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QLASSIC way to better homes

Extract from Business Times (17/10/2014)

In today’s competitive environment, property developers have to offer quality homes that never go out of style. They have to strive to build the best home for both investors and buyers, one that fits their lifestyle, and makes them feel comfortable and safe.

Housing projects play a vital role in the development of the country’s economy. As construction is tied to property development, there is a need to have a proper monitoring system to ensure good quality workmanship.

Construction Industry Development Board (CIDB), which overlooks the construction industry in Malaysia, has introduced a system called Quality Assessment System for Building Construction Works (QLASSIC).

QLASSIC is an independent method to assess and evaluate primarily the quality of workmanship of building projects based on Construction HamidIndustry Standard (CIS).

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EcoWorld keen to buy 30pc stake in real estate SPAC

Extract from Business Times (16/10/2014)

KUALA LUMPUR: EcoWorld Development Group Bhd has expressed interest to subscribe to a 30 per cent stake worth RM562.5 million in Eco World International Bhd, a real-estate special purpose acquisition company.

In a filing to Bursa Malaysia, EcoWorld said the proposed subscription is the most appropriate means for EcoWorld to venture overseas in a significant manner without over-leveraging on the company’s financial resources.

EcoWorld has decided that it will not deliberate further nor accept the offer to acquire 0.47ha at 76-82 & 100 Church Street, Parramatta, New South Wales, Australia, as announced months earlier.

Eco World International’s proposal to undertake a listing and quotation for its securities on the Main Market as a SPAC was announced earlier yesterday in a separate announcement.

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Pelaburan Hartanah Bhd GDV to hit RM4 billion by year-end

Extract from Bernama (16/10/2014)

KUALA LUMPUR: Real estate investment holding company, Pelaburan Hartanah Bhd (PHB), says the gross development value (GDV) of its real estate properties is likely to hit over RM4 billion by year-end.

Its managing director/chief executive officer, Datuk Kamalul Arifin Othman, said PHB has invested in offices, logistic and hypermarket buildings, retail mall and healthcare premises.

He said the Nu Sentral and Menara 1Sentral, a joint-venture with MRCB, had contributed a GDV of RM1.4 billion while the KPJ Damansara Specialist Hospital was expected to contribute about RM1 billion.

"We have a landbank of thousands of hectares, half of them in Klang Valley and this will keep us busy for the next 10 years," he said after the signing of a tripartite memorandum of understanding with KPJ Healthcare Bhd (KPJ) and Nadayu Properties Bhd (Nadayu), to develop a new KPJ Damansara Specialist Hospital near the commercial area of Mutiara Damansara.

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GSB unit to buy land in Shah Alam

Extract from Business Times (15/10/2014)

KUALA LUMPUR: GSB Group Bhd yesterday said wholly-owned Serta Usaha Sdn Bhd had sealed a deal to buy 0.89ha in Shah Alam from PKNS Engineering and Construction Bhd. It would pay RM20.5 million for the land, GSB said in a filing to Bursa Malaysia.

Sime Darby Property bags 'Top Property Developers' Award

Extract from Bernama (15/10/2014)

KUALA LUMPUR: Sime Darby Property Bhd has received the 'Top Property Developers' award for five consecutive year at The Edge Malaysia Property Excellence Awards 2014 on Monday.

Sime Darby Property was ranked Number Two from three developers under the award.

The award was presented by Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan to Sime Darby Property's managing director, Datuk Seri Abdul Wahab Maskan.

"We are glad that our consumers' trust in the brand, reflected in quantitative elements of the ranking, including shareholders' funds, revenue, pre-tax profit and net gearing, contributed in the evaluation process for this prestigious award," he said in a statement.

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Adjustment in market prices of houses likely - SPNB

Extract from Bernama (15/10/2014)

KUALA LUMPUR: The adjustment of the market prices of houses is expected to be seen in the third or fourth quarter of next year after the implementation of the Goods and Services Tax (GST) in April.

Syarikat Perumahan Negara Bhd (SPNB) president Datuk Dr Kamarul Rashdan Salleh said the adjustment would occur when the cost of building materials returned to normal or was cheaper a few months following the introduction of the GST.

"I am confident the reduction in prices of building materials would happen three or four months after the implementation of the GST, leading to the adjustment in market prices of houses to a more stable level or cheaper," he said in an interview with BernamaTV Tuesday night.

He said the introduction of the GST should not be the basis for the increase in house prices as the rakyat until now do not know the goods that would be subjected to the new tax.

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SPNB Idaman to build 258 units of Rumah Idaman Rakyat in Jasin

Extract from Bernama (16/10/2014)

MELAKA: Syarikat Perumahan Negara Berhad's (SPNB) subsidiary, SPNB Idaman Sdn Bhd, will build 258 units of Rumah Idaman Rakyat, five shophouses, a surau and a children playground on a 10-hectare site in Kesang, Jasin early next year.

SPNB Chairman Datuk Dr Abd Latiff Ahmad said the RM70 million project, scheduled for completion within two years, would comprise 100 townhouses, and 153 semi-detached, cluster and double-storey terraced houses.

He said the townhouses as well as semi-detached, cluster and terraced houses would have three or four bedrooms and two bathrooms with a floor space of between 1,000 and 1,500 square feet and would be priced not more than RM250,000 per unit.

Abd Latiff was speaking to reporters after the signing of an agreement between Yayasan Melaka and SPNB Idaman over the sale of a piece of land owned by the former at Seri Negeri here, today.

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Strong take-up rate for Aquaint Danga units

Extract from Business Times (14/10/2014)

Nearly 80 per cent of two blocks of luxury condominiums in Aquaint Danga Residensi (ADR) were snapped up within two days of its sales launch, here, said the project co-owner.

Iskandar Waterfront Holdings (IWH) said the strong demand had caught many property analysts and valuers by surprise due to the lacklustre sales and delay in property launches by developers within Flagship “A” of Iskandar Malaysia recently.

The take-up rate has also bowled over the market because prices of ADR units are 30 per cent higher than prevailing prices of similar high-end apartment units launched by China’s Country Garden and the Greenland Group in the same location, it added.

All three projects are coming up side-by-side along the Danga Bay waterfront, here, overlooking the Straits of Johor into Singapore.

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The dream of owning a home

Extract from Bernama (10/14/2014)

KUALA LUMPUR: What is it like to live in a 650 square feet (60.4sqm) home with 12 others?

If you are a low-income earner living in the city, living in cramped quarters may be better than living without a home.

That is how 19-year-old R. Sarania feels about living in a tiny three-bedroom flat at the Desa Rejang Public Housing project in Setapak Jaya.

Staying with her are her parents, six brothers and three sisters-in-law. One of her brothers has a child, with yet another on the way.

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MRCB wins RM197m JLand job

Extract from Business Times (14/10/2014)

KUALA LUMPUR: Johor Land Bhd has awarded a RM197 million contract to Malaysian Resources Corp Bhd (MRCB) to build a 30-storey JLand Tower in Johor Baru. The project is expected to be completed within 24 months in November 2016, MRCB said in a statement to Bursa Malaysia yesterday.