Knight Frank: Workers’ housing is a new emerging asset class
The Covid-19 pandemic, which began in the first quarter of last year, has thrust purpose-built workers’ accommodation (PBWA) into the spotlight, establishing it as a new emerging asset class. According to Knight Frank Malaysia’s recently released Workers’ Dormitories publication, demand for quality and well-planned workers’ accommodations is expected to rise. Allan Sim, executive director of capital markets – industrial at Knight Frank Malaysia, said that PBWA is a niche, non-traditional, and relatively new asset class, with the majority of such existing establishments concentrated in high economic growth regions such as Selangor, Johor, and Penang. He said that, while the majority of the country’s existing PBWAs are owner-operated, more industry players such as operators, investors, and developers are jumping on the PBWA bandwagon to meet growing short to long-term demand for compliant workers’ housing. “Given its long-term investment nature, it is expected to emerge as an appealing asset class for both foreign and domestic entities,” he said. (NST Online)
Sabah properties to become more expensive due to materials’ price jump
The sudden increase in cement price in Sabah will force developers to increase the price of properties from 5% to 10%. Sabah Housing and Real Estate Developers Association (Shareda) president Datuk Chua Soon Ping said the price hike was because of an escalating cost of raw materials and ocean freight rate. He said the Cement Industries (Sabah) Sdn Bhd (CIS), the only cement plant in Sabah had also increased the cement price by RM45 per metric tonne (MT). Chua said the increase in cement price would bring significant impact to the developers in Sabah as cement is the main material used for ready-mixed concrete, which makes up to 50% of the value of a structural build-up. “Cement also plays a vital part in finishing mortar, cement board, plastered wall and floor rendering. It will bring multiple effects to other building materials associated with cement,” he said. Chua said the cement price hike is on top of increased prices in other materials, including steel bars, reinforcement bars, copper wire, PVC pipes, as well as logistics costs, which have all gone up by 20% to 30%. (NST Online)
Anwar: Putrajaya must justify nod for Najib’s RM100mil property request
The federal government must explain why it provisionally approved former prime minister Datuk Seri Najib Razak’s request for a house and land allegedly worth RM100 million. Opposition Leader Datuk Seri Anwar Ibrahim said. He said that Malaysians deserved to know why the government would agree to give away such valuable property at a time when federal revenue was declining. Anwar said he understood the need to show gratitude to former prime ministers, but insisted the gifts of appreciation should not be of such exorbitant value. On November 18, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz revealed in Parliament that the Cabinet had approved Najib’s application for the property in recognition of his services. Later the same day, Najib claimed he would reject the property allegedly worth RM100 million, to prevent the controversy from affecting the Melaka state election. (Malay Mail)
Singapore travel pass site down hours after opening for Malaysian, Indonesian travellers
A surge of close to 35,000 users trying to log in to the SafeTravel website to apply for the vaccinated travel pass led to a disruption for several hours yesterday (November 22). The system only resumed normalcy at 3pm, the Immigration and Checkpoints Authority (ICA) said in a statement. The “immediate surge” occurred when the application portal for the pass opened for travellers from Malaysia and Indonesia at 10am. The authority said there is no quota for the passes that are issued for air travel. It stressed that Singaporeans and permanent residents do not need to apply for the passes to enter the country under the vaccinated travel lane scheme. Earlier in November, the authorities announced that Singapore and Malaysia will launch a vaccinated travel lane (VTL) for fully vaccinated travellers from Nov 29. (Malay Mail)
Covid-19: Khairy says endemic phase still far away for Malaysia
Health Minister Khairy Jamaluddin has warned that movement restrictions in the social sector would be reintroduced if Covid-19 cases overrun hospitals, and that Malaysia’s transition into the endemic phase for the disease would take a “long, long time”, according to a report by health news portal CodeBlue on Monday. He also said Malaysia has been using the buffer from the decline in Covid-19 cases to plan public health responses in anticipation of a simulated fourth wave of the pandemic. He said that the government would not impose a total lockdown should cases escalate, but that some movement restrictions would be imposed through a “heightened alert system” instead. Meanwhile, new daily Covid-19 infections and hospital admissions have steadily increased across the country over the past two weeks, with Klang Valley hospitals bracing for a potential surge in cases. (The Edge)
Sunway to form JV with Hoi Hup to acquire residential land in Singapore for RM2.5bil
Diversified conglomerate Sunway Bhd said it will form a joint venture (JV) company to buy 22 plots of residential freehold land at Thiam Siew Avenue in Singapore for a total consideration of S$815 million (approximately RM2.51 billion). The group, via its Singapore subsidiary Sunway Developments Pte Ltd (SDPL), together with Singapore-based property developer Hoi Hup Realty Pte Ltd, had on Thursday (Nov 18) entered into a collective sale and purchase agreement with the owners of the land. “The property, which is located in Tanjong Katong, Singapore, currently comprises landed residential units with a total land area of approximately 263,794 square feet. The property will be redeveloped into a new private residential development with an allowed plot ratio of 2.8 times, subject to authorities’ approval,” said Sunway. (The Edge)
