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Property News

Housing levies under review Move to spur construction of more affordable homes, says CM

Housing levies under review Move to spur construction of more affordable homes, says CM

GEORGE TOWN: The state government is reviewing the various charges imposed on residential projects priced between RM300,000 and RM350,000 per unit on the island, and RM200,000 and RM250,000 on the mainland.Chief Minister Lim Guan Eng said that the move would encourage developers to build more affordable housing.“Developers should look at ... Read More
Ministry: No property bubble

Ministry: No property bubble

SHAH ALAM: The Housing and Local Government Ministry does not foresee a property “bubble” in the country, where a rise in prices will be followed by a rapid reduction.Minister Datuk Chor Chee Heung said that so far this year, property prices had increased by 37%, unlike Singapore and Hong Kong ... Read More
'Household debt issue not addressed'

'Household debt issue not addressed'

LEADING think-tank Malaysian Institute of Economic Research (Mier) is disappointed that the 2011 Budget did not provide measures to address high household leverage. Executive director Dr Zakaria Abdul Rashid described it as a key disappointment in the Budget, besides the lack of measures such as those to address property speculation ... Read More
MIER concerned with rising household debt

MIER concerned with rising household debt

The Malaysian Institute of Economic Research (MIER) is concerned with the rising household debt level which stood at 77 per cent of Gross Domestic Product (GDP) last year.In Bank Negara Malaysia (BNM)'s 2009 annual report, household debt was reported to have risen to 76.6 per cent for the year, the ... Read More
Tambun Indah gets nod to list

Tambun Indah gets nod to list

Property developer Tambun Indah Land Bhd has received the Securities Commission's (SC) approval to list on the Main Market of Bursa Malaysia Securities Bhd.In a statement today, the company said it has appointed MIMB Investment Bank Bhd adviser, managing underwriter, underwriter and placement agent for the initial public offering (IPO) ... Read More
Ten firms shortlisted for Penang Turf Club project

Ten firms shortlisted for Penang Turf Club project

The turf club is the single largest prime land plot owner in George Town. Mah Sing Group Bhd (8583) group chief executive Tan Sri Leong Hoy Kum confirmed that the company has indicated its interest for the Penang Turf Club land. "We are always on the lookout for good development ... Read More
First home scheme to attract young buyers

First home scheme to attract young buyers

PETALING JAYA: To promote home ownership among Malaysians, the Government has proposed to introduce First Home Scheme whereby Cagamas Bhd will provide a guarantee on the 10% down-payment for houses priced below RM220,000.The scheme is for first-time house buyers with monthly household income of less than RM3,000. It is aimed ... Read More
Boutique hotel with historic charm From a bungalow to a budget hotel, the building is restored to its original form

Boutique hotel with historic charm From a bungalow to a budget hotel, the building is restored to its original form

AFTER undergoing a RM5mil conservation work, a budget hotel has been transformed into a cosy boutique hotel with excellent amenities in the heart of George Town, Penang.Exuding a historic charm for those seeking to relax in a place of rich culture, the newly restored Yeng Keng Hotel on Chulia Street ... Read More
Mayland plans RM2b maiden project in Penang

Mayland plans RM2b maiden project in Penang

MALAYSIA Land Properties Sdn Bhd (Mayland) aims to launch its maiden project in Penang, a high-end seafront mixed development worth more than RM2 billion by 2013. The company is looking at buying 12ha in Penang island, some of which will include reclaimed land, said its director Andrew Chiu. "We want ... Read More
Tighter BNM rules on property sector likely

Tighter BNM rules on property sector likely

The Government is expected to adopt tighter regulations in the 2011 Budget to curb potential dangerous run-up in consumer credit card spending and speculative activities in the property market.“We believe Bank Negara Malaysia (BNM) is focusing on tackling household debt in 2011 to promote healthy credit card spending,” said Kenanga ... Read More