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.
Malaysia to host world’s largest ship-to-ship transfer (STS) hub, develop by KA Petra, Hutchison Ports
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.
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.
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.
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.
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.
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.
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.
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/
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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
Penang Sentral first phase to open in December
The Sun Daily reports that Chief Minister Chow Kon Yeow said the facility will include the main bus terminal and a railway hub.
"It is another step to improve public transport connectivity between bus, railway and ferry services, " he told reporters.
“It will make travel in the northern region by public transport easily accessible.
“The rail services frequency to Penang and northern region can be improved especially the commuter services from Butterworth to Kamunting or Butterworth to Alor Setar,” he said.
A catamaran service will be introduced to supplement ferry services. Penang Sentral has an allocated site for the purpose.
“The location for the catamaran was already identified in Penang Sentral,” he said, as quoted by the Malay Mail.
The whole Penang Sentral project is expected to be complete by 2030, and will include Light Rail Transit (LRT) services.
New Zealand bans foreign homebuyers
WELLINGTON (August 15): New Zealand's parliament passed a law on Wednesday to ban many non-resident foreigners from buying existing homes, reports Reuters.
Jacinda Ardern, New Zealand's popular 38-year-old prime minister, campaign promises included clamping down on price growth and reducing the high rate of homelessness. One of the proposed solutions was by banning foreign buyers.
"This is a significant milestone and demonstrates this government’s commitment to making the dream of home ownership a reality for more New Zealanders," Associate Finance Minister David Parker said, as quoted by Reuters.
Buyers from China and neighbouring Australia comprised the majority of foreign buyers, the news wire cited data from Statistics New Zealand.
However, the ban will not apply to Australians, and negotiations with Singapore may result in an exemption. Singapore’s free trade agreement with New Zealand currently allows foreign ownership.
New Zealand has seen average prices in their largest city, Auckland, almost double in the past decade and rise more than 60% nationwide, drawing criticism of foreign home buying.
Reuters cited official figures that suggest the overall level of foreign home buying was relatively low - about 3% of property transfers nationwide.
This did not include property bought through trusts. Property transfers that involved foreigners tended to be highly concentrated in a few areas like downtown Auckland or Queenstown, a southern scenic hot spot.
"Is the ban wise or useful? We think it’s neither," the news wire quoted spokesman Dave Platter of Chinese real estate portal Juwai.com.
"Foreign buying ... tends to be focused on new development, making clear again that foreign investment leads to the creation of new dwellings. That's vital in a market with a housing shortage, like Auckland," he said.
House price growth in New Zealand had tapered off in the past year, partly due to lending restrictions imposed by the central bank, in a move to counter the financial stability risk of an overheated market.
Median house prices had slipped 1.8% to NZ$550,000 (RM1,478,000) in July from the previous month, although they were still 6.2% higher than the same time the previous year.
Mandatory supervision to resolve abandoned housing projects — Raja Bahrin
Its deputy minister Datuk Raja Kamarul Bahrin Shah Raja Ahmad Shah (pictured) said most of the PRIMA housing projects were abandoned believed to be due to poor project supervision.
“In the construction of housing projects, it is the duty of the consultants (engineers and architects) to monitor the progress of the projects, but when the housing projects are given directly to the contractors, less importance is given to standing supervision.
"This matter will be discussed at the ministry level to ensure that whatever the circumstances, supervision is carried out so that projects are completed successfully to overcome cases of abandoned projects,” he said yesterday when winding up debate on the Supply Bill (Reallocation of Appropriation Expenditure) 2018 for his ministry.
Refer from www.edgeprop.my
Its finally its CONFIRM! MRT 3 is SCRAPPED AND CANCELED!
Finance Minister Lim Guan Eng reaffirmed that the MRT3 project has already been cancelled.
