Automatic moratorium on loan repayments will be granted to small and medium enterprises (SMEs) and individuals — an additional measure taken by Bank Negara Malaysia to relieve the burden on businesses and households that are expected to be affected by the COVID-19 outbreak.

The central bank has written to the commercial bank to inform them of the new measure that will last for six months.

In a document sighted by The Edge, BNM noted that to ease the cash flow of SMEs and individuals that will be affected by the COVID-19 outbreak, banking institutions will grant an automatic moratorium on all loans/financing repayments/payments, principal and interest (except for credit card balances) to individuals and SME borrowers/customers for a period of six months from April 1, 2020.

The automatic moratorium is applicable to the loans/financing that are not in arrears exceeding 90 days as at April 1, 2020 and denominated in the ringgit, it added.

“Banking institutions should provide individuals and SMEs with adequate information on how the suspended loan or repayments will be treated during the moratorium period and options for the borrowers/customers to resume repayments/payments after the moratorium period, particularly if they anticipate that they may still face some difficulty meeting scheduled repayments/payments,” BNM said in the letter.

As for outstanding credit card balances, BNM said banking institutions shall offer customers the option to convert their credit card balances into a term loan/financing of a tenure of not more than three years and an effective interest/profit rate of not more than 13% per annum.

“The implementation of the Net Stable Funding Ratio (NSFR) requirement shall continue to be effective on July 1, 2020. However, the minimum NSFR requirement applicable on July 1, 2020 is lowered to 80%. Banking institutions shall maintain a minimum NSFR requirement of 100% from September 2021,” the letter stated.

The Edge has reached out to BNM on this and will update the central bank’s response.

Source: EdgeProp.my

Malaysia’s Movement Control Order (MCO) currently taking place to curb the spread of the COVID-19 virus outbreak in the country must include property management in its list of essential services.

“This is a major issue. Property management is not considered an essential service although it ensures all services such as cleaning, security, lift maintenance and utilities supply are not interrupted in buildings.

“This is especially so in multi-storey residential buildings. Residents, users and the public at large rely on property managers to ensure that their buildings continue to be safe and function as normal,” the Malaysian Institute of Property and Facility Managers (MIPFM) president Adzman Shah Mohd Ariffin told EdgeProp.my via email.

Unfortunately, with the lack of understanding from the government, the property managers are not given the authority to carry out their duties during the MCO period, he lamented.

“Therefore, we urge the government to quickly add property management services in the list of essential services so that property managers can carry out their duties diligently and without any disruption. At present, property managers risk exposure to COVID-19 as well as being arrested by the authorities in carrying out their duty,” he pointed out.

Echoing the call, Henry Butcher Malaysia (Mont Kiara) Sdn Bhd executive director Low Hon Keong said without property management, essential services such as lifts, rubbish collection, electricity and water supply may not be delivered properly.

“It can be said that a strata scheme is incomplete without property management. Hence, whether we like it or not, property management is vital in ensuring the operational aspects of a residential scheme. Otherwise the welfare of the building occupants might be jeopardised,” Low shared with EdgeProp.my in a separate email interview.

He added that the Ministry of Housing and Local Government (KPKT) and local authorities (especially the Commissioner of Buildings) could provide clearer and standardised written directions to property managers.

“As property managers, we are managing a significant number of sites which are located at various places across the country. Hence, we cannot afford to be receiving different local authority directions on an issue that is considered a global issue.

“For instance, the closure of management offices and common facilities such as swimming pools and more. There is no definite guideline on these even though we have thousands of strata schemes and gated-and-guarded properties in the country,” said Low.

“The Board of Valuers, Appraisers, Estate Agents and Property Managers
(BOVAEP) could also be more involved in advising its members so that we have a clearer course of action,” he added.

He said the property management industry is facing an extremely challenging period with the outbreak of COVID-19.

“The decision to implement the MCO is a good and brave decision made in view of the increasing number of infected cases. However, from the perspective of a property manager, this order has unlocked a set of new challenges that we need to tackle urgently.

“Since none of us has gone through this situation before, this is the time for us to utilise our experience and common sense in providing practical solutions in compliance with the MCO,” said Low.

Source: EdgeProp.my

Yet another proposed residential development by Grandpalms Development Sdn. Bhd. (subsidiary of WHH Land) at Bukit Mertajam. Located along Jalan Machang Bubok, this development is only a mere minutes drive from Bukit Mertajam town centre. Neighboring communities include Tropicale Residency, The Navens, Hillpark Residences, and a few others.

This development comprises three 19-storey residential towers, featuring a total of 580 condominium units with underground car parks.

The project is still pending for approval. More details will be available upon official launch.

Project Name: (to be confirmed)
Location : Machang Bubok, Bukit Mertajam
Property Type : Condominium
Total Units : 580
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Grandpalms Development Sdn. Bhd. (WHH Land)

Location Map:

Penangites living on the island are advised not to go to the mainland side of the state without a valid reason, Northeast District Police chief Assistant Commissioner Soffian Santong said today.

He said police will conduct a roadblock at the entrance to the Penang bridge and stop those without valid reasons from driving to Seberang Perai.

“If you live on the island, you are not allowed to go to Seberang Perai without valid reasons, so we will instruct those without valid reasons to take the road back to town or Bayan Baru,” he said in a brief press conference while checking on one of the roadblocks set up on the island at Tun Dr Lim Chong Eu Expressway.

He said only those who are able to provide valid reasons such as those working in the essential services sector with proof will be allowed to go.

Soffian said there will also be roadblocks on the mainland side to question every motorist coming from the bridge.

Today, a total 99 army personnel have been deployed to assist the police in the northeast district on the island.

Soffian said three army personnel will be stationed at each of the four roadblocks in the district at any one time.

“The roadblocks at Batu Ferringhi, Paya Terubong, Batu Uban and here will be held round the clock so there will be four different shifts for those on duty,” he said.

Additionally, he said 10 police multi-purpose vehicles (MPV) will patrol the streets of George Town throughout the day.

He said army personnel will also be assisting the patrol teams especially at popular recreational spots and places of worship.

A total of 351 personnel from the police force are involved in these enforcement actions in the northeast district.

Soffian said many people are still taking the movement control order (MCO) lightly.

“Though many we stopped at roadblocks had valid reasons such as working in essential services, there are still those who are out visiting friends and relatives,” he said.

Soffian said there was even one man who drove from Bayan Baru to George Town purportedly to buy food because the food in town was “more delicious”.

“Some are coming back from the mainland without any reasons for being there in the first place,” he said.

Soffian reminded the public to stay home at all times and to adhere to the MCO.

“This is not a holiday, please stay home,” he said.

Source: MalayMail.com

About Triuni Residences

The third phase of The Sanctuary development, featuring three residential towers, with a total of 552 condominium units. It is strategically located within the established township of Batu Uban, next to The Sanctuary (Phase 1). Just a mere minutes drive from University Science Malaysia and Penang bridge.

Find out more about Triuni Residences

Find out more from the video below (taken Oct 2018)