5 townships worth RM10bil planned for Selangor
The Selangor state government plans to develop 5 townships in Selangor with a combined gross development value (GDV) of RM10 billion this years. They will be developed by Darul Ehsan Investment Group Sdn Bhd (DEIG), Selangor’s newly-incorporated sovereign wealth fund, jointly with private developers. DEIG will develop its biggest mixed township with GDV of RM5 billion in Shah Alam, followed by other developments in Gombak and PJ Section 14 with GDV of RM1 billion. (The Edge Financial Daily)

1MDB denies reports of winding down
It was announced last week that 1Malaysia Development Bhd had entered into an agreement with International Petroleum Investment Company (IPIC) and Aabar Investments to inject funds of up to US$4.5bil (RM16.4bil) into 1MDB, to reduce its debts of RM42bil. This will allow 1MDB to ‘downsize’ its operations and transfer its remaining liabilities to its subsidiary companies. The move was widely seen as a bid to wind down the company by 2016, but Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah had denied the allegations. (The Star Online; Malaysian Insider; Malaysian Digest)

GST declarations must be made today
GST-registered companies that earn over RM5 million and filing on a monthly basis will have to make their first goods and services tax (GST) declarations by today, as the May 31 deadline fell on a Sunday. No extensions will be given or entertained by the Royal Malaysian Customs and Excise Department. About 77% of the companies have already filed their returns. (The Edge Financial Daily)

(Photo: The Edge Property)

(Photo: The Edge Property)

Malaysian projects win 6 FIABCI awards
Malaysian development projects bagged a total of 6 awards (3 World Gold awards and 3 World Silver awards) at the FIABCI World Prix d’Excellence Awards 2015 gala on Saturday night. The three World Gold award winners from Malaysia were Aloft Hotel KL Sentral (hotel), Verve Suites Mont Kiara (high-rise residential), and Lost World of Tambun (resort), while the three World Silver award winners were The Light Waterfront (master plan), Menara OBYU (office), and Casaman Parkhomes (low-rise residential). There was a record 85 submissions from 15 countries at the competition this year. (The Edge Property)

First Hotel NEO opens in Penang
Indonesia’s Archipelago International has opened its first Hotel NEO+ in Penang, located on Gurdwara Road in Georgetown. It is the brand’s first property in Malaysia, as well as the first Hotel NEO to be opened outside its native Indonesia. The hotel offers 196 rooms and suites equipped with free Wi-Fi, LED TVs, along with function rooms, swimming pool, gym and louge. (Travel Daily Asia)

9% increase in OSK Q1 earnings
OSK Holdings Bhd’s Q1 net profit for FY15 increased 9% to RM45.5 million from last year’s RM41.68 million. The improved earnings was attributed to higher share of profit of RHB Capital Bhd group by 8% and net gain on investment securities. (The Sun Daily)

Michael Jackson’s Neverland ranch on sale for $100 million
The infamous Neverland ranch which was home to the late Michael Jackson is now up for sale for $100 million. The property, now called Sycamore Valley Ranch, was listed for sale by Sotheby’s on Friday. The 2,700-acre ranch has 22 structures, including the 12,000-sqf main house, two guesthouses, swimming pool, cabana, basketball court, and movie theater. The amusement park, petting zoo, railroad and train station have been removed. Jackson lived there from 1988 to 2005, and paid $19.5 million for the property in 1987. (Newsweek)

A general view of the front of the main house inside Michael Jackson's Neverland Ranch in Los Olivos, California, on July 3, 2009. (PHIL KLEIN/REUTERS)

A general view of the front of the main house inside Michael Jackson’s Neverland Ranch in Los Olivos, California, on July 3, 2009. (PHIL KLEIN/REUTERS)