Welton eyes RM1bil sales from Green Haven project
Welton Development Sdn Bhd is bullish of achieving its target of RM1 billion in sales generated from its service apartment project, Green Haven, in Iskandar Malaysia due to encouraging response from potential buyers. The 3-tower residential project located in Permas Jaya, Johor Baru already has a take-up rate of 30% with local and Singaporean buyers. It plans to increase that number to 60% by year end. The project is expected to be completed in the second quarter of 2017, and has a GDV of RM1bil. (The Sun Daily)
Paint manufacturer to tap into EcoFirst and Meda Inc
Paint manufacturer Mercury Industries Bhd is expected to get more contracts from EcoFirst Consolidated Bhd and Meda Inc Bhd, following approval by its shareholders for the acquisition of 70% stakes in Paramount Bounty, which is a construction firm 70% owned by Datuk Tiong Kwing Hee. Tiong is CEO and substantial shareholder of EcoFirst with 17% shares, and also owns 15% of Meda Inc. Mercury will be awarded projects for PR1MA in Malacca, and a mixed development in Kuala Lumpur. Shareholder mandates are also being sought for the company to accept construction projects in future. (The Star Online)
Malaysian and Chinese companies ink US$98m deals
Seven Memorandums of Understanding (MoUs) were signed at the China-Malaysia Business Dialogue in Beijing yesterday. The deals between companies from both countries included a bird’s nest deal worth 600 million yuan (US$98mil), as well as other agreements involving railway cooperation, frozen durian, real estate and construction, cultural, and halal sectors. (The Borneo Post)
PM initiates lawsuit against The Age, SMH for defamation
Prime Minister Datuk Seri Najib Razak has initiated a lawsuit against two Australian dailies, The Age and Sydney Morning Herald (SMH), for defamation. The Prime Minister’s Office (PMO) declared in a statement on Facebook yesterday that the articles published were “deliberately misleading,malicious and defamatory”. (The Malay Mail Online)
Malaysian inflation up 2.5% in June
Data from the Statistics Department shows Malaysia’s consumer price index (CPI) rose 2.5% in June compared to last year, riding on higher food prices and increased transport prices. Inflation has gradually risen since the Goods and Services Tax (GST) was implemented in April. The inflation rate was slightly above economists’ median estimate of 2.4% in a Reuters poll. (The Rakyat Post)
Shanghai Disneyland to open next year
The Mickey Mouse crew, Star Wars and Marvel characters will greet visitors at Shanghai Disneyland when Walt Disney Co opens its first theme park in China next spring. The US$5.5 billion theme park will include classisc Disney attractions, as well as those from its more recent Star Wars and Marvel franchises. The park will showcase not only Disney’s storytelling but also celebrates and incorporates China’s rich heritage. Shanghai Disneyland will be the third in Asia, after Japan and Hong Kong. (The Malay Mail Online, Malaysia Chronicle)
Bob Iger, Disney chief executive, standing behind a scale model of Shanghai Disneyland, which is scheduled to be open in 2016. (Photo from Malaysia Chronicle)
