France win World Cup with 4-2 victory against Croatia
Hundreds of thousands of people took to the streets, including the Champs-Elysees in the capital, after France defeated Croatia 4-2 in Moscow. It is the second World Cup trophy for France since the tournament was held in the nation back in 1998. Meanwhile, Croatia exceeded their best ever finish in the tournament. French player Kylian Mpbappe became the second ever youngest scorer in a World Cup final, 60 years after a 17-year-old Pele won the top spot. (Sky News)
Increase in Q1 industrial property market overhang
Despite being considered one of the more “stable” sectors within the Malaysian property market, the industrial sub-sector is also seeing its fair share of overhangs. According to JPPH’s latest report, the number of unsold completed industrial units totalled 1,047 worth RM1.65bil for the first quarter of this year. While nowhere near the level of overhang in the residential property sub-sector, it represents a rise of nearly 50% from RM1.11bil in the first quarter of 2017. According to JPPH’s report, there were a total of 464 units and 364 units of unsold terrace and semi-D properties respectively in the first quarter of 2018. However, there weren’t any unsold flatted factory or industrial complex units during the period. Similarly, there were also zero unsold flatted factory or industrial complex units in the first quarter of 2017. The industrial property sector is still the most stable sub-segment within the local property market. (The Star Online)
Sime Darby Property in talks with investors to develop Malaysia Vision Valley
Sime Darby Property Bhd (SD Property) is currently in talks with several investors to develop the Malaysia Vision Valley (MVV) with the immediate development being a high-tech industrial park. The property developer had also engaged with the Negri Sembilan government, citing that the MVV was recognised as a catalyst for the state’s future growth. In May 2017, SD Property, Kumpulan Wang Persaraan (Diperbadankan) and Brunsfield Development Sdn Bhd signed a MoU to lead the development of MVV, encompassing the districts of Seremban and Port Dickson. MVV will form a key part of the 11th Malaysia Plan and the National Transformation Plan, which will drive the country’s growth and development for the next 30 years. With a proposed area of 130,000 acres, or about 75% the size of Singapore, this development will cover towns like Nilai, Seremban and Port Dickson. (NST Online)
Rehda Institute urges govt to set up special unit
Rehda Institute has proposed for the government to set up a dedicated unit to look into the overall master planning of affordable homes nationwide. The association proposed for the formation of a special purpose central agency (SPCA) under the housing and local government ministry “to redefine the roles of the public and private sectors in providing affordable homes under a holistic master planning”. It suggested that stakeholders such as Bank Negara Malaysia, the Department of Statistics, the National Property Information Centre and Rehda Institute to develop and conduct surveys and analyse data to ensure timely release of market information. This is necessary to address as affordable homes are being built across the country but there is a lack of demand for them, the association said. (The Edge Markets)
No increase in electricity tariffs for domestic users in the next six months
Domestic users will not have to pay any increase in electricity tariffs for the next six months as it has been subsidised by the Government, said Energy, Green Technology, Science and Climate Change Minister Yeo Bee Yin. “The Government has spent RM114mil out of the RM760mil fund so that 81.7% of all electricity users do not need to pay the electricity surcharge,” she said. “We are left with a choice on whether to use the balance to subsidise for commercial use, or the next round, we can use the funds again to subsidise for domestic use.” Yeo added that the RM114mil subsidy will last from July to December. The tariff in Malaysia is reviewed every six months. Tenaga Nasional Bhd (TNB) had previously said that non-domestic users would have to pay more for their electricity, with the Imbalance Cost Pass-Through (ICPT) surcharge due to higher fuel and generation costs. (The Star Online)
