The government has instructed banks to automatically approve applications to freeze loan repayments by applicants in the bottom 40% income group (B40) as well as micro-enterprises with debts of below RM150,000.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz (pictured) announced this today during his winding-up speech on Budget 2021 in Parliament.

As for those in the middle 40% income group (M40) seeking a reduction in monthly installments, they would have to make a self-declaration with the banks, but can do so without documents.

Zafrul also said those who do not fall under any of the above categories can ask their banks directly about repayment assistance.

He said more than 700,000 Malaysians had applied for the second moratorium phase, now under Budget 2021, with some 98% of applications approved.

He added that the government will be consulting with banks moving forward and that Putrajaya is committed to helping the people if the situation worsens due to the Covid-19 pandemic.

Source: EdgeProp.my

Penang has been named as one of the “11 Best Islands for Retirement Abroad” by International Living, a website that covers global retirement or relocation opportunities, earlier this month.

The other islands which made into the list were Mallorca in Spain, Ambergris Caye in Belize, Ireland, Roatan in Honduras, Isla Mujeres in Mexico, Malta, Isla Colon in Panama, Bali, Koh Samui in Thailand and Las Terrenas in Dominican Republic.

In an article published on thinkadvisor.com today, a caption on Penang read: “Penang, off the coast of Malaysia, is former British Empire outpost with an English-speaking populace.

“Penang’s largest city, George Town, is home to eclectic architecture, a vibrant art scene, and terrific street food.

“As Penang is located in the middle of Southeast Asia, resident can easily reach other destinations in the region as well as Australia and New Zealand.

“A couple can live well on a monthly budget of between $1,500 and $2,500.”

International Living’s executive editor Jennifer Stevens had said that on each of the 11 islands they highlighted, it was possible to live comfortably on a modest income.

Stevens had also said that with a budget from $2,500 a month for a couple, it stretched quite nicely in places where life was simple and the pleasures of sunshine, sand and surf were included, all for free.

Chief Minister Chow Kon Yeow has taken to his official Facebook page to say that Penang was proud to be named alongside 10 other best islands for retirement abroad.

Aside from being known as a cultural melting pot, he said, George Town in Penang was also listed as a Unesco World Heritage Site in 2008.

“In addition to that, Penang has already been recognised as the street food haven by many visitors.

“Most importantly, our Penang Lang (the people of Penang) are warm and friendly,” he added.

Last month, Penang’s assam laksa made it into the list of “The World’s 50 Best Foods” by CNN Travel.

In June, George Town made it into the list of “The 10 Best Destinations for Digital Nomads”, with good cost of living, ample co-working spaces, good level of free Wi-Fi and friendliness.

The survey carried out by Storage Cafe, an online platform that lists self-storage units for rent, polled a number of digital nomads to whip up the list of the best destinations for remote workers.

It conducted research on the 100 most recommended locations based on 20 factors such as cost of living, quality of life, friendliness to foreigners, internet infrastructure, safety, healthcare, air pollution and entertainment.

Source: NST Online

Ivory Properties Group Bhd (IPGB) said it has received the shareholders’ approval for the acquisition of two pieces of adjoining freehold land, totaling 1.98 hectares (ha), located opposite Penang Queensbay Mall.

The announcement was made following IPGB’s virtual Extraordinary General Meeting (EGM) today, in which shareholders and proxies participated in the meeting via live streaming, and voted in favour of the resolution.

In a statement, IPGB said the strategic purchase was in line with the company’s plan to expand its landbank in locations with growth potential and strengthen its foothold in the property market in Penang.

Some RM20bil worth of residential properties remain unsold due to an overhang, says Housing and Local Government Minister Zuraida Kamaruddin (pic).

“Based on the First Quarter 2020 Property Market Report by the National Property Information Centre (Napic), a total of 31,661 completed units remain unsold with a value of RM20.03bil,” she said when answering a question by Datuk Ahmad Jazlan Yaakub (BN-Machang) in the Dewan Rakyat on Wednesday (Nov 25).

She added that this was an increase of 3.3% in the number of unsold units and an increase in the value compared to the same period last year.

There were 30,664 unsold units worth RM18.82bil in the first quarter of 2019.

Zuraida said the overhang in residential units was due to several factors such as a mismatch in pricing and location.

She added that the difficulty for potential buyers in obtaining bank loans was also a factor.

To overcome this, she said that her ministry is currently developing a Housing Integrated Management System (HIMS) to replace the current data record system.

The new system, she added, would contain details such as developers’ licence, management and control of projects, enforcement, and residential ownership in private housing projects.

She said the new system is expected to be completed by the middle of next year.

However, she acknowledged that state governments have control over housing development projects in their states.

In this respect, Zuraida said her ministry will carry out an analysis on the housing sector in the first quarter of next year.

She added that the data from the analysis will be used as a basis for the ministry to advise the state governments to better plan and implement housing policies.

Source: TheStar.com.my

Stern actions will be taken against joint management bodies (JMBs) and management corporations (MCs) that fail to comply with the COVID-19 standard operating procedures (SOP) to curb the spread of COVID-19 in stratified buildings.

State Housing, Local Government and Town and Country Planning Committee chairman Jagdeep Singh Deo said that no punishment has been issued so far and a majority of the stratified buildings in Penang have adhered with the SOPs gazetted by the Ministry of Health (MOH) since April 6 this year.

He said that to date, over 1,400 high-rise buildings in Penang have conducted SOP compliance checks and recorded an SOP compliance rate of over 99%.

“Meanwhile, those (stratified buildings) that did not comply with the SOP have been given warnings so that they (JMBs and MCs) are aware and make necessary changes.

“I have warned both city councils that if any of these premises still did not comply with SOP, firm actions will be taken,” he told a press conference here today.

Jagdeep said that the SOP in stratified buildings should be highly addressed as the dense population within the small area served as a potential threat against COVID-19 infection.

According to him, there are 1,881 registered stratified buildings in Penang.

“Up until now, prevention is still better than cure and the only thing we, Penangites can do is to comply with the SOP. We do not want one or two individuals to jeopardise the health and security of every other Penangites,” he added.

Source: EdgeProp.my