Zuraida: Stern action against illegal renting out, selling of PPR units
The Housing and Local Government Ministry has warned that stern action would soon be taken against illegal renting out or selling of Public Housing Project (PPR) units to others by the tenants or buyers to prevent abuse of the project. Its minister Zuraida Kamaruddin said stern action would also be taken against those who advertised the sale or renting out of PPR units via public announcements including through the property sale/rent portals or social media. “It is clearly spelt out in the PPR House Tenancy Agreement that tenants are not allowed to fully or partially rent out the units to others. For those who violate the set and agreed to conditions, they will be given a termination notice by the state government or local authority,” she said. (Malay Mail)
Closely monitor large household debt, IMF tells Malaysia
Malaysia’s financial sector appears resilient with sound profitability and liquidity indicators, as well as low non-performing loans, said the International Monetary Fund (IMF). However, the local authorities are encouraged to continue “close monitoring” of risks stemming from large household debt and the real estate market. This was on the back of the fact that Malaysia’s household debt is high compared with its peers, with a large share of mortgages and with pockets of vulnerability among low-income groups. Malaysia’s household debt-to-gross domestic product (GDP) was recorded at 83.2% as at September 2018, with around 52.8% of the debt for housing loans. (The Edge)
Malaysia Pacific sells Wisma MPL for RM189mil
Malaysia Pacific Corp Bhd (MPC) has sold Wisma MPL on Jalan Raja Chulan here for RM189 million to Asia New Venture Capital Holdings Sdn Bhd. This would allow it to settle its debts with RHB Bank Bhd. MPC owes some RM148.54 million to RHB Bank as a redemption sum for the land. Both MPC and RHB have been involved in a lengthy legal dispute after thebank had served it with a notice of default for revolving credit and bank overdraft facilities in March 2015. The disposal price was arrived at on a “willing-buyer willing seller” basis after taking into consideration the third auction by RHB Bank. The reserved price was based on the forced sale value of RM184 million, the group said. MPC said based on a valuation report, the market value of Wisma MPL was RM252 million. (NST Online)
Luxury condo residents loses appeal to stop hotel’s construction in Penang
The Penang Appeals Board has dismissed Mayfair Condominium management corporation’s appeal against a proposed 13-storey hotel behind a heritage building along Jalan Sultan Ahmad Shah. The board disagreed with the appeal, which said the project will be disharmonious with the buildings along the road, especially with the condominium’s history. “The city council already allowed the 29-storey (luxury) condominium to be built there and the environment along the road has been commercial in recent years so it is not reasonable to deprive Bayview Hotel Sdn Bhd of equal treatment,” said Penang Appeals Board chairman Datuk Yeo Yang Poh. He further added that the proposed 13-storey development will preserve the heritage building, Soonstead Mansion, so it would not affect the building in any way. (Malay Mail)
(Source: Sin Chew Daily)
Energy minister weds real estate tycoon
Energy, Technology, Science, Climate Change and Environment Minister Yeo Bee Yin has tied the knot with her real estate developer beau, Lee Yeow Seng, who is IOI Properties Group Bhd chief executive officer. Lee, 40, is the youngest son of property tycoon Tan Sri Lee Shin Cheng. Sin Chew Daily posted pictures of the duo after their marriage registration yesterday. (Malay Mail)
