nature and art — which embodies lifestyle-driven and eco-friendly developments with an artistic twist. Three of the launches are maiden projects: Eco Forest in Semenyih with RM3.5bil GDV, Eco Business Park V in Puncak Alam with RM3bil GDV, and Eco Horizon in Batu Kawan, Penang with RM7.76bil GDV. The other two are new phases within existing townships, namely Phase 2 of Eco Ardence in Shah Alam, and Whitten@Eco Majestic City in Semenyih. (The Edge Markets)
PNB looks to sell two British properties
Malaysia’s largest government-linked fund management firm, Permodalan Nasional Bhd (PNB), is considering selling two properties in Britain in what would be its first divestment of foreign real estate assets. The two properties are located at 1 Silk Street and 90 High Holborn in London, which were purchased in 2012 at £350mil and £140mil respectively. PNB has another three commercial properties in Britain and one in Australia. (Reuters)
Selangor Dredging to ‘refocus’ on Singapore property market
Selangor Dredging Bhd is “refocusing” its efforts in Singapore, where it has completed five property development projects since entering the market in 2004. It recently bought two land plots in the city state – one in Draycott Park and another in Serangoon Road – which it plans to develop into condominiums with a combined GDV of over RM900 million. Domestically, the company has landbank in Klang Valley and Penang, and will be busy with two local projects: UNA serviced apartments in Jalan Peel, Cheras, and the third phase of mixed development Sqwhere in Kota Damansara. (The Edge Markets)
Foreign funds sell nearly RM1bil of Malaysian shares
According to MIDF Research, the net amount offloaded by global investors last week in Malaysia edged up to nearly RM1bil at RM967.3mil from RM477.7mil the week before. This was the the highest weekly attrition recorded since the week ended November 18 last year. (The Star Online)
Gamuda’s revenue jumps to record RM1.01bil in Q4
Gamuda Bhd’s revenue jumped to RM1.01 billion in the fourth quarter ended July 2017 from RM614 million in the same period a year ago. For the full year period, the company registered RM3.2 billion in revenue higher than RM2.12 billion a year ago mainly due to higher work progress of the group’s various construction projects and better property sales. However, its net profit of RM602.09 million for the full year was however lower than RM626.13 million a year ago due to impairment on the SMART Expressway. The group expects better performance next year from new launches in Malaysia and overseas. (NST Online)
Consider new ways to sustain property market
The Malaysian property market needs to start thinking out of the box and adopt new approaches to ensure market sustainability. “I think the main challenge for the property sector today is the difficulty in obtaining end-financing, which is impacting developers’ sales. Hence, there is a need for new mechanisms for home and property financing.” said Asian Strategy & Leadership Institute (ASLI) CEO Tan Sri Datuk Michael Yeoh. PNB Development Sdn Bhd CEO Mohd Salem Kailany said an important issue that the residential property market is facing is the issue of affordability. He added that the property market is expected to recover in 2018 and the TOD sector will see tremendous progress as developers focus on this segment. (The Edge Markets)
