RM700m worth of Tropicana Aman properties to be launched
Tropicana Corp Bhd will launch RM700 million worth of its Tropicana Aman development in Shah Alam this year, which has a total of RM13 billion gross development value. The self-contained mixed township development next to Kota Kemuning spans 863 acres, and will have 20 phases. The RM342mil first phase was launched in May 2015, and the upcoming second phase will be launched in August. Tropicana Aman is the group’s biggest township development and first foray into Shah Alam. (The Sun Daily)
Mara to stop overseas property investment, sell Britian property to repay loans
Majlis Amanah Rakyat (Mara) will sell its property in Britian, Ashley House, to repay loans used for purchasing the four properties in Melbourne, said former chairman Tan Sri Annuar Musa. The aim is to pay back 70% of the loans taken from Australia’s Westpac Bank and Abu Dhabi Bank. Mara has decided to stop investing in overseas property, and is prepared to sell off its other overseas properties if good offers come in. The controversial Australian properties would not be sold until investigations by Malaysian Anti-Corruption Commission (MACC) are completed. (The Star Online)
Kelantan gov to blame for delaying flood victims housing
The Malaysian Malay Contractors Association has said that contractors are not to blame for the delay in constructing new permanent housing for flood victims in Kelantan, and instead pointed out that the Kelantan government had failed to provide the land to build the houses. Only 61 houses had been completed as of June, with 836 under construction and 930 yet to start work. The federal government planned to buy private land to be used as housing sites, but the state government had to simplify the documentation process of changing the land status from agriculture to housing. (The Malaysian Insider)
The devastating floods in Kelantan last year left many families homeless. (Photo from The Malaysian Insider)
Maybank IB named Best Investment Bank in Malaysia
Maybank Investment Bank (Maybank IB) was named Best Investment Bank in Malaysia by the Euromoney Awards for Excellence 2015, and also received the title of Best Domestic Equity House in Malaysia by Asiamoney’s Best Domestic Bank Awards. Euromoney noted that Maybank IB managed to boost revenue and had strong showings in equity and debt capital markets, while Asiamoney noted its improvement in market share activity. (The Sun Daily)
MRCB-Quill REIT’s net profit up in Q2
MRCB-Quill Real Estate Investment Trust (MQREIT) saw its net profit for the second quarter (Q2) jump 59.2% from a year earlier due to a full-quarter income contribution from Platinum Sentral. The profit was achieved on an 85.4% revenue growth, attributed to revenue from Platinum Sentral, Plaza Mont’Kiara and rental rate increase for other properties. However, it also noted higher operating expenditures, larger finance costs, and higher repair and maintenance expenses. (The Star Online)
Golden Land plans RM190.33mil cash distribution
Golden Land Bhd has proposed a cash distribution amounting to RM190.33 million, or 88 sen per share, to reward its stakeholders via a share capital reduction and repayment, which is subject to the disposal of four subsidiaries and a oil palm plantation in Sabah to Felda worth RM655 million. The exercise will adjust the par value of its Golden Land shares, but not the existing number of shares. (The Edge Markets)
Further discussion needed for KL-Singapore high speed rail
Transport Minister Liow Tiong Lai said that there are ongoing negotiations for the proposed Malaysia-Singapore high-speed rail, which will not be completed by 2020 as planned, and any views put forward were only speculative. A new timeline was reported to be announced by the end of the year. Singapore had proposed for the line to end in Jurong East, while Malaysia’s Land Public Transport Commission (SPAD) had suggested that it end at the Customs, Immigration and Quarantine centre in Johor Baru instead, as it was closer to Orchard Road compared to Jurong East. (Free Malaysia Today)
