KTMB TO IMPROVE SERVICES, BUT CAN IT SERVE AS AN ALTERNATIVE TO HSR?
While Keretapi Tanah Melayu Bhd (KTMB) intends on improving its tracking system and offer trains with enhanced quality, the rail operator is unsure of it being an alternative to the KL-Singapore High Speed Rail (HSR). This alternative plan would cost approximately 70% less than the proposed HSR service. Additionally, the Malaysian government is not required to pay RM500 million compensation to its Singaporean counterparts, as renegotiations are not required. The latest proposal involves adding a single rail line next to KTMB’s existing double track and will cost RM20 billion compared with the RM60 to RM70 billion HSR project.
MRT CORP LOOKING AT WAYS TO “TRIM” LINE 2 COST AND LINE 3 PUT “ON HOLD”
The Council of Eminent Persons (CEP) has instructed for the execution of a study in hopes of reducing the cost for the MRT Line 2 (MRT2) project. Total costs for the 52.2km MRT2 (or SSP Line), could be between RM35 billion and RM40 billion, which will serve as a corridor to approximately two million individuals within Damansara Damai, Jalan Ipoh, Kampung Baru, Kuala Lumpur City Centre, Tun Razak Exchange, Kuchai Lama, Seri Kembangan and Cyberjaya. Targeted for completion by July 2021, Phase 1 of the SSP Line will comprise 12 stations spanning from Kwasa Damansara to Kampung Batu. Phase 2 is expected to be completed in 2Q22, which will comprise 11 underground stations and 26 elevated stations. Furthermore, Mass Rapid Transit Corp Sdn Bhd has confirmed that the Mass Rapid Transit Line 3 (MRT3) project will be “put on hold”.
ECRL GETS THE GO AHEAD, BUT NEEDS PRICE REVIEW
The controversial China-backed East Coast Railway Line (ECRL) project has been given a reprieve by the government as RM20 billion of the project’s cost has already been paid for by the Malaysian government. The government had announced plans to “scrap” the project because of its high cost of RM60 billion to RM70 billion, when various estimates claim it could be completed for under RM40 billion and thus, renegotiations of a revised price tag will now take place.
ECRL CAN PROCEED IF BETTER TERMS CAN BE OBTAINED
The government will proceed with the East Coast Rail Link (ECRL) if favourable terms can be obtained via renegotiations to diminish the project’s cost. Under existing arrangements by the former government, payments were made without even deliberating the progress of construction.
(The Edge Financial, 26/06/2018)
NO NEED FOR ECRL, JUST REVIVE GEMAS-TUMPAT LINE
The renegotiation or scaling down of the East Coast Rail Link (ECRL) project is currently under review. However, the government intends on reviving existing railway tracks in the east coast, which were severely damaged and deactivated during the floods at the end of 2014. Rehabilitating existing tracks will be more efficient and cost-effective than building the ECRL, as it would be executed at a cost of not more than RM3 billion, which is approximately 5% of the overall ECRL price tag.
(The Edge, 25/06/2018)
MOT PLANS TO MAKE PARKING AT KTM STATIONS FREE
The Ministry of Transport (MOT) is aiming to provide free parking at Keretapi Tanah Melayu (KTM) stations to encourage more usage of the said mode of transport. Currently a non-standardised system exists whereby car parks are being managed by KTM and parking operators are appointed by Railway Assets Corp (RAC). To rectify this, MOT has requested that RAC discusses with all local governments to lease out the parking lots to the latter. The local government can then subsequently decide on the appointment of their own operators or to offer free parking for nearby residents.
(The Edge, 26/06/2018)
JOINT EFFORT TO DEVELOP AIRPORTS
Malaysia Airports Holdings Bhd (MAHB) is collaborating with the government to ensure that domestic airports have sufficient capacity to support passenger traffic and future expansions. MAHB is additionally establishing Malaysia as the Digital Free Trade Zone transhipment hub and fulfilment ecosystem, within the first phase Aeropolis development at the Kuala Lumpur International Airport. This infrastructure development support was essential to realise the government’s ambition in transforming Malaysia into a key sourcing and fulfilment hub for the global marketplace. Airport developments such as infrastructure enhancement and digital innovation are quintessential in driving connectivity, tourism and high-value investments. The expansion could either be on full capacity or pursued in phases, depending on the passenger growth forecast for each specific airport. The company has initiated the “Airport 4.0” initiative, a comprehensive seamless digitalisation of airport operations, which takes on increased passenger capacity.
