Malaysia expected to have 5.6 million senior citizens by 2030
The senior citizen population in Malaysia is expected to reach 5.6 million, by year 2030. The ageing population’s higher life expectancy is attributed to advancements in healthcare in comparison with facilities that were available 50 years ago. It will come as no surprise if the demand for nursing homes increases. To this end, the government must be prepared to build more nursing care residences. (Malay Mail Online)
Trinity upbear on premium segment
Premium and boutique developers will still thrive this year despite current market challenges, particularly the government’s freeze on luxury development approvals since November last year. Trinity group managing director Datuk Neoh Soo Keat said there is still leeway for developers who are building properties priced above RM1 million. Developers are allowed to write in to appeal, and for projects located in commercial and business districts like the Kuala Lumpur city centre, it is not worthwhile to build anything below RM1 million, he added. He believes that the government would still want to leverage Malaysia’s status as a favourite destination for foreigners to retire, therefore there is still demand for houses above RM1 million. (NST Online)
SP Setia’s Careya sold out on launch day
SP Setia Bhd sold all 93 units of its latest development Careya, the first of Setia Alam’s Starter Homes series on launch day. Careya holds a total GDV of RM58 million, with prices starting at RM585,000. Due to be completed in two years, the Careya series comprises 93 units of double-storey terrace houses. “The objective of the Starter Homes series is to give both first-time buyers and those looking to upgrade the chance to own a freehold landed residence in a thriving community, usually only found in new developments located far off from central Kuala Lumpur or Petaling Jaya,” said general manager of Bandar Setia Alam Sdn Bhd Tan Siow Chung. (NST Online)
New OSK township coming up in Seremban
OSK Property has launched a 308ha development in Seremban, its third project in Negri Sembilan. Known as Iringan Bayu, the new development located along the Seremban-Port Dickson trunk road will have a GDV of RM3.6bil and slated for completion in stages over 10 years. The company decided to venture into Negri Sembilan to be part of the ambitious Malaysian Vision Valley project and due to the cheaper cost of doing business there. More than 3,000 houses would be built in the new gated township which would also have a 8.8ha park for the residents. (The Star Online)
AmProp JV buys residential project in Madrid
Amcorp Properties Bhd (AmProp) alongside its JV partner, Grosvenor Europe Investments Ltd, have acquired a residential development project in Madrid, Spain. The JV will develop 15 exclusive apartments and two penthouses in a seven-storey building. The new development will also offer underground parking and a lobby, gym and cycle parking, while preserving its original façade of the first three floors of the building, which dates to the beginning of the 20th Century. AmProp had on 4th January announced its expansion in the JV, increasing its capital commitment from €35 million to €50 million. This was mainly supported by the strong pipelines of the Madrid real estate market and resurgence in the Spanish economy. (NST Online)
Shanghai banking regular tightens rules on acquisition loans for property projects
The banking regulator in Shanghai, China’s commercial capital, has told commercial banks to “strictly control” acquisition loans for financing property development projects. According to sources, real estate development projects must reach a more than 25% completion stage before an acquisition loan is granted. The move is the latest in a series of measures by the Shanghai government to strengthen its regulation of the city’s property market, and reflects China’s broad efforts to curtail real estate speculation. The Shanghai CBRC has also prohibited banks from providing any sort of loans to property projects without sufficient certificates. (The Star Online)
Australia toughens foreign investment rules amid China concerns
Australia announced tougher restrictions on foreign buyers of agricultural land and electricity infrastructure on Thursday amid fears over rising Chinese influence. Foreign investors now need to demonstrate when purchasing farmland worth more than A$15 million that the property has previously been widely marketed to locals for a month to allow them an adequate opportunity to buy. In a similar vein, foreign purchases of electricity infrastructure will also come under greater scrutiny, with a range of new restrictions including an assessment of the “cumulative level of ownership within a sector”. The announcements comes amid growing concern over Chinese influence in Australia, although China was not cited in the latest amendments. (The Borneo Post)
