Bank Negara: Don’t wait for deadline to replace credit cards
Bank Negara Malaysia is urging holders of credit or debit cards to replace their signature-based cards to the new PIN-based ones as soon as possible, before the anticipated rush of the year-end deadline. Bank industry players are worried that there will be massive congestion if cardholders wait until the last minute to replace their cards. More than 8 million credit cards and 24 million active debit cards need to be replaced under the exercise. The PIN-based cards have tighter security features, including a microchip that cannot be forged. From January 2017, all e-payment cards must be PIN-based while signature-based cards are phased out. The signature-based system will be turned off on July 1 next year. (The Star Online)
EPF plans to acquire 40% stake in Duke highway from Ekovest
The Employees Provident Fund (EPF) is interested to buy a 40% equity interest in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi), the concession holder of the Duta-Ulu Kelang Expressway (Duke) and its upcoming extension, from Ekovest Bhd. Ekovest owns a 100% stake in Kesturi. The 18km Duke has been fully operational since April 2009. and Kesturi’s original 34-year toll concession is scheduled to end in August 2039. Phase 2 of the Duke will see the addition to two links spanning a total of 16km at a cost of RM1.12 billio, which is expected to complete by year-end and have a toll concession until 2059. (The Star Online)
SP Setia cuts FY16 sales target from RM4bil to RM3.5bil
SP Setia Bhd has lowered its property sales target figure from RM4 billion to RM3.5 billion. President and chief executive officer Datuk Khor Chap Jen cited global uncertainty, especially in the aftermath of Brexit, and continued weak sentiment in the Malaysian property market, for the downward revision. “In view of the challenging environment ahead, the group is cautiously optimistic and remains resilient with its diversified range of new launches, ranging from affordable to up market, and landed to apartments in the second half of the financial year,” he said. The group currently has total unbilled sales of RM8.2 billion, with 29 ongoing projects and remaining 3,805 acres of land bank with a GDV of RM71.5 billion. (The Edge Markets)
Penang developer launches mixed housing project in Nibong Tebal
Penang-based property development company, Panchor Residence Sdn Bhd, is planning a mixed housing development project with 296 properties in Nibong Tebal, Penang. The project will comprise 84 double-storey semi-detached units, 14 double-storey bungalows, 113 double-storey terrace units, and 85 units of low-medium cost apartments. The company aims to provide affordable properties in an area which has been seeing high prices for many years. (Digital Journal)
Selangor to provide affordable work spaces for young entrepreneurs
The Selangor state government will introduce a policy next month to provide affordable commercial and residential spaces for young entrepreneurs. The Affordable Commercial Apartment Residences and Boutique Offices Development Policy will require all new development of service apartments, small office home offices (SOHO), combination service apartments in transit oriented developments (TOD), small office versatile offices (SOVO) and small office flexible offices (SOFO), to have between 10% – 30% of these affordable commercial residential units. Young entrepreneurs are assets to the country and are the biggest contributor to the country’s revenue, said Selangor Mentri Besar Datuk Seri Azmin Ali. The units will be capped at a price of not more than RM250,000 and sized between 450 and 550 square feet. Applications will be open to entrepreneurs below 40 who, individually or with their spouse, earn less than RM15,000 a month. (Malay Mail Online)
Developer gifts DLCW condominium unit for contribution to sports
Property developer Orando Holdings is presenting national shuttler Dato’ Lee Chong Wei with a RM1.5 million condominium unit for his contribution to Malaysian sports. Lee had visited the Cheras showroom of the Lavile condominium and shown an interest in buying the unit before flying to Rio for the Olympics. The 1,100sq ft, three-bedroom unit at the planned Lavile exclusive condominium in Taman Maluri will face the Kuala Lumpur City Centre and come fully furnished. The 38-storey condominium is expected to be completed in 2020. (The Star Online)
Orando managing director Datuk Eng Wei Chun posing with a scale model of the Lavile Kuala Lumpur. (Photo from The Star)
(Logo from 2017 SEA Games official website )
2017 SEA Games hosted by Malaysia to become first ‘Green Games’
The 2017 SEA Games hosted by Malaysia will be the first to adopt the ‘Green Games’ concept, said Youth and Sports Minister Khairy Jamaluddin Abu Bakar. Malaysia would take the initiative to adopt the green games concept to promote environmental awareness and healthy lifestyle. “Apart from encouraging the young generation to be involved in sports, we would also like to teach them about preserving the environment and enhance awareness among the people,” he said. Some of the initial steps taken include setting up recycle bins at competition venues, better energy management and ensuring the sales of food with minimal use of plastics. (Astro Awani)
