Developers urged to partner with telcos to improve internet connectivity in Malaysia, 13,038 financing applications approved under Housing Credit Guarantee Scheme and more

15 Aug 2022

9th August – 15th August

Property developers have been urged to work with telecommunication companies (telcos) to improve internet connectivity in the country.

Meanwhile, the Housing Credit Guarantee Scheme saw a total of 14,308 financing applications since it started operations in 2008, of which 13,038 have been approved up till 31 May 2022.

 

1) Developers urged to partner with telcos to improve internet connectivity in Malaysia

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Property developers have been urged to work with telecommunication companies (telcos) to improve internet connectivity in the country.

“Such partnership is a good initiative … Currently, Internet access is the third utility for every home. The government has agreed to set Internet connectivity as one of the conditions for the approval of Planning Permission before a housing project starts,” said Communications and Multimedia Ministry (K-KOMM) Secretary General Datuk Sri Mohammad Mentek as quoted by The Malaysian Reserve.

He noted that Tanjung Ratna Sdn Bhd (TRSB) is Malaysia’s first developer to provide broadband to home buyers. The firm has partnered with Maxis Bhd to lay a dedicated 1.5Gbps internet line connecting directly to Admiral Residences in Kota Laksamana, Melaka.

With the collaboration, tenants at the residential project will enjoy 1.5Gbps internet line for up to five years.

 

2) 13,038 financing applications approved under Housing Credit Guarantee Scheme

Since it started operations in 2008, the Housing Credit Guarantee Scheme saw a total of 14,308 financing applications, of which 13,038 have been approved up till 31 May 2022.

Deputy Finance Minister 1 Datuk Mohd Shahar Abdullah noted that the other 1,270 have been rejected due to some specific reasons.

He pointed that the first reason is the duplication of application, in which 70% apply at various banks simultaneously.

Close-up Of A Businessperson Approving Document

“The second is in terms of ability to pay, which must be 65% of the total income because the condition is that you must have an income of at least RM1,000,” he said as quoted by Bernama.

“Third is that there are among the T20 group who are not working also applied which we think they can manage themselves with the bank institutions.”

He made the statement in response to the question of Senator Datuk Arman Azha Abu Hanifah, who asked about the Housing Credit Guarantee Scheme’s beneficiaries and the measures introduced by the government to raise participation in the programme.

 

3) Bank Muamalat helps those with no income statement own a home

Bank Muamalat Malaysia Bhd offers financing up to RM400,000 via its Smart Mortgage SJKP (Syarikat Jaminan Kredit Perumahan) scheme to help self-employed and non-fixed income earners to own their first homes.

Guaranteed by SJKP, the scheme is aimed at helping those with no monthly income statement acquire a house, reported The Sun.

It is a zero-entry cost package, with 100% margin financing, moving costs and related expenses covered by the bank.

“Following the increase in cost of living and higher market price, costs and fees to own a house and further with an extra allocation for deposit to own a house, potential house buyers have put their plans on hold. However with the Smart Mortgage SJKP scheme, potential house buyers can proceed with their plans to own their first homes,” said Khairul Kamarudin, President and CEO of Bank Muamalat Malaysia.

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4) Residential property overhang remains high in Q1 2022

Residential property overhang in Malaysia remained on the high side at 35,592 units in the first quarter of 2022, up from 27,468 units over the same period last year, according to the National Property Information Centre (NAPIC).

The hike in overhang units is attributed to the disruption in economic activities due to the several lockdowns imposed by the government, reported The Borneo Post.

Nonetheless, MIDF Research noted that the situation showed signs of easing on a sequential basis as the number of overhang units declined from 36,863 units in Q4 2021.

“This was following the reopening of economic activity as Malaysia is transitioning to endemic phase,” it said.

“In a nutshell, we see that issue of oversupply in property market remains as residential overhang units remain high in Q1 2022, staying above 30,000 units.”

 

5) Penang extends pre-qualification deadline for Bayan Lepas LRT project

Aerial view Georgetown. Background is reclamation land Gurney Wharf.

Penang has extended the deadline to submit documents in a pre-qualifying exercise for the proposed RM9.5 billion Bayan Lepas LRT project by two weeks.

The move came as several rail firms from Asia and Europe asked for more time to secure letters from banks as well as documentation on joint ventures with local companies, explained State Executive Councillor Zairil Khir Johari.

To date, over 40 Malaysian and foreign companies had purchased and downloaded the pre-qualification documents, he said.

Based on the pre-qualification documents, the scope of work involves a 26.8km elevated viaduct, five park-and-ride facilities, 23 stations and a depot, reported Free Malaysia Today.

To qualify, the company must have completed urban train projects worth RM800 million to RM1.5 billion over the last 10 years, while joint venture companies must have completed a railway system worth over RM800 million over the last five years.

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