Bina Puri and China firm to invest RM15bil in Kuantan waterfront project
Bina Puri Holdings Bhd and China-based CCCC Dredging (Group) Co Ltd will be investing RM15 billion over the next 10 years for an iconic project in Kuantan. They will form a consortium with a 50% stake each in developing the 500-acre Kuantan Waterfront Resort City (KWRC). The multi-billion-ringgit project is strategically located in Tanjung Lumpur, Pahang, and will be just 2KM away from Kuantan city. It will be built entirely on reclaimed land and is designed to be Kuantan’s first integrated resort, leisure and entertainment destination. Reclaimation works would begin from mid-2017 and completed within three years, while the project would consist of four phases in 10 years. (The Star Online)
MACC seizes 127 land grants worth RM30mil in Sabah
It is reported that the Malaysian Anti-Corruption Commission (MACC) has seized land ownership grants estimated to be worth RM30 million from the deputy director of a government department in Sabah after being detained on October 4. The raid saw RM114.5 million worth of cash, gold jewellery, land titles and luxury watches and handbags being seized. Sources said that the land grants seized from the deputy director included those for residential, agricultural and commercial land in several locations in Sabah. There was also information on several bank accounts belonging to the two suspects (director and deputy director of a government department) in three countries where more than RM30 million had been transferred into their accounts. The investigation is still ongoing, and is the biggest case in the history of the MACC. (Malay Mail Online)
A property developer representative explaining to visitors during the MyRumah III Property Showcase. -Ghazali Kori/NSTP
MyRumah: RM6mil in properties sold
The three-day MyRumah III Property Showcase ended on an impressive note on Sunday when it raked in RM6 million in sales. The property showcase, which was jointly organised by the New Straits Times Press Bhd (NSTP) and property developer Andaman Group, sold more than 20 properties priced below RM500,000. Exhibitors included property developers such as Andaman Group, Gamuda Land, Sime Darby Property, SP Setia Bhd and Uda Holdings Bhd. The property exhibition also achieved its goals of educating the public on property acquisition, generating property sales and attracting high number of visitors. (New Straits Times Online)
RM2.7bil spent on Kelantan infrastructure since 2015
The federal government has spent RM2.705 billion to develop various infrastructure in Kelantan since 2015, says Kelantan Federal Action Council chairman Datuk Seri Mustapa Mohamed. RM1.1 billion was allocated to repair various infrastructure such as hospitals, police stations, bridges and railway tracks damaged in the big flood of 2014. The remaining RM1.605 billion were used for five state projects such as the RM430 million upgrading of Sultan Ismail Petra Airport in Pengkalan Chepa into an international airport. Other items included RM550 million for the flood mitigation project, RM530 million for the construction of a federal department office complex (due to complete by 2020), RM55 million for main road expansion and RM40 million on a heritage projec in Kampung Laut, Tumpat. (Bernama)
Penang Port, Shell Malaysia join forces to improve ferry service
Penang Port Sdn Bhd (PPSB) and Shell Malaysia are working together to deliver improvements to the ferry service between Penang Island and the mainland. The partnership will enable Penang Port to realise cost savings by lowering fuel consumption by more than 3% and reducing maintenance and downtime. A technical, on-board trial of Shell Fuelsave Diesel will be used, making the first marine application of the fuel in Asia and second in the world. The Penang ferries are a national icon and hundreds of commuters rely on the service on a daily basis. (Malay Mail Online)
Sime Darby to inject RM1.12bil properties into Saizen REIT
Sime Darby Bhd is injecting 20 industrial properties worth RM1.12 billion into Saizen REIT as part of a reverse takeover by Sime Darby Property Singapore Ltd (SDPSL) of the REIT. An implementation agreement was signed with Japan Residential Asset Manager (as manager of Saizen REIT) and Perpetual Corporate Trust Ltd (trustee of Sime REIT Australia). Under the deal, Saizen REIT will pay for the properties through RM888.9 million receivables from the issuance and allotment of New Saizen REIT Units. Saizen REIT intends to hold the properties through a sub-trust of Sime REIT Australia. (The Sun Daily)
