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Policies needed to protect native land ownership

Extract from The Star (26/9/2015)

MIRI: THE state government should enact policies that will bar foreigners from owning properties and land in Sarawak.

Sarawak PAS commissioner Jofri Jaraiee, in making the suggestion, said that due to the weakened ringgit and its exchange rate compared to foreign currencies, foreigners may end up controlling large parcels of properties and land in this state.

“Do not allow foreigners to own such properties as these should be reserved for Sarawakians only.

“Sarawakians will be left in the lurch if foreigners control the property and land market.


Current weak property sentiments could stay longer than expected

Extract from Borneo Post (28/9/2015)

KUCHING: Analysts believe that the current weak sentiments in the property sector will likely stay longer than expected.

The research arm of Public Investment Bank Bhd (PublicInvest Research) in a report, highlighted that the prolonged demand softness was due to deteriorating affordability and more stringent lending which continue to weigh down the property sector.

It also noted that sales growth in the property sector has slowed down with several developers already toning down their sales target from the beginning of the year.

“Loan application growth for residential properties continued to downtrend this year with the growth in July declining by 3.3 per cent year-on-year (y-o-y). Worryingly, loans approval growth for residential properties was lower at minus 17.8  per cent y-o-y which is signaling that lending is stricter and hence, could further crimp property demand with the dearth of financing,” the research team said.


Industrial properties still sell in Johor

Extract from The Star (26/9/2015)

Just last month, MMC Corp Bhd announced the sale of three parcels of land measuring 188.74 acres in Senai, Johor to AME Group for RM370mil.

The deal came at a time when most developers shy away from new purchases in the Iskandar Malaysia region. But it seems like there is an exception in the industrial property space.

Players focusing on industrial development note that sales have moderated from a year ago but prices are still holding on well.

In the first quarter, the number of industrial transactions in Johor jumped 51.8% year-on-year while it added 16.1% quarter-on-quarter.


Eco World bets on Ijok

Extract from The Star (26/9/2015)

Developer aims big with a RM1.18bil move to buy over 2,000 acres

Property magnate Tan Sri Liew Kee Sin (pic) was once criticised for buying 4,000 acres in Shah Alam to develop a self-contained integrated township.

Market watchers back in 2002 said Liew had gone off his rockers for buying such a large plot of land, with some saying he was being too ambitious, especially because of its distance from the Kuala Lumpur city centre.

The deal, which involved SP Setia Bhd buying the oil palm plantation North Hummock Estate for almost RM600mil in cash, saw many concluding that it was too big for the then company with a market capitalisation of RM1.5bil to swallow.

The stock took a hit the day after SP Setia made the announcement, resulting in a 26 sen, or nearly 7%, fall to RM3.48 on April 3, 2002.


No room for house ownership

Extract from Business Times (26/9/2015)

KUALA LUMPUR: A stagerring 80 per cent of middle- and lower-income earners in Malaysia are likely to require social housing if interventions are not made urgently.

Khazanah Research Institute’s (KRI) “Making Housing Affordable” report last month found that Malaysia had a “seriously unaffordable” housing market. It also emphasised the need for the housing sector to be viewed as a key economic sector rather than a welfare issue. KRI research director Suraya Ismail said the housing sector was a key economic sector and must, therefore, be an integral part of the overall economic management.

“Unfortunately, this perception of housing as a key economic driver has yet to take root. Housing is too often seen by governments as a welfare issue, requiring the transfer of physical or financial resources to low-income households that are unable to house themselves adequately. “

Available resources, however, are rarely adequate. As a result, government housing agencies limit their direct housing provision to a small minority of potential beneficiaries, ignoring the interests of most of the population. By focusing on a small and limited housing agenda, these agencies fail to either understand or manage the housing sector as a whole.


Housing Ministry studying proposal on building affordable houses

Extract from Borneo Post (26/9/2015)

KUCHING: The Ministry of Housing is studying the proposal brought forward by the Sarawak Housing and Real Estate Developers Association (Sheda) to build affordable houses.

Its minister Datuk Amar Abang Johari Tun Openg said his ministry is currently working on a solution for the construction of affordable houses which could be beneficial to all parties especially housebuyers.

“We are studying the proposal (for the building of affordable houses). At the same time, we also have our own counter proposal,” he said in his reply to Sheda’s president Joseph Wong request in seeking a feedback on the building of affordable houses during the opening on Sheda Property Expo 2015 at Borneo Convention Centre Kuching (BCCK) here yesterday.

“There should be a compromise between our proposal and your (Sheda’s) proposal. At the end of the day, housebuyers will benefit from this.


Low-density luxury

Extract from The Star (25/9/2015)

Property developer Johawaki Development Sdn Bhd has launched its latest offering, the Avanti Residences development in Saujana Permai U17, Shah Alam.

With gross development value of RM120mil, the eight-hectare project offers 84 semi-detached houses.

They range from 2,750 sq ft to 3,090 sq ft, with six bedrooms and five bathrooms. Prices for the units start from RM1.1mil.

“We’ve received good response as Phase 1, comprising 22 units, is sold out,” said Johawaki Development general manager Muhamad Nadzri Abdul Radzi.


Ambitious projects catering to every need of modern city dwellers

Extract from The Star (25/9/2015)

Mah Sing Group Bhd will showcase RM11.4bil worth of commercial and residential property at the four-day Star Property Fair 2015 starting Oct 1 at Queensbay Mall in Penang.

Its group chief executive officer Ng Chai Yong said the projects were the RM8.4bil Southville City@KLSouth in Bangi, RM1.6bil The Star M City in Jalan Ampang and RM1.5bil Lakeville Residence in Taman Wahyu.

Southville City, located on a 173ha site, comprises commercial hubs, retail shops, corporate and boutique office towers, gated and guarded as well as stratified and landed residential units, urban parks, clubhouse and township amenities.

“The unique selling point of Southville City is its location close to the interchange of the North-South Highway. It is only 25km to KLIA.


Ecoworld acquires 880 ha in Kuala Selangor for RM1.18 billion cash

Extract from Borneo Post (23/9/2015)

KUALA LUMPUR: Eco World Development Group Bhd is acquiring approximately 880 hectares of leasehold land in Ijok, Kuala Selangor for RM1.18 billion cash.

The land are located approximately 45 kilometres (km) from Kuala Lumpur city centre, 40km from Petaling Jaya city centre and 18km from Sungai Buloh town centre.

In a statement yesterday, Chairman Tan Sri Liew Kee Sin said the opportunity to acquire over 800ha in the Klang Valley was rare.

“This strategic acquisition will enable EcoWorld to establish a dominant presence in North Western Klang Valley growth corridor with access to a new market catchment,” he said.


Hotel Jen to make its presence in Sabah as tourism booms

Extract from Borneo Post (23/9/2015)

KOTA KINABALU: Sabah’s growing tourism industry has attracted Hotel Jen to make its presence felt here by building a new hotel.

Shangri-La Hotels and Resorts President/Chief Executive Officer, Greg Dogan, said the hotel would be “fresh, friendly and fuss-free” to cater to independently-minded business and leisure travellers.

Kota Kinabalu was a highly desirable location for business and leisure, he said.

“This motivated Hotel Jen to offer flexibility for people with busy non-traditional working hours that tend to blend between business and leisure.