NEW BUS TERMINAL IN SHAH ALAM TO OPEN IN JULY 2018
The Shah Alam City Council (MBSA) has now received the Certificate of Completion and Compliance (CCC) from two government agencies for the Section 17 Bus Terminal. The council has been awaiting the CCC since early 2016, when contractors had completed works on the city’s new terminal. The terminal will commence operations in mid-July with an online ticketing system installed and will have parking bays for buses, taxis and visitors and lanes for express buses and other vehicles.
(The Star, 26/06/2018)
T7 GLOBAL KEEN TO PROCEED WITH ECRL PROJECT DESPITE LOWER COST
T7 Global Bhd is keen on persisting with its participation in the controversial East Coast Railway Line (ECRL) project even at a substantially lower cost, as long as the group is able to generate a “decent profit” from it. On March 14, 2018, T7 had entered into a new memorandum of understanding (MoU) with Eastern Pacific Industrial Corp Bhd (EPIC), a Terengganu state-linked corporation, and CMC Engineering Sdn Bhd, a wholly-owned bumiputera company. This was to form a consortium to undertake construction of the ECRL project’s “Terengganu parcel”. The MoU had excluded China State Construction Engineering (M) Sdn Bhd, whose role was as a “technology partner” in a previous MoU signed on October 20, 2017.
(The Star, NST & The Edge, 27/06/2018)
CITAGLOBAL AIRPORTS’ PROPOSAL FOR NEW LCCT WAS SUPPORTED BY AIRASIA
In 2017, a proposal for the development of a low-cost carrier terminal (LCCT) to be developed at Kuala Lumpur International Airport (KLIA) was made by Citaglobal Airports Sdn Bhd, which was a move backed by AirAsia group, the largest user of klia2 (the current LCCT). The building of a new LCCT will accommodate higher passenger numbers. Citaglobal Airports will be able to generate the required funds for the project via the private sector, which will benefit the government in terms of savings on infrastructure and operation costs. UK-based airport operator, Manchester Airports Group Plc, indicated their interest to manage and operate the 450 acre LCCT project. Citaglobal Airports suggested that the government transfer land rights from the Director General of Land and Mines, to the Transport Ministry, which will then be leased out for a period of 99 years. The LCCT will transform Malaysia into a ‘dual hub’, whereby the main KLIA terminal will house the OneWorld Alliance, klia2 will house other premium airlines and the new LCCT will accommodate low-cost carriers. However any proposal to develop the LCCT next to the KL International Airport will have to be resubmitted, by the respective companies involved, to the new government.
(The Sun, 28/06/2018)
DBKL, THINK CITY TO UPGRADE NINE HISTORICAL LANEWAYS IN KL CITY
Nine laneways within the historic core of Kuala Lumpur have been identified as part of an upgrading programme. Via collaboration between the Kuala Lumpur City Hall (DBKL) and Think City, the main goal of the improvement programme is to create safe, clean, functional and attractive laneways. Selected laneways include: Lorong Bandar 13, Lorong Lebuh Ampang, Lorong Hang Lekiu, Lorong Tun HS Lee South, Lorong Yap Ah Loy, Lorong Pudu, Lorong Tun Tan Cheng Lock and Lorong Hang Kasturi South. This would ultimately enhance the vibrancy of Kuala Lumpur through functional and creative spaces which “facilitate pedestrian traffic, showcase environmentally friendly practices and deter indecent behaviour through design”. Think City will provide technical support while DBKL will take care of the funding, with a budget to upgrade two additional laneways subsequent to Lorong Bandar 13, which is expected to be upgraded by October 2018. All nine laneways are optimistically expected to be upgraded by the end of 2020.
(The Edge, 28/06/2018)
SELANGOR PAYS FOR PARKING VIA APP FROM JULY 1, 2018
The Selangor government will officially roll out a new parking payment app across five local councils on July 1, 2018, as part of its Smart Selangor initiative. Motorists will now be able to utilise the app to pay for parking on the street under the Shah Alam City Council and the Ampang Jaya, Sepang, Kajang and Selayang municipal councils. The Smart Selangor Parking (SSP) app is created by Leading Innovative Technologies and Systems Sdn Bhd in collaboration with Selangor Menteri Besar Incorporated (MBI), via the Smart Selangor Delivery Unit (SSDU). The app was developed as an integrated parking payment system that will eventually be used across all local councils and allows enforcement officers to issue compounds, which users can check and pay for via the app. Enforcement officers are merely required to scan the car registration number or key it into the app to check if parking has been paid.
