NOW: Three other MARA Australian property buys suspected
Following the reports of MARA’s overpriced Australian property purchase last week, the National Oversight and Whistleblowers (NOW) now claim that MARA used “layered companies” in three different countries – Labuan, Singapore, and Australia – to shield their purchase of two Australian properties. A long-winded transaction chain to purchase 333 Exhibition Street and 51 Queen Street were traced back to companies linked to MARA. Besides Dudley House, another property namely 746 Swanston Street, was purchased via an offshore company from the British Virgin Islands. Transactions for the purchase of the 4 properties involved eight different companies. (The Malaysian Insider)
Over 3,000 applicants for E&O Tamarind project
Eastern & Oriental Bhd (E&O) recently launched Tower 1B of its The Tamarind executive apartments project in Penang, which saw over 3,000 people register their interest. Tower 1A of the project, which was launched in February this year, was close to sold out. The company believes the successful launch of the first tower, along with the attractive pricing and prime address on the island, helped to drum up keen interest for the Tower 1B launch. (The Star Online)
I-Bhd on track to achieve RM500mil target
Property developer I-Bhd is on track to achieve its target revenue of RM500 million per year by 2018, mainly from its property segment, which provided RM201 million in revenue for 2014, a huge leap from 2013 which saw RM95 million revenue. Majority of sales for the first half of the year were from its flagship development i-City, while the company expects its leisure segment to double from last year’s RM50 milion. (Bernama)
City of Lights at i-City, Shah Alam is a popular spot for photoshoots and outings. (Photo from Wikipedia)
Scientex to buy RM219 million JB land in cash
Packaging manufacturer Scientex Bhd plans to buy 326 acres of freehold land in Pulai, Johor for RM219 million in order to expand its land bank. The company, which is also involved in property development, said that the lands are located near its integrated township development in Skudai and other matured residential areas. (The Edge Property)
Sunway to list other businesses after construction arm IPO
Sunway Group intends to list some of its other businesses once the initial public offering (IPO) of its construction arm is underway, said founder and chairman Jeffrey Cheah. However, the group will not be revealing any details yet. Sunway owns 12 businesses ranging from quarry to property, and has a market value of RM6.09 billion. It is set to list Sunway Construction in a $135 million IPO, the second largest in Malaysia this year. (Reuters)
Jaks Resources puts USJ1 project on hold
Jaks Resources Bhd has put its plans for a mixed development project at USJ 1 in Subang Jaya on hold due to the softening in the property market. The RM1.4 billion USJ 1 project, which sits on a 15-acre land bank, was scheduled to be launched in the second half of the year. (The Sun Daily)
Vacant lots and houses breeding ground for Aedes mosquitoes
Operations and surveys conducted by the Health Ministry have found that houses (55%) and vacant lots (22%) are the highest contributors to the breeding of Aedes mosquitoes, causing widespread transmission of dengue in the country. 162 deaths from dengue have been recorded this year, while states with the highest number of dengue cases reported are Selangor, Perak, Johor and Penang. (Bernama)
