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SP Setia confirms bid for residential plot in Singapore

Extract from The Star (12/4/2017)

KUALA LUMPUR: SP Setia Bhd today confirmed a news report that it has, via a wholly-owned unit, SP Setia International (S) Pte Ltd, submitted a bid for a residential plot in Singapore.

However, the property developer, in a filing to Bursa Malaysia, said it has yet to receive the official notification from the Urban Redevelopment Authority, Singapore on the final outcome of the tender award.

SP Setia was referring to an article published by 'The Business Times Singapore' stating that "an overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road", the Urban Redevelopment Authority announced at the tender closing on Tuesday.

Among them, the report said Malaysian property developer, SP Setia International's bid was the highest - at S$265 million (about RM836 million), which translated to about S$939 (RM2,962) per square foot per plot ratio.


Big housing developers not required to build affordable houses worth RM80,000 - MB

Extract from Bernama (11/4/2017)

SEREMBAN: Housing developers in the state undertaking projects of two hectares or less are not required to build affordable houses worth RM80,000 per unit as stipulated in the Negeri Sembilan housing policy.

Menteri Besar Datuk Seri Mohamad Hasan said under the policy, 15 per cent of affordable houses must not exceed RM80,000, another 15 per cent are allocated for RM250,000 and below and 20 per cent for houses not exceeding RM400,000.

"The remaining 50 per cent will be up to the developer to sell at RM1 million, RM5 million or whatever. We do this because we want the policy to be the state government assurance for the people to own affordable housing.

"We have discussed with Negeri Sembilan housing associations that those developing land of two hectares or less are not required to build affordable houses worth RM80,000 and the bumiputera quota is 30 per cent, not 50 per cent," he said.


UiTM, SPNB sign MoU to build quality affordable homes

Extract from Bernama (11/4/2017)

SHAH ALAM: Universiti Teknologi Mara (UiTM) and Syarikat Perumahan Negara Berhad (SPNB) today signed a memorandum of understanding (MoU) to build quality and competitively priced affordable homes.

Through the MoU, SPNB will provide a technical platform to enable UiTM to implement projects under the housing company, especially Rumah Mesra Rakyat 1Malaysia (RMR1M), for three years.

SPNB Group chairman Datuk Dr Abd Latiff Ahmad said the collaboration would give room to UiTM students to design and devise appropriate construction methods to assist SPNB in producing quality and competitive affordable houses.

"For example, students can design the roof according to the culture and climate in the country, as compared to the British standard specification at the moment," he told reporters after attending the MoU signing ceremony here today.


Luxury project with five-star facilities

Extract from The Star (7/4/2017)

The Starhill Luxury Condominium and Residences in Bukit Gambir, Penang, offers luxury living that blends seamlessly with nature.

Crafted by Aroma Development Sdn Bhd, the project is primed for stylish living with its Anglo-Italian architectural design and picturesque elegance.

The project sits on a 2.2ha freehold land and elevated 20m from the foot of the hill.

Its twin 35-storey towers offer 506 condominium units ranging from 1,283sq ft to 2,960sq ft, and 10 penthouses with built-ups of 3,049sq ft to 3,668sq ft.


Country Garden seeks a bigger market

Extract from The Star (7/4/2017)

PETALING JAYA: Country Garden Holdings Co Ltd (CGH) of China is seeking a bigger market for its property developments in Iskandar Malaysia, Johor, particularly Forest City.

Following restrictions on the outflow of funds from China, the property developer is now seeking the services of international agencies to market its products to buyers in Asia and beyond.

“We are actively expanding our customer base into the overseas markets,” said CGH chief strategy officer Dr Yu Runze.

“We are targeting buyers and investors from the international markets. CGH will set up show galleries in the targeted overseas markets to attract global investors and home buyers to Forest City,” he said in response to questions from StarBiz on the impact of the recent measures imposed by China on its property projects.


Cuepacs proposes consultative council to monitor house prices

Extract from Bernama (6/4/2017)

MUAR: The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) has proposed for the government to set up a consultative council to monitor the hike in house prices, said its president Datuk Azih Muda.

He said, the effort must be immediately implemented as the government needed to monitor prices and not just adhere to prices set by housing developers.

Based on complaints received by Cuepacs, he said, 40 per cent of housing loans made by civil servants through banks or the Public Sector Housing Financing Board (LPPSA) were rejected due to salaries that did not meet the criteria.

"Currently, with skyrocketing house prices, it is as if there is no control on the matter. Thus, if this persists, civil servants or the public with income below RM8,000 will not be able to buy a semi-detached house nor even own their unit," he said.


Paramount ventures into hotel development

Extract from The Star (6/4/2017)

PETALING JAYA: Paramount Corp Bhd is setting foot into hotel development and ownership, with the property developer set to build a four-star Mercure Hotel at its university metropolis township in Shah Alam.

The group said the hotel is the final part of its integrated development at Utropolis Glenmarie, and is expected to open its doors by 2019.

Paramount Corp, through its joint-venture (JV) company with Singapore-listed Lasseters International Holdings Ltd, yesterday entered into two agreements with French multinational hotel group AccorHotels, which owns the Mercure brand.

The JV company, Super Ace Resources Sdn Bhd (SARSB), which is 45% owned by Paramount Corp, will invest RM75mil into the development of the hotel.


Maybank Research sees strong growth for Sunway from construction unit

Extract from The Star (6/4/2017)

KUALA LUMPUR: The performance of Sunway Bhd will be lead by its construction arm this year, while sales from the group’s property division is expected to pick up in the second half of the year, said Maybank IB Research.

The research house said on Thursday that it sees strong upside potential from the construction via Sunway Construction Group (SCG), with the division having secured RM635mil of job wins year to date, bringing its outstanding orderbook to RM4.9bil. 

It maintained its earnings forecasts and Hold call on the counter, with a target price of RM3.26.

“Unlike the other big-cap developers, Sunway has a more diversified earnings base with a 54.4% stake in SCG and 37.3% in SunREIT. 


Forest City project: Penalty for China buyers who seek to cancel purchase

Extract from The Star (6/4/2017)

BEIJING: More questions have been raised about Malaysia's Forest City project for buyers from China, following Beijing's introduction of tighter rules to stem the flight of capital from the country.

The developer, Country Garden, had reportedly agreed to refund buyers from China caught out by the new capital controls, but a statement from the company late last night appeared to rule that out.

"In the event of home booking cancellation, we would also like to clarify that cancellation after a sales and purchase agreement has been signed is deemed as a breach of contract," Country Garden said in a press statement.

"The penalty clause, ranging between 10 per cent and 30 per cent, only kicks in when a buyer, who has decided to purchase certain promoted residential units, decides to default on the payment or cancels the sales and purchase agreement."


Boustead Plantations studying land proposals

Extract from The Sun Daily (6/4/2017)

PETALING JAYA: Boustead Plantations Bhd is looking at a few acquisition proposals for its land in Sabah and Peninsular Malaysia, including its 11,000 acres close to Pengerang in Johor.

Deputy chairman Tan Sri Lodin Wok Kamaruddin explained that it is studying options on whether to retain some of its land as plantation, for property development, to sell to its sister company or to go into joint venture (JV) with another party to develop the land.

“We’re studying these proposals closely, whether the price and location are in line with our expansion strategy,” he told a press conference after its AGM and EGM yesterday.

Lodin said there are some land which of late has become valuable to be converted into property development, citing land in Kulai, Johor that was disposed last year, as an example.