LEADING INDEX UP 0.3% IN MARCH 2018
Malaysia’s economic growth momentum is expected to persist up until 3Q18, as the annual change of the Leading Index (LI) as at March 2018, increased by 0.3% Y-o-Y. The monthly change of the LI, which monitors economic performance in advance, exhibited a negative growth of 0.5% in March 2018 due to a 0.7% contraction. Furthermore, the Coincident Index (CI), which examines current economic activity, rose 0.6 per cent in March 2018. This was driven by an increase in real contribution to the Employee’ Provident Fund (0.4 per cent), volume index of retail trade (0.3 per cent), total employment in the manufacturing sector (0.2 per cent) and real salaries and wages in the manufacturing sector (0.1 per cent).
THE GOVERNMENT STOPS MRT3 AND HSR
The Malaysian Government has officially halted two major transportation mega projects: the 350km long Kuala Lumpur-Singapore High-Speed Rail (HSR) and the third Klang Valley Mass Rapid Transit (MRT3) line. Withdrawal of the HSR was attributed to high costs, whereby the Cabinet of Malaysia has agreed to cancel the HSR upon final decisions being contingent on discussions with Singapore. Withdrawal of the HSR will largely assist in diminishing the Malaysian government’s total debt, which exceeds RM1 trillion. The RM40 billion MRT 3 (or MRT Circle Line) will also be discontinued, thereby leaving behind its plans of constructing a 40km route running through the Kuala Lumpur city centre periphery, which includes Ampang Jaya, Kuala Lumpur City Centre, Jalan Bukit Bintang, the Tun Razak Exchange, Bandar Malaysia, KL Eco City, Pusat Bandar Damansara, Mont’ Kiara and Sentul. Furthermore, conclusive verdicts on the 600km long East Coast Rail Line (ECRL) are still being deliberated. The RM55 billion ECRL by China Railway Construction Corp is intended to transport passengers and freight, to and from the west and east coasts of Peninsular Malaysia.
(The Edge Property, 30/05/2018; The Edge Financial Daily, NST & The Star, 31/05/2018)
NO MORE TOLL COLLECTION ON THE SALAK HIGHWAY
The Malaysian Highway Authority (MHA) has announced there will be no more toll collection commencing June 1, 2018, between the Kuala Lumpur-Seremban highway and the Salak highway, up to the Sungai Besi toll plaza. Toll charges on additional routes entering and exiting the Sungai Besi toll plaza will be reduced by between RM0.40 and RM1.70, contingent on the vehicle’s classification and distance travelled. Motorists at the Sungai Besi toll plaza are merely required to pay toll charges when travelling via the North-South Expressway.
(The Edge Property, 31/05/2018; NST & The Sun, 1/06/2018)
BUSINESSES WARNED TO LOWER PRICES FROM JUNE 1, 2018
Commencing June 1, 2018, businesses are required to channel savings from the zero-rating of the goods and services tax, to consumers, in the form of lower prices. The Malaysian Government will be executing stern procedures to ensure that prices of goods and services comply with the Price Control and Anti-Profiteering Act 2011.
(The Edge Financial Daily, NST, The Sun & The Star, 28/05/2018)
SST TO START ON SEPTEMBER 1, 2018
Implementation of the Sales and Services Tax (SST) will come into effect on September 1, 2018, subsequent to the Goods and Services Tax (GST) being zero-rated on June 1, 2018. Though prices of goods should contract by at least 6% upon materialisation of the zero-rated GST system, the Malaysian Government has not yet revealed the new SST rate.
(The Edge Financial Daily, NST & The Star, 31/05/2018)
HOUSING AND LOCAL GOVERNMENT MINISTRY TO SET UP ONLINE PLATFORM FOR AFFORDABLE GOVERNMENT HOUSING SCHEMES
The Housing and Local Government Ministry (KPKT) is looking into setting up a one-stop online platform for affordable government housing schemes. This will enable prospective home purchasers to submit online applications and to correspondingly attain approval in “mere days”. The online platform will amplify the efficiency of purchasers in their selection of an affordable home and to correspondingly increase overall transactional transparency. The synchronisation of existing public affordable housing schemes under one programme (including PR1MA and People’s Housing Project), is expected to avoid an overlap of resources.
