Latest news with #JPPH
The Sun
22-05-2025
- Business
- The Sun
Penang does not sell land to meet state expenditure
GEORGE TOWN: Penang does not sell land to meet the state's financial expenditure, instead the disposal of state land is carried out through the method of expropriation (via ownership grants), leasing, alienation or other mechanisms permitted under the National Land Code (1965). Chief Minister Chow Kon Yeow said that therefore, the term 'land sale' is not used in the context of state government land administration and emphasised that it is not merely for generating revenue, but also to drive development, create job opportunities, and add economic value to the local area. 'For land disposal matters, the state government will consider current land valuation based on the Valuation and Property Services Department (JPPH). If the land involves strategic projects, including housing construction, the state will use the Request for Proposal (RFP) approach to dispose of the land. 'This allows the state government to obtain a higher premium income than the current land valuation,' he said during his winding-up speech on the opening address by the Penang Yang di-Pertua Negeri, Tun Ramli Ngah Talib, at today's state legislative assembly. He said that land disposal methods do not reduce state holdings or solely aim to increase state revenue, as a limited resource like land is used for development and to enhance socioeconomic conditions of affected areas. If the approach adopted is not to develop the land, Chow explained that it would become a burden on the state as it would then incur costs of maintenance. Additionally, the people would not be able to enjoy the benefits of developing the site, such as the construction of roads, playgrounds and other facilities. He also stated that Penang should not be ashamed of developing land for the state's progress and the welfare of the people. 'We (Penang) don't have gold mines, we don't have timber -- why should we be ashamed if land is our (only) asset? There are no other sources of revenue, so why be evasive about relying on land development to generate income? 'This (land sale) is to drive socioeconomic development in our state. Over the past 50 years, this has been Penang's generic formula,' he said. Meanwhile, Chow mentioned that the State Finance Department has conducted a review of state revenue from two perspectives: first, by increasing the collection of existing state revenue, including tax arrears, through data cleansing methods and reviewing irrelevant rates. The second perspective, he said, is through identifying new sources and methods for generating state revenue, including reviewing land tax rates, reclassifying rural areas into urban and strengthening state statutory bodies to enable the implementation of new revenue collection.
The Star
09-05-2025
- Business
- The Star
Residential construction activity rises in 1Q25 with surge in completions, housing starts
KUALA LUMPUR: Construction activity in the residential property subsector recorded significant growth in the first quarter of 2025 (1Q 2025) where the number of completed units surged by 30.2 per cent to 9,329 units from 7,168 units in 1Q 2024. According to director general of valuation and property services, Valuation and Property Services Department (JPPH), Abdul Razak Yusak, housing starts also rose by 32.5 per cent to 28,344 units in 1Q 2025 from 21,391 units in 1Q 2024, indicating a strengthening development trajectory for the residential subsector. However, planned new development is seen decreasing to 8,300 units in 1Q 2025 compared to 11,000 units in 1Q 2024, he said during the launch of the Property Market First Quarter 2025 report via Facebook live under JPPH. Meanwhile, he said there is encouraging performance of residential new launches which surged more than double to 12,498 units in 1Q 2025 from 5,585 units in the same period of 2024 with sales performance recorded at 10.8 per cent. He noted that property transaction performance experienced a slight decline, with the volume and value of transactions decreasing by 6.2 per cent and 8.9 per cent to 97,772 transactions valued at RM51.42 billion, compared to 104,194 transactions worth RM56.47 billion in the same period of 2024. Abdul Razak said although the property transactions began on a slower note, the robust pace of construction activity and the increase of residential new launches were supported to balance the property market growth and sustain its positive momentum in 2025. "The continuous government support through initiatives such as the Program Residensi Rakyat (PRR), Projek Rumah Mesra Rakyat (RMR), and strategic infrastructure development have been a key driver in