Ringgit strengthens against US dollar
The ringgit opened higher against the US dollar at 4.29 today on technical correction, said dealers. It also traded higher against other major currencies: 3.55 against the Japanese yen, 6.63 against the British pound, 4.83 against the euro, and 3.03 against the Singapore dollar. According to dealers, investors have been covering their short US dollar positions against the ringgit as local note seems to be oversold. (Bernama)

Symphony Life targeting RM500mil sales for FY16
Property developer Symphony Life Bhd is targeting sales worth RM500 million for its financial year ending March 31, 2016 (FY16), lower 29% from RM707 million in the year before. The company is deferring some of its new property launches due to the weak market, and plans to focus more on existing developments. Its FY16 sales will be supported by ongoing projects and property launches as well as unbilled sales of RM700 million. The company’s COO sales and marketing Stewart Tew said that although the market is weak at the moment, it is still a good time to buy property because there is a better chance of getting a good deal. Symphony Life’s current projects include TWY@Mont Kiara in Kuala Lumpur, Elevia Residences in Puchong, Selangor, and Tijani@Raja Dewa in Kota Baru, Kelantan. (The Sun Daily)

SP Setia sees 153% increase in 3Q earnings
SP Setia Bhd saw its net profit for the third quarter (3Q) jump 153% to RM261.79 million compared to the same sector a year ago, on the back of a strong sales lineup and timely handover of its debut Australian property project, Fulton Lane. The group’s revenue also reported an increase of 81% to RM1.63 billion from the previous corresponding quarter. For the current financial period (Nov 1, 2014 to Dec 31, 2015), the group registered its strongest results to date with the completion of Fulton Lane. (The Sun Daily)

Asian Pac buys 6.7ha leasehold land in Sabah
Asian Pac Holdings Bhd’s unit Taman Bestari Sdn Bhd (TBSB) is acquiring a 6.7-ha leasehold land in Papar, Sabah for RM21.8 million for property development. It announced that it has entered into a conditional sale and purchase agreement (SPA) for the 99-year lease land expiring in 2924 from vendor Lee Wat Lan. A mixed development of commercial and landed residential units is planned for the land. (The Edge Markets)

Naza-SMG in the lead for Mitec operator
The Naza group and international venue management company SMG Europe Holdings Ltd are said to tbe in the lead to become the operator of the Malaysia International Trade and Exhibition Centre (Mitec), which is currently under construction. A bid was run in July for the concession of up to 20 years, and Naza Corp Holdings Sdn Bhd had entered into an agreement with SMG Europe for SMG Venue Management Asia Sdn Bhd to join the bidding for international operator of the venue. Naza TTDI is on track to deliver Mitec to Matrade by the middle of next year. A decision on the operator is expected in the next few months. (The Star Online)

Artist impression of Mitec (Photo from The Star)

Artist impression of Mitec (Photo from The Star)

Property rental app Speedrent aims to eliminate agents
Malaysian startup app Speedrent wants to disrupt the property rental market by taking real estate agents out of the equation. The app aims to help property owners lease their properties by dealing directly with prospective tenants, without having to go through real estate agents. The app, which is six months old and currently has 6,000 users hopes to increase its user base in the next 12 months through marketing campaigns, and eyeing expansion to Singapore, Bangkok and Jakarta. The Speedsign app will allow landlords and tenants to sign tenancy agreements via their mobile devices. It is currently free but plans to charge landlords RM100 for each agreement in the future. (Digital News Asia)

GreenTech plans 25,000 electric car charging stations nationwide
Malaysian Green Technology Corp (GreenTech Malaysia) plans to drive more interest in electric vehicles (Evs) by installing 25,000 charging stations nationwide by 2020. The company will start with installing 300 stations, under the brand ‘ChargeEV’, in major cities including Klang Valley and Malacca, with total investment of RM3 million. It will work with several ministries to install the charging stations with the goal to enable more Evs on the road to create a ‘vibrant market place’ and lifestyle convenience of using electronic cars. Currently, there are seven ChargeEV stations in Klang Valley and Malacca. The agency would focus on installing them in green buildings, but also welcomed any interested building owners to apply for the free charging stations. Currently, there are almost 100 EV in Malaysia. (The Rakyat Post)