(The Star, 29/06/2018)
THREE DEVELOPMENT PROJECTS ON LAND OWNED BY RAC APPROVED THROUGH DIRECT NEGOTIATION WILL BE REVIEWED
The Ministry of Transport has called for a review of three development projects on land owned by Railway Assets Corporation (RAC), which were approved through direct negotiations under the previous government. The three projects worth millions are situated on 34 acres land in Pudu, Bangsar and Batu Tiga and will be reviewed to ensure that the land is optimised to maximise returns and to subsequently improve rail services in the country. RAC has additionally been instructed to list down other land owned by RAC which is earmarked for development purposes. RAC has RM35 billion worth of assets (based on Year 2005), which are mainly buildings and plots of land in Peninsula Malaysia. In terms of land size, RAC has 31,711 acres of land, whereby 9,192 acres are for development purposes and 22,519 acres are reserved land.
(NST & The Star, 26/06/2018)
TRX CITY LODGES REPORT OVER RM3 BILLION DIVERTED TO 1MDB
TRX City Sdn Bhd (TRXC) has lodged a police report regarding the transfer of funds from TRXC to 1Malaysia Development Bhd (1MDB), which occurred between mid-2012 and early 2017. Approximately RM3 billion had been diverted from its intended use, which was for the Tun Razak Exchange and Bandar Malaysia projects.
(NST, The Edge Financial & The Star, 26/06/2018)
MGB SECURES RM175.2 MILLION PROJECT FROM SISTER COMPANY
MGB Bhd has received a letter of intent from Kemudi Ehsan Sdn Bhd, a subsidiary of its major shareholder LBS Bina Group Bhd, to undertake construction works in Bandar Alam Perdana, Kuala Selangor, with an estimated value of RM175.2 million. The letter of intent given to its wholly-owned subsidiary, MITC Engineering Sdn Bhd, was for piling, pile cap and building works, including internal infrastructure works for Phase 3A and 3B of a property development project.
MINISTRY PLANS TO BUILD HOUSING FOR B40 AT HIGHLAND TOWERS SITE
The Housing and Local Government Ministry (KPKT) plans on building a housing project for the B40 group at the Highland Towers condominium site, which collapsed 25 years ago. The proposed plan could be implemented only after the affected land has been acquired and legal issues have been resolved. The first KPKT meeting on the development at Highland Towers will be held at the ministry on June 28, 2018.
(NST, The Star & The Sun, 27/06/2017)
CONSTRUCTION OF HSBC HQ AHEAD OF SCHEDULE
Construction of HSBC Bank Malaysia Bhd’s (HSBC) new headquarters in the Tun Razak Exchange financial district is ahead of schedule and is expected to conclude by December 2020. The project is advancing well and the government will persist in ensuring that the overall project is completed according to plan.
(NST & The Edge, 27/06/2017)
KUB TO FINALLY COMMENCE WORK ON FLAGSHIP BUILDING IN PJ
Having obtained a development order, KUB Malaysia Bhd expects to start developing its flagship Petaling Jaya commercial building in 2019. The prime land is located next to the Taman Jaya light rail transit station and is situated on a 1.05 acre plot of land which currently houses an A&W Restaurant. The group will be partnering with a property developer to jointly develop the KUB Tower.
(The Edge, 29/06/2018)
THIRD COLONY OFFICE SET TO OPEN AT KL SENTRAL
Luxury serviced office and co-working space provider, Colony, is set to open its third location at KL Sentral by the end of 2018. The latest office will be located at the MSC-status Q Sentral and can accommodate over 200 people in private offices and fixed desks. The company will also be investing into luxurious fittings for its workspaces and has committed a RM4.5 million investment to this new location. Colony’s first office space at Jalan Kia Peng was opened in July 2017, whereas its second office, Colony KL Eco City, is set to officially open on July 18, 2018.
