The undersupply of affordable houses in Malaysia may worsen, given current income and demographic factors, according to Bank Negara Malaysia’s 2016 Annual Report.

Bank Negara said since 2012, the increase in house prices in the country had outstripped the rise in income levels.

“Consequently, prevailing median house prices are beyond the reach of most Malaysians. This is primarily attributable to a gross mismatch between housing supply and demand, amid diverging expectations between households and developers.

“The issue has been compounded by the fact that the distribution of new housing supply has been concentrated in the higher-priced categories. The undersupply of housing is particularly acute in the affordable housing segment,” Bank Negara said.

Looking ahead, Bank Negara said a carefully-designed strategy of policy intervention would be required for the housing market to ensure it is able to accommodate households of all income groups.

Bank Negara said government and private sector commitment is needed to meet demand for affordable houses in the country.

“The establishment of a central agency to consolidate the provision of affordable housing, as well as a central repository, is key.

“Additionally, reducing costs associated with the development of affordable housing through the implementation of cost-saving and productivity-enhancing technologies would increase the speed and scale of delivery of affordable housing projects, going forward,” Bank Negara said.

On the demand side, Bank Negara said development of the rental market to bridge the affordability gap could relieve pressure on the government to build all the affordable housing needed.

This should be complemented by more innovative schemes to fund delivery of affordable houses, according to the central bank.

Source: TheEdgeProperty.com.my

Penang has made the tourism headlines again after Gurney Drive was listed in the “Best streets for tourists to visit around the world: 25 to see before you die” list by Traveller, an Australian travel resource.

Gurney Drive was in 13th place which is sandwiched by Hollywood Road in Hong Kong at 12th and The Dark Hedges of Northern Ireland at 14th.

“The seafront promenade in Penang offers some of the best street food in all of Asia,” the website noted.

Chief Minister Lim Guan Eng at a press conference today with state Tourism Development Committee chairman Danny Law lauded the achievement.

He noted Penang was one out of four Asian cities to have made the list with Hong Kong in 12th, Khao San Road of Bangkok in 19th and Shijo Avenue of Kyoto in 23rd while the Champs-Elysees of Paris was first.

“The state government will continue to develop the tourism industry in Penang,” he added.

The recent accolade adds to a growing list of recognition after CNN recommended Penang as one of the 17 best places to visit for 2017 in January this year.

This was followed by a CNN travel article in February which noted the state should not only be known for good food but also for street art, Penang Hill, Balik Pulau and the Thaipusam festival.

Source: TheSundaily.my

Hijauan Hills, a master-planned township development by Asas Dunia Berhad at Simpang Ampat. Located on a 450 acres of rolling hills land, rising to a maximum height of 95 meters above sea level. It is adjacent to SMJK Jit Sin II (Seberang Perai Selatan), just a mere minutes drive to Pearl City development by Tambun Indah Berhad.

This township will be developed in multiple phases, consists of the following components:

• 2-storey clustered semi-detached (364 units) – Phase 1 [Luna]
• 1-storey terrace (104 units, strata)
• 2-storey terrace (561 units, strata)
• 1-storey semi-detached (118 units, strata)
• 2-storey semi-detached (804 units, strata)
• 2-storey bungalow (251 units, strata)
• 2-storey shop office (176 units)
• 1-storey shop office (2 units)
• 3-storey shop office (1 unit)

Project Name : Hijauan Hills
Location : Simpang Ampat, Penang
Property Type : Township development
Total Units: 364 (Phase 1 – Luna)
Indicative Price: (to be confirmed)
Developer : Asas Dunia Bhd.

Location Map:

Another proposed residential development by Asas Dunia at Alma, Bukit Mertajam. Strategically located within established neighbourhood, about 15-minute drive from Juru Auto-City and Penang Second Bridge. It is only a mere minutes drive to AEON Mall and Tesco Hypermarket.

The development comprises a mix of 2-storey bungalo, semi-detached and terrace houses:

• 2-storey bungalows (19 units)
• 2-storey semi-detached type A (30 units)
• 2-storey semi-detached type B (42 units)
• 2-storey clustered semi-detached (78 units)
• 2-storey terrace type A (110 units)
• 2-storey terrace type B (39 units)

This project is still pending for approval. Details to be available upon project launch.

Project Name : (to be confirmed)
Location : Alma, Bukit Mertajam, Penang
Property Type : Residential
Total Units: 19 (bungalow), 150 (semi-d/cluster), 149 (terrace)
Indicative Price: (to be confirmed)
Developer : Asas Dunia Bhd.

Location Map:

Property developer Eco World Development Group Bhd is confident of hitting its sales target of RM4bil this year after securing more than RM900mil in the first four months of the company’s current financial year ending Oct 31, 2017.

President and chief executive officer Datuk Chang Khim Wah said sales this year would be driven by 15 of the company’s ongoing projects, as well as several new ones planned for launch in the second half of this year.

The company plans to launch Eco Forest and Eco Business Park V in the Klang Valley, as well as Eco Sun and Eco Horizon in Penang.

“We plan to launch the projects either in the third or fourth quarter of this year,” Chang told reporters after the company’s AGM here.

Eco Forest has a gross development value (GDV) of RM3.5bil; Eco Sun and Eco Horizon have a collective GDV of RM7.76bil and Eco Business Park V a GDV of RM2.75bil.

“Going forward, we’re confident of meeting our sales target for 2017,” said Chang.

Eco World’s net profit surged 461% to RM116.17mil in the first quarter ended Jan 31, 2017 compared with RM20.67mil in the same period last year, due to a gain on dilution of its equity interest in Paragon Pinnacle, a unit of the company.

The developer saw revenue for the quarter jumping to RM592.71mil against RM463.51mil previously.

Eco World said the percentage increase in net profit was significantly higher than the percentage increase in revenue mainly due to the inclusion of a gain of RM94.8mil which arose from the application of FRS 10 – consolidated financial statements to recognise the impact of the change in the company’s interest in Paragon Pinnacle from a 100% subsidiary to a 60% joint venture.

This took place following the subscription by the Employees Provident Fund of 40% of Paragon Pinnacle’s enlarged share capital pursuant to the terms of the subscription and shareholders’ agreement between the parties.

Eco World said in the case of Paragon Pinnacle, the successful launch of Eco Grandeur, the development activities and other work performed since the acquisition of the land in Ijok had substantially enhanced the fair value of its underlying assets.

Accordingly, the value of the company’s retained 60% equity interest in Paragon Pinnacle has increased, resulting in the gain being recorded on the day the dilution took place.

For the first four months of the current financial year, the company secured RM955mil in sales, which was 57% higher than the RM607.8mil achieved in the first four months of 2016.

A total of RM797mil was contributed by projects in the Klang Valley, while the remaining RM158mil was from projects in Johor and Penang.

Chang said Eco World’s landbank stood at 8,000 acres, with 55% in the Klang Valley. The company has remaining landbank in Iskandar Malaysia, Johor and Penang.

“About 2,500 acres have already been developed,” he said.

Source: TheStar.com.my