Developers must use BIM on govt projects over RM100mil by 2020
Construction industry players will be required to use the Building Information Modelling (BIM) system on government projects worth over RM100 million by 2020, the Construction Industry Development Board (CIDB) said. The BIM system could optimise the cost of a project in line with the Construction Industry Transformation Programme (CITP). The BIM system involves the development and management of building design information through the use of three-dimensional (3D) images and smart design information. Among the government projects currently using the BIM system are the National Cancer Institute in Putrajaya and the Selangor Malaysian Anti-Corruption Commission building in Shah Alam, which is still under construction. (My News Hub)
Building Information Model process (Image from Vacker Global)
Property developers urged to have own auxiliary police units
The Royal Malaysian Police (PDRM) has suggested more companies, especially property developers, to establish their own auxiliary police units to prevent crime in their area. Bukit Aman Crime Prevention and Community Safety Department director Datuk Rusli Ahmad said gangsterism, illegal gambling and drug abuse often start at newly developed areas and it must be contained before it escalates. auxiliary police units are granted some powers by the police and it can help increase public confidence, especially potential buyers, on the security level of that particular development project. PDRM has received 11 new requests to establish auxiliary police units from various companies in the country. (The Rakyat Post)
Soft market for luxury condominiums to continue
The subdued property sector is expected to cause the luxury condominium market, especially those within the Kuala Lumpur city centre, to remain soft over the near term. Nevertheless, some see the soft market as a good opportunity to attract buyers and investors, if not tenants, while some developers believe it is a sign of gearing up for an upturn in 2017. Rahim & Co executive chairman Tan Sri Abdul Rahim Abdul Rahman said while many developers had been holding back their launches this year, some, had in fact, been generating positive sales. Another industry expert pointed out that despite the slowdown, developers in the KLCC area had enjoyed a good two to three years prior to the slowdown, and did not see any developers facing distress. Many developers have adjusted their product mix according to the market in order to manage the situation. (The Star Online)
Bank Negara seen keeping OPR at 3%
Research houses are saying that Bank Negara is likely to keep the benchmark overnight policy rate (OPR) unchanged at 3% due to resilient economic growth, when the central bank’s monetary policy committee meets this week. Standard Chartered Research now expects BNM to cut rates only in the late first quarter of 2017, instead of its previous forecast of a 0.25% cut in November. Most economists now expect the central bank to cut the OPR only in the first-half of next year. The ringgit’s weakness brought on by the uncertainty over US economic and trade policies will also influence Bank Negara’s decision. (The Star Online)
Photo from wiseGEEK
Rise in unemployment threatens Malaysia’s high-income goal
Malaysia’s aspiration to become a high-income status nation by 2020 may be under threat as the number of jobless people keeps rising — with a high number of unemployed graduates — while its pool of high-skilled labour is still insufficient. The number of jobless people rose between 4.5% and 18% year-on-year each month this year. High-skilled labour in the country are decreasing due to the arrival of migrant workers and lack of high-skilled jobs. The rise in unemployment is also because the economy is not doing well, both locally and globally. People are buying less products, and, being an open economy, Malaysian businesses do a lot of exports. So, firms are not going to export as much as before due to less demand. When demand drops, the demand for workers also reduces. (The Edge Markets)
CIMB may sell properties worth RM1.3bil in Australia
CIMB Group is preparing to sell assets in Canberra and Brisbane worth more than AD400 million (RM1.3 billion). It is reviewing its local property holdings and preparing to put a major slice of its A$1 billion office towers portfolio on the market, reported The Australian. The daily reported that the offering, probably later this year, is part of a selldown by Malaysian interests of their Australian and global portfolios. CIMB group would make good profits by selling its properties in Australia as it had bought them at lower prices in the wake of the global financial crisis. (Free Malaysia Today)
DBKK to check on estate agents’ illegal signboards
The Kota Kinabalu City Hall is monitoring activities of illegal real estate agents in the city and will deploy its enforcement officers to check on illegal signboards put up by them. KK mayor Datuk Yeo Boon Hair said that there are an estimated 5000 unregistered individuals doing estate agency work throughout Malaysia, who promote their listings by hanging illegal banners on trees, lampposts and along roads. Such activities damage public facilities, cover road signs and dirty the environment. The Malaysian Institute of Estate Agents (MIEA) and Board of Valuers, Appraisers and Estate Agents (Bovaea) are working closely with local councils throughout the country to monitor such activities. (Daily Express)
