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Matrix Concepts posts net profit of RM47.97m

Extract from The Sun Daily (20/5/2016)

PETALING JAYA: Matrix Concepts Holdings Bhd posted a net profit of RM47.97 million and revenue of RM211.28 million for the three months ended March 31, 2016.

The property developer declared a fifth interim dividend of 4.40 sen per share that will go ex on June 15, and be payable on July 1.

In a stock exchange filing yesterday, Matrix Concepts said there were no comparative figures, as the company had changed its financial year end from Dec 31 to March 31.

The group’s unbilled sales stood at RM621.4 million as at March 31, 2016 to be recognised until 2018.


SP Setia launching a slew of projects

Extract from The Star (19/5/2016)

SHAH ALAM: Amidst the soft property market, SP Setia Bhd plans to launch a slew of projects with a total gross development value (GDV) of RM4.7bil to bring in sales of RM4bil this year.

The property developer has launched two projects – Setia Eco Templer and Edulis – and plans 11 more launches for the second half of the year.

“RM4bil in sales is still achievable as many Malaysians are still looking to buy homes for themselves. For us, it’s a matter of building in the right locations,” president and chief executive officer Datuk Khor Chap Jen told reporters after the company’s AGM, where shareholders unanimously voted in favour of a full-year’s dividend payout of 23 sen per share.

This would include the interim dividend of four sen per share totalling RM604.5mil, representing a dividend payout ratio of 65.8% of profit attributable to shareholders.Its latest launch Setia Eco Templer in Rawang, which launched 234 units of landed residences, sold out its terraced and bungalow offerings and 80% of its Semi-D units, raking in over RM200mil in sales.


Perak to ensure affordable houses do not exceed RM200,000

Extract from Bernama (18/5/2016)

PARIT BUNTAR: The state government will amend its housing policy to set the price of affordable houses at not more than RM200,000, says Perak Women Development, Family, Community Welfare, Housing and Local Government Committee chairman Datuk Rusnah Kassim.

She said at the same time, the amendment if passed, would also compel the construction of low-cost houses for each project developed in areas exceeding two hectares.

"At the moment, the matters being studied by the state land and mineral office depended on a specific area," she told reporters after opening a 'Townhall and Town Safety' programme, in conjunction with the Perak Menteri Besar District Retreat programme here Wednesday.

Rusnah said the policy amendments made were in line with the establishment of the Perak Housing and Property Board passed by the State Legislative Assembly last month.


RM4 bln sales target achievable, says SP Setia

Extract from Bernama (18/5/2016)

KUALA LUMPUR: SP Setia Bhd is confident of achieving its sales target of RM4 billion this year, says President and Chief Executive Officer Datuk Khor Chap Jen.

He said the sales would derive from new property launches and existing developments.

"Both the Setia Alam and Setia Eco Templer developments, with a take-up rate of 86 per cent and 88 per cent respectively, are evidence that the underlying demand is still strong," he told reporters after the company's annual general meeting here Wednesday.

This year SP Setia will be launching 13 projects comprising 8,200 units of landed property and high rise with a gross development value (GDV) of RM4.7 billion, said Khor.


AG's Report: Release of Malay quota by six Melaka private developers exceeds limit

Extract from Bernama (18/5/2016)

MELAKA: The weak control of Malay quota for private housing projects in the state had, among others caused the excessive release of Malay quota by six developers, according to the first series of the 2015 Auditor-General's Report which was released Wednesday.

Audit conducted at the Melaka Land and Mineral Office (PTG) and state housing board found the release of such properties resulted in the 30 per cent quota in rural areas and 10 per cent in urban areas not met as set.

Out of five developers which should maintain the 30 per cent Malay, four kept the quota at 28 per cent, 25 per cent, 21 per cent and 6.9 per cent respectively, while the fifth developer did not maintain any Malay quota.

Another developer which should have kept the 10 per cent quota did not maintain any Malay quota.


