MACC probe: RM2.6bil from donors, not 1MDB
The Malaysia Anti-Corruption Commission (MACC) stated that its investigation has shown that the RM2.6 billion deposited into Prime Minister Datuk Seri Najib’s account was from donors, and not 1MDB. MACC clarified that it was not involved in a conspiracy to overthrow the government, and that it was only focused on two issues: those related to 1MDB subsidiary SRC International, and the deposit of RM2.6 billion into the prime minister’s account. The police were conducting a probe into 1MDB, while Bank Negara Malaysia investigated financial methods and procedures. (The New Straits Times Online)
Takaso to supply RM94.5m in KL property development JV
Takaso Resources Bhd will fork out RM94.49 million in its joint venture project with Makok International Sdn Bhd (MISB) to develop a 1,492 sq m piece of land in Kuala Lumpur. However, the amount is subject to change upon Masbe Coffee Sdn Bhd (MCSB) obtaining all the necessary approvals. Takaso intends to finance the development cost, and announced that it had accepted a conditional offer letter from MISB to acquire a stake in MCSB for RM5 million. (The Edge Markets)
UEM Sunrise acquires third property in Melbourne
UEM Sunrise recently acquired its third property in Melbourne for A$58mil (RM161mil), following the purchase of two CBD sites in October 2013. The property, a 21-storey office building on St Kilda Road, spans 16,000 sq m, and the company intends to develop it into an “ultra-luxurious” mixed development consisting of retail and serviced apartment components. The building is currently occupied by the Victorian Police and will be vacated after mid-2016. (The Star Online)
EcoFirst acquisition of RM145m Ulu Klang land delayed again
EcoFirst Consolidated Bhd has further delayed its acquisition of a 62-acre tract of land in Ulu Klang, Gombak worth RM145 million due to technical issues on land alignment. EcoFirst and the landowner, Zurich Insurance Malaysia Bhd have mutually agreed to extend the purchase completion to October 31, 2015, and for the group to pay the balance consideration of RM130.5 million with late payment interest at 6% per year by that date. (The Malaysian Insider)
Housing for soldiers and veterans under 11MP
The Defence Ministry aims to provide 30,000 units of comfortable housing to Malaysian Armed Forces (ATM) personnel and veterans under the 11th Malaysia Plan (11MP) in order to improve their welfare. A special blueprint for the Armed Forces Family Home (RKAT) was being prepared, and presented to the public through a master plan after further discussion contingent upon Budget 2016 and carried out throughout the 11MP and 12MP. (The Star Online)
Delay in obtaining Penang APDL may affect nation’s competitiveness
Penang Chief Minister Lim Guan Eng said that the delay in Penang developers obtaining the Advertising Permit and Developers License (APDL) may affect Malaysia’s competitiveness rank, as something that usually takes two weeks is now taking months to approve. He called for the Urban Well-being, Housing and Local Government Ministry to explain, saying that the nation’s pride in easy business would be affected. 48 APDL applications have been received between August 2014 and February 2015, with only 18 approved so far and 30 under process. The delay means that people were being deprived of homes as developers could not begin work or sell projects, while other industries like the media were affected as they could not place advertisements. (The Sun Daily)
DTZ M’sia report: KL high-end condo market stable
According to the latest report by DTZ Property Times Kuala Lumpur, the average price and rental rate of high-end condominiums in Kuala Lumpur were stable for 2Q2015. There was a slight drop in average price by 1.6% quarter-on-quarter, but average rent had gone up 13 sen in 2Q. It also noted that demand for smaller units would increase due to budget constraints, but moderated with a larger supply in the pipeline. 2Q also saw steady new supply of 1,437 high-end condominium units, up 4% from the previous quarter. However, sales of luxury properties are expected to be slow and project-specific. (The Malaysian Insider)
