Full adoption of IBS for govt affordable home projects by 2024
The Housing and Local Government Ministry (KPKT) wants all affordable housing projects under KPKT to be built using the Industrialised Building System (IBS) by 2024, said minister Zuraida Kamaruddin. She said the 100,000 affordable houses to be built this year under KPKT’s plan are of a combination of conventional and IBS methods, of which IBS adoption is about 30-40% now. “As we progress, by the third or fourth year we should be able to do 50-60% and by the fifth year onwards (2024) we should be able to go 100% on IBS for the affordable homes under the national affordable homes project,” she said. Zuraida said current IBS adoption in the country produces about 19,000 units of properties per year, including for affordable homes. (The Sun Daily)

Lombok quake: One Malaysian dead, six missing
A Malaysian was killed while six others are missing following a deadly landslide triggered by a 5.4-magnitude earthquake on Lombok, Indonesia on Sunday. The Malaysians were reportedly among a group of 40 tourists who were at the Kelep Senaru waterfalls in North Lombok when the quake struck. The ministry said search and rescue efforts are underway by local authorities. The identities of the Malaysian victims remain unknown for now. The first quake, with a magnitude of 5.8 on the Richter scale, took place at 24km northeast of East Lombok-West Nusa Tenggara. It was followed by another quake measuring 5.2 on the Richter scale. The earthquake was felt in North Lombok, Central Lombok, West Lombok and all the way in Denpasar, in Bali. (NST Online)

Source: Channel NewsAsia

MGB opens RM40m IBS plant in Nilai
Integrated construction and development services company MGB Berhad has opened its first permanent Industrialised Building System (IBS) precast concrete plant capable of producing a maximum of 4,000 units of properties annually. The plant will see Malaysia’s total possible IBS units produced increase to 23,000 from 19,000 units each year. MGB group managing director Tan Sri Lim Hock San said the Nilai facility is to be used internally, mainly by parent company and developer LBS Bina Group Berhad. Lim expects the demand for IBS components to increase steadily as more and more builders are looking at alternative methods to increase efficiency, quality and productivity amidst a subdued property market. (Malay Mail)

MIEA attributes property market slowdown to financing issue
The slowdown in the property market is largely due to the problem of financing as demand remained intact, said the Malaysian Institute of Estate Agents (MIEA). Its President Eric Lim Chin Heng said the government and particularly, Bank Negara Malaysia, seriously need to review and liberalise the lending guidelines. “We understand the government’s concerns over the overall household debt… but let us segregate the mortgage debt against other components of the overall household debt. Mortgage debt is always a good debt and appreciating,” he said. He also urged that similar incentives for first-time home buyers be extended to the secondary market, citing a NAPIC report that stated 80% of residential property transactions were in the secondary market, and the balance in the primary market. (The Edge)

Battersea Power Station in London

EPF, PNB complete acquisition of Battersea Power Station commercial assets
Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) have completed their acquisition of commercial assets in Phase 2 of the Battersea Power Station development in London. The acquisition, reported to be UK’s most expensive, was done via PNB-Kwasa International 2 Ltd, a 65:35 joint-venture between PNB and EPF, for a total consideration of £1.58 billion (RM8.51 billion). With the completion of the exercise, the two institutional funds now have direct exposure to the commercial assets. UK-based Battersea Power Station Development Co (BPSDC) will continue as the development, estate and asset manager for all phases of the overall development. It will also be the property manager post-completion for another 10 years. (The Edge)