MRCB planning expansion into Indonesia, Thailand
Malaysian Resources Corp Bhd (MRCB) is planning to expand its property development business into Indonesia and Thailand. The group is in the midst of studying the two markets and in talks with other parties about making property development acquisitions, said executive director Mohd Imran Mohamad Salim. The forays into Indonesia and Thailand’s markets would help strengthen MRCB’s position in the regional market. Meanwhile, MRCB had obtained its shareholders’ green light to conduct a private placement exercise of up to 493.02 million new ordinary shares, which would change its status to a bumiputra-controlled public listed company and pave way for the company to bid for bumiputra contracts. (The Star Online)
BLand Q2 profits soar from 50% disposal of Kyoto project
Berjaya Land Bhd (BLand) recorded a pre-tax profit of RM208.3mil for the second quarter (Q2) compared with RM8.97mil in the same period a year ago. The surge was attributed to the gains from selling a 50% stake in resort hotel developer Berjaya Kyoto Development (S) Pte Ltd (Bkyoto) and revaluation of the fair value of its remaining BKyoto stake. Its revenue also increased to RM1.62bil from RM1.41bil previously, which was contributed mainly by strong sales of Sports Toto’s 4D Jackpot games business. In addition, there was higher revenue from prestige car retailer H R Owen Plc from more outlets and further enhanced by favourable foreign exchange rates. (The Star Online)
New parking system in Iskandar Malaysia next year
The coupon parking system at three local councils within Iskandar Malaysia, Johor will be replaced by a new parking system next year. The new system is expected to be implemented in Johor Baru City Council (MBJB), Johor Baru Central Municipal Council (MPJBT) and Kulai Municipal Council (MPKu) by April 1, 2016. Effective April 1 next year, parking coupons would not longer be valid at the coupon-designated parking lots within areas of the three local councils. The council also plans to build more multi-storey parking buildings in the CBD, and might impose a limited-time parking system in the city centre to discourage motorists from parking their vehicles for long periods of time. (The Star Online)
Chinese developer launches Iskandar’s RMB250 billion Forest City project
Hong Kong-listed, Guangdong-based property developer Country Garden has launched its majority-held Forest City project at Iskandar Malaysia, Johor which might entail some RMB250 billion ($54.4 billion) investments over the next 20 years. It will be its largest overseas project to-date, occupying a 13.86 sq km site which will be reclaimed from four islands near the Second Link. The company has an existing project at Iskandar, Country Garden @ Danga Bay, launched in 2013. When completed, the freehold Forest City development can accommodate at least 100,000 residents. (The Edge Markets)
Hicom unit sells Singapore mall for RM965mil
DRB-Hicom’s indirect wholly-owned subsidiary, Hicom Megah Sdn Bhd, is disposing of a shopping mall in Singapore for S$317mil (RM965mil). Hicom Megah controls 90% of Corwin Holdings Pte Ltd, which owns the six-storey shopping mall The Verge, located at Serangoon Road. The Verge has a total net lettable area of approximately 130,250 sq ft and its net book value was S$140mil as at March 31. The sale will allow DRB-Hicom to unlock the value of its investment based on the current market value of the property, and expected to be completed by 1Q next year. (The Star Online)
