ABM: Banks must give sufficient notice before seizing defaulted properties
The Association of Banks in Malaysia (ABM) said it is a requirement for banks to have in place proper processes including giving sufficient notice before action is taken against defaulted property loan borrowers. They are also required to engage with borrowers early for alternative repayment arrangements. It has urged member banks to adhere to the standards set by the regulator in relation to the recovery of properties in default to ensure that it is made in responsible manner. The statement followed calls for Bank Negara Malaysia to review the wording of loan contracts between commercial banks and apartment buyers to prevent oppression. (The Edge Markets)

Willmott Dixon deal paves way for EWI in UK
ECO World International Bhd (EWI) is boosting its presence in the United Kingdom’s real estate market by fourfold to tap the housing sector’s potential there. EWI recently announced a partnership with one of UK’s top construction firm Willmott Dixon to jointly develop 12 sites in Greater London and the southeast of England. the proposed acquisition will enable the group to enter an extensive part of the popular London property market. This includes projects in Barking and Dagenham, Barnet, Brent, Bromley, Ealing, Hounslow, Lambeth, Tower Hamlets, Westminster and also outside of London in Woking, which are all attractive areas for home ownership. These projects would be in addition to EWI’s current three ongoing projects in prime central London. (NST Online)

Sime Darby launches Lot 15 serviced apartment in Subang Jaya
Sime Darby Property Bhd has launched its Lot 15 serviced apartment within its RM4 billion Subang Jaya City Centre (SJCC). Lot 15 will open for sale this weekend (Nov 18 and 19), targeting first-time homebuyers and young professionals. With a GDV of RM269.2 million, the 2.22-acre, freehold Lot 15 comprises two 20-storey serviced apartment blocks with a total of 361 homes and three levels of retail units. The built-ups range from 624 sq ft to 1,001 sq ft, while prices will range from RM593,888 to RM1 million. The company is expecting at least 40% take-up rate by June 2018. (The Edge Markets)

Lot 15 serviced apartments at SJCC (Image from Sime Darby Property)

SGX-listed Hatten Land acquires Melaka land for RM108.6mil
Singapore Stock Exchange (SGX)-listed Hatten Land Limited (Hatten) is acquiring two parcels of land in Melaka for a combined RM108.6 million to be developed into separate integrated projects, enlarging its property portfolio to seven mixed-use developments and one retail mall. The 6.1-acre freehold land and 6.7-acre leasehold land are located in Klebang, Melaka. Hatten first entered the multi-billion global wellness-tourism market through Satori – Melaka’s first wellness hub with GDV of RM300mil. (The Edge Markets)

Carey Island port project now on backburner
A RM140 billion project to build a port in Carey Island in Klang, Selangor has now been deferred, owing to less demand at Port Klang as shipping operators switch to Singapore, a report said. The planned Carey Island port under MMC Corp would have been the third port in Klang. “With the government giving Klang rival Westports approval to double its capacity, the push for a third port in Klang is on the backburner,” said a source to Singapore daily The Straits Times. (Malay Mail Online)

PNB eyes more private investments to cut cash pile
Malaysia’s largest fund management firm Permodalan Nasional Bhd (PNB) plans to boost private investments and fixed income assets starting next year as part of a five-year target to reduce its cash holdings. PNB, with RM271 billion (US$64.88 billion) in assets under management as at end-September, intends to reduce its cash holdings to 12% by 2022 from the current 18.5%. It intends to grow its assets to RM350bil by 2022. The main beneficiary would be private investments, then fixed income followed by property. It is also spearheading the demerger of Sime Darby into three separate businesses by the end of this month, to unlock value. (Malay Mail Online)

Trader seeks help after home hit by cars seven times in three years
Local trader Wong Fook Wei, 50, has been experiencing sleepless nights for the past three years. He lives in fear that his home in Jalan Kledang, Menglembu, Ipoh will be rammed by a speeding car. Wong’s fears stem from the fact that cars have hit the walls of his home seven times over the past three years. The house lies beside a corner along Jalan Kledang- one of the exit roads connecting the Menglembu town with the busy Ipoh-Lumut highway. Vehicles regularly speed through the corner, and some end up smashing through the walls of his home. There have been seven serious accidents, but at least 15 smaller incidents and near-misses. Wong, who lives in the house with his mother and siblings, is pleading for the Ipoh city council to take action before people get hurt. (Malay Mail Online)

The owner of this house in Ipoh fears for the safety of people living in his home that had been hit by vehicles seven times over the past three years. — Picture by Pheong Kar Yu/MMO

TTDI residents discover DBKL’s approval for condo showroom amid lawsuit
TTDI residents said DBKL acted in “bad faith” when it gave the developer approval to build a showroom for condominiums in Taman Rimba Kiara while the lawsuit is ongoing. It was found out during court proceedings that the construction of the showhouse at Taman Rimba Kiara and approval was given on November 6, three days after the Bicara Rakyat with the FT minister, who assured residents the park would not be touched. So far, there had been no response to queries directed at the minister. (Malay Mail Online)

Kwek/Quek family is 7th richest family in Asia
The Kwek/Quek family, which controls the Hong Leong Group, a conglomerate with interests ranging from finance to property, is at the seventh spot of the latest Forbes Asia’s 50 Richest Families list. According to Forbes, the family’s net worth is US$23.3 billion. It is also the only family with Malaysian roots to be on the top 50 list. Meanwhile, the Lim family that controls Genting Group, which ranked 44th in 2016 with US$4.25 billion, dropped off the list this year. (Asia One)

Waterfront residential site in Cheung Sha Wan fetches record HK$17.28bil
A waterfront site in the former industrial area of Cheung Sha Wan in Hong Kong was sold to a consortium of five companies from Hong Kong and the mainland for HK$17.28 billion (US$2.21 billion) on Wednesday, making it the city’s most expensive residential plot. The transaction broke the previous record for a government land sale set in February. The site has a total gross floor area of 986,789 square feet, which translates to HK$17,500 per sq ft. (South China Morning Post)