Bleak outlook for property in 2016
Property developers are pessimistic about any near-term rebound for the property market in 2016, which has seen property sales slow down due to cooling measures and resulted in less new project launches. A property industry survey by the Real Estate and Housing Developers’ Association (Rehda) found that 60% were pessimistic about the 1H16 outlook, while 80% anticipated sales below 50% within six months of launch. Despite rising cost of doing business, developers also do not expect property prices to increase as they are likely to absorb the rising cost to boost sales with 86% absorbing the cost of GST. Industry experts also noted that the market would not likely see much improvement in 2H16 as it would take some time for developers to clear their unsold units. (The Edge Markets)

Selangor freezes approval of new serviced apartments, SOHOs and SOVOs
The Selangor government has frozen approval of new property projects involving serviced apartments, small office home offices (SOHOs) and small office versatle offices (SOVOs) for six months in view of the gloomy property sector. Rehda has informed its Selangor members of the matter, in which the Selangor Housing and Property Board (LPHS) has decided to freeze approvals for all applications of such projects submitted ater Jan 1, 2016. The move is not new, as the Johor government had in December 2014 rejected applications for serviced apartments due to oversupply, and several SOHO projects in Penang were frozen due to their unclear status of being commercial or residential properties. Property experts have lauded the move to halt such developments amid a challenging market and oversupply. (The Sun Daily)

Meteorological Dept: No haze expected until May
Despite the growing number of forest fires in Indonesia, no haze is expected in Malaysia until at least May. According to the Meteorological Department, Malaysia is currently in the clear from the smog affecting Indonesia due to favourable wind patterns. This should continue until later this month or early April, when the inter-monsoon season brings light and variable wind with more rainfall. (New Straits Times Online)

Singapore is world’s most expensive city
Singapore has topped the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living 2014 list, bumping Tokyo from the number one spot and jumping ahead of cities like Paris, New York and Zurich. The city state jumped five places from number 6 last year, due to its strong currency, soaring utility bills and the high cost of car ownership, according to the EIU. Predominantly higher costs of groceries has been singled out as a reason for most Asian cities figuring highly in this year’s list, with Tokyo still at the top of the list for everyday food items. The list compares the cost of living in 140 cities against New York City as a base. (Today Online)

Top 10 most expensive cities

Top 10 least expensive cities

UEM hopes to conclude toll rate talks by June
Plus Malaysia Bhd, the expressway arm of UEM Group, is hoping to submit a proposal and conclude talks with the government on toll rates by June. Its concessions include the Plus expressways (North-South Expressway (NSE), New Klang Valley Expressway (NKVE), Federal Highway Route 2 (FHR2), Seremban Port-Dickson Highway), North-South Expressway Central Link (NSECL), Malaysia-Singapore Second Link (MSSL), Butterworth-Kulim Expressway (BKE), and the Penang Bridge. Under the concession agreement, Plus would review rates every three years until December 2038. (The Star Online)

200-year-old Kampung SIam is set to be demolished (Malay Mail/KE Ooi)

Penang Heritage Trust calls for inventory of traditional villages
The Penang Heritage Trust (PHT) has proposed a thorough inventory of all traditional settlements and cultural landscapes in Penang, which should be conducted and subsequently gazetted as heritage preservation areas. This follows the news that the 200-year-old Kampung Siam would be soon demonlished to make way for development. PHT president Lim Gaik Siang said that although Kampung Siam could not be preserved, efforts should be done to document its history, people and culture. She said the eviction of the villagers and businesses will affect the Pulau Tikus community as a whole, not only the Siamese community. Kampung Siam is a traditional settlement built on land that the British awarded to joint trustees of the Burmese and Siamese communities in 1845. The original grant of the land clearly stated that it could only be used for religious and community activities. (The Malay Mail Online)

Government to take over management of Carcosa Seri Negara
The government plans to take over the management of the 100-year-old Carcosa Seri Negara, which has been closed since Jan 1. With the expirty of its lease to Saujana Hotels & Resorts, the government now wants DBKL to manage the property, and is currently looking at reputable companies with hotel management experience to carry out its daily operations. It was declared a national heritage site in 2007 and has a significant impact on the history of Kuala Lumpur. (The Star Online)