SGD hits all-time high against MYR, closes above 2.80
The Singapore dollar reached an all-time high against the Malaysian Ringgit yesterday, closing above the RM2.80 mark for the first time. The ringgit weakened to a new intra-day low of RM2.8057 before closing at RM2.8005 yesterday evening. This occurred amid a RM4.1 billion decline in Bank Negara Malaysia’s (BNM) international reserves to a 2.5-month low ahead of possible sovereign rating downgrade by June 30. (The Edge Markets)
QI Group expects completion of Education City within 3 years
The construction of QI Group’s Education City development in Meru Valley, Perak is expected to complete within the next two to three years after obtaining approval from the authorities. The integrated development has a GDV of about RM1 billion, and will include the the Quest International University Perak (QIUP) campus, a teaching hospital with public and private wings, three condominium blocks, retail outlets, a medical rehabilitation centre, a convention hall and serviced suites. (Bernama)
1MDB RE request for Bandar Malaysia proposal
1MDB Real Estate Sdn Bhd (1MDB RE) has announced it’s Request for Proposal process for its Bandar Malaysia development in Sungai Besi is now underway. Advertisements in local papers have been placed this week with a request for Expressions of Interest (EOI), seeking development partners in the 197-hectare project. Bandar Malaysia will be a mixed-use urban development located about 7 kilometres from the Kuala Lumpur City Centre. (The Malay Mail Online)
‘Top’ Mara official and 2 others linked to RM65mil Melbourne property scam
An Australian newspaper reported that ‘a group of super-rich Malaysian officials’ which include a ‘top’ Mara officer, senior official and former politician have allegedly spent millions of government funds to buy property in Melbourne. The trio had allegedly ‘overbid’ for the apartment block, with the balance pocketed as bribes. Australian developers of the property had issued fake invoices for the transaction. They are also said to be involved in about A$80 million worth of Melbourne property. (The Malaysian Insider)
Club Neverland to open in Johor next year
Singapore’s famous nightlife hotspot Club Neverland is set to open a new branch in Johor Baru in the third quarter of next year. Neverland Group will be collaborating with UMLand for the RM40 million project. Neverland JB will be opened at the basement of the two-storey Zenith shopping complex in the city centre. (The Malay Mail Online)
Taman Ehsan Jaya residents submit complaints over poorly constructed homes
Representatives of 254 homeowners in Taman Ehsan Jaya in Pandamaran, Klang submitted a memorandum to the local council to file their complaints and call for an investigation into the Certificate of Completion and Compliance (CCC) issued for their houses. Residents were plagued with cracked walls and tiles, leaking roofs, and collapsing retaining walls after moving into their new homes costing almost half a million ringgit. (New Straits Times Online)
