Latest news with #MRTA
Bangkok Post
22-07-2025
- Business
- Bangkok Post
'Progress' in joint rail ticketing bid
The government has made significant progress in amending two key regulations which it hopes will pave the way for the introduction of the 20-baht fare cap across Bangkok's electric rail network, Transport Minister Suriya Jungrungreangkit announced yesterday. Mr Suriya said the changes to the Mass Rapid Transit Authority of Thailand (MRTA) Act and the Joint Ticketing System Management Act -- which will facilitate the establishment of a joint ticketing support fund -- will be submitted to the House of Representatives by Aug 7. Once the amendments are approved by the House, the revised acts will be put up for a public hearing, as required by the law. Under the proposed system, the MRTA will transfer revenues from managing the city's rapid transit network to the Ministry of Finance, which will then compensate private rail operators for losses incurred under the 20-baht fare policy. The compensation will be calculated based on actual passenger data, Mr Suriya said. He said he was confident that the MRTA would be able to generate enough revenue to sustain the scheme, which the government hopes will help lower living costs, promote the use of public transport, and reduce congestion, accidents, and pollution in the capital. He also reaffirmed the government's commitment to implementing the 20-baht policy by Oct 1. The initiative will cover eight electric rail lines in Bangkok and its suburbs, which span over 276.84 kilometres of tracks and 194 stations. Mr Suriya said he held a meeting with Bangkok governor Chadchart Sittipunt and private rail concessionaires last week, during which all stakeholders expressed strong support for the scheme. A source at the Ministry of Transport noted that the policy's success hinges on the timely enactment of three legislative measures. They are the Railway Transport Act, which sets regulatory standards for the sector; the Joint Ticketing System Management Act, which creates a unified fare system across public transit; and the MRTA Amendment Act, which permits the agency to use its revenue, especially from the profitable MRT Blue Line, to subsidise less profitable services, such as the Red Line, Airport Rail Link, Green Line, and Gold Line, through the new fund.
Bangkok Post
08-07-2025
- Business
- Bangkok Post
Cabinet approves B20 Bangkok train fare cap
The cabinet on Tuesday approved a plan to cap all train fares in Greater Bangkok at 20 baht from Oct 1 to help commuters reduce travel costs and entice drivers to switch to mass transit. Government spokesman Jirayu Houngsub said attracting more car users to travel by train would also reduce pollution in the capital and its surrounding provinces. The cheap train ride scheme will cover all 13 mass transit lines, including the Airport Rail Link, covering a network of 280 kilometres and 194 stations across Greater Bangkok. The policy is exclusively for Thai nationals, who can register using the government's Tang Rat app starting in August. Foreigners will still have to pay posted fares in excess of 20 baht where applicable. Commuters who register must link either their Rabbit prepaid card or EMV (Europay, Mastercard and Visa) contactless credit card to the app, depending on the routes they use. The Rabbit card will be valid for the Green, Gold, Yellow and Pink lines, while EMV contactless cards can be used for the Red, Blue, Purple, Pink and Yellow lines and the Airport Rail Link. In the future, officials say, the system will also allow commuters to use QR codes from their bank apps, providing more convenience and flexibility. Mr Jirayu said the new fare system could save the country 10 billion baht a year in terms of fuel expenses and costs of damage from road accidents and combatting pollution. Benefits of the project will be assessed one year after the launch, he added. The 20-baht flat fare currently applies to the Red and Purple electric train lines. Fares on other mass-transit systems vary by distance, ranging from 17 to 43 baht on MRT routes and 15 to 62 baht on the BTS Skytrain system. Most mass transit lines are operated under concessions granted by the Bangkok Metropolitan Administration and Mass Rapid Transit Authority (MRTA). Some routes such as the Purple Line are directly controlled by the MRTA and the agency has commissioned SET-listed Bangkok Expressway and Metro Co to run them. To compensate operators for their losses, Transport Minister Suriya Jungrungreangkit has said the government will set up a joint ticketing fund, with an estimated 8 billion baht from the MRTA's profits and state coffers.
