Malaysian state investors selling London properties, says FT
Retirement Fund Inc (KWAP) and other Malaysian state investors are selling their London properties and forced to repatriate funds home as the country is hit by financial scandals linked to 1MDB, reported the Financial Times. KWAP is in the process of selling its 18-storey office building at 88 Wood Street, which it purchased for £215 million in 2013; last year, it sold One Sheldon Square in Paddington, jointly owned with the Employees Provident Fund (EPF) for £210 million (RM1.26 billion). EPF is also disposing a Fleet Street building which it bought for £148 million in 2011. Tabung Haji, the pilgrims’ fund, also sold an office building at 151 Buckingham Palace Road in October for about £250 million. According to the FT report, the sale of these properties highlighted the health of Malaysia’s state sector, adding that Malaysian institutions had invested almost £2.4 billion in the city since 2011 and was now making huge profits. (The Malaysian Insider)
Defence ministry to blacklist contractors who fail to deliver projects on time
The Defence Ministry will not hesitate to blacklist contractors who fail to comply with the conditions set for projects under the ministry, said Defence Minister Datuk Seri Hishammuddin Hussein. He said such action was necessary, citing a contractor who delayed a project to upgrade two housing blocks for military personnel in Desa Tun Hussein Onn. One block of housing was started on Jan 29 last year and supposed to be completed by July 15, while another block started in Aug 2014 and scheduled to be completed on Jan 8 this year, were still not ready. A special committee would be set up to monitor project development under the Defence Ministry including projects not completed as scheduled. (The Malay Mail Online)
Image from SEA Games 2017 official website
KL Sports City phase 1 completion may be delayed
Construction and development firm MRCB’s indirect subsidiary Rukun Juang Sdn Bhd has signed a supplemental agreement to extend the completion of Project 1 of the RM1.63 billion Kuala Lumpur Sports City beyond 17 months. Besides amending the construction period of Project 1, the agreement also modified certain deliverables. Rukun Juang had already previously received two one-month extensions to fulfill the conditions precedent for the development. Project 1 — one of two phases — involves readying the Bukit Jalil National Stadium for the 2017 South-East Asian Games. It was initially supposed to begin last month and projected to be completed by June 2017. (The Star Online)
Handal and Hap Seng Land buy Puchong business park for RM33.9mil
Handal Group Malaysia and Hap Seng Land has signed an agreement fo the en-bloc purchase of D’Alpinia Business Park (Site B) in Puchong for RM33.9 million. The D’Alpinia Business Park (Site B) is a 0.7ha project site comprising a block of four-storey premises comprising a total floor space of approximately 63,000sq ft. The property will be used to house the city campus of Putra Intelek International College (PIIC) founded by Handal Group Malaysia in 2002, which currently occupies rented premises at Bandar Puteri, Puchong. The college is expected to move into the new location by 2017. (The Star Online)
SHM to launch affordable condos in Kuching
Property developer SHM Development Sdn Bhd is launching an affordable condominium project at BDC/Stutong in Kuching. The condominium units would be priced from RM300,000 to offer greater affordability for house buyers, and is already open for registration. SHM’s other housing project in Stutong Baru, Garden 12, consisting of 44 units of double-storey terraced houses is also open for registration. (The Borneo Post)
Malaysia to rubberise about 1000km of state roads
Malaysia is set to rubberise about 1,000 kilometres of state roads beginning this year, said Malaysian Rubber Board (MRB) Director-General Datuk Dr Mohd Akbar Md Said. The many uses of rubber, especially for construction, will help to reduce the current rubber stockpile and shore up its prices. The board is also looking at ways to increase the domestic consumption of rubber in other sectors. (New Straits Times Online)
