Apple to be largest office tenant at Battersea Power Station
Apple Inc is expected to be the largest office tenant at the Battersea Power Station in London, occupying about 500,000 sq ft of space – about 40% of the total office space in the development – across six floors of the central Boiler House in the historic icon. The technology giant is expected to move into the premises in 2021. The Battersea Power Station development site, which is owned by Malaysian shareholders Sime Darby (40%), SP Setia (40%) and the Employees Provident Fund (20%), extends to over 42 acres of prime riverside land. A total of 1,400 Apple employees from around London will relocate to the new premises. (The Star Online)
Felda to proceed with RM534mil Wembley project in London
The Federal Land Development Authority (Felda) is going ahead with the third phase of its real estate development in Wembley, London, in the United Kingdom. Felda chairman Tan Sri Mohd Isa Abdul Samad said the group’s investment arm would proceed with the third phase, dubbed Wembley Three, which is expected to cost £100 million (RM534 million), following the successful launch of phase one and two. “Although there are various issues, such as Brexit, London has proven to be an attractive investment destination and a profitable property venture,” he said. Wembley One and Two were developed for student accommodation, but Wembley Three will comprise a hotel, apartments and offices. (Free Malaysia Today)
Sarawak’s RM4.1bil Murum hydro-electric dam launched
Sarawak Energy Berhad’s (SEB) largest hydropower construction project, the Murum Hydroelectic Damn, was officially opened by Sarawak Yang di-Pertua Negeri Tun Abdul Taib Mahmud yesterday. The RM4.1 billion dam, located in interior Belaga, Murum, is capable of supplying up to 944MW of “sustainable, renewable and affordable” energy for the state. The Murum Dam is SEB’s second hydroelectric dam after the Batang Ai in the Sri Aman Division. Its completion allows the state government to reduce electricity tariffs for domestic, commercial and industrial non-SCORE (Sarawak Corridor of Renewable Energy) last year. (Malay Mail Online)
Aerial view of the Murum Dam (Photo from Bernama)
Sime Darby cuts E&O stake price to RM323.3mil
Sime Darby is reducing the disposal price of its 10% stake in Eastern & Oriental Bhd (E&O) by 5.5% to RM323.3 million. Its president and group CEO Tan Sri Mohd Bakke Salleh said the new price better reflects the current property sector outlook. The conglomerate announced in June that it was disposing of the 10% stake in E&O to Paramount Spring Sdn Bhd. (The Edge Markets)
Gamuda Q4 profits flat on lower income, higher taxes
Gamuda Bhd reported a flat net profit of RM152.1 million for Q4FY16, compared toRM153.68 million in the previous corresponding quarter, due to lower income and higher tax expenses. Revenue saw a slight drop of 1.4% on the back of the tapering of underground and elevated works for the MRT Line 1 project. However, it anticipates a good performance next year from ongoing construction jobs and steady earnings from expressway concessions. Its property division’s performance is also expected to pick up due to launches of local and overseas projects. (The Sun Daily)
Batu Kawan residents protesting quarry blasting activities
Residents in Batu Kawan, Penang are calling for an end to the blasting activities at a quarry in the area, which has been ongoing for some five years. The latest incident was last week, which caused glass and tiles to crack at several houses. Reports had been lodged with the local council but the blasting had continued, and even become more frequent. It was claimed that operations at the quarries had affected some 20,000 residents and damaged hundreds of houses, as well as endangering residents’ lives. (The Sun Daily)
