Cabinet reshuffled, AG replaced, probe into 1MDB delayed
In a cabinet reshuffle that surprised many yesterday afternoon, it was announced that the Attorney-General, Tan Sri Abdul Gani Patail had been terminated from his office due to health reasons, and replaced with former Federal Court judge Tan Sri Mohamed Apandi Ali. However, that was quickly followed by more shocking news, as it was announced that Deputy Prime Minister Tan Sri Muhyiddin Yassin had been replaced by Datuk Seri Ahmad Zahid Hamidi. The cabinet reshuffle also saw 4 other ministers relieved of their cabinet duties, while 7 new ministers and 9 deputy ministers were appointed. In addition, all Public Accounts Committee proceedings, including those involving the 1MDB probe, would be postposed until a new PAC team was appointed, as PAC chairman Datuk Nur Jazlan Mohamed, who is the new Deputy Home Minister, will let go his post at PAC. (Astro Awani)
Image from The Malay Mail Online
Fajarbaru Builder launching RM728m projects
Construction company Fajarbaru Builder Group Bhd is planning to launch three property projects with a total estimated gross development value (GDV) of RM728 million next year. The projects will include a RM400m condominium in Puchong by year-end, and serviced apartments in Sentul (RM250m) and Malacca (RM78m) in the first quarter and third quarter of 2016 respectively. The group is also taking on its first overseas project in Melbourne, Australia which is a luxury condominium project. (The Star Online)
Mah Sing extends RM656.9m land deal to Aug 26
Mah Sing Group Bhd and the owner of a prime leasehold tract in Puching has agreed to extend the deadline for Mah Sing to decide whether it will proceed with or cancel the acquisition of an 88.7-acre land worth RM656.9 million to Aug 26. Last year, Mah Sing had announced the proposed acquisition of the land for a mixed development project with an estimated GDV of RM9.3 billion. (The Edge Markets)
UEM Sunrise partners with Mitsui for build-to-suit properties in Iskandar tech park
UEM Sunrise Bhd has entered into a joint venture (JV) agreement with Mitsui & Co. Ltd to offer build-to-suit lease properties in Nusajaya Tech Park in Iskandar Malaysia, which is 40% owned by UEM Sunrise. A total of 10.7 hectares will be set aside for the BTS project within the 210-hectare tech park, with a projected development value of RM468 million over four years. The joint venture will be the first Japanese partnership for industrial parks in Malaysia. (The Edge Markets)
Prasarana waiting for report from train and brake manufacturers
Prasarana, which operates the Light Rail Transit (LRT) service, said it had not received any information from both the train or brake manufacturers regarding the incident of two trains catching fire last Wednesday. The fire was said to be caused by leaking hydraulic fluid from the braking system. The company assured that the LRT was safe to use, and that in-depth investigations were on-going. (The Malay Mail Online)
Luxury high-rise in heart of KL embassy row
KSL Holdings Bhd’s luxury development, 18 Madge, is prime real estate in Kuala Lumpur’s embassy row. The low-density exclusive residence, which only has 50 units ranging from 204 sq m- 14,800 sq ft, is located in one of the most prestigious addresses in Kuala Lumpur, surrounded by embassises and other diplomatic institutions, as well as being a stone’s throw away from KLCC, top restaurants and hotels along Jalan Sultan Ismail and Jalan Ampang, international schools, medical centres and recreational facilities. It is designed around Zen principles to impart calmness and purity within bustling city life. (The Star Online)
