1MDB: RM5.28bil refers to CREC’s share of the land’s net equity value
1MDB has clarified that the RM5.28 billion reported by China Railway Group Ltd to the Hong Kong Stock Exchange (HKEx) on Monday was in reference to the estimated share of the land’s net equity value. There was confusion yesterday when it was reported by various news portals that the consortium comprising China Railway and Iskandar Waterfront Holdings (IWH) was paying a significantly lower sum, instead of the earlier reported RM7.41 billion, for a 60% stake in Bandar Malaysia. However, 1MDB said that the net equity value was based on ‘certain assumptions that are subject to further negotiations during the completion period’. (The Star Online)
Singapore, Malaysia still in talks over HSR services, operations
Singapore’s Transport Ministry said today both the Singaporean and Malaysian governments were still is discussions regarding the commercial and operating models of the proposed high-speed rail (HST) project linking both countries. According to a report by Singapore’s The Straits Times, the HSR alignment was still also under discussion, with the exact alignment to be finalised after completion of detailed engineering studies. On Monday, The Edge reported that MyHSRCorp CEO had said that both governments had reached a consensus on the alignment and service model for the HSR project. (The Malaysian Insider)
China-based Agile to launch RM1.4bil Mont’Kiara project
Agile Real Estate Development Sdn Bhd, a wholly-owned subsidiary of leading China-based integrated property developer Agile Property Holdings Ltd, will launch its RM1.4 billion residential project in Mont’Kiara on Jan 9. The project consisting 11 towers of low- and high-rise buildings on a 4.05ha site is scheduled to be completed in 2019. Agile said the land was acquired from PJ Development Bhd (PJD), which has a 30% stake in the international project, the group’s first outside China. (The Star Online)
LBS Bina targets RM1.2bil sales for 2016
LBS Bina Group Bhd is confident of achieving its target of RM1.2 billion in property sales for 2016 through its 15 projects that are expected to be completed and launched this year. The company achieved a total of RM1.029 billion in sales last year, a 60% increase from 2014. Key contributors to its total sales in 2015 were attributed to residential projects in Selangor worth RM864 million. LBS develops industrial parks, shop lots, landed properties, and many more that it is confident can sell and help achieve its RM1.2bil target this year. (Astro Awani)
Eco World expected to grow 183% for FY16 earnings
Eco World Development Group Bhd is expected to show year-on-year core earnings growth of 183% in FY16 as contributions from key projects such as Eco Majestic, Eco Sanctuary and Eco Sky are recognised. It had unbilled sales of RM4.16 billion as of end-FY15. The estimate is due to the fact that Eco World has proven to have secured highest property sales in Malaysia with superior earnings growth against peers, coupled with experienced management. (The Edge Markets)
Penang-based Aspen eyes Singapore, Malaysia listing
Aspen Group, a Penang-based property development company, is planning to list in Singapore and Malaysia this year. Its CEO said the group was currently in discussion with Singapore authorities and banks in Malaysia. The listing would generate funds for the group’s new projects launched from 2017 onwards. The group’s upcoming projects in Penang have a combined GDV of about RM1.392 billion, comprising the RM620mil Vertu Resort in Batu Kawan, the RM135mil Beacon mixed-development in Sungai Pinang, and the RM637mil HH Residence scheme in Tanjung Bungah. The group achieved total sales of RM900mil for FY15, showing positive progress and robust performance for a relatively new name in the industry. (The Star Online)
Negri Sembilan government to decide on vape today
The Negri Sembilan State Executive Council is set to decide on whether to ban the sale and use of vape in the state today during its meeting. The vape issue would be discussed in detail to avoid any problem after a decision has been made, said Menteri Besar Datuk Seri Mohamad Hassan. This follows the announcement that Melaka would ban the sale and use of vape or electronic cigarettes, although no effective date for the ban had been set. On Dec 21, 2015, the National Fatwa Council decided that vaping was haram since it can cause more harm than good. (Malay Mail Online)
