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With all the pressures felt by the property sector in a time when it is already in a lull period, it is of paramount importance that investors fully understand the real estate that they hold or plan to acquire. From the US-China trade war to an oversupply of several property categories and a weakening economy, the situation was worsened by the arrival of the Covid-19 pandemic. But that is not to say that there are no longer any opportunities in real estate, said CBD corporate services head Victor Lim, adding that information is the key that can unlock the potential of real estate. For investors looking at improving their income, he said they need to do their due diligence in gathering details of market comparison rental rates in the local area that apply to properties of similar type and age.  Information gathering is essential “Survey the existing properties and new developments nearby. Get the required details of current sales and rents on offer,” he said, adding that landlords should take note of neighbouring properties coming up for sale or lease. Investors can check for new property developments details or changes in property zoning from the local planning office. “You will need to offer attractive leasing packages such as longer rent-free periods, improve or renovate your property, and keep the landscaping neat and trim,” he said. Lim, who is also a registered real estate negotiator specialising in office market particularly in the prime areas of Klang Valley, pointed out that investors need to look at the property type and customise them to suit what is in demand. “For example, consider furnishing up the bare spaces and amortised the cost into the rent, as the demand for fitted offices still remained strong,” he said.  Investors need to look at the property type and customise them to suit what is in demand, said Lim Information gathering is essential “Survey the existing properties and new developments nearby. Get the required details of current sales and rents on offer,” he said, adding that landlords should take note of neighbouring properties coming up for sale or lease. Investors can check for new property developments details or changes in property zoning from the local planning office. “You will need to offer attractive leasing packages such as longer rent-free periods, improve or renovate your property, and keep the landscaping neat and trim,” he said. Lim, who is also a registered real estate negotiator specialising in office market particularly in the prime areas of Klang Valley, pointed out that investors need to look at the property type and customise them to suit what is in demand. “For example, consider furnishing up the bare spaces and amortised the cost into the rent, as the demand for fitted offices still remained strong,” he said. Tenant movements As retaining good tenants is essential in ensuring a constant flow of revenue, he pointed out that it is always better to proactively reach out to tenants before the lease is up for renewal. “Seek professional help to market the property immediately after the tenant gives notice as this is to minimise the vacancy time and the flow of your income stream,” Lim said. Changes to the tenant mix may help the landlords with net income results, especially when the property is of a retail nature. “Research customer demographics that apply to the local population and the business community, and consider the potential trends and changes that will arise in the coming years,” he said. Minimise expenses As property expenses and outgoings will impact the net income, landlords need to keep track of their costs. “Review those outgoings. Compare the amount with the local market trends and that you are not spending more than the average when it comes to property operating costs,” Lim stressed. Diversification in property portfolio ownership will spread the risk of income exposure and minimise the risk. Diversifying across different locations and having a right mix of different property types will ensure that the portfolio as a whole continues to grow in terms of investment and financial goals. “By investing across a different price range, investors can increase the liquidity of their portfolio. For example, if you needed cash, you could dispose of one lower cost asset rather than if you were just holding one higher value property. “Moreover, commercial or industrial properties can be a great source for tax benefits, a retirement strategy, or paying mortgages on your other investments. Another option is investing in real estate investment trusts (REITs) for those looking to spread their investment portfolio across different markets,” he said.  New opportunities
Old dated buildings that have low occupancy can be repurposed for new alternative uses depending on the location, neighbourhood and surrounding developments. With the current drop in property prices, it is a good time to track down such properties that can be used to generate a profitable income. For businesses which are facing financial difficulties, they should consider a sale and leaseback opportunities to free their cash flows, Lim said. “Such a move would lower fixed costs, and release capital for re-investment into their core businesses,” Moreover, there is no moving cost as these businesses can continue to operate from the same premise after their sale, he said. There will always be new opportunities, but the key is knowing where to look. Refer from starproperty.my
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 Thick smoke from the construction site could be seen from afar this morning. (Phoyo by Kenny Tan) KUALA LUMPUR (May 20): Fire broke out at the construction site of Millerz Square on Old Klang Road, Kuala Lumpur at around 9.30am today. Developer Exsim Group said in a statement that no injuries have been reported so far. “The local police and Bomba services were immediately alerted and the fire has now been put under control. Investigation on the cause of fire is ongoing. “Our sincere apology to those who have been affected by this mishap, especially to the immediate neighbours,” the developer said in a statement on its website. Thick smoke from the construction site of the mixed development could be seen from afar this morning. “We will provide updates as and when more information is made available, we will be delivering further updates,” the developer said.  Investigation is ongoing and no injuries have been reported so far. (Photo by Exsim Group) Refer from edgeprop.my
Wow! Bank Negara Malaysia have decide to further reduce the Overnight Policy Rate (OPR) by 50 basis point to 2% ONLY. Its ALL TIME LOW!  Monetary Policy StatementAt its meeting today, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) by 50 basis points to 2.00 percent. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.25 percent and 1.75 percent, respectively.
Global economic conditions have weakened significantly. Measures to contain the COVID-19 pandemic have disrupted economic activity across most economies. Recent indicators show that the global economy is already contracting, with global growth projected to be negative for the year. Financial conditions have also tightened amid elevated risk aversion and uncertainty. Substantial policy stimuli introduced by many economies, coupled with the gradual easing of containment measures globally, would partially mitigate the economic impact of COVID-19. Growth prospects should improve in 2021 with the expected containment of the pandemic. For Malaysia, domestic economic conditions have similarly been affected by the pandemic. Widespread containment measures globally, international border closures and the consequent weak external demand environment will exert a larger drag on domestic economic activity. The Movement Control Order, while necessary to contain the spread of the virus, has also constrained production capacity and spending. Labour market conditions are also expected to weaken considerably. Economic conditions would be particularly challenging in the first half of the year. The fiscal stimulus measures, alongside monetary and financial measures will, however, offer some support to the economy. With more businesses allowed to operate under the Conditional Movement Control Order, economic activity is projected to gradually improve. The outlook for growth continues to be subject to a high degree of uncertainty, particularly with respect to developments surrounding the pandemic. Inflationary pressures are expected to be muted in 2020, with average headline inflation likely to be negative this year, due mainly to projections for substantially lower global oil prices. Nevertheless, the outlook remains significantly affected by global oil and commodity prices, as well as evolving demand conditions. Underlying inflation is expected to be subdued given the projections of weaker domestic growth prospects and labour market conditions. The financial sector is sound, with financial institutions operating with strong capital and liquidity buffers. Liquidity remains ample, augmented by liquidity injections by Bank Negara Malaysia. Since March 2020, Bank Negara Malaysia has provided additional liquidity of approximately RM42 billion into the domestic financial markets, via various tools including outright purchase of government securities, reverse repos and the reduction in Statutory Reserve Requirement. Bank Negara Malaysia stands ready to provide liquidity in the interbank market to ensure orderly market conditions, conducive to support financial intermediation activity. With the decision today, the OPR has been reduced by a total of 100 basis points, complementing other monetary and financial measures by Bank Negara Malaysia as well as fiscal measures this year. Together, these measures will cushion the economic impact on businesses and households and support the improvement in economic activity. The MPC will continue to monitor the outlook for domestic growth and inflation. The Bank will utilise its policy levers as appropriate to create enabling conditions for a sustainable economic recovery. Bank Negara Malaysia 05 May 2020 Refer from bnm.gov.my  IN RECENT weeks, the Health Ministry’s hospitals and clinics have been swamped with patients concerned that they had been in contact with Covid-19 patients.
