Malaysia Vision Valley launching this week
Malaysia Vision Valley (MVV), touted as the country’s next world-class economic metropolis in Negri Sembilan, will be launched this week. On Thursday, Prime Minister Datuk Seri Najib Razak is expected to chair the MVV’s first steering committee at his office, as well as witness the signing of an agreement comprising three entities that are spearheading the ambitious economic corridor. Sime Darby will take a 50% stake in the venture, with the remainder equally held between KWAP and Brunsfield International Group. They will jointly own MVV Holdings Sdn Bhd, the master planner and project promoter. MVV is an economic zone encompassing some 100,000ha of land from Port Dickson to Seremban and Nilai. It will include industrial, commercial and residential clusters, and is expected to attract local and overseas investments amounting to RM400 billion by 2045. (New Straits Times Online)
IMF: Malaysia’s economy still resilient
The Malaysian economy has performed well over the past few years and remained resilient despite the challenging global economic environment, said the International Monetary Fund (IMF) in its annual consultation report on Malaysia. Despite the global commodity price impact and financial market volatility, it said the country’s economy remained resilient and is among the fastest growing economies in the region, owing to a diversified production and export base, strong balance sheet position, flexible exchange rate, responsive macroeconomic policies and deep financial markets. GDP is expected to increase moderately to 4.5% this year compared to 4.2% last year, led by private consumption. (The Star Online)
High-net-worth individuals focusing on real estate
Amid global and political uncertainties, global high-net-worth individuals (HNWIs) tend to shy away from high-risk investments. Instead, they will shift their attention to safer options such as property investments. According to Knight Frank, the robust growth in e-commerce and technology has seen many industry players becoming HNWIs in recent times. This translates to increased capital in the market for investments, and one of the most stable investment options of choice is real estate. As reported in Knight Frank’s “The Wealth Report”, wealth creation continued to gather momentum in 2016, resulting in a modest rise in the global population of ultra-wealthy people and reversing last year’s decline. (The Edge Markets)
Melaka leads nation in pilot integrated project
Melaka has been chosen to represent the country’s states in a pilot programme for the integrated approach to the urbanisation of sustainable cities under the UN’s Globa Environment Facility (GEF). Through the programme, Melaka would become a historical and sustainable city through the Melaka Green City Action Plan, as well as a “green city” under a subregional initiative, the Indonesia-Malaysia Growth Triangle. 11 countries are involved in GEF, including Brazel, China, Cote d’Ivoire, India, Malaysia, Mexico, Paraguay, Peru and Vietnam, as well as 27 other cities. (Bernama)
Exchange Centre building in Sydney
KWAP sells Sydney office tower for A$340mil
Pension fund Kumpulan Wang Persaraan (KWAP) has sold a grade A office tower located in Sydney’s 20 Bridge Street for A$340 million to a Hong Kong-based wealthy individual. The property has Australian Securities Exchange (ASX) as its anchor tenant occupying close to half of the building, also known as the Exchange Centre. KWAP had acquired the building at A$185 million in 2011. KWAP has not formally announced the sale of the asset nor has it mentioned the disposal on its website. (DealStreetAsia)
Govt to launch MyDI app to check bankruptcy status
The Malaysian Insolvency Department has developed the MyDI (My Department of Insolvency) smartphone application to enable the public to check their bankruptcy status online. The move will ensure quick, effective and efficient transaction for those who wish to check their status. The first phase will only allow checking of bankruptcy status; the second phase would enable bankrupts to apply for release from the department. As of yesterday, a total of 292,000 Malaysians had been declared bankrupt. The application can be downloaded beginning May 11, and would coincide with the start of the Bankruptcy (Amendment) Bill 2016 roadshow. (New Straits Times Online)
