The reinstatement of movement control order (MCO 2.0) and the surging number of Covid-19 daily new cases might have dampened the market sentiment, but the industry leaders do not foresee the property prices continuing to move downwards as current price has bottomed. Real Estate and Housing Developers Association Malaysia (Rehda) Malaysia president Datuk Soam Heng…
Read MoreThe Federal Court has ruled that the calculation of the late delivery payment or Liquidated Ascertained Damages (LAD) to begin from the date the booking fees is paid to the developer, instead of the signing of the sales and purchase agreement (SPA). Chief Justice Tengku Maimun Tuan Mat said the Housing Development (Control & Licensing)…
Read MoreProperty developer EcoFirst Consolidated Bhd, through its wholly-owned subsidiary Opal Horizon Sdn Bhd, is buying seven parcels of land in Sungai Buloh, Selangor for a combined RM70 million. The land, which Opal Horizon entered into a conditional sale and purchase agreement (SPA) with Radiant Nature Sdn Bhd (RNSB), is intended to be developed into a…
Read MoreAlthough the residential market showed a slight recovery post-Movement Control Order (MCO) 1.0, with selected developers reporting improved bookings, supported by the low-interest-rate environment and pent-up demand and reintroduction of the Home Ownership Campaign, the recent spike of Covid-19 cases, leading to the reimplementation of MCO till Jan 26, 2021, will likely derail market recovery…
Read MoreAs more foreclosed properties enter the market due to the economic fallout from the COVID-19 pandemic, there is a dire need to make auction a viable option in selling foreclosed properties. Two academicians – Associate Professor Dr Wong Woei Chyuan of the School of Economics, Finance & Banking, Universiti Utara Malaysia and Associate Professor Dr Janice Lee Yim Mei of Henley Business…
Read MoreThe most anticipated merger deal between Eco World Development Group Bhd (EcoWorld) and UEM Sunrise Bhd has been called off after three months of discussions. Both companies have issued press statements on Jan 13 to announce their decisions to cease merger talks. The talks, which started in October last year, had captured the industry’s attention,…
Read MoreUEM Sunrise Bhd has ended all discussions on the proposed merger with Eco World Development Group, following EcoWorld’s earlier announcement on calling off the proposed merger deal. In a media statement on the night of Jan 13, UEM Sunrise said it will continue to focus on the implementation of its growth strategies to maintain its…
Read MoreChin Hin Group Property Bhd has proposed to acquire a 1,943 sq metre vacant land in Kuala Lumpur for RM20.91 million to develop office lots. The group said BK Alliance Sdn Bhd, its indirect 51%-owned unit, is buying the land from Suez Domain Sdn Bhd. The 94-year lease on the land expires in 2112, it…
Read MoreIt has been officially announced that the Kuala Lumpur-Singapore high-speed rail (HSR) is terminated. As a result, it seems to be bad news for property developments that hoped to ride on the “potential” of the mega project. There is of course still hope of a Malaysian effort only HSR from KL to Johor Bahru but…
Read MoreIt is no secret that the real estate market has been deeply affected due to the Covid-19 pandemic. In Asia Pacific, JLL foresees a new cycle appearing as a result of the hampering from the Covid-19 pandemic. With optimistic news on the distribution of the Covid-19 vaccine, the real estate market is expected to rebound…
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