Source : Utusan
Date : 06 August 2012
afternoon highlight (30/08/12/149/624)
Thursday, August 30, 2012
Today's Pick (30/08/12/153/846) No property bubble in M'sia; Sunway chairman says local prices affordable
No property bubble in M'sia; Sunway chairman says local prices affordable
PETALING JAYA: The local property industry continues to face many obstacles despite signs of steady economic growth, which was announced recently for the second quarter and the first-half, underpinned among other factors by a jump in construction activity as well as healthy consumption.Among the challenges the industry faces, according to Asian Strategy & Leadership Institute chairman Tan Sri Jeffrey Cheah, is the market perception that the industry is heading towards a property bubble, which is not backed by reasonable evidence.
“As a developer I'm convinced as of now that we shall not be experiencing any such property bubble, as our property prices are still affordable compared with some of our neighbouring cities in the region,” Cheah, also Sunway Bhd chairman, said at an address during the launch of the 15th National Housing and Property Summit.
He cited Bank Negara's second-quarter gross domestic product data which indicated a 5.4% year-on-year growth despite external challenges as signs that private consumption remained steady. Central bank data showed the construction sector, which includes housing and civil infrastructure activity, surging 22%.
Great stuff: (From
left) Land & General Bhd MD Low Gay Teck, PKNS GM Othman Omar, Asli CEO Tan
Sri Michael Yeoh, Housing and Local Government Minister Datuk Seri Chor Chee
Heung and Cheah looking at a project model. He added that 54% of total residential transactions in 2011 were below the RM150,000 range.
Cheah said the other challenge the industry faced was the lack of skilled workers, which caused delays in the completion of projects. He said it was important for the Construction Industry Development Board to continue engaging with both industry players and non-governmental organisations to address this issue in order to improve the quality of finished projects.
Cheah said there needed to be combined efforts by the Govern-ment and industry players to address these issues as well as come up with strategies to overcome them.
He urged the Government not to take “too drastic measures” to cool the property market as this “can kill market sentiment and slow supply of housing further.”
“The Government should not in-crease the real property gains tax. I also hope it will not further restrict lending to the property sector or introduce new measures that will make it more difficult for house buyers to purchase properties,” Cheah said.
He also stressed the sustainability of the industry, which would be important to ensure continued buoyant economic growth and resilience.
Meanwhile, Housing and Local Government Minister Datuk Seri Chor Chee Heung said new fiscal policies might be introduced in Budget 2013, as current measures taken to control house prices had not been very effective.
Despite the Government's measures to curb the rise in house prices, such as the increase in RPGT and a restriction on loan-to-value ratios on third properties and above, there were feelings that the Government has not done enough.
“I will be recommending a review of fiscal policies in the next budget,” Chor said.
Cheah's remarks on the property bubble continue to divide analysts who closely follow the industry with Kenanga Investment Bank research head Chan Ken Yew pointing out that a bubble might exist to a certain extant as prices continued to be above what younger workers were able to afford.
“This is because their salary can't catch up with the current house prices. This problem is not only evident in Malaysia but also in Hong Kong and Singapore,” he said.
Increasing the Employees Provident Fund's (EPF) withdrawal rate to be utilised for the down payment of a member's first home could solve this problem, he added. Currently, the EPF allows for a 30% withdrawal from Account 2. “If the Government allows for a 50% withdrawal, this would help to lower the burden,” he said.
Source : The Star
Date : 30 Aug 2012
Today's Pick (30/08/12/153/846)
Wednesday, August 29, 2012
afternoon highlight (29/08/12/148/623) Malaysia, Russia to sign MoU on SMEs
Malaysia, Russia to sign MoU on SMEs
KUALA LUMPUR: Malaysia and Russia expect to sign a memorandum of understanding (MoU) this September which would enhance economic ties between the two and see their joint cooperation in supporting the development of their respective small and medium-sized enterprises (SMEs).A statement issued by the SME Bank (Russia) yesterday, said the MoU would be signed by Russia’s State Corp Bank for Development and Foreign Economic Affairs (Vnesheconombank), SME Bank (Vnesheconombank Group) and Malaysia’s SME Bank during the APEC Business Summit on Sept 7-8 in Vladivostok, Russia.
Under the MoU, the parties will cooperate in providing informational and consultative support for SMEs in Malaysia and Russia via the three banks, as well support import and export activities between the two, and activities within Russian-Malaysian agreements.
