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Penang assemblyman proposes 3% levy on out-of-state property buyers

Penang assemblyman proposes 3% levy on out-of-state property buyers

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Updated:
  • A Penang assemblyman proposed a 3% property transfer premium for non-residents to curb speculation.
  • The funds would support affordable housing initiatives for locals, addressing a housing market mismatch.
  • Defining "non-Penangite" and implementing the levy may require federal cooperation and legal adjustments.
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IWG expands Spaces coworking footprint in TTDI amid rising demand for flexible workspaces

IWG expands Spaces coworking footprint in TTDI amid rising demand for flexible workspaces

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Updated:
  • IWG is launching a new Spaces coworking centre in TTDI, Kuala Lumpur, to meet rising demand.
  • The 24,700 sq ft facility offers flexible workspaces and is strategically located near major transport links.
  • This expansion reflects IWG's commitment to providing high-quality work environments.
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BKIP2 to go for another round of bidding after second RFP fails

BKIP2 to go for another round of bidding after second RFP fails

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Updated:
  • The Penang Development Corp will reopen bidding for the Batu Kawan Industrial Park 2 project.
  • The second request for proposal failed after the winning bidder's partner withdrew, prompting a new round.
  • If no suitable partner is found, PDC will reassess the project's viability and market conditions.
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Bursa reprimands Ireka, fines directors RM425,000 over Pan Borneo Sabah project disclosure breaches

Bursa reprimands Ireka, fines directors RM425,000 over Pan Borneo Sabah project disclosure breaches

news

Updated:
  • Bursa Malaysia reprimanded Ireka Corporation and fined seven directors RM425,000 for disclosure breaches.
  • The violations involved failures related to the RM1.07 billion Pan Borneo Highway project in Sabah.
  • Ireka's inadequate disclosures led to significant market volatility, impacting investor confidence.
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Rehda backs Option to Purchase clause under proposed new housing law

Rehda backs Option to Purchase clause under proposed new housing law

news

Updated:
  • Rehda Malaysia supports the proposed "Option to Purchase" clause in the new Real Property Development Act.
  • This mechanism allows buyers and developers to withdraw from transactions before signing agreements.
  • Rehda emphasises the need for clear and equitable guidelines to protect homebuyers and address challenges.
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DBKL targets 14 flood hotspots, increasing desilting works at rivers

DBKL targets 14 flood hotspots, increasing desilting works at rivers

news

Updated:
  • Kuala Lumpur City Hall has reduced flood hotspots from over 30 to 14 through drainage upgrades.
  • A special task force will clear clogged drainage during heavy rain, as rainfall intensity poses challenges.
  • DBKL also launched an early weather alert initiative to help residents prepare for bad weather.
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Metronic Global to sell vacant Bukit Jelutong factory for RM9.42m to pare debt

Metronic Global to sell vacant Bukit Jelutong factory for RM9.42m to pare debt

news

Updated:
  • Metronic Global Bhd is selling an industrial property in Shah Alam for RM9.42 million.
  • Proceeds will fund working capital and repay loans, with completion expected by 2Q FY2027.
  • The property is currently vacant and was underutilised due to operational changes.
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UOA Development confirms rescission of RM200m property sale to UOA REIT after unitholder rejection

UOA Development confirms rescission of RM200m property sale to UOA REIT after unitholder rejection

news

Updated:
  • UOA Development Bhd has rescinded three SPAs for a RM200 million sale to UOA REIT after unitholders rejected it.
  • The decision followed a failed vote at UOA REIT's meeting on April 29.
  • The properties in question are now off the table, and no claims can be made by either party.
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Equinix to build fourth Malaysia data centre in Cyberjaya for US$190m

Equinix to build fourth Malaysia data centre in Cyberjaya for US$190m

news

Updated:
  • Equinix, Inc plans to invest over US$190 million in a new data center, KL2, in Cyberjaya, Malaysia.
  • This facility will enhance Malaysia's digital economy and support high-density workloads with renewable energy.
  • KL2 will be Equinix's fourth data center in Malaysia, expanding its regional interconnection capabilities.
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Malaysia among most stable economies in Asia amid global uncertainty — Nga

Malaysia among most stable economies in Asia amid global uncertainty — Nga

news

Updated:
  • Malaysia remains resilient amid global challenges, recognised by institutions like JPMorgan.
  • The government is implementing measures to mitigate impacts on the property sector from geopolitical tensions.
  • Initiatives include expanding affordable housing projects and fast-tracking approvals to support developers.
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Penang assemblyman proposes 3% levy on out-of-state property buyers