Refer from www.edgeprop.my
MRT3 to be revisited when country’s finances improve
KUALA LUMPUR (Aug 1): The mass rapid transit Line 3 (MRT3) project may still see the light of day as the government will be revisiting it if the country’s financial situation improves, according to Finance Minister Lim Guan Eng.
Nevertheless, Guan Eng reaffirmed that the MRT3 project has already been cancelled. “The prime minister has already said that the MRT3 project is scrapped,” he told reporters in Parliament yesterday.
On May 30, Prime Minister Tun Dr Mahathir Mohamad said the MRT3 or Circle Line estimated to cost RM40 billion will be discontinued due to the government’s burgeoning debt.
Earlier yesterday, Transport Minister Anthony Loke Siew Fook said the implementation of the MRT3 has been postponed and not scrapped, to reduce the burden of government debt.
He said the cabinet would determine when the MRT3 construction would resume but stressed that major projects such as the MRT3 would be given priority when the country’s financial position recovers.
“Any such big decision needs to get the cabinet’s approval.
“But at present the government’s priority is to reduce the rate of national debt first, but for crucial projects like the MRT3, when the country’s financial status recovers, it will certainly be given priority to be reviewed,” he told Dewan Rakyat yesterday.
He was replying to a question from Khairy Jamaluddin (Barisan Nasional-Rembau), who asked the ministry to state the rationale and implication of scrapping public transport projects such as the MRT3.
Loke said the government did not deny that the MRT3 project would bring various benefits, but its implementation should be reviewed for optimum results in terms of its cost-benefit in view of the excessively high national debt at present.
He said based on the progress report prepared by MRT Corp in early 2017, the MRT3 is a 40km line that passes through areas such as Jalan Duta, Setiawangsa, Pandan Indah, Salak Selatan, Bandar Malaysia and Kerinchi.
“As the MRT3 line passes through urban centres with high density, almost 80% of the MRT3 line is underground, which contributes to the costly construction cost that is expected to reach RM50 billion,” he said.
He said to encourage the use of public transport, thus helping reduce road congestion, the government will prioritise the upgrade of various types of buses in terms of service quality and network. It would also improve the KTM Komuter system in the Klang Valley via upgrading and repair works.
“The postponement of the MRT3 project gives us the opportunity to review our budget priority, in which the government will give new focus on improving bus services and infrastructure development not only in the Klang Valley but also throughout Malaysia in line with the government’s manifesto to improve the quality and coverage of public transport services,” he added.
To encourage more to commute via public transport services, Loke noted that the unlimited access card to public transport at RM100 a month will be introduced early next year.
In June, it was announced that the monthly pass would need to be reviewed before it could be implemented.
“The monthly pass is to encourage more people to use the MRT as well as buses which are already available,” said Loke.
“We want to encourage more of the public to use the existing public transport facilities, as the MRT has been seeing an average of just around 146,842 daily commuters, about one-third of its 450,000 capacity,” he added.
This article first appeared in The Edge Financial Daily, on Aug 1, 2018.
It is great that Kampung Baru is being review for future development as the traffic there is really bad. Also good that in this news, FT Ministry Khalid Abdul Samad said that they will preserve Malay elements and protect the identity and history.
The news is refer from EdgeProp.my
PETALING JAYA (July 28): The Federal Territories (FT) Ministry will review the Kampung Baru Detailed Development Master Plan (PITPKB) as part of ongoing efforts to redevelop the 118-year-old village in the heart of Kuala Lumpur, reported Bernama.
According to FT Minister Khalid Abdul Samad, the development of the village is necessary and he will discuss the matter with Prime Minister Tun Dr Mahathir Mohamad to come up with an alternative approach that will not cost the government a lot.
“I will discuss this matter with the Prime Minister, perhaps he has his own vision of Kampung Baru’s development, because this needs a clear plan.
“If Kampung Baru is not developed properly, it could cause congestion,” he told reporters after visiting the Kampung Baru Development Corp yesterday.
