Errors In Draft Master Plan To Be Rectified, Says Penang Mayor, Malaysia Property Market To Improve In Modest Term In 2023 And, More
4th January – 9th January
Penang Island City Council (MBPP) Mayor Datuk Yew Tung Seang assured that the errors and objections raised against the island’s first-ever 10-year development plan will be rectified.
Meanwhile, AmResearch believes the Malaysian property market will continue to improve albeit in a modest term this year.
1) Errors in draft master plan to be rectified, says Penang Mayor
Penang Island City Council (MBPP) Mayor Datuk Yew Tung Seang assured that the errors and objections raised against the island’s first-ever 10-year development plan will be rectified.
“It is a draft and subject to change. The council’s committee will evaluate and do the necessary,” he said as quoted by Free Malaysia Today.
Civil society groups have pointed that the 2030 draft Penang Island local plan contained various errors, which include misspelt names of key landmarks. Concerns were also raised regarding the increased density as well as high rate of commercial zoning.
Yew said around 1,500 feedback forms were received to date.
“We take note of the mistakes in the draft, thank you, and we will rectify whatever necessary errors in there via the (planning) committee,” he said.
He shared that there is no timeline to gazette the local plan’s final version.
“The (planning) committee will scrutinise the comments received and decide … we hope to do it as soon as possible,” said Yew.
2) Malaysia property market to improve in modest term in 2023
AmResearch believes the Malaysian property market will continue to improve albeit in a modest term this year.
“Selective developers with strategic land banks in prime locations such as in the city centres and matured towns, and strong reputation will continue to maintain their positive sales momentum in 2023,” its analysts Khoo Zing Sheng told the New Straits Times.
AmResearch expects the revival and launch of mega projects, particularly rail and road network infrastructure, to raise mobility as well as stimulate economic activities and property market along the way.
Citing the East Coast Rail Link, Khoo pointed that the areas surrounding its stations in Bentong, Gombak, Kapar and Puncak Alam would grow into highly sought-after residential locations for those working in Klang and other industrial districts in Selangor.
He also foresees an improvement in foreign acquisitions of Malaysian property, on the back of the gradual return of buyers from mainland China and Hong Kong.
3) Minister urge authorities not to demolish Pandan homes
Economic Affairs Minister Rafizi Ramli is set to meet with Prasarana and Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) to discuss the concern of Pandan residents over the demolition of their homes to make way for the MRT3.
“This is a long outstanding issue because the original proposed alignment (of MRT3) will involve a major part of Pandan, including two residential areas, Taman Kencana and Taman Bakti,” said Rafizi, noting that the demolition of residential properties will affect thousands of people.
The minister believes that there are ways to realign the MRT route without having to demolish residential properties.
“So, that is basically what I will pursue with MRT Corp and the authorities,” he said as quoted by Free Malaysia Today.
“As much as I understand that the project has been approved and will take place, I don’t see how we can justify taking away the homes of people who’ve been there for 30 to 40 years,” added Rafizi, who also serves as Pandan MP.
4) BNM to decide on issues relating to OPR
Bank Negara Malaysia (BNM) has the authority to decide on matters relating to the overnight policy rate (OPR) without the intervention from the government, said Prime Minister Datuk Seri Anwar Ibrahim.
“(Changes relating to) OPR is a decision of Bank Negara (Malaysia) and not the Ministry of Finance (MoF). I can discuss it if needed but that is the prerogative of Bank Negara,” he said in response to a query on the impact and action by MoF on the expected increase of OPR.
He noted that the central bank is mandated to promote monetary and financial stability which is conducive to the economy’s continued growth, reported Bernama.
As such, a joint discussion involving BNM Governor Tan Sri Nor Shamsiah Mohd Yunus as well as Minister of Economy Mohd Rafizi Ramli will be held prior to the drafting of 2023 Budget, said Anwar.
“As I remember, this is an approach that I used to do. It is not foreign to me because the action of any party will also involve the overall economic policy,” shared the prime minister.
5) LBS, Goodnite to reward homeowners with home makeover
LBS Bina Group Bhd (LBS) has collaborated with Goodnite to introduce the ‘LBS Home Makeover with Goodnite’ campaign.
To run until 30 April, the campaign provides LBS homeowners a chance to win a Goodnite home makeover worth RM150,000, reported The Star.
Notably, existing and new owners of LBS homes are automatically entitled to join the campaign. They simply have to send a photo of their dining room, living room and bedroom in need of a makeover to homemakeover.lbs.com.my.
They also have to complete the slogan and engage with the social media platforms of LBS Bina by liking and following its Facebook and Instagram page.
The winner will have a chance to redecorate, with an option to choose from living to bedroom set worth RM25,000.
“Through this strategic partnership, we will be seeing lucky LBS homeowners win themselves a home makeover and the focal point, the lucky winners get to choose a part of their home that they believe best deserves the complete makeover treatment,” said LBS Bina Group Executive Chairman Tan Sri Lim Hock San.
6) IGB REIT’s portfolio increases by RM60mil
The revaluation of IGB Real Estate Investment Trust’s (IGB-REIT) investment properties has resulted to a revaluation surplus of RM60 million.
In a Bursa Malaysia filing, IGB REIT’s manager said the total investment property value of the REIT’s portfolio stood at RM5.02 billion as of 31 December 2022, up 1.21% from RM4.96 billion over the same period in 2021.
As of end-December 2022, Mid Valley Megamall had a market valuation of RM3.7 billion, while The Gardens Mall was worth RM1.32 billion, reported the New Straits Times.
“Based on the unaudited results of IGB REIT as of 31 December 2022, the net asset value per unit (before income distribution) will be RM1.1777 upon the incorporation of revaluation surplus of RM60 million,” said the manager.
The revaluation was carried out by Henry Butcher Malaysia Sdn Bhd.
It added that the new valuations will be included in IGB REIT’s Q4 2022 financial results as well as the financial statements for the ending 31 December 2022.
