The Malaysian Institute of Professional Estate Agents and Consultants (MIPEAC) says it believes the proposed implementation of a vacancy tax is untimely during the current weak property market as it may further erode the sector and the economy. “MIPEAC deems such a legislation ineffective to solve the overhang issue,” the institute said in a statement…
Read MoreThe rapid increases in property prices in the country suggest that the number of Malaysians able to afford homes may have decreased, as the household median income rate has not doubled over the past years, says MyProperty Data Sdn Bhd. It said its analysis revealed that houses priced at RM300,000 and below recorded in the…
Read MoreThe proposed vacancy tax slated for next year would be seen as a positive move by the government as it inculcates planning in housing development, said iProperty.com.my, a unit under REA Group Asia. REA Group Asia customer data solutions general manager Premendran Pathmanathan said it is a matter of time before the government implements it, as there…
Read MoreProperty developer Paramount Corp Bhd slipped into the red in the second quarter ended June 30, 2020 (2QFY20), posting a net loss of RM3.7 million compared with a net profit of RM28.47 million a year ago, mainly due to the unprecedented disruption caused by the Covid-19 pandemic to the property division. This resulted in a…
Read MoreE&O Residences Kuala Lumpur (EOR KL) (pictured) will cease operations from next month, reported the New Straits Times yesterday. “With the cessation of operations on Sept 18, our priority is to ensure all our staff are supported and given appropriate notice in accordance with their employment contract,” a company spokesman told the daily. The report…
Read MoreGuocoland (Malaysia) Bhd, the property development arm of the Hong Leong Group, has posted its ninth consecutive quarterly loss despite a sharply higher revenue. The company’s net loss for the fourth quarter ended June 30, 2020 (4QFY20) expanded to RM19.38 million, from RM10.13 million in the immediate preceding quarter, according to its filing with Bursa…
Read MoreThe Housing and Local Government Ministry will pay compensation for the 24 development projects under PR1MA Corporation Malaysia (PR1MA) that have been cancelled, said Minister Zuraida Kamaruddin (pictured). She said the compensation payment depends on the value of the land for the area involved. “Most of the land was purchased by the ministry. Only some…
Read MoreProperty developer NCT Group of Companies (NCT Group) has partnered with Future Inno Park Sdn Bhd to promote Kuala Langat Industrial Hub to become the “industrial hub of choice” for the electrical and electronic (E&E) industry. Located at the border between the Kuala Langat and Sepang districts in Selangor, the industrial hub is expected to…
Read MoreResearch houses have reduced their gross domestic product (GDP) outlook for 2020 but improved their forecast for 2021. This comes after Bank Negara Malaysia (BNM) revised its 2020 growth forecast downward to between -5.5 per cent and -3.5 per cent from -2.0 per cent and 0.5 per cent, mainly to reflect the severity of the…
Read MoreS P Setia Bhd has achieved RM875 million in sales for the first half-year ended 30 June 2020, with local projects contributing RM702 million, the company announced. In a media statement today, the company said local projects had contributed 80% of the total sales while the remaining RM173 million or approximately 20% were contributed largely…
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