Iskandar Malaysia on track to hit RM25bil investment target
The Iskandar Regional Development Authority (IRDA) is confident of achieving its 2016 investment target of RM25 billion for Iskandar Malaysia after securing RM17.7 billion in new investments in the first half of the year. IRDA’s corporate management and finance director, Nor Hashim, said about 60% of the investments in 1H2016 was contributed by the property sector, with investments coming mainly from mainland China – followed by manufacturing and services sectors. (The Edge Markets)
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China’s BUCG taken off RM6.3bil Penang mega-project
Consortium Zenith BUCG Sdn Bhd (CZBUCG), which was tasked with building a RM6.3 billion mega project in Penang, is now looking for a new partner for the joint venture, following the abrupt removal of Chinese state-run firm Beijing Urban Construction Group Co Ltd (BUCG). It was removed as a partner in the consortium after it was found responsible for the recent fatal accident in Kuala Lumpur, where a woman was killed when a crane hook fell on her car. CZBUCG had penned a letter seeking permission for BUCG’s withdrawal as a shareholder and change in name of the consortium in a bid to safeguard both the consortium and the state’s credibility. The consortium is now looking for a new partner to take on BUCG’s role. (The Edge Markets)
Liow: Alliance with China will spur development of 6 ports
An alliance between six Malaysian and 11 Chinese ports will fuel the development of shipping, logistics and related industries in both countries, said Transport Minister Datuk Seri Liow Tiong Lai. In this regard, the government is eyeing to further develop the Malaysian ports involved, as well as the surrounding areas. The ports are Penang Port, Port Klang, Kuantan Port, Malacca Port, the Port of Tanjung Pelapas and Bintulu Port. The role of ports should not be limited to just the import and export of goods, but also focus on developing the surrounding areas, including the industrial sector and property development. (Malay Mail Online)
Japan’s Daikin to build US$29.3mil plant in Malaysia
Japan’s Daikin Industries is building a commercial air conditioning equipment plant in Malaysia. The plant will be constructed on the outskirts of Kuala Lumpur, with initial investment projected to top 3 billion yen (US$29.3mil). Daikin Industries’ new factory is to produce large air conditioning units beginning in 2018 for installation in airports and other commercial facilities. (The Star Online)
BAT Malaysia gets green light to sell land to LGB Properties
British American Tobacco (Malaysia) Bhd has obtained the approval of shareholders to dispose its land to LGB Properties (M) Sdn Bhd for RM218 million. A shareholder disclosed that following the sale of the land in Petaling Jaya, BAT Malaysia has an understanding with purchaser to rent the premises for a year. It was not revealed where the company will move its operations after the one-year post-sale period ends. BAT had indicated that the sale should be concluded by year end. (New Straits Times Online)
Trive Property to buy Kertih land for RM19.57mil
Loss-making Trive Property Group Bhd (formerly known as Eti Tech Corp Bhd) is planning to acquire homebuilder Pakadiri Sdn Bhd, which owns a 20.92ha land in Kemaman, Terengganu, for RM19.57 million cash. The company plans to co-develop the land with state government’s Lembaga Tabung Amanah Warisan Negeri Terengganu. Trive Property was awarded a contract for the first phase of the Bandar Baru Kertih Jaya township – with Pakadiri’s portion dubbed the “Kertih Project” – by Pakadiri last year, but construction works were put on hold as Trive Property’s private placement raised less than a third of the RM7 million to fund the job. It is still finalising development plans for the Kertih Project. (The Edge Markets)
