BNM Increases OPR By 25bps, Johor To Introduce New Housing Policy For Lower-Income Folk And, More
1st November – 7th November
Bank Negara Malaysia (BNM) has once again raised the overnight policy rate (OPR) for the fourth consecutive time since May, in a bid to control inflationary pressures amid the strengthening economy.
Meanwhile, Johor Mentri Besar Datuk Onn Hafiz Ghazi is set to unveil a new housing policy aimed at helping people from the M40 and B40 groups.
1) BNM increases OPR by 25bps
Bank Negara Malaysia (BNM) has once again raised the overnight policy rate (OPR) for the fourth consecutive time since May, in a bid to control inflationary pressures amid the strengthening economy.
Notably, the central bank raised the OPR by 25 basis points to 2.75%, reported Free Malaysia Today.
BNM noted that the inflationary pressures were “more persistent than expected” due to tight labour markets, elevated commodity prices and strong demand.
It explained that the adjustment would pre-emptively manage the risk of excessive demand on price pressures.
BNM said tighter global financial conditions, China’s strict containment measures and rising cost pressures had more than offset the support from the full reopening of international borders and economies as well as from positive labour market conditions.
“Consequently, many central banks are expected to continue raising interest rates to manage inflationary pressures,” it added.
The US Federal Reserve (Fed) had already raised its rate by 75bps, while the Bank of England is also anticipated to raise its rate by the same margin.
2) Johor to introduce new housing policy for lower-income folk
Johor Mentri Besar Datuk Onn Hafiz Ghazi is set to unveil a new housing policy aimed at helping people from the M40 and B40 groups.
According to Johor Housing and Local Government Committee Chairman Datuk Mohd Jafni Md Shukor, the new housing policy will enable more people from such groups own homes under the Rumah Mampu Biaya Johor (RMBJ) initiative, reported The Star.
In fact, the state government has met with 57 developers within the state to discuss the new policy as well as proposals regarding the RMBJ, he said.
He pointed that the state would consider the developers’ feedback regarding the higher price of construction materials as well as wages for construction workers.
“We informed them that we would look at the pricing of RMBJ units to ensure a win-win situation for all stakeholders,” added Mohd Jafni.
He revealed that the state government, via Johor State Housing Development Corporation (PKPJ), eyes to build 21,319 RMBJ units within the next five years.
He noted that 2,415 RMBJ units had been constructed as of June this year, slightly lower than the 2,459 units target set by the state government.
3) More Rumah Idaman developments to rise in Selangor
Permodalan Negeri Selangor Berhad (PNSB) CEO Raja Ahmad Shahrir Iskandar Raja Salim said the firm will continue to build the Rumah Idaman series across key locations in Selangor.
These include Sabak Bernam, Gombak, Petaling, Klang, Kuala Langat, and Kuala Selangor.
He revealed that 45,760 Rumah Idaman units among the 24 projects to be carried out by PNSB will be constructed via the participation of strategic alliances, reported the New Straits Times.
Through previously implemented projects, 2,059 Idaman Abadi units in Kajang 2 have been completed and 1,260 Idaman Bukit Jelutong units are in progress.
Notably, Rumah Idaman MBI developments feature three-bedroom apartments that come with two bathrooms and a minimum built-up area of 1,000 sq ft. Each unit is priced at RM250,000.
4) Ireka partners Wakaf Pulau Pinang to build 147 houses in Seberang Perai
Ireka Corp Bhd will jointly develop 147 terrace homes on a piece of land with Wakaf Pulau Pinang Sdn Bhd (WPPSB), which is a corporate representative of Majlis Agama Islam Negeri Pulau Pinang (MAINPP).
This comes after Ireka’s fully-owned subsidiary, Ireka Development Management Sdn Bhd (IDMSB), accepted a letter of award from WPPSB.
In a Bursa Malaysia filing, Ireka revealed that works on the project will commence within one month “from the date of approval of the building plan and the completion period will be within 24 months”.
Under the joint venture agreement, IDMSB will pay a refundable earnest deposit of RM787,700 to MAINPP, while a project management fee of RM1.36 million will also be paid to WPPSB.
5) TA Global offers new financing options for ALIX Residences buyers
TA Global Berhad has partnered with Affin Bank Berhad to offer a new home financing solution for the buyers of ALIX Residences within Kiara North, Kuala Lumpur.
Dubbed Affin Home Step Fast/i, the financing programme enables potential homebuyers to avail of Affin Bank’s mortgage products, such as a loan margin of up to 90% + 5% as well as a loan tenure of up to 30 years or age 70, without early settlement cost or lock-in period, reported the New Straits Times.
Qualified borrowers will also enjoy low monthly repayment for the first five years following completion of the property.
“We know life doesn’t stop for our customers after they purchase a home. A financing plan as flexible as Affin Home Step Fast/i will enable them to enjoy better cash flow should any other immediate needs and expenses arise,” said Lee Yen Foong, Chief Operating Officer of TA Global.
Nestled on a 4.55-acre freehold site, low-density development ALIX Residences is set to be completed by 2024.
6) Tropicana unveils new marketing campaign
Tropicana Corp Bhd has unveiled a new marketing campaign aimed at luring potential homeowners to purchase from its selection of properties at Tropicana Cenang, Tropicana Aman, Tropicana Grandhill, Tropicana Metropark and Tropicana Gardens.
Dubbed Journey of a Lifetime, the campaign provides property buyers a chance to win two first-class tickets to famous European locations, reported the New Straits Times.
Depending on the property purchased, the campaign also offers incentives such as a free memorandum of transfer (MOT) stamp duty, up to RM30,000 IKEA furniture packages and three days and two nights in Langkawi.
Tropicana Deputy Chief Executive Officer Joanne Lee said the firm has carefully chosen the campaign items to appeal to various property seekers, including business owners, first-time buyers, upgraders and investors.
“We at Tropicana understand that buying a property is a big life decision, and we want to be by your side every step of the way throughout your property ownership journey,” said Lee.
The campaign will end on 31 December 2022.