Source : The Star
Date : 29 August 2012
afternoon highlight (29/08/12/148/623)
Today's Pick (29/08/12/152/845) MFA aims to produce more entrepreneurs
MFA aims to produce more entrepreneurs
Source : Business Times
Date : 29 Aug 2012
Today's Pick (29/08/12/152/845)
afternoon highlight (28/08/12/147/622) Malaysia's Q1 retail sales below forecast
Malaysia's Q1 retail sales below forecast
Industry records sales growth of 6.9% against initial estimate of 12.1%PETALING JAYA: Malaysia's retail industry recorded sales growth of 6.9% in the first quarter of this year, which was lower than retailers' initial forecast of 12.1%, according to Retail Group Malaysia.
“The retail result of the first three months of this year was positive because of several incentives introduced by the Government since late last year,” Retail Group Malaysia managing director Tan Hai Hsin said in the latest Malaysia Retail Industry Report.
He noted that about 1.2 million Government servants enjoyed higher salaries this year.
“The RM100 and RM200 book vouchers that were given to school students by the Government had boosted sales in bookstores nationwide for the first quarter of this year.
Tan: ‘The retail result of the
first three months of this year was positive because of several incentives
introduced by the Government since late last year.’ An analyst from a bank-backed brokerage concurred that the various initiatives by the Government helped boost consumer spending in the first quarter.
“The various Government measures such as the BR1M scheme, the Skim Amanah Rakyat 1Malaysia (SARA 1Malaysia) scheme and the salary hike for civil servants all helped to boost the disposable income and purchasing power of Malaysians in the first quarter,” he said. Tan noted that despite the encouraging first quarter result, retailers still needed to absorb the rising cost of goods and offer attractive discounts to attract shoppers to buy at the same time.
“Profit margin growth during this period was poor,” he said.
As for the second quarter, Tan said members of the retailers' association remained optimistic of their businesses during the period.
“They expect their sales to rise by 11.7% compared with the same period in 2011.
“However, Retail Group Malaysia is expecting a lower growth rate of 5.5% only.
“This is due to poor economic prospects during the second quarter as well as higher base achieved in 2011 at 9.1%.”
Another analyst said he expected flat growth in the second quarter of this year.
“This is mainly because there was a lack of major festive holidays in the second quarter which would have driven consumer spending.
“We expect better growth in the third quarter, due to the Hari Raya holidays,” she said.
For the second quarter, Retail Group Malaysia said it is lowering its estimate to 5.5% instead of 11.7%.
“During this period, the European crisis did not turn positive, the US economy was also not recovering at a sustainable pace and China experienced slowing export and declining domestic demand.
“All these led to Malaysian consumers remaining cautious in their spending. Retail sales had slowed down slightly.”
For the third quarter, Tan said the growth rate is estimated at 6% due to Hari Raya celebration.
“Furthermore, 1.25 million civil servants received half-month bonus with a minimum payment of RM500 recently (while) 657,000 Government pensioners have also benefited with RM500 special payment.”
Retail Group Malaysia is forecasting the retail industry to expand by 5.5% in the fourth quarter of 2012.
“Malaysian consumers will still remain cautious in their retail spending. They are uncertain of their prospects due to the impending general election. Their confidence level may improve after the Budget 2013 announcement in end-September,” said Tan.
SOurce : The Star
Date : 28 Aug 2012
afternoon highlight (28/08/12/147/622)
Tuesday, August 28, 2012
Today's Pick (28/08/12/151/844) 'Malaysia and Cambodia can boost trade links'
'Malaysia and Cambodia can boost trade links'
Source : Business Times
Date : 28 Aug 2012
Today's Pick (28/08/12/151/844)
Monday, August 27, 2012
Today's Pick (27/08/12/150/843) Used car dealers the worst hit?
Used car dealers the worst hit?
By CHOONG EN HAN
han@thestar.com.my
Players hope for gradual reduction in car
prices should National Automotive Policy be implemented
PETALING JAYA:
Industry players are hoping the reportedly gradual car price reduction in the
upcoming National Automotive Policy will be of minimum impact to the current
automotive industry, in particular the used car sector.
“These are all
hearsay right now, but the impact on the industry would be extensive if this
turns out to be true. Details need to be known before we can project anything.
Right now we can only assume,” said a reputable industry source who declined to
be named.
He said the used car
sector would bear the brunt of the move as cheaper new cars would impact the
resale value of second-hand cars, and used car dealers would have to shoulder
the burden of squeezed margins and even losses should new car prices
drastically affect the value of existing stocks.
