Stronger ringgit strengthens Malaysia’s economic growth, plus other headlines

For PropertyGuru’s real estate news roundup, the ringgit’s positive development offers a strong foundation to strengthen Malaysia’s economic growth further. In other stories, Hong Kong and Macau residents may travel between the two cities with a QR code for automated immigration clearance. Finally, the total ban on Philippine offshore gaming operators (POGOs) opens up an opportunity for local investors to buy residential units at the correct price.

NCCIM: Ringgit’s positive development strengthens economic growth prospects

The National Chamber of Commerce and Industry of Malaysia (NCCIM) believes that the ringgit’s positive development offers a strong foundation to strengthen the country’s economic growth further. NCCIM president Datuk Seri N Gobalakrishnan said the positive trend is also a testament to the Madani government’s effective leadership and economic strategies.

In a statement on 7th August reported in The Edge Malaysia, he said the chamber is optimistic that this development will continue to enhance Malaysia’s attractiveness as a prime destination for international investment.

“We stand ready to support the government’s ongoing efforts and initiatives to sustain and build on these economic gains. Malaysia must continue implementing the necessary structural reforms to strengthen our competitiveness and sustain the ringgit’s strength. NCCIM is committed to fostering a conducive business environment that leverages these achievements to benefit our business community and the economy,” he said.

Hongkongers may use QR codes and biometrics for Macau immigration clearance

Hong Kong and Macau residents may travel between the two cities with a QR code for automated immigration clearance from 19th July. They would not be required to present an identity card, the Immigration Department has announced.

The new measure would enhance the immigration service quality in both cities in line with the strategy for the development of the Greater Bay Area, Director of Immigration Benson Kwok said at a joint press conference with Macau authorities on Thursday, according to HKFP.

“Tomorrow when we roll out the Mutual Use of QR Code between Hong Kong and Macau Clearance Service, it will definitely bring a better travelling experience to Hong Kong and Macau residents who use this service, and increase their happiness,” Kwok said in Cantonese.

Good time to buy a Philippine condo as POGO exodus corrects pricing: Colliers PH

While the order of President Ferdinand R. Marcos Jr. for a total ban on Philippine offshore gaming operators (POGOs) may hurt real estate developers, particularly the condominium market, it also opens an opportunity for local investors to buy residential units at a corrected price.

Colliers Philippines director for research Joey Bondoc told the Philippine News Agency (PNA) in a phone interview Tuesday that the price correction in the residential market in the National Capital Region (NCR) due to the POGO exodus will create a new demand for the developers.

“The total banning of POGO will only dampen the already slow takeups for residential units. It will also exacerbate the rising residential vacancy and slower growth in prices and lease rates,” he said, adding that the vacancy rate could hit 19 percent with the total ban on POGOs.

But Bondoc added that this condition has corrected the prices in Metro Manila’s residential market.

The Property Report editors wrote this article. For more information, email: [email protected].