MRT SBK begins operations Dec 16, fares to start at RM1, maximum RM6.40
Phase 1 of the MRT Sungai Buloh-Kajang (SBK) line is expected to be operational from Dec 16, covering 12 stations between Sungai Buloh and Semantan. The fares will begin from RM1 for a single stop, based on the cashless fare structure, topping out at RM6.40. The lowest single stop fare based on the cash fare structure is at RM1.10, between the Pasar Seni and Merdeka stations. Senior citizens, students, and people with disabilities (OKU) will get a 50% discount, while children below seven travel for free. Phase 2 of the MRT SBK will cover the remaining 19 stations between Semantan and Kajang and is scheduled for operations next July. (New Straits Times Online)

EcoWorld, EPF team up for RM15bil mixed project in Kuala Selangor
Eco World Development Group Bhd has teamed up with the Employees Provident Fund (EPF) to jointly develop a piece of 2,198.4-acre (890ha) leasehold land in Kuala Selangor into a mixed project estimated to be worth RM15 billion. The development includes a mixed residential and commercial development, “Eco Grandeur”, and an integrated business park, “Eco Business Park V”, and affordable homes including Rumah Selangorku homes known as “Laman Indah”. EPF is required to provide shareholders advances of RM367 million to the joint venture company to fund the proposed developments, while EcoWorld will put up RM175 million of the same. This is the second partnership between EcoWorld and EPF, the first being Bukit Bintang City Centre (BBCC). (The Edge Markets)

SP Setia brings forward mid-priced launches
SP Setia Bhd has delayed its apartment launches and bringing forward launches of more mid-priced land properties and retail shop lots, in a nod to the challenging environment ahead. The property developer reported a net profit of RM134.07mil for the third quarter this year, driven by ongoing property projects. The group said it remains resilient with its diversified range of new launches, ranging from affordable to up market and landed properties to condominiums. (The Sun Daily)

Al-Aqar Healthcare REIT to sell assets for RM100mil
Al-Aqar Healthcare REIT is selling a 5,156-sq m piece of freehold land together with the 27-storey Hotel Selesa and 31-storey Metropolis Tower office building in Johor Baru to Optimum Impress Sdn Bhd for RM100 million cash. It intends to use the bulk of the proceeds from the proposed disposal to repay bank borrowings, and for working capital and future acquisitions. (The Edge Markets)

Land & General buys 4 firms for RM298mil
Land & General is planning to acquire four companies for a total of RM298.32 million, which will allow the group to replenish its land banks for immediate and future developments. L&G said it will acquire the four companies from Malaysia Land Properties Sdn Bhd — Primal Milestone Sdn Bhd (valued at RM128.47 million), Triumph Bliss Sdn Bhd (RM118.15 million), Forward Esteem Sdn Bhd (RM45.73 million) and Quantum Bonus Sdn Bhd (RM5.97 million). The acquisitions will allow the group to purchase sizeable strategically located land banks in Greater Klang Valley area in an expeditious manner to take advantage of the current property market slowdown. (The Edge Markets)

Malaysia won’t peg ringgit
The Ministry of Finance has assured investors that Malaysia will not peg the ringgit or impose capital controls despite the recent volatility faced by the local currency. The further decline of the ringgit was worsened by speculative activities going on offshore, following Donald Trump’s election win and expectations of high interest rates in the US soon, which have led to investors pulling out their funds from Asia. Malaysia’s fundamentals are solid, given the GDP growth for the third quarter, economic activities and infrastructure development, and the government will not go for capital controls or pegging as it is an open economy and will remain one, said Second Finance Minister Datuk Johari Abdul Ghani. (Malay Mail Online)

Fine under AES fixed at RM150
The fine under the Automated Enforcement System (AES) has been fixed at RM150, said Transport Minister Datuk Seri Liow Tiong Lai, dismissing rumours that some 1.6 million summonses would be cancelled. Offences captured under the AES are speeding and beating traffic lights. Those who fail to pay will be blacklisted and will not be allowed to renew their driving licences. The AES has been integrated into the new Automated Awareness Safety System (Awas), which combines the cameras with a Demerit Point System (Kejara). Motorists start with 20 points, and their driving licence is revoked once all the points are deducted. The Government earlier rolled out 40 AES cameras in 14 areas around the Klang Valley and Perak when it was first implemented in 2012. (The Star Online)

The AES has been integrated into the new Automated Awareness Safety System (Awas). - NSTP/Fariz Iswadi Ismail.

The AES has been integrated into the new Automated Awareness Safety System (Awas). – NSTP/Fariz Iswadi Ismail.