He and FT Ministry secretary-general Datuk Seri Adnan Md Ikshan spent an hour yesterday at the question-and-answer session that involved 100 Kampung Baru folks.
He said the ministry will also consider plans to keep the Malay elements in Kampung Baru to protect its identity and history and gave his assurance any decision made would benefit the families of the village’s original residents, without ignoring their rights.
“At present, efforts are being made to resolve the issue of land possession and to get the agreement of the landowners, this takes time and compromise from all parties.
“We will try to get the agreement as soon as possible and the developer has to make an offer which is on par with today’s market (price). Hopefully, it is a solution which satisfies all parties and I will make sure that the owners or families are not cheated,” he said.
Brand... Status... It come with a price...
Is this Malaysia’s most expensive office suite?
Refer from edgeprop.my
Amid Malaysia’s soft office market, luxury serviced office and co-working space provider Colony Space Asia Sdn Bhd revealed a prototype for its future luxury office suites called Jamestown Suite today.
The company touts it as the most expensive office suite in the country, with monthly rents of RM46.50 psf – or RM10,000 for a 215 sq ft space designed for one occupant.
CBRE | WTW managing director Foo Gee Jen said at RM46.50 psf, it will surpass the average RM15 psf that Menara 3 commands, which is currently the highest in the Kuala Lumpur city centre, possibly even the whole of Malaysia.
However, he stressed that co-working spaces typically have short leases and come with additional features and services.
Indeed, expect amenities such as a fully stocked mini bar, lounge set, flat screen TV, personal butler service and even a Google Home device that acts as your personal assistant by updating you about your daily schedule, turning on the lights or even drawing the curtains in the suite.
"One thing all co-working spaces and serviced offices share in common is that we spend a lot on common areas but the offices themselves where our guests spend the most time are generally basic with just a simple table and chair.
“At Colony we care a lot about our guest experience and that includes the experience they have in their own offices.
“So we're pioneering this new concept which we believe will eventually become the standard of the industry,” said Colony Space Asia founder Timothy Tiah in a statement today, adding that he hopes to pioneer the concept of "workcation" by allowing users to rent the room for RM300 a day.
Meanwhile, Colony general manager Nitaya Pirinyuang added that a price war has erupted due to higher competition among service providers offering similar-looking spaces.
“Our unique offering and premium market has allowed us to raise rates in the past year and we're constantly looking at ways to increase the value we provide our guests which correspond to higher rates,” said Pirinyuang.
Indeed, it appears to be bucking the trend by charging a premium – higher stock of spaces have pushed vacancies up and pressured rents, with the average gross rent for buildings in the CBD at RM2.26 psf per month, said JLL Property Services (Malaysia) Sdn Bhd in February.
The first Colony co-working space is located in Vipod Residences at Jalan Kia Peng, KLCC.
The company recently launched its second co-working space on July 18 at KL Eco City, on the fringe of Kuala Lumpur.
It is expected to open its third location by the end of this year at Q Sentral in KL Sentral and has disclosed RM20 million in funds raised to build spaces since its inception.
Hi all, have you all aware lately that Shopping Mall have added in some new feature to help benefit the shoppers to have an new experience in their mall?
This happen in Sunway Pyramid. Have you seen the changes? The visual, hearing, the aroma and even the skin senses...
If you have not aware on this, here is the new experience is done in Sunway Pyramid.
The article is refer from www.starproperty.my
Mall plays with soundscape to create an experiential journey
A transformation that involves the senses of sight, sound, smell and touch
PETALING JAYA: As a mall that has been in business for 21 years, Sunway Pyramid saw the strategic importance of creating experiences for their shoppers in face of intense competition both from the onslaught of online shopping and more new malls opening in the Klang Valley.
Those who visited Sunway Pyramid recently may have seen and enjoyed the stack of escalators that connects the upper-level car park floors to the retail floors through its latest asset enhancement exercise worth approximately RM250,000.
