Govt to review bank loan terms for first-time home buyers
A new mechanism will be introduced to ease the bank loan application process for young Malaysians to buy their first property, said Prime Minister Tun Dr Mahathir Mohamad. He said the current terms and conditions set by banks are too strict. “We found that banks are too strict with housing loans and this makes it difficult for people to own a house. We would need to review the current process and certain mechanism will be introduced to ease the procedure.” The Housing and Local Government Ministry will be meeting the Finance Ministry and Bank Negara Malaysia to streamline the credit rating system for first-time, low-cost buyers after the Hari Raya Aidilfitri holidays later this month. (Malay Mail Online)

Glomac to launch RM1.06bil properties in 2019
Property developer Glomac Bhd plans to launch a more diverse range of products in financial year 2019, with a total estimated GDV of RM1.06 billion. Its focus remains in the mid-market and affordable segments, where the group expects its landed residential products in townships such as Saujana Perdana and Saujana Jaya in Kulai, Johor to sustain steady sales. It will also introduce two serviced apartment projects in bustling Petaling Jaya to be launched in FY19. Over the next months, Glomac will launch its integrated freehold residential development, Plaza@Kelana Jaya, which has a GDV of RM363mil comprising 696 serviced apartment units. Plans are also in place to launch Centro V in the second half of FY19. Located within the proximity to Bandar Utama, the planned development comprises of SoHo units and serviced apartments with a total GDV of RM266 million. (NST Online)

Almost 2000 on waiting list for public housing in Penang
There are 1,800 people on the waiting list for public housing in Penang so those who no longer qualify for the units will have to vacate them, said Penang Chief Minister Chow Kon Yeow. Those whose incomes exceeded the criteria, have rental arrears and are married to foreigners do not meet the criteria for public housing. Chow was responding to a protest by seven families in Komtar after they were evicted from their public housing units in Rifle Range yesterday. The seven families that were evicted were given six months’ notice to vacate the units, as they no longer met the criteria or had rental arrears amounting to tens of thousands. (Malay Mail Online)

Loke: SPAD to be swapped for APAD
A new Land Public Transport Agency will be set up under the Transport Ministry to better manage the functions and development policies of the country’s land transport sector. Transport Minister Anthony Loke said APAD (Agensi Pengangkutan Awam Darat), which will be led by the ministry’s director-general, would draw up plans to develop the land public transport sector, specifically MRT, LRT and the bus system. SPAD’s existing functions on enforcement and over-the-counter services will be transferred to JPJ, which would issue licences and permits for land public transport operators, tour and cargo vehicles at its existing counters. JPJ will also be authorised to conduct enforcement under the Land Public Transport Act 2010. (The Star Online)

LBS Bina records RM723mil property sales to date
LBS Bina Group Bhd has chalked up RM723 million in property sales to date, and is hopeful of achieving RM1.8 billion by year-end. “We have so far locked in RM723 million in sales and this is 63% higher than the RM443 million we achieved for the same period last year,” said group managing director Tan Sri Lim Hock San. It plans to launch two projects, one at Alam Perdana and another at Cybersouth in Dengkil. LBS Bina has 18 ongoing projects with a total GDV of RM3.95 billion. (NST Online)