Market shockwaves as UK votes Brexit, pound drops to 30-year low
Britain has voted to leave the European Union (EU) in a popular revolt that will send shockwaves across Europe, triggering financial market turmoil across the globe. The pound dived to a 30-year low of $1.3301 since at least 1985. The euro also tumbled, falling as low as $1.0909, its lowest since May. At just before 4.45am the BBC called the result of the historic referendum: a Leave vote which will sever Britain’s 43-year membership of the EU. The vote revealed deep divisions across Britain, with prosperous London and Scotland voting by large margins for Remain, while working class towns, seaside resorts and rural England swung heavily for Leave. (The Financial Times)

Ringgit hits 7-week high as polls flag Bremain
Malaysia’s ringgit on Friday hit a seven-week high as polls suggested Britain had voted to remain in the European Union. The ringgit rose as much as 1.2 percent to 3.9700 per dollar, its strongest since May 4. The Malaysian currency was quoted earlier than usual as investors were keeping an eye on the Britain’s referendum to stay or leave the union. (The Star Online)

Only 5% of flat dwellers complying to waste separation policy
It has been more than a year since residents of high-rises were notified of the mandatory waste separation policy, and nearly a month into the enforcement of the rule on June 1. However, it is estimated that only 5% of high-rise residents are complying to the practice. A visit by StarMetro to several high-rise residentials, including People’s Housing Projects (PPR), found that a good number of residents welcomed the initiative, while others felt it was unnecessary and not worth the time and effort. Since June 1, recyclables collected have increased to 40 tonnes. (The Star Online)

Related article: Guide to Waste Separation in Malaysia

Transit-oriented developments for property developers
Property investors are still on the search for good property deals, and many are leaning towards transit-oriented developments (TOD) as their choice. According to real estate expert Abdul Aziz Ahmad, a TOD should enjoy ease of ridership and walkability, maximum access to public transport, be vertical in nature, and hold both residential and commercial components. His research found that residences in Singapore closer to MRT lines can fetch higher prices than those even just 100m further away. When choosing to invest in Kuala Lumpur, the closer a development is to a train line, the higher the demand and resale value that particular property can fetch. (The Star Online)

Related article: 5 Factors That Contribute To “The MRT Effect”

Gabungan AQRS secures RM314mil PR1MA deal
Property developer Gabungan AQRS Bhd has bagged a RM314 million deal to build 1,140 PR1MA homes for PR1MA Corp Malaysia on a 19.03-acre site in Dengkil, Selangor. Its unit Gabungan Strategik Sdn Bhd (GSSB) received the letter of intent (LOI) for the project, which comprises four blocks of 19-storey apartments. Construction will start in the first quarter of 2017. Gabungan AQRS said the project is in line with its strategies to monetise its selected assets and contribute positively to its property development division and reduce gearing ratio. (The Sun Daily)

Farlim to increase land bank for property business
Penang-based property developer Farlim Group (Malaysia) Bhd, which has a cash pile of over RM100 million, is currently in talks with several parties to acquire land in Kuala Lumpur, Selangor, Penang and Perak to enhance its property business. It expects to wrap up some deals within the year. The group has 310.09 acres of landbank in Penang, Selangor, Terengganu, Malacca and Perak, of which 302.57 acres are undeveloped. Last year, it completed its acquisition of 92.74 acres of land in Bidor, Perak, which marked its first venture into the state. The group is planning to launch a residential project development on its land in Perak, which would include affordable housing development. (The Sun Daily)

Sime Darby property exits hotel business in Malacca
Sime Darby Bhd’s wholly-owned unit, Sime Darby Property Bhd, has disposed of its entire stake in Syarikat Malacca Straits Inn Sdn Bhd (SMSI), which owns and operates Hotel Equatorial in Malacca for RM55.36 million. following the disposal to Permodalan Nasional Bhd, SMSI has ceased to be an indirect subsidiary of the group. “The disposal will not have a material effect on the earnings or net assets of the Sime Darby Group for the financial year ending June 30, 2016,” it said. (The Malay Mail Online)