Penang’s first affordable housing project ready in December
The first affordable housing project under the Penang government’s Affordable Housing Scheme (AHS) is expected to be complete along with strata titles by December, said stat exco Jagdeep Singh Deo. The project, Phase One of Bandar Cassia project in Batu Kawan, is now at 98% completion. “We will be the first state to comply with new housing requirements to deliver vacant possession of the property together with the strata title issued,” he said. The project, Suria 1, consists of 520 units and it is the first phase of the overall project that comprises of a total 11,800 residential units and 200 shop lots. Work on Phase One started in July 2014. (Malay Mail Online)

PKNS launches 10 Residensi semi-D homes in Shah Alam
Perbadanan Kemajuan Negeri Selangor (PKNS) has unveiled its latest and exclusive project known as 10 Residensi. Located in Seksyen 17, Shah Alam, the two-storey semi-detached development consists of only 10 units on a 0.5ha plot. Instead of being attached side-to-side, the houses are attached back-to-back, giving each house the look of a bungalow. The project is 60% completed and slated for completion by the beginning of 2018. 10 Residensi is a leasehold project with GDV of RM12.3mil. Prices start from RM1.2mil. (The Star Online)

Artist impression of Pavilion Damansara Heights

Pavilion Damansara Heights ready to take on property market
Located at one of the prime locations in Kuala Lumpur, Pavilion Damansara Heights in Pusat Bandar Damansara is ready to take on the property market. The mixed-use development project that will span 6.5ha of freehold land, comprising 10 corporate towers, five residential towers and a retail mall, with a gross development value of RM9 billion. Two of the residential towers with 746 units will be launched by the end of 2017. (The Star Online)

UEM Sunrise sees property market recovery by 2H18
UEM Sunrise Bhd expects Malaysia’s property market, particularly within the premium segment, to recover from the second half of 2018 on improving income growth and better mix of real estate products. “The market is there provided (the project) is in the right location with strong value proposition,” said its managing director Anwar Syahrin Abdul Ajib. The company hopes that the government will address the issue of high building materials cost following the implementation of GST in the upcoming Budget 2018. (The Edge Markets)

PTPTN to meet customers at MyRumah Property showcase
The National Higher Education Fund Corporation (PTPTN) will meet with first-time home buyers and customers for any inquiries regarding its services during the upcoming MyRumah Property showcase held at The Curve, Mutiara Damansara. It will assist home buyers with a bad Central Credit Reference Information System (CCRIS) record to improve their credit situation. PTPTN launched the #BolehBincang campaign in March to encourage defaulters to negotiate with PTPTN on settling their loans. (NST Online)

KWAP mulls investment in Alibaba Group
Retirement fund KWAP will be meeting with Alibaba Group Holding Ltd for a potential investment in the e-commerce giant as the pension fund looks to grow its exposure in the technology space, as it is still well below its “ideal” 1% asset allocation of its asset size. Two years ago, it invested in Uber with US$30 million, and another US$40 million was invested in two tech funds. KWAP is also looking at local champions in the tech space that show they can grow beyond the domestic market. (The Edge Markets)

Al-Salam REIT buys Mydin hypermarket in Terengganu
Al-Salam REIT is buying a Mydin double-storey hypermarket in Gong Badak, Kuala Terengganu, for RM155mil cash. The three-years-old hypermarket includes 796 car park bays. On completion of the proposed acquisition, the property will be leased back to Mydin Mohamed Holdings Bhd for a period of 30 years with a 5% rent increment every two years. Al-Salam REIT, set up in March 2015, has a portfolio of properties ranging from Komtar Johor Baru City Centre to KFC/Pizza Hut restaurants. (The Star Online)

One of the Mydin hypermarkets in Terengganu. (Photo from The Star)

Mudajaya bags RM119mil job to build Malaysian Rubber Board HQ
Mudajaya Group Bhd has clinched a RM118.6mil contract to build the 16-storey Hevea Tower in Sungai Buloh, which is expected to be the Malaysian Rubber Board’s (MRB) corporate headquarters. The office complex includes a three-storey prodium. MRB’s headquarters will used as a research and development centre, a college, a rubber discovery museum centre and a business cluster on its 216.5ha land. Hevea Tower is targeted to be completed by September 2019. (The Star Online)

Singapore home prices rise, breaking four-year decline
Singapore’s home prices rose for the first time in four years, snapping a record decline and adding to signs that the property market is rebounding. Private residential prices gained 0.5% in the three months ended September 30 from the previous quarter. A jump in home sales and developers’ aggressive bids for land are stoking optimism that the property market is making a comeback. Experts forecast that prices will rebound after officials in March boosted sentiment by loosening some curbs. (Malay Mail Online)

Property boss held over RM6.2mil sales scam
Police have arrested DBI Properties director Datuk Nuruliman A. Rahman, better known as Boy Iman, over fraud allegations involving millions of ringgit. Police had received 188 reports on fraud involving house sales by the firm and Syarikat Juta Kelulut Global Resources (SJKGR) amounting to losses of about RM6.2mil by victims. The scam involved offering houses to buyers at below-market price (i.e. RM60,000 for a 1,650 sq ft bungalow) but after payment, the houses were not built. (The Star Online)