USA Today
13-06-2025
- Business
- USA Today
Developer tees up appeal, fights ruling that preserves Florida golf course until 2030
Developer tees up appeal, fights ruling that preserves Florida golf course until 2030 A legal battle involving the former Riviera Golf Course has taken another turn. In February, a circuit court judge ruled the property in East Naples must remain a golf course until 2030. The ruling handed a partial victory to the Riviera Golf Estates Homeowners Association, which sued the property's owners for declaratory and injunctive relief in 2022, in hopes of blocking their attempts to build homes on the land. The victory, however, could be short-lived, with an appeal filed. La Minnesota, the owner of the golf course property, is challenging the lower court's decision in Florida's Sixth District Court of Appeal. In an initial brief filed June 6, the property owners argue the judgment "must be reversed because itfundamentally rewrote Florida's Marketable Record Title Act," known for short as MRTA, by allowing an affidavit "to preserve ancient deed restrictions." In its civil suit, the homeowners association claimed the recording of the affidavit, prior to a deed conveyance in 1990, constituted an exception to MRTA, preserving a restrictive covenant placed on the land in 1973. In her ruling, Collier Circuit Judge Lauren Brodie agreed, finding the restrictive covenant continues to run with the land, based on a chain of deeds. MRTA allows most recorded documents to be ignored after 30 years, to simplify the purchase and sale of property. Generally, it doesn't automatically extinguish a mortgage. The protective covenant for the golf course property was included as an exhibit to the affidavit, or sworn statement, that's central to the appeal. The covenant required the land to be used solely as a golf course, and for "no other purpose." In its appeal, La Minnesota contends the affidavit was only recorded to confirm the authority needed to transfer ownership of the golf course, and to provide a legal description of the property, not to affirm the restrictive covenant, nor to convey title. The affidavit at issue was signed by Myron Gifford, whose family once owned and operated the Riviera Golf Club, and its golf course. La Minnesota argues nothing in the document "mentions, references, or seeks to preserve" the protective covenant. Judge Brodie determined the covenant remains valid and enforceable – until August 18, 2030, based on the affidavit. Her expiration date for the covenant is based on what she determined to be the "root of title," or root deed for the property, established in 2000. A title transfer that year did not reference the official record books and page numbers for the 1973 or 1990 deeds, or the affidavit. Brodie's ruling on Feb. 6 followed a one-day bench trial in December. More about the developer's appeal In its appeal, La Minnesota contends Judge Brodie's ruling is flawed because it redefines and misinterprets state statute, and essentially "defeats MRTA's purpose" to 'extinguish claims" that are at least 30 years old. "Allowing any affidavit to circumvent MRTA's requirements would swallow the rule and perpetuate the very 'stale claims' that MRTA was designed to eliminate," the appeal states. La Minnesota asserts the lower court used the wrong root of title, and the wrong document, to uphold an exception to MRTA. It points to a corrected deed recorded in August 1990 that did not include the affidavit, claiming that it should be considered as the last transaction "affecting title to the property recorded more than 30 years ago." If that deed became the starting point, the covenant would have been extinguished in 2020, "as a matter of law," the appeal states, allowing development to move forward. La Minnesota characterizes the legal fight with homeowners as "more than a dispute between private parties," but one that "threatens MRTA's effectiveness throughout Florida." If the lower court's ruling is allowed to stand, La Minnesota argues the consequences will be significant. "If this court affirms the lower court's errors, no property owner in Florida can rely on MRTA's 30-year limitation period. Title examiners will be forced to search every document ever recorded, no matter how tangentially related to a deed. The statutory scheme the Legislature carefully crafted to bring certainty to real estate transactions will collapse," the appeal states. An attorney for La Minnesota could not immediately be reached for comment on the appeal. Homeowners prepared to fight appeal In an email, Peter Osinski, a board director for Riviera Golf Estates, and a chairman of its Golf Course Working Group, said the homeowners association sees the initial brief by La Minnesota in its appeal as "a repackaging of the unsuccessful arguments they presented in the trial." He shared: "Our attorneys are well into working on the rebuttal, which will be filed in early July." La Minnesota, based in Lilydale, Minnesota, purchased the public golf course for $4.8 million in 2005, with redevelopment in mind. Located off Rattlesnake Hammock Road, just west of County Barn Road, the course has been closed since April 2022. Riviera Golf Estates, a 55-plus gated community, built between 1967 and 2003, has nearly 700 homes. It's intertwined with the 18-hole golf course. Residents are worried about the impact of the new development on their property values and their way of life. They're concerned about the potential for more flooding, noise and traffic in what's described as a peaceful