(The Edge Property, 28/05/2018)
GOVERNMENT REVIEWING MOVE TO CHALLENGE ICJ DECISION ON PEDRA BRANCA
The Malaysian Government is reviewing its move in challenging the International Court of Justice’s (ICJ) decision on the sovereignty of Pulau Batu Puteh (also known as Pedra Branca). Previously in 2008, the ICJ awarded sovereignty of the islet to Singapore, whereas Malaysia received rights to “Middle Rocks” near the islet, following both countries raising claims to the said island. The government intends on expanding these “Middle Rocks”, located in close proximity to Pedra Branca and developing them into a small island.
(The Edge Property, 30/05/2018; NST & The Star, 31/05/2018)
MALAYSIAN GOVERNMENT TO REVIEW AT LEAST RM10 BILLION WORTH OF PROJECTS
The Malaysian Government will review, renegotiate or postpone “high-value” projects which are cumulatively worth RM10 billion. These projects include those awarded via direct negotiation or limited tender exercises, non-essential operating expenditure, big-ticket budget allocations and other items such as “special projects” under the Internal Coordination Unit.
(The Edge Property, 31/05/2018; NST & The Sun, 01/06/2018)
LENDLEASE SEEKS TO CONTINUE TRX JV
Australian developer and infrastructure firm, Lendlease, is looking to persist with its joint venture (JV) with TRX City Sdn Bhd, in developing “The Exchange TRX” at the 70-acre Tun Razak Exchange (TRX) international financial district. Lendlease has a 60:40 joint venture agreement with TRX City to develop the TRX Lifestyle Quarter, which functions as a 17 acre retail-led mixed use development. Previously in September 2017, the company reported that 26% of its retail space had been pre-leased out, with an official opening expected by 2020.
(The Edge Property, 28/05/2018)
ASIAN PACS UNIT ACQUIRES PJ LAND PARCELS
Asian Pac Holdings Bhd’s wholly-owned subsidiary, BH Builders Sdn Bhd, is purchasing five parcels of leasehold land from Jiwa Murni Sdn Bhd. Spanning 74 acres, the land is situated in Petaling Jaya and was acquired at a cost of RM300 million.
DBKL LAND TRANSFERS “FROZEN”
The Department of Director General of Lands and Mines (JKPTG) of the Kuala Lumpur Federal Territory has been ordered to “freeze” all transactions (starting May 10, 2018) involving transfers of land owned by Dewan Bandaraya Kuala Lumpur (DBKL). The “freeze” was ordered due to suspicious transfers of 64 parcels of land in Kuala Lumpur, measuring 424.29 acres and with a total transaction value of RM4.28 billion. All parcels were sold without an open tender or a valuation report and were predominantly transacted below market price.
(The Edge Property, 31/05/2018)
SUNWAY TO BUY RESIDENTIAL UNITS IN SETAPAK FOR RM45.8 MILLION
Sunway Bhd’s subsidiary, Sunglobal Resources Sdn Bhd, has entered into a master sale and purchase agreement with Setapak Heights Development Sdn Bhd, to acquire residential units worth RM45.8 million. This includes 47 completed individual residential units of Residensi Infiniti 3 developed by Setapak Heights, which are erected on a leasehold land in Setapak, with a 99-year lease expiring on February 24, 2109. The proposed acquisition is opportunistic, thus allowing Sunglobal to purchase said parcels at a discount, which will be resold at a profit.
(The Malaysian Reserve, 28/05/2018)
E&O EXPECTED TO LAUNCH SEVERAL PROJECTS IN THE NEXT 18 MONTHS
Eastern & Oriental Bhd (E&O) is targeting to launch several projects in the next 18 months, including 503 serviced apartment units at the intersection of Jalan Conlay and Jalan Kia Peng, with an estimated gross development value (GDV) of RM880 million. The launch serves as E&O’s second joint-venture agreement with the subsidiary of Japanese conglomerate, Mitsui Fudosan. Additional launches include: “The Peak” residential development at Damansara Heights (GDV RM278 million) and the maiden launch of a condominium project at Seri Tanjung Pinang 2 (STP2).