These people were worried that they had been in the same building or meeting room or lift with a Covid-19 patient who has been reported in their working area. In fact, according to the ministry, one company actually sent a whole bus load of of its employees to be screened and tests showed they were negative. Too many people overwhelming the healthcare facilities would deprive those who really has the disease from getting screened and isolated, says Deputy Health director-general Datuk Dr Chong Chee Kheong. “People should not crowd the public health facilities out of fear,” Dr Chong advises. This is especially crucial now that the ministry is busy tracking the reported 14,500 over people who attended a religious mass gathering (tabligh ijtimah) at a mosque in Sri Petaling, Kuala Lumpur. This has added a great burden to the ministry’s medical teams. While the ministry may screen through patients by asking questions at clinics or virtual clinics, Covid-19 throat swab tests will be done only on those who meet the criteria for patients under investigation (PUI) and close contacts, says Dr Chong. “The ministry will only test PUI and close contacts that meet the criteria,” he says during the ministry’s media engagement session for disseminating information on Covid-19 in Putrajaya recently. PUI are those who have symptoms and have returned from affected countries while close contacts are those who have been in contact with a confirmed Covid-19 patient.Now, what is the criteria for “close contact”? Dr Chong says that the recommendations from the World Health Organisation (WHO) and the Center for Disease Control in Atlanta in the United States are different. While the distance for close contact is within one metre for the WHO’s definition, the CDC’s definition is two metres and with an exposure of 15 minutes to a Covid-19 case, he says. “But in that one minute, if the patient has been coughing or sneezing, that will be a close contact,” he says of the ministry’s criteria. “We try not to be too restrictive. We must also use our judgment.” Dr Chong adds that in a meeting room, not all will be considered “close contact” either, and those who meet the criteria are usually the first two layers of people who sit or stand nearest to the confirmed case. “We emphasise on close contact and not casual contact. That’s because the method of spread is droplets,” he says. It is not necessary to test those who do not meet the criteria because tests that the ministry have done on such people had shown negative results, but they may be advised to self-quarantine, if necessary. “The virus cannot live well outside the human body and easily dried up or inactivated by heat or destroyed by common household disinfectants,” he says. To reduce congestion at 57 public health facilities nationwide that are offering screenings, the ministry has a “Tanya Doktor” (Ask the doctor) button on its website which the public can click on to ask questions about whether they need to be screened, he says. For any information on Covid-19 and whether one needs screening, the public can also call the national Crisis Preparedness and Response Centre infoline at 03-8881 0200/ 03-8881 0600/ 03-8881 0700 or contact their respective district health offices. But if those in the category that do not need screening are worried, the ministry has collaborated with the private sector for doctors to go to homes to collect samples of patients who have concerns about being infected with Covid-19.But the person will have to bear the cost of the test (about RM700) plus travel costs depending on the distance. The screening programme can be accessed through the ministry’s 11 collaborating partners, whose contact details are available on the ministry’s website. Article refer from thestar.com  Several Malaysian banks have announced that they are now allowing customers to apply for temporary deferment in repaying loans that could be affected by the 2019 novel coronavirus outbreak. This is in light of the various travel and logistical restrictions imposed in China due to the virus outbreak, which saw many business owners face various challenges that will affect cash flow. As such, these Malaysian banks hope to lighten their customers’ financial burden in this period of difficulty. This sentiment is echoed by the Association of Banks Malaysia. “Concerted efforts by our member banks are underway to ensure that bank customers are able to weather through this trying time and ensure business continuity,” it said in a statement. Agrobank
Ambank
Bank Rakyat
Bank Simpanan Nasional (BSN)
CIMB Bank and CIMB Islamic Bank 
Hong Leong Bank & Hong Leong Islamic Bank 
Maybank
Public Bank
RHB Bank & RHB Islamic Bank 
SME Bank
The coronavirus was first detected in Wuhan, China and it has caused the Chinese government to impose strict travel and logistical restrictions to contain the spread of the virus. So far, the republic has announced more than 1,000 fatalities in China alone. Citizens are slowly returning to work after the extended shutdown, although much of the country continues to remain at a standstill which continues to affect supply chains around the world.
Source refer from RinggitPlus.com KL East Mall Announces Line-Up Of Key Tenants Setting KL East Mall apart from its competitors is its unique façade, a design inspired by the Klang Gates Quartz Ridge, the longest quartz ridge in the world and a potential UNESCO World Heritage site located not far from the mall. KUALA LUMPUR: KL East Mall has announced the line-up of its key tenants comprising well-known brands such as Jaya Grocer, Camp5, MBO, Blue Ice-Skating Rink, Toys ‘R’ Us, Harvey Norman, Jungle Gym and Café Chef Wan. The KL East Mall is a new retail and lifestyle boutique mall located at KL East, a 160-acre integrated development by Sime Darby Property. The mall is the group’s first 100% owned retail mall development, with a gross build-up of approximately 1.2mil sq ft. Sime Darby Property acting group CEO Datuk Wan Hashimi Albakri Wan Ahmad Amin Jaffri said that KL East Mall aspires to become the catalyst for the KL East development of Sime Darby Property. It is positioned as a boutique lifestyle retail mall that will serve the surrounding upmarket neighbourhood of middle to middle-upper income brackets.  The new KL East Mall has a nett lettable area of 384,210 sq ft with 200 retail outlets spread across four retail floors. “KL East Mall is in an ideal position to enjoy a primary catchment of 1.28mil population with healthy purchasing power, through a total household income of RM29.5bil per annum. The mall is also well positioned to attract a large student population, as there are various educational institutions within its proximity,” he said. KL East Mall centre manager Dylan Chan said the mall is set to provide urban shoppers with an exceptional experience due to its location neighbouring an 83-acre forest reserve. The shopping centre’s current occupancy rate is also highly encouraging. “We are proud to announce that to date, KL East Mall has over 75% occupancy, and our official opening will be in March 2020,” he added. KL East Mall’s strategic location gives easy access for shoppers within KL East, neighbouring Melawati and other towns in its vicinity, which includes Wangsa Maju, Setiawangsa, Batu Caves, Ampang and Selayang. The mall provides a carefully planned basement and elevated car parks with 1,300 bays to accommodate drive-in shoppers during peak shopping seasons. Refer from Starproperty