“The price reduction
would be great for consumers and the industry if it is done well, otherwise it
would change consumer patterns, where car buyers would put off their purchase
plans. Should that happen, it might drive the industry to a grinding halt,
slowing car sales and that would possibly have a rippling effect on the
economy,” he said.
Impactful: Cheaper new cars will impact the resale value of
second-hand cars.
With the
possibility of cheaper cars due to the NAP, some concerns and questions were
raised particularly on how the authorities would implement it.
Market talk
indicated a sort of mechanism would be in place to address the gradual
reduction of car prices in the country. A source indicated the public could
expect reduction of 5%-15% on a gradual basis until 2015. However, details are
still scant pending the official announcement of the NAP.
Take for instance,
if a Japanese marque car is priced at RM80,000 now, it may be trimmed to
RM68,000 via the reduction in excise duty and sales tax.
The Government
is also said to be contemplating on implementing the end-of-life vehicle
policy, which was scrapped in 2009 after a huge public backlash just after the
announcement of the move.
“It might be
made as non-mandatory for the first few years, and subsequently be made
mandatory depending on public feedback. The public should look forward to this
as it would promote usage of safer vehicles,” said the source.
Although the NAP is
reviewed again, the Government had said it would maintain the termination of
the Approved Permit (AP) system starting end-2015. The Government will stop
issuing open APs from Dec 31, 2015 while the franchise AP will be terminated by
Dec 31, 2020.
Started in the
mid-1970s, the AP system was once a platform to encourage bumiputra
participation in car distribution. However, the often-abused system has become
a major hurdle for the liberalisation of the local automotive industry.
RHB
Research analyst Alexander Chia said the industry needed to be
restructured over a gradual period to ensure that the market continued to grow
going forward, adding that market participants (car buyers, lenders, dealers
and distributors) would have to adapt to this transition phase in the next five
years, and not just buyers and dealers.
“Used vehicle
residuals could be vulnerable as the market tries to find a new level. The lack
of policy transparency could result in volatility of used residuals that could
also adversely impact new vehicle sales since used residuals typically form the
down payment or equity for a new vehicle,” he said.
He said structural
impediments to the continued growth of the domestic auto market included high
vehicle prices (relative to income) and was a product of the present duty and
tax structure.
“The total industry
volume is already close to saturation. Look at the statistics on household
debt. Malaysia is possibly the only country to have hire purchase loans
stretching up to nine years. The Government needs to communicate its policy
effectively to the market to ensure there is no misconception. Misconception
and conjecture could lead to irrational behaviour among market participants,”
he said.
Source
: The Star
Date
: 27 August 2012
Today's Pick
(27/08/12/150/843)
Today's Pick (24/08/12/149/842) Irwan promoted to Treasury sec-gen
Irwan promoted to Treasury sec-gen
KUALA LUMPUR: Finance Ministry deputy secretary-general (policy) Datuk
Dr Mohd Irwan Serigar Abdullah has been promoted to Treasury secretary-general,
succeeding Tan Sri Dr Wan Abdul Aziz Wan Abdullah.
Irwan's
appointment took effect today, Chief
Secretary to the Government Datuk Seri Dr Ali Hamsa said in a statement.
Ali said
Irwan, 55, was picked for the post based on his
qualifications, experience and knowledge, particularly in finance and economic
management, when serving in various posts at the Finance Ministry previously.
Besides
serving as the Finance Ministry deputy secretary-general (policy) since Dec 31,
2010, Irwan was the division secretary (economic analysis and international),
deputy division secretary (macro economy), deputy division secretary (financial
management advisory services) and division principal assistant secretary (economic
analysis).
Ali
said Irwan's qualifications, experience, competency and leadership qualities
would enable him to helm the Treasury and continue providing excellent,
efficient, transparent and effective financial and economic management to
realise Malaysia's national development objectives.
On
behalf of the Federal Government, Ali conveyed his gratitude and appreciation
to Wan Abdul Aziz for his valuable contributions and dedicated service for more
than five years as the Treasury secretary-general. Bernama
Read more: Irwan promoted to Treasury sec-gen -
General - New Straits Times http://www.nst.com.my/nation/general/irwan-promoted-to-treasury-sec-gen-1.128646#ixzz24QF1hwR0
Source
: New Straits Times
Date
: 23 August 2012
Today's Pick (24/08/12/149/842)
Thursday, August 23, 2012
afternoon highlight (17/08/12/146/620)Gula di Sabah, Sarawak bakal lebih rendah
Gula di Sabah,
Sarawak bakal lebih rendah
Kuala Lumpur: Harga
gula di Sabah dan Sarawak dijangkakan setara dengan di Semenanjung Malaysia
apabila kilang penapis gula milik Admuda Sdn Bhd beroperasi pada 2014.
