Limit on landed properties raised to RM3mil on Penang island
The Penang state government has increased the minimum price for foreigners purchasing landed properties on Penang island from RM2mil to RM3mil. The increase was to protect the interest of locals due to the depreciation of the ringgit. The minimum price limit for foreign purchases of strata properties on the island remains at RM1 million. Rehda’s request to reduce the 3% levy to 1.5% on all foreign property purchases arose as a result of the difficulty in selling units, especially stratified ones. (The Star Online)
Eco World confident of RM4bil sales this year
Property developer Eco World Development Group Bhd is confident of hitting its sales target of RM4bil this year after securing more than RM900mil in the first four months of the company’s current financial year ending Oct 31, 2017. Its sales this year would be driven by 15 ongoing projects, as well as several new launches planned for the second half of 2017. The launches include Eco Forest and Eco Business Park V in the Klang Valley, as well as Eco Sun and Eco Horizon in Penang. For the first four months of the current financial year, the company secured RM955mil in sales. (The Star Online)
Artist’s impression of RUMAWIP Residensi Seri Wahyu by Mah Sing
Mah Sing to launch its first RUMAWIP project
Mah Sing Group Bhd will be launching its first RUMAWIP project — Residensi Seri Wahyu in Taman Wahyu, Kuala Lumpur on March 29. The launch of Residensi Seri Wahyu is part of the developer’s efforts to support the government’s initiative and cater to the need for mass-market homes. Sitting on 1.52 acres of land, Residensi Seri Wahyu consists of one tower with a total of 660 units. Each unit comes with one carpark and is priced at RM300,000 with a built-up of 805 sq ft accommodating three rooms and two bathrooms. Facilities include swimming pool, children’s pool, playground, gym, BBQ area, a multi-purpose hall and more. It is accessible via Jalan Kuching, Jalan Ipoh, Jalan Kepong, the Duta-Ulu Kelang Expressway and the Middle Ring Road 2. (The Edge Markets)
L&G shareholders agree to acquire four property firms
The majority of Land & General Bhd’s (L&G) shareholders have given the green light to acquire four property firms plus an option to buy from its major shareholders. They will soon have to fork out 21 sen per share based on an indicative issue price of its rights issue. The proposed rights issue will see enlarged outstanding shares, which could potentially see an increase in the company’s market capitalisation. The acquisition will help to address lack of existing projects, as it provides an immediate pipeline of projects. All the parcels L&G had acquired were situated in prime areas with matured developments in Selangor. (The Edge Markets)
Sunsuria plans more Salak Tinggi projects
Despite the challenges in the current property market, companies like Sunsuria Bhd will continue to develop their landbank, albeit cautiously. The property developer is planning to launch new products within Sunsuria City, its township in Salak Tinggi. The company’s main focus this year is to offer medium-range small-office-home-offices (SoHo)/condominiums and landed residential properties, targeting new-generation buyers. The company believes that developments with good and unique concepts like Sunsuria City will still be able to attract potential buyers and investors. (New Straits Times Online)
Housing is a top priority for government, says Najib
Housing is a top agenda of the government in championing the interests and wellbeing of the people, said Prime Minister Datuk Seri Najib Razak. “We have many agencies managing affordable housing programmes which have received overwhelming response like the 1Malaysia Civil Servants Housing Scheme (PPA1M), 1 Malaysia People’s Housing Scheme (PR1MA), the Affordable Homes Programme (RUMAWIP),” he said. Housing redevelopment was another initiative to provide comfortable housing for people, providing residents of dilapidated housing sites with improved facilities and bigger homes. (Malay Mail Online)
Photo from AsiaOne
Consumer spending expected to recover gradually
Consumer spending is expected to gradually recover in the second half of this year. Affin Hwang Capital Research was optimistic that while consumer spending would take longer to recover, macroeconomic indicators such as private consumption and the ringgit’s performance show encouraging upside potential this year. Nielsen Malaysia believes that consumer spending will remain flat at best, while Maybank IB Research anticipated consumer spending to continue growing. (The Star Online)
