BNM REVISES MALAYSIA GDP FORECAST RANGE FOR 2021

Bank Negara Malaysia (BNM) has revised its full-year Gross Domestic Product (GDP) growth forecast for Malaysia to between 3% and 4%, from the previous forecast of between 6% and 7.5% for 2021. The central bank denoted that Malaysia’s GDP grew 16.1% year on year in 2Q21, although it contracted 2% on a quarter on quarter basis.

(The Star & The Edge, 14/08/2021)


MIDA IDENTIFIES 325 FOREIGN INVESTMENT PROJECTS WORTH RM97.4 BILLION

The Malaysian Investment Development Authority (MIDA) has identified 325 foreign investment projects in the manufacturing and services sectors with a combined potential investment value of RM97.4 billion. MIDA is also evaluating a total of 835 projects with proposed investments of RM76.7 billion in the manufacturing and services sectors.

(The Edge & The Star, 17/08/2021)


MALAYSIA’S LABOUR MARKET BETTER  IN 2Q21 BUT  YET TO RETURN TO PRE- PANDEMIC LEVEL

Malaysia’s labour market depicted improvement in 2Q21 compared with 2Q20 but has yet to return to the pre-pandemic level. The number of employed persons rose 2.2% to record 15.21 million persons from 14.88 million persons in the same quarter of the preceding year. The number of unemployed persons eased by 3.4% to 764,900 persons from 791,800 persons previously recorded, thereby resulting in the unemployment rate declining by 0.3 percentage points to 4.8%.

(The Edge & The Sun, 20/08/2021)


MAJUPERAK ENTERS INTO RM140 MILLION LAND SWAP DEAL TO ADD LANDBANK IN SILVER VALLEY TECHNOLOGY PARK

Majuperak Holdings Bhd’s wholly owned unit Majuperak Energy Resources Sdn Bhd (MERSB) has entered into a land swap deal to dispose of four plots of its land valued at RM100 million in Sungai Raya to the Perak State Economic Development Corporation (PKNP) in exchange for three pieces of land valued at RM140 million in Hulu Kinta. This is after deducting the carrying value of the four land plots of RM56.98 million, as well as other taxes related to the transactions. Majuperak denoted that two of the plots to be passed to PKNP house a solar farm owned by MERSB and an on-going kaolin mining operation, which will be carved out from the transactions. On the other hand, the PKNP land plots are located in Phase Two of the Perak Government’s Silver Valley Technology Park (SVTP). SVTP is one of the high impact projects identified under the Northern Corridor Economic Region (NCER) Strategic Development Plan (2021-2025) that will contribute directly and significantly towards generating new job opportunities, nurturing more local entrepreneurs, creating a high-income society and attracting more private sector investment.

(The Star & The Edge 14/08/2021)


REVENUE BUYS 2 PLOTS OF LAND FOR RM44 MILLION

Revenue Group Bhd’s indirect wholly owned unit and Revenue Harvest Sdn Bhd’s wholly owned unit Next Revenue Sdn Bhd has entered into two conditional sale and purchase agreements with Starplus Corp Sdn Bhd to purchase two plots of leasehold land in Kuala Lumpur at the purchase price of RM24.5 million and RM19.5 million respectively.

(The Sun, The Edge & The Star, 17/08/2021)


WCT SELLS LAND IN SERENDAH FOR RM214.3 MILLION

WCT Holdings Bhd is disposing of 12 pieces of vacant freehold land in Serendah, Selangor for RM214.3 million cash. The estimated gain from the disposal of 603 acres of land to MDCon (Simpang Empat) Sdn Bhd is RM45.53 million. The disposal provides an opportunity for the group to unlock and realise the value of the land, as well as to fund working capital and loan repayments.

(The Edge & The Star, 17/08/2021)


BOUSTEAD EXITS UNIVERSITY OF NOTTINGHAM MALAYSIA

Boustead Holdings Bhd has entered into a conditional share sale agreement with the University of Nottingham, United Kingdom, releasing its 66.41% stake and a campus in Semenyih, Selangor, for £23.5 million (RM137 million). Boustead denoted that the exit was part of its “Reinventing Boustead” strategy.

(The Star, NST & The Edge, 18/08/2021)


GRAND HOOVER’S UNIT APPOINTED MAIN CONTRACTOR FOR RM69.88 MILLION PROJECT IN TERENGGANU

Grand Hoover Bhd’s wholly owned subsidiary, Pembinaan Att Sdn Bhd, has been appointed by

R.M.E. Sdn Bhd as the main contractor for an RM69.88 million construction project in Terengganu. Pursuant to the letter of award, the works shall commence on 19th August 2021 and is to be completed by 18th August 2024.

(The Edge, 19/08/2021)


KUMPULAN H & L HIGH-TECH BUYS RM13.88 MILLION LAND IN PERAK FOR FUTURE INVESTMENT

Kumpulan H & L High-Tech Bhd is purchasing a land in Perak together with a 1.5 storey hypermarket constructed on the property for RM13.88 million. The plastic injection moulding solutions provider is buying the property located in Mukim Hulu Kinta from Gopeng Road Development Company Sdn Bhd for the group’s future investment.

(The Edge, 20/08/2021)


MERCURY INDUSTRIES SIGNS DEAL TO DEVELOP RM152 MILLION GDV PROJECT IN MELAKA

Mercury Industries Bhd has signed a deal to develop houses on a freehold land in Melaka. The deal was signed with Aturan Prisma Sdn Bhd, which has obtained approval from the relevant authority to take over as the registered proprietor of the land from Perbadanan PR1MA Malaysia (PR1MA). The 185,538 sq. ft. land in Pekan Tanjong Kling, Melaka is proposed for a mixed development, including one block of service apartments with 648 units and four apartment towers on top of a three-story podium car park. The estimated total gross development value of the project is approximately RM152.3 million with an estimated total gross development cost of RM105.6 million. The project is expected to commence in 3Q21 and will be developed over an estimated period of five years.