and friendly neighborhood, offering a relaxed lifestyle, to seniors, including retirees. A petition to stop development of the golf course on started more than five years ago, garnered more than 1,500 signatures by county residents. Multiple attempts by homeowners in Riviera Golf Estates to purchase the property have failed, including one that involved the county. Lawsuit against the county still on hold In November 2021, La Minnesota filed an intent to convert application with Collier County's Planning & Zoning Department, initiating the process needed to change the golf course zoning to residential. It faced an uphill battle, triggering a lawsuit against the county, brought under Florida's Bert Harris property rights act. In that suit, La Minnesota claimed they'd been "inordinately burdened" by the county's new rules for rezoning a golf course. They alleged golf course conversion rules adopted in 2017 had burdened "the reasonably foreseeable residential use of the property with new cumbersome processes and new development standards." La Minnesota asserted the county's requirement for a larger greenway, instead of a traditional buffer to shield its development from the surrounding community would slice the number of single-family homes it could build on its property from 346 to 104. The developers valued their property losses – equating to 242 homes – at $14.52 million. The county asked for a "stay," or pause, in that legal spat, until the lawsuit filed by the Riviera Golf Estates Homeowners Association in the same court played out. La Minnesota agreed to the county's request. If the court sided with the association, the county's attorneys reasoned the Bert Harris claims would then become "moot," as La Minnesota wouldn't be able to build homes on the site anyway, or at least not right away. Court records show that case as inactive, not disposed, with a status conference scheduled for December. It's Collier County's policy not to comment on pending litigation. If La Minnesota's Bert Harris lawsuit is revived, the Riviera homeowners association intends to intervene, in support of the county, and its golf course conversion rules, Osinski said. The association, he said, has unearthed information that could cast doubt on the viability of that case. "It is our intention to keep fighting and advocating, and we're not giving up," Osinski said.
The Star
03-06-2025
- Business
- The Star
IOI Properties partners with RHB Bank to offer Home and Renovation Loan and Green Residential Property Financing
(From left) IOIPG group chief operating officer Teh Chin Guan and Ng at the launch of the Home and Renovation Loan and Green Residential Property Financing programmes. PUTRAJAYA: IOI Properties Group Bhd (IOIPG) joined hands with RHB Banking Group to launch Home and Renovation Loan and Green Residential Property Financing for eligible residential properties across IOIPG's property portfolio. The strategic partnership underscores IOIPG and RHB's dedication to supporting homeownership, while streamlining the move-in experience and promoting sustainable development approaches in the country. 'We are honoured to work with RHB in developing innovative financing solutions across our portfolio,' said IOIPG group sales, marketing and branding head Nicole Lee Chee Yiing. 'As part of this milestone collaboration, we are proud to offer Home and Renovation Loan for selected residential properties, to help smooth out the home ownership journey for buyers. 'Through RHB Full Flexi Home and Renovation Loan, homebuyers will be given access to obtain financing packages of up to 90% + 30% loan/financing margins for selected residential properties.' Lee added: 'The additional 30% loan/financing margin aims to assist eligible homebuyers in covering renovation costs at attractive overall Home and Renovation Loan rates. 'The Renovation Loan/Financing will be disbursed directly to the buyers in stages based on renovation progress. 'We hope that through this financial solution in partnership with RHB, we will be able to help reduce the financing burden for buyers upon vacant possession, addressing this common pain point among home seekers.' Under RHB Green Residential Property Financing, home purchasers can opt for loan margins up to 95% (inclusive of entry cost financing), with an additional five per cent to finance Mortgage Reducing Term Assurance (MRTA)/Mortgage Reducting Term Takaful (MRTT) coverage. Properties with Green Building Index (GBI), GreenRE or Leadership in Energy and Environmental Design (LEED) certification are eligible under the campaign. IOIPG's collaboration with RHB in the Green Residential Property Financing campaign aligns with the group's overall IOI Sustain Roadmap 2030, specifically its strategic focus on addressing climate change by reducing carbon footprint as it continues to develop sustainable communities, among other initiatives. Sustainability has been part of IOIPG's development approach since launch, advocating for the conservation of the environment for a sustainable future. Aside from green-certified commercial and residential projects such as IOI City Mall and IOI City Towers 1 and 2 in IOI Resort City, as well as COVO, its first transit-oriented development in 16 Sierra, Puchong South, the group also organises frequent public engagement and awareness events such as its Waste to Treasure recycling campaign, IOIPG City Nature Challenge, Earth Hour and biodiversity walks, among others. 