Dubbed as ‘Oasis Garden’, the exercise saw the creation of a rainforest-like environment across six floors of escalator decks through creative use of sight, sound, smell and touch in generating a life-like experience.
“When we were identifying the areas to bring out the soundscape, the escalators stood out in terms of importance and conduciveness. As two-thirds of our mall traffic utilises those escalators which translated into two million visitors per month, the location represented a strategic value to make an impression to a great number of visitors,” said Sunway Malls & Theme Parks chief executive officer HC Chan.
“The whole idea of Oasis Garden was to create a pleasant transition for people walking from the parking bays to the retail space and vice versa,” he continued.
“Furthermore, the car park is a relatively harsh environment without air-conditioning. The mall can be a very crowded place, and the sight of a rainforest-like garden helps to change the feel and mood of the shoppers, allowing them to experience something soothing, refreshing and therapeutic, said Chan.
The escalators, connecting CP7 to CP2 parking floors at the Orange Atrium, now features artificial greenery with sounds of birds chirping, crickets, frogs and monkeys. The sounds of flowing water and gushes of wind complemented the entire “garden”, creating an immersive sound experience for shoppers.
“To ensure we achieve the right soundscape, we sought the assistance of Professor Matthew Sansom, the associate dean of Sunway University School of Arts and Head of Performance and Media. He has had 20 years of experience working with sound and he explores the relationship of sound with people and the environment,” said Jason Chin, General Manager of Operations for Sunway Malls.
“The sounds of nature helped to mask the sounds of the escalator mechanism, car screeches, and just general white noise from the crowd. Authentic sound from 17 species of birds was used to create this soundscape,” Chin explained.
The mall has further enhanced Oasis Garden with scents of the forest, to create an even more wholesome experience for its shoppers.
In many ways, Oasis Garden also serves as an awareness that Sunway is committed to the United Nation’s Sustainability Development Goals. Rainforests play an essential role in ensuring the eco-system of life on land is well preserved.
It took the mall over six months to get Oasis Garden to where it is today.
“We also have a Paradise Garden in Lower Ground 1, just outside the Blue Entrance. It’s a seating area with real plants since it’s in the outdoors but the next area we are looking at to implement soundscape is our newly-refurbished Main Entrance at the Ground Floor. Professor Sansom is currently studying the area,” said Chin.
“Our success with Oasis Garden shows that we can turn science into art, and we can translate a space into something people can enjoy. When a visit to the mall is delightful, we know we have done something right for our shoppers,” concludes Chan.
Asset enhancement exercises are common for Sunway Pyramid as the mega mall went through a series of activities to keep abreast. It underwent an extensive renovation and expansion back in 2007 and added a new retail podium known as Sunway Pyramid West in 2015.
Amongst the various priorities to sustain a retail or mall business, customer loyalty is a significant priority.
However, the quest for customer loyalty has become increasingly challenging with evolving expectations.
Not only do customers at present have a high expectation of service and quality of products, but they have also come to expect more holistically and gravitate towards brands who can creatively engage with them.
In recent times, such demands created the need for retailers and malls to expedite and embrace what is termed as ‘experiential shopping’ in a bid to ensure their continued relevancy.
Its great to hear that HSR is not scrap as MPIG do believe that HSR will bring lots of good to Malaysia. It is been told that Prime Minister Dr Mahathir Mohamad is only merely postponing the HSR Project, not scrap the deal entirely. MPIG believe that if HSR is build, more Malaysian will stay in Malaysia, yet help on rebuilding Malaysia economy. Not only that, it helps shortened the distance of travelling and time saving. MPIG also believe a lot of investor have invest based on HSR elements. Lets hope for the best is coming soon.
Below is the news refer from www.themalaysianinsight.com
High-speed rail project postponed, not scrapped, says Dr MahathirPRIME Minister Dr Mahathir Mohamad has said he is merely postponing the high-speed rail (HSR) project with Singapore, softening his earlier intention to scrap the deal entirely.