(The Edge Property & The Edge Financial Daily, 30/05/2018)
COLONY SECURES ITS LARGEST CO-WORKING TENANT TO DATE WORTH RM5.6 MILLION
Colony has signed a RM5.6 million deal with its largest tenant to date, who are regional importers and distributors within the food industry. The tenant intends on shifting its regional headquarters to Colony’s soon-to-be-opened KL Eco City location. The deal comprises in excess of RM4 million in rental and an additional RM1.6 million for future expansion space, which Colony is committed to provide. Coupled with other pre-launch deals, Colony @ Eco City (to be open by the end of June 2018) has experienced more than 50% of its space being booked.
(The Edge Property, 30/05/2018)
PREMIUM CARE CENTRE RE-OPENS
Samsung Malaysia Electronics has re-opened its Premium Care Centre in Plaza Low Yat, Kuala Lumpur. Their upgraded care centre concept is purported to function as a one-stop servicing platform, whereby consumers are provided with prompt and convenient post-sales services. With a 600 sq. ft. expansion, the total built-up area of the centre is now 2,200 sq. ft.
(The Star, 26/05/2018)
ENCORP HOPES TO SWING “BACK TO BLACK”
In 2018, Encorp Bhd, which is 67.13%, owned by Felda Investment Corporation Sdn Bhd (FIC), is expectant of entering into a financially profitable condition, as its 1Q18 results registered profits, which were attributed to the completion of Encorp Marina Puteri Harbour at Iskandar Puteri. In 2017, Encorp and Sinmah Capital Bhd announced their partnership in developing 77.9 acres (out of the 641 acres) of Felda owned land in Bukit Katil, Melaka, into an integrated township featuring a medical college, hospital, commercial space and residential properties. Felda is the proprietor of the Bukit Katil land and has appointed Encorp’s wholly-owned subsidiary, Encorp Bukit Katil Sdn Bhd (EBKSB), as the master developer of the 641 acre Bukit Katil land. Back in February 2018, EBKSB secured a development order to proceed with the master layout plan and it will appoint consultants to construct a unique development concept.
HAP SENG TARGETS RM1.3 BILLION GDV IN 2018 LAUNCHES
In 2018, plantation and property conglomerate, Hap Seng Consolidated Bhd, is aspiring to launch property developments with an approximated gross development value (GDV) of RM1.3 billion. Prospective launches include a 44 storey serviced apartment in Jalan Kia Peng (GDV of RM580 million), a business park, the commercial segment of its Akasa project in Cheras, the final phase of the “D’Alpnina” township comprising affordable housing and various developments in Sabah.
(The Edge Financial Daily, 31/05/2018)
Gamuda Land Sdn Bhd is scaling up its launches in Rawang via its 810.5 acre “Gamuda Gardens” Township. The 15 year ongoing development is currently being built in seven precincts, with a total gross development value (GDV) of RM10 billion. Phase 1 was previously launched in 2017, with all of its 181 residential units being sold. The second phase, “Lavana”, was launched in 2H17 and comprised 134 double-storey link houses priced at RM750,000 each. Scheduled for completion by 2019, Phase 2 has an overall GDV of RM233 million. An upcoming launch at Gamuda Gardens is the high-rise residential development, “Gaia Residences”, which is spread across two towers featuring 500 serviced apartment units, 18 two-storey shops and 9 retail shops.
MAH SING STAYS BULLISH ON RAWANG
“M Aruna” by Mah Sing Group is located on 96 acres of land in Rawang, which comprises 565 two-storey link homes and 20 retail shop-houses, with an estimated gross development value of RM520 million. Within the next few months, the group intends to launch Phase 1 of “M Aruna”, which includes two-storey link homes referred to as Aster and Basil, with indicative built-ups from 1,666 sq. ft. and a land size of 20ft. x 60ft. Aster and Basil feature four bedrooms and three bathrooms with an indicative starting price of RM550,000. “M Aruna” is still in its initial construction stages, with the township due to be completely developed by the end of 2022.
TING PEK KHIING TO BUILD RM30 BILLION “NEW CITY” PROJECT IN LANGKAWI
Developer, Ting Pek Khiing, has announced a RM30 billion “Dubai-like” development to be erected on 200 acres of reclaimed land off the west coast of Langkawi Island. The “Langkawi New City” project, which will be undertaken by Ting Pek Khiing’s group of companies, will take a period of 10 years and will comprise the construction of 30,000 high-end condominiums, berthing facilities for boats, commercial centres and other facilities and amenities.
