Property Sector
IFRIC 15

Builders are upbeat about the prospects of Penang's real estate. A combination of factors - including dwindling land, George Town's World Heritage site status, and the success of the MM2H programme - has kept property prices on an uptrend and pulled in foreign investors. Interest has now spilled over to the mainland, boosted by the ongoing construction of the Second Penang Bridge.

Malaysia’s own Green Building Index (GBI) was launched in May last year.

KUALA LUMPUR: The recent fuel subsidy cut will result in higher construction costs leading to possibly higher property prices, said industry players.

Expressing its concern over the subsidy cut, Master Builders Association Malaysia (MBAM) secretary-general Yap Yoke Keong said the move could result in more expensive building materials due to an increase in transportation rates.

KUALA LUMPUR: Thirty-seven developers are showcasing 40 over property projects in the Klang Valley at the Malaysia Property Exposition (Mapex) 2010 from Friday, July 16 till Sunday at the Mid Valley Exhibition Centre.

The countdown to the adoption of IFRIC 15 has begun. From July 1, developers are to recognise revenue only upon the completion of a project instead of the current percentage-of-completion method. Can IFRIC 15 work for Malaysia where most properties are sold off the plan? Ironically, the Inland Revenue Board will continue to tax developers based on the current accounting method.

KUALA LUMPUR: The impending scrapping of the retail licences for steel and cement will benefit hardware stores but will have little effect on larger property developments, President of Master Builders Association Malaysia (MBAM) Datuk Ng Kee Leen said on June 24.

KUALA LUMPUR: The Real Estate and Housing Developer’s Association (REHDA) Malaysia on Tuesday, June 22, elected Datuk Micheal Yam Kong Choy to be the President of the National Council Members for the 2010/ 2012 session.

Its Annual Delegates’ Conference was held on June 19, and was attended by 102 voting delegates from its branches nationwide.

Malaysia’s own Green Building Index (GBI) was launched in May last year. Initiated by building professionals with initial funding from Pertubuhan Akitek Malaysia (PAM) and in collaboration with the Association of Consulting Engineers Malaysia (ACEM), the GBI is now being funded by the Malaysia Investment Development Authority (Mida).

KUALA LUMPUR: The Real Estate and Housing Developers' Association (REHDA) of Malaysia has set up a task force to address issues arising from Malaysia's adoption of the interpretation issued by the International Financial
Reporting Interpretations Committee (IFRIC) 15.