Shot in the arm: MRT Corp CEO Datuk Mohd Zarif Hashim presenting
the MRT3 Circle Line
at a media
briefing. Bernama
PETALING JAYA: After a challenging year for the housing market, the real estate industry is certain that the revived third MRT line in the Klang Valley is a big boost, bringing in a multiplier effect to the local economy.
The Selangor Real Estate & Housing Developers’ Association (Rehda) chairman Datuk Ho Hon Sang said the MRT3 Circle Line would be a unique selling point for home buyers and investors.
“It is expected to link up the other rail lines, which will greatly improve the connectivity around the city centre area.
DEVELOPERS may not be in such a rush to collect booking fees in the future following a recent Federal Court ruling that not only is such a practice expressly prohibited by the law, but perhaps more crucially, that the calculation for late delivery of a house commences from the date a booking fee is paid, and not when the sale and purchase agreement (SPA) is signed.
Commenting on the recent landmark ruling, legal experts say developers will likely be more cautious about collecting a booking fee or initial payment on a house as this would be considered illegal. Furthermore, they expect new residential SPAs to be signed only when developers are genuinely ready to commence a project, a move that could potentially deter them from building too many houses unless there is strong demand and help to reduce the significant property glut (see accompanying story, “What should developers do moving forward?”).
Last year was a tough one for almost all property sectors. According to data from the National Property Information Centre (Napic), in 1H2020, Malaysia’s property market transaction volume and value decreased 27.9% and 31.5% respectively compared with the previous year. While most property consultants believe there should be some recovery this year, it will depend on the Covid-19 vaccine as well as the performance of the job market and economy.
Some consultants think there will be opportunities for investors in the auction market with foreclosures likely to increase, but others believe that owing to government intervention and the low interest rate environment, this might not be the case. On the other hand, this could be a golden opportunity for first-time homebuyers to purchase their dream home. However, as property is a long-term investment, the age-old advice of doing your homework and buying what you can afford continues to hold true.
Keeping tabs: A health worker taking a nasal swab from a foreign worker in Kuala Lumpur. AZHAR MAHFOF/The Star
PETALING JAYA: As enforcement on the mandatory Covid-19 screening for foreign workers commenced on New Year’s Day, employers are calling on the government to consider periodic screening for both local and foreign workers owing to the increasing number of daily cases.
Small-Medium Enterprises Association of Malaysia president Datuk Michael Kang said some members that had begun testing their foreign workers some time ago found more Malaysian staff were contracting the virus.
“For SMEs that hire foreign workers, it is mandatory for them to contribute to Socso.
PETALING JAYA: Businesses are calling on the authorities to postpone the enforcement of the Covid-19 screening of foreign workers in six high-risk states, claiming that there are delays due to a shortage of test kits in panel clinics and hospitals.