(The Edge, 29/06/2018)
RETAILER LAUNCHES ITS FIRST FACTORY OUTLET
Australian-based retailer, Harvey Norman, has opened its factory outlet at Citta Mall after refurbishment works back in May 2018. The first and only Harvey Norman factory outlet has expanded its retail space across the second floor of the mall. Via the expansion, the store has increased its product variety with home and kitchen appliances, studio visual equipment, furniture, computers and bedding items.
(The Star, 26/06/2018)
MRCA EXPECTS 30% GROWTH FOR RETAIL FRANCHISE INDUSTRY BY 2020
The Malaysian Retail Chain Association (MRCA) expects a 30% growth for the retail franchise industry by 2020. This is partly driven by the worldwide expansion of local Malaysian brands such as Tealive entering China, India and Australia and Marrybrown establishing outlets in the Middle East, Iran, and Dubai. MRCA has collaborated with numerous associations such as Pikom, MDCC, Association of Chain Franchise Promotion Taiwan, Malaysia Business Council of Cambodia, Malaysia Business Chamber Vietnam and the Hong Kong-Malaysia Business Association. These organisations are somewhat related to MRCA and such a collaboration will assist members in uncovering business opportunities in these countries.
(The Star & NST, 27/06/2018)
EVOLVE CONCEPT MALL STAKE SALE REQUIRES MORE TIME
Jaks Resources Bhd proposed sale of its 51% stake in Evolve Concept Mall at Ara Damansara, Selangor, will require more time as potential buyers continue to evaluate the deal. Potential buyers include foreign investors, who seek more time in deliberating the specifics of the deal.
(The Edge Financial, 27/06/2018)
RETAIL SECTOR URGED TO ADOPT CASHLESS PAYMENT METHODS TO WOO CHINESE TOURISTS
Malaysia should enhance its cashless platform via card or mobile payments, in order to draw-in more Chinese Tourists. WeChat Pay has been available since June 2018 in Malaysia and is the first country beyond China to receive WeChat Pay in ringgit. The Malaysian Retail Chain Association believes tourism will be one of the main drivers of retail growth in impending years with the Chinese being the biggest contributors to the retail segment.
(The Edge Financial, 27/06/2018)
AUSTRALIA’S LENDLEASE IS COMMITTED TO DEVELOPING TRX LIFESTYLE QUARTER
Australian developer and infrastructure firm, Lendlease, remains fully committed in transforming the Tun Razak Exchange (TRX) Lifestyle Quarter into one of its largest urban regeneration developments globally. Lendlease has partnered with TRX City Sdn Bhd, a wholly owned subsidiary of the Finance Ministry, to develop the TRX Lifestyle Quarter. This significant city project will generate thousands of jobs, produce leading technology and the best international standards of design and sustainability. The 17 acre Lifestyle Quarter includes a seamless connection to the new MRT network, adjoining public plazas and is a central part of the overall TRX financial district master plan which features a lifestyle retail mall, restaurants, hospitality and leisure, residential condominiums and a central city park.
(The Sun & The Edge Financial, 25/06/2018)
I-BHD TO SELL RM700 MILLION GDV PROJECTS
In 2018, I-Bhd, will dispose of residential and office units with a combined gross development value of RM700 million. Units to be sold include its I-City and 8 Kia Peng @KLCC projects in Shah Alam and Kuala Lumpur respectively.
(The Star, 27/06/2018)
TA GLOBAL DELAYS PROPERTY LAUNCHES AMID SOFT REAL ESTATE MARKET
TA Global Bhd is delaying the launch of three residential and mixed-development property projects worth RM5.5 billion, mainly due to the “soft property market”. The projects delayed to a 2019 completion include the Dutamas residential project worth RM450 million, the TA 3&4 project (worth RM2.6 billion) in the Kuala Lumpur city centre and the Annexe mixed-development project (worth RM2.5 billion) in Bandar Sri Damansara. The group plans to launch the Dutamas residential project in 1Q19, followed by TA3&4 in 3Q19 and the Damansara Annexe development project in 4Q19.
