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Agong hands over keys to 12 recipients of PA, PPR housing units

Extract from Bernama (09/11/2017)

KUALA LUMPUR: Yang di-Pertuan Agong Sultan Muhammad V today handed over keys to 12 recipients allocated free units of People's Housing Project (PPR) and Public Housing (PA) at PPR Desa Rejang here.

Sultan Muhammad V also spent some time to mingle with the recipients and residents of the PPR.

The Yang di-Pertuan Agong also visited the old house once rented by a recipient and the new unit which was given free to the same recipient under the Baiti Jannati @ Federal Territories Programme.

The programme is an initiative of the Federal Territories Ministry which aims at helping the hardcore poor including the disabled and person with chronic illnesses to own a house without having to pay a monthly rent to the Kuala Lumpur City Hall (DBKL).


PR1MA step-up financing scheme allows more to buy homes

Extract fro The Star (4/11/2017)

In last week’s Budget 2018, the Government extended PR1MA’s step-up financing scheme (SPEF) to private developers, subject to certain conditions, as part of its effort to house the middle income (M40) with their first house.

The move underscores the Government’s encouragement to build more affordable units.

Since the scheme was launched in January, a total of 50 out of 197 SPEF applications have been approved by the 1Malaysia People’s Housing Programme (PR1MA) amounting to RM14.3mil.

SPEF is a financing option for buyers who are eligible for a conventional loan, to get access to a higher loan amount.

SPEF comes with two options: the step-up only or the step-up with EPF Account 2 withdrawal. Both options allow buyers to service the loan interest in instalments for the first five years and start paying the principal beginning from the 6th year, the PR1MA statement says.


Jaycorp proposes diversification into construction, property development

Extract from The Sun Daily (3/11/2017)

PETALING JAYA: Furniture maker Jaycorp proposes to diversify into the construction and property development.

It told in a filing with the stock exchange that it anticipates the construction and property development segments may in the future contribute 25% or more of the group's net profit.

Currently, it is principally involved in the manufacture and sale of furniture as well as other activities such as packaging, processing of wood and renewable energy.

On January 6, Jaycorp formed a joint venture company Jaycorp Engineering and Construction Sdn Bhd (JECSB) to take part in general construction and civil engineering works. It secured the first construction project from Solid Destiny Sdn Bhd for the construction of a seven-storey shop-cum-office in Likas, Sabah.


Class-action suit against The Arc @ Cyberjaya developer adjourned

Extract from The Sun Daily (2/11/2017)

PETALING JAYA: A class-action lawsuit representing 137 unit owners of serviced apartment project The Arc @ Cyberjaya against its developer Maju Puncakbumi Sdn Bhd has been adjourned.

The decision was made at the Shah Alam High Court today, after the lawyers were called into chambers by judicial commissioner Datuk Roslan Abu Bakar before he postponed the matter until Nov 9.

Vincent Lim, the lawyer who represents the owners, previously told SunBiz that the class action was filed against the developer on June 7 amid allegations that the owners stopped receiving their rental after a year.

It was reported that the project came with two types of guaranteed rental return (GRR) schemes, one for up to six years and another for up to 25 years with a gross 8% rental income per annum for the first term, of three and four years respectively.


Luster in joint venture to develop Hulu Langat site

Extract from The Sun Daily (2/11/2017)

PETALING JAYA: Luster Industries Bhd has entered into a joint venture agreement Enrich Realty Sdn Bhd to develop a piece of land in Hulu Langat, Selangor, measuring 3.6725ha into commercial or residential or mixed project, including “Rumah Selangorku”.

In consideration of the landowner Enrich Realty granting to Luster the right to develop the land, a total value of at least RM39 million or up to 22% of the actual gross development value, whichever is higher, will belong to the Enrich Realty.

Construction of more than 200,000 affordable houses completed - Noh Omar

Extract from Bernama (2/11/2017)

KUALA LUMPUR: The government has built 255,341 or 23 per cent of the 1.1 million units affordable houses that have been targetted, from Jan 1, 2013 to Oct 15, this year.

Minister of Urban Wellbeing, Housing and Local Government, Tan Sri Noh Omar said 717,512 or 64.6 of the houses were still under construction while another 138,775 units or 12.4 per cent have been committed.

"The initial target for affordable homes for a five year period from 2013 to 2018 was one million units but due to an increase in the need for affordable homes, the number was increased to 1.1 million units. The affordable homes project is being carried out nationwide under the Affordable Homes Programme by various federal government agencies, state government agencies and private sector," to told the Dewan Rakyat during the question and answer session today.