Dr Mahathir told Japan’s Nikkei Asian Review that Malaysia would benefit greatly from such a project.
“There will be a need for a high-speed rail in the future, probably right through the peninsula. But we cannot afford it at this moment,” he said.
“So, we actually postponed the implementation of the project.”
Dr Mahathir’s comments are the first to indicate a softening of his administration’s earlier stance of scrapping the project entirely, a move which could incur hefty penalties into the millions.
In the interview with the Japan daily, Dr Mahathir said that while a high-speed rail would be useful in the future, its cost – which he placed at RM110 billion – was too high at a time when the government was trying to reduce the country's RM1 trillion debt.
He also said that the existing deal that would have connected Singapore to Johor and Kuala Lumpur was not beneficial to Malaysia, as the length of the tracks was too short to warrant the project's cost.
“High-speed trains are most effective where the distance is very long. But where the distance is short, it doesn't contribute much,” said Dr Mahathir.
“So, we need to rethink the high-speed rail. We cannot say we will never have a high-speed rail in Malaysia. What we can do is postpone the project because it is far too costly at this moment.”
Singapore’s Transport Ministry had last month issued a statement saying it had yet to receive an official notification from Putrajaya of the decision to scrap the HSR project. – June 12, 2018.
PETALING JAYA: All registered businesses have been told to lower prices following the Government’s move to zero-rate the Goods and Services Tax (GST) from June 1.
Customs director-general Datuk Seri T. Subromaniam said businesses must follow the ruling by passing down the 6% savings to consumers.
“We urge business operators not to exploit the Government’s intention to lower prices of goods and services for consumers,” he said in a statement.
GST zero-rated supply means the goods and services are not taxed, hence the taxable company does not need to collect any GST on sales.
GST brought in RM44bil in 2017 and the previous administration projected a collection of RM43.8bil in revenue from the GST this year.
Subromaniam said the Government has yet to announce when the SST will be implemented and the tax will not take effect immediately.
“Therefore, all businesses must lower prices which was previously set at 6% beginning next month,” he said.
The Government, he said, will take strict measures to ensure that the prices of goods and services will be in line with the Price Control and Anti-Profiteering Act 2011.
“Business operators can refer to the questions and answer section regarding the transitional period from 6% to 0% GST at www.customs.gov.my and the department’s portal gst.customs.gov.my,” he said.
Refer from https://www.thestar.com.my
AirBnb, Short term stay, homestay, etc. Whatever you call it, we do agree on this below new. It is lucrative in return but its hotel/lodging business model and it create lots of uneasy in terms of safety issue.
MPIGHome.com do think that all these only suitable for commercial building, not residential or HDA status properties. Try to think, one of your neighbor do short term stay rental just right beside your home. There are always new faces in and out within your housing vicinity, what you feel? It will be the same feeling that the others have if you run it at your investment property. Yes, its still loop hole in Malaysia rules, but be prepare for all investors who doing this, we do believe it will be more strict rules on this business.
Now is in Penang, but sooner or later will be in within Malaysia
Doors shut on home share venture
GEORGE TOWN: A home share operator who tried to sue the joint management body (JMB) of his condominium for not letting him operate had his claim thrown out by the Strata Management Tribunal.
Tan Sung Hai had tried to claim damages from the JMB of Birch Regency Condominium in Jalan Datuk Keramat for loss of business through the tribunal.
He was, however, spared a counterclaim by the JMB when tribunal president Kamarulzaman Abdul Rahman ruled that the body did not have supporting docu-ments.
The JMB wanted Tan to pay a compensation of RM50,000 or any amount deemed fit for depriving residents and families from a secured home environment, resulting in mental stress and anguish.