The government is going to announce Budget 2020 in three days! What is on your wish list? What do you expect? Tell us more in the comments below.  Situated at the southern edge of Kuala Lumpur’s central core – and sandwiched between the districts of Cheras and Puchong – is the suburb of Bukit Jalil. Having been raised from a 1,800-acre rubber plantation to host the 16th Commonwealth Games in 1998, this compact neighbourhood now includes a manicured recreational park, a sprawling golf and country resort, the International Medical University, and a 100,000-seat multi-purpose stadium of National Stadium Bukit Jalil – a regular venue for the Malaysia Cup.  Fireworks during the closing ceremony of the 29th KL Sea Games at the National Stadium in Bukit Jalil. (30/08/2017/S.S.KANESAN/The Star) Bukit Jalil is highly accessible and travelling to the light-commercial areas of adjacent neighbourhoods is made possible with connections to numerous highways and a Light Rapid Transit (LRT) station located beside the main road. The strategic location and excellent accessibility of Bukit Jalil also contributed to the high demand for the property there.  Bukit Jalil’s LRT station. With Bukit Jalil’s excellent connectivity, its earliest developments meant to accommodate athletes, and the neighbourhood later becoming a prime area for executives working at corporations based at Technology Park Malaysia (TPM), there has been high demand for residential space in the area.  APU’s iconic campus, located in Technology Park Malaysia, Bukit Jalil, provides students with a holistic learning environment and top-notch facilities. The properties in Bukit Jalil are largely condominiums and bungalows designed for the affluent, but the neighbourhood also hosts a sizable student population due to the presence of two major universities in the area: the International Medical University and the Asia Pacific University of Information and Technology.  The International Medical University’s main campus building in Bukit Jalil, Kuala Lumpur. Further developments are slated to occur in the coming years – with developers planning to provide Bukit Jalil with additional residential options and a new shopping centre. Over the last 10 or so years, Bukit Jalil has developed from being a sporting hub centred around the National Stadium to a complete residential suburb touted as one of the prime property development locations for younger generations of buyers. Prime residential developments coupled with education institutions such as the International Medical University (IMU) and Asia Pacific University (APU) have caused a shift in the demographics to younger, mid-to-high income earning levels of society.  Panoramic view of Twin Arkz and its surroundings. Neighbouring establishments include the Bukit Jalil Golf Club, SMK Bukit Jalil, Technology Park Malaysia, Calvary Convention Centre, the stadium and LRT station. Safety & Security Overall, the crime statistics indicate that Bukit Jalil is a relatively safe area with negligible violent crime cases and generally low instances of crime. Despite the large coverage area, the police seem to have good control over criminal activities in the area – as the statistics show that there are significantly lower instances of crime in Bukit Jalil as compared to many of the neighbouring districts such as Puchong, Petaling Jaya, and Seri Kembangan.  Special Forces from Royal Malaysian Police perform simulated training exercises in security preparations for the 2017 Sea Games at National Stadium in Bukit Jalil. Motor vehicle theft is still a concern in this area, possibly due to a number of reasons such as the layout of parking facilities or the types of cars owned by the residents of this area. One way to reduce motor vehicle theft is to park your vehicle in well-lit areas and to also add extra security features such as a brake lock or steering lock. The article is refer from Starproperty
With contributions from Shamir R., a crime and safety consultant from PreventCrimeNow.com  Zoo Negara Zoo Negara needs your help! Please help to circulate to get more visitors to preserve those time our memory lived. Lets pay a visit soon! Its definitely some experience for our family and kids. A national Zoo shouldn't be close down. Here's some of the moment of Zoo Negara in the past. Lets get them going on forever! It's should be one of the pride and symbol of our nation.  Zoo Negara had clocked record of 708,000 visitors in 2014, when China presented Malaysia with two giant pandas, Xing Xing and Liang Liang. By Veena Babulal - May 17, 2019 @ 12:31pm
KUALA LUMPUR: Zoo Negara desperately needs more visitors and sponsors for its animals, particularly its Malayan tigers, to cover its operational costs and expansion in line with its status as a national zoo. Zoo Negara Malaysia deputy president Rosly @ Rahmat Ahmat Lana said the management needed RM500,000 a year to care for its tigers. “It costs RM100 a day to feed the Malayan tigers while the Bengal ones eat 10kg of meat, or RM200 worth, a day. This boils down to RM40,000 per tiger a year, including their medicine. “Factoring in the zookeepers’ expenses, we need about RM500,000 a year. Ideally, to expand and make the zoo a focus of Asian tiger observation, we need about RM1 million annually. “This can also come through private sponsorship, where companies can sponsor one or more animals for as long as they like. They can also name the newborns.” He said five-year federal grants of RM5 million that the zoo used to receive had ended in 2004, and it now survived on one-off government aid for maintenance and upkeep. “We have been spending RM1 million to RM1.2 million a month for the last three years and we need to have at least 500,000 visitors to break even from ticket sales, among others. “The fact that we are spending all we are getting leaves no room for expansion of the zoo as a facility for education, conservation and scientific research.” Rosly also lamented the decline in visitors from 2015 onwards. Zoo Negara had clocked a record of 708,000 visitors in 2014, when China presented Malaysia with two giants pandas, Xing Xing and Liang Liang. “In 2016, we had 435,000 visitors only and it sank to 345,000. But the figure recovered slightly with 368,000 people coming in last year. But it’s still an overall decline.” He, however, said the zoo looked forward to meeting Water, Land and Natural Resources Minister Dr A. Xavier Jayakumar, who is expected to open their new tiger “immersion centre”, complete with an elevated passageway that the ministry funded. “We will be inviting Prime Minister Tun Dr Mahathir Mohamad and Gombak member of parliament Datuk Seri Azmin Ali, who is the economic affairs minister. “We look forward to sitting down with the government to chart the way ahead for Zoo Negara as a conservation, education and research facility, as well as play a role as a stakeholder in drafting policies for conservation, zoos and captive breeding as a whole. “We also hope that they actively campaign to publicise our zoo in Malaysia and internationally as it is the emblem for conservation.”  An aerial view of a damaged section of the West Coast Expressway in Klang. Pic courtesy of the Selangor Disaster Management Unit By Teh Athira Yusof - May 10, 2019 @ 7:52am KUALA LUMPUR: Fresh questions have been raised on whether the West Coast Expressway (WCE) will open in time for Hari Raya Aidilfitri as promised, following the collapse of a section in Klang on Saturday. The collapse of the 110m section caused water disruption in 65 areas in Klang due to three damaged main pipes under the 223km highway project, which connects Banting, Selangor, to Taiping, Perak. WCE Sdn Bhd managing director Datuk Neoh Soon Hiong rebutted claims that the project would not be completed by Hari Raya. He said the company would announce soon whether the deadline would be met. He said the project’s physical work was almost complete. “Physically, we are almost complete. The four packages are 95 per cent done, but the remaining work that needs attention will take some time as there are certain agencies that need to go through federal gazettes, speed limit gazettes as well as safety gazettes.  Datuk Neoh Soon Hiong “WCE will make an announcement on May 20 on whether the project will be ready in time for Aidilfitri or otherwise.” On Wednesday, the Malaysian Highway Authority (MHA) said the highway’s completion could be postponed as there was still work to be done to ensure the stretch was safe for motorists. On the collapsed section, Neoh said soil movement was involved, adding that it would be best to wait for the investigation report to be completed. “It is best that we don’t jump to any conclusion and start pointing fingers before we receive the investigation report. “A consultant has been appointed to look into the matter.”  Datuk Aziz Abdullah On the road collapse, MHA director-general Datuk Aziz Abdullah said there were standard guidelines that need to be taken into account in such instances.