D Qube Square, Kota Sentosa’s new landmark

Extract from Borneo Post (18/5/2016)

KUCHING: D Qube Construction Sdn Bhd, a new player in the Sarawak real estate development scene, will be offering a 2.54-acre mixed development project in the heart of Kota Sentosa.

The project, D’Qube Square, is strategically located by the main road at Mile 7½, Jalan Penrissen, and will comprise commercial retail shops, office suites and gated and guarded residential apartments.

D Qube Square aims to cater to the lifestyle concept and needs of today’s young generation, particularly the ‘Y’ Generation.

Selection, planning and evaluation of the project site were carried out by renowned ‘fengshui’ master, Master Pang, who confirmed that the site was located within a ‘fengshui’ fortune land stretching from Kota Sentosa to Kota Padawan.


Managing of bumiputera housing quota in Penang unsatisfactory - A-G's report

Extract from Bernama (18/5/2016)

GEORGE TOWN: The managing of Bumiputera Housing Quota by the Penang Government was found to be unsatisfactory, according to the Auditor-General's Report 2015, Series 1.

The report tabled in the Dewan Rakyat on Wednesday said although the state government had set 30 per cent bumiputera quota for each housing development project, the audit carried out from August to November last year found bumiputera property ownership to be below the 30 per cent target.

"Buyer status of bumiputera units were not verified, bumiputera units were sold to non-bumiputeras before obtaining release from the authorities and the Penang Bumiputera Housing Trust funds were not utilised," it said.

The audit also found the calculation on relief on contribution to be inaccurate, payments not settled or delayed and certificates of fitness for occupation and completion and compliance certificates issued without letters of support.


LPHS did not implement governance action plan, supervision of bumiputra housing quota

Extract from Bernama (18/5/2016)

SHAH ALAM: The Selangor Housing and Property Board (LPHS) was found not to have implemented the governance action plan and supervised the Bumiputra housing quota, and these need to be improved, according to the Auditor-General's Report 2015 Series 1.

According to the report, these happened because the blueprint was not endorsed by the state executive council to be comprehensively utilised except involving the quota rate fixing of Bumiputra housing.

In addition, it said restrictions of interest in the ownership document for Bumiputera quota units were not clearly stated to control and ensure the retention of ownership.

LPHS, via a feedback on Feb 26 said it would review the blueprint to ensure it was relevant with current property development for the 2018 to 2050 period, with the study expected to be ready in 2018.


HCK's unit signs JV development Agreement With DBSB for Kuching housing venture

Extract from Bernama (18/5/2016)

KUALA LUMPUR: HCK Capital Group Bhd's (HCK) 70 per cent unit, HCK Premier Builders Sdn Bhd (HPBSB), today signed a joint venture development agreement with Daya Builders Sdn Bhd (DBSB) to undertake a housing project in Kuching, Sarawak.

In a filing to Bursa Malaysia Wednesday, HCK said the project includes the development of 147 terrace and 18 semi-detached houses, as well as 144 apartment units in Matang Land District on leasehold land of 9.08 hectares (22.45 acres).

HCK said the group would benefit from the project in that it broadens and expands its earnings base, while enhancing the property-related business, in particular, property development.

The group intends to fund the project through internally generated funds and/or bank borrowings, which would be decided at a later stage, depending on the funding cost and cash requirements.

Another challenging year for Malaysia’s property sector in KL and Selangor — RAM Ratings

Extract from Borneo Post (16/5/2016)

KUCHING: RAM Ratings has maintained its negative outlook on the Malaysian residential property sector and the commercial (office and retail) sub-segments in KL and Selangor this year.

It explained that consumers and businesses’ sentiments are expected to remain muted amid a slowing economy while lending conditions are likely to stay tight, thus presenting another challenging year for the property sector.

“Going forward, we expect demand to stay muted as the economy slows and consumer and business sentiment remains subdued.

“Tight lending conditions are likely to continue given the lingering concerns about the nation’s elevated household debt levels.