(The Star, The Edge Financial & NST, 28/06/2018)
MAH SING DEFERS LAUNCHES
Mah Sing Group Bhd, which planned to roll out projects with a combined gross development value (GDV) of RM2.2 billion in 2018, has deferred most of its launches to later on in the year or 2019. The new projects will be launched across three major localities, the Klang Valley, Johor and Penang, which will comprise landed homes, high-rise condominiums and commercial and industrial properties. Mah Sing will make its maiden entry into the hospitality industry on July 1, 2018, with the soft opening of its 644-room, four-star Ramada Hotel in Medini, Iskandar Puteri, Johor.
(The Edge Financial, 29/06/2018)
COUNTRY HEIGHTS UNVEILS PLANS FOR FOUR NEW PROJECTS
Country Heights Holdings Bhd is optimistic about being financially secure with four new proposed projects, which includes the building of Asean’s largest automotive expo centre in Seri Kembangan, a 62-acre Islamic trade and financial centre in Melaka, a wellness hub and a hospitality and resort development. Dubbed the “Car City Centre”, the automotive expo centre is a mixed development of commercial and residential elements with an estimated GDV of RM1.5 billion, which will be developed over two phases with a combined two million sq. ft. of space.
The wellness hub will be erected over the next three years close to the Palace of the Golden Horses and will cater to retirees and senior citizens. This hub will have a GDV of between RM1.2 billion and RM1.5 billion. The hospitality and resort development will create a place where one can stay and enjoy wellness facilities and services. The Islamic financial centre in Melaka dubbed the “Cheng Ho lslamic Trade and Financial Centre” will be spearheaded by a one million sq. ft. building worth RM1 billion. Of the total area, 800,000 sq. ft. will be allocated for offices and serviced apartments and the remaining 200,000 sq. ft. will serve as a trade centre for silk and Pu’er tea.
(The Edge, 28/06/2018)
RM2.4 BILLION RESERVED PURELY FOR TRX
TRX City Sdn Bhd (TRXC), the master developer of the Tun Razak Exchange (TRX) development, has “ring-fenced” RM2.4 billion worth of funds to ensure that the project will be completed as planned. The TRX project has come under scrutiny due to its association with 1Malaysia Development Bhd (1MDB), of which TRXC was a subsidiary. TRXs’ total land value is worth approximately RM7.6 billion, whereas the estimated development cost stands at circa RM6 billion. To date, plots of land at TRX totalling RM2.88 billion have been sold to Lendlease, Lembaga Tabung Haji, Mulia Group, Affin Bank Bhd, WCT Holdings Bhd and HSBC. The entire project is slated for completion by 2024.
TRX will be developed in three phases, whereby Phase 1 comprises Exchange 106 and Menara Prudential, both of which are slated for occupation in 2019. To date, 80% of the first phase is completed, whereas the second phase, which will comprise a public plaza, streetscapes and a 10-acre central park, will be completed in 2020, in line with the opening of a mall and new headquarters for HSBC and Affin Bank. The final phase, which is the south-side parcel, will be completed by 2024.
(The Star & NST, 29/06/2018)
NEW HOTEL WELL-POSITIONED TO IMPRESS
Four Seasons Hotel Kuala Lumpur, right next to the city’s iconic Petronas Twin Towers, will open in 3Q18. Having been under construction for five years, the hotel may be ready to open as early as late July 2018. The Four Seasons is a 65-storey tower comprising a retail podium up until the fourth floor, the hotel up to the 18th floor, serviced apartments and private residences. Premium department store, Robinsons, occupies four of the five levels at “Shoppes” at Four Seasons Place and acts as its anchor tenant, supplemented by a variety of local and international dining options amongst other retailers. The tower has a total of 209 hotel rooms, 27 serviced apartments and 242 private residences, all with of the Petronas Twin Towers or the KLCC Park.
CurATE is the all-day dining international buffet restaurant which adopts the ‘open kitchen’ concept. Yun House is the hotel’s Chinese restaurant, featuring modern ornate spaces for fine dining overlooking the KLCC Park. The hotel’s Bar Trigona is a unique Malaysian specialty bar, which will serve guests with special cocktails crafted from unique locally-sourced ingredients. The Pool Bar and Grill takes on an ‘oasis’ image with its Middle Eastern grilled bites and shisha nights. “The Lounge” at Four Seasons is located adjacent to the hotel lobby, whereas “Decadent” serves delicate creations of chocolate, pastries and artisanal cakes in the retail podium. The Four Seasons hopes to position itself as a prime choice for wedding functions and other events with its ballrooms and function spaces.
