News

As of September 30, 2023, the Task Force on Private Housing and Abandoned Projects (TFST) has revealed a concerning situation in Malaysia's real estate landscape. They have identified a total of 655 housing projects that fall into the categories of delayed, sick, or abandoned, collectively valued at RM79.03 billion. These projects have been broken down into the following categories: Delayed...

In a series of videos shared on TikTok by user @handsomecool666, numerous guests were seen unable to check in to their apartment units, waiting near the condominium's entrance and guardhouse. The situation arose as the condominium management had recently implemented a ban on short-term rental accommodations, catching many guests by surprise. In one video, guests were shown waiting outside the condominium...

Cornell Academy, a local hospitality education institution, has entered into a partnership with Universiti Sains Malaysia’s (USM) Graduate School of Business and King’s Park Genting Highlands to provide training opportunities for its students. This collaboration, signed on October 8, aims to enhance the skills and knowledge of students in the hospitality and business management sectors. Under the...

TA Securities believes that the Penang Transport Master Plan (PTMP) will serve as a significant catalyst for Penang's construction sector, making the state an attractive destination for investors and developers. The research house is optimistic about Penang's residential property market, driven by the robust recovery of the medical and tourism sectors on Penang Island post-pandemic, as well as the thriving...

The Setiawangsa-Pantai Expressway (SPE), spanning 20.7km, will be officially accessible to motorists in its entirety at 11.59pm on Friday. This significant development includes the opening of the previously unaccessible 16.3km stretch comprising Sections 1 to 3, extending from Kerinchi to Setiawangsa. Section 4, covering 4.4km and connecting Setiawangsa to Taman Melawati, has been operational since...

An alarming trend of renovation scams is emerging as victims come forward to reveal contractors who have been defrauding unsuspecting individuals. The typical modus operandi involves contractors showcasing enticing renovation projects on their social media profiles, attracting victims seeking quotations to realize their home improvement dreams. However, problems arise after payments are made and work...

The Ministry of Transport (MOT) plans to initiate negotiations to continue the current Keretapi Tanah Melayu Bhd (KTMB) Tebrau Shuttle service between Johor Bahru and Singapore, even after the Rapid Transit Service (RTS) commences its operations. Transport Minister Anthony Loke noted that the bilateral agreement between Malaysia and Singapore for the RTS project includes a condition for terminating the...

Pavilion Real Estate Investment Trust (Pavilion REIT) reported a 34.5% increase in net property income (NPI) for the third quarter ending September 30, 2023, reaching RM121.35 million, compared to RM90.22 million the previous year. The boost in NPI was attributed to income generated from the newly-acquired Pavilion Bukit Jalil. Quarterly revenue also surged by 43.4% to RM199.21 million, up from RM138.94...

EcoFirst Consolidated Bhd has clarified that it still achieved a net gain despite selling eight out of 15 retail units at a lower-than-market price in a recent related party transaction. According to the property developer, the total gain from selling these 15 units exceeded the total original investment cost by approximately RM9.20 million. The disposal price for these units was appraised in a valuation...

Bank Negara Malaysia (BNM) has chosen to maintain its overnight policy rate (OPR) at 3% during its most recent Monetary Policy Committee (MPC) meeting, marking the third consecutive session where the OPR remains unchanged. Despite some calls for a rate hike to stabilize the ringgit, which has reached a 25-year low against the US dollar, BNM has opted to maintain the status quo since its last rate hike in...