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Jerejak island resort to be redeveloped in JV

Extract from The Star (8/11/2016)

PETALING JAYA: The loss-making Jerejak Rainforest Resort & Spa (JRRS), owned by Tropical Island Resort Sdn Bhd (TIRSB) whose shareholders are UDA Holdings Bhd and the Penang government, will be redeveloped in a joint venture (JV) with Penang-based Ideal Property Group.

UDA Holdings Bhd said in a statement that TIRSB, which will ultimately be 100% controlled by UDA following a novation agreement, had inked a JV agreement with Ideal’s subsidiary Q Islands Development Sdn Bhd to redevelop the resort and the 80-acre land owned by TIRSB.

JRRS, operated by Bestari Hospitality Management since 2004, had been quite popular among local tourists.

“TIRSB believe Q Islands Development will be able to re-brand the operations, enhance the value and turn this loss-making property back into profitability,” UDA Holdings said.

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iProperty.com Malaysia partners MGBC to promote green buildings

Extract from Bernama (4/11/2016)

PETALING JAYA: Online property group iProperty.com Malaysia has formed a partnership with Malaysia Green Building Confederation (MGBC) to promote green buildings for a sustainable built environment in the country.

The three-year partnership was announced at the MGBC's third Annual Dinner and Awards Night 2016 here tonight.

Part of the REA Group, iProperty is the country's main property portal, offering comprehensive property listings, related real-estate and project marketing services.

REA Group Chief Operating Officer International Arthur Charlaftis said through the partnership, iProperty would work closely with MGBC to provide property buyers and investors information on sustainable living.

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China developer CFLD keen to venture to Malaysia

Extract from The Star (4/11/2016)

BEIJING: China’s real estate developer, China Fortune Land Development Co Ltd (CFLD), is among the prominent companies to have shown keen interest in venturing to Malaysia.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said CFLD, a leading expert in investment and operations of new industrial cities in China, had been making enquiries on such a move.

There is growing interest among Chinese entrepreneurs seeking to invest in Malaysia and CFLD is one of them, he told the Malaysian media here.

Mustapa was part of the Malaysian delegation led by Prime Minister Datuk Seri Najib Tun Razak on his six-day official visit to China from Monday.

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IOI Properties bucks the trend

Extract from The Star (5/11/2016)

At a time where the property scene locally is experiencing a down cycle, IOI Properties Group Bhd (IOI Prop) seems to be performing well.

The company reported the best financial year in 2016 since its listing some two years ago when it went public again.

In its financial year 2016 (FY16 ended June 30), IOI Prop saw its net profit advancing 21.3% to RM1.08bil on the back of revenues jumping by 58.1% to RM3.02bil.

It’s share price has risen too gaining some 11% in the year-to-date period, outperforming the Bursa Malaysia Property Index which was relatively flat in the same period.

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I&P plans mixed property project on Selangor land

Extract from The Star (7/11/2016)

SHAH ALAM: I&P Group Sdn Bhd, which has purchased a tract of land in Semenyih, Selangor, intends to turn it into a mixed development project over the next two to three years.

Marketing head Datuk Muhamad Zaili Muhammad Yusof said the company has no plans to collaborate with any other parties to develop the 805 acres, which I&P purchased from sister company Sime Darby Bhd.

Group marketing and communications senior general manager Noor Lida Nazri said the type of products being launched would be determined by the situation of the market going forward.

“We will follow the market and offer products which can sustain the economic situation at that time. If it’s good times, then we’ll develop more medium to high-end products,” she told StarBiz.

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Volume and value of property transactions fall in Jan-Sept

Extract from The Star (6/11/2016)

PETALING JAYA: Malaysia’s property transactions declined both in volume and value in the first nine months of this year. 

Deputy Finance Minister Datuk Lee Chee Leong said the volume of transactions in the residential, commercial, industrial and agriculture property segments declined 12% to 240,000 compared with the corresponding period last year. 

He said in terms of value, the transactions decreased 16% to RM95.37bil during the period under review from a year ago. 

“Overall, the housing market has indeed softened since the Government introduced a slew of cooling measures to curb speculations and rein in the rapid rise in house prices,” he said when opening the International Real Estate Federation (Fiabci) Premium Property Showcase 2016 in Petaling Jaya on Friday.

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SPNB: Should build more affordable homes in towns - Johari

Extract from Bernama (5/11/2016)

KUALA LUMPUR: Syarikat Perumahan Negara Berhad (SPNB) have been urged to increase housing projects on bumiputra-owned land in urban areas to provide more affordable homes for the people.

Second Finance Minister Datuk Johari Abdul Ghani said the ministry was confident SPNB had the expertise to implement the projects based on their performances in developing people-friendly housing projects in rural areas.

"The ministry is prepared to provide working capital to SPNB to ensure that housing projects targeted to be rented or purchased by mid professionals are completed as soon as possible.

Johari who was met by reporters after performing SPNB's social corporate responsibility (CSR) in Kampung Baru here today, said in order to develop urban housing project, SPNB must have a different business capital compared to financing rural housing projects.

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Property transactions decline in volume, value in first 9 months of 2016

Extract from Bernama (4/11/2016)

PETALING JAYA: Malaysia's property transactions declined both in volume and value in the first nine months of this year.

Deputy Minister of Finance Datuk Lee Chee Leong said the volume of transactions in the residential, commercial, industrial and agriculture property segments declined 12 per cent to 240,000 compared with the corresponding period last year.

He said in terms of value, the transactions decreased 16 per cent to RM95.37 billion during the period under review from a year ago.

"Overall, the housing market has indeed softened since the government introduced a slew of cooling measures to curb speculations and rein in the rapid rise in house prices," he said when opening the International Real Estate Federation (FIABCI) Premium Property Showcase 2016 here today.

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KLCC Property quarterly earnings higher

Extract from The Star (4/11/2016)

PETALING JAYA: KLCC Property Holdings Bhd’s (KLCCP) net profit for its third quarter ended Sept 30, 2016 grew 19% to RM178.23mil from RM149.80mil in the previous corresponding period, mainly due to better earnings from its office investment and management services divisions.

In a filing with Bursa Malaysia yesterday, the company said revenue during the quarter slipped to RM329.54mil from RM337.19mil a year earlier.

For the nine-months period ended Sept 30, 2016, KLCCP’s net profit increased to RM538.84mil from RM508.17mil in the previous corresponding period, while revenue rose to RM998.86mil from RM993.09mil previously.

KLCCP told the local bourse that revenue from office rental remained stable, while its retail investment division saw a drop in revenue on a quarter-on-quarter basis due to lower occupancy.

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Selangor government rejected 8,770 Rumah Selangorku applications since 2012 - Iskandar

Extract from Bernama (3/11/2016)

SHAH ALAM: The Selangor state government had rejected 8,770 of the 17,546 applications received for affordable housing under the Rumah Selangorku programme since it was first introduced in 2012.

State Housing, Building and Urban Settler Management Committee chairman Datuk Iskandar Abdul Samad said the applications were rejected following strict conditions imposed by financial institutions.

"Applications were rejected as applicants were unable to pay or have issues with their credit card payment, in addition to being blacklisted by the National Higher Education Fund Corporation (PTPTN).

"However, we have asked for financial institutions to ease the conditions imposed to enable the applicants to be given an opportunity to own a home through this programme," he said at the State Legislative Assembly here today.

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