Malaysia needs vacancy tax, structural fixes to tackle housing overhang
Malaysia must adopt targeted measures, including a vacancy tax, to tackle its persistent housing overhang
KUALA LUMPUR: Gabungan AQRS Bhd has secured a contract from PR1MA Corporation Malaysia to build 1,140 apartments in Dengkil, Selangor.
The property company said on Thursday it had received the letter of intent for the project, comprising four blocks of 19-storey apartments, would be built on 19.03 acres of leasehold residential land.
Gabungan AQRS said the project involved the disposal of the land to PR1MA.
“The project is expected to increase the construction order book and contribute positively to both the revenue and profits of the construction division of Gabungan AQRS’s group of companies,” it said.
The property company said on Thursday it had received the letter of intent for the project, comprising four blocks of 19-storey apartments, would be built on 19.03 acres of leasehold residential land.
Gabungan AQRS said the project involved the disposal of the land to PR1MA.
“The project is expected to increase the construction order book and contribute positively to both the revenue and profits of the construction division of Gabungan AQRS’s group of companies,” it said.
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It added the project was in line with the group’s strategies to monetise its selected assets.
The planning approval of the project will be submitted in July 2016 and approvals from all the relevant authorities are expected to be obtained by the fourth quarter of year 2016.
It expected construction to start in the first quarter of 2017 and estimated to be completed in three and a half years.
The planning approval of the project will be submitted in July 2016 and approvals from all the relevant authorities are expected to be obtained by the fourth quarter of year 2016.
It expected construction to start in the first quarter of 2017 and estimated to be completed in three and a half years.
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