KUALA LUMPUR: The Ministry of Housing and Local Government (KPKT) has revived 704 sick and abandoned private housing projects through the Task Force on Sick and Abandoned Private Housing Projects (TFS) as of June this year. Minister Nga Kor Ming stated that the recovery involved 82,101 housing units with a gross development value of RM58.94 billion. “KPKT will continue to implement improvements to...
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IPOH: The amendments to the Housing Development (Control and Licencing) Act 1966 (Act 118) to enforce stricter measures against developers involved in fraud and abandoned projects are expected to be presented in Parliament next year. Housing and Local Government (KPKT) Minister Nga Kor Ming said the ministry is actively engaging with stakeholders to ensure that these amendments provide fair outcomes...
PETALING JAYA: Tropicana Bhd is re-entering the Johor property market after a hiatus of about three years, with two launches planned for 2024, spurred by rapid growth in the state. According to Tropicana marketing and sales/business development managing director Ixora Ang, the company’s outlook for the southern state is bullish, underpinned by the announcements of several key developments such as the...
KUALA LUMPUR: The Ministry of Housing and Local Government (KPKT) has allocated RM219.6 million to upgrade drainage systems and maintain retention ponds throughout last year and this year as a commitment to resolving flash flood issues. Minister Nga Kor Ming was quoted as saying in a KPKT statement that of this amount, RM59.59 million was allocated to local authorities (PBT) for drainage upgrading...
PETALING JAYA: Paramount Corp Bhd remains bullish about the market outlook and plans to surpass its previous sales target of RM1.4bil for financial year 2024 (FY24), supported by its seven new launches with an estimated gross development value (GDV) of RM2.4bil. TA Securities Research said the seven new launches include...
IPOH: The Housing and Local Government Ministry (KPKT) aims to build at least 50 public recreational parks each year nationwide. Its Minister, Ng Kor Ming said they will allocate about RM500,000 for each park. “This is to increase the number of recreational parks to create a more comfortable and safer green environment for people in surrounding residential areas. “These public recreational areas...
KUALA LUMPUR: The Malaysian real estate sector’s growth is expected to continue this year despite the impending increase in Sales and Service Tax (SST) rate to 8% from 6% from March 1, according to international property consultants Rahim & Co International Sdn Bhd. Rahim & Co director of research and strategic planning Sulaiman Akhmadi Mohd Saheh said the market’s impressive performance in...
KUALA LUMPUR: The Malaysian property market is expected to stabilise in 2024 despite economic uncertainties, with certain areas and submarkets positioned for more robust growth. PropertyGuru country manager Sheldon Fernandez said there is also a high possibility of a temporary shift in buyers’ interest towards the rental market as housing unaffordability continues. “Opportunities exist for...
PETALING JAYA: Fifteen thousand units of Rumah Mesra Rakyat single-storey houses are slated for completion nationwide this year, a year earlier than originally scheduled, said Local Government Development Minister Nga Kor Ming. “As of December 2023, the ministry through Syarikat Perumahan Negara Berhad has completed 13,845 units,” he told theSun. He said the number exceeds the initial target of...
PETALING JAYA: LBS Bina Group Bhd aims to secure RM1.8 billion in property sales for 2024 based on a positive outlook for the Malaysian property market. The group concluded 2023 with RM1.70 billion in property sales, missing its initial target of RM2 billion. This year, the property developer planned to launch 10 new projects encompassing 4,858 units with a total gross development value (GDV) of RM2.33...