KL parking fees up 150%, other areas in Klang Valley to follow
Starting yesterday, parking fees for DBKL-owned parking lots within the central business district of Kuala Lumpur were increased by 150%. The affected areas include Bukit Bintang, Bukit Damansara, Sri Hartamas, Desa Hartamas, Solaris Mont Kiara, Taman Tun Dr Ismail and Bangsar. The hourly parking charges have been increased from 80sen per hour to RM2 for the first hour, and RM3 for subsequent hours. The new parking charges will be enforced in stages from now to Aug 1, which will see an increase of between 100% and 200%, depending on the locality. Zones outside the city will see increased rates next month, ranging from 100% to 200%. (The Star Online)

Image from The Star

Image from The Star

HSR MoU signing a key bilateral project for both countries
The Kuala Lumpur-Singapore High-Speed Rail (HSR), for which the Memorandum of Understanding (MoU) will be signed tomorrow and witnessed by Singapore Prime Minister Lee Hsien Loong and Malaysian Prime Minister Datuk Seri Najib Razak, is a key bilateral project for both countries, reported Channel NewsAsia. The two governments’ commitment to the project is a reflection of strong bilaterial ties and continued efforts to deepen relations. When completed, the HSR will boost connectivity, strengthen economic ties and forge closer people-to-people linkages. The proposed 350km-long line will cut travel time between Singapore and the Malaysian capital to just 90 minutes by train. (The Malay Mail Online)

Artist's impression of The Two (Image from DA Land)

Artist’s impression of The Two (Image from DA Land)

Malaysia’s largest mall with indoor theme park to open in Rawang
The Two, which is set to be the largest mall in Malaysia, will have the largest international indoor theme park in South-East Asia and a tourist destination when it is completed. The new lifestyle project, which sits on a 20.4ha plot in Rawan, is an ambitious project by developer DA Land. The 600,000sq ft indoor theme park, with outdoor and indoor swimming pools, is designed by the Sanderson Group, which has worked on Tokyo Disneyland, Movie World Australia and Universal Studios Singapore. It will be the largest in Asia when the project is completed. The project will be constructed in four phases over eight to 10 years. The RM2 billion first phase comprises a mall, indoor and outdoor theme parks and hotels, taking approximately four years to complete. (The Star Online)

Penang gov urged to regulate short-term rental service
The owners of rental houses in Penang want the state government to regulate short-term rental services instead of blindly issuing summonses. A spokeman for the landlords said that the summonses issued by MBPP stated that house owners operating a homestay without licence under the Local Council By-laws wered fined up to RM250. However, when they went to council to ask for an application for a licence to operate, they were told there was no such licence. The majority of the house owners facing such problems are those who advertised their houses on short term rent on Airbnb, an online booking site for those interested to rent a house at their preferred location. (The Malay Mail Online)

Naza TTDI to launch projects worth RM1.4bil in 2H
Naza TTDI is set to launch RM1.4 billion worth of property projects in the second half of the year, riding on the appetite of property hunters for good value property investments, which is expected to be on an upward trend following Bank Negara Malaysia’s move to lower the Overnight Policy Rate (OPR). Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said that the property market is still resilient, as evidenced by the successful launch of TTDI Segaris. TTDI Alam Impian in Shah Alam, its first high-rise residences, will also be launched soon, while the official launch of TTDI Olivina is slated for next month. The company is in the process of developing 4.3ha in KL Metropolis with GDV of RM1.2 billion comprising two commercial towers and one high-end serviced residential block, which will be launched in November. (The Sun Daily)

KAG gets backing for diversification into construction and property
Key Alliance Group Bhd (KAG) has gotten the green light from shareholders for its proposals to diversify the Group’s business into construction, property development and property investment business. The shareholders also agreed to the proposal relating to the renounceable rights issue. In May this year, the company had announced in a Bursa Malaysia filing that, following a tender for the project, its subsidiary Key Alliance Sdn Bhd had received a letter of award from OCR Noble Land for a construction project. (New Straits Times Online)