GEORGE TOWN: Plans by the state government to tender out the development of Bayan Mutiara in a bid to raise much-needed funds for its social programmes have been hailed as a step in the right direction for Penang to achieve its vision of becoming an international city.

EFFECTIVE Aug 1, 2010, members of the Employees Provident Fund (EPF) who have not withdrawn their monies to purchase a house or reduce a housing loan will be able to purchase a house of high value under the "Flexible Housing Withdrawal" scheme.

Contributions to the EPF are regarded as income of the employees to enable them to get approval for a larger loan.

KUALA LUMPUR: Malaysia needs to promote the right property products to attract foreign investors, said a leading Malaysian property developer.

KUCHING: The Sarawak Government will undertake a pilot project in Muara Tebas near here to develop a new satellite town under the Green Corridor concept within the 10th Malaysia Plan.

KUALA LUMPUR: Hektar Real Estate Investment Trust (Hektar REIT) posted a net profit of RM9.13 million for 2Q 2010, up 3% compared to the preceding year’s corresponding period, it announced on Wednesday, Aug 4.

KUALA LUMPUR: Human resources remained a crucial issue for the construction industry, especially with regards to the shortage of skilled workers, said Master Builders Association of Malaysia (MBAM) president Kwan Foh Kwai.

WASHINGTON: As many as 50,000 struggling homeowners in five states with high unemployment may receive help from a special US$600 million (RM1.9 billion)federal fund intended to head off some foreclosures.

KUALA LUMPUR: A total of RM82.3 billion worth of construction and infrastructure projects are expected to be implemented this year at the tail end of the government’s stimulus package and the Ninth Malaysia Plan (2006-2010), said the Construction Industry Development Board (CIDB).

LONDON: Non-British investors are finding it increasingly difficult to secure mortgages on British property as many high-street banks and building societies refuse loans to overseas buyers, industry participants say.

HONG KONG: Luxury flat owners on Hong Kong Island have scared off buyers by raising their prices after the prime site in Mount Nicholson Road on The Peak sold for HK$10.4 billion (RM4.24 billion), the third-highest land price ever, last week.