Developer KSK Land Sdn Bhd has denied talk that its 8 Conlay project, a RM5.4 billion mixed-use development featuring the world’s tallest “twisted” twin tower residence in the heart of Kuala Lumpur, is facing financial difficulties.
Short-term rentals and homestays have their costs and consequences, as well as bouquets and brickbats. A discussion on whether a ban is the right way forward typically ends up with an emotionally charged “yea” or “nay”, depending on one’s personal interest and experience, good or bad.
Occupying a 5.28-acre freehold parcel, Jernih Residence will offer 1,605 serviced apartment units in two blocks and 41 retail units on Levels 1 and 2. The residential units will come in four sizes — ranging from 550 to 850 sq ft — and are priced from RM270,000, or an average of RM500 psf. Most units, except some 850 sq ft units, will have one parking bay each.
In an April 8 note, Hong Leong Investment Bank Research analyst Tan Kai Shuen says much of the property sector dynamics had changed compared with the previous year, owing to the pickup in sales and construction activity following the easing of lockdown restrictions, ending of the Home Ownership Campaign (HOC) last December, rising cost of living and lower household income, inflationary pressures on commodities and building materials cost, border reopening in April, anticipated rate hike and return of capital inflow from foreign investors.
What does all this mean for those who have bought properties that are now being built?
Will they get a property that has been build according to the specifications spelt out in the sales and purchase agreement? Would all the building processes be executed the way they should be?
A day after the tragedy, the UK government announced that a public inquiry into the incident would be held. Phase One of the inquiry, released in October 2019, reportedly found “systemic failures” in the London Fire Brigade’s response. Phase Two, now ongoing, examines in-depth, among others, the building’s refurbishment and external cladding, testing and certification of products and fire risk assessments.
Malaysia is fast becoming an aged nation, even by global standards. According to World Bank estimates, Malaysia joined the ranks of an ageing society (with 7% of its population aged 65 and over) in 2020. The country is en route to becoming an aged society in 2044 (with 14% of its population aged 65 and over), and super-aged society in 2056 (with 20% of its population aged 65 and over).
McCrea said: “There is a scramble to do something in the financial setting, and in the world of environmental, social and governance (ESG). We are seeing this being driven by big investment companies. It is definitely [linked] to the property sector — we have a lot of developers and managers who are involved. However, everyone is prickly about ESG risks.
Zeti, who helmed PNB for nearly three years since her appointment in June 2018, is set to step down from the post as soon as coming Friday, when the asset management company will hold its annual general meeting, said sources.
Best to let the market sort itself out.
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