Compulsory wiring checks for houses every 10 years starting 2018
All houses will be required to conduct compulsory checks on electrical wiring every 10 years by next year. According to the Energy Commission, under new amendment of the Electricity Regulation 1994, houses must undergo checks on electrical wiring once every 10 years. This comes after the number of fire incidents especially those involving residential units. This year alone, 49 cases were reported with half involving fatalities. Among the dangers are people who DIY electrical repairs without proper knowledge, low safety awareness, using fake and uncertified electrical items, and overloading extension wires for major appliances. (Malay Mail Online)
Housing developers optimistic about 2018 market
Housing developers remain optimistic over the market for 2018 despite the challenges being faced this year. UEM Sunrise Bhd said however, spending would be tempered with caution, due to the challenge of imbalance in housing demand and supply. Sunway Iskandar agreed with the sentiment, but praised the government for being proactive in looking at unsold units as well as how to help developers. With the right policy and incentives, the situation of imbalance can be improved. (Malay Mail Online)
Moody’s: Property prices to decline due to overhang
Moody’s Investors Service expects a material decline in property prices in Malaysia in the event of a protracted period of supply overhang as market valuation adjusts. In such a scenario, the quality of housing loans with high loan-to-value (LTV) ratios are most at risk. It is also believed that suspending new property development will not correct the oversupply situation over the next five years, when property projects now in development enter the market. Much of the new supply is in Malaysia’s key states of Kuala Lumpur, Penang and Johor, which will likely face the largest property market imbalances in the country. (The Star Online)
Image from The Star
Adequate workers’ housing is basic requirement, says construction group
Poor living conditions of construction workers is affecting the productivity and sustainability of the entire industry, said the Construction Industry Development Board Malaysia (CIDB). Under such conditions, workers can easily get sick, resulting in higher health costs and loss of man hours. “If you expect productivity from these workers, then you must do your part to provide them with conducive living and working environments,” said CIDB Chief Executive Datuk Ahmad Asri Abdul Hamid. CIDB plans to encourage the use of centralised labour quarters (CLQs). CLQs are large dormitory complexes built to house migrant workers, complete with basic amenities like dining halls, kitchens. The target is to have enough CLQs and enforce its use throughout the industry by 2020. (The Star Online)
Kinta Valley to get Malaysia’s first lakeside shopping outlet brand village
Kinta Valley, Perak is poised to welcome Silverlakes Brand Village Outlet – the country’s’ first lakeside shopping outlet brand village – by end-2018. Sitting on a 33-acre parcel of land, Silverlakes Brand Village Outlet is located within phase one of the Silverlakes development, which spans 511 acres and carries an estimated GDV of more than RM2 billion. Scheduled for completion by August or September 2018, the outlet has commenced construction in March this year. It is targeted to officially open in 1Q2019, with a soft launch in December 2018. (The Edge Markets)
Artist’s impression of Silverlakes Brand Village Outlet (Image from Silverland Capital)
Perak government approves land for new Hospital Kampar
The Perak government has approved the use of land to build the new specialist training hospital in Kampar. The new hospital, a joint-venture between the government and Universiti Tunku Abdul Rahman (Utar) would serve as a public hospital as well as a medical teaching facility. The Health Ministry would be combining resources with Utar to build the new hospital. (Malay Mail Online)
LBS Bina 3Q profit up 27% from ongoing projects
LBS Bina Group Bhd’s 3QFY17 net profit rose 26.5% year-on-year, largely contributed by its ongoing projects within the Klang Valley, Pahang and Johor which saw impressive take-up rate. The projects included Bandar Saujana Putra, D’ Island Residence, Bandar Putera Indah, Sinaran Mahkota, Midhills, Desiran Bayu and Zenopy Residences. Quarterly revenue also grew 43.5% in the same quarter. Property development remains the key driver of its business operations, accounting for some 90% of the group’s total revenue. (The Edge Markets)
Dengue remains #1 infectious disease in Malaysia
Dengue remains the number one infectious disease in Malaysia from 2015 up to September this year. As of September this year, dengue topped the list of the top five infectious diseases, followed by hand foot and mouth disease (HFMD), tuberculosis, food poisoning, and measles. Based on various transmission methods of the diseases, it is difficult to determine if the incidence of infectious diseases originate from foreign workers, especially when they use public transportation. (NST Online)