“There is a standard guideline, based on the highway’s traffic rate indicating the number and type of vehicles that ply the area, which needs to be adhered to ensure a safe environment. “The safety, comfort and function of the road for motorists are our priority. “MHA hopes to have the four packages opened before Hari Raya, but only after safety measures are taken.” He said packages under the project were the Hutan Melintang-Teluk Intan line (19.1km), Lekir-Changkat Chermin line (28km) and Changkat Chermin-Beruas line (16.6km) in Perak and the Selangor package, which only involved the northern part of the state. The Banting-Taiping WCE project, which was initiated in 2013 and divided into 11 packages, was set to be completed by 2020, but was postponed to 2021. It is understood that about five packages were scheduled to be carried out this year. WCE is expected to complete work on the highway, which stretches from Jalan Banting-KLIA (B18) to the Tanjong Karang interchange (93.8km) in Selangor and from Jalan Persekutuan (FR5) in Hutan Melintang to the Changkat Jering Plaza Toll (139.2km) in Perak, this year. It is jointly developed by the Public Works Department and toll concessionaire WCE Holdings Bhd’s West Coast Expressway Sdn Bhd. The articles is refer from https://www.nst.com.my  PRESS RELEASES
Monetary Policy Statement Bank Negara Malaysia 07 May 2019 At its meeting today, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) to 3.00 percent. The ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25 percent and 2.75 percent respectively. The global economy continues to expand moderately. While growth outcomes for several major economies were better than expected during the first quarter, underlying economic conditions continue to suggest moderation going forward. Considerable downside risks to global growth remain, stemming from unresolved trade tensions and prolonged country-specific weaknesses in the major economies, further dampening global trade and investment activities. Although the tightening in global financial conditions has eased somewhat, heightened policy uncertainties could lead to sharp financial market adjustments, further weighing on the overall outlook. For Malaysia, latest developments point towards moderate economic activity in the first quarter of 2019. Looking ahead, slowing global demand conditions and subdued growth of key trading partners will continue to weigh on the external sector. Domestically, stable labour market conditions and capacity expansion in key sectors will continue to drive household and capital spending. The baseline projection is for the Malaysian economy to grow within the projected range of 4.3% - 4.8%. However, there are downside risks to growth from heightened uncertainties in the global and domestic environment, trade tensions and extended weakness in commodity-related sectors. Headline inflation increased to 0.2% in March 2019 (February: -0.4%), due mainly to the less negative transport inflation at -3.0% (February: -6.8%). Underlying inflation, as measured by core inflation[1], remained stable at 1.6% in March 2019. In the immediate term, inflation is expected to remain low mainly due to policy measures. These include the price ceiling on domestic retail fuel prices until mid-2019 and the impact of the changes in consumption tax policy on headline inflation. For 2019 as a whole, average headline inflation is expected to be broadly stable compared to 2018. The trajectory of headline inflation will continue to be dependent on global oil prices. Underlying inflation is expected to remain stable, supported by the continued expansion in economic activity and in the absence of strong demand pressures. The domestic financial markets have remained resilient, despite periods of volatility primarily due to global developments. While domestic monetary and financial conditions remain supportive of economic growth, there are some signs of tightening of financial conditions. The adjustment to the OPR is therefore intended to preserve the degree of monetary accommodativeness. This is consistent with the monetary policy stance of supporting a steady growth path amid price stability. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation. [1] Core inflation is computed by excluding price-volatile and price-administered items. It also excludes the estimated direct impact of consumption tax policy changes. Refer from Bank Negara Malaysia  PUTRAJAYA: Malaysia Rail Link Sdn Bhd and China Communications Construction Company Ltd have signed a supplementary agreement that will pave the way for the resumption of the East Coast Rail Link (ECRL) project. The signing was achieved after months of negotiations between the companies involved as well as the governments of Malaysia and China, said the Prime Minister’s Office (PMO). “We are pleased to announce that the construction cost of Phases 1 and 2 of the ECRL has now been reduced to RM44bil. “This is a reduction of RM21.5bil from the original cost of RM65.5bil. The supplementary agreement covers the engineering, procurement, construction and commissioning aspects of the ECRL, it added. The PMO also said that further details of the improved deal will be made known at a press conference next Monday (April 15). Prime Minister Tun Dr Mahathir Mohamad is expected to give the press conference. According to earlier reports, Phase 1 of the 688km rail line will be from Klang Valley to Kuantan while Phase 2 will cover Kuantan to Kuala Terengganu. The project’s Phase 3 will see the rail line connecting Kuala Terengganu to Kota Baru and Tumpat. Refer from www.thestar.com.my This Video from Nas Daily is so amazing that the City design with Feng Shui elements. The Good Energy flow is one of the very important element to be considered in Feng Shui. Lets have a look and enjoy the video.  PUTRAJAYA: Malaysia is set to host the world’s largest Ship-to-Ship (STS) transfer hub, which can accommodate the berthing of 30 vessels for the transfer of petroleum-based products and liquefied natural gas (LNG).The development of the STS Hub, which will be located off Johor Baru port waters, will see marine service provider KA Petra Sdn Bhd teaming up with world-renowned Hutchison Ports Holdings Ltd. The project cost is estimated at US$150mil to US$180mil (RM612mil to RM735mil) and construction is expected to be completed by 2021. KA Petra executive chairman Datuk Shahrul Amirul said the STS Hub would trigger a “resurgence of the Malaysian maritime sector” by becoming a catalyst to other related businesses in the industry. “The STS Hub and activities in the related maritime ecosystem will create more job opportunities and generate an additional RM18bil to the Malaysian gross domestic product annually, which is about 1.5% of today’s GDP rate. “The hub will also attract many highly skilled Malaysians abroad to return and provide skills and training to the next generation of professionals in the maritime industry,” Shahrul said in his speech at the official signing ceremony of the STS Hub project here yesterday. Also present at the event were Prime Minister Tun Dr Mahathir Mohamad, Transport Minister Anthony Loke and Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail.Dr Mahathir witnessed the signing between Shahrul and Hutchison Ports group managing director Eric Ip. Under the terms of agreement, KA Petra will have 70% interest in the project while Hutchison Ports will have a strategic 30% stake. Shahrul said KA Petra was proud to have Hutchison Ports as its strategic partner due to its presence in 51 ports in 26 countries, as well as its global network and strong relationships with shipping companies. The STS Hub project will increase the current vessel capacity from nine to 30. Strategically located along the crude oil route from the Middle East and Europe to the Far East, the hub will be able to house approximately nine million tonnes of petroleum products and LNG. Refer from www.thestar.com.my  PETALING JAYA (March 13): The average cost of rental for expatriates in Kuala Lumpur (pictured) has seen an increase in 2018 after a sustained decline between 2015 and 2017, according to international research house ECA International in a press release today.
