Possible toll hike for PLUS highways every 3 years until 2038
Projek Lebuhraya Usahasama Bhd (PLUS) is entitled to increase toll rates on highways under its concession by 5% every three years from next year until 2038, Putrajaya said today. In a supplementary concession agreement signed in November 2011, PLUS had agreed not to increase its toll rates between 2011 and 2015. The hike will be implemented in 2016, set at 5% every three years, except for the Penang Bridge, where the toll rate will not be increased until the end of the concession period in December 2038. However, this does not mean an automatic hike for PLUS; the government will study the application by PLUS for a toll hike, taking into account the consumer price index and traffic volume. The last toll hike for motorists was enforced in October for 12 highways, but did not include those under PLUS. PLUS is the concessionaire for the North-South Expressway, New Klang Valley Expressway, Federal Highway Route 2, Seremban-Port Dickson Highway, North-South Expressway Central Link, Malaysia-Singapore Second Crossing, Butterworth-Kulim Expressway and Penang Bridge. (The Malaysian Insider)
SP Setia to launch RM1bil projects in Aeropod KK
SP Setia Bhd is planning to launch projects with GDV over RM1 billion in Aeropod, Kota Kinabalu next year. The developer is looking to launch retail offices, a boutique hotel and two blocks of serviced apartments in the 60-acre integrated development in 2016. The first launch at Aeropod was the dual-key SoVo Exhange, which was launched in two phases in 2013 and 2015. The upcoming launch will see retail offices and two blocks of 800 serviced apartments, with GDV of RM232mil and RM680mil respectively, and expected to complete by 2019. Aeropod is an integrated development and transportation hub anchored by offices, a 300,000 sq ft lifestyle retail mall, international class hotels, serviced apartments, SoVo , luxury residential towers and a modern railway station. It has 3.8 million sq ft of gross floor area. (The Edge Markets)
Artist’s impression of Aeropod integrated development in Kota Kinabalu
UEM Sunrise, UEM Edgenta form JV
UEM Sunrise Bhd and UEM Edgenta Bhd’s wholly-owned subsidiary have entered into a joint venture agreement to provide property and township management services, in a move to realign its focus on property development, which is the core business of UEM Sunrise. UEM Edgenta, meanwhile, said the JV would extend its presence in the asset facilities management business, specifically property and township management services segment. Edgenta will hold a 70% stake in the JV, while UEM Sunrise will hold the remaining 30%. (The Edge Markets)
OSK sees net profit jump sevenfold in 3Q
OSK Holdings Bhd saw its net profit soar nearly sevenfold to RM381 million in the third quarter (3QFY15) from RM55.14 million last year, due to contributions from its newly acquired subsidiary companies, OSK Property Holdings Bhd (OSKP) and PJ Development Holdings Bhd (PJD). The company, which has been reclassified from finance sector to properties sector, saw its revenue for 3QFY15 surge 19-fold to RM275 million, from RM14.38 million a year ago. The group will continue to seek out strategic land banks and joint venture opportunities, implement operating expenditure management, as well as branding and product development measures to ensure it remains resilient in the competitive environment. (The Malaysian Insider)
Pay traffic summonses by Feb 29 or risk JPJ blacklisting
The Petaling Jaya City Council (MBPJ) is giving discounts up to 80% for traffic violaters before it begins taking serious action. The Kempen Bayaran Kompaun, which begins tomorrow and ends on Feb 29 next year, will give an opportunity to offenders to settle their summonses. Those who fail to pay by the deadline would be blacklisted by the Road Transport Department (JPJ) and would not be able to renew their road tax. There are two categories for the campaign, with those receiving compounds from 1999 to 2012, and 2013 to 2014 paying a flat rate. Compounds issued in 2015 must be paid in full. The public can check for outstanding offences on the MBPJ website and make payment at MBPJ counters. (The Malaysian Insider)
Malaysia to host 2020 Commonwealth meeting
Malaysia has been appointed to host the 26th Commonwealth Heads of Government Meeting (CHOGM) in 2020, 31 years after it last hosted the meeting, said deputy prime minister Datuk Seri Ahmad Zahid Hamidi. He said the appointment was in recognition of Malaysia’s significant role as a member of the Commonwealth for the past 50 years. Throughout the meeting, Commonwealth leaders address global issues such as climate change, building resilience in small states, trade and sustainable development, the empowerment of youth, and fight against corruption and terrorism. The United Kingdom would host the meeting in 2018. (The Malaysian Insider)
