PM: Malaysia ready to return as regional, international investment hub
Malaysia is now ready to be back on track as an investment hub for both regional and international investors, driven by creative and innovative methods in encouraging investments implemented by the government. Prime Minister Datuk Seri Ismail Sabri Yaakob said this is also made possible through continuous cooperation with every members of Keluarga Malaysia, with safe bubbles for all businesses with new norms are being safely applied to date. The Prime Minister said Malaysia provides the most conducive environment for the business communities to invest, among others, being the gateway to ASEAN market through Regional Comprehensive Economic Partnership (RCEP). As for the international stage, he said Malaysia remain as an active key player in Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the international economic collaboration provides more than 500 million participations with combined GDP of US$10 trillion. (The Star)
HOC may extend to secondary housing market too
The government may extend the Home Ownership Campaign (HOC) benefits to the secondary market, the National Property Information Centre (Napic) said. It may also freeze the development of stratified buildings to resolve the overhang in the various segments of the property market. The HOC benefits include substantial savings in stamp duty and tax exemption in housing loans. Napic deputy director of Inventory Ari Adam said extending the HOC to the secondary market will create a level playing field in the residential segment. The HOC benefits are currently limited to developers’ units but the extension to the secondary market will see house owners benefit when they sell their houses. The HOC is expected to end on Dec 31, 2021. Ari said the issue of overhang has been there since before the Covid-19 pandemic but the pandemic “only amplified the scenario.” (FMT)
Malaysia will enter a new battlefield next week, says Health DG
Next week the country will move into the endemic stage of the Covid-19 and all Malaysians have to be prepared to adapt to new norms. More restrictions imposed during the pandemic are slowly being lifted for this purpose, one of which is the resumption of interstate and overseas travels. Advising the public to take precautions when the endemic stage starts, Health director-general Tan Sri Dr Noor Hisham Abdullah, said everyone must adapt to new norms and understand that the world would not be the same anymore. He said the onus was on the people to play their roles to keep the Malaysian Family safe from Covid-19. “But we are not out of the woods yet, as next week, we will fight on a new battlefield with new strategies in place.” Dr Noor Hisham said Malaysians must have social discipline, especially in embracing physical distancing, taking all precautionary measures, and maintaining good personal hygiene. (The Star)
50% drop in Malaysians’ faith in EPF savings following withdrawal amid pandemic
A recent survey by financial platform RinggitPlus showed that there is a 50% drop in individuals having faith that their Employee Provident Fund (EPF) savings will hold them in their retirement years. Only 15% of Malaysians sampled in the survey believe their EPF savings can sustain them in their old age. “This is a stark contrast to the 30% rate last year,” said RinggitPlus co-founder and director Hann Liew. “Out of the remaining 85% who believe that their EPF savings aren’t sufficient, 45% of them said they hadn’t started any retirement planning.” Contributing to these factors are the government’s policies like i-Lestari, i-Sinar, and i-Citra that allowed Malaysia to withdraw money from their savings account during the two years Malaysia was struggling to control the Covid-19 pandemic. RinggitPlus said it took several months to compile the data and this is the fourth survey of its kind. (Malay Mail)
RM1bil luxury resort on Sabah’s Mengalum Island planned by Taiwanese group
A Taiwanese group is keen to build a RM1bil luxury five-star ecotourism resort on Mengalum Island. Before the Covid-19 pandemic, the island – which is about an hour and 15 minutes from the state capital by boat – was mostly visited by Chinese tourists. Sabah Chief Minister Datuk Seri Hajiji Noor welcomed the plan by Sinyi Realty Group. “We are delighted that Taiwan’s largest real estate company has chosen Sabah for their investment. We have so much to offer in terms of investments in the tourism sector,” he said. Sinyi Group chairman Chou Chun Chi said the proposed resort on Mengalum Island is aimed at capturing the high-end tourism market. Having acquired more than half the island for RM266mil in 2019, the group plans to restore the barren part by reforestation, as well as rehabilitating the surrounding coral reefs damaged by fish bombings. (The Star)
