15th February – 21st February
Bank Negara Malaysia (BNM) believes that financing alone is not sufficient to address the issue of homeownership among the middle 40% (M40) and bottom 40% (B40) income groups. International Monetary Fund (IMF) expects Malaysia’s economy to grow 5.75% this year.
1) Financing alone cannot address M40, B40 homeownership, says BNM
Bank Negara Malaysia (BNM) believes that financing alone is not sufficient to address the issue of homeownership among the middle 40% (M40) and bottom 40% (B40) income groups.
BNM Governor Tan Sri Nor Shamsiah Mohd Yunus said that such issue could be addressed by “dealing with the acute supply and demand mismatch in the housing market, improving house price transparency and ensuring a vibrant rental marketplace is in place for those who are not ready or do not want to own a house”, reported The Malaysian Reserve.
She underscored that BNM had always maintained that the financing model is a significant component to support homeownership.
She also noted that banks had been supportive of homeownership, approving over RM60 billion for first-time home buyers in 2021. Various guarantee schemes are also in place to support homeownership, particularly for the lower-income groups, such as Cagamas Bhd’s Skim Rumah Pertamaku.
Related article: B40 and M40: What Are The Housing Schemes Available For You?
2) IMF expects Malaysia’s GDP to grow 5.75% in 2022
Preliminary findings by an International Monetary Fund (IMF) team showed that Malaysia’s economy is poised to gradually recover from the COVID-19 downturn, with the country’s real gross domestic product (GDP) growing 3.1% in 2021 and projected to grow further at about 5.75% in 2022.
“A more severe downturn (in 2021) was averted, thanks to the swift, substantial, and multi-pronged pandemic policy response targeted to support affected households and businesses,” said Lamin Leigh, who leads the IMF team, as quoted by Bernama.
He noted that this year’s growth will be driven by pent-up domestic demand as well as continued strong external demand.
Leigh believes that the COVID-19 crisis will leave implication which may linger over the medium to long run, citing the possibility of an uneven recovery, with output remaining below its potential level.
3) Sunway to open Malaysia’s first ‘penthouse’ workspace in Q1
Sunway Bhd is set to open the country’s first penthouse workspace in the first quarter of 2022.
Dubbed Corporate Suite@19, the open-plan Grade A office boasts 30,000 sq ft of space and is located at the highest level of the company’s flagship five-star hotel, Sunway Resort in Kuala Lumpur, reported The Malaysian Reserve.
The top floor office comes with exclusive bubble lifts, floor-to-ceiling windows, a raised floor system and dual feed power supply. It is also equipped with energy-saving innovations like advanced air conditioning and LED lighting systems.
Corporate Suite@19 also features an ultra-fast fibre-optic technology, allowing for high powered internet access 24/7 for multi-country cross continental virtual meetings or global presentations.
4) First phase of Sarawak Pan Borneo Highway project to be completed by end-2021
Despite the challenges brought about by the COVID-19 pandemic, the government is optimistic of completing the construction works for the first phase of the Pan Borneo Highway project by end-2021.
“We target that the phase one of Sarawak Pan Borneo Highway project from Telok Melano to Miri will be fully opened by the end of this year,” said Senior Works Minister Datuk Seri Fadillah Yusof as quoted by Bernama.
The 1.2km flyover is the longest elevated intersection for the Sarawak portion of the Pan Borneo Highway.
With 11 work packages, the RM16.117 billion road project commenced in October 2015 and involves the construction of a 786km road that runs from Telok Melano to Miri.
Fadillah noted that the project’s successful construction is a testament to the cooperation and close relationship of the Sarawak Government and the Federal Government.
Related article: 7 Top High-Rise Developments In H1 2021: Why Did These Sell So Well?
5) Construction works for Iskandar Rapid Transit project to start in mid-2022
Iskandar Regional Development Authority (IRDA) revealed that construction works for the Iskandar Rapid Transit (IRT) project to connect, land, sea and air transport hubs in Johor is set to start by the middle of 2022.
“The Iskandar Rapid Transit will increase the mobility of Johoreans by connecting to the main transportation hubs in Iskandar Malaysia, Senai Airport, Rapid Transit System (RTS), Double Tracking Rail (EDT Gemas – JB), Larkin Sentral and Puteri Harbour,” it said as quoted by Malay Mail.
The regional authority explained that the IRT will be able to link 44 direct routes and 55 feeder routes with the main route which covers 28 stations.
The IRT’s first phase of operations is targeted to start by 2024.
Related article: What Is Iskandar Malaysia All About?
6) Mah Sing launches phase 2 of Erica @ Meridin East
Mah Sing Group Berhad has launched the second phase of Erica @ Meridin East in Pasir Gudang, Johor Bahru, following the successful launch of the project’s first phase.
Erica Phase 2 features 210 units of double-storey link houses, with prices starting at RM425,000, reported The New Straits Times.
Erica’s first phase saw all 155 units sold out last year, with vacant possession expected by end-2023.
“The encouraging response from Erica phase 1 demonstrates that landed property sectors are still in high demand. It also proves that demand for affordably priced, high-quality properties in strategic locations will stay strong,” said Benjamin Ong, Chief Executive Officer of Property Subsidiaries at Mah Sing.
7) i-City a good “role model”
Selangor State Executive Councillor for Industry and Trade Datuk Teng Chang Khim has described i-City smart city project as a good role model that should be emulated by others.
“I first encountered i-City when I was representing the squatters here. I am very proud of the development’s success over the years, and I believe it will undoubtedly position Selangor as a major player in the development of digitalisation,” he said as quoted by the New Straits Times.
He noted that while some of the new ideas brought by I-Berhad to i-City may be incompatible with policies and rules, some of them were “quite innovative”.
Teng shared that everyone has put in much effort to ensure the project runs smoothly.
“The state government also played a role in the development of the i-City that you see today. So we are very proud to have this development in Selangor,” he added.
Related article: 8 Most Searched Development Projects In Shah Alam For Q3 2020
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