The Indonesian government has allocated 4.5 trillion rupiah (Bt10 billion) to implement a mortgage interest subsidy for low-income households next year.

The Housing Finance Fund Management Centre (PPDPP), which falls under the Public Works and Housing Ministry, signed an agreement on Thursday with 40 banks that have been tasked with distributing the subsidy to low-income households seeking a mortgage loan.

Lana Winayanti, the ministry’s housing finance director general, said the fund would be disbursed under the housing financing liquidity facility (FLPP) to subsidise 42,000 low-cost houses.

“The fund will be disbursed in January,” said Lina in Jakarta, adding that this year, the PPDPP had allocated 4 trillion rupiah to the FLPP scheme.

In the last five years, the PPDPP has disbursed 30.68 trillion rupiah to subsidise the purchase of 517,558 houses.

The mortgage subsidy’s recipients comprise private employees (73.94 per cent), civil servants (12.78 per cent) and informal sector employees (7.68 per cent). – The Jakarta Post

CDL sells Brisbane properties for A$77m

Singapore-based CDL Hospitality Trusts is selling the Mercure Brisbane and Ibis Brisbane for A$77 million (Bt1.4 billion), the stapled group announced yesterday.

The sale price represents an exit yield of 5.3 per cent on the fixed rental; a 43.4 per cent premium over the A$53.7 million original purchase price; and a 10 per cent premium over an independent valuation of A$70 million.

The buyer is CR Hotel Target, an independent third party. Completion is expected in January.

The 194-room Mercure and 218-room Ibis are connected properties within a single site across from the Performing Arts Complex Centre and Brisbane Convention and Exhibition Centre in Brisbane.

The property was acquired on February 18, 2010, with a master lease that expires on April 30, 2021. – The Straits Times

Honda Malaysia recalls Accord, Odyssey models

Honda Malaysia has issued a product recall for 49,116 units of the Odyssey (2014-2017 model) and Accord (2013-2016 model) for faults in the makes involving battery sensor failure and a defective door mirror component.

Honda said 20,233 units of the Accord are being recalled due to inaccurate forming on the printed circuit board in the battery sensor during its production process.

“This may cause electrical short circuit of the sensor, and possibilities of smoke coming from the hood or, in the worst case, a fire,” it said in a statement.

Meanwhile, 27,912 units of Accord and 971 units of Odyssey are being recalled for a defective door mirror component. – The Star

Indonesia to develop Papua’s Nabire Port

The Indonesian government has announced its plans to develop the Nabire Port in Papua as feeder port for the province, for both cargo and passenger ships.

President Joko Widodo said on Thursday in Nabire Regency, Papua that the construction to expand the port would start in 2018.

After its expansion, Nabire Port will be able to serve six regencies around Nabire – Waropen, Paniai, Dogiai, Mimika, Kaimana and Wandama.

“We will start with [building] the container terminal in 2018. [The existing port] will be repaired, expanded and improved upon,” Widodo said in a press release.

Renovations on the passenger terminal would commence later, |the President said, adding that |the private sector was welcome |to take part in the port’s development.

“I heard from Regent Isaias Douw that a lot off Nabire’s products such as fish, oranges, wood and bananas, are shipped to Surabaya and Makassar,” Widodo said. – The Jakarta Post