LTH offers to sell London office
Lembaga Tabung Haji (LTH) is planning to offer the London headquarters of law firm King & Wood Mallesons for sale, according to one of its investment managers Gatehouse Bank Plc. It has hired broker Savills Plc to find a buyer for the office building at 10 Queen Street Place, and is expected to sell for about £200mil. LTH purchased the Queen Street Place building in the City of London financial district in 2012 for £165mil, according to a statement at the time from Gatehouse Bank. Malaysia’s state investment funds have been selling UK real estate after the Government called on them to repatriate capital to prop up the country’s stock and currency markets. (The Star Online)
Upcoming Malaysia-Singapore HSR sparks interest from train makers
Even before a Memorandum of Understanding (MOU) on the high-speed rail (HSR) is signed between Malaysia and Singapore later this year, countries such as Japan, South Korea and China are rushing to showcase their latest trains and technologies to the people who might travel on the super-fast service. Japan Rail is holding an exhibition in an upmarket mall in Kuala Lumpur where Malaysians can experience a Shinkansen bullet train simulator first hand. Last year, China Railway also held a showcase in Malaysia, along with acquiring a 60% stake in Bandar Malaysia together with its local JV partner, Iskandar Waterfront Holdings. Bandar Malaysia will house the HSR terminus. Apart from China and Japan, South Korea is also showing a strong interest in the HSR project. It is showcasing its high-speed rail system KTX, operated by Korea Railroad Corporation (Korail). (Channel News Asia)
Left: A child trying the Shinkansen simulator; RIght: A Korail exhibition (Photos from Channel News Asia)
Photo from MySinChew
Facebook opens Malaysia office
Social media giant Facebook has opened a local office KL Sentral. The opening of the local office is part of its expansion in the region following the launch of the Philippines office last month. According to a recent survey by research firm TNS, 94% of Malaysians discovered products and brands on Facebook, and 62% make a purchase after discovery. Malaysians are also twice more likely to like a page compared to the global average. Malaysian also ranks 10th globally for the number of friends, which is 60% more than the global average. (The Star Online)
Kimlun’s total order book estimated at RM2bil
Kimlun Corp Bhd’s year-to-date (YTD) job wins stand at RM1.1 billion, with its most recent contract being a RM165.8 million affordable apartment project in Mukim Petaling under the Rumah Selangorku housing scheme. Despite it being only May, its YTD job wins have already surpassed the full-year sum of RM830 million achieved last year, and it is estimated to surpass its previous high of RM1.2 billion achieved in 2013 (FY13). Kimlun’s total order book (construction and manufacturing) to now stand at RM2 billion, and it is looking to tap into other segments such as affordable housing, factories and industrial buildings. (The Edge Markets)
Vivocom bags RM160mil Ipoh mixed development job
Vivocom Intl Holdings Bhd has been awarded a RM160 million contract as the turnkey contractor for a mixed development in Ipoh. Its subsidiary Vivocom Enterprise Sdn Bhd (VESB) had entered an agreement with De Facto Integrated Sdn Bhd for the development of the land, which has an estimated GDV of RM200 million, comprising one tower of “mediplex” and one tower of service suites. De Facto will likely appoint VESB for the design, construction of structures, infrastructures and all associated works for the development, and required to complete within 24 months after the launch. (The Sun Daily)
Malaysia to help spearhead Islamic Venture Capital fund
The Malaysian government is currently in the final stages of establishment for the world’s first IslamicVenture Capital Fund, which is designed to finance start-up businesses in Islamic countries. The fund will be spearheaded by the government and the Islamic Development Bank (IDB), starting with a $100 million fund with possible expansions in the future. Once the fund is established, other countries such as Dubai and Indonesia would be invited to join as partners. The funds invest in companies in exchange for equity in the companies they invest in, which usually have a novel technology or business model in high technology industries, such as biotechnology and information technology. (Daily Sabah)
Levy system for Singapore vehicles not ready yet
Malaysia has yet to implement the vehicle-entry permit (VEP) for Singapore vehicles as the system is still in development, reported The Straits Times. Transport Minister Datuk Seri Liow Tiong Lai had reported announced a May launch, but government officials were quoted saying the system was not ready and there was no specific launch date yet. The government had initially wanted to roll out the levy system ― which would be RM20 for Singapore-registered vehicles per trip ― in August last year. Singapore is already charging Malaysian cars entering the country S$35 (RM103.32) in VEP for weekdays while motorcyclists are charged S$4. (The Malay Mail Online)
World’s largest Lego Millennium Falcon at Legoland Malaysia
The Force is strong at Legoland Malaysia Resort, as it is the proud home of the largest Lego Millennium Falcon ever built. The replica was constructed by father-son Lego Master Builder Dan and Chris Steininger with help from visitors to the theme park. The 4.8m long and 3.6m wide Falcon was constructed using more than 200,000 Lego bricks and took nearly 30 hours over 3 days to complete. In addition to the Falcon, Legoland Malaysia has planned activities for the entire month of May to celebrate Star Wars Day on May 4. (The Malay Mail Online)
The world’s largest Lego Millennium Falcon is now at Legoland Malaysia (Photo from The Malay Mail Online)
