Dr M sworn in as Malaysia’s seventh PM
Tun Dr Mahathir Mohamad took the oath of office as Prime Minister of Malaysia for the second time, marking several historic firsts. At 93, he is the oldest leader of a country to be sworn in. He is also the first to become Prime Minister twice, bringing an end to the 61-year reign of Barisan Nasional (and the Alliance before it) since Independence. Dr Mahathir first became Prime Minister of Malaysia in 1981 at the age of 56. He was the country’s fourth Prime Minister then. He stepped down from the post in 2003 after being in office for 22 years. Fifteen years later, he has become the oldest elected Prime Minister in the world. (The Star Online)
HBA looking forward to new govt’s promises on housing
As Malaysians witness the establishment of a new government by Pakatan Harapan (Pakatan), the National House Buyers Association (HBA) is looking at the promises made in its election manifesto, especially with regard to affordable housing and homeownership with “high optimism and anticipation”. If implemented right, it can go far towards increasing the supply of affordable housing and reduce the threat of a homeless generation. Most importantly is the need to define ‘affordable housing’ to ensure the term is not abused by developers. Other proposals the HBA is looking forward to include a first-time house buyer loan for youths, taking over maintenance costs in low-cost housing areas, conversion of land status for affordable housing, tax incentives for developers to build affordable housing, rent-to-own schemes, prevent landbank hoarding, incentives for smaller bumiputera and non-bumiputera developers, and more. (The Edge Markets)
Dr M names three key Cabinet members
Prime Minister Tun Dr Mahathir has named three key members of his Cabinet alongside a council of eminent persons who will advise the Government on economic and financial matters for the first 100 days of his administration. DAP secretary-general Lim Guan Eng was appointed as Finance Minister, while Parti Amanah Negara president Mohamad Sabu will be made Defence Minister. Parti Pribumi Bersatu Malaysia president Tan Sri Muhyiddin Yassin will serve as Home Minister. The three will join the Prime Minister and his deputy, PKR president Datuk Seri Dr Wan Azizah, in a Cabinet line-up that will eventually have at least 25 members. The council consists of former finance minister Tun Daim Zainuddin, former Bank Negara governor Tan Sri Zeti Akhtar Aziz, former Petronas chief executive officer Tan Sri Hassan Marican, Hong Kong-based Malaysian tycoon Robert Kuok and economics expert Prof Jomo Kwame Sundaram. (The Star Online)
Malaysia needs foreign investments to achieve development goals
Juwai.com, a property website in China, foresees many opportunities under the new government to contribute to the country’s growth and bright future. Its CEO Carrie Law said Chinese investors and non-investment buyers can contribute to the country’s growth and bright future. Law added that in order to succeed on its affordable housing goal, the government may need to draw on the expertise and capital of Chinese developers and investors. “There is no country in the world with more experience building large quantities of affordable housing on budget, on schedule, and with hoped-for side benefits such as local employment and economic development,” she said. The overall package of visa, home-buying, and education policies in Malaysia remains very appealing. If there is no change, we expect Chinese investment in Malaysian property to continue to grow in the months and years to come, she added. (The Edge Markets)
GSH bags bookings worth RM330mil at Coral Bay project in Sabah
GSH Corp has received bookings for 100 residential units worth more than RM330 million during a private preview event for its 460-unit Coral Bay luxury condominium project in Kota Kinabalu, Sabah. All the 100 units offered during the prevew were oversubscribed, said GSH. Coral Bay comprises eight 12-storey towers within the ocean-front gated community of Sutera Harbour Resort, with prices starting from RM2.3 million. Completion of the project is slated for 2022. Coral Bay is GSH’s second residential project in Malaysia after the Eaton Residences development in Kuala Lumpur in 2016. (The Business Times)
