Singapore to match any increase in Malaysia’s toll rate
Singapore will continue to match any increase in Malaysia’s toll prices, reported Channel News Asia. Quoting Singapore Transport Minister Khaw Boon Wan, the long-standing policy is to ensure Malaysia takes into consideration Singapore’s response whenever it plans to raise tolls. The announcement follows Malaysia’s intention to charge RM20 for each foreign vehicle entering Johor from Singapore. Malaysia is currently conducting a trial run for the implementation of the Vehicle Entry Permit System (VEP) for foreign vehicles entering Malaysia via the causeway from Singapore from June 1 until July 15. The RM20 VEP charge would only be imposed from July 16 while the registration of vehicles for VEP will be until the end of the year. (The Malay Mail Online)
UDA to launch RM1.8bil worth of projects
UDA Holdings Bhd is launching two projects in Bertam, on mainland Penang, with a total GDV of RM1.8 billion. The two projects are Gravitas, a mixed use development with GDV of RM1.1 billion; and Crescent Dew, a luxury residential development with a resort concept worth RM700 million. Gravitas, which is located in Seberang Perai Tengah, is a 21.3-acre project which will comprise a retail centre, food and beverage outlets, podiums, activity centres, business hotels and serviced apartments. It is expected to complete in 2021. Crescent Dew will offer 260 landed properties including two-storey and three-storey semi-detached houses, two-storey bungalows and three types of three-storey bungalows. The gated and guarded township will feature a man-made lake with recreational facilities, and is targeted for completion in 2020. (The Edge Markets)
Community houses costing RM20,000 a reality in Besut
The combined efforts of polytechnic and community college students in Besut, Terengganu have managed to build a house consisting of three rooms and living room using a minimal budget of RM20,000 and limited time frame of less than a month. Armed with the skills and knowledge required, and with the aid of their lecturers, the students have built 19 houses of 600 square feet each, under the Community House programme which was inspired by the need to resolve housing availability for the poor and needy, at the same time providing a platform for students to improve their skills. The first house was completed in Kampung Padang Landak, Jerteh, within 22 days, at a cost of RM19,900, which was accomplished through the Industrialised Building System (IBS). (Astro Awani)
GuocoLand Malaysia unit sells stake in DC Tower for RM168mil
Hong Leong Real Estate Holdings, a wholly owned subsidiary of GuocoLand Malaysia Bhd, has disposed its entire equity interest in DC Tower Sdn Bhd for RM168.78 million. The disposal will enable GuocoLand to open the interest in DC Tower at current business sector esteem and realise gain, while also reinforcing its liquidity and income position by raising money to repay bank borrowings. (The Business Times)
Berjaya Assets is seller of land next to Berjaya Times Square
Berjaya Assets Bhd is looking to dispose of a plot of freehold land in Imbi for some RM130 million. The 41,990 sq ft land located next to the integrated Berjaya Times Square commercial development was purchased 22 years ago. The parcel has approval in principle for serviced suites or serviced apartments, and is just one step away from securing a development order. The planned service suites, if it takes place, is estimated to have a GDV of RM670 million. (The Edge Markets)
Photo from Biz Bash
New York casino expansion will bolster Genting Malaysia’s position
Genting Malaysia Bhd’s wholly-owned subsidiary Resorts World Casino New York City’s (RWNYC) has proposed a US$400 million (RM1.6 billion) expansion, which will enhance Genting’s market leading position among video-gaming operators in New York state, after having missed out on the commercial casino licence bidding last year. It was reported that RWNYC proposed to expand its business to build a 400-room hotel, 140,000 sq ft convention complex, retail outlets, 20,000 sq ft spa, and additional 1,000 video–lottery machines. An additional gaming revenue of US$50 million per year can be generated from the additional 1,000 machines. The funding for the project should not be a hurdle for the group, given its strong cash-generating business and ability to raise debt. (The Sun Daily)
