Chua: Budget 2016 will be people-friendly
Deputy Finance Minister Datuk Chua Tee Yong said that the 2016 Budget will be people-friendly and bigger than the previous budget in order to help low and middle-income groups cope with inflation and risings costs of living. However, he did not elaborate on measures that might be included. There would be continuous measures to promote and assist the building of more affordable homes. Regarding the Trans-Pacific Partnership Agreement (TPPA) negotiations, he agreed with the Trade and Industry Minister’s remarks that it would be presented to Parliament for debate after the agreement is ready and made public. (The Malay Mail Online)
IGB sells Gombak land to EcoFirst for RM62 million
IGB Corp Bhd’s indirectly-owned unit Harta Villa Sdn Bhd (HVSB) has disposed of a 10.155ha freehold land in Ulu Kelang, Gombak to EcoFirst Development Sdn Bhd (EDSB) – a wholly-owned unit of EcoFirst Consolidated Bhd – for RM62.8 million. HVSB had entered into an option agreement with EDSB on April 20, but no valuation was carried out on the land, according to IGB’s announcement at the time. IGB stands to realise a gain of RM17.7 million from the disposal. (The Malaysian Insider)
Ringgit continues to firm up against US dollar
The ringgit continued its uptrend momentum against the US dollar yesterday, trading at 4.372 against the greenback compared to 4.378 on Monday. The positive sentiment emerged following the release of weak US jobs data, which greatly lessened the likelihood of a US interest rate hike. The ringgit also traded mostly higher against the Japanese yen, pound sterling and euro, but fell slightly against the Singapore dollar. (The Star Online)
Radia’s first office tower launched
Radia Offices, a 50:50 joint venture between Sime Darby Propery Bhd and UEM Sunrise Bhd, recently unveiled its first office tower to be developed in Bukit Jelutong, Shah Alam. Block A of Radia Offices is projected to be completed by 2018, and is part of the RM1.6 billion Radio integrated development. Block A will comprise 159 units ranging from 825 sq ft to 2,001 sq ft, suitable for startup companies, SMEs and investors. Radia integrated development will feature a retail component with one, two and three-storey retail shops, two blocks of 10-storey offices and five blocks for residences. (The Star Online)
Visitors checking out the scale model at the Radia Offices launch (Photo from The Star Online)
No decision from Tiong Nam about warehouse REIT
Tiong Nam Logistics Bhd has not made any decisions regarding its plan to venture into warehouse real estate investment trust (REIT). In response to an article in a business daily on Monday, the company stated that “nothing conclusive has been agreed and decided upon”. However, it added that Tiong Nam was constantly exploring areas for expanding its business as well as opportunities to unlock its businesses’ value and strengthen the company’s position, and will continue to evaluate possible avenues. (The Star Online)
Australia keeps interest rates at record low 2%
Australia’s central bank is keeping interest rates at a record low of 2%, avoiding a further cut that would put more pressure on its currency. The bank said on Tuesday that while domestic growth remained below longer-term averages, job growth had strengthened and there were indication of “moderate expansion” in the economy. The low interest rates helped to support borrowing and spending, but growth in housing loans had been steady over recent months and regulatory meaasures also helped to contain risks. (The Star Online)
DAP reps, Seremban villagers arrested for obstructing demolition teams
Two opposition lawmakers and 13 villagers of Kg Ulu Temiang in Negri Sembilan were detained by police yesterday morning for refusing to give way to demolition teams sent in to clear the land. DAP Seremban MP Anthony Loke and Temiang state assemblyman Ng Chin Tsai were among those arrested in a bid to block the demolition crew. The villagers of Kg Ulu Temiang were given short or no notice to vacate the land, and were only given RM3,500 compensation for the eviction by the landowner, One Visa Sdn Bhd. Most of the residents have been living there since the 1970’s. (The Malay Mail Online)
A man walks past the Battersea Power Station (Dan Kitwood/Getty Images)
Flats in Battersea Power Station will be cheaper thanks to weak ringgit
The first of the homes in the Battersea Power Station development in London will be finished next year, but experts are advising people to wait before buying. Many pre-sale units were sold to rich Malaysians earlier this year, but due to the skydiving Malaysian currency, some might not be able to complete, so there might be some fire-sales in the development, said Camilla Dell, managing partner of high-end property consultants Black Brick. The Malaysian ringgit has fallen more than 20% against the British pound this year, making any property deal signed in principle before the collapse way more expensive to complete on now. (Business Insider Malaysia)
