Bank Negara Malaysia (BNM) today again reduced its key overnight policy rate by 50 basis points to 2.00 percent, after just a month after slashing it by 75 basis points. This could be good news for those who are looking to get financing for their property purchases. The bad news is, our economy is quickly deteriorating. The current BLR in many major banks are at 5.95%. Full press release here.

UPDATE 1-Malaysia cuts key rate again as recession looms
Tue Feb 24, 2009 4:10pm IST

KUALA LUMPUR, Feb 24 (Reuters) - Malaysia cut its key rate for a third straight meeting, the latest sign of concern that the country may slip into a recession, just days before fourth-quarter economic data that is expected to be sombre.

Bank Negara Malaysia (BNM) cut its key overnight policy rate by 50 basis points to 2.00 percent on Tuesday, nearly a month after slashing it by 75 basis points.

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Yes, I know, yet another post on another SDB’s property in this blog. For a minute you’ll probably think that I’m paid for this but truth is, I wish I was! Anyway, I have been interested with this development since it was launched, thanks to the strong SDB branding.

Background
Ameera was initially a development called Park19 by Luxor Properties Sdn Bhd, the developer of Millennium Place in SS14. Park 19 was soft-launched early 2006 with prices from RM210psf . The proposed Park 19 was designed by BEP Akitek, one of the better firms in Malaysia whose projects include Ampersand Jln Kia Peng, Desa Parkcity, Kiaraville, Seni Mont Kiara, Zehn Bkt Pantai, to name a few. True to their standards, Park 19 was actually looked really good.

Coupled with an extremely attractive pricing, the development was rather well-received by many during it’s soft launch period. A booking fee of RM5000 was accept to reserve units. Luxor Properties, being  a new comer to the development scene, then had issues with VP of Millenium Place in addition to problems brewing within the company. After about 6 months of soft-launching this, early buyers who had paid a commitment fee got theirs refunded and was informed that the project had been sold to SDB and will be continued by them.

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Here’s the last set of the actual units of Ameera Residences that I have at the moment. A full write-up and my first impressions will be posted in just a bit!

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Here are some shots of the actual units to be delivered to Ameera Residences buyers. SDB is aiming to complete the units by end 2009, with CF probably first quarter of 2010. The progress looks good at the moment. More details to follow.

Many photos after the jump!

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