Ketika ini setiap pek gula sekilogram dijual pada harga RM2.40 hingga RM4 di
Sabah dan Sarawak, bergantung kepada lokasi berikutan kesukaran penghantaran
dan pengangkutan khususnya di kawasan pedalaman berbanding di Semenanjung
RM2.30.
Pengerusi Admuda, Tan
Sri Abdul Aziz Shamsuddin, berkata kilang bernilai RM130 juta di Taman
Perindustrian Demak Laut, Kuching, Sarawak itu akan mengeluarkan 100,000 tan
gula setahun untuk memenuhi permintaan dan keperluan dua negeri berkenaan.
Kaji tingkat pengeluaran
“Kami sedang mengkaji
meningkatkan pengeluaran kepada 400,000 tan dalam tempoh tiga tahun beroperasi
bagi memenuhi keperluan 350,000 tan setahun di Sabah dan Sarawak,” katanya pada
sidang media selepas memeterai perjanjian pembiayaan antara Brahim's Holding
Bhd/Admuda dan Maybank Investment Bank di Kuala Lumpur, semalam.
Pada majlis itu,
Abdul Aziz mewakili Admuda, manakala Maybank diwakili Pengarah Urusan dan Ketua
Liputan Pelanggan dan Perbankan Borong Globalnya, John Chong.
Ia disaksikan Timbalan Menteri Perdagangan Antarabangsa dan Industri, Datuk Mukhriz
Mahathir. Hadir sama, Pengarah Brahim’s, Datuk Howard Choo.
Admuda yang juga anak syarikat Brahim’s Holdings Bhd bakal menjadi satu
daripada pengeluar utama gula negara apabila kilangnya beroperasi dalam tempoh
18 bulan akan datang. Ia akan menjadi kilang kelima di Malaysia dan pertama di
Sabah dan Sarawak.
Ketika ini, pengeluaran gula di pasaran tempatan dikuasai oleh MSM Malaysia
Holdings Bhd, sebuah syarikat di bawah Felda Global Ventures dan Tradewinds (M)
Bhd yang dikuasai hartawan, Tan Sri Syed Mokhtar Al-Bukhary.
Source : Berita
Harian
Date : 17 August 2012
afternoon highlight
(17/08/12/146/620)
Today's Pick (17/08/12/150/843) Bank Negara perkenal inisiatif Perbankan Ejen
Bank
Negara perkenal inisiatif Perbankan Ejen
Kuala Lumpur: Bank Negara Malaysia
memperkenalkan inisiatif Perbankan Ejen yang membolehkan bank meluaskan
perkhidmatan kepada golongan yang kurang mendapat perkhidmatan kewangan,
khususnya di kawasan luar bandar.
Ia sekali gus menandakan satu pencapaian baru dalam sistem kewangan negara untuk membolehkan seluruh lapisan masyarakat, terutama yang berpendapatan rendah mendapat akses kepada urus niaga kewangan dengan cara lebih berkesan dan pada kos berpatutan.
Ia sekali gus menandakan satu pencapaian baru dalam sistem kewangan negara untuk membolehkan seluruh lapisan masyarakat, terutama yang berpendapatan rendah mendapat akses kepada urus niaga kewangan dengan cara lebih berkesan dan pada kos berpatutan.
Gabenor Bank Negara, Tan Sri Dr Zeti Akhtar
Aziz berkata, di bawah inisiatif Perbankan Ejen itu, bank akan melantik ejen
berdaftar seperti pejabat pos, stesen minyak atau kedai runcit untuk
menyediakan perkhidmatan perbankan asas termasuk menerima deposit dan pengeluaran.
Beliau berkata, perkhidmatan perbankan asas lain yang boleh disediakan ejen bank berdaftar itu termasuk pemindahan dana, pembayaran bil dan pembayaran balik pembiayaan.
Transaksi pada masa nyata
Katanya, semua transaksi yang dijalankan ialah secara masa nyata bagi melindungi kepentingan pengguna.
