Residential property sales in Malaysia this year to be record high since 2016
The housing market in the country is expected to be at a record high by the end of this year since 2016, a real estate agent forecasted. Raine & Horne International Senior Partner Michael Geh predicted that a RM71.03 billion worth of residential properties will be sold by the end of 2019. The registered surveyor said a total 204,840 units of properties are expected to be sold for the whole of 2019. “This will be the highest number of transactions in four years,” the Fiabci Malaysia president said. “A majority of the transactions (last year) are in the secondary market, but we can see increases in sales in both the primary and secondary markets,” Geh said. (Malay Mail)
Nanyang Siang Pau office building up for rent
The Nanyang Siang Pau office building site in Petaling Jaya, Selangor has been put up for rent at an asking monthly rental of RM2.50 psf, according to property consultancy firm Knight Frank Malaysia. Based on the advertisement put up by the real estate firm, the freehold site spans 5.86 acres in the Sungai Way Free Trade Industrial Zone and comprises a 4.5-storey office and a 2.5-storey warehouse that offer built-up space of about 136,994 sq ft and 99,780 sq ft, respectively. The site will be entirely leased out, with the daily already shifted their printing operations and in the process of relocating some of its other operations. (The Edge Markets)
(Source: Nanyang Siang Pau)
Mammoth Empire sells Wolo Hotel BB for RM115mil
Property developer and manager Mammoth Empire Holding Sdn Bhd (MEH) has sold yet another of its assets — the four-star Wolo Hotel Bukit Bintang in Kuala Lumpur. The 133-room hotel, located at the intersection of Jalan Bukit Bintang and Jalan Sultan Ismail, went for RM115 million. MEH has been disposing of assets since the beginning of 2017 to pare down its debt and put it on a sound financial footing. MEH executive director Datuk Danny Cheah said that the company sold the hotel together with the Wolo brand. It is understood that the deal was completed late last year. (The Edge)
Guan Eng: Malaysia’s economy remains resilient, supported by development expenditure
The country’s economic growth is still resilient despite the US-China trade dispute backlash and the projected world merchandise trade volume growth of only 1.2% in 2019, instead of the 2.6% increase forecast in April. Finance Minister Lim Guan Eng said the country’s economic growth will be supported by development expenditure, for which the money not spent this year will be rolled over to next year. Lim said although the US-China trade war is expected to be resolved, what is important is to ensure that domestic stimulus through project implementation could be carried out smoothly. (Malay Mail)
Singapore unveils plans to become global AI leader by 2030
Singapore has unveiled an ambitious strategy to become a global leader in artificial intelligence by 2030, attempting to carve out a niche for itself in an increasingly politicised technology. Singapore’s Deputy Prime Minister Heng Swee Keat outlined five key areas the island nation is targeting for AI applications including in transport and logistics planning, provision of municipal services, detection and management of chronic diseases, personalised education and border control. The country is planning to fully automate immigration clearance for all travellers by 2025, implementing fingerprint, iris and facial scanning by 2025. Singapore’s approach is to target specific AI applications for development and deployment at scale in specific industries. It’s investing S$500 million on AI research through 2020. (Free Malaysia Today)
