At its meeting today, Bank Negara Malaysia’s Monetary Policy Committee (MPC) announced its decision to maintain the Overnight Policy Rate (OPR) at 3.00 percent. This decision comes amidst a backdrop of a moderately expanding global economy supported by domestic demand and improving trade activity.

Globally, economic expansion persists, driven by domestic demand and favorable labor market conditions in certain regions. However, risks such as geopolitical tensions, inflation outturns, and financial market volatility remain pertinent. While global headline and core inflation have seen a slight decline, monetary policy in many countries is expected to remain tight due to above-average inflation.

In Malaysia, the economy saw a 3.7% expansion in 2023, with growth expected to improve in 2024. This positive outlook is attributed to the recovery in exports, resilient domestic expenditure, and stronger global trade. Factors such as tourism growth, employment stability, and investment activities further contribute to the optimistic forecast. Nevertheless, downside risks persist, including weaker external demand and commodity production declines.

Inflation in Malaysia stood at 1.5% and 1.8% for headline and core respectively in January 2024, aligning with expectations. The outlook for 2024 remains moderate, contingent on domestic policy implementations, global commodity prices, and financial market dynamics.

Addressing the currency valuation, Bank Negara Malaysia highlighted the ringgit’s undervaluation relative to economic fundamentals. Coordinated efforts between the government and the central bank aim to encourage the repatriation and conversion of foreign investment income, contributing to a firmer ringgit. Structural reforms in the medium term are expected to provide lasting support to the currency.

The MPC emphasized that the current OPR level is supportive of the economy and aligns with inflation and growth projections. Vigilance towards ongoing developments will guide future assessments on inflation and growth outlooks, ensuring that monetary policy remains conducive to sustainable economic growth and price stability.

Overall, Bank Negara Malaysia’s decision to maintain the OPR reflects a balanced approach to sustain economic momentum amidst global uncertainties, while also addressing domestic economic fundamentals and policy considerations.

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The tender process for the Penang International Airport (PIA) expansion and upgrading works will commence soon following the Federal Government’s approval of the plan recently.

Chief Minister Chow Kon Yeow said with the approval from the Cabinet, Malaysia Airports Holdings Bhd (MAHB) could start the tender process for the appointment of contractors for the PIA expansion and upgrading project.

“The project is expected to start in the third quarter of this year.

“In the meantime, the Penang government will continue its discussion with MAHB concerning technical issue compliance.

“Both the discussion with the state government and the commencement of the tender process can be done concurrently,” Chow told the media today after being asked about the latest development of the PIA expansion and upgrading project.

On Feb 27, Transport Minister Anthony Loke told the press that the Federal Government has approved the RM1 billion worth of PIA’s expansion and upgrade, which will be handled by MAHB.

He was quoted by the media as saying that the actual figures (cost) would only be determined after the tender process as there are also plans to expand and upgrade the facilities and infrastructure near the airport.

Source: Buletin Mutiara

Organisers of the PropertyGuru Asia Awards Malaysia in partnership with iProperty today unveiled new dates and details for the programme’s 2024 edition during an exclusive gathering attended by business leaders.

Malaysia’s finest development companies and real estate projects are set be honoured at the celebration of the 11th Annual PropertyGuru Asia Awards Malaysia in partnership with iProperty on Friday, 25 October 2024. Around 400 executives and senior professionals are expected to be in attendance at the highly anticipated awards presentation and gala dinner in Kuala Lumpur.

Entries are now accepted via awards.propertyguru.com until 31 May 2024. With a professionally run and supervised judging system, an independent panel of experts will provide their fair, credible perspectives on entrants during the Live Judging Days, set for July 2024.

Consumers in Malaysia will also get the opportunity to voice their preferences through the People’s Choice Awards. For a limited period in July, property seekers will be able to vote for their favourite developers to win the Awards, showcasing the pulse of the Malaysian consumers.

Key dates for the 2024 edition:

• 31 May 2024 – Entries close
• 1-14 July 2024 – People’s Choice Awards voting period
• 15-17 July 2024 – Live Judging Days
• 25 October 2024 – Gala Dinner and Awards Ceremony in Kuala Lumpur, Malaysia
• 13 December 2024 – Regional Grand Final Gala Presentation in Bangkok, Thailand

Championing ESG

This year’s Awards hold special significance as they introduce five new categories recognising achievements in ESG: Low Carbon Champion, Energy Efficient Champion, Sustainable Design Champion, Sustainable Construction Champion, and Social Impact Champion.

Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “We are delighted to distinguish the finest real estate in Malaysia across a broad spectrum of categories this year. Supported by the leading property portals in Malaysia, PropertyGuru.com.my and iProperty.com.my, the Awards have expanded in 2024 to include new categories, honouring the property developers that are championing environmental, social, and corporate governance (ESG) throughout the country. These accolades acknowledge the sustainability endeavours and positive impact of premier developers, in line with Malaysia’s push towards attaining the 2030 Sustainable Development Goals. Our Awards not only set the Gold Standard of real estate but also elevate the industry’s commitment to environmental, social, and corporate responsibility, leading to a better future for stakeholders in the property sector.”

The inclusion of the new categories coincides with GreenRE and Malaysia Green Building Council’s (MGBC) appointment as the Official ESG Knowledge Partners of the 2024 Awards. As Malaysia’s leading green building certification bodies, GreenRE and MGBC are instrumental in the development of the judging framework and criteria for the Awards’ ESG categories.

A staunch advocate for a sustainable built environment, GreenRE’s Executive Director Ir. Ashwin Thurairajah joins the 18-member, professional judging panel of the Awards for the first time this year, along with returning judge, MGBC President Ar. Dr. Serina Hijjas.

