92% of Malaysians prefer to own than rent
Despite the rising perception that more Malaysians would choose to rent than to buy a home, statistics from a recent property portal survey show that 92% of those polled would rather own the roof over their heads than to lease. Among those polled, about 33% were presently renting with 67% residing in their “own homes”. Own homes are regarded as homes that are owned by their dwellers or it could be a family home, staying with a sibling or relative and other non-rental residences. For those who would prefer to rent, the majority cited a location that is close to their office or workplace as the most important criterion (71%), followed by family considerations (55%) and public transportation accessibility (52%) respectively. High-rise homes are the preferred option for renters with condominiums and serviced apartments being the top choice. Despite rising living costs, higher loan rejection rates and price unaffordability, Malaysians including the younger generation still make home ownership a key lifestyle aspiration due to family or peer pressure or traditional perceptions. (The Sun Daily)
TRX City ‘did not see a single cent’ of US$3bil raised for project
TRX City Sdn Bhd “did not see a single cent” of funding worth US$3 billion (RM11.9 billion) raised in 2013 for the Tun Razak Exchange international financial district, despite statements in 2013 claiming that the money would be used for the development of the international financial district, reported The Star. Sources said TRX City – which is the property arm of 1Malaysia Development Bhd (1MDB) – had to sell parcels of land within the 70-acre development to finance its infrastructure cost of RM3 billion. 1MDB announced in April 2013 that it had raised US$3 billion but ‘TRX did not see a single cent of it’, according to a source. Among the stakeholders are Australian property and infrastructure group Lendlease. Other projects within the TRX include the Exchange 106 skyscraper, which is Malaysia’s tallest building and is expected to be operational in 1Q19. (The Edge Markets)
Vizione eyes new govt’s affordable housing projects
Vizione Holdings Bhd, a niche player in the affordable housing sector, finds its business strategy to be in tandem with the new government’s promise to build one million affordable homes across the country within two terms of its administration. Vizione has an order book of RM3.75 billion to date, with almost half of its undertakings comprising government housing projects. The RM465 million Federal Territories Affordable Housing (Rumawip) project in Gombak secured by the group will proceed as planned. Aside from government projects, the group also has a long-standing relationship with the private sector, with clients such as Sunway Group and Gardenia Bakeries (KL) Sdn Bhd. (The Edge Markets)
Alipay: Malaysia ranks top 10 in global Chinese tourist transactions in 2018
Malaysia is the ninth largest market worldwide for Chinese tourists’ overseas spending as recorded by Alipay. The transactions saw Malaysia beating more developed markets like the United States. “Despite only being introduced to Malaysia in May last year, the country made its mark by becoming one of the top ten countries for transactional volume recorded, with an average per-capita spend of 1,021.18 renminbi or RM635.97,” it said. (The Edge Markets)
Star to cease Penang printing operations in September
Star Media Group Bhd announced that it will cease all printing activities at its northern hub facility in Bayan Lepas, Penang from September. The proposed cessation will involve staff redundancies, consideration of future utilisation of the land and building at the facility, as well as disposal of the pressline. The media company said the decision is not expected to adversely impact its newspaper circulation in the region as the papers will be printed in its headquarters in Shah Alam, Selangor. (The Edge Markets)
