GEORGE TOWN: The state government has imposed hefty increases in the rates for property development and change of land use in a bid to increase its revenue.
The charge for the enhancement of land value has been increased from 25% to 50% for the island and a charge of 12% introduced for the mainland, Chief Minister Lim Guan Eng announced today.

KUALA LUMPUR:Despite a second landslide occurring near the Taman Cheras Awana Flats, near Kajang in Selangor early this morning, residents of the flats are refusing to move out although they have been ordered by the relevant
authorities to do so.

PETALING JAYA: The Kuala Lumpur office market is expected to continue to slowdown due to the considerable amount of new office space coming on stream at end 2009, according to the 3Q2009 Marketbeat Kuala Lumpur Office Report by YY Property Solutions in association with Cushman & Wakefield

KUALA LUMPUR: YTL Corporation Bhd’s wholly owned subsidiary YTL Land & Development Bhd today announced a 51% increase in revenue to RM97.2 million for the three months ending Sept 30, 2009 against the RM64.4 million in revenue recorded last year.

PETALING JAYA: Nusajaya Consolidated Sdn Bhd (NCSB), a joint venture company equally owned by UEM Land Bhd and United Malayan Land Bhd (UM Land), has acquired a parcel of land in Puteri Harbour in Johor Bahru from Bandar Nusajaya Development Sdn Bhd and UEM Land Bhd for RM16.3 million.

KUALA LUMPUR: Axis Real Estate Investment Trust (Axis-REIT) acquired seven logistics warehouse buildings in Bukit Raja, Klang and Seberang Perai, Pulau Pinang for RM96 million.

In a statement on Nov 19, Axis-REIT Managers Bhd (ARMB) said its trustee, OSK Trustees Bhd, has entered into two sale and leaseback agreements with IDS Logistics Services (M) Sdn Bhd for the deal.

KUALA LUMPUR: Bukit Bendera member of parliament Liew Chin Tong questioned the government’s privatisation deal with Naza TTDI Sdn Bhd involving a mixed development project on 65 acres of land in Jalan Duta, Kuala Lumpur.

The DAP politician called the project "a bad deal for the rakyat" during a press conference at the parliament lobby on Nov 19.

KUALA LUMPUR: The Selangor State Development Corp (PKNS) will be launching its second phase of the Kasturi Idaman apartments in Kota Damansara, Selangor on Nov 21.

HONG KONG: Cheung Kong (Holdings) Ltd Executive Director Justin Chiu said governments shouldn’t control all bubbles and he doesn’t mind a property bubble if it doesn’t burst.

LONDON: The UK commercial-property market started to recover sooner than forecast, according to Land Securities Group Plc, the country’s largest real estate investment trust.

“The market has turned quite sharply and positively, which has surprised us to a degree,” Chief Executive Officer Francis Salway said today on a conference call.