The body also wanted Tan to compensate for utility, repair and maintenance bills of RM1,000, security cost of RM2,000, additional management office expenditure of RM2,000 and cost of banners put up in the condominium to warn against home-sharing activities estimated at RM300.
“I already decided in favour of you. I now advise you to file a separate case against the claimant,” Kamazulzaman told the JMB’s representatives.
Outside the courtroom, JMB committee member E. B. Lim said the committee will decide later whether to pursue the matter.
This is believed to be the first instance in Penang where a home-sharing operator tried to seek his legal right to run his business.
In 2016, Penang Island Municipal Council ruled that home-sharing was illegal here because residential properties were not properly fitted to cater for hospitality or commercial activities.
The city council then began a crackdown and fined many residential owners for operating illegal businesses.
Penang has a large number of home-sharing operators, owing to high tourist arrivals.
Read more at https://www.thestar.com.my
OMG!!! Co-Living as answer to affordable housing in Hong Kong?
Yes its that serious that due to scarcity of land and also ever increasing of property price, Hong Kong is facing serious problem on affordable housing where lot of them cant own a house by themselves.
We Malaysian are lucky that we still have plenty of lands and property price is still among the lowest in Asean countries. Even said so, the property price surge in the last few years have been very aggressive which over take the income increment speed of fellow Malaysian. You can see the last two years, more Malaysian feels struggle to own a house or even struggle to pay for house loan. This will be a serious issue if the property price keep increasing.
Relief enough that property price have been stable for past one year and more affordable housing project is proposed (MPIG have some reserve on this as due to excessive of supply and some complain on the workmanship in some completed project).
Here's how the situation in Hong Kong:
KUALA LUMPUR (March 14): Could co-living be the solution for increasingly unaffordable homes in the world’s urban centres? Does one have to own a property to call it a home?
Some people are thinking out of the box. One example is Richard Yue, chief executive officer of Hong Kong-based Arch Capital Management.
Yue believes co-living will be a major factor in the ex-British colony’s property market in the future. Not surprising as Hong Kong’s real estate segment is the globe’s priciest.
So, what is actually co-living?
According to The Collective’s (developer of a co-living project in London) website, “Co-living is a way of living focused on a genuine sense of community, using shared spaces and facilities to create a more convenient and fulfilling lifestyle” – basically, you still get your rented room or apartment/flat but you have to share all the space outside and the facilities.
The co-living formula has proven to be a success in the US and Europe, reported Hong Kong’s South China Morning Post.
“Asians want to own as much as they can, but prices have gone to a level beyond affordability for a lot of people. So what you see is people are less willing to buy, but they still have a housing issue to address,” Yue told the daily.
He feels that the co-living concept is the solution for those who have been priced out of Hong Kong’s home market, especially those just starting out in life such as students and young professionals.
Using figures provided by real estate services firm JLL last year, South China Morning Post reported that “while nominal wages grew 45% from 2009 to mid-2017, income growth has still fallen behind rocketing rents for mass residential properties, which increased 102% in the same period.”
And the earning power of the Hong Kong’s younger set is of course lower than the rest of the population, so they are feeling the full force of the astronomical rise in rents and property prices.
Meanwhile, architectural and consultancy practice Synergy Biz Group has opened Bibliotheque in Mong Kok last November.
According to the South China Morning Post, the property has “166 beds across three five-storey buildings. Rent, which ranges from HK$3,500 (RM1,736.06) to HK$5,500 includes bed space, cleaning services and communal facilities”.
Founder of Synergy, Keith Wong told the English paper that “over 90% of residents are aged between 18 and 35, with 20% as students and 30% working youth.”
Last year, AFP reported about The Old Oak, a co-living project located in northwest London developed by The Collective.
The Old Oak has 546 rooms and high-end facilities such as a spa, gym, library, work room, restaurant and even a cinema.
"It is extremely difficult to find a place to rent in London and young people are increasingly marginalised," said Ed Thomas, who manages the property for The Collective.