(The Edge Property, 31/05/2018; The Edge Financial Daily & The Star, 01/06/2018)
MELAKA GATEWAY MAY BE SHELVED
Launched in 2014, the RM40 billion “Melaka Gateway” mega joint development project between KAJ Development Sdn Bhd and energy company, PowerChina International Group Limited, is facing the possibility of being abandoned. The project was to become the largest private marina in South-East Asia by 2025 with 12 precincts of residential, commercial, cultural, entertainment and lifestyle elements. Spanning 3,719 acres of land, Melaka Gateway is a private initiative encompassing a mixed development executed on four artificial islands and is classified as a national project under the National Key Economic Areas. Apart from the international cruise passenger terminal on Pulau Melaka East 1, a commercial city was proposed on Pulau Melaka East 2, a liquid bulk terminal on Pulau Melaka East 3, and a multipurpose terminal, which includes both a container and maritime industrial park on Pulau Melaka East 4.
(The Star, 01/06/2018)
JTI’S SHAH ALAM PLANT SOLD
JT International Bhd (JTI Malaysia) has disposed of its manufacturing facility in Shah Alam, Selangor, to a Japanese company. Worth between RM40 million and RM50 million, the 5 acre leasehold land is located on Persiaran Raja Muda in Shah Alam.
(The Edge Financial Daily, 30/05/2018)
BETTER SENTIMENT SEEN FOR INDUSTRIAL PROPERTY SECTOR
Renewed market confidence following the general election and rising demand for general consumer goods and e-commerce are expected to bolster the local industrial property market with improved market sentiment encouraging more foreign direct industrial investment into Malaysia. Coupled with surging domestic consumption, the prospects for the industrial and logistics market are positive and the sector is likely to see rising rental rates which have lagged behind recent strong increases in industrial land values.
With the general election over, investors have a clearer picture ahead. One example is the recent tie-up between Sime Darby Property Bhd and Japan’s Mitsui & Co Ltd and Mitsubishi Estate Co Ltd. Sime Darby and Mitsui will develop industrial facilities on 39 acres at Bandar Bukit Raja in Klang. In Malaysia, with demand rising for general consumer goods and e-commerce, there has been an on-going movement towards consolidating and/or upgrading business bases, such as leasing logistics warehouses and light industrial facilities. Such needs are expected to increase, in particular, on sites that are close to centres of consumption and are easily accessible by public transportation.
(The Star, 01/06/2018)
LOOKING FORWARD TO LOCAL TOURISM BOOST
The Malaysian Association of Tour and Travel Agents (MATTA) endorses the Federal Government’s decision to reduce the Goods and Services Tax (GST) from 6% to 0%, effective June 1, 2018. This indirectly grants a “discount” on the cost of local tours and travelling, as domestic air tickets between Sabah and Sarawak and Peninsular Malaysia will be cheaper. The 0% GST is expected to stimulate domestic tourism via the encouragement of spending by both locals and tourists (particularly in terms of shopping, food and beverages), thus increasing the price appeal of Malaysia as a travel destination.
(The Star, 26/05/2018)
TOURISM MALAYSIA CONFIDENT GOVERNMENT WILL FOCUS ON SECTOR
Tourism Malaysia (TM) is confident that the tourism industry will be prioritised under the Malaysian Government, as it is a major source of revenue for the country. In 2018, TM aims to attract a minimum of 31.8 million foreign tourists to Malaysia, which includes eight million tourists from China. Notably, the tourism industry in Thailand, Indonesia, Vietnam and Japan are progressing very well, due to a vast influx of investments and tactical promotions via digital media platforms.
TERENGGANU AIMS TO DEVELOP AS AN ISLAMIC TOURISM HUB
The Terengganu State Government will take initiatives in developing the state into an Islamic tourism hub. Terengganu has the potential of becoming one of the nation’s leading tourism hubs via its varied local cultures, lush nature, islands and beaches. But it is not presented as well as it should be. The state will continue to work on making it a tourism hub, which in turn will benefit the state’s economy and its people.
(The Star, 30/05/2018)
CSA INCREASES FLIGHT FREQUENCY BETWEEN GUANGZHOU AND PENANG
China Southern Airlines (CSA) has announced that it will increase the frequency of its direct flight from Guangzhou to Penang, to cater to the overwhelming demand of tourists in both countries and is offering “cheap fares” in June 2018. The flight frequency from Guangzhou, which is currently at one trip daily, will be doubled to two flights daily. CSA has been flying from Guangzhou to Penang since April 1991.
