Quek Leng Chan resigns as Guocoland Malaysia chairman
Tan Sri Quek Leng Chan has stepped down as chairman of Guocoland (Malaysia) Bhd effective immediately, due to internal rationalisation and streamlining of the board. He will be replaced by non-executive director Choong Yee How. According to Forbes, Quek is currently the executive chairman of privately held conglomerate Hong Leong Co. (Malaysia), which has interests in finance, property and food. Quek is Malaysia’s second richest man this year, according to Forbes’ 2018 ranking of the world’s billionaires. (NST Online)
Singapore’s Oxley takes 10% stake in Aspen for RM69mil
Property developer Oxley Holdings has entered into an agreement with Catalist-listed Aspen Group to take a 10.07% stake in the Malaysian company for S$23.28mil (RM69mil). Aspen is a property development group based in Malaysia with a focus on developing affordable residential and mixed development properties. It will use the proceeds from the deal for acquiring land banks, future developments and working capital. Both companies may enter into joint ventures to develop projects in Malaysia or co-invest in suitable property development projects in the region. (The Star Online)
PJ industrial zone to see more sales as companies relocate
The latest two properties on Jalan 225 and Jalan 51A put on the market may signal the beginning of further disposals within the industrial zone in Petaling Jaya, triggered by rising land values and industries seeking lower costs to stay competitive. old trading and manufacturing houses in general are moving out of Petaling Jaya’s industrial area as it is no longer suitable for manufacturing and warehousing — the old factories have become semi-commercial, becoming car showrooms and offices. In addition, some of these businesses have outgrown the smaller factories in the area, and production costs have also risen compared to industrial areas in Klang and Shah Alam. (The Edge Markets)
MIDF Research: Property sector stands to benefit post-GE14
Property stocks are expected to benefit from the spillover effect post 14th General Election (GE14) if the outcome turns out to be favourable to the market, according to MIDF Research. “We have examined the past performances of KL Property Index against KLCI for the period one month prior and one month after GE 13 in 2013 and GE12 in 2008. KL Property Index has been historically more sensitive to broader market movement due to its high beta nature,” it noted. Nevertheless, the research house said it believes that upside momentum would be slightly weaker due to the present higher interest rate environment. Furthermore, MIDF said it is maintaining its positive view on the sector as it see values emerged for some property stocks after the recent sell-down. (The Sun Daily)
Maybank MaxiHome Ezy offers RM10bil in mortgage financing
Maybank is offering RM10 billion worth of financing through its new affordable housing loan scheme called Maybank MaxiHome Ezy. The scheme is part of its efforts to provide first-time home buyers greater flexibility and affordability to own a home. The mortgage scheme, available under both conventional and Islamic banking, allows customers to service only the interest/profit portion of their mortgage for the first five years, with full instalments commencing from the sixth year onwards. Maybank had also recently introduced its HouzKey scheme, which was Malaysia’s first rent-to-own scheme by a bank. (NST Online)
