South Korea eyes KL-Singapore HSR project
South Korea is in talks for the Kuala Lumpur-Singapore High Speed Rail (HSR) project, and will be presenting the most suitable project cost and planning to the Malaysian government, as well as offering technology transfer by mid-June. Its Minister of Land Infrastructure and Transportation, Kang Ho-in, hopes that South Korea would be able to promote and prove its expertise in the area to the Malaysian government and work within the proejects budget. South Korea recently emerged as a new player in the bid for the Kuala Lumpur-Singapore HSR project and made a grand entry to the local scene with the showroom in Kuala Lumpur to create awareness of its experience in HSR technology. Its consortium bidding for the HSR project includes Korea Railroad Corp, Korea Land & Housing Corp, Korea Rail Network Authority (KRNA), top construction companies of South Korea and South Korean maker of HSR trains, Hyundai Rotem Company. (New Straits Times Online)

Malay reserve land developed into housing estate
A total of 19 housebuyers at Taman Desa Kencana in Meru, Klang were proud to receive the keys to their homes last week. The development consisting of 12 one-and-a-half storey houses and 10 units of double-storey houses, equipped with three-plus-one rooms and three bathrooms, was built by PKNS Infra Berhad (PIB), a fully-owned subsidiary of Perbadanan Kemajuan Negeri Selangor (PKNS). Sitting on a 1.05ha plot of Malay reserve land, the project began in 2013 and was completed in November last year, with the Certificate of Completion and Compliance (CCC) awarded in April. This is PIB’s first project to be built in Malay reserve land, and its success is a beginning to more such developments around Selangor. It is estimated that in 2014, there was about 170,533ha of Malay reserve land in Selangor. (The Star Online)

Korean developer to build theme park in Sunsuria
Property developer Sunsuria Berhad and elcome Global Company, a unit of South Korean outfit Ever Rich Land Company, are firming up plans to jointly develop an 8.5-acre parcel of land in Salak Tinggi, Kuala Lumpur. According to reports, the land is slated for a mixed-use development comprising serviced apartments, a shopping mall, theme park and boutique hotel. The project has been valued at RM700 million. Sunsuria’s other notable projects in Malaysia include Suria Residence, which comprises freehold serviced apartments, and Trivo, a soon-to-be-completed commercial development. (InterPark)

KL firms bullish on Penang sales
Kuala Lumpur-based property development companies in Penang are expecting sales to increase significantly for the upcoming financial, despite the tough property market. Eco World Development Group Bhd, Eastern & Oriental Bhd (E&O), IJM Land Bhd and Mah Sing Group Bhd are some of the Kuala Lumpur-based property companies expecting strong contributions from the state. Mah Sing estimates Penang to contribute 9% of its revenue for the current financial year, compared to 1% in the previous year. Eco World expects its projects in Penang to generate about RM600mil this financial year ending Oct 31, 2016, compared to RM200mil in the previous year. IJM Land is expecting its projects in Penang to generate RM240mil to the revenue for the current financial year ending March 2017, compared to RM168mil in the last financial year. E&O, Ivory Properties and Ideal Property Development are also preparing for launches in Penang this year. (The Star Online)

Sime proposes disposal of 10% E&O stake for RM342mil
Sime Darby Bhd is planning to dispose its 10% stake in Eastern & Oriental Bhd (E&O) to Paramount Spring Sdn Bhd for RM342 million as part of its asset monetisation plan. The sale will see Sime Darby remaining a shareholder of E&O with a 12.2% stake, and it will continue to have board representation in the property developer. It is expected to record a gain of approximately RM46.9 million, which will be utilised for working capital purposes. (The Star Online)

Econpile bags RM208 piling and substructure contract
Econpile Holdings Bhd has been awarded a RM208 million contract by Oxley Rising Sdn Bhd for bored piling, earthworks, foundation and substructure works at a mixed commercial development in Jalan Ampang, Kuala Lumpur. Its unit Econpile (M) Sdn Bhd received the letter of award. The 26 months contract is the main stream business of EMSB and expected to contribute positively to the revenue and earnings of the group for FY16. (The Sun Daily)

Photo from NST

Photo from NST

Malaysia Airlines plane encounters severe turbulence, several injured
A Malaysia Airlines Berhad (MAB) passenger aircraft encountered severe turbulence yesterday, which left several passengers and crew members injured. Flight MH1, which was flying from London to Kuala Lumpur with 378 people onboard, experienced clear-air turbulence over the Bay of Bengal. “Due to a brief moment of severe turbulence, some passengers suffered minor injuries,” MAB said in a statement. Images shared on social media show the aircraft galley in disarray with heavy food carts strewn across the floor, presumably as a result of the heavy turbulence. Passenger overhead units and cabins were also seen to be damaged, with debris strewn everywhere. (New Straits Times Online)