(The Star, 25/06/2018)
OYO HOTELS MAKES MALAYSIA STEPPING STONE TO REGION
India-based OYO Hotels is looking to expand its presence in the South-East Asian market through its market presence in Malaysia. The hotel operator has committed an initial capital of US$20 million (RM80 million) as part of its expansion in Malaysia, with plans to further “double-down on investments” in 2019. The company will grow its local workforce by more than 50 people by the end of 2018 and with more offices across the country. OYO Hotels currently operates 50 exclusive, full-inventory, branded hotels in Kuala Lumpur, Selangor, Penang, Langkawi, Johor and Melaka and has experienced strong growth in Malaysia in 1Q18. To-date, the company has served over 150,000 customers across 100,000 check-ins in Malaysia alone. Its daily room nights increased five-fold in 1Q18 and at this growth rate, OYO Hotels is looking at achieving a twenty-fold increase by on boarding 1,000 hotels over the next 12 months. With 50 hotels locally at the moment, OYO Hotels is the only hotel network operating on such a scale while offering value for money to guests. OYO Hotels partners with existing hotel properties on an exclusive inventory basis in a tech-based franchise setup. The company then takes ownership of the end-to-end customer experience in the properties, from the search and booking process to in-room amenities, service-delivery and check out. The company is confident that its leverage on technology will power its growth locally and in the region.
(The Star, 25/06/2018)
UNSOLD 34,532 COMPLETED RESIDENTIAL UNITS IN MALAYSIA WORTH RM22.26 BILLION
The National Property Information Centre‘s latest report on Property Overhang 1Q18, stated that the number of unsold completed residential units, including serviced apartments and small office, home offices (SoHos), totalled 34,532 units worth RM22.26 billion (cumulative figures from previous years). This represents an increase of 55.72% in the number of unsold units compared with 1Q17, when unsold units totalled 22,175 (inclusive of serviced apartments and SoHos), which are built on land zoned as “commercial” but with “residential elements”.
Although serviced apartments and SoHos are unavailable in Kedah and the east coast states, Kelantan, Kedah and Terengganu have the largest number of unsold residential units at 48%, 48% and 44%, respectively. States with the largest number of serviced apartments and SoHos are Johor, Kuala Lumpur and Selangor, which have an unsold stock of 29%, 13.5% and 18%, respectively.
(The Star, 28/06/2018)
COUNTRY VIEW ENTERS SUPPLEMENTAL DEAL WITH UEM SUNRISE
On October 31, 2017, UEM Sunrise via its wholly owned subsidiary, Bandar Nusajaya Development Sdn Bhd (BNDSB), signed a sale and purchase agreement with Country View Resources Sdn Bhd (CVRSB), a wholly owned subsidiary of Country View, for the sale of 163.9 acres of land in Iskandar Puteri, Johor, for RM310 million. On June 26, 2018, CVRSB entered into a supplemental agreement with BNDSB, where both parties have mutually agreed to vary and supplement the terms of the acquisition with the balance purchase amount being paid to BNDSB by June 29, 2018.
(The Star, 27/06/2018)
KPMNJ TO BUILD OFFICE LOTS, 400-ROOM HOTEL IN JOHOR BARU
Koperasi Permodalan Melayu Negeri Johor Bhd (KPMNJ), one of the top 100 cooperatives in Malaysia, will launch a mixed-use development on a 2.5 acre plot of land in Taman Tampoi Indah. The KPMNJ Tower project has a gross development value between RM320 million and RM350 million, and will be developed over a three year period. Work is expected to commence by 4Q18 and the project will accommodate office lots, a 400-room hotel within a 33-storey commercial building, 230 affordable housing units within an 18-storey building and a convention centre.
MB WORLD TO DEVELOP INTEGRATED WATERFRONT PROJECT IN JOHOR BARU
MB World Group Bhd will develop a mixed “Integrated Waterfront” project in Johor Baru on 49.62 acres of land belonging to the government, with a gross development value of RM1.46 billion. MB World’s wholly owned subsidiary, Danga Palm Sdn Bhd, has entered into a development rights agreement with PIJ Holding Sdn Bhd’s wholly owned subsidiary, PIJ Property Development Sdn Bhd. The mixed development comprises serviced apartments, affordable houses, townhouses, shop offices and a shopping mall.