Data based on ECA's September 2018 Accommodation Survey, which was based on the average rental price for an unfurnished, three-bedroom apartment in the mid-range of the expatriate market had revealed that the average rental cost for expatriates now stands at US$1,621 (RM6,632) per month, an increase of US$112 from the year before. “The domestic economy has been comparatively weak in Malaysia over the past few years, and the delivery of large stocks of properties to the rental market was not balanced by weaker demand. Rents for apartments staged a recovery in 2018,” said ECA International regional director of Asia Lee Quane. Nevertheless, Kuala Lumpur is still very affordable for a major city in the region, he added, Across the border in Singapore, rental prices for expatriates have continued to drop and are now at an average US$500 cheaper per month than in 2016. The report noted that rental prices for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Singapore average US$4,215 a month, a drop of 1.3% compared to the previous year. “Reductions in the population of non-residents in Singapore, a key driver of rental demand, has led to continued drops in rental prices for expatriates. On top of that, recent announcements in the Singapore Budget 2019 have further limited the proportion of foreign workers that companies in the services sector can employ, to 35% by 2021. This seems to imply that the downward trend in rents will continue, as the availability of properties increases with little anticipated rise in demand,” Quane noted. Meanwhile, the most expensive location in the world for expatriate rental was Hong Kong, with typical expatriate accommodation costing an average of US$10,929 per month. One of the contributing factors to this is the limited availability of housing, which has been a long-term issue for the Hong Kong housing market. “Rent increases are not just limited to central Hong Kong anymore either; rents are expected to rise throughout outlying neighbourhoods in 2019 too, as international firms seek more affordable office spaces and leverage options in cheaper suburbs,” Quane highlighted. Taking one spot just below Hong Kong is Tokyo, which has seen rental costs rising at an even quicker rate compared with Hong Kong, with typical expatriate accommodation now averaging US$8,668 per month. “While Tokyo’s rental market has been historically tight, 2018 saw a significant upturn in the rate of rent increases. A rise in tourism, coupled with the accompanying increase in landlords preferring to lease out accommodation on a short-term basis, have contributed to rising costs in recent years. “With both the 2019 Rugby World Cup and the 2020 Olympics set to be hosted in Tokyo, we have observed a major surge in business interest in Japan's capital. All of these factors will contribute to the increasingly limited availability of suitable rental accommodation in Tokyo, with rent increases expected to continue into 2019,” Quane pointed out. Coming in third place is Shanghai, with rental price averaging US$5,305 per month. With a new property tax mooted to be introduced in Shanghai from 2020, many landlords are now choosing to sell their properties rather than to continue renting them out. “This has led to a reduction in the availability of rental accommodation, prompting some rent increases,” said Quane. Meanwhile first time entry, Bangkok into to the top 10 list is due to a continuation of foreign investment in Thailand, the report said. “Thailand remains a popular regional destination for many MNCs. However, they have been joined by new globalising companies from China, which has led to a higher demand for rental accommodation from an expatriate population that typically rents in a relatively small geographical area in central Bangkok. “Furthermore, the growth in tourism in Bangkok has also had an impact on rental prices, given the increase in the number of properties being converted from long-term to short-term rental to cater to this demand,” explained Quane. Refer from www.edgeprop.my By Kevin Eichenberger Sleep is one of those things youngsters seem to think they can do without – but for those of us who do adulting on a daily basis, adequate rest can prove difficult to come by. World Sleep Day is on 15th March, so sleep is slightly more on our minds than usual – but in our increasingly fast-paced world, sleep can sometimes be hard to come by. Whether the reasons are stress, worry, or ambient noise, there are some things an aspiring sleeper can do to the bedroom to ensure a restful slumber.  Opaque Curtains It probably goes without saying that one of the usual suspects getting in the way of sleep is light. For those who operate during the night shift, it is usually the fault of that sphere of hot plasma in the sky – for urbanites, it is generally due to the glare of city lights – and the only way to prevent either artificial or natural light from streaming in and poking you in the eyeballs is to hang a set of heavy-duty drapes over the windows.  The hospitality industry seems to understand this, which is why the average hotel room is typically equipped with blackout curtains for the benefit of the jet-lagged traveller. Even without completely opaque drapes, a similar effect can be achieved with two layers of curtains hung from double-track rails – with a lighter shade hung closer to the windows and a darker shade hung on the interior for best results. Soft Lighting Besides the presence of light from the external world, the most common impediment to decent sleep would be the quality of light sources within the room itself. Artificial light fixtures tend to be available in varieties known as “cool bright” or “warm white” – the former is appropriate for surgical theatres and any other situation where details need to be expressed or security is paramount, while the latter produces a softer light that is more suited for relaxation.  The “cool bright” bulbs emit a quality of light that contains more blues – a tint that has been found to impede sleep by altering circadian rhythms and slowing the production of the sleep hormone known as melatonin. New homes in Malaysia are usually equipped with the “cool bright” variety of bulbs, but the same fixtures can usually be fitted with “warm white” bulbs of the same calibre. If sleep seems hard to come by, consider swapping out bulbs for those that emit a warmer light in the bedroom – or rely on lamps fitted with shades to keep the light from shining directly into the eyes. Subdued Screens It may seem obvious but electronic screens in the bedroom inspire the kind of activities that prevent restful sleep from happening. Falling asleep while watching television might be a necessary bedtime activity for some people but the fast-moving imagery and bold colours of modern programming are definitely not conducive for sleep. If a television screen in the bedroom feels like an absolute necessity, a cloth cover – or some discipline in the form of a screen curfew – may be required.  If an outright ban on electronic screens in the bedroom seems draconian, consider turning down the saturation or the amount of blue light at night. Most modern devices (smartphones, tablets, computers, and television screens) come with a night-light setting that tweaks the quality of light to reduce the amount of blue emitted. Low Temperatures Body temperatures fluctuate during the course of the day – and being animals that evolved on a planet that cycles neatly between the heat of the day and the cold of night – sleep tends to be easier when the body is cool. Low ambient temperatures can be artificially achieved with a fan, an air-conditioner, thin fabrics on the bed – or even a careful choice of mattress.  A quality mattress keeps body temperatures low with the use of materials designed to conduct heat away from the body and the open-cell construction of memory foam. If the expense of a high-quality mattress seems out of reach, consider putting in an air-conditioner – or introducing a quiet fan to the bedside. Comforters  While cool air helps with falling asleep, temperature preferences may vary and there is a certain point for most people – somewhere below 15 degrees Celsius – when sleep becomes just as difficult as in oppressive heat. If you are gifted with a powerful air-conditioner that sometimes renders the bedroom slightly cold, a thick blanket, quilt, or comforter, may be the only thing needed to get to sleep comfortably. Fuzzy textures The tactile sensations that come with a high-pile carpet or a quality bedspread may be reassuring even for those without furry pets – but they entail a delicate balance to be found between the comforting feel of fur and the kind of fibres that trap heat. For best results, keep fuzzy fibres away from the bed, and any fabrics that do end up on the mattress should be smooth to the touch in order to facilitate sleep.  Fuzzy fibres also serve an acoustic function in disrupting the passage of sound waves – if ambient noise is an issue in the bedroom, the use of thick curtains, carpeting, and decorative throw blankets can serve to reduce the impact of sound on sleep. Plants  As we have pointed out before, some plants put out more oxygen than they take in during the night. These varieties of plants can be introduced into a stuffy bedroom to increase the amount of breathable air – and you will find the natural forms and colours to be more conducive to sleep than a blank and featureless space devoid of any organic decoration. Do you wake up feeling tired after what should have been a great night’s sleep? Maybe you should re-think your bedding
The article is refer from starproperty.my Retirement savings: EPF solution to owning home BANKS are not lending? Well, you have your Employees Provident Fund (EPF) savings to tap into!
