Property market revival hinges on vaccine approval, travel ban lift
The property market recovery hinges on Covid-19 vaccine approval which is expected to lift the market that has dipped since the pandemic started, said property consultant firm Rahim & Co International. Its executive chairman Tan Sri Abdul Rahim Abdul Rahman said according to NAPIC, volume and value of transactions in the property market had declined by 13.6% and 22.9% respectively in 1Q20 compared to 1Q19. He added that the weakness of the property market is expected to persist for another 12-24 months if the resurgence of the pandemic is not controlled. Malaysian borders that remain closed for travellers are making the recovery more challenging as foreigners looking to own a home in the country are not realised. Abdul Rahim said people have started to show interest in selling and buying properties since May. Government initiatives, like the moratoriums, exemption of Real Property Gains Tax, extension of the Home Ownership Campaign and allowing a better percentage of loans will cushion the impacts. “However, the market could only be seen to be recovered when a vaccine is found. Hence, it takes time,” he added. (The Malaysian Reserve)
Rising number of property scams alarms estate agents
Property experts agree the number of housing scams during the MCO and RMCO may be higher than reported. Expressing its concern about the increasing number of property scams and illegal brokers in the industry, the Malaysian Institute of Estate Agents (MIEA) recently noted a 30% increase in the number of complaints received during the MCO and RMCO – most of them from members of the public who have been cheated by illegal brokers. Siva Shanker, CEO of real estate agency Rahim & Co International, said these complaints are just skimming the surface. While Shanker noted that Malaysians would not usually lodge complaints unless the sum they lost was “substantial”, a previously insignificant loss might have taken on greater importance during the Covid-19 induced economic downturn. MIEA said it had identified 13 ways the public can be scammed, with misrepresentation and excessive commissions key among them. Among the more common scams during the MCO were illegal brokers promising buyers lucrative deals and then collecting deposits of at least RM1,000 or RM2,000. Lack of awareness about the difference between a registered and unregistered agent was one of the reasons for scammers being so rampant. (Free Malaysia Today)
PM: Racial tension stems from wealth distribution unhappiness
Prime Minister Tan Sri Muhyiddin Yassin acknowledged that racial tensions persist in Malaysia but put it down to dissatisfaction in the distribution of wealth. He said the recent flare ups are likely due to the ongoing struggles faced by many in the Covid-19 economy, exacerbated through sharing on social media which may colour a community’s perception through racial, religious and social class lenses. He also conceded that while racial tension could not be entirely erased, it should never have a detrimental effect on the country. He said this was the reason why the Shared Prosperity Vision (SPV 2030) was introduced in the first place, with said policies stressing on equal wealth distribution and bridging the income gap among the citizenry within a 10-year period. The SPV 2030 was launched in October 2019 by Muhyiddin’s predecessor Tun Dr Mahathir Mohamad under the Pakatan Harapan administration. It is styled as a 10-year blueprint for the government to provide a decent living standard to all Malaysians ― regardless of their ethnicity, social class and location ― by the year 2030. (Malay Mail)
Selangor Dredging set for new launches in KL, Singapore
Selangor Dredging Berhad (SDB) is finally launching its property projects on land it owns in Serdang and Melawati, just on the outskirts of Kuala Lumpur. The developer owns about 7.6ha in Serdang and around 9.5ha in Melawati and plans to develop luxury condo villas. Group managing director, Teh Lip Kim said SDB is also preparing to launch Myra in Singapore before the end of this year. Apart from the new launches, SDB will continue with marketing efforts for its existing projects, SqWhere and UNA in Malaysia, as well as JUI Residences and One Draycott in Singapore. SDB chairman Eddy Chieng said given the current Covid-19 pandemic, SDB is adopting a prudent approach for the next 12 months in view of volatile market conditions and economic uncertainties. During the year under review, the group focused primarily on unsold stock for completed developments together with developments under construction. (NST Online)
E-census online pre-registration ends Sept 30
The first phase of pre-registration for the online Population and Housing Census 2020 (e-Census) will end at 11.59pm today. Census 2020 commissioner, Datuk Seri Mohd Uzir Mahidin said those who have pre-registered and received the Invitation Code (IC), and those who have obtained the IC from e-Census clinics could fill in the e-Census until 11.59pm, October 6. Mohd Uzir, who is also the Chief Statistician, said among the reasons for unsuccessful pre-registration was that home address matching could not be done in the e-Census system because the information provided was incomplete, inaccurate or too general. Those who were unable to fill in the e-Census will be interviewed face-to-face from October 7 to 24, he added. (Malay Mail)
