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KPKT drawing up Residential Tenancy Act to control house prices

August 6th, 2020 No comments

kpkt-new-tenancy-act

The Ministry of Housing and Local Government is drawing up the policy for the Residential Tenancies Act to control the price of houses in the country, said its minister Zuraida Kamaruddin (pictured).

She said this would take into account the interests of the landlord and the tenant, as well as ensure that the landowner did not simply increase rental or evict the tenant.

“This is one of the ways to control rental rates in the country,” she said when winding-up the debate on the motion of thanks for the Yang di-Pertuan Agong’s royal address at the Dewan Rakyat here on Tuesday.

Commenting on the Affordable Housing Policy, Zuraida said the ministry plans to build homes only for rental and may give exemptions to the poor so that they can continue to rent these homes until their (financial) situation stabilises.

“At present, the ministry has a scheme for purchasing, renting, and Rent-To-Own (RTO) but in future, the ministry, with the Affordable Homes Policy, will only build houses for rental…so this is one of the innovations by the ministry in the issue of housing for the B40 and M40 groups,” she said.

On the Auditor-General’s Report in July, Zuraida did not deny that there were several technical and administrative issues regarding her ministry.

“I do not deny that it should be improved, monitored and its management changed. However, there are also issues that affect its implementation, resulting in delays and such.

“There are nine housing projects which were brought up in the audit, but the ministry has completed 342 housing projects…(but the ministry) has taken note of the comments in the audit report and we will improve on them,” she said, adding that the weakness was at the contract administration stage.

The media has reported the process of RTO public housing for the poor and low-income group took up to 40 months as it was not properly managed.

According to the National Auditor-General Report 2018 Series 3, although the RTO project was completed within the stipulated time, the ministry took up to 866 days to hand over the completed project.

Source: EdgeProp.my

 

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Penang CM: PTMP is on track!

August 5th, 2020 9 comments 中文版
ayer-itam-lce-expressway-pairroad

Air Itam – Tun Dr LCE Expressway bypass

The proposed projects under the Penang Transport Master Plan (PTMP) are on track, Chief Minister Chow Kon Yeow said yesterday.

“I have committed to the people of Penang that whenever there is a new milestone achieved, I will meet the press to make the announcement.

“The people have been informed about the signing of the project delivery partner (PDP) master agreement for the PTMP with SRS Consortium on July 1.

“The SRS Consortium will be proposing the financial architecture plan for the PTMP to the Penang government soon.

“The financial architecture plan will enable us to choose the most viable financial structure for us to implement the projects.

“The Penang South Reclamation (PSR) project is the financing model for the Bayan Lepas LRT (BL LRT) project and the Pan Island Link (PIL) projects,” Chow explained during the ‘Penang in 10 years time’ talk show, hosted by Segambut MP Hannah Yeoh last night (Aug 3).

It was reported that the three main components of the PTMP are the BL LRT, the Pan Island Link (PIL1 and PIL2A) highways and the PSR. It was also reported that the estimated cost of the PTMP projects was RM46 billion.

Chow said that the state would ensure that the projects under the PTMP are carried out the best way possible.

“The projects under the PTMP involved several billions of ringgit. If they are not financed by the Federal Government, the state would not be able to find such financial capability to implement the projects.

“We have decided on implementing the PSR to ensure that we are able to carry out projects for the benefit of the people although we are not part of the Federal Government.

“The sale of the land from the reclamation will be used to finance the infrastructure projects,” he said.

He also spoke about the three major roads and the Penang Undersea Tunnel project.

“Works on one of the three major road projects (Package Two), which is the 5.7km Bandar Baru Air Itam – Tun Dr Lim Chong Eu Expressway bypass, have started,” he said.

The RM6.3 billion project will comprise of the Bandar Baru Air Itam – Tun Dr Lim Chong Eu Expressway bypass, the Tanjung Bungah – Teluk Bahang bypass, the Gurney Drive – Tun Dr Lim Chong Eu Expressway bypass and the Gurney Drive – Bagan Ajam undersea tunnel.

Chow said that the state was awaiting the feasibility study of the undersea tunnel to be completed before making a decision whether to carry on with the project or otherwise.

He said that in order to continue to grow the state’s economy, the industry needs to be supported by better infrastructure.

“We need infrastructure to uplift the economy and all these infrastructure are in line with the Penang2030 vision of ‘A Family-Focused Green and Smart State that Inspires the Nation’.

