Dewan Rakyat approves TPPA
The Dewan Rakyat has approved a motion allowing Malaysia to participate in the Trans-Pacific Partnership Agreement (TPPA), with 127 votes for and 84 against. The motion, which will be debated today, proposes that participation in the TPPA would strengthen the country’s competitiveness at regional and global levels. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said that Malaysia had part in drawing up the international agreement, and added that Malaysia would not be influenced by the capitalist system if it were to sign the TPPA. (Astro Awani)
KWAP acquires KL land for RM140mil
Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has bought a piece of land in Persiaran Stonor, Kuala Lumpur from the federal government for RM140 million. The land is expected to generate good long-term returns for the pension fund, with a GDV of RM780 million. The land measuring over 5,000 sq m is located strategically within short walking distance from KLCC, LRT stations and future MRT stations, as well as near to Prince Court Medical Centre. KWAP currently has seven properties in Australia, three properties in the United Kingdom and three properties in Malaysia. (The Edge Markets)
Sunway REIT Q2 earnings 13% higher
Sunway Real Estate Investment Trust (Sunway REIT) recorded a 13% increase in its second quarter net profit, while its gross revenue grew 15.7% to RM131.9mil mainly contributed from its retail and hotel segments, however offset by lower income from the office segment. Its net property income (NPI) increased by 11.9% year-on-year to RM97.1mil. The opening of Sunway Putra Mall last year contributed to its retal segment, while Sunway Pyramid Shopping Mall continued to register healthy growth supported by high occupancy rate and locked-in rental. Sunway REIT proposed a DPU of 2.57sen, up 13.2% year-on-year. (The Star Online)
TNB to set up new corporate HQ designed by Woods Bagot
Tenaga Nasional Bhd (TNB) is setting up a new corporate headquarters in Kuala Lumpur, which will be designed by global architecture and design firm Woods Bagot. The landmark project will deliver a new campus workplace for TNB staff, gathering its current workforce into a single premise for enhanced synergy and organisational collaboration. Woods Bagot is setting up a global design studio in the Malaysian capital, not only because of the technology available but also due to its close proximity to Australia and being the nexus point of South-East Asia. (The Star Online)
Oil slump prompts cut in spending, raises fiscal deficit
The government is expected to cut spending for 2016 and raise fiscal deficit targets tomorrow as the slump in oil prices disrupts Budget 2016 plans. Economists expect spending to be cut about 2.5%, or nearly RM7 billion, and the fiscal deficit target to be raised to to 3.3% of GDP. This will be the second consequent year Najib has been forced to revise the budget due to a drop in oil prices, which is vital to the country’s economy. In Budget 2016 last year, it was assumed that oil prices would averrage US$48 per barrel but it is now around US$30. The government would shelve non-priority development projects, reported Bernama. (The Malaysian Insider)
Ewein aims to set lifestyle benchmark with City of Dreams
Property developer Ewein Zenith Sdn Bhd is aiming to set a new benchmark for lifestyle living with its new residential project, City of Dreams, in Penang. Lifestyle developments are becoming the norm in Malaysia’s residential property market, and homebuyers have come to expect nice facades, pleasant environment and facilities to enhance quality of life. According to Ewein deputy chairman Datuk Ewe Swee Kheng, the 3.67-acre project is part of the 50-acre Wellness City of Dreams in Bandar Tanjong Pinang. City of Dreams, which has a GDV of RM800 million, is the first component of the overall development. The luxury seafront serviced apartment project will comprise two 38-storey towers with 572 seaview units. (The Malaysian Insider)
