MKN to decide on SOP changes, if any, on Saturday – Ismail Sabri
The National Security Council (MKN) is expected to decide at a special meeting on Saturday (Nov 7) whether any changes will be made to the standard operating procedures (SOPs) for the Conditional Movement Control Order (CMCO) and Recovery Movement Control Order (RMCO). Senior Minister (Security) Datuk Seri Ismail Sabri Yaakob said the MKN had discussed several SOPs regarding the matter at its technical committee meeting today, but no decision was made. “We will discuss again at the special meeting, where we will make a decision… there may be a slight change, if any,” he said. Ismail Sabri said the SOPs were drafted comprehensively based on the advice of the Ministry of Health (MOH), involving various aspects, including social, educational and economic activities. (Bernama)
Revive KL-Singapore HSR, MRT circle line, MM2H programme
Property players hoped that the government will revive the Kuala Lumpur-Singapore high-speed rail (HSR) and Mass Rapid System (MRT) circle line to attract more inflow and foreign funds into the country and improve the property market. The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS) also hoped that the government will revive Malaysia My Second Home (MM2H) programme. In a statement on its Budget 2021 wishlist, PEPS said reviving these mega projects would create a positive multiplier effect. The construction of the HSR project has been suspended since September 2018 and was due to resume at the end of May, but was deferred further until the end of the year. Meanwhile, PEPS said that the government should expand tax incentives and tax allowances to property developers and contractors who are adopting Industrialised Building System (IBS) in their projects. On Real Property Gains Tax (RPGT), it urged the government to waive the tax in 2021 for property transactions worth RM10 million and below. (NST Online)
Logistics and data centres drive up regional industrial market
According to JLL, logistics and data centre markets have accelerated in the Asia-Pacific region and primarily drove up industrial market transactions by 76% year-on-year (y-o-y) in 3Q20. In contrast, office transactions went down 35%, while retail and hotel transactions fell 51% and 87% y-o-y respectively during the quarter. JLL Property Services (M) Sdn Bhd country head YY Lau said that Malaysia is also seeing healthy interest in the logistics and data centre market, especially the growing sectors, such as F&B, pharmaceuticals, and electrical and electronics. Lau added that the real estate market had been significantly affected this year, with a 25%-35% drop in transactions across all sectors, and she expects the market to continue to see challenges in 4Q20. “However, more efforts can be done to stimulate the real estate market, including in the upcoming Budget 2021,” she said. (The Edge)
Ageson to launch RM178 million Prins bay project in Batu Ferringhi
Ageson Bhd will launch Prins Bay, a mixed development project comprising a hotel, serviced apartments, and retail shops in Penang next year. The property and construction company is launching the project in Batu Ferringhi, and the estimated gross development value is RM178 million. Executive director Datuk Sri Chin Kok Foong said there will be about 80 units of luxury hotel-managed serviced apartments in Prins Bay. Chin said the target market for the Penang project is young professionals, including engineers, financial accountants, legal advisors, and enterprises. He said Ageson will introduce the Internet of Things (IoT) concept for the development to get the buyers in. The project is expected to take about two to three years to complete. Current projects by Ageson include Sri Gombak, comprising condominium units worth RM50 million collectively, and an affordable housing project in Pahang, with a GDV of about RM100 million. The company is also exploring overseas ventures to expand the property development division. (NST Online)
Kelantan postpones assessment hike for 2021
The Kelantan government today decided to postpone the increase in assessment for premises for 2021, said state Local Government, Health and Housing Committee chairman Dr Izani Husin. He said the postponement involved the Kota Bharu Islamic City Municipal Council (MPKB-BRI) area covering Section 1 to Section 28. “For the year 2021 also, owners of premises in areas under the MPKB-BRI administration only need to pay the current rate of assessment,” he said. (Malay Mail)
