Gamuda proposes developers pay levy for affordable housing development
Property developer Gamuda Bhd has proposed to the government to collect a levy from private housing developers which can then be utilised to develop affordable housing projects for the low-income group. Group Managing Director Datuk Lin Yun Ling said the move was important as private sector developers were developing affordable housing in locations that were not conducive for the B40 group, thus resulting in low uptake. “The government can then utilise the levy to build affordable housing projects which they think are suitable for the B40 group,” he added. Lin said developers could contribute 2% from total sales to help state governments purchase land which they believed was suitable for B40 group, which could boost the supply of affordable housing over the long term. (Malay Mail Online)
MB World to launch three projects in Iskandar Malaysia
MB World Group Berhad (MBWG) is upbeat on the property outlook and prospects in Iskandar Malaysia and will launch three new property projects in the country’s first economic growth corridor next year. “Demand for residential properties is still encouraging in Iskandar Malaysia and we have the right products to cater to our prospective buyers,” said MBWG executive director Ng Liang Khiang, adding that demand for residential properties there would be further driven by the influx of domestic and foreign investors and new residents in south Johor. The first project Ayana Residence @ Taman Sri Pulai Perdana in Skudai has an estimated GDV of RM80mil. The second project at Taman Sierra Perdana in Masai has a GDV of RM157mil. The third is a mixed development project – Puteri Senibong in Teluk Jawa – that has a GDV of about RM1.5bil which will sustain MBWG for the next 10 years. (The Star Online)
Fajarbaru to launch its second Malaysia project by end-2019
Fajarbaru Builder Group Bhd will be launching a GDV RM450 million residential project in Puchong by the end of next year, marking its second property development project in Malaysia. The group is looking to launch Rica Residence Kinrara, a high-rise residential project located on a 6.7-acre tract in Puchong, in the fourth quarter of 2019. Fajarbaru executive director Datuk Seri Eric Kuan said the project was initially set to launch in 2018, but was postponed due to the unpredictable property market and lack of positive signals for recovery just yet. Outside Malaysia, Fajarbaru plans to launch its third project in Australia which will have at least 15 residential two-storey townhouses in Northcote, Melbourne. (The Edge Markets)
TM and KLCC REIT dropped as constituents of Bursa
Telekom Malaysia Bhd (TM) and KLCC Real Estate Investment Trust (REIT) have been dropped as the constituents of FTSE Bursa Malaysia KLCI (FBM KLCI) and replaced by Top Glove Corp Bhd and AMMB Holdings Bhd. The removal of TM was expected after its market capitalisation shrunk more than RM14 billion in the last 12 months. The FBM KLCI reserve list — comprising the five highest ranking non-constituents of the index by market capitalisation — will be used in the event that one or more constituents are deleted from the FBM KLCI. It is based on the index ground rules during the period up to the next semi-annual review. (The Malaysian Reserve)
MIPFM announces resignation of president, declares support for BOVAEP
The Malaysian Institute of Property and Facility Managers (MIPFM) has announced the resignation of its president Sarkunan Subramaniam and declared that it is against a suggestion to set up a separate board to register property, facility and strata managers. Faizal Fuad has taken over as acting president. This follows MIPFM’s extraordinary general meeting (EGM) in which the following resolutions were passed: “We, the members of MIPFM hereby resolve that the MIPFM fully supports the Board of Valuers, Appraisers, Estate Agents and Property Managers Malaysia (BOVAEP) as the governing authorised body for property managers and are opposed to the setting up of a separate board to register property, facility and strata managers apart from BOVAEP”. (The Edge Markets)
