MMC Gamuda bags RM15.47 billion MRT Line 2 contract
MMC Gamuda KVMRT (T) Sdn Bhd (MGKT) has been awarded the RM15.47 billion underground works package for MRT Line 2 by Mass Rapid Transit Corporation Sdn Bhd (MRT Corp). It is the largest work package for the construction of the MRT Sungai Buloh-Serdang-Putrajaya (SSP) Line. Prior to the announcement, it was already widely speculated that the JV would land the tunneling job. The underground work package involves the design, construction and completion of tunnels, underground stations and associated structures such as portals and escape shafts for the SSP Line’s 13.5km underground alignment from the Jalan Ipoh North Escape Shaft to the Desa Water Park South Portal. (The Sun Daily)
Prasarana planning to launch transport-based REIT
Prasarana Malaysia Bhd is planning to monetise its assets worth RM15 billion by launching a transport-based REIT within the next five years. Prasarana president and CEO Datuk Azmi Abdul Aziz said the REIT, which would be the first of its kind on the local bourse, was expected to attract local and foreign investors, both retail and institutional. The need to unlock the value of its assets was important, as the company used its own funds for capital and operational expenditure without any government assistance, said Azmi. Azmi said the RM15 billion assets were mainly infrastructure-related and funded by long-term bonds of five- to 25-year maturity, which were issued to raise money for the construction of the light rail transit (LRT) lines in Ampang and Kelana Jaya in the Klang Valley more than a decade ago. A year ago, RAM Ratings Services Bhd reaffirmed the rating of Prasarana’s RM5.468 billion bonds at “AAA/Stable”, reflecting Prasarana’s strategic importance as the owner and operator of key public transport infrastructure — rail and bus — in the Klang Valley. Azmi pointed out that most nations such as the United States, London and Hong Kong had done something in terms of monetising their rail assets, including launching a REIT, which would be a good move for long-term growth of the company. (New Straits Times Online)
Royale Pavilion Hotel to open in 2Q of 2017
The Royale Pavilion Hotel Kuala Lumpur is set to open in the second quarter of next year, according to developer Harmoni Perkasa Sdn Bhd’s (HPSB) director Datuk Lee Tuck Fook. “The collaboration with Banyan Tree Hotels and Resorts will bring world class facilities to Malaysia and enhance the tourism potential of Kuala Lumpur while adding value to the city centre,” he said during the signing ceremony of the hotel management agreement between HPSB and Banyan Tree Hotels and Resorts on March 30. This is the second collaboration between both parties after their Banyan Tree Signatures Pavilion Kuala Lumpur. The 12-storey Royale Pavilion hotel offers 337 rooms, and is located 400m from the boutique Banyan Tree Signatures Pavilion, which will also be unveiled in 2017. Both hotels are connected to Pavilion KL shopping mall. (The Edge Financial Daily, April 1, 2016)
