Incomplete documents among reasons MyDeposit applications rejected
Incomplete documents is one of the three major reasons the applications for the First House Deposit Financing Scheme (MyDeposit) are rejected and thus disqualified from receiving incentives of up to RM30,000. Another factor was that the applicants did not meet the household income requirements, namely earning less than RM3,000 or above RM15,000. Those who had already purchased homes from developers that had received funds or subsidies such as Syarikat Perumahan Negara Berhad (SPNB), People’s Housing Program (PPR) and others would also see their applications denied. For couples, if either one of them already owns a house, they would also be rejected. A total of 1,469 MyDeposit applications were approved with a total payment of over RM39 million since the scheme was opened to the public on Apr 7 last year. (Malay Mail Online)
Hua Yang to acquire Kajang Heights development for RM70mil
Affordable housing developer Hua Yang Bhd has proposed to acquire the entire stake in a property firm called Kajang Heights Development Sdn Bhd for RM70 million cash. The acquisition of the Kajang Heights, a property development company, comes with four parcels of freehold land measuring approximately 19.76 acres in Kajang, Selangor. The proposed acquisition will follow with a proposed mix development on the said land comprising service apartments, retail units and affordable houses. The proposed development has an estimated GDV of RM800mil and will be funded by internally-generated funds. The proposed acquisition is expected to be completed by the first quarter next year. (The Edge Markets)
Putrajaya says no to Penang’s proposed land reclamation project
The Environment and Natural Resources Ministry will urge the National Physical Planning Council to reject the Penang state government’s proposal to reclaim land off the southern coast of the island. “We must look at the negative impact such a massive reclamation project will have on the environment and we must also consider the protests by the people against it,” said Environment and Natural Resources Minister Datuk Seri Wan Junaidi. He noted that the ministry has yet to receive any technical report or the Environmental Impact Assessment (EIA) report on the proposed land reclamation project. the land reclamation project, which proposes to create three small islands off the coast, could also give rise to issues relating to the country’s borders. He said the land reclamation will change the shape of Penang’s continental shelves and encroach into international waters. (Malay Mail Online)
UK firms eye rail jobs in Malaysia
The UK’s engineering consultants are tendering and hopeful of clinching highly-skilled and specialised rail job packages in Malaysia. Nearly 20 of its Railway Industry Association’s 200 members are keen to bid for niche jobs in the light rail transit and construction of the Mass Rapid Transit (MRT), East Coast Rail Link (ECRL) and Kuala Lumpur-Singapore High Speed Rail (HSR), said its exports director Neil Walker. “UK engineering companies, including RIA members, can bring in innovation, such as lightweight composites and more energy efficient techniques in railway engineering. We’ve the experience in improving performance and we’re good at working in a high density environment in upgrading existing rail lines. In addition to first rate rail engineering technology we can share, we’re also bringing in skills and academic learning,” he said. (NST Online)
SLDB to increase its land bank
Sabah Land Development Board (SLDB) aims to increase its land bank to more than its present 75,000 acres so as to give more value added to its dividend distribution for settlers. The move is one of SLDB’s “The Way Forward” long-term theme by developing and managing any identified areas of communal land titles or Mini Estet Sejahtera (Mesej) in the State that focus on cultivating palm oil. SLDB has appealed to the State Government to develop those identified land as it will not only having more in its land bank but also empowering the settlers’ activities, especially in the rural areas, who are also the stakeholders to have better income. Part of the “Way Forward” long term measures is to focus on the second generation of settlers by ensuring they are able to own houses as well as for the generations to come. (Daily Express)
Felda gets registrar’s caveat on Jalan Semarak land
Felda’s disputed plots of land on Jalan Semarak have been placed under a registrar’s caveat, said its chairman Tan Sri Shahrir Abdul Samad. He submitted an application for the four plots of land at the Federal Territory Land Office. A registrar’s caveat is a limitation on the title of any land filed by the Land Office at the instructions of a judiciary body, a court or tribunal when fraud is suspected and can only be removed after the case is settled. Felda is at risk of losing its strategically located plot of land in Jalan Semarak worth at least RM200 million following a dubious transfer of ownership in 2015 by a unit. (Malay Mail Online)
Selangor Properties 4Q17 profit down 64%
Selangor Properties Bhd saw net profit in 4QFY17 decline 64.4% to RM20.44 million from a year ago, due to lower other operating income incurred in the quarter under review. The company’s other operating income declined nearly 82% to RM13.79 million. However, its quarterly revenue expanded 28.7% to RM45.23 million, mainly thanks to its property development division, while its investment holding and Australian operations also recorded higher revenue. For its full financial year (FY17), Selangor Properties recorded a net profit of RM92.6 million, up 37.5% from the year before. Its AIRA Residence is expected to be completed in early 2021, while the Bukit Permata project is expected to be relaunched in the first half of 2018. (The Edge Markets)