"You've got a nice spacious room (129 square feet) with big window that lets lots of light in."
And the cinema has screenings of the hit series Game of Thrones.
Refer from www.edgeprop.my
These disruptive technologies are set to reshape the real estate industry
Asia Pacific is now the world’s largest testing ground for real estate technology. It is home to 179 proptech start-ups, which have raised around USD4.8 billion in funding since 2013, according to the recent “Clicks and Mortar: The Growing Influence of PropTech” report commissioned by Jones Lang LaSalle (JLL). By 2020, funding in the region’s proptech sector will have reached USD4.5 billion a year.
Disruptive technologies weighed heavily on the minds of real estate and construction stakeholders gathered at the first PropertyGuru Asia Real Estate Summit, which was held earlier this month at Sands Expo and Convention Centre in Singapore.
“The reason why we’re so committed to innovation is that we see the numbers,” said summit speaker Dr. John Leslie Millar, chief strategic development officer at Ananda Development, the award-winning Thai developer whose UrbanTech innovation strategy has met widespread acclaim. “The average age of a Fortune 500 company in 1936 was 90 years; now it’s fallen to less than 15 years. Fifty percent of the companies that were on the Fortune 500 list in the year 2000 no longer exist.”
Real estate leaders will need to capitulate to these paradigm shifts — and fast, Millar cautioned. “Whether you adapt to disruption, whether you adopt innovation or not, it doesn’t matter. Disruption is happening. Either you will be the one doing the disrupting or you will be disrupted.”
Here are seven of the technologies you cannot afford to ignore in this changing landscape:
One of the more disruptive technologies to enter the real estate sector in 2017, blockchain revolutionises real estate transactions in that it keeps a binding, completely unbreakable ledger of transactions, which does away with third parties altogether. The groundbreaking tech is indeed a good fit for a sector in a region with high levels of opaqueness. “Blockchain will add liquidity to the property market,” said Jack Fitzgerald, founder of Disrupt Property. “It will enable us to transact property in a different way across markets with much less regulation.” Blockchain’s ability to imbue transparency into real estate transactions portends new structures in real estate in terms of relative ownership, according to Darvin Kurniawan, CEO of Singapore-based blockchain startup REIDAO. “We want to create a new model where the community as a group would be actually able to own properties and will be able to share the utilisation of these properties among themselves,” he said. “If we are friends, we can stay in each other’s properties because we trust each other. What if we bring that structure through the blockchain, remove the trust, and we allow the sharing of the properties?”
Part and parcel of the blockchain revolution will be the growing adoption of cryptocurrencies. Dubai’s land registry has just announced its own cryptocurrency, while Singapore is tokenising its dollar under the game-changing Project Ubin – the Monetary Authority of Singapore’s ongoing distributed ledger technology trial. Powered by blockchain, cryptocurrency payments are rendered automatic. “Cryptocurrencies are obviously one of the hottest spaces in real estate right now,” said Julian Kwan, founder of InvestaCrowd. “We’re watching it very closely.” By paying in Bitcoin, Ethereum, or any of the other cryptocurrencies that have recently gained popularity, property buyers do away with lawyers, notary requirements, and other middlemen, vastly expediting asset transfers. Since cryptocurrencies are not bound by country-specific interest rates and transaction charges, it also makes it easier to conduct cross-border transactions.
3. Internet of Things (IoT)
Developers in Asia are increasingly furnishing properties with smart home appliances and devices, especially those that allow access control, i.e. control of their units from mobile interfaces anywhere in the world. “Internet of Things is just another term for sensors,” Fitzgerald said. For inspiration, developers are turning their attention to The Edge, the world’s smartest building. The 15-storey structure in Amsterdam is equipped with a whopping 28,000 sensors, allowing it to detect and respond to changes in room temperatures, humidity, lighting, ventilation, and other variables. The Edge is also a net-zero energy building, producing 102 percent of its energy needs and making it a darling among sustainability advocates worldwide. “I love The Edge Building,” Chungha Cha, founder of the nonprofit Re-Imagining Cities. “If we have a lot of these buildings, which connect the physical layer, the bricks and mortars, to a digital layer, you can enjoy additional income as a real estate developer.”