AIRASIA X INCREASES FLIGHT FREQUENCY TO HAWAII
AirAsia X will increase its frequency from four to seven flights a week to Honolulu, Hawaii, from Kuala Lumpur via Osaka, Japan, beginning August 16, 2018. Passengers can also make use of AirAsia’s Fly-Thru service to connect seamlessly to Honolulu from other cities within AirAsia and AirAsia X’s extensive flight network with just one additional stop.
PRIVATE HEALTHCARE COST IN MALAYSIA CONSIDERED TO BE AFFORDABLE
Malaysia’s private healthcare expenditure is nowhere close to inflationary levels exhibited in other South-East Asian countries, as it is driven by the value of return on investment obtained by consumers, which is supported by the maturity, complexity and quality of services provided. Malaysia is currently ranked as one of the top healthcare destinations in the world, in terms of costs paid against the provision of quality healthcare services. Malaysia remains as having the lowest average revenue per “in-patient” compared with four markets including Malaysia, Singapore, Turkey and India. On average, Malaysia’s in-patient revenue stands at RM6,000, whereas India is 10% to 15% higher at approximately RM7,000, Turkey at RM8,000 and Singapore at a record high of RM29,000.
(The Malaysian Reserve, 30/05/2018)
DEVELOPERS BACK MOVE TO CANCEL HSR DESPITE SETBACK
Though cancelling the RM110 billion High Speed Rail (HSR) project was a sizeable setback for property developers, they the support the move in preserving the greater good of the nation. The Johor Real Estate and Housing Developers Association denoted that developers, who invested and concurrently paid a premium on prime land within close proximity to the proposed HSR stations, may experience certain short and medium term losses. Upon ceasing the HSR project, developers may struggle to sell their properties in areas which were heavily marketed in terms of being close to a HSR station. The 350km railway was meant to comprise eight stations: Jurong East (Singapore), Iskandar Puteri, Batu Pahat, Muar, Melaka, Seremban, Sepang-Putrajaya and Bandar Malaysia.
(The Star, 31/05/2018)
JB-SINGAPORE RTS TO PROCEED BUT WILL BE SUBJECT TO A “COSTS REVIEW”
The Malaysian government is committed to the Johor Bahru-Singapore Rapid Transit System (RTS), but it will first review the terms and conditions and costs associated with it. The 4km RTS is expected to commence operations by December 31, 2024, and will connect Bukit Chagar in Johor to Woodlands in Singapore. The full cost of the project has yet to be determined as it depends on the rail alignment agreed upon by a joint venture to be set up between Prasarana Malaysia Bhd and Singapore’s SMRT Corp Ltd.
(The Edge Financial Daily, 31/05/2018)
SMALLER TRANSPORTATION PROJECTS ARE NEEDED TO REPLACE HSR IN JB
The Malaysian Government may install smaller transportation systems in light of the scrapped Singapore-Kuala Lumpur High-Speed rail mega project, in order to improve public transport in greater Johor Bahru. Proposed projects include a walkalator (a moving walkway) to potentially ease traffic on the 1.7 km Johor Causeway, extending the Gemas to Johor Bahru Electric Train System to the island republic and expediting the completion of the Johor Bahru-Singapore Rapid Transit System link. Additionally, part of the existing non-electrified KTM tracks will be upgraded and subsequently linked with Singapore via Gelang Patah or Iskandar Puteri and Jurong East.
(The Edge Property, 31/05/2018)
IRDA INTRODUCES DEVELOPMENT PLAN FOR KULAI, SEDENAK
The Iskandar Regional Development Authority (IRDA) has introduced a development plan for the Kulai and Sedenak areas, which are both part of the Sedenak Digital Valley development. Known as the Kulai-Sedenak Special Area Plan 2025, development projects will be outlined based on a smart city and sustainable development concept, up until 2025. The plan encompasses an area of approximately 49,377 acres, which is currently predominantly utilised for agricultural purposes. The development would generate circa 77,500 job opportunities by 2025, with main economic activities being in high-tech industry, research and innovation, information and communication technology, digital, aerospace and aviation, and logistics. The draft of the plan is currently on public display for assessment and feedback.