The Middle 40 per cent(M40) or Bottom 40 per cent (B40) group have high savings, but in the form of the EPF fund. An average of 24 per cent of their monthly income goes to the EPF (11 per cent from employee and 13 per cent from employer). “The solution for all Malaysians to own a house before retirement free from encumbrances would be to use the EPF monies to pay for the monthly instalment so that they have extra real residual income. “Basically, own and stay at your unit, with your EPF monies contributing to your monthly instalment,” said See Kok Loong, executive director of Metro Homes Realty Bhd. See, who is also deputy president of Malaysia Institute of Professional Estate Agents and Consultants, said if the payment comes directly from the EPF monies, banks would be willing to finance the purchase, even for the B40 group, because the instalment is secured as long as they are employed. The EPF allows members to withdraw their savings in Account 2 to finance the purchase of a house so they can own at least a home before their retirement. The terms of withdrawal include members buying a residential house (bungalow/terrace/semi-detached/apartment/condominium/studio apartment/serviced apartment/townhouse/small-office-home-office) units, or a shop lot with a residential unit. Withdrawals are not allowed for buying land/house lot; renovations/repairs; acquisition of property not done via sale and purchase transaction; member who has taken an overdraft loan; buying a third house; or buying a property overseas. But some may argue that the EPF is a forced saving policy for retirement. Would it be risky to withdraw the fund to buy a property? See said the government can set a policy where the withdrawal is applicable to first buy and instalment payment is up to 45 years old. “If the young generation comes into the market when they are 20 years old and start owning a house at the age of 21 or 22 using their EPF monies for instalment, by the time they are 45, they would have a mortgage free home. They can do other things with the retirement saving at the age of 45 to 60 whereby their wages would also be much higher by then,” he said. See believes that more people would be able to own a house if they are aware of the EPF withdrawal plan. “Every Malaysian can in fact own a house before retirement together with our current mortgage system. It will be business as usual for banks and developers are able to sell their units because real demand is coming in.” He added that if the property is sold before full installment, the monies goes back to the member’s EPF account just like unit trust investment plan. This article is refer from https://www.nst.com.my/  Finance Minister Lim Guan Eng speaks during a press conference at UOA Tower, Bangsar February 22, 2019. ― Picture by Ahmad Zamzahuri KUALA LUMPUR, Feb 22 — The revived Light Rail Transit 3 (LRT3) will be completed by February 2024. This was announced after Prasarana Malaysia Berhad, MRCB George Kent Sdn Bhd and nine work package contractor (WPC) companies signed the novation agreement to resume work today. Finance Minister Lim Guan Eng, who was on hand to witness the signing ceremony, said the project’s feasibility was finally approved after rationalisation to cut costs from RM31.65 billion to RM16.63 billion, or 47 per cent less. “The savings of RM15.02 billion will allow a higher volume of users utilising the public transport as the price of tickets does not need to be too expensive. “It is redundant if a new and shiny public transport system is built but no users are on it because of the high fare as a result of inflated construction costs,” he said. He mentioned these during his address at the signing held at the Prasarana headquarters in Bangsar, accompanied by Transport Minister Anthony Loke Siew Fook, and Federal Territories Minister Mohd Khalid Abd Samad. Also present was Prasarana president and group chairman Datuk Mohamed Hazlan Mohamed Hussain, who explained the restructuring and rationalisation process meant the risks surrounding inflated costs were transferred to the contractors. He said by utilising a Fixed Price Contract with the WPC companies, the added costs over time will not raise the government’s final bill. “The risk is transferred to the contractors from Prasarana until the completion of the project, rather than adding financial burden on to us,” he said when asked about contracted prices potentially inflating against foreign exchange fluctuations. Lim and Mohamed Hazlan said the remainder payments due to the WPC companies would be paid out as soon as possible. “We will subsidise the payments based on loans and bonds; its financial architecture will be under the MOF (Ministry of Finance),” said Lim. The LRT3 project is set to connect the townships of Bandar Utama and Johan Setia in Klang, covering a distance of over 37.6 kilometres. It is said to benefit around two million people living along the route, with 20 stations and 22 sets of three-car trains. Refer from www.malaymail.com  The continued meltdown in the global cryptocurrency market has forced bitcoin mining hardware suppliers to sell off their machines at fire-sale prices. Canaan Creative, the world’s second biggest maker of cryptocurrency mining rigs, has already put all its Avalon-brand equipment on sale at US$200 per unit, according to company representative Steven Mosher in an email on Friday. “You can think about this [price markdown] as me rescheduling Black Friday by a week,” said Mosher, referring to the annual US shopping event that falls on the Friday after Thanksgiving Day. This year, Black Friday was on November 23. Canaan’s flash sale on Friday, which was first reported by digital currency news site CoinDesk, marked a significant discount programme for the Chinese company, which previously sold its most powerful mining rig model – the AvalonMiner 921 – for US$742. Over at Huaqiangbei, one of the world’s biggest electronics markets, in the southern coastal city of Shenzhen, vendors are feeling the ripple effects of the crash in bitcoin prices. Only a handful of shops remain among the dozens that used to sell cryptocurrency mining rigs at a shopping centre in Huaqiangbei. On a Monday afternoon, one of the vendors, surnamed Liu, was taking a nap, while other vendors were slacking off on their smartphones. “There are almost no shoppers now,” said the 50-year-old Liu. “We have been idle here for two months.” Liu had set up shop in Huaqiangbei in May this year after being convinced by friends to sell mining hardware. He still has not made any profit after investing more than 1 million yuan in the business. He plans to close shop once his one-year lease ends. “Here’s a sincere suggestion for those who want to make money with bitcoin: be cautious,” he said. The mining gear price cuts have come amid a crash in the digital currency market. Prices of bitcoin, the world’s leading cryptocurrency, fell to a 13-month low of about US$3,600 last month, according to data from CoinMarketCap. Bitcoin is currently trading at around US$4,000, down from US$6,400 at the start of November. The total market value of cryptocurrencies has slumped to US$130 billion, which is less than one-fifth of its worth during the market’s peak in January. Bitcoin’s deepening crash now rivals its worst-ever bear markets A clash among supporters of bitcoin cash, the most successful bitcoin offshoot, was largely blamed for the market crash. The world’s fourth largest cryptocurrency split into two distinct entities on November 16 amid long-standing, fundamental disagreements in their developer community. That meltdown has left miners – those who process transactions in return for new units of cryptocurrency as reward – in a vulnerable position. It has become unprofitable for these enterprises and individuals to run at least four models of bitcoin mining machines, if they consume power at a rate of 0.4 yuan (6 US cents) per kilowatt-hour, according to F2Pool, one of the world’s biggest bitcoin mining pools. F2Pool, which is headquartered in Beijing, said at least 600,000 bitcoin mining machines have been shut down since the middle of November. Mining bitcoin uses more energy than what’s needed to excavate gold, platinum or copper: study The cryptocurrency sell-off prompted miners to remove at least four models of bitcoin mining machines, including the Antminer S7 and Antminer S9 from Bitmain Technologies as well as Canaan’s AvalonMiner 741, because these have become too expensive to operate under present market conditions, according to estimates by F2Pool last month.  While small and mid-sized cryptocurrency miners are likely to take advantage of Canaan’s sales promotion amid the bear market, the big players will buy new mining rigs no matter what, according to Mosher.