Datuk Ar. Ezumi Harzani Ismail, chairperson of the independent panel of judges of the Awards and president of the Malaysian Institute of Architects: 2020-2022, said: “It is important for developers to set a high standard in real estate to push the boundaries of conventional design and introduce innovations that set them apart. Participating in the Awards motivates architects and developers to explore novel materials, cutting-edge technologies, and new construction methods that inspire new architecture with a fresh perspective on the possibilities of the built environment. A great development shapes and influences the world we live in, leaving a lasting legacy for years to come, and brings the developer ahead of others.”

HLB, the global network of independent professional accounting firms and business advisers, is entrusted with overseeing the entire judging process and ensuring that it is conducted with integrity and transparency.

Representation for Malaysia

Top winners of the Awards in Malaysia will qualify to compete for regional accolades at the 19th PropertyGuru Asia Property Awards Grand Final 2024 in Bangkok, Thailand on 13 December. Malaysia’s best developers, developments, and designs will contend for the Best in Asia honours with their counterparts from Australia, Cambodia, Mainland China, Hong Kong, Macau, Greater Niseko (Japan), India, Indonesia, Philippines, Singapore, Thailand, and Vietnam.

Malaysia was represented with four regional wins at the Grand Final in 2023, led by Perbadanan Kemajuan Negeri Selangor (PKNS), winner of the Best Affordable Homes Developer (Asia) award. Projects by Eastern & Oriental Berhad, Eupe Corporation Berhad, and Sime Darby Property also garnered Best in Asia titles.

As the property market gradually rebounds and environmental awareness spreads among prospective buyers and investors, developments that meet the standards of energy efficiency, functionality, and sustainability are set to spearhead the future Malaysian market.

Informed decisions, economic optimism

According to the PropertyGuru Malaysia Consumer Sentiment Study H1 2024, 77% of property seekers believe that climate change is influencing their purchase decisions while 30% are willing to pay more for a green home.

Despite uncertain expectations for the property market this year, service sectors are expected to continue spearheading economic expansion, according to PropertyGuru’s Malaysia Property Market Outlook 2024.

Areas with a robust presence of service sectors are likely to remain appealing to home seekers while infrastructural developments, such as those in Johor and Penang, are expected to drive demand.

The PropertyGuru Asia Awards Malaysia in partnership with iProperty.com.my are the most respected and most sought-after real estate industry awards programme in the country. The event is part of the regional PropertyGuru Asia Property Awards series, which marks its 19th year in 2024. The Awards series covers key markets across the region, spanning Southeast Asia, East Asia, South Asia, and Oceania, with exclusive gala dinners and awards ceremonies that represent the most anticipated property events of the year.

Organised by PropertyGuru Group (NYSE: PGRU), Southeast Asia’s leading property technology company, the 11th PropertyGuru Asia Awards Malaysia in partnership with iProperty are supported by official portal partners PropertyGuru.com.my and iProperty.com.my; official ESG knowledge partners GreenRE and Malaysia Green Building Council; official magazine Property Report by PropertyGuru; media partners Kopi & Property, Marketing In Asia, Niaga Times, Penang Property Talk, The Malaysia Voice, and Top 10 Malaysia; and official supervisor HLB.

For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com.

The south moat of Fort Cornwallis, currently undergoing renovation, is set to be completed soon and will be open to the public on July 7 this year, Chief Minister Chow Kon Yeow said.

He said once the restoration works come to an end, the public will be able to enjoy the component, which is part of the broader Fort Cornwallis restoration project.

The restoration of the west moat, however, is slated for later completion and will be open to the public from July 7, 2025.

“There is still a lot of work to be done but we are happy to note that the south moat will be open this year, allowing the public to enjoy part of this historic structure,” Chow said after visiting the Fort Cornwallis earlier this morning.

The RM20 million project is being implemented by the George Town Conservation and Development Corporation (GTCDC), a partnership between Penang Chief Minister Incorporated and Think City with the Aga Khan Trust for Culture as the technical advisor.

It was learned that about RM10 million was spent on excavation and works around the fort for the moats, and another RM10 million will be spent to complete it.

Meanwhile, Think City managing director Hamdan Abdul Majeed said the storerooms of the fort, which were conserved and restored, will be open as a fort museum by the end of this year.

“At this point, works on displaying the contents are taking place, and we are looking at about November or December to open it to the public,” he said.

In a related development, Chow said the current Astaka Kota Selera, which is one of the components under the Fort Cornwallis project, will be relocated temporarily to make way for a reconstruction project soon.

“The Astaka will be relocated only within the vicinity,” he said.

Source: Buletin Mutiara

Iconic Harmony, an affordable housing development at Alma in Bukit Mertajam. Undertaken by Iconic Maison Sdn. Bhd, the development will be located near the junction of Jalan Rozhan and Jalan Alma. It is only about 1km away from AEON Mall, with easy access to an abundance of essential amenities within mere minutes drive.

This development features a 36-storey condominium offering 751 affordable housing units. Each unit will offer a standard size of 900 sq. ft. When completed, there will be 7 levels of car parking podium with facilities located at level 8.

READ MORE ABOUT AFFORDABLE HOUSING:

• Full list of affordable housing in Penang
• Eligibility and the requirement of buying affordable housing

Project Name : Iconic Harmony
Location : Jalan Rozhan, Alma, Bukit Mertajam
Property Type : Affordable housing & Shop Lots (Mixed Development)
Tenure: Freehold
Land Area: (to be confirmed)
Built-up Size: 900 sq.ft.
Total Units : 751
Indicative Price : RM280,000 onwards (Upgraded package)
Developer : Iconic Maison Sdn. Bhd. (A wholly owned subsidiary of Iconic Worldwide Sdn Bhd

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.