Bank Negara: RM2,700 provisional estimate of living wage
The monthly income of RM2,700 published in Bank Negara Malaysia’s (BNM) 2017 Annual Report is a provisional estimate of a living wage for a single adult in the capital, which does not refer to the median income. FactWatch.my, an initiative by BNM, said the concept of living wage was also different from the minimum wage and hence, did not supersede the relevance of the current minimum wage of between RM920 and RM1,000. “The living wage is a guide on the income needed to attain a minimum acceptable living standard. “In addition to meeting basic needs, the living wage also provides for a meaningful participation in society, the opportunity for personal and family development, and freedom from severe financial stress,” it said. (The Star Online)
BBCC begins construction of Parcel 2
The Bukit Bintang City Centre (BBCC) project, launched in 2016 and earmarked for full completion in 2025, has started Parcel 2 of the development, which involves the construction of a 43-storey office tower and an entertainment centre. The entertainment centre will contain retail space, cineplex, banquet hall, main lobby, music presentation centre, parking facilities and two floors of mezzanine hotel facilities. Putra Perdana Construction Sdn Bhd has been awarded a RM322mil contract for Parcel 2’s main building works. Construction began this week and is targeted for completion by August 2020. (NST Online)
Hatten Land unveils mall management arm
Melaka-based Hatten Land Ltd has unveiled its mall management arm, Hatten Commercial Management Sdn Bhd, to undertake the management of its commercial retail units within the shopping malls it develops. Hatten Commercial Management will offer mall conceptualisation and market positioning, mall advertising and marketing, re-orientation and leasing strategies for malls as well as channel management and retailing. The mall management arm is part of the property developer’s strategy to complement its property development business and drive recurring revenue. The developer has two completed malls, and three malls are slated for completion in the near future. (The Edge Markets)
1MDB has transferred ownership of all land to MoF Inc
1Malaysia Development Bhd (1MDB), the government’s strategic development company, has transferred ownership of all its land, including plots in Air Itam to the Minister of Finance Incorporated (MoF Inc.). Under the rationalisation plan, the land now came under the purview of the MoF Inc. upon recommendation of the Public Accounts Committee (PAC). “This will enable the assets to be developed outside of the negative impression of 1MDB,” said 1MDB CEO Arul Kanda. The ownership of the land transferred to the MoF also comprises plots in Pulau Indah, Bandar Malaysia and TRX, with the developments there to be decided by MoF Inc. (NST Online)
GE14 not a deterrent to Chinese investors, says Juwai.com
China-based online realtor Juwai.com says Malaysia’s upcoming 14th general election (GE14) has not been a deterrent to Chinese investors as overall demand has actually increased year-on-year (y-o-y). Chinese buyer inquiries about Malaysian property in the first quarter of 2018 increased 102.8% year-on-year, with inquiries expected to be 80% higher when compared with last year. Juwai.com chief executive officer Carrie Law said that the stability in leadership provides comfort to Chinese buyers, both for the investors and owner-occupiers. They will continue to buy as long as visa and education policies remain favourable. Chinese demand for Malaysian properties overtook the demand for Singapore properties in 2017, with the demand relatively concentrated in three cities, namely Kuala Lumpur, Johor Baru and Melaka. (The Edge Markets)
