A-G preliminary report shows no wrongdoing or $700mil transfer
The finance ministry has said that the auditor-general’s preliminary report has found no evidence of wrongdoing by 1Malaysia Development Bhd (1MDB), neither has it found proof that US$700 million was transferred to a ‘certain individual’. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said that those were reckless allegations. The report was submitted to the Public Accounts Committee last Thursday but 1MDB had yet to submit more documents for government audit. (The Malaysian Insider)
Demand for property stable despite current challenges
Demand in Malaysia’s property market remains stable despite the economic and political challenges in the country, said Andaman Property Management Sdn Bhd Managing Director Datuk Seri Dr Vincent Tiew. Perception and general sentiment says that the market is suffering, but investors and first-time home buyers still continue to purchase and book new projects. This shows that the sales momentum is consistent and there is demand for the right type of property. (The Borneo Post)
Jiankun to launch RM71mil project in Seri Kembangan
Jiankun International Bhd is planning to launch a residential project with a gross development value of RM72 million in Seri Kembangan later this year, after its shareholders approved the acquisition of freehold land in Ulu Langat worth RM22.5 million. The project will comprise 84 units of terrace houses, and will take 18 months to complete. The company is also planning a joint-venture to build a condominium in the Klang Valley. (The Sun Daily)
Asians buying more than property in Australia
Asian investors are moving beyond property in Australia, and setting their sights on companies in the service, technology, agriculture and manpower sectors. Factors such as attractive prices due to a depreciating Australian dollar, lowered interest rates for borrowed funds and proprietary technology are cited as reasons for the increased interest. Infrastructure assets are also immensely popular with Asian investors. (Malaysia Chronicle)
LRT, monorail stations to get corporate makeover
Several LRT and monorail stations in KL will be getting a makeover under Prasarana Malaysia’s landmark Station Naming Rights Programme starting in August. The stations will be named AirAsia-Bukit Bintang, Bank Rakyat-Bangsar and KL Gateway, and Suez Capital-Universiti – reflecting the each brand’s corporate identity – in exchange for a fee and enhance the commuting experience for passengers. Commuters will be able to conveniently access Bank Rakyat or AirAsia facility services at the respective stations, while the brands can engage consumers via an active touch point. (The Rakyat Post)
Terengganu to get UniFi services as early as August
Terengganu residents in select areas will soon be able to enjoy Telekom Malaysia’s UniFi high-speed broadband (HSBB) service as early as August. The services will be introduced in three residential areas in two districts first, before gradually rolling out to other areas in the state. (Bernama)
