Three companies donate RM1mil each; Tabung Harapan fund hits RM30mil
Property developer Ewein Bhd, Magni-Tech Industries Bhd and Magni-Tech’s executive chairman Tan Sri Tan Kok Ping have each donated RM1 million to the government’s Tabung Harapan, which was set up for Malaysians to contribute towards alleviating the country’s debt. These donations, according to Guan Eng when he was presented with the contributions, will push Tabung Harapan’s collections – which stood at about RM27 million as at 9.30am on Sunday – to over RM30 million. The fund was set up on May 30. (The Edge Markets)
Property market heats up with tax-free period
The current “tax holiday” has been a boon for property developers who are seeing an increase in sales. Rehda Perak chairman Tony Khoo Boon Chuan said the transition period between the goods and services tax (GST) being reduced to 0% and the implementation of sales and service tax (SST) was driving interest in property acquisitions. He said there have been more enquiries from potential buyers recently and it was expected to continue until the new sales tax kicks in in September. “It is definitely a good period for sales of both commercial and residential units,” he said. “There will definitely be discounts offered by developers for commercial properties. Even residential properties, which are already zero-rated, will also see discounts between 2% and 4% by developers.” (The Star Online)
Kedah govt yet to approve Langkawi new township development project
The Kedah state government has yet to approve the RM30 billion new township project by property developer Tan Sri Ting Pek Khiing in Langkawi. Menteri Besar Datuk Seri Mukhriz Mahathir said Ting’s announcement came as a surprise because the project was never proposed, discussed, considered or approved by the state government. He explained that the project was proposed when he was the Menteri Besar for the first time when under Barisan Nasional, but was not followed with a deposit payment, a state requirement for any mega project. Mukhriz said the original proposal made by Ting was not valid and any new proposal must be officially submitted to the state for consideration. (NST Online)
Mulia seeks government guidance for TRX project
Indonesian commercial property developer Mulia Group is seeking guidance from Putrajaya so that the iconic 106-storey building in Tun Razak Exchange (TRX) will be aligned with the mandate of the current government. Discussions with potential tenants, including government-linked companies (GLCs), are also ongoing, Mulia Property Development Sdn Bhd senior marketing manager Christine Yeap said. Exchange 106 is 51% owned by MoF via its unit MKD Signature Sdn Bhd. Mulia Group holds the remaining 49%. Since the May 9 general election, the new Pakatan government is reviewing all mega projects undertaken by the previous government. The 70-acre TRX, to be developed as Kuala Lumpur’s international financial centre, is one of them. (The Star Online)
HBA objects to leasing of private land for housing purposes
Future home buyers may find themselves “renting” in perpetuity if a proposed private lease scheme makes its way into the National Land Code 1965. National House Buyers Association (HBA) secretary-general Chang Kim Loong said the government, under the previous administration, was looking to introduce a new chapter into the Code, which would allow landowners (private corporations) to lease out their freehold land for development. According to reports, there are already several projects developed and completed under such a scheme in Medini, Johor, despite the scheme being only at the proposal stage. The current Code does not allow for leases to be created for more than one person but the proposed private lease scheme will counter this provision. According to a lawyer, most property purchasers are unaware of the scheme and would assume that they are buying a leasehold property under the state government, which is not the case. (The Sun Daily)