(The Sun, The Edge Financial & NST, 26/06/2018)
COUNTRY GARDEN DENIES ALTERED S&P CLAIMS
Country Garden Danga Bay Sdn Bhd has denied allegations that it made “amendments” to the sale and purchase (S&P) agreements between the developer and the buyers of its Danga Bay project in Johor after the latter had signed the contracts. In response to the police report lodged by around 50 owners of the luxury condominium project. Earlier this year, some buyers from Malaysia, Singapore and China filed complaints with the Housing and Strata Management Tribunal in Johor Bahru, alleging that the low quality of workmanship and materials used were not in accordance with the details stated in the S&P.
(The Edge Property, 25/06/2018)
SCHOOL OPENS GLOBAL CAMPUS IN FOREST CITY
Shattuck-St. Mary’s (SSM) continues to grow with the opening of its global campus in Forest City, Iskandar Puteri. Founded in 1854 in Faribault, Minnesota, the co-educational boarding and day school for students has some 160 years of experience in providing a holistic learning experience. The facilities at SSM Forest City are aimed at ensuring students have the perfect stimulus to study and grow effectively. Its boarding facilities will help students be more independent while providing them with the necessary support system. The school’s first day will be on August 23, 2018 and it has been receiving applications from students across the world, especially Singapore, Indonesia and China.
(The Star, 27/06/2018)
CATAMARANS MAY REPLACE PENANG FERRIES
Penang will soon witness a revolutionary change in its public transportation mode, with Rapid Ferry Sdn Bhd’s proposal to replace the ageing fleet of cross-channel ferries with modern twin-hull hi-speed catamarans. An efficient ferry service can complement the two existing cross-channel bridges which connect George Town and Bayan Lepas on the island, to Seberang Jaya and Batu Kawan on the mainland respectively. The ferry, which is the third connector, links Weld Quay, with Butterworth on the mainland. There are currently six ferries in the fleet and the present models were first introduced into service in the 1970s.
(The Sun, 27/06/2018)
PENANG CM WANTS SPECIAL MASTER PLAN TO DEVELOP SOUTHWEST DISTRICT
The Penang Chief Minister has suggested the development of a special master plan for each district in the state, particularly within the southwest district. For many 10 years, the state government has lacked a special master plan for the southwest district, which is viewed as “marginalised”. The government additionally plans to implement a state development plan.
(The Edge, 26/06/2018)
CIC WINS RM71.55 MILLION JOB FROM ASPEN
Manufacturer of self-adhesive label stocks and tapes, Central Industrial Corp Bhd (CIC), has secured main contract works worth RM71.55 million from Aspen Vision Builders Sdn Bhd. The project was secured by Proventus Bina Sdn Bhd, which is a 51% owned subsidiary of CIC’s wholly-owned unit, CIC Construction Sdn Bhd. The contract entails the construction of a building in Penang, with the contract expected to commence on July 2, 2018, and complete in 2020.
(The Star, 29/06/2018)
PENANG TO REVIVE RENT-TO-OWN SCHEME
More options will be available for Penang homebuyers as the state government plans to revive its rent-to-own (RTO) home programme. A number of low-cost housing projects in the pipeline will adopt the RTO concept whereby under the rent-to-own policy, the monthly rental will be taken as instalments for the unit, which will ultimately be owned by the tenant. One of the projects will be in Mak Mandin, whereas two completed projects in Seberang Jaya are to be placed under the rent-to-own scheme.
(The Edge, 23/06/2018)
SUNWAY TO DISPOSE OF STAKE IN SINGAPORE JV FOR RM118.2 MILLION
Sunway Bhd is disposing of its 30% stake in the Hoi Hup Sunway Novena Pte Ltd (HHSN) joint venture (JV), to Hoi Hup Realty Pte Ltd, for S$39.88 million (RM118.2 million) in cash. HHSN was set-up in December 2012 to undertake the “Royal Square at Novena” development in Singapore, which comprises a hotel, medical units and retail units. Royal Square was successfully completed on July 12, 2017, with HHSN recording accumulated profits of S$132.5 million from the project. The proposed disposal marks the completion of the project and will enable Sunway to use proceeds from the proposed disposal for “new projects and new land bank acquisitions” in Singapore.
(The Edge Financial, 27/06/2018)