“Inisiatif Perbankan Ejen ini adalah antara inisiatif untuk menggalakkan rangkuman kewangan seperti yang disarankan dalam Pelan Sektor Kewangan 2011-2020 Bank Negara Malaysia.
“Matlamatnya, mengikut rangka tindakan adalah untuk mencapai visi sistem kewangan yang inklusif yang terbaik untuk memenuhi semua anggota masyarakat, termasuk golongan yang kurang mendapat akses kepada perkhidmatan kewangan,” katanya dalam ucaptama majlis pelancaran Perbankan Ejen dan logo rasminya di Kuala Lumpur semalam.
Hadir sama, Pengerusi Persatuan Bank-bank Malaysia (ABM), Datuk Sri Abdul Wahid Omar; Presiden, Persatuan Bank-bank Islam di Malaysia (AIBIM), Datuk Mohd. Redza Shah Abdul Wahid; dan Timbalan Pengerusi Persatuan Institusi Pembangunan Kewangan Malaysia (ADFIM) Datuk Adinan Maning, Timbalan Pengerusi ADFIM.
Golongan yang kurang mendapat akses kepada perkhidmatan kewangan didefinisikan sebagai kumpulan penduduk seramai 2,000 yang tinggal dalam satu mukim di luar bandar.
Keluar garis panduan
Zeti berkata, bagi memastikan Perbankan Ejen dijalankan secara selamat dan diyakini, Bank Negara mengeluarkan Garis Panduan Perbankan Ejen kepada institusi kewangan.
Garis Panduan itu, katanya menggariskan keperluan yang harus dipatuhi institusi kewangan dalam bidang tadbir urus dan pengawasan, pengurusan ejen bank serta perlindungan, kesedaran dan pendidikan pengguna.
“Semua ejen bank berdaftar akan mempamerkan logo kebangsaan perbankan ejen bersama dengan logo institusi kewangan masing-masing.
“Ini akan memudahkan orang ramai mengenal pasti ejen bank yang sah dan perkhidmatan perbankan asas yang disediakan,” katanya.
Sejak pengenalan operasi percubaan Perbankan Ejen pada akhir 2010 hingga akhir bulan lalu, lebih satu juta transaksi bernilai lebih daripada RM190 juta direkodkan.
Semua transaksi itu dicatat menerusi pembabitan seramai 2,322 ejen bank yang mewakili tiga buah institusi kewangan yang mengambil bahagian iaitu Maybank, RHB Bank dan Bank Simpanan Nasional.
Source : Berita Harian
Date : 16 August 2012
Today's
Pick (17/08/12/150/843)
afternoon highlight (16/08/12/145/619)Malaysia's economy up 5.4% in Q2, manufacturing, demand support growth
Malaysia's
economy up 5.4% in Q2, manufacturing, demand support growth
KUALA LUMPUR: Malaysia's economic growth, as measured by gross
domestic product (GDP), for the second quarter ended June 30 rose by an
unexpected 5.4% year-on-year, underpinned by an expansion in manufacturing and
robust domestic demand.
GDP growth for the first quarter was revised to 4.9% from 4.7%,
while growth for the first half of the year stood at 5.1% compared with the
same period a year ago. Compared with the first quarter, GDP expanded by 3%.
In the supply side of the economy, only the agricultural sector saw
a contraction due to lower crude palm oil production. Manufacturing, services,
construction and mining all posted growth. Domestic demand jumped 13.8% for the
quarter and rose 11.8% for the first-half.
The country's second-quarter GDP numbers came as a surprise to many
economists, whose median forecast was for a 4.6% expansion. Growth for the
quarter even exceeded the most optimistic forecast of 5.2%.
Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said at
a briefing following the release of the GDP data that the surge in private
investment was the most encouraging aspect of the economy.
“Private investment has made a strong return because the
investment climate has improved tremendously, with Malaysia moving up the
rankings of various surveys in terms of competitiveness, costs and ease of
doing business,” she said.
Zeti said the improvement was underscored by the higher
implementation of investments by domestic and foreign investors. She added that
civil engineering projects in the oil and gas, transport, utilities and
services industries had helped spur growth in the construction sector.
By numbers, investments from the public and private sectors jumped
26.1% year-on-year for the quarter under review, with the first half rising
21.3%.
By sector, private investments rose 24.6% while public investments
surged 28.9%. For the first half, private sector investments grew 22.4% while
public sector investments expanded 19.5%.
Consumption rose 8.9% for the quarter and 11.8% in the first half.
