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3-day carnival to offer 10,000 affordable homes, BNM raises OPR rate, signalling sanguine economic prospects for Malaysia and more
Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican revealed that a three-day carnival in Kuala Lumpur will offer 10,000 affordable housing nationwide priced at RM300,000 and below.
Meanwhile, Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) by 25 basis points (bps) from 2.00% to 2.25%, signalling sanguine economic prospects for the country.
1) 3-day carnival to offer 10,000 affordable homes
A three-day carnival in Kuala Lumpur will offer 10,000 affordable housing nationwide priced at RM300,000 and below, said Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican.
Jom Beli Rumah Carnival is organised by the Ministry of Housing and Local Government (KPKT) in partnership with the Real Estate and Housing Developers’ Association Malaysia (REHDA) and Media Prima Omnia Bhd to encourage homeownership among the rakyat, reported The Malaysian Reserve.
To cater mainly to the middle 40% (M40) and bottom 40% (B40) income groups, the carnival will be held from 15 to 17 July at the Mid Valley Exhibition Centre, featuring “40 exhibitors from the government including various agencies and private developers”, said Reezal Merican.
He revealed that several initiatives would also be introduced to help the people, particularly the younger group, acquire their first home as aspired by Prime Minister Ismail Sabri Yaakob, reported Bernama.
2) BNM raises OPR rate, signalling sanguine economic prospects for Malaysia
Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) by 25 basis points (bps) from 2.00% to 2.25%, signalling sanguine economic prospects for the country, said MIDF Research.
It noted that BNM anticipates growth momentum on a firmer footing amid the reopening of international borders and Malaysia’s transition to endemicity, which resulted in a lower unemployment rate and stronger economic activity, reported Bernama.
Notably, the hike followed a 25bps increase to 2.00% during the Monetary Policy Committee (MPC) meeting in May.
“We believe the current focus of BNM’s monetary policy is to ensure sustainable recovery of Malaysia’s economy. With the rising trend in core inflation and stronger-than-expected domestic demand, we believe BNM will raise the OPR by 50bps in the second half of the calendar year 2022,” said MIDF Research.
3) Sarawak home prices among the highest in Malaysia
House prices in Sarawak are higher compared to other states within the country, aside from Selangor and Kuala Lumpur, revealed a report from the Economic Planning Unit under the Premier of Sarawak’s Department.
The report was based on National Property Information Centre (NAPIC) data, which showed that average home prices in Sarawak stood at RM482,592 in Q1 2021, reported The Star.
This was slightly lower compared to Selangor’s average home prices at RM482,061, while prices at Kuala Lumpur stood at RM763,234.
Sarawak Deputy Public Health, Housing and Local Government Minister Michael Tiang attributed the high home prices within the state to expensive imported building materials.
“A lot of this is due to the state depending on the import of housing materials. In future, we hope to be able to get these building materials directly from peninsular Malaysia,” he said.
“Presently we have to go through Port Klang due to the cabotage policy, which adds to shipping costs.”
4) Mah Sing launches home ownership campaign
Mah Sing Group Bhd has launched its own homeownership campaign, dubbed Home Ownership Made Easy (H.O.M.E.) to solve the pain points of home buyers.
Running from 1 July to 30 September, the campaign addresses the primary concerns of house buyers, including saving for a down payment, loan eligibility uncertainties and monthly instalments payments, reported the New Straits Times.
Tan Sri Leong Hoy Kum, Founder and Group Managing Director of Mah Sing, noted that securing appropriate financing continues to be a major hurdle for young and first-time home buyers due to the rising cost of living and financial constraints.
He noted that attractive perks and discounts are offered in the campaign to make home ownership easier for buyers, particularly first-timers.
The campaign includes 13 projects, of which 10 are located in Klang Valley, one in Johor and two in Penang.
5) AmBank, Sime Darby Property to offer sustainable financing options for homebuyers
AmBank Group has partnered with Sime Darby Property Bhd to provide homebuyers with a new sustainable financing solution for the acquisition of Sime Darby Property homes.
With the partnership, customers will be able to enjoy a seamless home buying experience which now includes a simplified process for loan application via Sime Darby Property’s holistic home ownership ecosystem, reported The Malaysian Reserve.
Sime Darby Property Group Managing Director Datuk Azmir Merican said the partnership extends the firm’s digital initiatives to offering homebuyers a complete and convenient end-to-end property buying experience.
“We are one of the few, if not the only, property developer that is able to give a full end-to-end digital and online sales experience for its customers,” he said.
“Our in-house innovations such as the Online Booking System and Virtual Sales Gallery with a dedicated internal consultation team have provided significant convenience for homebuyers to view, register, select their dream homes and complete payments online. This collaboration perfectly complements and completes the ecosystem,” he added.
6) Naza TTDI completes MET 1 Residences
Naza TTDI has completed the 55-storey Met 1 Residences (MET 1), reiterating the company’s commitment to accelerate the development of the 75.5-acre integrated community hub, KL Metropolis.
Naza TTDI Chief Executive Officer Daniel Lim said MET 1 will be delivered later this year, reported the New Straits Times.
“We have reached the final floor of MET 1, that is Level 55 even after the two years of the pandemic. Our near completion during those difficult times only shows that Naza TTDI is committed to the project and proceed to its full completion,” he said.
Boasting panoramic views of the Kuala Lumpur city skyline, MET 1 will cater to the elegant and affluent lifestyle within KL Metropolis.
MET 1 features four standard layouts with built-up areas ranging between 677 sq ft and 1,613 sq ft. Each unit’s floor plan resembles either that of a bungalow or semi-detached layout, depending on the built-up area.
7) Work on luxury condo in Bangsar started despite protests
Residents of Jalan Abdullah in Bangsar were surprised when construction works for a nearby luxury condominium project started in mid-May despite their protest about “the existence of an underground natural waterway” within the area.
Notably, residents claim they were certain of the existence of a natural waterway, with some of them remembering that there used to be a stream within the area when they were young.
Residents believe that work on Bangsar Rising Sdn Bhd 32-storey luxury condominium, should not have commenced if a full investigation on the underground waterway was carried out, reported Malay Mail.
“We have not received any update from the authorities, whether or not they have conducted the investigations. The last engagement we had was in March when we were called for an earthwork briefing,” shared longtime resident T. Ksharmini.