Najib: Answers about 1MDB should come from auditors, not news portals or blogs
Datuk Seri Najib Razak said that although everybody wants answers about the 1MDB controversy, those answers should come from legitimate sources like the Auditor-General and Parliament’s Public Accounts Committee (PAC) instead of news portals or blogs, who may have ‘hidden agendas’ and result in speculation. In a post on his website, Najib addressed various issues concerning his administration, such as 1MDB, the Altantuya case, and corruption, among others. (17 May, The Malay Mail Online)
“Next market high” for property expected in 2018
The local property market is expected to reach its ‘next market high’ in 2018, spurred by increased demand, improved buyer sentiment and overall business environment. Industry experts said that conditions have been improving slowly, with GST having less impact than expected, and that property transactions, not prices, had been declining since 2012. (18 May, The Star Online)
IOI Properties garner mix reviews for 3QFY15
Results for IOI Properties Group Bhd’s (IOI Properties) third quarter of the financial year 2015 (3QFY15) have garnered mixed reviews from analysts. The group recorded revenue and operating profit increase of 28% and 40% respectively. RHB Research noted that its earnings came in below its and market expectations, thus maintaining its ‘neutral’ rating; whereas TA Research deemed its sales performance within expectations, maintaining its ‘buy’ recommendation. It was noted that near-term catalysts for the sector are lacking and property sales in April were affected by the GST. (18 May, The Borneo Post)
(Source: The Malaysian Insider)
Economists say scrapping GST a bad idea
Economists and tax experts warn that abolishing the newly-introduced goods and services tax (GST) would be a disaster for Malaysia’s ailing economy. Currently only two million out of a 28-mil population pay income tax. The GST implementation will increase federal revenue, which in turn will help ease growing government debt. Despite protests calling for the tax to be scrapped, economists and experts warn that doing so will erode investor confidence and bring greater long-term economic problems. (17 May, The Malaysian Insider)
Good response from public at MRT project viewing
Response to the public inspection of the MRT Sungai Buloh-Serdang-Putrajaya Line (MRT2) has been good, with various feedback from members of the public who visited the booths at KL Sentral and Cyberjaya. By Friday afternnon, over 100 people had provided their input, with more expected to give their feedback after learning more about the project. Besides the 2 booths, 23 more will be set up in local councils, malls, community halls and a hospital until Aug 17. (17 May, The Edge Property)
(Source: The Edge Property)
DK Group Properties wins multiple awards
DK Group Properties Sdn Bhd has won multiple awards at the International Property Awards (IPA), held on May 8, in the Asia Pacific categories, including Best High-Rise Commercial Development Malaysia for its D’Twist residential development in Bandar Sunway. Other awards won by D’Twist were Best New Hotel Construction & Design Malaysia, Best Office Development Malaysia, Highly Commended High-Rise Architecture Malaysia, Highly commended Mixed Use Architecture Malaysia and Highly commended Mixed Use Development Malaysia. (17 May, Bernama)
Residents seek to halt construction on historical site
Residents of Pykett Avenue in Georgetown, Penang are seeking a court order to stop the issuing of a work certificate which allows a luxury condominium to be built on the site of a demolished historical building. The 19th century Khaw Sim Bee mansion was an undisputed heritage site, but the mansion itself was illegally demolished by Klassik Tropika Sdn Bhd in 2010. The developer was fined a mere RM6,000 and an order was issued to rebuild the mansion. However, the order was later rescinded and a planning permission application for a luxury condominium project was approved. (17 May, Free Malaysia Today)
(Source: Free Malaysia Today)
EcoWorld international property gallery opens in Singapore
Eco World Development Group Bhd (EcoWorld Bhd) has opened its first international EcoWorld Gallery@Singapore, in order to make it more convenient for prospective buyers to know more about their developments. Located on St Martin’s drive, the gallery will showcase the property developer’s projects in Malaysia and overseas, namely London and Sydney. (15 May, The Edge Markets)
Australian developer expects Asians to take 30% of its Perth project
Western Australia property developer, Psaros, is expecting 30% of its Park Avenue development in Perth to be taken up by Asians, including Malaysians. This estimate was based on the take up rate from previous launches, where demand from Asia was strong. The development consists of apartments and commercial units with a GDV of A$60 million. (15 May, The Star Online)