UEM SUNRISE SEEKS NEW BRIGHT SPOTS TO LIFT GERBANG NUSAJAYA PROJECT
UEM Sunrise Bhd will seek other “catalysts” for its Gerbang Nusajaya project, subsequent to the axing of the Kuala Lumpur-Singapore High-Speed rail (HSR) project. The Gerbang Nusajaya project was meant to accommodate the Iskandar Puteri HSR station, whereby 69 acres were allotted for the station and 299 acres was reserved for developing the surrounding transit hub.
(NST & The Edge Financial Daily, 01/06/2018)
D&Y TEXTILE PLANS TO INVEST RM600,000 IN THIRD PHASE
China-based D&Y Textile (Malaysia) Sdn. Bhd., also referred to as Daiyin Group, is set to invest approximately RM600,000 in Phase 3 of its facility in the Sedenak Industrial Park, Johor. Located on 93 acres of land, construction of Phase 3 will commence shortly and is expected to generate up to 800 jobs.
JOHOR TO BE HUB OF MALAYSIA’S BEEF PRODUCTION
Johor will emerge as the leading producer of beef in Malaysia, via the implementation of cattle breeding projects situated in farms located in Muar, Segamat and Pagoh. Initially, land in the three areas was approved for cattle breeding under the National Feedlot Corporation (NFC). However, the approval failed to materialise due to the misappropriation of funds by certain parties. The Ministry of Agriculture and Agro-based Industries will forward the necessary proposals with supplementary details to the Government in order for the NFC project to be reviewed.
(The Star, 28/05/2018)
1,000 HOUSE BUYERS TO GET KEYS AFTER SIX-YEAR WAIT
After six-years, more than 1,000 house buyers will soon be able to move into their units in Taman Halaman Indah, a housing project which was delayed due to various issues encountered by the developer. The project comprises 1,138 terraced homes, 460 low-cost houses and 70 commercial units priced between RM42,000 and RM250,000. The project previously hit a problem in 2012 due to issues including the changing of developers, land issues and financial challenges.
(NST & The Star, 28/05/2018)
NAIM PLANS TO CASH IN ON DEMAND FOR AFFORDABLE HOMES
Naim Holdings Bhd, owners of huge landbank in Sarawak’s major towns, expects to build at least 1,000 affordable houses within three years in order to cash in on market demand. Naim’s foremost focus is to build additional affordable houses in Miri, Kuching and Bintulu, in which they own in excess of 2,500 acres of prime land in those locations.
The “SouthLake Permyjaya” Township is a component of Naim’s flagship development in Permyjaya, Miri, comprising more than 20,000 residential units. The “Sapphire On the Park” condominium project at Batu Lintang, Kuching, is priced between RM550,000 and RM600,00, whereby approximately 85% of the 206 units in the first 18 storey tower have been sold. Construction of the 18 storey tower has been completed with its occupation permit issued in May 2018. The second 18-storey tower which similarly comprises 206 units has now reached the ninth storey in terms of construction and work has also commenced on the third tower, which is a 13 storey building merely comprising 15 penthouses. In Bintulu, Naim is in advanced construction stages of “The Peak condominium”, which is Sarawak’s tallest condominium at 34 storeys upon completion. Naim’s construction arm is currently undertaking Syarikat Perumahan Negara Bhd’s affordable housing projects in Miri and Tanjung Manis, Mukah, situated in central Sarawak.
(The Star, 30/05/2018)
SABAH PORTION OF PAN BORNEO HIGHWAY COULD BE AXED
The Sabah section of the Pan Borneo Highway, which is 50% completed and estimated to cost the federal government RM12.8 billion, will prospectively be the next project to be withdrawn by the Malaysian Government. The 2,325 km toll-free highway runs through Sabah and Sarawak and was scheduled for completion in 2021. The 1,089 km stretch in Sarawak commences from Telok Melano and ends in Merapok, which is in close proximity to the Brunei checkpoint. The 1,236 km Sabah portion of the project is divided into three phases including routes from Sindumin to Tawau, Tamparuli to Ranau, and Kimanis to Keningau. Overall, 35 work packages are available for the Sabah phases, with seven packages previously implemented between April 2016 and December 2017. Of the seven packages, five are already under construction, two additional packages were approved and launched, and 10 additional packages are pending approval from the Finance Ministry.
(The Edge Property, 30/05/2018)