JKPTG sets up fund to help solve strata title woes
The Department of Director General of Land and Mines (JKPTG), which falls under the Ministry of Natural Resources and Environment, has established a Strata Ownership Special Fund (Tabung Khas Hak Milik Strata) with an allocation of RM12.8 million to help property owners facing complications while applying for strata titles. The fund aims to solve the strata title woes of 136 special building schemes in Peninsular Malaysia and Wilayah Persekutuan Labuan within five years. The Strata Ownership Special Fund is specifically for buildings categorised as “special buildings”, with a focus on low- and medium-cost housing schemes. These special buildings are not with strata title due to land, legal and proprietor’s issues that have hindered the application to be approved such as erroneous building plan, accrued land rent and proprietor/developer was adjudged as bankrupt. (The Edge)
Beijing-based AIIB keen to finance huge infrastructure projects in Malaysia
Beijing-based Asian Infrastructure Investment Bank (AIIB) is enthusiastic to finance huge infrastructure projects in Malaysia, including the Kuala Lumpur-Singapore High-Speed Rail (HSR) project. AIIB’s President, Jin Liqun, met Prime Minister Datuk Seri Najib Tun Razak at a recent Bank Negara Malaysia event and both of them expressed interests to cooperate in financing the infrastructure projects in the country. So far, AIIB has not made its presence felt in the Malaysian market. There would be no limit in terms of the types of projects that AIIB would finance, as the bank could also lend money for the non-Belt and Road Initiative (BRI) projects that were undertaken in Malaysia. (The Star Online)
Selangor govt urged to look at land acquisition for ECRL
The Selangor state government should look into the land acquisition for the East Coast Rail Link (ECRL) in the state soon, said Transport Minister Datuk Seri Liow Tiong Lai. the 688km project is important for the rakyat and he hoped that the Selangor state government would give its support and cooperation to the project. “If land acquisition is still not settled, it will affect the progress of the project,” he said. He was told by China Communications Construction Company (CCCC), the main contractor of the ECRL project, that the company met a stumbling block when it came to land acquisition in Selangor. Land acquisition in other states, both government and private lands, have begun and are seeing progress, but not Selangor. (The Star Online)
PJD Construction is now OSK Construction
PJD Construction Sdn Bhd has been renamed OSK Construction Sdn Bhd. In a rebranding exercise, the construction arm of the OSK Group would also be adopting a new logo and brand identity. The company noted that the rebrand would reflect the latest progress in the company’s three decades evolution and commitment to growing the company to greater heights with a focus on innovation and increasing the efficiency of its build processes. OSK Construction is rated a “Class A” and “G7” contractor, boasting a good track record in building multiple quality residential and commercial properties, including the accompanying infrastructure for its projects in Malaysia. (The Star Online)
Hektar REIT maintains retail focus
Hektar REIT is maintaining its focus on the retail segment despite concerns about oversupply in the commercial space, especially for shopping malls, and intends to double its total asset portfolio value to RM2.4 billion by 2026. As at Dec 31, 2017, the REIT’s asset value stood at RM1.2 billion following the acquisition of Segamat Central. “An important thing to remember is that retail assets give tremendous flexibility, as there are many things you can do with a shopping mall that you might not be able to do with an office building,” said its executive director and CEO Datuk Hisham Othman. Asset managers can vary the tenancy mix to adapt to current consumer needs and interests. (The Edge)
Penang residential overhang more than doubles in 2017
The residential overhang in Penang more than doubled to 3,916 units worth RM3.82 billion in 2017, from 1,896 units worth RM1.47 billion in 2016, according to a recent JPPH report. The majority of residential overhangs in the state were condominiums and apartments priced at above RM500,000 per unit. Unsold units under construction recorded a 13.9% increase, while unsold not constructed units decreased by 97.3% in 2017. The primary market recorded 31.3% fewer new launches in 2017. (The Edge)
MK Land unit slapped with IRB lawsuit over RM26.98mil tax claim
Property developer MK Land Holdings Bhd’s wholly-owned subsidiary Saujana Triangle Sdn Bhd is being sued by the Inland Revenue Board (IRB) over RM26.98 million in additional tax claims for the years of assessment 2011 and 2013. Saujana Triangle was served with a writ of summon and statement of claim for the amount. MK Land said it is of the view that there are reasonable grounds to challenge the claim brought against Saujana Triangle on the basis that there is a valid appeal pending before the Special Commissioners of Income Tax. (The Edge)
