Tabung Haji: Makes business sense to have high-value development on TRX land
Tabung Haji group managing director and chief executive officer Datuk Johan Abdullah says it makes business sense to develop the Tun Razak Exchange (TRX) land, which the pilgrims fund bought last year, into a high-value residential development. The fund had plans to upscale its property arm (TH Properties) and considering a high-value residential development at the time of purchase, due to the future infrastructure and connectivity. Tabung Haji purchased the 0.631ha TRX land from 1MDB for RM188.8 million last year. Despite pressures to sell it following outcries from certain quarters, TH Properties decided to develop the plot into high-end apartments. (New Straits Times Online)
Sime Darby targets RM2.2bil net profit for FY17
Sime Darby Bhd is targeting a net profit of RM2.2 billion for the financial year ending June 30, 2017 after announcing a 37.15% rise in net profit for its first quarter (1QFY17). The group said the improved net profit was mainly due to higher earnings from the motor and the property divisions, as well as lower finance costs. Higher profit was registered from its Ford and car rental business in Malaysia, BMW in Singapore and truck operations in New Zealand while Hong Kong recorded higher profit due to the gain on disposal of a property of RM30 million. For the property division, construction progress in several townships was significantly lower during the quarter and no contribution was recognised for the Pagoh Education Hub project as construction works had been substantially completed in FY16. (The Sun Daily)
Scale model of OIB’s Sejora Hills development (Photo from The Star)
Developer signs deal with BSN to make condominium affordable for young Malaysians
Oriental Interest Berhad (OIB) has teamed up wit Bank Simpanan Nasional (BSN) in conjunction with the launch of its Seroja Hills Condominium Phase 2, a project that qualifies for the BSN Youth Housing Scheme (YHS). The GDV RM84mil development is located in Sepang, Selangor and comprises 256 units across two interconnected towers. Phase 2 consists of 160 units measuring 1,096 sq ft with three bedrooms, 2 bathrooms and 2 parking bays, priced from RM320,000. The YHS is aimed at helping married couples between the ages of 25 and 40 with a household income not exceeding RM10,000 per month to own a house. It will be extended to the first 20,000 qualified applicants to finance the purchase of completed, under construction or sub-sale properties. (The Star Online)
Japanese companies continue to reinvest in Malaysia
Japanese companies operating in Malaysia are not only expected to continue reinvesting here but also make the country the base for conducting regional and global operations. The Malaysian Investment Development Authority (MIDA) is working closely with Japan to promote business-to-business relations between both countries. 36 manufacturing projects with investment of RM1.05 billion were approved in the first eight months this year, and projected to create 1,280 jobs for Malaysians. Japan continued to remain Malaysia’s top source of foreign direct investment in the manufacturing sector since 1980. (Malay Mail Online)
RM66mil infrastructure project allocated for Sarawak
The Sarawak state government has approved a total allocation of RM66 million in 2016 for 23 local authorities to implement 421 infrastructure and public amenity projects. 67% has been completed while 139 others were at various stages of implementation. 25 projects are scheduled to be completed in 2017. Sarawak Local Government Ministry also received RM61.35 million in 2016 from the Federal Urban Wellbeing, Housing and Local Government Ministry for local authorities to implement 394 minor infrastructure development projects. (Bernama)
MPAJ spent RM30mil to maintain slopes
The Ampang Jaya Municipal Council (MPAJ) has spent RM30mil since last year in its efforts to stabilise slopes and prevent incidences of erosion. MPAJ president Abdul Hamid Hussain said every year, RM2.5mil was spent on routine maintenance of slopes including cutting trees and clearing clogged drains. There are 352 slopes that are being monitored in the municipality. Remedial works are expected to be finished in a month, after a slope erosion occurred near Mutriara Court Apartment in Taman Bukit Permai on Nov 19 caused by lack of proper drainage system at the top of the slope. (The Star Online)
Noh Omar moots access card system in PPR flats
The Urban Wellbeing, Housing and Local Government Ministry said it plans to introduce an access card system at lifts in public flats. Minister Tan Sri Noh Omar said that the access card system would be introduced at the Lembah Subang 1 People’s Housing Programme (PPR) as a pilot project to improve security. Lembah Subang 1 was chosen as it is one of the pioneer PPR projects, and measures to beautify and upgrade the project as well as install CCTV cameras to prevent vandalism would be carried out. The Selangor government’s deadline to take over the management is on January 1 next year. (Malay Mail Online)