“We have incorporated the projects in our vision. We need to invest in the built environment to improve resilience, as stated in one of the four themes of the Penang2030 vision.”

Chow said: “The development projects have attracted a lot of attention from the non-governmental organisations (NGOs). However, there are also those who feel that the sooner these projects are implemented, the better it is for the state to resolve its traffic congestion problems.”

He added that Penang was known for its (traffic) congestion issues among the visitors, besides its reputation as a food paradise.

Source: Buletin Mutiara

 

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Temporary freeze of Malaysia My Second Home (MM2H) programme

August 4th, 2020 2 comments 中文版

my second home

The Malaysia My Second Home (MM2H) programme is temporarily frozen to enable the Ministry of Tourism, Arts and Culture (MOTAC) to comprehensively restudy and reevaluate it.

According to a statement from the ministry today, the move is also in line with the government’s decision of still not allowing the entry of foreign nationals into this country due to the COVID-19 pandemic.

“Among the matters to be studied are the conditions, incentives and comparisons with MM2H-like programmes in other countries such as the Citizenship by Investment (CBI) or Residence by Investment (RBI).

“During the MM2H freeze period, MOTAC as coordinator of the programme is unable to process new applications forwarded to it. This takes into consideration that processing of the MM2H applications involves various ministries and agencies which are also impacted by the temporary freeze.

“However, if there are foreigners still interested to participate in the programme, they can submit their applications after the programme is reactivated but they need to meet the prevailing set conditions,”  it said in the statement.

Foreign nationals could also refer to the Department of Immigration Malaysia for information on obtaining a suitable immigration pass to reside in Malaysia over a long period.

“MOTAC assures that the results of the study which will synergise with current needs will benefit all the stakeholders,” it said.

The ministry hopes that all parties would support the government’s desire to improve the MM2H programme for it to be at par with that of other countries.

Source: EdgeProp.my

 

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Aster Villa @ Pearl City

August 4th, 2020 No comments

Clubhouse and swimming pool

Aster Villa, the latest addition to Peral City township development by Tambun Indah Land at Simpang Ampat. Located along Jalan Tasek Mutiara 9, at the southeast of Pearl City township. it is about 2km to Pearl City Mall and GEMS International School, less than 15 minutes drive to Simpang Ampat toll plaza of North-South Expressway. Other amenities within 5 km include SMJK Jit Sin II and SMK Bandar Tasek Mutiara, several other shops and facilities.

This development will feature a gated and guarded housing scheme, comprises 128 and 90 units of 2-storey terrace and semi-detached houses respectively. The terrace houses offer two different design types, with a minimum land size of 1,240 sq.ft. There will be a resident clubhouse with a swimming pool.

Property Project : Ambay Park
Location : Pearl City, Simpang Ampat, Penang
Property Type : 2-storey terrace & semi-detached
Total Units: 153
Land Area: 1,240 sq.ft. onwards
Built-up Area: 20′ x 42′ (terrace) , 22′ x 43′ (semi-detached)
Tenure : Freehold
Developer : Tambun Indah
Indicative Price: RM678,000 onwards

Register your interest here

*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

Location Map:

 

 

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Mortgage Outlook 2020/21

August 3rd, 2020 No comments

Covid-19 has wreaked havoc in people’s lives throughout the world. In Malaysia, the response to COVID-19 was swift. Bank Negara Malaysia (BNM) announced a loan moratorium of 6 months from 1st April to 30th September 2020. This gave everyone and all businesses with borrowings a breathing space.

What may happen when the moratorium ends? How prepared are we for this? For the ones who are still not prepared, they are hoping for the moratorium to be extended. Would it be extended?

MY08.08.20 Webinar2

 

Miichael with his 22 years of experience in Property and Mortgage will share with you the “Mortgage Outlook 2020 / 2021.” Click here to know more on Miichael

It is of utmost importance that we know where the industry is today and where would it be heading to because this will guide our decision on what to do with our borrowings.

Key Highlights:

  • Potential happenings once the moratorium ends
  • Will the mortgage approval get more difficult moving forward?
  • How do we take advantage of the current low interest rate? (This low rate environment will not be forever)
  • Mortgage Tips & Tricks for all of us to ride out this potential financial storm

Come and join Miichael in this online webinar.

Register for the FREE WEBINAR below

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