Water cuts in Klang Valley extended after treatment plant incident
A surge vessel system bursts at the SSP3 water treatment plant is causing a delay to the resumption of water supply to affected areas in the Klang Valley, said Syarikat Bekalan Air Selangor (Syabas). Repair works at the plant had completed ahead of time at around 5pm on Tuesday (March 6), and the incident occurred just as the plant was about to resume operations. Several staff were seriously injured in the on-site incident. Supply restoration has been extended from the original schedule, with Syabas continuing to send water tankers to affected areas until supply is restored. (The Star Online)

ABM: We’ve been supporting first-time buyers with housing loans
The Association of Banks in Malaysia (ABM) said it has remained supportive of eligible house buyers by approving housing loans, including for those buying their first home or affordable homes. It cited various figures, including the housing loan approval rates of 73% in 2017. The statement was in response to MIEA president Eric Lim’s call for authorities to relax tight financing requirements. ABM said its member banks “are in the business of lending and will continue to provide home financing to eligible borrowers while adhering to responsible financing guidelines”, which were necessary to ensure borrowers are not overly burdened by their financial obligations, and to select properties based on their current financial circumstances. (Malay Mail Online)

CIMB Group launches 1-Minute Home Financing
CIMB Bank Bhd, alongside its Islamic counterpart CIMB Islamic Bank Bhd, has launched the 1-Minute Home Financing as part of CIMB’s InstaApproval platform. The CIMB 1-Minute Home Financing facilitates complete approvals within a single minute upon full submission of information and documents. Currently, eight developers are participating in the CIMB 1-Minute Home Financing InstaApproval, through a total of 60 property projects. The developers are Eco World Development Group Bhd, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, SP Setia Bhd, Tropicana Corporation Bhd and UEM Sunrise Bhd. More developers and projects will be added to the platform over time. (NST Online)

CIMB has launched 1-Minute Home Financing (Photo from Money Compass)

GDB Holdings to raise RM43.8mil from IPO
Construction services firm GDB Holdings Bhd, which is en route to a listing on the ACE Market of Bursa Malaysia Securities Bhd on March 27, plans to raise RM43.8 million from its initial public offering (IPO) to fund future expansion. GDB focuses on the construction of high rise residential, commercial and mixed development projects. The group’s proposed listing on the ACE Market aims to elevate GDB’s profile, expand its current capacity and extend its services into other building segments such as hospitals and shopping malls. It also plans to expand into civil and infrastructure construction services, and aims to establish an infrastructure project team within a year of listing. (The Sun Daily)

Lii Hen buys Muar land for factory expansion
Furniture manufacturer Lii Hen Industries Bhd is buying a plot of agricultural land in Muar for RM6.3 million as part of its factory expansion plan. the group said its unit Kejora Juara Sdn Bhd is buying the 9.64-acre land from four individuals. The estimated time frame for the acquisition shall be four months from the date of the S&P agreement. (The Edge Markets)

Prestar to acquire Shah Alam leasehold land for RM19mil
Prestar Resources Bhd has proposed to buy a 2.05-acre parcel of leasehold land in Kampung Baru Subang, Shah Alam, together with the buildings built on the land for RM19.25mil. The group, which is principally engaged in the business of renting out property and investment holding, said it had entered into a sale and purchase agreement with Skyhub Technologies Sdn Bhd for the proposed acquisition of the property, which includes 2.05 acres of land, two units of a single-storey, semi-detached factory cum a three-storey office building and two guardhouses. (The Star Online)

LBGB, NWP Holdings to jointly develop Zhuhai International Circuit
Property developer LBS Bina Group Bhd’s (LBGB) unit, Lamdeal Investments Ltd (Lamdeal), has entered into a heads of agreement (HOA) with NWP Holdings Bhd (NWP) to jointly develop Zhuhai International Circuit (ZIC) in China. LBGB said it had obtained the approvals, and together with NWP, would jointly transform ZIC, located on a 106.83-hectare site in the Guangdong Province, into a mixed commercial development. Lamdeal holds 60% interest in Zhuhai International Circuit Ltd, the registered and beneficial owner of the development land. (Malaysian Digest)

PPR tenants offered rent-to-own scheme
PPR housing tenants will now have a chance to own the units through a rent-to-own scheme without any deposit. However, Urban Wellbeing, Housing and Local Government Minister Noh Omar said the government would first screen the units to ensure that the units were really occupied by the original tenants and not being rented out. “If the tenant has a good record of payment, the amount paid will be taken into account,” he said. PPR units are rented out at RM124 per month, while the selling price was RM35,000 for Peninsular Malaysia and RM42,000 for Sabah and Sarawak. (The Malaysian Insight)