KLIA to have third terminal
A third terminal has been proposed for the Kuala Lumpur International Airport (KLIA) to expand its total capacity to 100 million passengers a year, said Deputy Transport Minister Datuk Abd Aziz Kaprawi. Airport operator Malaysia Airports Holdings Bhd (MAHB) is expected to submit a proposal for the new terminal in the next two to three years after detailed studies. KLIA’s main terminal handled 23 million passengers last year, near its full capacity of 25 million, while KLIA2 is nearing its full capacity of 45 million passengers. The government aims to leverage on Kuala Lumpur’s strategic location and make Malaysia a regional air transit hub. (Bernama)
Time to redevelop Highland Towers site
Former Highland Towers Owners and Residents’ Association president Dr Benjamin George has spoken out, saying that it was time the site at Ulu Klang, Selangor was redeveloped. The remaining condominium towers had been unoccupied and grown dilapidated and an eyesore since they were evacuated following the collapse of Block 1 twenty-one years ago in 1993. He said it didn’t matter what was built on the land, it would just be good to see a new development there, and also remarked that regardless whether the site would be redeveloped or not, the remaining towers should be demolished. In 2013, The Star reported that AmBank, the owner of Highland Towers, was undertaking a tender exercise for the sale of bungalow lots and residential units in Highland Towers. (The Malaysian Insider)
Blocks 2 and 3 of Highland Towers in Ulu Klang, Selangor have stood vacant since they were evacuated after the collapse of Block 1 in 1993. – The Malaysian Insider pic by Robin Augustin, November 23, 2015.
Audit Report: Illegal hotels, chalets on hills in Penang
The 2014 Auditor-General’s Report has listed 11 illegal structures erected at hills located in the southwest district of Penang island, including several hotels, chalets, and restaurants that are still in operation, as well as houses. The 11 illegal structures have no Certificate of Fitness (CF) resulting in the Penang City Council (MBPP) being unable to collect assessment tax from the owners of the premises. the construction of illegal structures in the hills involved chalets in Teluk Bahang and Sungai Ara, hotels in Teluk Kumbar, restaurants in Balik Pulau and houses in Balik Pulau and Teluk Pahang. The restaurants still operating in Balik Pulau do not have any business licence as well. (The Malay Mail Online)
IJM Corp posts higher Q2 earnings
IJM Corporation Bhd posted higher earnings of RM156.38mil in the second quarter, boosted by lower income tax expense. Its earnings were up 40.2% from RM111.48mil a year ago, with income tax expense of RM47mil in 2Q compared to RM72.74mil a year ago. IJM Corp said its operating revenue rose 3.6% to RM1.338bil from RM1.292bil, mainly due to higher revenues contributed by the construction, industry and infrastructure divisions, while pre-tax profit was down 6.8% due to lower contributions from construction, property, plantation and infrastructure divisions. (The Star Online)
Malaysia still leading in global sukuk
Malaysia still has the lead in global sukuk (shariah-compliant bonds), accounting for 52.9% of the total outstanding value of global sukuk. A RAM Ratings’ Sukuk Snapshot report showed that the value of Malaysian sukuk rose 0.24% to RM583.4 billion as at end-September 2015, from a month earlier. Sukuk continues to account for the bulk of the domestic debt capital market with 53.1% of the outstanding value. (The Star Online)
Econpile bags RM95.5mil Arte Mont Kiara contract
Econpile Holdings Bhd has won a RM95.5 million contract for piling and related works for Arte Mont Kiara, which is located within Naza TTDI’s 75.5-acre KL Metropolis mega project. Econpile’s unit will undertake earthworks, piling, and basement construction works for the mixed development project in upscale Mont Kiara. Econpile had previously been awarded substructure works for another project, Arte+ at Jalan Ampang, by the same developer. (The Star Online)
Malaysian embassy buildings in Washington left vacant for refurbishment
The two Malaysian Embassy buildings in Washington DC have been temporarily vacated for refurbishment and repair works, which are scheduled to be completed by mid-2016. Foreign Affairs Minister Datuk Seri Anifah Aman said that the two buildings could not be occupied during the renovation works as they contravene local building bylaws, including health and safety regulations. The ministry had refurbished both buildings in 2010 as education and tourism centres, but were deemed unsuitable for the purpose upon completion in 2012 due to new regulations. The buildings are currently being refurbished into two residential units for home-based staff in compliance with current District of Columbia’s zoning laws in order to preserve the heritage value of the buildings. (The Rakyat Post)