'More and more, investors, homeowners and upgraders are not just looking for properties, but responsible investments that take into account the needs of future generation. 'We are here to address this market gap for sustainable homes, as your trusted property partner,' added Lee. 'Today's homebuyers seek more than just financing, they want flexibility, efficiency and long-term value in their investments,' said RHB Banking Group community banking managing director Jeffrey Ng Eow Oo. 'This collaboration with IOI Properties brings together RHB's tailored financial solutions and IOIPG's visionary developments to meet these growing expectations. 'Together, we aim to future-proof the homeownership journey by making it more accessible and sustainable. As a testament to our commitment, RHB has granted over RM2bil in green financing over the past five years, as of March 2025,' he added. To learn more IOI Properties Group Bhd and its exciting portfolio of residential offerings, visit
The Star
01-06-2025
- Business
- The Star
Avoid losing your home
PETALING JAYA: Going by market reports, Malaysia's property transactions last year hit its highest levels over the past decade. According to the National Property Information Centre's Property Market Report 2024, the number of property transactions rose by 5.4% to 420,545 last year. That leads to the question: Are Malaysian home buyers getting financial protection for their mortgage? It is not mandatory for house buyers to purchase mortgage insurance, but getting one could protect them and their families from ending up homeless, said insurance professionals. 'This is to avoid adverse unforeseen circumstances that can land homeowners and their families in financial hardship,' said senior insurance consultant Leonard Tan. He explained that when a housing loan is left unpaid, the financial institution will initiate recovery actions, including foreclosure and auctioning off the property to recoup the outstanding loan. ALSO READ: Widow in a rut over unpaid housing loans Tan gave examples of mortgage insurance such as Mortgage Level Term Assurance (MLTA) or Mortgage Reducing Term Assurance (MRTA). 'These policies will provide the necessary funds and ensure that homeowners or their families have a roof over their head in the event of incapacitation or death of the borrower,' he said when contacted. Tan acknowledged that these policies have its pros and cons, so Malaysians taking up housing loans should evaluate which is suited for them. He said the MRTA is a life insurance policy that covers the outstanding balance of a mortgage and in tandem with the declining loan amount. 'It is straightforward and covers only the outstanding sum needed to settle the mortgage. 'The premium is a lump sum often paid upfront or included in the principal loan amount taken for a house and paid directly to the financial institution that provided the loan facility. (Click To Enlarge) 'There are no other additional benefits and if one settles the loan earlier, they may only receive a minute sum of the premium in refunds,' he said. As for MLTA, Tan said it is quite similar to a regular life insurance policy with the coverage sum remaining fixed throughout the loan tenure. 'If the coverage is RM300,000, the payout will be the same sum in the event of death or incapacitation even if the outstanding loan amount is RM50,000. 'The MLTA enables the beneficiary to have additional funds in hand when the outstanding loan amount is lower than the coverage,' he said. Although the policy is under the name of the homeowner, he said this sum is transferable and may be used to cover other loans they may take after the main mortgage is paid up. Since the MLTA has a bigger cash or surrender value compared to the MRTA, he said it would be far more expensive. Wealth manager Evan Teo said it is not compulsory for house buyers to purchase mortgage insurance, but some banks may decide to make it mandatory by bundling it with their mortgage loans. 'Some mortgage bankers also cross-sell it alongside the loan by offering a lower interest rate if the buyer takes up the MRTA or MLTA. 'I believe this is because bank assurance products such as MRTA and MLTA are now part of the mortgage banks or bankers' KPI,' he said, referring to the key performance index. But putting aside the bank's or banker's KPI, Teo said purchasing a mortgage insurance ultimately benefits house buyers. 'The majority of house buyers tend to be reluctant to purchase additional insurance unless it's required. 'Even though many insurance advisers are doing their best to educate the public, uptake is still relatively low unless it is packaged (into the loan),' he said. As such, Teo was of the view that the practice by some banks to bundle MRTA or MLTA with mortgage loans is a good move. He said in the past, the family members of loan takers would have to 'inherit' the housing loans when the borrower was not able to continue paying the monthly payment as they did not have insurance protection. However, Teo also advised house buyers to pay attention to the terms and conditions included in their housing loan with banks before purchasing an mortgage insurance. 'For example, the coverage period may be shorter than the actual loan tenure or the policy might only cover death or total permanent disability. 'What happens if the buyer is diagnosed with a critical illness after the insurance term ends and this affects their ability to earn an income and continue loan repayments?' 'So, it's better to analyse your own needs in relation to the mortgage before deciding based on your financial capability,' he said.
