The Real Estate and Housing Developers’ Association (Rehda) Malaysia welcomes the announcement by Local Government Development Minister Nga Kor Ming on the proposal to introduce a new law to oversee urban regeneration efforts in the country, according to a statement issued by Rehda president Datuk NK Tong on Thursday.

The new law is expected to be tabled in Parliament at the end of next year, Nga said on Tuesday (Sept 5).

Rehda said it is high time for such a law to be introduced, given the lack of streamlined governance on such matters, which is currently implemented through nine different government ministries and agencies. It further added that this new law will be a welcomed addition to the Urban Renewal Implementation Guidelines, which were launched on Tuesday.

In formulating this law, Tong said that the government through the Local Government Development Ministry (KPKT) has demonstrated a far-sighted and balanced approach towards economic growth. “While we know that the trend towards urbanisation will continue to expand, KPKT recognises that this must be done in an orderly and proactive manner which includes ensuring that older buildings are given a new lease of life, even as newer buildings appear to fill the growing demand of urbanisation.”

Tong noted that conservation is also included in the agenda. “This will further protect the cultural and architectural heritage that is essential in making a city vibrant and relevant, while also paying respect to the country’s history.”

“This new law will continue to reinforce Prime Minister Datuk Seri Anwar Ibrahim’s Malaysia Madani concept, specifically in the area of good governance by having very clear and transparent guidelines, and in the area of sustainable development by ensuring that all rakyat will equally benefit as more economic opportunities are unlocked through this law,” he said.

Source: TheEdgeMalaysia.com

Bank Negara Malaysia has decided to maintain the overnight policy rate (OPR) at 3% following its two-day Monetary Policy Committee (MPC) meeting that ended today.

In a statement, the central bank said at the current OPR level, the monetary policy stance remains “supportive of the economy” and is consistent with the current assessment of inflation and growth prospects.

BNM noted that in the second quarter of the year, growth of the Malaysian economy was affected by slower external demand and a decline in commodity production.

“Moving forward, growth will continue to be driven by resilient domestic expenditure amid the challenging external environment,” it said.

“The MPC remains vigilant to ongoing developments to inform the assessment on the outlook of domestic inflation and growth. The committee will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability,” it said.

“While the growth outlook is subject to downside risks stemming from weaker-than-expected external demand and larger and protracted declines in commodity production, upside risks mainly emanate from stronger-than-expected tourism activity, a stronger recovery from the E&E downcycle, and faster implementation of existing and new projects.

“In line with expectations, headline and core inflation have continued to ease amid the more moderate cost conditions. This moderating trend would likely continue in the second half of 2023, partly reflecting the higher base from the second half of 2022 and continued easing momentum of price increases,” it added.

BNM said risks to the inflation outlook remain highly subject to changes to domestic policy on subsidies and price controls, global commodity prices and financial market developments, as well as the degree of persistence in core inflation.

The central bank had surprised observers in May when it decided to raise the OPR by 25 basis points (bps) from 2.75% to 3%, after hitting the pause button at the MPC’s meetings in January and March. This brought the OPR to its pre-pandemic level of 3%. It held the OPR steady following the previous MPC meeting in July.

BNM had raised the OPR by a total of 100bps between May and November last year in a bid to tamp down on inflation.

All 27 economists polled by Reuters from Aug 29 to Sept 4 agreed that BNM would maintain the OPR at 3% for now.

Of the 18 who shared their views on which direction the rate would go until the end of next year, 15 agreed that the central bank would hold it at the current level.

Inflation in Malaysia dropped to a two-year low of 2% in July and the central bank, which does not particularly target inflation in setting monetary policy, had said it would cool further.

Source: FMT Online

Newly proposed landed residential development by Pemaju Kelang Lama Sdn. Bhd. in Permatang Pauh. Located near Jalan Sama Gagah, the proposed development is adjacent to Taman Himalaya. It is only about 1km away from the North-South Expressway’s Permatang Pauh interchange and approximately 10 minutes’ drive to the Penang Bridge.

This development will encompass the construction of 78 units of 3-storey terrace houses. As the development is currently in its planning stage, additional details will only become available upon the official launch.

Project Name: (to be confirmed)
Location: Permatang Pauh
Property Type: Residential
Total Units: 78
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Land Tenure: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Pemaju Kelang Lama Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.

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Ideal Capital Bhd has signed sales and purchase agreements (SPAs) with 23 local and foreign companies to occupy about 35% of the first phase of the Penang Technology Park (PTP) in Bertam.

Based on the current market price of RM65 and RM90 per sq ft for industrial properties in North Seberang Prai, the sales will generate about RM500mil or 12% of PTP’s gross development value (GDV).

Dubbed the “Penang Industrial King” by the property sector, group executive chairman Tan Sri Ooi Kee Liang told StarBiz that some 20 other companies will be signing SPAs with the group over the next two months.

“When these companies sign, PTP’s occupancy would reach over 40%. They are now waiting for approvals for their loan facilities.”

Ooi said the signed investors hailed from countries such as China, Germany and Japan and will bring to PTP cutting-edge technology, expertise and knowledge.

“They are involved in electronics assembly, component manufacturing, metal fabrication, medical devices, trading, and the warehouse and logistics business.

“They will build light and medium industrial factories on the properties they purchased,” he said.

Ideal Capital will explore more vacant land in Seberang Prai to launch more industrial park projects.

Citing 27Group, a business consultancy firm, Ooi said the Malaysian economy needs to leverage the most promising growth areas within the economy to sustain economic expansion in the coming year and buffer against potential recessionary forces.

“The industrial property market of the Malaysian manufacturing sector holds potential for spearheading economic growth. The local industrial sector is expected to grow by 3.9% this year, according to the ‘Updates on Economic Outlook and Revenue Estimates 2023 Report’,” he said.

Industrial property sales in Malaysia achieved a total of RM5.9bil in December 2022 and the market continues to experience significant growth as demand for more advanced industrial facilities continues to rise.

“The demand for industrial properties emanates from multinational corporations relocating from China to the Asean region.”

Ooi said the growing eCommerce sector also seeks industrial parks with modern logistics and warehousing facilities.

“Then there’s also the environmental, social and governance-compliance need that is driving companies to look for industrial properties equipped with the appropriate smart and environmentally-friendly infrastructure.

“The mid-tier and advanced wafer-fabrication manufacturers are expanding their operations worldwide, so there is a need for Malaysia to develop new and smart industrial parks to attract such investments.”

According to Ooi, the group’s plans would focus on developing industrial parks with industry 4.0 practices and intelligent factories to help companies optimise operational workflows, reduce costs and mitigate lockdown risks.

“We are looking into integrating novel technologies such as artificial intelligence, robotics and machine vision to enhance their industrial operations and improve production efficiencies,” he said. The PTP has a GDV of RM4.2bil that will be realised over the next four years, according to Ooi.

Source: TheStar.com.my