REHDA Malaysia president Datuk NK Tong

The Real Estate and Housing Developers’ Association (REHDA) Malaysia has welcomed the measures announced in Budget 2023 by the Unity Government on Friday. In particular, the association supports the government’s plans to build 12,400 units of low-cost houses under Program Perumahan Rakyat (PPR) and 4,250 Rumah Mesra Rakyat under Syarikat Perumahan Negara Bhd (SPNB), with allocations worth RM367 million and RM358 million respectively.

REHDA also commends the government’s decision to increase Syarikat Jaminan Kredit Perumahan (SJKP) allocation to RM5 billion, which is expected to benefit 20,000 borrowers without fixed income. The association believes this move will increase the ability for more Malaysians to buy a home and improve their quality of life.

However, REHDA is concerned that the pressing issue of the continuous increase of building materials prices, highlighted in the association’s Budget 2023 Memorandum, has not been addressed. The association emphasizes that if left unaddressed, the issue will have an adverse impact on house prices in the open market. Nonetheless, REHDA will continue to engage with all relevant industry players, including the government, to find a solution to this issue in the near future.

In a press statement, REHDA Malaysia president Datuk NK Tong stated that the government’s approach in the budget may seem bold and aggressive but is in fact prudent given the concerns of slower global growth for 2023. He is hopeful that some of the measures announced towards alleviating the burden of the less privileged will help them navigate their day-to-day life amidst the high cost of living, especially in urban areas.

Tong reiterated the association’s pledge to continue with its nation-building role of providing quality and affordable homes for the rakyat while providing employment to the 180 upstream and downstream industries. He hopes that the government will continue to give their full support to the industry.

Paramount Palmera, a freehold light industrial development by Paramount Property in central Seberang Perai.  Strategically located near Jalan Permatang Tinggi, within the vicinity of the established industrial address of Bukit Minyak.  It is conveniently connected to transport networks with easy access to major highways.

In this modern era of commerce, it’s all about flexibility and versatility. Paramount Palmera offers 52 units of semi-detached and 6 units of detached light industrial factories. Business owners can truly benefit from these light industrial units that can be adapted to the growth of their business. With expandable warehousing space and its many positive features, there’s so much to achieve as you take your operations to the next level.

Property Project : Paramount Palmera
Location : Bukit Minyak
Property Type : Light industrial factory
Built-up Size: 3,929 sq.ft. onwards
Total Units:: 58
Tenure : Freehold
Indicative Price: (to be confirmed)
Developer : Paramount Property

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.

Scale model of Sunway Dora at Bayan Baru

Master Community Developer, Sunway Property announced that it had achieved RM 2.0 billion in sales with an unbilled revenue of RM 4.3 billion for its financial year ended December 31, 2022.

In the same period, the developer also delivered over RM 1.3 billion worth of projects and has a total remaining landbank of 3,292 acres with a potential Gross Development Value (GDV) of RM 58.9 billion.

Sunway Property Managing Director Sarena Cheah said, “As the economic outlook remains resilient, we are hopeful about the property prospects this year. With a strong pipeline of projects that are rightly designed for the current market conditions and targeting the right buyer segment, we are confident to achieve our sales target of RM 2.3 billion for 2023.”

The developer will launch its next range of Signature Products across the regions for the residential segment in Malaysia, all of which are crafted based on the developer’s Sunway Design & Development Architecture (SDDA) and its 4 pillars: Sustainability, Innovation, Health & Wellness and Lifestyle & New Experiences.

In Klang Valley, the developer will launch its inaugural Signature Product in Bukit Jalil, Sunway Flora Residences – the first GreenRE Platinum (Provisional) residential development within the vicinity.

Johor can expect two landed developments, Sunway Aviana and Sunway Maple, located in its largest integrated township of Sunway City Iskandar Puteri, as well as semi-detached homes and bungalows in Sunway Lenang Heights.

As for Ipoh, the developer will be launching Sunway Bayu, a flexi-terrace development in Sunway City Ipoh. In Penang, the developer will launch its residential development in Sunway Dora, a mixed development in the established township of Bayan Baru towards the end of February 2023.

For its international market, the developer has unveiled Terra Hill, a freehold hillside luxury development built on the site of the old Flynn Park apartment; and will be launching The Continuum in Singapore; and Sunway Gardens Phase 3 in Tianjin, China.

Sunway Property will continue to expand its footprint in Singapore and China while exploring opportunities to acquire strategic landbanks in Southeast Asian emerging markets such as Vietnam and Indonesia.

