I-Bhd launches RM1bil high-rise project in KLCC
I-Bhd has launched its GDV RM1 billion high-end luxury condominium development, 8Kia Peng@KLCC in the central business district neighbourhood of the Kuala Lumpur City Centre (KLCC). 8Kia Peng@KLCC is made up of a single 50-storey condominium on freehold land, comprising 442 luxurious residences with selling prices of RM1.5 million and above for each unit. The company says it is not worried about the current soft property market as it is targeting overseas buyers from Hong Kong, Taiwan, China and Singapore for the project, which has received positive initial response due to the weaker ringgit and attractive investment. The project is I-Bhd’s first development project outside i-City, Shah Alam, where it plans to launch the RM268 million residential “Hyde Tower” and RM1.2 billion mixed development “Central Towers” this year. (The Edge Markets)

Over 9,000 units of cheaper PR1MA homes for Sarawak
Homes built under the 1Malaysia People’s Housing (PR1MA) programme in Sarawak will be at least 20% than market price, with over 9,000 units being developed in eight projects. Prime Minister Datuk Seri Najib said the PR1MA programme allowed people to afford a quality home at a reasonable price. PR1MA, in a media release, said that its houses in Sarawak would generally be priced below RM300,000, depending on their location and type. (The Star Online)

Amcorp JV buys London properties for RM262mil
A joint venture (JV) company between Amcorp Properties’ unit Amcorp Kilmuir Ltd and Clan Kilmuir (Jersey) Ltd is planning to acquire apartments in the heart of Belgravia, Central London for £45mil (RM262.35mil). The property at Kilmuir House, Ebury Street comprised 49 two-bedroom apartments. The JV company stated that the purchase “is an extension of AmProp’s strategy to acquire properties in prime central London for value-add or redevelopment into upmarket and highly coveted properties” and that it would continue to offer “luxurious residential developments in prestigious areas of prime central London”. (The Star Online)

Pos Malaysia to acquire DRB-Hicom shares, land for RM818mil
Pos Malaysia is acquiring shares and a parcel of land from DRB-Hicom Bhd for RM818.35 million. The proposed acquisition involves the entire issued and paid-up capital of KL Airport Services Sdn Bhd (KLAS), a wholly-owned subsidiary of DRB-Hicom, for RM749.35 million in addition to 4.01 hectares of freehold industrial land close to Port Klang from Hicom Lindungan Sdn Bhd for RM69 million. The shares acquisition would allow Pos Malaysia and its subsidiaries to expand their services, while the land is to be developed into a warehouse as part of Pos Group’s integrated logistics. (The Malay Mail Online)

Mah Sing seeks revised terms for Selangor golf course land
Mah Sing Group Bhd is renegotiating the terms and conditions of a 2014 agreement to buy 85.43 acres of land in Shah Alam, which includes a portion of the Sultan Salahuddin Abdul Aziz Shah (SSAAS) Golf Course, for RM327.48 million. This due to the fact that it could not fulfill the conditions for developing the land into a gated and guarded community with estimated GDV of RM2.5 billion. The proposed land acquisition would allow Mah Sing to further tap the growth potential of the state capital where it has had sold-out projects such as Kemuning Residence comprising 141 units of bungalows. The parties involved would enter into a six-month extension starting today for discussion and renegotiation. (The Star Online)

The KGSAAS clubhouse at dusk (Photo from KGSAAS)

The KGSAAS clubhouse at dusk (Photo from KGSAAS)

CIMB: MMC-Gamuda JV may bag bigger MRT2 jobs
CIMB Research has reported that the MMC-Gamuda JV could be in the running to clinch an even larger underground package from MRT 2, worth up to RM15bil (original value: RM10bil-RM12bil) given the official revised scope (up 40%). It was possible that the MRT awards could be dished out as early as end-March, with at least three bids being closed to finalised. It is also confirmed that the total cost of MRT2 had risen to around RM30 billion from the initial RM28 billion stated in the 11th Malaysia Plan. (The Star Online)

Protasco’s federal roads maintenance concession extended 10 years
Protasco Bhd’s subsidiary, Roadcare (M) Sdn Bhd, has secured a 10-year extension to its concession to maintain the federal roads in Peninsular Malaysia. It had received a concession extension from the government which comprised an interim period of two years from Feb 17, 2016 to February 2018 along with an eight-year concession from Feb 17, 2018 till Feb 16, 2026 based on the performance based contract. (The Star Online)

More than 820k Malaysians barred from leaving the country
A total of 827,921 Malaysians have been barred from leaving the country since 2011 due to various offences, said Home Minister Datuk Seri Dr Ahmad Zahid Hamidi yesterday. Over 200,000 were blacklisted by the Immigration Department after being declared bankrupt, while another 118,892 were barred for failing to pay off study loans. 520 were due to security offences, and the remaining were guilty for various other offences. Those blacklisted could not leave the country unless they receive prior permission from the authorities. Malaysians can check their current immigration status by visiting http://sspi2.imi.gov.my/ and keying in their IC number. (New Straits Times Online)