Housing incentives and special allowances for civil servants
The minimum housing incentive for civil servants will be increased from RM180 to RM300, effective November 1, while those occupying government quarters will receive 25% according to respective entitlements. For Hari Raya, there will also be an RM500 special allowance for civil servants below grade 54, and RM250 for pensioners. (New Straits Times Online)
SCI launching new projects worth RM500mil
Sunway City Ipoh (SCI), the largest integrated township in Perak, will be launching new developments with a GDV of RM500 million over the next 3 years, which include the expansion of the Banjaran Hotsprings Retreat, Lost World Outlet Mall, Lost World Serviced Apartments with hotspring facilities and Hilltop Homes. To date, 65% of the SCI development is completed, and the remainder is scheduled for completion by 2025. (Bernama)
Eco World withdraws SPAC plans, goes with IPO listing
Eco World International Bhd (EWI), set up by Eco World Development Group Bhd to acquire real estate assets for development overseas, has withdrawn its application to list as a special purpose acquisition company (SPAC), and will instead apply for an initial public offering (IPO) and listing of its shares on the Main Market of Bursa Malaysia. The move is expected to raise RM2 billion to fund its acquisitions. (The Malaysian Insider)
YTL Hospitality REIT has RM200k surplus after revaluation
YTL Hospitality Real Estate Investment Trust (YTL Hospitality REIT) is seeing a surplus of RM200,066 after revaluation of its assets as at May 31, 2015. The revaluation of its entire assets portfolio include its hotels in Japan and Australia, as well its assets in Malaysia. (The Edge Markets)
Bina Puri targets 20% increase in bottom line
Bina Puri Holdings Bhd is targeting a 20% increase in its bottom line this year, with its construction division as the main contributor. The company’s total turnover in 2014 was at RM1.05bil. The group said the target was achievable despite challenges in the local market, as demand for property in Malaysia remained high. Bina Puri would continue tendering for 1Malaysia People Housing (PR1MA) projects. (The Star Online)
E&O Tamarind launch in Penang this weekend
Eastern & Oriental Bhd (E&O) will be launching the second tower of its RM900mil Tamarind executive apartments at its show gallery in Tanjung Tokong, Penang this weekend. The first tower block had registered a 90% take-up rate since launching in February, prompting the second block to open for registration. E&O had partnered with IKEA to set up its show units, which is the first time such a collaboration has happened.(The Star Online)
E&O Penang marketing and sales general manager Christina Lau showing the scale model of the Tamarind project at Tanjung Tokong show gallery. (Photo: The Star)
Mudajaya keen to acquire 1MDB power assets
Mudajaya Group Bhd is keen on acquiring power assets in Southeast Asia, including the ones belonging to 1Malaysia Development Bhd (1MDB) if the price is right. The group has built 16-18 power plants in Malaysia, but do not own any. The group expects a turnaround in FY16, driven by its construction division, after making a net loss in FY14 and FY15. (The Edge Markets)
Soonstead Mansion won’t be demolished
The Penang government has dismissed allegations that the historic Soonstead Mansion at Jalan Sultan Ahmad Shah in Penang will be torn down. The proposed 13-storey hotel would be built behind the mansion, which is by the seaside, and the developer had submitted an application to restore the mansion as well. (The Sun Daily)
