MIEA warns public to beware of property scams
The Malaysian Institute of Estate Agents (MIEA) is advising the public to be cautious in buying and selling properties during the movement control order (MCO) period to avoid falling prey to scams. MIEA noted that amid the MCO, the majority of Malaysians who are keen to buy or sell property will be relying on online platforms. MIEA president Lim Boon Ping highlighted that registered estate agents (REA) and negotiators (REN) are recognised as professionals under Malaysian law and that there are firm requirements that need to be adhered to when publishing an advertisement in order to protect the public’s interest. “There will a sudden surge on online and offline advertisement by those illegal brokers who will take advantage on the Covid-19 rise in low priced property deals and these advertisements will not contain the before-mentioned authenticity information and the public should avoid calling them,” warned Lim. The public can verify on www.lppeh.gov.my. (Malay Mail)
Ministry studying post-MCO strategy
Plans are underway to continue combating Covid-19 after the completion of phase three of the movement control order (MCO) on April 28, says the health director-general. Datuk Dr Noor Hisham Abdullah said the ministry was studying the next course of action. “Preparations must start now to implement strategies after the third phase. It is possible that after the third phase, we cannot return to a ‘normal’ life. It may be that the Health Ministry will advise people to (continue to) practise social distancing and not to organise gatherings,” he said. Dr Noor Hisham said efforts to break the Covid-19’s chain of transmission would continue past the MCO period. “We have to look at the industries or how we will conduct our daily activities, according to the Health Ministry’s advice from time to time.” Malaysia recorded 184 new Covid-19 cases yesterday, raising the tally to 4,530, with the death toll at 73 and 1,995 total recoveries. (The Star Online)
Challenging near-term outlook for retail, hospitality REITs
The near-term outlook for retail and hospitality REITs remain challenging due to the impact of the movement control order (MCO) which was put in place to curb the spread of Covid-19 and its spillover effects on the economy. AmInvestment Bank Bhd (AmInvestment) said as the economy might take some time to regain its momentum, it believed the impact to the bottom line of retail and hospitality REITs would be felt for at least several months. Hence, it revised its financial year 2020 (FY20) to FY21 earnings downwards by a further 5% by assuming a lower rental rate. Nevertheless, it pointed out that retail REIT managers are adopting a proactive stance in supporting their tenants through this difficult time. On the performance of Malaysia’s property sector, it noted that most developers are still assessing the economic situation, and deliberating whether to continue or defer future launches. (The Borneo Post)
Property market expected to be affected by Covid-19
Prospective property buyers are likely to benefit from the aftermath of Covid-19 pandemic as prices of properties might drop. KGV International Property Consultants (M) Sdn Bhd director Samuel Tan said he expected the full impact from Covid-19 and the movement control order (MCO) to be felt in the next six to 12 months. He anticipated that there would be more cases of property owners selling their properties as early as three months after the six-month bank moratorium ends. Low and medium-low cost house owners would be the most affected due to financial problems faced. Tan said prices of primary properties could go down between 10% and 15% and about 15% to 20% in the secondary market. Rehda Johor branch committee member Andrew Tan said the next six months to a year would be a challenging time for Rehda members. He said while the national economic stimulus package by the government would help to ease the impact from Covid-19 and the MCO, the government need to further boost the economy post-Covid-19. (The Star Online)
US coronavirus deaths top 20,000, highest in world exceeding Italy
U.S. deaths due to the coronavirus surpassed 20,000 on Saturday, the highest reported number in the world, according to a Reuters tally, although there are signs the pandemic might be nearing a peak. Italy has the second most reported deaths at 19,468 and Spain is in third place with 16,353. The United States has five times the population of Italy and nearly seven times the population of Spain. Public health experts have warned that the U.S. death toll could spike to 200,000 over the summer if unprecedented stay-at-home orders that have closed businesses and kept most Americans indoors are lifted after 30 days. The stay-at-home orders imposed in recent weeks across 42 of the 50 states have taken a huge toll on American commerce, with some economists forecasting job losses of up to 20 million by month’s end, raising questions about how long business closures and travel restrictions can be sustained. Globally, there have been more than 1.6 million confirmed cases, with the death toll surpassing 106,000. (Reuters)