By sector, private consumption increased 8.8% for the quarter and 8.1% for the
first half while public consumption expanded 9.4% for the quarter and 8.4% in
the first half.
Zeti said monetary policy continued to be supportive of growth and
that for the rest of the year, risks weighed on growth rather than on inflation
with external headwinds still overshadowing the outlook.
She said it would take time for the global economy to recover and
this would need action from various stakeholders.
“At this point, we're maintaining our forecast of 4% to 5% GDP
growth for the year but this may change when the budget is announced (on Sept
28). This will come in at the upper range of the forecast if growth is robust,”
Zeti added.
Alliance Investment Bank Bhd chief
economist Manokaran Mottain has revised GDP growth for the year to 4.7% from
4.5% previously, with the second half to record growth of 4.5%.
He told StarBiz the third quarter would see expansion at its
slowest.
Manokaran said despite the surprising growth figures, the global and
domestic economy's outlook for the rest of the year would still be dampened by
the eurozone debt crisis, slower expansion in China and tepid growth in the
United States.
“We believe the eurozone crisis will continue to have an impact on
trade and this will show itself in slower exports growth,” he said.
He added that with a drop in manufacturing activity, sentiments
would be affected, leading to slower growth in the domestic-oriented services
sector as consumption slowed.
Manokaran said Purchasing Managers Index (PMI) for July indicated
that exports would slow as demand dropped in developed markets.
CIMB Investment Bank Bhd economic
research head Lee Heng Guie said in a report that the leading index for June
suggested that the economy could weaken in the second half.
“We caution that a sharply high base in the second half of last
year poses a hurdle to year-on-year growth,” he said.
He pointed out that the global Organisation for Economic
Co-operation and Development composite leading together with regional
high-frequency indicators, including trade and PMI, were still under external
pressures.
Meanwhile, the Statistics Department released data showing that
July prices as measured by the Consumer Price Index gained 1.4% year-on-year to
104.8 and remained unchanged compared with the previous month.
Source : The Star
Date : 16 August 2012
afternoon highlight
(16/08/12/145/619)
Today's Pick (16/08/12/149/842)Checks on food prices
Checks on food prices
RAYA DRIVE: 3,000 officers to make sure
traders don’t overcharge
BERA:
MORE than 3,000 enforcers and price-monitoring officers nationwide yesterday
started screening prices of 20 Hari Raya price-controlled items, ranging from
chicken and beef to imported garlic from China.
Consumer
squads will also check on prices. Early indications suggest retailers were
selling some of the items at prices lower than ceiling prices.
Domestic
Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob
said this following his visit to a market here. Later, his deputy, Datuk Tan
Lian Hoe, reiterated this in Penang. Ismail Sabri said those failing to stick
to ceiling prices could face a fine of up to RM100,000 or three years’ jail, or
both, or receive a maximum compound of RM50,000.
A
higher penalty is imposed on companies. He said it was compulsory for traders
to distinguish price-controlled items by using pink price tags.
“Those
who do not use the pink tags can face a RM10,000 fine or RM5,000 compound fine,
while a company can be fined up to RM20,000 or RM10,000 compound fine,” he said
after launching the 15-day Festive Season Price Control Scheme here. It ends on
Aug 26. He spent more than an hour checking on prices at the Kerayong morning
market here and was happy traders were adhering to ceiling prices. Some were
selling items at lower prices.
He was
accompanied by the ministry’s enforcement director, Roslan Mahayudin, business
development director Che Halim Abd Rahman and state director Mohd A. Aruwan Ab.
Aziz Ismail.
In
Bayan Baru, Tan said 22 offences were reported in Penang during Hari Raya last
year. She urged retailers not to overcharge consumers and to display the pink
price tags.
“The
Gawai Festival last year achieved zero consumer complaints. We must seek to repeat
this for Hari Raya.
"My
early observations in Penang showed many retailers selling food items such as
standard chicken and eggs, below ceiling prices," she said
after launching the scheme at a wet market here.
In Kota Kinabalu, the ministry's state director, Noor Alam Abdul Wahid Khan, said there had been no complaints from consumers since the scheme was introduced in 2005.
In Kota Kinabalu, the ministry's state director, Noor Alam Abdul Wahid Khan, said there had been no complaints from consumers since the scheme was introduced in 2005.
"Consumers,
too, are more discerning as they take advantage of the scheme,
where the prices of certain goods are different compared with normal
days," he said at the central market here.
In
Ipoh, the ministry's deputy director for Perak, Rosli Ahmad, said its
enforcement officers were keeping tabs on markets.
