First motorsport-themed RM15bil township to be built in Gopeng
The first modern, integrated motorsport-themed township with GDV of RM15.1 billion will be developed in Gopeng, Perak. Known as T-City, the international level mega project will be undertaken by Goodland Group Ltd, which is listed on the Singapore Stock Exchange, on a 184.5ha site. T-City will embody the smart city concept and involves three development phases with five key components, including the motorsport facilities and an entertainment hub. The other components are an automotive centre, retail and food industry outlets, a hotel and serviced apartments, alongside condominiums. T-City would be equipped with comprehensive facilities and infrastructure, including a land transport terminal, petrol stations, parks, schools and a hospital. The first phase is expected to be completed in 10 years and cover 80.9ha, while embracing the first Formula 2 (F2) racing circuit in Malaysia and which is projected to be ready next June. (The Star Online)

Artist's impression of T-city (Image from T-City)

Artist’s impression of T-city (Image from T-City)

IOI Properties wins bid for record S$2.57bil Singapore land
IOI Properties Group Bhd has won a bid for a 1.09ha parcel of land in Singapore for S$2.57 billion (RM7.77 billion) in a record-breaking transaction. Its winning bid, done through wholly owned subsidiary Wealthy Link Pte Ltd, is the highest in absolute dollar quantum as well as per square foot per plot ratio for a government land sale site in Singapore. The land is strategically located with a prominent frontage along Central Boulevard and Raffles Quay-Shenton Way, the two key roads within Marina Bay and the Central Business District (CBD). The group said this is an opportunity for it to venture into prime office development in the CBD of Singapore. (The Sun Daily)

EPF cautions members to be alert of scammers
The Employeess Provident Fund (EPF) is urging members to enhance their financial literacy and investment knowledge and get enough information before investing, as professionals in the prime of their careers, educated youngsters and those nearing retirement are being targeted by get-rich-quick scammers. According to the Federation of Investment Managers Malaysia (FIMM), misappropriation of funds by consultants of Private Retirement Scheme (PRS) and unit trust is the main complaint among consumers. With the Internet, foreigners can easily target Malaysians via e-mails, websites and social media. The public should always exercise due care and get advice and details from qualified advisers or financial planners because there is no guarantee that investments will be profitable. (The Star Online)

Mayland considers listing in three years
Malaysia Land Properties Sdn Bhd (Mayland) is mulling a public listing on Bursa Malaysia in the next three years, according to managing director Datuk Kevin Woo. During the launch of Hampton Damansara, a RM678 million serviced apartment, Woo told reporters that the company is in the midst of building a healthier balance sheet, paving the way for a listing on the local stock exchange. Mayland intends to make more land acquisitions in the Klang Valley, with the weaker ringgit attracting more overseas investors. Two other projects in the pipeline include One Stonor, a high-end residence in KLCC and Sierramas West, also a luxury affordable high-end residence project. (The Edge Markets)

PJ Bumi to acquire 70% stake in Goldix Resources for RM16mil
PJ Bumi Bhd is planning to acquire a 70% equity stake in Goldix Resources Sdn Bhd (GRSB) for RM16 million to enhance its existing construction business, as well as improve its financial performance. GRSB is the master developer of a parcel of 165-acre piece of land at Mukim Serting Ilir in Negeri Sembilan, which is owned by the Federal Land Development Authority (Felda). The land will be developed into a mixed development project in phases. It comprises 500 units of Perumahan Generasi Baru Felda house, 10 units of terrace factory, Felda’s staff quarters, community hall, sport complex and six units of community shop. The RM98.3 million project is expected to commence in the first quarter of next year with an estimated construction period of three years. (The Edge Markets)

World’s longest dragon tunnel in Yong Peng set to draw visitors
The Sultan of Johor, Sultan Ibrahim Sultan Iskandar launched the 107m long man-made dragon tunnel located at the Che An Khor Moral Uplifting Association grounds on Saturday. Dubbed the Prosperity Dragon, it is the biggest and longest dragon tunnel in the world, and is set to be an iconic tourist attraction. The construction of the dragon replica, which took about a year and a half to be completed, cost RM8 million. State Tourism Committee chairman Datuk Tee Siew Kiong said that the dragon tunnel would draw more tourists into the district and in turn boost the local business and state economy. “This dragon would be a symbol for prosperity for Johor and I hope that this Green Garden will become a iconic feature for Yong Peng,” he said. (The Star Online)

The 107m dragon tunnel in Yong Peng is set to be an iconic tourist attraction (Photo from The Star)

The 107m dragon tunnel in Yong Peng is set to be an iconic tourist attraction (Photo from The Star)

Two dead after NZ quake, residents flee tsunami
A powerful magnitude 7.8 earthquake has killed at least two people and sparked a tsunami alert has sent thousands fleeing for higher ground. The tremor, one of the most powerful ever recorded in New Zealand, hit just after midnight on Monday near the South Island coastal town of Kaikoura. With roads blocked, a helicopter was taking a search and rescue team to Kaikoura, where aerial television footage showed huge landslips and at least one home destroyed. Soon after the earthquake, tsunami warning sirens were activated in South Island coastal towns and along the east coast of the North Island, with police and emergency workers going door to door to evacuate seaside properties. (The Sun Daily)