Rehda working with Housing Ministry on proposed Tenancy Act
The Real Estate and Housing Developers Association Malaysia (Rehda) president Datuk Soam Heng Choon said the association is working with the Housing and Local Government Ministry (KPKT) on the proposed Residential Tenancy Act. The Act, which is intended to protect both landlords and tenants in the event of any dispute that arises during a tenancy period, was first announced by the Ministry this April. KPKT said it expects a study of the Act and data gathering exercise to be completed by this year, followed by the formulation of the Act next year. Soam said the Act has been adopted in many advanced countries, and so Malaysia just needed to adapt it to its needs. He added that the proposed Act would also benefit tenants as insurance premiums are expected to be lowered. (The Edge)

Malaysia to roll out rent-to-own scheme by January 2020
The rent-to-own (RTO) scheme for housing projects up to RM500,000 is expected to roll out across Malaysia by January next year, State Housing, Local Government and Town and Country Planning committee chairman Jagdeep Singh Deo said. “This would be a major development because one of the reasons for this RTO scheme was to help overcome the high loan rejection rates for first-time home buyers,” he said. He explained that the concept of the federal government’s RTO scheme was to use their RM10 billion funding to purchase existing housing units, then rent to first-time home buyers where they would pay their rent for a certain time period before giving ownership. Jagdeep also urged property developers in Penang with property overhang to opt into the scheme if their unsold properties were priced below RM500,000. (Malay Mail)

Crest Builder buys 2.6ha land in Klang from WCT for RM55m
Crest Builder Holdings Bhd is buying a 2.646ha freehold land in Klang from WCT Holdings Bhd for RM55 million. Crest Builder said the preliminary plans for the land is a mixed-development of three blocks of residential serviced apartments and retail shop lots with the gross development value estimated to be above RM500 million. (The Edge)

Singapore developers raise alarm over apartment supply glut
Singapore’s developers have expressed alarm over the high supply of private apartments amid slowing demand, with the glut threatening to suppress property prices. President of the Real Estate Developers’ Association of Singapore, Chia Ngiang Hong, said that home builders are concerned about the fat pipeline and subdued demand. Chia described the property market as challenging and said developers are already more cautious when bidding for land. Data from the Urban Redevelopment Authority released Tuesday showed there are around 39,000 private housing units currently in the pipeline, though this has “declined progressively over the past few quarters.” (The Edge)

Sunway’s Cheah in Forbes Asia’s philanthropy list again
Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah has once again been named in Forbes Asia’s definitive philanthropy list, Asia’s 2019 Heroes of Philanthropy. Cheah, who is also the founder and trustee of the education-focused Jeffrey Cheah Foundation (JCF), is the only Malaysian philanthropist who made the list this year and the only Malaysian who has been named thrice on the annual list. He previously appeared on the list in 2009 and 2015. Forbes Asia released its philanthropy list that highlighted 30 of the most generous and impactful altruists across the Asia-Pacific region. This year’s list also featured Alibaba Group co-founder and former executive chairman Jack Ma and Wipro chairman Azmin Premji. (The Star Online)

Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah (Source: The Star)