"We
held several meetings with major suppliers, wholesalers and
retailers, who gave us their assurance that the supply of
essential items will be sufficient to meet demand," he said after
conducting price checks at the Ipoh Central Market.
In
Kuala Lumpur, Bernama reported the ministry's Federal Territory Office
director, Abu Samah Shabudin, said items would be monitored.
"The
scheme will be carried out simultaneously in all wet and farmers' markets
nationwide, starting from today to Aug 26."
He said
this after launching the scheme at the Federal Territory level and checking out
prices at the Taman Tun Dr Ismail market today.
Source
: New Straits Times
Date : 14 August 2012
Today's
Pick (16/08/12/149/842)
afternoon highlight (15/08/12/144/618)Govt aims for affordable housing for middle-income group
Govt
aims for affordable housing for middle-income group
PETALING JAYA: Housing and Local Government Minister Datuk Seri Chor
Chee Heung said the housing needs of the middle-income group, which formed more
than 40% of the community, must be addressed and hoped that the 1Malaysia
People's Housing Scheme (Prima) announced last year would progress speedily.
Low cost housing is capped at RM42,000, while affordable housing
cost between RM85,000 and RM300,000.
Chor said the Government had been successful in providing low cost
housing, but there was a need to look into the grouses of the middle-income
group.
Chor said this to reporters after attending a roundtable
discussion entitled “Housing Affordability: Issues and Challenges”, jointly
organised by the Real Estate Housing Developers Association (Rehda) and the
Eastern Regional Organisation for Planning and Human Settlement yesterday.
“The Ministry will consider the views and suggestions by the task
force to be formed and we will put forward views and perspectives to the
Federal Government.
“Affordable housing has become an important topic, with the greatest
need being in urban centres like Kuala Lumpur and Penang and to a certain
degree in Johor Baru due to urban migration.
“The Prima scheme is a laudable project...(but) it is moving
sluggishly. We hope to see Prima making speedy progress. At the same time, we
also hope the developers will play their role,” he said.
He said it might be more efficient to streamline the different
agencies which provided housing. Chor said it was not possible to compare
Malaysia's housing situation with Singapore because the government there was
able to step in quickly to provide both low and middle-cost housing units.
Earlier, at the discussion, Rehda president Datuk Michael Yam listed
out the challenges faced by developers when providing social housing including
the high cost of land. “Planning requirements need to be reviewed because we
are beginning to see a proliferation of small serviced apartments into the
market. Developers are resorting to building small units in order to increase
the number of units to make the project viable,” Yam said.
He called on the Government to free government and state land for
affordable housing and to exempt developers from having to fork out capital for
utilities infrastructure like reservoir and sub-stations.
“In developed countries, the government build all these and the
developers pay a contribution. When developers have to fork out capital
expenditure for the infrastructure, invariably the consumer will have to pay
for it. This results in an increase in housing cost,” said Yam.
Secretary-general of the House Buyers Association Chang Kim Loong
called on the Government to bring back the real property gains tax in full
force to curb speculation.
Effective since Jan 1, this year, the gains from property held for less
than two years were subjected to a 10% tax. For properties held between two and
five years, a 2% was imposed while those who kept it for more than five years
are exempted from tax.
Under the previous ruling, a Malaysian individual who sells his
property within the first two years of purchase is taxed 30% of the gains. The
rates slide to 20% (third year), 15% (fourth year) and 5% (fifth year). He is
not taxed on the sixth and subsequent year.
Source : The Star
Date : 15 August 2012
afternoon highlight
(15/08/12/144/618)
Today's Pick (15/08/12/148/841)A more active PHB will focus on property buys, development and act as master developer
A more active
PHB will focus on property buys, development and act as master developer
PETALING JAYA: Pelaburan Hartanah Bhd (PHB), a
subsidiary and operating arm of Yayasan Amanah Hartanah Bumiputera, will
focus on three core areas property acquisition, property development and being
a master developer.
Managing director and chief executive officer Datuk Kamalul
Arifin Othman said PHB would be more active in the local property scene as it
sought to buy real estates in other state capitals.
“Our mandate is to invest in the local market,” he told StarBiz in
an interview.
On the possibility of it going abroad, he said, “It is a possibility
that we may one day buy assets overseas.”
Kamalul
said that on the local front, PHB would like to have a presence in all the
state capitals, including Sabah and Sarawak.