“Location, location, location” rings truer than ever for the real estate sector as mapping technologies become increasingly advanced. Maps are no longer just maps. Addresses now come with a list of data attributes, such as building types, sale values, natural hazard risks, and points of interest. Ananda is, for example, exploiting the treasure trove of data that comes with Bangkok having more Facebook users than any other city on earth. The developer is using points-of-interest (POI) data generated by social media users and linking them, via algorithms, to publicly available consumer spending data. The upshot of these lets developers make more accurate valuations and predictions as to how much revenue they can derive from a particular plot of land. “Either we can pay more because we understand the value of a plot of land better than competitors or the competitor locks up their capital in land that they can’t sell,” Millar said. That’s an example of how data gives us a competitive advantage.”
A significant part of product strategy going forward for real estate developers and property portals is the application of drones for photography. PropertyGuru, for instance, uses unmanned aerial vehicles to capture 360-degree images from various building heights, giving property purchasers unvarnished views that they can expect from their future apartments. The Asia based proptech firm also sends out UAVs to film videos of up-and-coming neighbourhoods or those poised for major infrastructural upgrades. “Most developers today are smart enough to create great visualisations,” said Hari Krishnan, CEO of PropertyGuru. “From a consumer’s perspective, they know exactly what the view is; it’s not just a visualisation. In the end, they care that they are looking at better-looking photographs and videos. They don’t care about the kind of technology that we’re using.”
6. Augmented and virtual reality
Augmented and virtual reality illustrates the full extent with which technology can execute and broker transactions in global real estate investment. The wide variety of VR headsets on offer has empowered discerning property seekers to be transfigured in the properties of their dreams—even in some cases before they exist. “Imagine a buyer in Hong Kong looking at a London property,” Shailesh Rao, Google and Twitter alumni and current board director at JLL, said at the Summit. “Here is what I think is an amazing opportunity for augmented reality to mitigate the risk of that review process and potential purchase online.”
7. Big data
With big data, companies can see the profiles that make up buyers and their interests and make more informed decisions on approaching potential clientele. Marketplace technologies, not unlike Netflix or Uber, will be able to arbitrate and connect buyers and sellers in the real estate market based on such affluence of data. One Silicon Valley startup, Opendoor, has been disrupting American real estate since its launch last year based on this principle. A property seeker goes into the Opendoor site and puts in their address; the site returns with a binding offer the home within 24 hours. “This process is all based on the integrity of Opendoor’s data,” said Fitzgerald. “That’s the kind of innovative thing that big data allows companies to do.”
This article was originally published on Property-Report.com. For more stories from Asia’s most trusted and enduring luxury real estate, architecture and design publication, visit Property-Report.com
PETALING JAYA (Feb 26): A landlord and agent were hauled off to the police lock-up yesterday after locking a woman in an apartment for not paying her monthly rent, reported The Malay Mail Online.
Her ordeal began at 7.30pm on Saturday, when the 44-year-old salesman and 29-year-old real estate agent padlocked the grille door of her rented apartment at Pandora Residence in Tropicana Metropark, leaving her stuck for 16 hours.
She eventually contacted her family who filed a police report on the incident, and was freed at 11.30am.
According to Subang Jaya police chief Assistant Commissioner Mohammad Azlin Sadari, she was forcefully confined after failing to pay the monthly rent of RM1,100 to one of the suspects.
Police tracked the duo down on Sunday and arrested them.
The case is being investigated under Section 342 of the Penal Code for wrongful confinement, which carries a jail term of up to a year, a fine of up to RM2,000, or both, upon conviction.
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