Malaysia, China to sign RM55bil East Coast Railway contract
Malaysia and China is set to set the framework financing agreement and engineering, procurement, construction (EPC) contract for a RM55 billion East Coast Railway Line (ECRL) project today. Tf the financing for the project could be finalised by year-end, the new double-track rail project connecting Port Klang (Selangor) to Tumpat (Kelantan) could take off by next year. The project will help lower transportation costs between west and east coasts of Peninsular Malaysia, lower prices of goods, reduce travel time, create more jobs and business opportunities for those in rural areas. It will also assist in the transfer of technology in the railway industry. The railway line will be built in phases, the first phase from Port Klang – Gombak – Dungun (Terengganu) and second phase from Dungun to Tumpat. The construction of the project is expected to start next year and completed in 2022. (The Star Online)

Selangor tables RM3.45bil budget
The Selangor state government has tabled a budget of RM3.45 billion, with more than half of it allocated to development. Selangor Mentri Besar Datuk Seri Mohamed Azmin Ali said 52.2% or RM1.8 billion of the state’s Budget 2017 is allocated to development while 47.8% or RM1.65 billion for administration purposes. In comparison, the Federal Budget allocated only 18% for development. Of the RM1.8 billion, Azmin said, 60.7% or RM1.093 billion will be for infrastructure projects including new constructions, drainage and irrigation maintenance, and water supply development. He added RM250.258 million will be allocated to low cost strata housing, transport, industry and investment, urban, town and rural planning, and veterinary services. Another RM247.156 million will be to community service, entrepreneurship, youth development, sports, and women and family development. The state is also allocating RM209.260 million for basic healthcare, dengue and zika prevention programmes, rural economic development, and basic rural developments besides RM183.2 million to fund the state’s free water programme. (The Sun Daily)

Artist’s impression of EkoGateway@KL River City

Ekovest bags RM2.6bil development order for KL River City project
Ekovest Bhd, one of the project delivery partners for rehabilitating and beautifying the Klang and Gombak rivers, has received the development order for its EkoGateway@KL River City project with a GDV of RM2.6bil. The proposed development will be part of Kuala Lumpur River City, a project spanning 3km along the Gombak River. The EkoGateway project will span 14.5 acres, comprising 5 serviced apartment blocks, a 42-storey hotel and office block, and a 27-storey block with 300 PPA1M units. It is estimated to take a total of 6 years to complete. (The Star Online)

RM1.4bil to upgrade KTMB commuter service
About RM1.4 billion has been allocated to increase the frequency of KTM commuter services during peak hours. Transport Minister Datuk Seri Liow Tiong Lai said the upgrading of the railway system would take some time and hopes it could be completed by 2020. The Klang Valley Double Track signal link will be extended to Seremban, which will increase the frequency level. KTMB is working with the state government to improve the level of service in public transport, and ensure incidents such as derailment wouldn not recur. Last Friday, a KTMB cargo train derailed at Baru Gajah, Perak. (Astro Awani)

IGB to raise RM1bil to finance Southkey Megamall project
A joint venture company between IGB Corp Bhd and Southkey City Sdn Bhd is planning to raise up to RM1 billion via debt papers to finance the development and construction of the Mid Valley Megamall Southkey project. It will be raised via its unrated eight-year medium-term note (MTN) programme, which is the latest step to realise Mid Valley Megamall, Southkey, as one of Johor’s largest integrated retail and commercial developments, and diversify its funding sources. The mall is estimated to have a GDV of RM3 billion to RM4 billion, and expected to open at end 2018. (The Edge Markets)

Good transport system vital to promote Melaka tourism
In an effort to provide a more efficient transportation system and at the same time give further boost to the tourism sector, the Melaka state government has introduced the Panorama Melaka Red Line service. State Transport, Rehabilitation Projects and International Trade Committee chairman Datuk Lim Ban Hong said that as a popular tourist destination, it was vital for Melaka to have an efficient and modern bus service to encourage more travellers to visit the state. To date, Panorama Melaka Sdn Bhd has mobilised six stage buses in the city to take local and foreign visitors to the many historical sites available. (Bernama)

Perak’s first McDonald’s outlet to close after 30 years
The first and oldest McDonald’s outlet in Perak, located at Jalan Mustapha Al-Bakry in Ipoh, is set to close on Nov 30. Opened in the late 1980s, the outlet has been in operation for about 30 years. Employees have been informed of the outlet’s pending closure, and they will be transferred to other outlets. Residents were saddened to hear the news, as they had many fond memories there. The outlet was also unique, as it was located in a colonial-style building. (The Star Online)