Unsold Property Enquiry System Malaysia launched
The Valuation and Property Services Department (JPPH) under the Ministry of Finance has launched the Unsold Property Enquiry System Malaysia (UPESM) to help homebuyers make more informed decisions. The system would display the total amount of unsold properties and their prices based on their respective local council zonings. This in-depth data selling system will enable the public to purchase data online, without having to be physically present in JPPH offices. It is hoped that with UPESM, the number of overhang units will be reduced but there is no specific target as yet. (The Edge)
Property market to stabilise in 2018
The property market is forecast to stabilise this year, after having to endure a challenging environment in the last two years. The forecast economic growth, the accommodative monetary policy as well as continuous incentives for the housing sector would help sustain the momentum in the property sector. Transactions have increased in the first two months of this year by 4% compared to the first two months last year. Residential properties continued to support the overall property sector with 62.4% market share, followed by agriculture properties (22.5%). (Malay Mail Online)
PNB chief says will build 5,000 affordable homes nationwide
Permodalan Nasional Bhd (PNB), through its subsidiary, PNB Value Homes Sdn Bhd, will build 5,000 units of houses which are of quality, affordable and comfortable, nationwide. PNB Group Chairman Tan Sri Abdul Wahid Omar said Port Dickson had been identified as the location for PNB’s pioneering housing project. The second project will be built in Pedas, Negri Sembilan, while the third in Telok Datok, Banting, Selangor. The three projects will comprise a total of 2,000 units, with the remaining 3,000 units to be developed later once suitable land has been found. The affordable housing project in PD would commence in June and was expected to be completed by June 2020. (Malay Mail Online)
MBSB Bank processing up to RM6bil affordable housing loans
MBSB Bank Bhd, Malaysia’s second largest full-fledged Islamic banking by asset size, is currently processing up to RM6 billion in loans for affordable housing. Its president and CEO Datuk Seri Ahmad Zaini Othman said the applications in the pipeline included loans for the 1Malaysia People’s Housing Programme (PR1MA), 1Malaysia Civil Servants Housing Programme (PPA1M) and Federal Territories Affordable Housing (Rumawip). “We expect to disburse all the loans this year,” he said. To strengthen the bank’s digital capacity, MBSB Bank would be spending RM250 million to upgrade its core banking sector and incorporating additional features for retail and corporate customers. (Malay Mail Online)
SHH buys RM10.2mil Kajang land for maiden property venture
Furniture maker SHH Resources Holdings Bhd has agreed to buy two hectares of freehold land in Kajang, Selangor for RM10.2mil. The property has been earmarked for residential use. its 80% owned Rampai Pesona Sdn Bhd had entered into a sale and purchase agreement with Rising Charm Sdn Bhd on April 17 to acquire the land. The rationale for the proposed acquisition is in line with the company’s strategic plan to undertake other viable investment opportunities to enhance shareholders’ value. (The Star Online)
Residential overhang in 2017 highest ever
Malaysia recorded the highest-ever number of unsold completed residential properties last year, totalling 24,738 units — a 67.2% year-on-year increase compared with that in 2016. At the same time, the value of these overhang units jumped 82.8% y-o-y to RM15.64 billion in 2017. JPPH defines overhang as unsold completed units that have been in the market for more than nine months after launch. the indefinite freeze on the development of luxury properties worth more than RM1 million per unit in major cities is to curb the residential supply overhang. Besides the ban on high-end residential projects, the department has launched the Unsold Property Enquiry System Malaysia (UPESM) digital platform, providing information on unsold units’ locations. (The Edge)
Supply of new hotels on the rise in Malaysia
Thirty new hotels were completed last year, adding a further 5,777 rooms to the sector in 2017, over 50% more than the 3,733 new rooms introduced in 2016, according to JPPH. most of the newly-completed hotels in 2017 were located in Kuala Lumpur and Johor. As at end-2017, there were 3,126 existing hotels across the country offering more than 246,000 rooms. Meanwhile, the incoming supply comprised 128 hotels with 26,675 rooms. (The Edge Markets)
