Govt mulls lifting ban on RM1mil property
The government said the improving economy and signs that buyers are returning to the property sector could see the moratorium on luxury property developments being lifted. Housing and Local Government Minister Zuraida Kamaruddin said the country’s improving economy suggests that there is a need to remove the freeze. Since November 2017, the moratorium was placed not only on luxury developments priced at more than RM1 million, but also included shopping complexes, offices and serviced apartments to curb increasing supply of luxury properties and preempt a property bubble. It is not known how many projects have been shelved following the ban. Developers have been requesting the government to lift the ban, especially for “expensive cities” like Kuala Lumpur, Selangor, Penang and Johor. BNM’s strict housing loan guidelines have been one of the factors that contributed to the housing glut as many buyers found their housing loans applications rejected. (The Malaysian Reserve)
Buyers of project on private lease scheme in Johor sue developer
Buyers of a property project in Medini, Johor, on a private lease scheme are taking the developer to court for failing to issue separate strata titles for their units. 107 buyers of The Meridin@Medini are claiming for inter alia damages for misrepresentation and late delivery from Mah Sing Group Bhd unit Tropika Istimewa Development Sdn Bhd. The case highlights one of the concerns raised by the House Buyers Association of allowing private corporations to lease out freehold land for housing development. Note that there is no provision in the National Land Code and the Strata Title Act to allow private lease schemes which, at present, is practised only in Medini. The National Land Code prohibits the transfer of a lease to two or more persons as only one name is allowed. (The Sun Daily)
Selangor says Port Klang is ideal for 2nd DFTZ
The Selangor state government said that Port Klang, the country’s largest port, is ideal for the development of the second Digital Free Trade Zone (DFTZ), which could boost the port’s ranking to become the 10th largest container port in the world. It is now the 12th largest container port in the world and the second largest in Southeast Asia after Singapore. Having a DFTZ in Port Klang will increase the cargo the port handles, improve handling, and attract more investments and logistics players there, said Selangor senior exco Datuk Teng Chang Khim. Teng was commenting on news that investors were in talks with the Malaysian government to further develop Port Klang and Bukit Kayu Hitam in Kedah as an e-commerce hub. (The Edge Markets)
A view of what is left of the football field in Jalan Jujur, Bandar Tun Razak. (Photo from The Star)
Condo project on football field will go on
Kuala Lumpur mayor Tan Sri Mohd Amin Nordin Abd Aziz said the disputed high-rise residential project on a former football field in Bandar Tun Razak, Kuala Lumpur would proceed as scheduled. This is because the city is unable to compensate the developer millions of ringgit. He added that it was not feasible to stop the project as construction was at an advanced stage, with nearly 15% completed. The 2.09ha land in Jalan Jujur was a football field used for various recreational activities by residents. However, it was sold to a developer for the construction of a condominium last year. The high-rise project at the site comprises four blocks, two of which are for low-cost flats. Amin Nordin said he would get the developer to bear the cost to build a new football field near Bandar Tun Razak. (The Star Online)
NRD challenged to issue MyKad in 30 minutes
The Home Ministry has asked the National Registration Department (NRD) to look at how it can shorten the issuance of Mykad from 45 minutes to 30. The ministry’s secretary-general Datuk Seri Alwi Ibrahim said since April 1, the NRD had managed to issue MyKad in 45 minutes compared to 24 hours before. Alwi also commended NRD for the launch of its mobile bus service which allowed Malaysians to replace their MyKad in the bus and the cards would be printed at any NRD office with the distributed printing hub status. (NST Online)