accelerating construction activity. "Government-led initiatives aimed at strengthening Malaysia's position in the global investment prospects, such as the Forest City Special Financial Zone, the Johor-Singapore Special Economic Zone (JS-SEZ), and the implementation of a duty-free zone in Pulau Satu, Forest City have started to demonstrate significant impact,' he said. Abdul Razak said the performance of residential overhang recorded a total of 23,515 units valued at RM15 billion, reflecting a marginal increase of 1.6 per cent and 7.7 per cent in volume and value from 23,149 units worth RM13.94 billion in Q4 2024. In addition, the occupancy performance for shopping complexes recorded a marginal increase, with the occupancy rate rising to 79 per cent compared to 78.8 per cent in 1Q 2024. The Malaysian House Price Index (MHPI) in the first quarter 2025 stood at 225.3 points (an average price of RM486,070 per unit), with an annual growth rate of 0.9 per cent, he said. Abdul Razak said the growth of the property market is expected to remain resilient driven by positive momentum in the construction sector and a continued rise in newly launched residential units. "Special financial and infrastructure incentives under the JS-SEZ, the Special Financial Zone in Forest City Johor, and ongoing infrastructure development are expected to further stimulate long-term growth in the property market,' he added. - Bernama
Malay Mail
09-05-2025
- Business
- Malay Mail
Residential construction in Malaysia jumps 32.5pc in Q1 2025 as completions, new launches surge despite slower transactions
KUALA LUMPUR, May 9 — Construction activity in the residential property subsector recorded significant growth in the first quarter of 2025 (1Q 2025) where the number of completed units surged by 30.2 per cent to 9,329 units from 7,168 units in 1Q 2024. According to director general of valuation and property services, Valuation and Property Services Department (JPPH), Abdul Razak Yusak, housing starts also rose by 32.5 per cent to 28,344 units in 1Q 2025 from 21,391 units in 1Q 2024, indicating a strengthening development trajectory for the residential subsector. However, planned new development is seen decreasing to 8,300 units in 1Q 2025 compared to 11,000 units in 1Q 2024, he said during the launch of the Property Market First Quarter 2025 report via Facebook live under JPPH. Meanwhile, he said there is encouraging performance of residential new launches which surged more than double to 12,498 units in 1Q 2025 from 5,585 units in the same period of 2024 with sales performance recorded at 10.8 per cent. He noted that property transaction performance experienced a slight decline, with the volume and value of transactions decreasing by 6.2 per cent and 8.9 per cent to 97,772 transactions valued at RM51.42 billion, compared to 104,194 transactions worth RM56.47 billion in the same period of 2024. Abdul Razak said although the property transactions began on a slower note, the robust pace of construction activity and the increase of residential new launches were supported to balance the property market growth and sustain its positive momentum in 2025. 'The continuous government support through initiatives such as the Program Residensi Rakyat (PRR), Projek Rumah Mesra Rakyat (RMR), and strategic infrastructure development have been a key driver in accelerating construction activity. 'Government-led initiatives aimed at strengthening Malaysia's position in the global investment prospects, such as the Forest City Special Financial Zone, the Johor–Singapore Special Economic Zone (JS-SEZ), and the implementation of a duty-free zone in Pulau Satu, Forest City have started to demonstrate significant impact,' he said. Abdul Razak said the performance of residential overhang recorded a total of 23,515 units valued at RM15 billion, reflecting a marginal increase of 1.6 per cent and 7.7 per cent in volume and value from 23,149 units worth RM13.94 billion in Q4 2024. In addition, the occupancy performance for shopping complexes recorded a marginal increase, with the occupancy rate rising to 79 per cent compared to 78.8 per cent in 1Q 2024. The Malaysian House Price Index (MHPI) in the first quarter 2025 stood at 225.3 points (an average price of RM486,070 per unit), with an annual growth rate of 0.9 per cent, he said. Abdul Razak said the growth of the property market is expected to remain resilient driven by positive momentum in the construction sector and a continued rise in newly launched residential units. 'Special financial and infrastructure incentives under the JS-SEZ, the Special Financial Zone in Forest City Johor, and ongoing infrastructure development are expected to further stimulate long-term growth in the property market,' he added. — Bernama
