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REAL ESTATE NEWS AT A GLANCE
“BOOSTING DEMAND FOR PROPERTIES” - Business “MRT MAY COST OVER RM 36.6 BILLION”- The Star (17/1/2011) Times (06/01/2011)
The Malaysian government announced plans to open up some of its prized land bank around Kuala Lumpur and the Klang Valley for redevelopment. Among the governmentowned prime land are the 20ha at Jalan Cochrane, some 12ha in Ampang Hilir, and smaller parcels at Jalan Stonor, in Brickfields and Bukit Ledang, off Jalan Duta. But the crown in the jewel is the redevelopment of the Rubber Research Institute land in Sungai Buloh and the Sungai Besi land, and building of Matrade Centre and the Kuala Lumpur International Financial District (KLIFD). OSK Research Sdn Bhd head of research Chris Eng said the LRT and MRT projects have added excitement to the market as some homebuyers have begun to speculate which housing areas would benefit from the locations of these stations. Malaysia's residential property sector is expected to register the highest sales transactions on record in 2010 of around RM50 billion (2009: RM42 billion).
PETALING JAYA: The cost of building the mass rapid transit (MRT) transport system, which is scheduled to begin construction in six months, may swell beyond the projected RM36.6bil as developers and residents have begun lobbying on the proposed locations and types of stations. Business leaders want the MRT stations to be located close to the centre of commercial activity, in some cases where they have projects or plan to build one, but residents living near or adjacent to the proposed lines have voiced objection against the MRT tracks being built above ground and want the lines and stations to be underground so as to avoid congestion and noise pollution issues. The entire MRT line is estimated to run a total of 150km at a cost of RM36.6bil. Other lines will be added later. All these lines, together with the existing Star, LRT and Komuter rail will form part of the country's Urban Transport master plan.
“MAYBANK LAUNCHES RINGGIT- BASED MORTGAGE FACILITY FOR UK PROPERTY”-The EDGE Property (13/01/2011)
KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects a take-up of RM60 million within the next six months for the ringgit mortgage facility offered to Malaysians who want to purchase property in London. The bank's Overseas Mortgage Loan Scheme — launched on Thursday, Jan 13 — will finance completed or residential and commercial properties under construction in London Zone 1 to Zone 3 in prime locations such as City of London, Westminster, Knightsbridge, Kensington and Chelsea.
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