Malaysia will reopen borders to international visitors by January 1

The National Recovery Council (NRC) has proposed that the country’s borders be reopened to foreign visitors on Jan 1 next year at the latest in a bid to expedite the country’s economic recovery, especially the tourism sector. NRC chairman Tan Sri Muhyiddin Yassin said the Special Committee on Pandemic Management will identify countries with high vaccination rates against Covid-19 and permit its citizens to travel to Malaysia. “Our tourism sector will suffer losses of almost RM90mil if the borders were to remain closed. That is how much revenue the country can generate from the tourism industry,” he said. The country’s tourism sector has seen a relatively slow recovery due to the lack of international tourist arrivals, and industry players needed time and resources to resume their businesses. He said other countries like Germany, Switzerland, the United Kingdom and the United States, despite struggling with Covid-19, had already allowed entry to travellers from Malaysia as most of their citizens were fully vaccinated. (The Star)

Data centres, cold storage facilities most sought-after assets by investors

Data centres and cold storage facilities are the most sought-after assets by real estate investors in Asia Pacific due to the impact of the Covid-19 pandemic, according to CBRE-WTW group MD Foo Gee Jen. He noted that there was a 47% surge in demand for data centres among real estate investors in 2020. “This is due to increased activity in cloud storage, video conferencing, online schooling, gaming, social networking and work-from-home platforms. Malaysia can capitalise on this increased demand as our data centres have one of the lowest tariffs across South-East Asia,” he said. He added that another area of opportunity for investors is worker accommodation, due to Covid-19 standard operating procedures to provide a clean and modern living environment for employees. On the flip side, Foo said demand for student residences have declined sharply due to the increase in distance learning enforced by the pandemic. He added that the growth of e-commerce has accelerated the demand for logistic development in Asia. (The Malaysian Reserve)

Malaysia is not a healthy nation, says KJ

Malaysia is considered an unhealthy nation as a large number of its people have health problems such as heart disease and are obese, says Health Minister Khairy Jamaluddin. He also said that awareness on health issues among Malaysians is still at a low level. “If you ask me, the Health Minister, is Malaysia a healthy nation? No. Our country has among the highest rates of obesity and heart disease,” said Khairy. He added that this was one of the reasons for the high number of Covid-19 deaths in the country, as a large number of patients had comorbidities or chronic diseases. Of every two Malaysians, one is obese, while one out of four Malaysians does not keep fit, he said. The government has launched the Agenda Nasional Malaysia Sihat (ANMS) to cultivate a healthy lifestyle, allay the risk of disease and reduce the cost of treatment and rehabilitation. Khairy added that behavioural change is important while self-awareness of one’s own health is among the crucial elements of the ANMS. (The Star)

Ministry to table amendments to Housing Development Act in Q3 2022

The proposed amendments to the Housing Development (Control and Licensing) Act 1966 (Act 118) is expected to be tabled in Parliament in the third quarter of 2022 in an effort to address issues concerning abandoned housing projects and prevent such problems in the future. Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican said the move to amend the Act was in line with the country’s housing development direction and the adoption of the Build-Then-Sell (BTS) concept. Among the proposed amendments is the Sales and Purchase Agreement (SPA) payment under Schedule G and H will be more similar to the BTS concept involving an advance payment of 40%, while the remaining amount is to be paid after the buyer receives the vacant possession notice, supported by the Certificate of Completion and Compliance (CCC) from the developer. Under the BTS 10:90 concept, buyers are required to make a 10% downpayment of the property’s purchase price while the remaining 90% can be paid when the house is ready. Reezal Merican said with the amendment of the Act, the government is of the view that the adoption of the BTS concept in the country’s real estate industry can be implemented comprehensively after 2023. (Malay Mail)

Covid-19 vaccination for children below 12 in Malaysia to begin next year

The administration of Pfizer BioNTech Covid-19 vaccine to children under the age of 12 will begin in 2022, according to the Ministry of Health (MoH). Currently, only the Pfizer-BioNTech Covid-19 vaccine is available for use in children below 12 and it is awaiting regulatory approval from the European Union and the United States. According to the ministry, the government is currently in the process of procuring the Pfizer BioNTech vaccine for the group as it has a different formulation than those used for the adult population, subject to approvals from NPRA and the Drug Control Authority. “A total of 5.9 million children are expected to be inoculated against Covid-19 involving an estimated 11.8 million doses of vaccine,” said the ministry. (Malay Mail)

Asia’s most expensive apartment sold in Hong Kong’s Peak Area

A Hong Kong apartment sold for HK$640 million (US$82.2 million), making it Asia’s most expensive per square foot in a further sign of buoyancy in the city’s upscale housing market. The apartment at Mount Nicholson, one of the most iconic upscale projects in the city, sold for HK$140,800 per square foot. Located on the Peak, a luxury residential area on Hong Kong Island, it comes with three parking spaces and is measured at 4,544 square feet. That broke the previous record of another apartment that sold for HK$136,000 per square foot in February. The most recent purchase underscores how the city’s luxury residential market – already one of the world’s priciest – continues to grind higher. (The Star)