KUALA LUMPUR: The Kuala Lumpur City Plan 2020 (KLCP2020)is expected to be gazetted in October 2010.
Federal Territories Deputy Minister Datuk M. Saravanan said the cost incurred with regards to the draft plan   amounted to RM15,807,100 up to September 2009. The plan is now at the amendment stage.

KUALA LUMPUR: The Kuala Lumpur City Hall has not received any application from developers to build so-called "iconic" buildings in the city, said Kuala Lumpur Mayor Datuk Ahmad Fuad Ismail.

SINGAPORE: The city state’s office rental rate has plummeted from the ninth most expensive in the world a year ago to 32nd spot, according to a CB Richard Ellis (CBRE) report.

General rental rates have also dropped significantly, from an annual $135.13 (RM459.44) to $663.89 psf – down 53.4%. Singapore’s office rental drop was the largest among leading Asia-Pacific cities.

KUALA LUMPUR: ECM Libra Investment Research has upgraded the property sector to Overweight as the valuations are more compelling now and it believes the sector would be an outperformer in 2010.

HONG KONG: Shama, a Hong Kong-based serviced residence operator has been appointed to manage an upcoming five-star luxury serviced residence in Bangkok to be named Shama Bangkok.

SHANGHAI: Sales of new luxury homes, costing more than 40,000 yuan (RM198,775) per square metre (psm), rose more than 50% in Shanghai last month, extending a rally for two straight months, according to a report in the Shanghai Daily.

Dampened by two setbacks

SYDNEY: Australia's construction industry contracted modestly in November as weakness in the apartment sector offset growth in house building, an industry survey showed on Monday.

The survey of 200 firms by Australia Industry Group and the Housing Industry Association found tight credit conditions and project delays led to a drop in new orders and employment.

TORONTO: Bank of Canada Governor Mark Carney’s pledge to freeze record-low borrowing costs through June may be raising the chances of a bubble in home prices even as it helps the economy recover from its first recession in 17 years.

HONG KONG: Hong Kong's government is "very concerned" about the risk of an asset bubble developing although a bubble is not apparent yet, Financial Secretary John Tsang told legislators on Monday, referring to a surge in the city's property prices this year.