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BNM expected to cut OPR to new low of 1.5%

January 16th, 2021 No comments

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DBS Group Research is predicting Bank Negara Malaysia (BNM) to cut the overnight policy rate (OPR) by another 25 basis points (bps), which would bring the interest rate to a new low of 1.5%, in the forthcoming monetary policy meeting scheduled for Jan 20 next week.

The move is expected to be taken in response to the potential impact on the economy of the recent announcement of the state of emergency and the reimplementation of the movement control order (MCO), according to DBS economist Irvin Seah in a note today.

“We reckon that the latest set of measures will likely trim overall GDP (gross domestic product) growth in 2021 by about 0.8 percentage point to 5.2%, down from our current forecast of 6%. Domestic consumption will be most affected and remain a key drag on growth,” said Seah.

Last year, the local central bank made four OPR cuts and slashed a total of 125bps to its lowest-ever level of 1.75%.

The government recently announced the national state of emergency until Aug 1 and reinstated the MCO for two weeks in a bid to contain the worsening Covid-19 situation, of which the total number of infections exceeded 145,000, from about 11,000 in early October, while daily new cases surpassed the 3,000 mark over the past few days.

The MCO entails tighter restrictions on social and work mobility across Penang, Selangor, Melaka, Johor and Sabah, as well as the federal territories of Kuala Lumpur, Putrajaya and Labuan, which account for about two-thirds of the country’s GDP, and chances are high that it will be extended, judging from the rapid spread of the Covid-19 pandemic, said Seah.

“Though Bank Negara would be easing against a backdrop of US curve steepening, strong global reflation optimism and Asian central banks generally on hold, we do not expect an adverse reaction from financial markets, especially as real rates remain relatively high,” said Seah.

He added that foreign inflows into Malaysian Government Securities (MGS) and Malaysian Government Investment Issues (MGII) also stayed robust in recent months, and should continue to be supported by buoyant global risk sentiments and higher energy prices.

Source: EdgeProp.my

 

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Penang to extend House Ownership Campaign to end of 2021

January 15th, 2021 1 comment

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The Penang government plans to extend the House Ownership Campaign (HOC) to the year-end following implementation of the movement control order (MCO) and imposition of Emergency which is expected to continue until August.

State Housing, Local Government and Town and Country Planning Committee chairman, Jagdeep Singh Deo said this measure was aimed at reducing the burden of new house buyers during this difficult time and for economic generation in the real estate sector.

“In Penang, we have almost 3,000 unsold houses worth RM 2.9 billion but out of this number, only 0.8 per cent of affordable homes priced under RM300,000 are still unsold. We will try to assist this sector as it is important in ensuring cash flow in the market,” he said at a news conference, here, today.

The HOC was introduced as an incentive to new house buyers, namely, stamp duty exemption and a discount of at least 10 per cent of the sales price from housing developers in encouraging house ownership among the locals.

Jagdeep said the state government had approved almost 4,000 applications for low-cost, low medium-cost and affordable homes.

He said it was committed to having a supply of affordable homes with prices ranging from RM42,000 for low-cost units, RM72,500 for low medium and up to RM300,000 for various affordable units.

Source: Bernama

 

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All parks in Penang will be closed during MCO

January 15th, 2021 No comments

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All parks in Penang, including Botanic Gardens, will be closed as of Friday (Jan 15).

This follows some confusion when the movement control order was re-imposed on Wednesday (Jan 13) and some public recreational parks in the state remained open for people to go jogging alone.

State youth and sports committee chairman Soon Lip Chee said in a statement on Thursday (Jan 14) that the state will take heed of the order from National Security Council and close all public parks in the state.

This includes City Park, Metropolitan Park, Botanic Gardens and all the public recreational areas at the dams and reservoirs.

“Only up to two people may go jogging together in the neighbourhood of their homes and cycling can be done alone within a radius of 10km from your home,” Soon added.

It was earlier reported that the local police had wanted Penang Botanic Gardens to be closed.

“We remind the public that other than jogging and cycling, all other forms of sports and recreation are not allowed in areas under the MCO,” Soon said.

Source: TheStar.com.my

 

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SITE PROGRESS: 3 Residence (Jan 2021)

January 14th, 2021 No comments

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About 3 Residence

Mixed development by IJM Land at Sungai Pinang. It is strategically located along Lebuh Sungai Pinang 1, easily accessible via Tun Dr. Lim Chong Eu Expressway. Offering a mix of residential and commercial components, which comprises a 47-storey skyscraper, hotel and shop offices.

Find out more about 3 Residence

Register your interest here. We will keep you updated.

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

 

The Se7en @ Juru

January 13th, 2021 No comments

the-se7en-juru

The Se7en @ Juru, a commercial development by Prospek Setia Sdn. Bhd. at Bukit Tengah. It is a small development strategically located along the busy road of Jalan Kebun Nenas, next to Juru Sentral development near Icon City. Just a stone’s throw away from Juru Auto-City.

This development will see the construction of a commercial building, featuring 13 unit 3-storey shop offices fronting the main road.

More details to be available upon official launch.

Project Name : The Se7en @ Juru
Location : Juru / Bukit Tengah
Property Type : Commercial
Tenure: Freehold
Built-up Size: (to be confirmed)
Total Units : 13
Indicative Price : (to be confirmed)
Developer : Prospek Setia Sdn. Bhd. (Blitz Tower Group)

Register your interest here. We will keep you updated.

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

Location Map:

 

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.