Noh Omar was answering a question from Khalid Abd Samad (Amanah-Shah Alam) who wanted to know the ministry's proposed plan to build 1.1 million affordable homes by 2018.


Iskandar Waterfront City, Ekovest shares down on new merger proposal

Extract from The Sun Daily (1/11/2017)

PETALING JAYA: Iskandar Waterfront City Bhd (IWC) and Ekovest Bhd shares reacted negatively to local tycoon Tan Sri Lim Kang Hoo's new proposal to merge the two companies after the merger deal between IWC and its parent Iskandar Waterfront Holdings Sdn Bhd (IWH) fell through yesterday.

IWC shares dropped as much as 12 sen or 8.6% to RM1.28, before ending the morning session 7 sen or 5% lower at RM1.33, with some 20.61 million shares changing hands.

Ekovest also saw heightened selling pressure, with its share price plunging as much as 25 sen or 21.6% to 91 sen. At the noon break, it went down 19 sen or 16.4% to 97 sen. The stock emerged as the most active stock of the day on some 272.53 million shares traded.

Ekovest plans to buy out IWC at RM1.50 per share, valuing it at RM1.26 billion.

IWH-IWC proposed merger aborted

Extract from The Sun Daily (31/10/2017)

PETALING JAYA: The proposed merger between Iskandar Waterfront Holdings Sdn Bhd (IWH) and Iskandar Waterfront City Bhd (IWC), both controlled by Tan Sri Lim Kang Hoo, has been aborted as the deal is “no longer consistent with the benefits and intentions which it was originally envisaged”.

The deal which was announced in March this year, hit a major stumbling block when IWH lost its most coveted project as master developer of RM200 billion Bandar Malaysia project, in May. This left it with over 7,400 acres of land in Kuala Lumpur and Johor Baru, with an estimated open market value of RM30 billion.

At the time IWC and IWH were still adamant the deal would not be derailed.

Lim in its stead, has now proposed a new deal, involving Ekovest Bhd taking over the shares IWH does not own in IWC for RM1.50 per share. Lim is offering one Ekovest share for one IWC share. IWC last traded at RM1.40 a share, while Ekovest at RM1.16 a share. Both stocks have been suspended from trading in anticipation of the announcement.


Hap Seng to develop 'Menara Hap Seng 3' office building for RM312 million

Extract from The Sun Daily (31/10/2017)

KUALA LUMPUR: Hap Seng Consolidated Bhd’s property arm Hap Seng Land Sdn Bhd will be developing a new commercial office space building, named “Menara Hap Seng 3”, for a construction cost of RM312 million.

Targeting foreign multinational companies, the building will be built on the former site of the group’s Mercedes-Benz Hap Seng Star Autohaus, Jalan P. Ramlee. It comprises 20 storeys of office space, five podiums, a showroom and a six level basement car park, with a net lettable area of 240,000 sq ft. The Mercedes-Benz Autohaus will be relocated to the building once completed.

Construction works, which will be undertaken by Grand Dynamic Builders Sdn Bhd, are expected to go on for 26 months, starting today, and is scheduled for completion in December 2019.

The project, which will sit on a 0.72 acre land, acquired by the group in 2004, will be financed through internally generated funds.


Benalec Holdings to dispose of land in Pekan Klebang for RM100.17m

Extract from The Sun Daily (31/10/2017)

PETALING JAYA: Benalec Holdings Bhd’s units Sentosacove Development Sdn Bhd, Oceanview Realty Sdn Bhd and Strategic Cove Sdn Bhd have entered into a sale and purchase agreement with Titanium Hallmark Sdn Bhd to dispose of land measuring 216,427 sq m in Pekan Klebang, Malacca for RM100.17 million.

Sentosacove Development, Oceanview Realty and Strategic Cove are wholly-owned subsidiaries of Benalec Sdn Bhd, which in turn is a wholly-owned subsidiary of the group.

In a filing with Bursa Malaysia today, the group said the total disposal consideration was arrived at after negotiations on a “willing buyer and willing seller” basis, taking into consideration the land’s market value and potential future earnings from development of the area.

Proceeds from the disposal will be used to finance the group’s on-going reclamation projects and to meet its working capital requirements, which are expected to be utilised within 12 months from completion of the land disposal.