“Bitcoin mining is a long-term investment, so I would not spend too much mental energy on a few days of turmoil,” he said. Cryptocurrency mining rig maker Canaan lets Hong Kong IPO application lapse Still, the cryptocurrency market slump appears to have had an impact on Canaan’s proposed initial public offering in Hong Kong this year. The company let its IPO application lapse early last month, according to information on the Hong Kong stock exchange website. The company has previously declined to comment on the matter. The stock exchange and regulators had many questions about its business model and prospects, according to a November 15 report by Reuters, which cited sources close to the deal. Bitmain, the world’s largest supplier of cryptocurrency mining equipment, and Ebang International still have pending IPO applications with the Hong Kong stock exchange. For the latest news from the South China Morning Post download our mobile app. Copyright 2018. The article is refer from www.scmp.com By Adi Nazrin bin Samsuri There are countless historical marvels and heartwarming stories to be found beneath the surface of Kampung Baru – but rapid development may irreversibly alter a treasured cultural identity and extinguish generations of history.  Image credit: Kamal Sellehuddin Recognised as one of the oldest villages in Malaysia, Kampung Baru is a compact area that is home to timeless Malay tradition and century-old houses. The pocket of land in the middle of Kuala Lumpur’s bustling city center has resisted development since the end of the 19th century, when the village was founded as a Malay Agricultural Settlement (MAS) by the British colonial government in 1899.  Star filepic. Norhayati Ramli, the present owner of the oldest house in Kampung Baru, inherited the house from her great grandfather – who was also Wong Loke Yew’s former driver. She has lived here for the past 49 years and has no intention of moving to a condo. Kampung Baru famously provides a rare glimpse into an authentic Malay lifestyle that has remained largely unchanged, due in part to the many generations of families who have lived here. The communities that call Kampung Baru home are formed around generations of the original landowners since the village’s founding over a century ago.  Star filepic. Kampung Baru Malay Agricultural Settlement (MAS) management board Hon secretary Shamsuri Suradi holding up log books containing minutes of meeting from 100 years ago. The residents of Kampung Baru are still especially proud of having kept most of the original architecture intact, even against the rapid development taking place in the surrounding area. As a village-in-the-city, Kampung Baru offers a striking contrast between the urban and rural realms. The village’s formerly thatched roofs, replaced decades ago with corrugated zinc sheets, put traditional forms against the modernity of Kuala Lumpur’s skyline – making Kampung Baru a must-visit destination for backpackers.  Star filepic. Join the Jalan-Jalan at Kampung Baru guided tour to learn more about the Malay kampung. The simplicity of kampung life can be experienced quite easily with a walk along the village’s narrow roads, normally frequented by local residents riding motorcycles or bicycles. Walking around Kampung Baru will enable one to experience the same serene environment and the charm of village life as though they were much further from the chaos of the city.  Image credit: Kamal Sellehuddin Beneath the timeless beauty of Kampung Baru is the essence of this village’s struggle. The sentimental value of these traditional homes is often far too precious for residents to simply give up – consequently, residents face the difficult task of preserving their treasured cultural heritage while attempting to keep up with the pace of modernization. Despite the proud defense of tradition, Kampung Baru residents do enjoy some spillover from the amenities and facilities around them. Accessibility into the area is eased with the Kampung Baru Light Rapid Transit (LRT) station and the Medan Tuanku monorail station being located within the immediate vicinity.  Star filepic. The Malay Agricultural Settlement management board honorary secretary, Shamsuri Suradi, has encouraged Kampung Baru residents to grasp the progressions that government has conveyed to the Malay enclave and to think like entrepreneurs. Although government initiatives to modernize the area have been welcomed by some residents, some of Kampung Baru’s other residents are relentless in resisting development in order to maintain their traditional lifestyles. The march of urban development continues and modern architecture is slowly creeping into the village. With a projected development value that presently stands at around 61 billion ringgit, there is evidently something about Kampung Baru that is still attracting developers. High-rise apartments are starting to creep into the area as well. The Cendana Condominium is a glittering skyscraper that now occupies the former site of Kampung Cendana – a smaller village located in the same area as Kampung Baru. Perhaps in the near future, the Kampung Baru we know today would be changed just as dramatically.  Star filepic. Chairman of the Council of Eminent Persons (CEP), Tun Daim Zainuddin stated he would attend and provide guidance to Kampung Baru residents if they were to organise a congress for the future of the village. Recent redevelopment plans for Kampung Baru have raised many questions from various quarters. Many heritage sites have already been demolished for the sake of development and modernization, leaving residents to fear that Kampung Baru may face the same fate as Kampung Cendana – or countless other century-old villages – to be carelessly erased from Malaysian history entirely.  Image credit: Kamal Sellehuddin The recent loss of Kampung Kerinchi and Abdullah Hukum to modernity, with the development of Bangsar South, will always remain a stark reminder for many who appreciate this country’s history and cannot help but feel connected with these ancient villages. There is a distinct emotional attachment to these village-in-the-cities, and their being reduced to mere dots on the LRT route map is beyond saddening – to the people who live in these villages, this obliteration of history in favour of development is infuriating. It can be said that after some time, no one may remember Haji Abdullah Hukum, the founder of one of the earliest settlements in Kuala Lumpur around 200 years ago. The village that took its founder’s name opened its doors to a multiracial society – a sight that is paradoxically rarer today. The fate of Kampung Baru is uncertain, and the current situation is more pressing than all the trials this village has faced in its storied past. The current development plans for Kampung Baru are already looking as though the village could easily suffer the same fate as Kampung Kerinchi and Abdullah Hukum.  Mr. Zainal, one of Kampung Baru’s lifelong residents, has expressed concerns about the village’s future. Image credit: Kamal Sellehuddin None of the residents have been forcibly relocated in the name of development, but many have given in to the offer of cash for land. The remaining residents of Kampung Baru have grown more cautious of accepting any development plans. Many feel betrayed by parties who apparently took advantage of the residents in order to develop the area by any means necessary – including allegedly paying less for what the land is actually worth.  Star filepic. Ibrahim showing his assessment notice and valuation notice he recently received proposing an 300 percent increase in the assessment fee, at his office in Kampung Bharu on Nov 15, 2015. The traditional culture of Malay ethnic society is preserved by residents in villages such as Kampung Baru. This is one of Malaysia’s proudest traditions – the importance of this cultural practice and the reality surrounding this issue simply can’t be ignored anymore.  Image credit: Kamal Sellehuddin Kampung Baru deserves more awareness and deeper appreciation for the locals who strive to preserve their cultural identity and the treasured plots of land that had been passed to them through multiple generations. Many of the village’s residents believe that preservation would be in the best interests of Kampung Baru – as one of the few remaining villages-in-the-city, the area is all the more precious as a cultural heritage site. Demolishing it would represent a loss of more than just some old buildings – this nation’s cultural identity is at stake.
This article is refer from starproperty.my  Beh: A successful project needs to offer a complete eco-system, with catalysts that stimulate demand. (Photo by Low Yen Yeing/EdgeProp.my) Property developer Paramount Property is set to launch the commercial component of its Atwater development, which comprises two office towers and a retail component by the end of this month. Atwater is a mixed development located at Jalan Universiti, Section 13 in Petaling Jaya. The project’s residential component, which consists of 493 units of serviced apartments, was launched earlier this year and is currently 85% sold. Paramount Property CEO Beh Chun Chong, speaking to EdgeProp.my, said that Tower A will comprise nine storeys (19 units) while Tower B will comprise a total of 17 storeys (53 units). Connecting the two towers will be a six-storey retail block. The commercial portion of Atwater has a gross development value of RM350 million and is slated for completion at end 2021. “Our headquarters (Paramount Corporation Bhd) which is currently located at Damansara Uptown will move here once the development is completed. But we definitely can’t occupy the whole space. We understand the economy of scale and the affordability factor, so our product ranges from 1,400 sq ft to 30,000 sq ft to cater to all sorts of businesses. “There are four floors with a total floor plate of 30,000 sq ft to cater to organisations that wish to optimise the layout as such expansive spaces may not be so easily available in the Klang Valley,” said Beh, adding that Co-labs Coworking, a subsidiary of Paramount Corp Bhd, will also operate a co-working space here, to serve business start-ups. The office towers will have a direct lobby drop-off area which will be served by dedicated and independent banks of lifts. The office towers also feature garden terraces and roof gardens. The offices will be priced from RM1 million onwards, or an average psf price of RM800. Meanwhile, the retail block is akin to a tropical-themed neighbourhood mall. It will feature multiple decking levels with giant green canopies to allow as much natural ventilation as possible.  An artist’s impression of the commercial component of the Atwater development. (Photo by Paramount Property) The 5.09-acre Atwater is accessible via several highways including the Federal Highway, North South-Central Link, New Klang Valley Expressway and New Pantai Expressway. “We feel that this is the right time to roll out the commercial part of Atwater. The location is strategic and is among the most established and prestigious prime locations in Petaling Jaya. A successful project needs to offer a complete eco-system, with catalysts that stimulate demand such as educational institutions, healthcare, banks and the critical mass of residential units. “We are located next to a light industrial area (Section 13), residential areas (Section 17, SS2, SS1), commercial areas (Section 12, Section 14) with schools and markets which make this place a bustling economic and social hub,” Beh noted. He also pointed out that as Paramount will be an anchor occupier in the development, it will participate actively after the Management Corporation is formed. The developer is targeting healthcare related businesses and pharmaceutical companies as tenants, since the surrounding area is considered the medical belt of Selangor and Petaling Jaya. Meanwhile, Paramount Property is on track to achieve its sales target of RM1 billion by the end of this year, said Beh. As of September, it has already achieved RM750 million in sales. A similar sales target for FY2019 has been set, backed by several launches in the pipeline. “We will be launching a new mixed development called Berkeley Uptown Klang in Klang after Chinese New Year, kicking off with over 200 units of serviced apartments priced below RM500,000. The built-ups will range from 800 sq ft to 1,600 sq ft,” said Beh, adding that back in the 1970s, Paramount had developed one of the earliest housing estates in the area called Taman Berkeley. “The 33-acre Berkeley Uptown will be anchored by our Sri KDU International School with a capacity for 1,500 students. In fact, we have finished the foundation works for the school and we are upcycling a building for our sales gallery” he said. Other upcoming launches include a new phase of double-storey starter terraced homes with built-ups of 1,600 sq ft to 1,800 sq ft, priced around RM500,000 at its Greenwoods township in Salak Tinggi; Rumah Selangorku homes at Kemuning Utama, Kota Kemuning; and a new phase of serviced apartments at Utropolis Batu Kawan, Penang. This article is refer from www.edgeprop.my  Mammoth Empire Holding Sdn Bhd (MEH), developer of Empire City Damansara, an RM5 billion project launched 2011, is making moves that will raise rM800 million, enable the paring down of debts, complete long-delayed projects and take the group to sound financial-footing by the middle of 2019.