A Master Community Developer Promise: “We care, we stay with you for generations”

Sunway Property, the Master Community Developer, has completed over RM 1.4 billion worth of investment properties in 2022 across Sunway City Kuala Lumpur, Sunway City Iskandar Puteri, and Sunway Seberang Jaya through its renowned build-own-operate (BOO) business model. In 2023, the company plans to invest in integrated townships and complete RM 1.1 billion worth of investment properties. Sunway Property will expand its extreme park in Sunway City Iskandar Puteri with the X Park 2 to include catamaran and horse-riding facilities.

Sunway Property is committed to achieving net zero carbon emissions by 2050 and having all its assets green-building certified by 2025. The company will also continue to invest in Corporate Social Responsibility programs. Sunway Property Pals+ (SPP+) program will be enhanced, extending its Care+ cleaning service to other Klang Valley developments, and SPP+ community will enjoy the newly curated Reward+ experience with Sunway Sanctuary, a flagship senior living residence.

Sunway Property considers itself a ‘living community’ serving another ‘living community’ and plans to celebrate its 50th anniversary next year. The company aims to continue to strive for a better future alongside its communities as it serves them for generations to come.

Housing units at Ideal Residency, an affordable housing project by Ideal Property Group in Bukit Gelugor, are selling fast like hotcakes as the state government today confirmed that 97.5 per cent of units there have been sold.

State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo said out of the 1,218 units, 1,188 units have been sold.

“This clearly shows the demand for such affordable housing projects in Penang.

“During my last visit here in October 2021, the progress was only at two per cent, while today, I can confirm that the project is now 25.12 per cent completed.

“Despite challenges faced during the Covid-19 pandemic, I am happy to witness that the project is making good progress now, and as I understand, it is expected to be fully completed in Quarter One of 2025,” Jagdeep said during his visit to the construction site of the project in Bukit Gelugor yesterday.

Located on an 8.075-acre site, the project is a single-block apartment with 49 floors. Forty-one floors will consist of housing units, six floors will be dedicated to parking lots, while two will be used as recreational spaces.

Facilities such as a swimming pool, recreational park, gymnasium, community hall, badminton and basketball courts will be made available.

In a related development, Jagdeep also said that so far, a total of 142,647 units of affordable homes and Rent-To-Own units are in various stages of development as the state strives to achieve its vision of completing 250,000 units by 2030.

Among those present during the visit earlier were Penang Housing Board chief operational officer Mohd Fauzy Mohd Yusoff and Penang Island City Council (MBPP) Town Planning and Development Department director Mohd Bashir Sulaiman.

Source: Buletin Mutiara

The Real Estate and Housing Developers’ Association Malaysia (Rehda) yesterday said their members are inclined to increase the housing price this year due to several factors.

Its president Datuk NK Tong said among the biggest issue found in their reports are the high cost of building materials as well as increasing labour costs which saw the average increase of construction cost to 17 per cent in the second half of 2022 (2H 2022).

He said the economy now is also “inflationary” and will remain so for a while, thus cost will remain high.

However, Tong did not reveal how much increase housing developers had asked, only that it will be a “two digit” in percentage increase.

“That is why I said the developers have no choice but to consider increasing the price.

“To protect the homeowners that they sell the homes to in order to complete the project,” he said during the question and answer session at the media briefing for Rehda property industry survey second half of 2022 and market outlook for 2023.

The survey, which included 136 respondents from developers who are Rehda members, saw that while the current economy situations had improved from 2021 and the pandemic, the cost increase had affected operations.

The study showed in 2H 2022, 75 per cent of respondents reported an average increase of 13 per cent in the overall costs of doing business (1H 2022:82 per cent of respondents; 17 per cent average increase).

Meanwhile, 94 per cent of respondents are said to be affected by the current economic scenario, and have taken various cost-cutting measures including freezing recruitment, reducing salary, rescheduling the launch of planned projects and reducing the scale of launches.

“Similar to 1H 2022, respondents reported that the three main cost components affecting cash flow were material and labour cost, compliance cost including but not limited to policies, contributions, planning requirements and so forth and land cost,” he said.

However, the developers are seen to be more optimistic in 2H 2022 with 66 per cent of respondents stating that they are optimistic with another 4 per cent, very optimistic, compared to 55 per cent optimistic and 3 per cent very optimistic in the first half last year.

2H 2022 also saw the launching of 9,669 units, an increase of 23 per cent from 7,843 units in 1H 2022.

The most popular property are residential serviced apartment and two-storey terraces priced below RM500,000 — especially in Seremban and Johor Baru.

However 61 per cent of the respondents reported that they have unsold residential units with the majority of them priced above RM1 million.

This is due to the end-financing loan rejections, unreleased Bumiputera plot and low demand.

Source: MalayMail.com