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Ministry optimistic 80,000 rumawip units by 2018 attainable - Tengku Adnan

Extract from Bernama (23/1/2017)

KUALA LUMPUR: The Ministry of Federal Territories is optimistic the construction of 80,000 units of Federal Territories Affordable Houses (Rumawip) nationwide by 2018 can be attained.

Its minister Datuk Seri Tengku Adnan Tengku Mansor said the targeted Rumawip development involved the federal capital, Putrajaya and Labuan.

"I believe the target is achievable following the completion of 65 per cent or 52,562 out of the total units up to December last year," he told a media conference after officiating at the RUMAWIP Lanai Residency Bukit Jalil here today.

He said currently the ministry and its agencies were always ensuring projects at the development order approval stage could be expedited to the development stage so that these units could be offered to the public as soon as possible.


AlloyMtd to launch One Crown Place sales on Feb 8

Extract from The Star (20/1/2017)

KUALA LUMPUR: Malaysian conglomerate, AlloyMtd Group, is set to launch its residential sales of One Crown Place, a new mixed-use scheme in London, on Feb 8 this year.

In a statement on Friday, the company said the development would deliver 246 private apartments, a boutique hotel, 140,000 sq ft of premium office space, retail units totaling 7,000 sq ft and a historic Georgian terrace.

“A selection of homes will be available at the launch, with prices starting from £725,000 (RM3.96mil) for a one-bedroom apartment and the first residents will move in to One Crown Place upon completion in the summer of 2020,” it said.

One Crown Place, designed by Kohn Pedersen Fox Associates, is a combination of modern, cutting-edge architecture housing a mix of high specification offices with apartments across several buildings, including two striking terracotta clad towers, the tallest of which is 33 storeys.


Last block of D’Camellia affordable homes to be launched

Extract from The Star (20/1/2017)

PETALING JAYA: SP Setia Bhd’s subsidiary, Setia EcoHill, will launch its final block of D’Camellia Apartments this weekend.

D’Camellia, which is under Setia EcoHill’s affordable homes offer, is a freehold project that comprises two 18-storey residential towers with a total of 635 units.

Block 1 was launched last October with the developer seeing a very good take-up rate of 70%. The encouraging response prompted the decision to launch the remaining 318 units of D’Camellia Block 2.

With a gross development value of RM165mil, D’Camellia is the third offering from the affordable homes range after the sold-out offerings of D’Cassia and D’Cerrum which were launched in 2015.


THHE-Destini JV wins RM739mil contract

Extract from The Star (20/1/2017)

PETALING JAYA: THHE Destini Sdn Bhd, a joint venture between offshore oil and gas facility fabricator TH Heavy Engineering Bhd (THHE) and Destini Bhd, has been awarded a contract worth RM738.90mil from the Government to build three offshore patrol vessels complete with fitting and accessories for the Malaysian Maritime Enforcement Agency.

Destini has businesses in the maintenance, repair and overhaul of aviation, marine, automobile and safety and tabular handling equipment, as well as waste recycling.

The companies said in separate filings to Bursa Malaysia that the contract period of 42 months would commence from the return of the letter of award and submission of performance bond and corporate guarantee to the Government, whichever is later.

The contract, awarded on Jan 18, would contribute positively to the earnings and net assets per share of THHE for the financial year ending Dec 31, 2017 (FY17) through FY20.


HBA propose income-allocation mechanism for PR1MA home buyers

Extract from Bernama (19/1/2017)

KUALA LUMPUR: There should be an allocation mechanism by the government for buyers of Projek Perumahan 1Malaysia (PR1MA) homes following the new income eligibility which has been increased from RM10,000 to RM15,000.

The House Buyers Association (HBA) said as more people from the middle income group are now eligible to own PR1MA homes, the core objective of the programmes, which is to provide affordable homes to the lower income earners should be safeguarded.

HBA Secretary-General Chang Kim Loong said the increase of household income eligibility to RM15,000 is appropriate given the increase in cost of living.

However, he told Bernama that this new rule will also give an advantage, in terms of a better chance to get a unit, to the middle income earners over those from the low income group.


More affordable homes to be launched this year, says CBRE|WTW

Extract from The Star (18/1/2017)

KUALA LUMPUR: The landed residential property market within the Klang Valley is anticipated to observe more launches within the affordable price range this year, according to real estate services firm CBRE|WTW. 

At a briefing on Wednesday, CBRE|WTW managing director Foo Gee Jen said properties in the secondary property market is expected to stay active. 

He added that the rental market for condominiums in central Kuala Lumpur will compress further due to increasing supply. 

Foo pointed out the office market is expected to sustain interest from foreign investors that are exploring and interested to invest in Malaysia. 


Property market to consolidate further

Extract from The Star (19/1/2017)

Real estate firm says it’s healthy after years of strong growth

KUALA LUMPUR: The property market in Malaysia is expected to remain flat this year as the outlook continues to be challenging, according to real estate services firm CBRE|WTW.

However, a flat market is still considered healthy for the sector, CBRE|WTW managing director Foo Gee Jen said.

“The property market has remained flattish since 2014, but this is healthy. It has been achieving good growth for a few years. To expect this kind of growth every year is actually not sustainable.

“The market needs to have a correction, so moving sideways is not a bad thing,” he said at the firm’s 2017 Asia Pacific real estate market outlook briefing yesterday.


Developers call off JV to build rm3.5 billion housing project in Jakarta

Extract from Bernama (18/1/2016)

KUALA LUMPUR: Malaysia's largest property developers have decided to cancel a joint effort to develop a multi-billion affordable housing project in Jakarta, Indonesia.

On Aug 2, 2016, Sime Darby, I&P Group, S P Setia (Indonesia) and PT Hanson International Tbk signed an MoU to jointly develop 500 hectares of land in Maja, Tangerang, which is about 80km from Jakarta

In a filing to Bursa Malaysia today, Sime Darby said all three companies have decided not to pursue the joint venture with PT Hanson International Tbk.

The companies are also "exercising the right to terminate the memorandum of understanding (MoU) in accordance with the terms, with immediate effect," Sime Darby said, without stating any specific reason for the termination.


Kwasa Land to get RM165.5m from Gadang for property job

Extract from The Star (19/1/2017)

KUALA LUMPUR: Kwasa Land Sdn Bhd will receive RM165.5mil for the development rights and revenue sharing from Gadang Holdings Bhd for a property development project at Kwasa Damansara township.

Kwasa Land, which is the master developer of the township in Sungai Buloh, had on Tuesday signed an agreement with Gadang’s unit Elegance Sonata Sdn Bhd for the development rights of the plot known as R3-1.

It said 780 residential units comprising high rise towers and villas are to be built on the 21.08 acres freehold land.

“R3-1 is projected to have a gross development value of RM700mil,” it said.


Lot 10 new look to attract young consumers

Extract from The Star (19/1/2017)

KUALA LUMPUR: Lot 10 shopping centre, the iconic green landmark in Bukit Bintang, is halfway through its ongoing facelift and is on track to be a catalyst for the retail and entertainment district once again.

The mall, opened in 1990 by YTL Corp Bhd, will be anchored on four key drivers for its rejuvenation to attract the young tech-savvy consumers – youthful, fun, creative and connected.

Joseph Yeoh (pic), vice-president of YTL Land Development Bhd, the property arm of YTL Corp, said the retail industry in Malaysia is currently facing challenges, with an oversupply of new cookie-cutter malls and fast-changing consumer demand trends.

“We have started on the transformation to align our hardware and software developments with the new vision for Lot 10.