New Straits Times
09-05-2025
- Business
- New Straits Times
Property transactions down 6pct in Q1, value drops 9pct
KUALA LUMPUR: Malaysia's property market slipped in the first quarter of 2025, with transaction volume down 6.2 per cent and value down 8.9 per cent, according to the Valuation and Property Services Department (JPPH). Its director general, Abdul Razak Yusak said the total transactions amounted to 97,772, valued at RM51.42 billion, compared to 104,194 transactions worth RM56.47 billion in the same period of 2024. He said although the property transactions began on a slower note, the pace of construction activity and the increase of residential new launches were supported to balance the property market growth and sustain its positive momentum in 2025. "Construction activity in the first quarter of 2025 showed significant growth, with the number of completed residential units rising by 30.2 per cent to 9,329 compared to the first quarter of 2024. "The number of projects that started construction also increased by 32.5 per cent, reaching 28,344 units from 21,391 the previous year," he said during a presentation on the property market broadcast on Facebook today. The number of new residential launches more than doubled to 12,498 units, up from 5,585 units in the same period of 2024, with a sales performance of 10.8 per cent. Abdul Razak said this encouraging growth indicates a strengthening development trajectory for the residential subsector. Meanwhile, the Malaysian House Price Index in 1Q25 stood at 225.3 points, with an average house price of RM486,070 per unit, reflecting an annual growth rate of 0.9 per cent. "All states witnessed moderate positive growth ranging from 0.3 per cent to 6.9 per cent, except for Sabah and Sarawak, which remained stable, while Kuala Lumpur declined by 2.4 per cent," Abdul Razak said. Commenting on the outlook, he said the property market is expected to maintain its resilience, fueled by strong momentum in the construction sector and a continued increase in newly launched residential units. "Although the property market maintains a positive outlook, industry players and property developers are urged to remain attentive to market dynamics, global economic challenges, and an uncertain external environment. "Special financial and infrastructure incentives under the Johor-Singapore Special Economic Zone, the Special Financial Zone in Forest City, Johor, and ongoing infrastructure development are expected to further stimulate long-term growth in the property market," Abdul Razak said.
New Straits Times
23-04-2025
- Business
- New Straits Times
Housewife on paper, Alphards in the drive: Sanusi cracks down on land fraud
ALOR STAR: Menteri Besar Datuk Seri Muhammad Sanusi Md Nor today issued a stern warning to applicants for state land against making false declarations about their income in order to qualify for the lowest premium rates. He said that there had been cases involving affluent individuals — particularly contractors — who use their wives' names to apply for land at subsidised rates. "We've observed a trend where applicants, such as contractors with significant financial means, apply using their wives' names — who are homemakers — despite the husband owning eight Toyota Alphards. "These individuals are applying under the lowest premium tier, intended for those earning RM1,700 or less per month," he said while responding to a question from Azhar Ibrahim (PN–Ayer Hitam) during the state assembly sitting at Wisma Darul Aman today. Sanusi reminded applicants to be honest in their declarations, adding that such dishonest practices would result in revenue leakage for the state. Addressing a question regarding land premium increases, he said that land valuation now fell under the jurisdiction of the Valuation and Property Services Department (JPPH), rather than the District Land Office. "Nonetheless, the District Land Office will continue to scrutinise each land application, as the premium charged is based on a tiered system according to income level," he added. Sanusi said that applicants earning RM1,700 or below per month were charged 10 per cent of the land value assessed by JPPH. Those earning between RM1,701 and RM5,000 are charged 20 per cent; RM5,001 to RM10,000 are charged 30 per cent; while applicants with incomes exceeding RM10,000 are subject to a 40 per cent rate — or any rate determined by the state authority. Sanusi also informed the House that the state's revenue had shown steady growth over the past three years, rising from RM596 million in 2022 to RM629 million in 2023, and reaching a record high of RM769 million last year — Kedah's highest ever.
