National Housing Policy 2.0 completed, pending cabinet approval
Housing and Local Government Minister Zuraida Kamaruddin said the National Housing Policy (NHP) 2.0 is completed and is now pending the cabinet’s approval. Earlier in May, she proposed to put all government agencies tasked with the development of affordable homes under KPKT’s umbrella. PPA1M, SPNB, UDA and PR1MA has been put under KPKT. On the possibility of property price reduction after the implementation of SST, she said prices are expected to go down. “Parts of the building materials are exempted from SST, [so] there should be price reduction, although we don’t know what will be the percentage of reduction,” she said. (The Edge Markets)
Malaysian property market at inflection point, but no bubble
Stakeholders and observers believe that the current soft property market is the product of a housing cycle that is close to an inflection point, rather than a premonition of a bubble that will burst. According to a study conducted by MKH Bhd, the cooling measures introduced by the government have moderated the impact of price growth in the last market boom and avoided a housing bubble from taking place. MKH group managing director Tan Sri Eddy Chen Lok Loi said the housing cycle is a result of the country’s inelastic housing supply delivery system, following a series of mismatches in terms of location, product and price. Most developers have already taken mitigating measures during this “slow” period, to ensure they are able to sustain a viable financial position, though some may face cash flow issues. With a gross domestic product expansion of 4.5-5% that still augurs well for the sector, he believes that there is still upside for the housing market. (The Sun Daily)
Mah Sing launches first project at RM520mil M Aruna township in Rawang
Mah Sing has launched its first project in M Aruna township in Rawang, Selangor. Dubbed Aster, the project features two-storey link homes measuring 20ft by 60ft, with built-up of 1,666 sq ft and priced from RM506,000 per unit. It is targeted at first-time home buyers and newly-married young families who are looking for a viable solution to their housing needs. The M Aruna township has a GDV of RM520 million. It is the first pilot project by Mah Sing that adopts the industrialised building system (IBS) precast technology. Mah Sing said the benefits of IBS include reduced usage of timber during construction and faster construction time and cleaner site. In conjunction with the launch of Aster, Mah Sing is offering Aster’s early bird buyers The Furnishing Assist Plan – a hassle-free service where purchasers only need to pay RM15,000 for RM60,000 worth of furnishings. (The Edge Markets)
MyEG buys commercial space at Empire City for RM35.4mil
My EG Services Bhd (MyEG) is acquiring a commercial space within the podium level below MyEG Tower at Empire City for RM35.35 million cash from Cosmopolitan Avenue Sdn Bhd. It also obtained an option to sell the property back to Cosmopolitan at a sum equal to 66.67% of the purchase consideration within six months from the date of delivery of vacant possession of the property to MyEG. MyEG said it will require additional premises to house its daily operations. The acquisition allows the MyEG Group to centralise its operations and relocate all employees under one roof to improve efficiency and operational productivity. The property will be primarily used for customer service and showroom to showcase MyEG’s concession and commercial services. (The Edge Markets)
SC, PR1MA, Socso get new chiefs
The Prime Minister’s Office (PMO) announced a slew of leadership changes at several governmental agencies and statutory bodies over the weekend. Datuk Syed Zaid Albar has been named the new Securities Commission Malaysia chairman, while MKH Bhd group managing director Tan Sri Eddy Chen will lead Perbadanan PR1MA Malaysia (PR1MA) as its new chairman. This follows the announcement that Allianz Malaysia Bhd’s chief executive officer Zakri Khir — its first local chief executive officer — will be the new Social Security Organisation (Socso) chairman on Oct 8, replacing Tan Sri Dr Aseh Che Mat. (The Edge Markets)
