News roundup: Malaysia’s IJM Rimbayu unveils The Promenade, other headlines

For PropertyGuru’s real estate news roundup, IJM Rimbayu unveils The Promenade, a blend of sustainable retail and lifestyle propositions. In other headlines, Thailand revamps its tax system while China’s local travel posts solid recovery during Spring Festival.

IJM Rimbayu unveils Phase 21: The Promenade

IJM Land is proud to introduce The Promenade as an extension of its commercial development that is poised to redefine the commercial and retail experiences at IJM Rimbayu.

Scheduled for launch in Q1 of 2024, The Promenade will offer a multifaceted experience that blends retail and lifestyle propositions in a truly sustainable manner. The development aims to emulate the function and appeal of promenades in ancient Rome as central hubs for the community to congregate and engage with one another, albeit with a contemporary twist at IJM Rimbayu.

According to PropertyGuru Malaysia, the envisioned development seamlessly integrates an all-encompassing commercial district designed to function as a transit hub, catering not only to IJM Rimbayu residents but also serving as a convenient layover stop for road-weary interstate travellers. The emphasis is placed on visually appealing aesthetics and architecture, coupled with lush and crowd-pleasing landscaping and intuitive passive design implementations.

Thailand’s revamped tax system promises economic boost

In a bid to shield the public from economic turmoil, Thailand’s Finance and Interior Ministries have unleashed a slew of reforms, spearheaded by Paopoom Rojanasakul, secretary to the finance minister.

Addressing a high-profile property seminar, Paopoom asserted that the proposed alterations to the land and building tax are geared towards bolstering collection efficiency and ensuring a fair tax rate. “We cannot burden the people further amidst fragile economic conditions,” said the secretary in a report by Thaiger.

Paopoom urged the Bank of Thailand to relax loan-to-value (LTV) regulations, stressing the potential to invigorate the real estate sector and fuel economic growth.

Moreover, he called upon financial institutions to loosen credit conditions, striking a balance between risk and stability. The Finance Ministry, he assured, recognises the pivotal role of the real estate market and has devised stimulus packages, encompassing tax and financial policies.

China’s travel industry posts solid recovery during Spring Festival

Data from the Ministry of Culture and Tourism presented in China Daily showed that the domestic tourism market saw 474 million trips during the eight-day Spring Festival holiday, up 34.3 percent year-on-year and a 19.0 percent increase compared with the same holiday period in 2019, ThePaper reported on Tuesday.

Domestic tourism-related revenues reached CNY632.69 billion (USD$94.9 billion) during the holiday, an increase of 47.3 percent YoY and up by 7.7 percent from the same holiday period in 2019.

The enthusiasm for travel during this year’s May Day holiday may see a surge, while some travelers booking tickets for the National Day holiday in October in advance.

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