The outlook of the property sector remains challenging for the next one year with most developers still assessing the economic situation and deliberating whether to continue or defer future launches.

AmResearch said this in a report to clients adding that it believed that consumer sentiment remains weak for the time being with spending mainly focused on necessities while big-ticket items such as properties take a back seat. “We are maintaining our ‘neutral’ view on the property sector as the outlook remains challenging in the next 12 months, it said.

The Covid-19 breakout has caused a “major upheaval” in the global economy, it said adding that Malaysia’s movement control order (MCO) which was put in place from March 18 to May 12 had put the economy at a pause for almost two months.

However, the outfit said developers under its coverage have reasonable amount of unbilled sales, hence they shall remain profitable in FY2020 FY2021.

“Companies such as S P Setia, MRCB, Ecoworld, Titijaya Land and UEM Sunrise have many projects still in their early stages, hence we do not expect strong revenue recognition in the next 12 months, ” it said.

On the other hand, it said it remained cautious on the financial leverage of some companies as it is one of the key factors to their survivability during an economic downturn.

Nevertheless, based on its data, the outfit said the net gearing of developers under its coverage was still under control, averaging at about 36% while interest coverage remained strong at around eight times.

“We expect the affordable segment to perform better, driven by its mass market, especially demand from young professionals and families due to continued urbanization, ” it said, adding that this was well reflected by the move by the majority of local property developers to focus on this segment. On another note, AmResearch said it viewed the long-term outlook for real estate investment trusts or REITs to be positive given the diminishing rate of Covid-19 infections in Malaysia while several stimulus plans by the government provide greater earnings visibility.

“Furthermore, Malaysian REITs’ dividend yields of more than 4% on average for FY2020 and more than 5% for FY2021 and beyond, offer attractive returns compared to the current low interest rate environment.”

It said it may upgrade the property sector to “overweight” if banks are to ease lending policies on properties or if consumer sentiment was to improve significantly.

Likewise, it may downgrade its “neutral” stance for the property sector to “underweight” if the banks are to tighten further their lending policies on properties or consumer sentiment is to deteriorate further.

Source: TheStar.com.my

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The Penang government plans to regenerate aged public housing schemes in the state to cater to current needs.

State Local Government, Housing Development and Town and Country Planning Committee chairman, Jagdeep Singh Deo, said five housing projects have been identified for the regeneration exercise.

They are Padang Tembak, Taman Free School and Mahsuri 5 Point Block on the island; and Mak Mandin Lama and Taman Siakap on mainland. Mahsuri 5 Point Block is expected to be the pilot project in this effort.

“Regeneration saves maintenance costs,” he said, adding that the maintenance of buildings is very costly for authorities.

Jagdeep said the Padang Tembak project, meanwhile, could offer huge benefits in terms of compensation for the owners of 3,000 units there.

“The regeneration exercise is a good move – but let us see how it goes.

“We hope we can begin with the Mahsuri project. The feedback so far from the people has been encouraging, with over 90 per cent welcoming the project,” he told reporters here, today.

However, Jagdeep said it is more viable and feasible to carry out a new project, as it would not involve a high cost.

“Plus, a new building can last longer.

“The other reasons are that facilities at existing (old) buildings are not suitable. In Padang Tembak, for instance, every unit is only between 300 sq ft and 400 sq ft, whereas we have guidelines where affordable homes should not be smaller than 700 sq ft.

“Moreover, other facilities such as security and recreational facilities, which are requirements now, were not requirements in the past,” he said.

Jagdeep said that a challenge the Penang government would face in a regeneration exercise is the legal aspect, as all unit owners would need to agree to the exercise prior to it being approved.

Earlier, Jagdeep talked to reporters about the issue of unoccupied homes in the state which have become the breeding grounds of pigeons and the site of nuisance.

He said 16 notices have been issued to owners of unoccupied homes as of this month.

Source: NST Online

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Two residential units in a condominium near Batu Feringghi today received a warrant of detention of movable property from Penang Commissioner Of Building (COB) for Penang City Council (MBPP).

Penang COB Director, Sr. Nik Ariff Long Dir said, the warrant was issued in accordance with Section 35, Strata Management Act 2013 (Act 757).

He said the warrant was issued at the request of the Joint Management Body (JMB) Edan Fairview due to the failure of the two residential units to pay maintenance fees amounting to RM9,802.60 and RM12,347.87 respectively.

“This warrant aims to recover the arrears apart from court action. This is an option by JMB to ask the homeowner to clear the outstanding maintenance fee.

It is hoped that the firm action today will send a clear message to buyers and owners not to disregard their responsibility under the law to pay the monthly maintenance fees to ensure that management and maintenance in a strata building can run smoothly.

Also present were JMB Eden Fairview Chairman Khoo Boo Yeang and JMB Eden Fairview Lawyer Willie Ong.

According to Nik Ariff, the latest warrant today is the fifth warrant issued since 2018.

For the first unit, the owner of the premises involved promised to settle the arrears this afternoon while the second unit was found unoccupied.

Therefore, the MBPP acted to enter the premises to seize movable property in accordance with the legal provisions.

Meanwhile, Willie Ong in his statement said that unit one has arrears from December 2015 to January 2020.

“The second unit has been in arrears from April 2015 to January 2020 where arrears for all other dependents during the seizure must be paid by the unit owner,” he said.

It is understood that within 14 days, the owner can reclaim the movable property if he can settle the arrears.

However, if they fail to do so, the movable property will be auctioned off.

Source: Buletin Mutiara