(The Edge, 17/08/2021)


TROPICANA COMPLETES LAND ACQUISITION IN GENTING HIGHLANDS

Tropicana Corp Bhd has completed the acquisition of a plot of freehold land measuring 208 acres next to its Tropicana Grandhill property project in Bentong, Pahang. Its wholly owned indirect subsidiary, Tropicana Inspirasi Indah Sdn Bhd (formerly known as Snowflakes Realty Sdn Bhd) paid the balance purchase consideration for the acquisition of the land to Emerald Hectares Sdn Bhd. Tropicana had paid RM224.33 million to acquire the land from Emerald Hectares. Tropicana will also be buying another plot of freehold land measuring about 103 acres from Satria Sewira Sdn Bhd for RM178.16 million.

Satria Sewira and Emerald Hectares are both wholly owned subsidiaries of YTL Land and Development Bhd. The two plots of land are situated within a short distance to Awana Genting Highlands Golf and Resort, Genting Highland Premium Outlet, and Awana Skyway and this augurs well for the proposed development of the said land parcels. The company is planning a mixed development on the two plots of land to complement its ongoing Tropicana Grandhill project, a 112-acre freehold mixed development which has a potential Gross Development Value (GDV) of  up to  RM15 billion. Tropicana Grandhill comprises residential and commercial properties, a wellness and education centre and a park.

(NST, 17/08/2021)


GOVERNMENT MULLS TOURISM BUBBLE PILOT PROJECT IN LANGKAWI

The Government is currently studying the views and feedback from stakeholders on plans to make Langkawi Island a pilot project for a tourism bubble destination. The Ministry of Health, as well as medical experts, has so far advised the Government to only implement this plan when the level of full vaccination for the people on Langkawi Island reaches at least 80% of the population. Individuals allowed to travel to Langkawi will only be limited to those who have received full vaccination. The proposal is currently being studied by the Minister of Tourism, Arts and Culture and will be finalised through a series of discussions. This plan is important for the Government to revitalise the tourism industry after more than a year of being affected by the pandemic.

(The Star, The Edge & NST, 16/08/2021)


MAIN ISLAND RESORTS EXPECTED TO OPEN EARLY SEPTEMBER 2021

The Tourism, Arts and Culture Ministry (MOTAC) expects top island resorts such as Langkawi, Pangkor, Redang, Tioman and Perhentian to achieve herd immunity by the end of August 2021 and will be reopened in early September 2021. The decision to reopen the tourism sector must be made after an in-depth study and with great care to prevent an outbreak which may cause the sector to be closed again. At the same time, MOTAC is updating and finalising the Standard Operating Procedures for the tourism sector.

(NST,  14/08/2021)


CSSB SELLS LAND IN PULAU INDAH INDUSTRIAL PARK TO TRI-MODE FOR RM17 MILLION

Central Spectrum (M) Sdn Bhd (CSSB) signed a deal with Tri-Mode System (M) Bhd for the disposal of 5.4 acres of industrial land in Pulau Indah Industrial Park, Phase 3C (PIIP 3C) for RM17 million. CSSB, the master developer of Pulau Indah Industrial Park and owned by the Selangor Government via Menteri Besar Selangor (Incorporated), denoted that Tri-Mode would utilise the land to build its third warehouse cum distribution hub as part of its Phase Three business expansion plan. Tri-Mode will construct a new Class A warehouse and distribution hub with a built- up area of approximately 150,000 square feet with a total investment value of RM42 million.

(The Star & The Edge, 14/08/2021)


SILVER VALLEY PILOT PROJECT TO BE IMPLEMENTED IN KINTA FREE INDUSTRIAL ZONE

The Kinta Free Industrial Zone has been selected for the implementation of the Silver Valley pilot project, which is a conceptual industrial corridor that focuses on the manufacturing and investment sectors. Perak is located between the States of Selangor and Penang which is an advantage in terms of the progression in manufacturing and investment sectors. Under the Silver Valley initiative, the group intends to make the whole State of Perak an inclusive  and  sustainable industrial corridor to ensure fair and balanced development.

(The Edge, 20/08/2021)


WIDAD SECURES RM53.2 MILLION SCHOOL PROJECT IN BANGI

Widad Group Bhd’s wholly owned subsidiary, Widad Builders Sdn Bhd (WBSB), has secured a RM53.2 million contract to build a school in Bangi from the Public Works Department. The contract comprises construction of a new school and other facilities at SMK Bukit Mahkota in Bangi, Hulu Langat. The contract period will span 132 weeks starting from 23rd  August 2021 to 3rd March 2024.

(The Edge & The Star, 19/08/2021)


ECONPILE SECURES RM22.69 MILLION COLLEGE JOB

Econpile Holdings Bhd’s wholly owned unit Econpile (M) Sdn Bhd, has received a RM22.69 million contract from Tunku Abdul Rahman University College to undertake earthwork,  piling, infrastructure and related works for a seven-storey activity and recreation centre at Setapak, Kuala Lumpur. The overall duration of the project is 10 months and works are expected to commence in September  2021.

(The Edge & The Sun, 20/08/2021)


PAN BORNEO HIGHWAY PROJECT ALMOST 70% COMPLETE

The Pan Borneo Highway (LPB) project in Sarawak is now 69.6% complete, whereby the full completion date was initially targeted to be in September 2022. However, due  to  constraints including implementation of the various Movement Control Order (MCO) phases, there have been delays that were unavoidable.

(The Star, The Edge & NST, 14/08/2021)


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