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Adopt Build-then-Sell Concept, Small Developers Urged

KUALA LUMPUR: Housing and Local Government Minister Datuk Chor Chee Heung has urged small housing developers to adopt the build-then-sell concept by 2015.

"From now until 2015, we are continuing to encourage them, unless they can come up with an iron-clad guarantee that the existing method can provide house buyers sufficient protection," he told reporters after launching Ecco's flagship store here Thursday.

"I understand housing developer associations have started to talk with insurance companies to come up with a method where the purchaser is adequately compensated and protected if there are too many housing schemes," he added.

Prime Minister Datuk Seri Najib Tun Razak had announced in the 2012 Budget that the government would encourage the construction of more houses using the build-then-sell concept.

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Surveyors Back 999-Year Lease Term

KOTA KINABALU: The Royal Institution of Surveyors Malaysia (RISM) Sabah Branch yesterday expressed support for maintaining the 999-year lease term when such leases are surrendered for sub-division in the course of development.

Its chairman Liaw Lam Thye said maintaining the status quo on the term of the original lease would give comfort to many landowners who are contemplating sub-dividing their land for development.

“They will not have to worry that they will be granted with a shorter term lease when their land is put up for development,” he said in a statement here last October 19, in response to Chief Minister Datuk Seri Musa Haji Aman’s recent remarks on the issue.

Musa had indicated that he would discuss with the Cabinet the possibilities of retaining the 999-year lease.

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Government To Review Income Limit Eligibility For My First Home Scheme

KUALA LUMPUR: The government will review the household income limit eligibility for the My First Home Scheme, Deputy Finance Minister Datuk Donald Lim Siang Chai said.

He said the review is in line with the announcement by the Prime Minister Datuk Seri Najib Tun Razak in the 2012 Budget, which raised the loan limit under the scheme to RM400,000 from RM220,000.

"The eligibility limit is now RM3,500 (and) we are looking at around RM6,000 to RM7,000," he told reporters after launching the Kurnia One Touch mobile application here yesterday.

He said discussions on the matter is still ongoing and the ministry is waiting for feedback from banks regarding the proposal.

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Nadayu Properties Sets Next Year’s Sales Target

Nadayu Properties Bhd is targeting sales of RM300 million (US$96.2 million) next year for its properties in Klang Valley and Penang, according to The Star.

The company’s chairman, Hamidon Abdullah said three projects are to be launched: Nadayu 28 Sunway is expected to launch early next month; Nadayu 99 Cyberjaya at the end of this year; and Nadayu 290 Penang early next year.

He said the Nadayu brand is winning acknowledgement and that people are starting to associate the it with some level of quality and delivery.

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Nadayu Properties to Buy More Land

KUALA LUMPUR: Nadayu Properties Bhd, formerly known as Mutiara Goodyear Development Bhd, will use part of the cash from disposing of its non-core assets to buy land in the Klang Valley.

Yesterday, shareholders approved Nadayu's plan to dispose of four office lots and 3,087 car-park bays in Selangor to a company, called Park Access Sdn Bhd, for RM42.6 million.

Nadayu executive chairman Hamidon Abdullah is happy with the stakeholder approval as it will free up cash for the company, which should help it focus on property development.

"We will be able to buy more land now and expand our property development activities. We have pockets of land in Sunway, Melawati and Cyberjaya. If we want to spread our resources, we will look at land nearby these areas," Hamidon said after the company's extraordinary general meeting (EGM).

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Affordable Houses In Bandar Malaysia, Says 1MDB

KUALA LUMPUR: Bandar Malaysia, a mixed development that is being undertaken by 1Malaysia Development Bhd (1MDB) on land situated in Sungai Besi, will begin with affordable houses expected to be launched in December.

The entire Bandar Malaysia will include parks, a library as well as public facilities with the key focus on sustainable development, said Chief Executive Officer Shahrol Azral Ibrahim Halmi.

"The idea is to start with affordable houses," he told Bernama in an interview.

He, however, declined to give further details on the affordable houses, which will be one of the many features on the said land.

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Rentals Within KLCC To Remain Flat, Say Experts

Prices of luxury high-rise residential units in Kuala Lumpur City Centre (KLCC) and Mont’Kiara areas are likely to remain stable in 2012, reports The Star.

Prices will remain flat ging forward with some even dropping due to a cautious economic outlook says James Goh of Savills Rahim & Co. “We believe owners will be more realistic (with their selling prices) and be pressured to sell,” he said adding that stable prices are also affected by a “huge over supply” in KLCC and Mont’Kiara, which both have new completions on the way.

As the stock markets are getting increasingly jittery, experts believe investors are more likely to take their money and place them elsewhere, such as in property.

However, the property market is not entirely unaffected by the current economic instability. Rahim & Co head of research said market activity within KLCC has been less active in the secondary market with prices expected to remain stable, ranging between RM800 (US$256) and RM2,000 (US$640) per sq ft going forward.

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Register Trademark With Madrid Protocol, Malaysian SMEs Urged

KUALA LUMPUR: Malaysian small-and-medium enterprises (SMEs) have been urged to register with the Madrid Protocol System which offers trademark protection in over 80 countries with just one application in one language and one currency.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said Malaysian SMEs can use this system to expand their products and services locally and internationally at reduced costs of filing and maintenance.

"The standardised and harmonised formality requirements and fee structures provided by the Madrid system reduce the fee for international registration thus encouraging more local trademark owners in Malaysia as well as overseas," he said.

The Madrid System offers trademark protection with a single application with the International Bureau (through the home country office) in one language (English, French or Spanish) and one set of fees.

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Jennifer Lowhas Named Property Woman 2011

KUALA LUMPUR: Quill Group of Companies managing director, Datuk Dr. Jennifer Lowhas, has been named the Property Woman 2011 by the International Real Estate Federation (FIABCI) Malaysian Chapter.

In a statement here Monday, the FIABCI said this is the first time the award was being conferred on a woman.

The award ceremony was held on Oct 15.

The Property CEO 2011 award was won by Datuk Wan Abdullah Wan Ibrahim, managing director and chief executive officer of UEM Land Berhad.

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Government To Continue With PR1MA Housing For Low Income Earners

ALOR SETAR: The federal government is still looking for suitable sites to build more low cost houses under the 1Malaysia People's Housing (PR1MA) programme to accommodate the needs of the low income earners.

Housing and Local Government Minister Datuk Seri Chor Chee Heung said the houses were for those earning less than RM2,500 a month.

"A study carried out found that about 90,000 families with income of less than RM2,500 a month need the houses," he told reporters after presenting aid, totalling RM211,154, to 80 recipients here Sunday.

He said the houses would be built in the Federal Territory of Kuala Lumpur, Pahang, Selangor and Sabah.

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