The Edge reports that at the top of the list of measures is the sale of a 65-acre tract of land that was meant for Empire City Damansara 2 (ECD2) in Petaling Jaya, Selangor. Located along Lebuhraya Damansara Puchong, it is horizontally across from the 28-acre ECD1 project. Citing sources, the publication reports that the ECD2 land was divided and sold to two parties, a 45 acre tract went to a yet-to-be-announced joint venture (JV) between Exsim Development Sdn Bhd and Binastra Construction Sdn Bhd. The remaining 20 acres has gone to property developer Aset Kayamas Group. Two separate sources have been reported as saying that the two parties in the JV have a complicated collaboration. The JV is reportedly expected to be involved in a land purchase and completion as part of ECD1. The JV is also said to be buying a 4.55-acre undeveloped land, in ECD1, originally planned for a Ritz Carlton to be developed on it. Already having a development order for a 53-storey tower that will include 288 luxury guest rooms and suites. MEH executive director Datuk Danny Cheah, when contacted, confirms MEH has sold the ECD2 land along with the plot in ECD1, but did declined to reveal their names. "We are undertaking an exercise to have things in place so that by the middle of next year, we can start afresh, and embark on a new journey," Cheah says. Neither of the JV partners would comment when contacted. The publication reports that Aset Kayamas paid RM236 million for the 871,200 sq ft plot, or RM270.90 per sq ft. As for the JV, the amount is not known, but sources cited by the publication say the deal may be worth between RM460 million and RM530 million. MEH purchased the land in 2011 for RM187.53 million. For the 4.55 acres in ECD1, industry sources are cited as saying that with its development order, the land is worth RM90 million. Asked about the debt of ECD1's developer Cosmopolitan Avenue Sdn Bhd, Cheah is quoted as saying "As at October, its total liabilities were only RM165 million." Having taken an RM300 million loan from AMBank (M) Bhd three years ago for the Empire City Mall, the wholly owned subsidiary of MEH has now settled RM135 million of the amount. "The sales proceeds will (also) be used to complete the mall, and for working capital," Cheah said. The mall is to be fully completed next year, he says. MEH is also negotiating to sell to hotels in ECD1, the Autograph Boutique Hotel and the Marriot Hotel. "We have not finalised the terms and conditions. Negotiations are still ongoing," said Cheah. MEH is also interested in letting go of the McGuffin Hotel if it receives an attractive offer. It is also in talks to sell Wolo Bukit Bintang, and has settled issues relating to the Empire Remix project. "We will have the mall, a hotel block in ECD1, some RM100 million of commercial and office space in Empire Damansara and 10 acres of development land in Empire REsidence, (which) is good enough for us. All these assets will be free of encumbrances," he says. MEH still plans to link ECD1 and ECD2, which will be called Sky Parade Garden. "This will be completed in two stages - stage 1 by the end of next year, and stage 2 by 2020," says Cheah. Above News Refer from www.edgeprop.my  No inheritance, capital gains tax in budget The much-speculated taxes on capital gains and inheritance will not be introduced in Budget 2019.
Sources said both capital gains tax (CGT) and inheritance tax may only be introduced over the next few years if found feasible.. With only less than three weeks before the national budget is unveiled, the source also said that the additional tax measures to be announced would likely focus on the digital economy and tax incentives. “The study on both CGT and inheritance tax need more time to be completed to assess the potential implications on the economy. It is not possible to decide on these taxes before the tabling of the upcoming budget. Towards this end, the government had set up a Tax Reform Committee on Sept 12 to look at the current tax structure and how to broaden tax base. On the potential digital tax to be introduced by the government, the source said it would not be an entirely new tax. Instead, it will likely be an extension of the existing Sales and Service Tax (SST) on online businesses, particularly on foreign digital service content providers. “For now at least in Budget 2019, there will be no dramatic introduction on the taxation of the digital economy. “Maybe in the next few years, the government will look at imposing tax on the income of online players if it is feasible. The process may be more complex. “It makes sense to tax these businesses similar to the traditional brick-and-mortar ones and it is only fair to do so,” said the sources. The Institute for Democracy and Economic Affairs (Ideas) has previously said that the introduction of a digital tax could increase prices for consumers and businesses, particularly for new start-ups and small and medium enterprises. The think-tank said an “indirect digital tax” – applying SST to digital purchases from abroad – is less controversial than a new “direct tax” and many countries have already taken this approach. “Doing so in Malaysia would also level the playing field between foreign and Malaysian companies, as local digital firms are already subject to SST. It would, however, still increase the cost of digital goods and services in Malaysia and drive up prices,” it said in an earlier report. The source said that the Tax Reform Committee is also currently reviewing all the existing tax incentives in Malaysia. He pointed out that any changes to the tax incentive structure will be gradual and progressive over the next few years. “Certain types of tax incentives that are no longer needed or are no longer effective should be abolished. Instead, the committee is looking at recommending new tax incentives that can stimulate private sector activities. “The best way to do this is to introduce tax incentives for new and innovative businesses of the future. The idea is to focus on the new sectors that the government would want to encourage,” he said. The government’s plan to introduce new taxes in order to pare down the national debt of RM1 trillion became the talking point after Prime Minister Tun Dr Mahathir Mohamad, Finance Minister Lim Guan Eng and Bank Negara governor Datuk Nor Shamsiah Mohd Yunus all spoke about it during the Malaysia: A New Dawn conference on Oct 9. Incidentally, Bursa Malaysia saw a bloodbath the next day, with the FBM KLCI shedding 39 points, falling the most in nearly five months. While there has been no indication from the government, the market fears the implementation of the CGT – a tax usually imposed on gains made from the stock market. Former prime minister Datuk Seri Najib Tun Razak has also criticised the CGT, warning about investors exodus if a tax is imposed on shares trading. Former Inland Revenue Board director-general Tan Sri Hasmah Abdullah has been appointed as the chairperson of the Tax Reform Committee. The committee is joined by finance and tax experts, namely Dr Verinderjeet Singh, Datuk Chua Tia Guan and Amardeep Singh. Tax Department secretary Datuk Khodijah Abdullah, Tax Department deputy secretary Mohd Sakeri Abdul Kadir and Fiscal and Economic Department deputy secretary Mohd Hassan Ahmad represent the Finance Ministry. Refer from thestar.com |
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