WCT bags RM555mil TRX Lifestyle Quarter job
WCT Holdings Bhd’s unit WCT Bhd has bagged a two-year contract worth RM555 million from Lendlease Projects (M) Sdn Bhd to undertake the final construction works of the retail component of TRX Lifestyle Quarter. It will be a central part of the overall TRX new financial district master plan, which includes lifestyle retail, food & beverage offerings, hospitality, leisure facilities, residential condominiums and a 10-acre city park. Lendlease said it has recently achieved two million safe construction working hours on the TRX project, testament to the commitment to training and safety. (The Sun Daily)
Savills sees property price increase in H2 2019
Global property consultancy firm Savills (Malaysia) Sdn Bhd expects domestic property prices to increase in the second half of next year. Its CEO Datuk Christopher Boyd said this positive development is on the back of the growth in Malaysia’s socio-economic standing. “There is still an issue of oversupply, especially within the domestic property market. On top of that, for the first half of the year, most people adopted a wait-and-see approach due to the 14th General Election. Now is the perfect time to buy because property prices have turned quite competitive.” Boyd said when all these factors subside, real estate prices will increase again. “The reintroduction of the Sales and Services Tax in September will also play a part in the price increase as raw materials will again be taxed and, therefore, will become more expensive.” (NST Online)
‘Arbitrary’ timeframe for property managers to register with BOVAEP should be removed
The 12-month grace period allowing practicing property managers without valuation credentials to register themselves with the government to gain official recognition should be removed as it is “arbitrary” and “irrational”, said a real estate industry leader. Malaysia Shopping Malls Association (PPK) president Tan Sri Teo Chiang Kok questioned the need to impose the timeframe for practitioners to register with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP). Experienced and non-valuer qualifications have been recognised for registration and we believe that all new practitioners having gained the experience and qualification should continue to be registered, he said. The amendment to the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 now requires anyone who take on the role of a property manager to register with BOVAEP, which was formerly known as BOVAEA. (The Edge Markets)
Sarawak passes amendment to Land Code Bill
The Sarawak State Legislative Assembly has passed the Land Code (Amendment) Bill, 2018 with a majority voice vote after the third reading. The main objectives of the bill are to give native territorial domain the force of law and to issue native communal title in perpetuity, which will confer on such title a proprietary right to the native territorial domain. The bill also aimed to resolve the problem arising from the Federal Court’s decision in TR Nyutan’s case relating to provisional leases and to repeal provisions in the Land Code (Amendment) Ordinance, 2007. Deputy Chief Minister Datuk Amar Douglas Uggah Embas said the Sarawak government was committed to ensure that the proprietary interests over native territorial domain are protected and Native Communal Title rightfully issued to the respective native communities in accordance with the Land Code. (NST Online)
‘Quitting CPTPP would hugely disadvantage Malaysian firms’
Malaysian companies will be at a huge disadvantage and lose out to Vietnam in terms of trade investment flow if the country chooses not to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Asian Trade Centre (ATC) executive director Deborah K Elms. The CPTPP, which replaces the now defunct Trans-Pacific Partnership (TPP), is especially beneficial to the small and medium enterprises, which allows for a seamless flow of goods, services and investments among member countries, as well as the protection for intellectual property. (The Edge Markets)