“Our mandate is to
invest in the local market,” Managing director and chief executive officer
Datuk Kamalul Arifin Othman(pic) told StarBiz in an interview.
“We
are actively pursuing our property acquisitions. We are going into property
development and more into land banking. We are not going to stop just because
the price of land is going up.”
He
said PHB wanted to focus on these three areas because it aimed to increase the
size of its Amanah Hartanah Bumiputera (AHB) fund.
Kamalul
said the fund was launched in 2010 with a size of RM1bil which was sold in
three months. “We want to increase the fund size this year, depending on the
properties we are going to inject into AHB,” he said.
AHB is the first syariah-compliant fund backed by real estates.
Unlike normal unit trust, PHB will buy the asset first and then only raise
money.
“We buy the properties and transfer the beneficial ownership to the
fund in the sense that every month, the fund is secured with rental guarantee,”
he said.
PHB
currently has several prominent and strategically located properties in the
Klang Valley. The value of its total property assets to-date stands at
RM1.5bil, generating a gross annual rental income of about RM100mil. This works
out to an annual yield of 6.67%, with 160 tenants over nine projects.
Said Kamalul: “We will focus on acquiring property that will
predominantly be completed Grade A buildings, go into property development,
which we have already done in KL Sentral, and be a master developer.”
Some of the office buildings in its stable include four out of five
blocks in Peremba Square, Menara Bumiputra-Commerce which is next to Sogo
departmental store in the city, CP Tower in Section 16 Petaling Jaya, Wisma
Consplant in Subang Jaya and Menara Prisma in Putrajaya.
It also owns two retail blocks in Peremba Square, DEMC Specialist
Hospital that it purchased in November last year and industrial building
Logistics Warehouse in Shah Alam, Selangor.
“We
want to diversify our revenue (in order to be resilient),” he said.
Kamalul
said besides accummulating property assets for its recurring income, PHB's second
core business was property development.
Its maiden project is Nu Sentral in KL Sentral. With a gross
development value (GDV) of RM1.4bil, it will comprise a seven-storey mall with
gross floor area of 1.1 million sq ft and nett lettable area of 650,000sq ft.
It will be KL Sentral's first mall.
The second component of the development is a 27-storey office
building Menara 1 Sentrum at Nu Sentral with estimated gross floor area of
640,000 sq ft and net lettable area of 450,000 sq ft. It will be built according
to specifications of LEED Silver green building. LEED is the acronym for
Leadership in Energy and Environmental Design (LEED).
Both components of its Nu Sentral project the mall and the office
block are expected to be completed in the first quarter of 2013 and will have
about 2,000 parking bays.
In terms of site location and frontage, Kamalul said it would be
among the best. A bridge will be constructed to link the mall to the transport
interchange.
Possible tenants for the mall include Parkson, cineplex operator
Golden Screen Cinemas GSC, Wesria Food Sdn Bhd which will operate and
manage a food court, a bowling alley and an MPH bookstore. Mydin will be
introducing a new brand at the mall.
PHB
will retain ownership of the entire project. “Rental lease will be competitive
with other retail lots in KL Sentral,” Kamalul said.
PHB's
second property development is the extension of Gleneagles Hospital that is
expected to be completed in three years. It has signed an agreement with
Gleneagles to build the medical facilities with a GDV of RM150mil and has
signed a long lease with the hospital operator.
The
remainder of its five acres at the Gleneagles extension will be used to build
serviced apartments and PHB is already in discussions with several operators.
PHB will own the asset but it will be managed and operated by another party.
“The
patients at Gleneagles Hospital are very high profile. They and their family
need a place to stay and rest,” said Kamalul.
On
PHB's plan of becoming a master developer, Kamalul said this would be done at
the former Lever Brothers land in Bangsar which it bought from Perbadanan Aset
Keretapi.
“We
have submitted our masterplan to the City Hall and it is currently being
evaluated. We want to be the master developer for that land.
“We
are going to plan the development and we will get the developer to build for
us. But the important criteria is, they must give value-added proposals. For
example, they develop the land and at the same time, provide a tenant to take
up a substantial portion of the place.”
Kamalul
said the project would be a mixed integrated community development which would
include high-end condominium, retail centres and office buidings.
“It
will be developed in phases. On the demand side, it will be green in terms of
getting the credentials. That will keep us busy for the next several years.
There may be opportunities for joint ventures with some of the parties
involved,” he said.
Source
: The Star
Date
: 13 August 2012
Today's Pick
(15/08/12/148/841)
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