MRCB gets second extension for KL Sports City deal
MRCB’s 85%-owned indirect subsidiary Rukun Juang Sdn Bhd has requested and received a second extension to fulfill the conditions precedent in the RM1.63 billion Kuala Lumpur Sports City deal. Earlier this month, the construction and property firm was given a one-month extension to Jan 28; it has now been further extended until Feb 10. Among the conditions is obtaining approval from MRCB’s shareholders, which was fulfilled last month. Other conditions include paid-up capital of no less than RM5mil by Rukun Juang, securing legal government approvals, among others. If the conditions precedent are not fulfilled, the privatisation agreement will be null and void. (The Star Online)
YGS debuts in property market with Puchong serviced apartments
YGS Property Development’s maiden project in the property market is Twinz Residence, a 278-unit serviced apartment development in Bandar Puchong Jaya. The 2.1-acre freehold project will comprise two 20-storey residential towers and located next to Koi Kinrara, a high-density condominium. Puchong is one of the Klang Valley’s popular areas for first-time homebuyers, a point which the company sees has potential as a home for the young working population. Twinz will be a low-density, high-rise project with all its apartments being three-bedroom units with a balcony, even the smallest ones, and each floor will only have six to seven units. The development has a GDV of about RM190 million and expected to be completed in Q2 of 2018. Its official launch is planned for March or April this year. (The Malaysian Insider)
Artist’s impression of YGS’ Twinz Residence
SDB buys land, launches RM450mil residential project in Gombak
Selangor Dredging Bhd (SDB) is planning to launch a residential property development project in Gombak, Selangor with GDV of RM450mil, which includes affordable housing units under the Rumah Selangorku scheme. It aims to develop 588 units of residential properties, including 176 units under the Rumah Selangorku scheme, together with common facilities. SDB’s unit SDB Properties Sdn Bhd had signed an agreement to acquire two pieces of freehold agricultural land totalling 4.097 acres from Alam Palma Development Sdn Bhd for RM67.5 million for the development project. (The Star Online)
IGB REIT Q4 income slips 6.25%, declares 3.72sen DPU
IGB REIT’s distributable income for the fourth quarter (4QFY15) dipped 6.25% year-on-year to RM61.22 million, largely on higher borrowing costs. It announced a distribution per unit (DPU) for the second half (2HFY15) of 3.72 sen, compared to 3.9 sen a year ago. Meanwhile, its quarterly financials showed revenue for 4QFY15 came in 1.5% higher y-o-y, attributed to higher rental total income and lower property upgrade costs. Its FY15 net property income was 9.7% y-o-y and gross revenue came in 5.9% higher. IGB REIT consists of two investment properties under its portfolio, Mid Valley Megamall and The Gardens Mall. (The Edge Markets)
RTD Langkawi 2030 to transform island’s tourism
The Langkawi District Local Plan 2030 (RTD Langkawi 2030) will transform Langkawi into a more modern tourism centre without compromising its traditional elements. The draft is currently on display until Feb 5 to obtain public feedback on the on the green concept and sustainability. According to the draft, Kuah town will be retained as the district administrative centre and developed further through various coastal road, waterfront and property developments. A new landmark with green features, Menara Maha, is being built in the town. The Pantai Cenang area on the island’s west coast will also see development of beachfront properties, infrastructure and high-rise buildings. draft also gave emphasis to 27 transformation projects including the Langkawi Eco Valley, the Tourism Tram Service, the Wildlife and Marine Life Corridor, international schools and universities, electric car service and solar farms. (The Malay Mail Online)
Emirates to hire Malaysia Airlines’ pilots
Emirates is welcoming Malaysia Airlines Bhd’s pilots who are interested to join the Dubai-based airline. A spokesperson for the airline said Emirates’ plans to hire pilots from other airlines had been ongoing, but there were still no details as to the number of pilots from MAB or when it would take place. Malaysia Airlines and Emirates had signed a codeshare agreement in December as part of its rationalisation programme, in which it will suspend its Kuala Lumpur-Dubai route by Feb 15 and re-accommodate passengers on Emirates flights. (The Star Online)
Giant waves, strong winds damage 2 houses in Terengganu
Huge waves and strong winds damaged two houses in Kuala Nerus, Kuala Terengganu and nearly damaged another 13 more last night. The strong winds started around 6pm and its intensity increased further around 9pm. The situation was made worse with high tide, and the giant waves had already caused damage to two houses by the time emergency services arrived. (New Straits Times Online)
