Latest news with #HousingDevelopment
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Protect Malay residential quotas, S'gor Umno Youth says on URA
Selangor Umno Youth chief Imran Tamrin said a special committee has been set up to discuss and provide feedback on the URA. SHAH ALAM : Umno Youth's Selangor chapter has urged the federal government to outline a specific ratio for Malay residents in any development under the contentious Urban Renewal Act (URA). Its chief Imran Tamrin said the youth wing in the state had established a special committee to discuss and provide feedback on the URA. 'We are concerned about the ongoing debate on the URA, particularly topics related to the interests and position of the Malays and Bumiputeras in urban areas. 'We call for a clear guarantee to be included in the amendment to the URA that provides protection to the composition of Malay and Bumiputera population in any development made under the URA,' he said in a press conference at the Selangor Umno building yesterday. Imran said he supported the idea of urban renewal, especially in terms of improving the quality and facilities of urban low-cost flats. However, he said a legal guarantee was needed in the proposed URA to protect Malay and Bumiputera holdings. 'A low-cost flat usually has five storeys and the residents are mostly Malays, but if it's redeveloped under the URA, it might become a building with 20 to 30 storeys. 'Our Housing Development Act only stipulates that around 30% of the units should be allocated to the Malays (or Bumiputeras), meaning that 70% of the new units are for the open market. This might dilute the overall Bumiputera holding in the area,' he said. The URA is a proposed law that would allow the redevelopment of land without the consent of all its owners. The bill is expected to be tabled in the next parliamentary session between July and August. Spearheaded by the housing and local government ministry, the proposed legislation has been touted by its minister, Nga Kor Ming, as necessary to replace outdated laws and regulations governing the redevelopment of dilapidated urban areas. However, opponents argue that it will displace poorer citizens who may be unable to continue living in the area once it is redeveloped. Prime Minister Anwar Ibrahim said the Act would not force property owners to give up their homes or alter the ethnic composition of residential areas, contrary to allegations by PAS deputy president Tuan Ibrahim Tuan Man that it is aimed at pushing the poor Malays and Indians out of urban areas.
Zawya
19-05-2025
- Business
- Zawya
Major Gulf real estate firms rush to Kuwaiti market
KUWAIT CITY - Less than two weeks after the Council of Ministers approved a draft decree-law for amending certain provisions of Law No. 118/2023 regarding the establishment of companies to create, and economically develop cities or residential areas, also known as the 'Real Estate Developer Law', sources revealed that major Gulf real estate development companies are rushing into the Kuwaiti market to seize the opportunities presented by the new law. They explained that some companies have already started studying the Kuwaiti market to assess available opportunities and the economic feasibility of entering the market. Meanwhile, several companies have already entered Kuwait, and have begun recruiting and building their organizational and legal structures to conduct operations. Among the companies entering the local market is a Saudi company (unnamed by the sources) listed on the Saudi Stock Exchange. The sources confirmed that the total construction area developed by the company in Saudi Arabia exceeds 6 million square meters, in addition to a total of 18,000 housing units, some of which are still under construction. They believe that the development of real estate and housing legislation in Kuwait, the government's commitment to reducing citizens' waiting time for housing, and the involvement of the private sector in resolving the housing issue have all paved the way for many real estate companies to enter the Kuwaiti market. The sources emphasized that this will create real and intense competition, which will positively impact the quality and prices of housing units, as well as the services provided to citizens.
BBC News
13-05-2025
- Sport
- BBC News
Headlines: Bristol City play-off exit and cat on 'pilgrimage'
Here's our daily pick of stories from across local websites in the West of England, and interesting content from social media. Our pick of local website stories reports the A38 will close for three days this month through mother of Mikey Roynon, who was fatally stabbed with a zombie-style knife at a party in 2023, speaks to Somerset Live ahead of a new more than 50 homes are set to be built on a school's playing fields in Cheltenham, Gloucestershire Live reports. Our top three from yesterday What to watch on social media A thank you for Robins fans from Bristol City. There is still a lot of pride in getting into the Gloucestershire, Tewkesbury Borough Council says it is going to trial "No Mow May" to help give nature a "chance to thrive".And Percy the Salisbury Cathedral cat appears to have gone on an incredible "pilgrimage", travelling to Canterbury after being reported missing on 6 May.
News.com.au
07-05-2025
- Business
- News.com.au
What Labor's win means for first home buyers
Housing policy was a key focus for both sides of politics in the recent federal election campaign. Now that we know Labor has been returned, let's review what this means for first home buyers. Here is a summary of the key election commitments from Labor. Bear in mind they now need approval from the new Parliament, so we have to wait for the outcome of that legislative process. Expanded access to 5 per cent deposits for all first home buyers Labor has promised to expand the First Home Guarantee scheme to allow more first home buyers to purchase with a 5 per cent deposit without having to pay lenders mortgage insurance (LMI). Borrowers usually need a 20 per cent deposit to avoid LMI, which can cost tens of thousands of dollars and only protects the lender, not the borrower. Under the scheme, the government guarantees 15 per cent of the loan so the first home buyer can avoid LMI. Labor proposes to expand the scheme by removing current income caps, raising the purchase price caps and offering an unlimited number of loan guarantees. The changes would become effective next year. Labor says 150,000 people to date have purchased their first homes using the First Home Guarantee. Building 100,000 homes just for first home buyers Labor also promised $10 billion to help build up to 100,000 new homes to be reserved for purchase by first home buyers only. Labor's pitch was that this would mean first home buyers would not have to compete with investors, who often have bigger budgets and can afford to offer more at auction or in private negotiations. Expansion of the new Help to Buy scheme The Help to Buy shared equity scheme was passed by Parliament late last year after a long delay. Under the scheme, which is due to begin later this year, first home buyers can partner with the federal government to buy a home. Buyers need a minimum 2 per cent deposit to participate in the scheme, with the federal government taking up to a 30 per cent stake in established homes or a 40 per cent stake in brand new homes. Prior to the election, Labor announced it would raise the income and purchase price caps for the scheme so more people could take advantage of it. The new income caps will be $100,000 for individual buyers and $160,000 for joint applicants and single parents. Most of the new purchase price caps will be linked to the current median house price in each state and territory. For example, in Victoria, the new price cap will be $950,000 in Melbourne and major regional hubs and $650,000 elsewhere in regional Victoria. The price cap for Sydney and major NSW regional hubs will be $1.3 million and $800,000 for other parts of regional NSW. The price cap for Brisbane and major regional centres will be $1 million and $700,000 elsewhere in regional Queensland. Labor says more than 5 million properties across Australia are valued at less than the new price caps. I encourage all first home buyers to explore the government help available to help you buy. Remember, the policies above are federal. There are many other incentives on offer from the state and territory governments, too, such as stamp duty concessions and grants. It will pay to do your homework!
Yahoo
12-03-2025
- Business
- Yahoo
Single Family Rehabilitation Program offers relief
SIOUX FALLS, S.D. (KELO) — At this morning's One Sioux Falls briefing, the city's Housing Division talked about some programs to help low and moderate-income families make repairs. One of those is the Single Family Rehabilitation Program. To qualify, household income must not exceed 80 percent of the median family income. Concern, intense rhetoric accompany HB 1239 in Pierre 'We give assistance through a zero interest deferred loan. We don't take repayment on those loans until the individual or family sells that house or moves out of that house. As long as they are living in and maintaining that home, it's a secondary mortgage or a mortgage on their house that they never have to pay back while they're living in it,' said Housing Development Manager Logan Penfield. This program can help with plumbing, heating, cooling and roof repair. Handicap accessibility also qualifies for the program. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
