“Unreleased Bumiputera lots and loan rejections by banks are the top reasons for the unsold units,” said Rehda president Datuk Seri Fateh Iskandar Mohamed Mansor

The number of unsold property units in Malaysia have increased due to unreleased Bumiputera lots and loan rejections, says the Real Estate and Housing Developers Association (Rehda).

The percentage increased by 14% in the first half of 2015 ended June 30, 2015 from the preceding half ended Dec 31, 2014, according to Rehda’s survey. Most of the units which were unsold were in Kedah, Penang, Selangor and Johor.

Also the Rehda Property Industry Survey for the first half of 2015, the number of unsold units rose to 78% from 64% in six months before and 57% in the first half ended June 30, 2014.

“Unreleased Bumiputera lots and loan rejections by banks are the top reasons for the unsold units,” said Rehda president Datuk Seri Fateh Iskandar Mohamed Mansor during a press conference on Friday.
He said the percentage of potential property buyers who had failed to secure loans had increased from 29% in the second quarter of last year to 35% during the first half this year.

Most of the loans rejected, he said, were those involving residential property priced between RM250,001 and RM500,000 and between RM700,001 to RM1mil.

Respondents of the survey were 125 property developers, who are Rehda members.

He said respondents of the survey indicated that the Goods and Services Tax (GST) had increased the overall cost of doing business, as well as pushed up property prices.

He said 80% of the respondents cited a cost increase of between 3% and 5% while 67% of the respondents indicated between 3% and 5% hike in house prices due to GST.

Respondents of the survey were pessimistic about the outlook for the property market in 2H 2015, but pessimism was expected to reduce in the following six months, he said.

Source: TheStar.com.my

GUH Holdings Bhd is buying land to develop a light industrial park in Seberang Perai — a plan to cultivate future earnings growth in its property division.

In a filing with Bursa Malaysia, GUH Holdings said its unit GUH Realty Sdn Bhd entered into a sale and purchase agreement (SPA) with Leader Holdings and vendor Thow Gooi Chee to acquire the pieces of land measuring 4.9ha in Ladang Valdor, Seberang Perai Selatan, Penang, for RM22.6 million.

It said the lands, one measuring 2.61ha at RM12.08 million and the other 2.27ha at RM10.5 million, are strategically located in the southern Penang district which has seen the initiation of several government economic programmes such as the Batu Kawan Industrial Park development.

GUH Holdings believes there would be a growing demand for light industrial factories from small and medium size suppliers who would want to be located close to their customers.

“The proposed acquisitions are in line with the ongoing plan of the GUH group to increase and diversify its property land bank in strategic locations with high development value.

“The subsequent proposed development of a light industrial park is part of the GUH group’s continuous effort to increase and sustain its earnings growth in the property development segment,” it said.

It estimated that the proposed acquisition would be completed in six months.

Source: TheEdgeMarkets.com

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Time to discover your dream home

The Star Property Fair 2015 will return to Penang’s Queensbay Mall from Oct 1 to 4, once again bringing together leading developers and agencies.

Home-hunters and investors can look forward to exploring choice offerings both in Malaysia and abroad.

The vast array of products by some 30 exhibitors range from luxurious landed and high-rise residences to affordable homes.

Be it your first home or an upgrade from an existing one, these developments, each offering unique lifestyle concepts, will spoil you for choice.

Complementing them are retail and office spaces, integrated developments and investment schemes, catering to those who seek growth opportunities.

Among the names slated to parti- cipate this time are BSG Property, EcoWorld Development, Seni Bahagia, Asia Green Construction, Nusmetro City, GSV Development and Reka Indah Development (Pg).

Also on board are Tropicana Ivory, Tropicana Macalister (Penang), Palmex Industries, OSK Properties, MPSB Venture, Sonata Resources, Atlantic Blue, ZEON Properties and UEM.

There is also Sunway Grand, BSB Land, Mah Sing Group, Oasis Garden Development, Ideal Property Group, Putra Nilai Development, Aroma Development, Innoceria and GIC Property.

Booths will be located throughout the mall’s ground floor at the centre concourse, centre zone, north zone and south zone, as well as lower ground level.

And just like previous editions, the fair, which is the biggest in Queensbay Mall, will also feature various exciting activities like pro-perty-related talks and contests offering great prizes.

Opening hours are from 10.30am to 10.30pm daily. Admission is free.

Source: TheStar.com.my

Penang launches heritage arts district in heart of George Town

Penang is set to have its very own Heritage Arts District on a 2.2ha land in the heart of George Town, which will also feature a RM30 million museum, to be called the Ilham Penang.

Chief minister Lim Guan Eng, who today witnessed the signing ceremony between Penang Development Corporation (PDC) and Haji Zainuddin Foundation to set up the museum, said that the privately funded public art museum would be a catalyst for urban regeneration in George Town.

“Penang is extremely excited with this new proposed development because every renowned international city in this world has within its walls a collection of iconic and illustrious art museums,” Lim said in his speech.

“Ilham Penang, when completed (in 2018), will certainly go a long way towards making Penang an international destination of choice.”

The project, dubbed “Sia Boey: Reborn project”, will see the development of the abandoned Sia Boey market in the Prangin area in George Town costing the state some RM100 million to implement.

The Haji Zainuddin Foundation will invest RM30 million to build Ilham Penang, which will cover 45,000 square feet of space, making it the largest art gallery in Malaysia.

“Besides this, PDC will be investing an additional RM70 million to make Sia Boey, the Penang Heritage Arts District.

“In line with George Town’s World Heritage status, the dilapidated heritage shophouses will not be torn down but will be meticulously restored, to be occupied by art galleries, studios, schools and work spaces.

“We have never done this before. But we are boldly going ahead and treading where we never ventured before,” Lim added.

Also present at today’s launch was Petaling Jaya Utara MP Tony Pua – one of the brains behind the project, and Ilham Gallery’s creative director Valentine Willie, who praised the state government for allocating the prime land for the project.

“This is an extraordinary act by the state government to give back prime land to its people,” he said.

Source: TheMalaysianInsider.com