Housing controller has no power to grant extension of time to developers
The Federal Court has ruled that the housing controller has no power to grant an extension of time (EOT) to developers to complete their property development projects. “By modifying the prescribed terms and conditions and by granting the developer the EOT, the controller has denied the purchasers’ right to claim for liquidated damages (LAD),” said Chief Justice Tan Sri Tengku Maimun Tuan Mat. She said the modification and granting of EOT to the developer does not appear to protect or safeguard the purchasers but rather the developer and that militated the intention of Parliament. She also said there was no provision enabling the controller to exercise the Minister of Urban Wellbeing, Housing and Local Government’s powers. (Malay Mail)

Wisma KFC to be transformed into luxury-class hotel
The Employees Provident Fund (EPF) is in the process of getting the green light from City Hall to convert its long-vacant office building in Kuala Lumpur’s Golden Triangle – Wisma KFC – into a 430-room luxury-class hotel. It is learnt that the provident fund is securing the relevant approvals for the building in Jalan Sultan Ismail on behalf of the new owners. Built in the 1990s, the 22-storey building sits on a 0.5 acre freehold plot. In February, it was reported that Wisma KFC had been sold to Singapore’s Royal Group for RM130 million, but neither party confirmed or denied the article. Wisma KFC was once known as Wisma Idris and was the former headquarters of Kentucky Fried Chicken Holdings (M) Bhd (KFCH). The EPF bought the building from KFCH for RM90 million in 2004. (The Edge)

Govt mulling proposal to set up housing loan bank
The government is considering a proposal to set up a special bank to ease the process of loans application for affordable and low-cost housing. However, Finance Minister Lim Guan Eng said the proposal would have to be in line with Bank Negara Malaysia’s (BNM) requirement that such banks should have sufficient funds or capital to meet the loan demands. He also added that before such a bank could be set up, BNM needed to ensure that existing banks in the country were prepared to face various challenges from abroad to ensure continuity of their functions and roles as lenders. (The Edge)

Malaysia wins ruling, opens door to public 1MDB proceedings
Malaysia won a victory at a London court that will allow public hearings in a dispute between 1MDB and Abu Dhabi’s state investment fund in legal battle over how billions of dollars intended for Malaysia’s economic development was stolen. Judges at the Court of Appeal in London on Tuesday backed Malaysia’s arguments that private arbitration proceedings were unsatisfactory because it meant the case would be determined without public scrutiny. The court also granted a temporary injunction halting a second round of arbitration sought by IPIC and its Aabar Investment unit against 1MDB. (The Star Online)

MPs can be fined, suspended for not declaring assets
Members of Parliament (MPs) refusing to declare their assets by this Dec 5 can be cited for contempt of the House, said Minister in the Prime Minister’s Department Datuk Liew Vui Keong. Liew, who is in charge of legal affairs, said under the Parliamentary standing order, the MPs could be fined up to RM1,000 or suspended from the House. It was reported that none of the opposition MPs have declared their assets while all Pakatan Harapan MPs have declared theirs. Liew said some MPs cited safety and security issues as their reservations in declaring their assets. The first deadline for asset declaration was Oct 1, and was later extended to Dec 5. Liew said it was the right of the public to know their representative’s assets. (The Edge)