BANK NEGARA Malaysia’s policies to curb property speculation have been successful but they have also made it more difficult for genuine homebuyers to buy houses, says Raine & Horne International Zaki + Partners director Michael Geh.

KUALA LUMPUR: Consortium Zenith BUCG Sdn Bhd has been granted some nine acres of land (3.64ha) on Seri Tanjung Pinang 1 (STP1), worth RM305 million, by the Penang government to finance the cost of the initial feasibility studies and detailed design (FSDD) works in the RM6.3 billion Penang undersea tunnel project.

BAHAMAS: Bjarke Ingels Group (BIG) is designing a 175,000 sq ft condominium called The Honeycomb in the Bahamas.

HO CHI MINH CITY: Hoa Lam Shangri-La International Healthcare LLC (HLSL), in which Ireka Corp Bhd has a 68% stake through its London-based associate Aseana Properties Ltd, launched the City International Hospital (CIH) in Ho Chi Minh City, Vietnam, last month.The 320-bed CIH is the first private general hospital of international standard in Vietnam.

IPOH: ibis Styles Ipoh opened its doors in January, making it the first international hotel in town and its third in Malaysia, after ibis Styles Fraser Business Park and ibis Styles Cheras in Kuala Lumpur.“At ibis Styles Ipoh, we hope to cater for both business and leisure travellers,” said general manager Charanita Gill.

PENANG: Penang-based Ideal Property Group plans to launch two developments by mid-2014. The first is Solaria, a mixed-use project in the group’s RM1.2 billion One Residence development in Bayan Lepas and the second is the RM475 million Imperial Residences in Sungai Ara.One Residence sits on 100 freehold acres (40.5ha) and began construction in 2009. Solaria will be its latest launch.

HONG KONG: Glorious Property Holdings Ltd said its chief executive officer (CEO) and chief financial officer (CFO) resigned less than one month after shareholders rejected an offer by Chinese billionaire Zhang Zhirong to take the developer private.

KUALA LUMPUR: The recent hike in commercial electricity tariff by about 16% in peninsular Malaysia will have a moderate impact on the earnings growth of Malaysian real estate investment trusts (REITs), said industry players.

KUALA LUMPUR: India’s first monorail, a joint venture between India’s Larsen & Toubro and Malaysia’s Scomi Engineering Bhd (the transport arm of Scomi Group Bhd), opened to the public on Sunday, transporting about 40,000 passengers in the first two days of operation.

KUALA LUMPUR: Property developer and builder TSR Capital Bhd, together with Lembaga Tabung Angkatan Tentera (LTAT) and bumiputera-owned Pembinaan Bukit Timah Sdn Bhd (PBT), will redevelop the existing 1,007-acre (407.52ha) air force base in Butterworth, Penang into an integrated mixed-use project with a potential gross development value (GDV) of more than RM10 billion.