Jack Ma overtakes Wang Jianlin as China’s richest man
Founder and executive chairman of Alibaba Group Jack Ma has surpassed Wanda Group chairman Wang Jianlin as the richest man in mainland China. According to Forbes, Ma has a net worth of US$31.1 billion (RM134.5 billion) compared with US$30.9 billion for Wang. Wang’s wealth mainly comes from real estate and the entertainment industry. Founder and executive chairman of Alibaba Group Jack Ma has surpassed Wanda Group chairman Wang Jianlin as the richest man in mainland China. According to Forbes, Ma has a net worth of US$31.1 billion (RM134.5 billion) compared with US$30.9 billion for Wang. Wang’s wealth mainly comes from real estate and the entertainment industry. (Free Malaysia Today)

Mah Sing plans RM650mil affordable housing project in Titiwangsa
Mah Sing Group Bhd is planning to build a residential condominium near Taman Titiwangsa, priced from RM485,000 per unit with built-up from 850 square feet, in line with its affordable housing objective. The land, which is 3.7km away from Kuala Lumpur City Centre and the Petronas Twin Towers, is zoned for residential development and fronts Titiwangsa Lake Garden. It is only 250 meters walking distance from the upcoming Hospital KL MRT station. The estimated GDV for the development is about RM650 million. The acquisition is in line with Mah Sing’s focus to acquire prime land in strategic locations especially in the Klang Valley and will increase Mah Sing’s prime landbanks to 2,328 acres. (The Star Online)

Bird’s eye view of the Titiwangsa land which Mah Sing plans to build residential condominiums. (Photo from The Star)

MRCB’s RM2.2bil cash call, EPF to help
MRCB is looking to raise at least RM2.17bil from its shareholders, a move that would see its gearing being reduced to almost zero. The money would be used to finance its current work in Bukit Jalil, pare down borrowings and fund some of the existing property development and construction projects. It will not be used for any projects related to Bandar Malaysia. (The Star Online)

Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah

Irwan appointed TRX and Bandar Malaysia chairman
Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah has been appointed chairman of both TRX City and Bandar Malaysia. His new duties include heading a team with overall responsibility for these projects, as well as the monetisation of 1Malaysia Development Berhad’s (1MDB) remaining real estate assets. The request for proposal (RFP) process for master developer of Bandar Malaysia will be announced soon, said Prime Minister Najib. Rather than just office and residential towers, the government wants Bandar Malaysia to be a catalyst for fast-track economic development and employment, including the new KL Internet City – the key hub of the world’s first Digital Free Trade Zone (DFTZ). (The Star Online)

Matrix sets RM1.4bil sales target for FY18
Matrix Concepts Holdings Bhd is aiming to achieve RM1.4 billion worth of new launches in the current financial year ending March 31, 2018 (FY18). With the majority consisting of affordably priced residential homes together with full scale township amenities, the company is confident of maintaining strong sales performance going forward. The group achieved record high new sales of RM1 billion in FY17, mainly led by sales of residential properties at its townships of Bandar Sri Sendayan in Seremban, Negeri Sembilan, and Bandar Seri Impian in Kluang, Johor. (The Edge Markets)

EPF may invest $900mil in South Korean real estate
Malaysia’s Employees Provident Fund (EPF) is divesting out of office markets in the UK and Australia to redeploy its capital in new markets in Asia and Europe, delegates heard at the IPE Real Estate Global Conference & Awards in Munich. EPF’s global head of real estate Kamarulzaman Hassan said the fund was looking to invest in South Korea, Spain and the Nordic countries. It has mandated three South Korean asset managers to source investments, primarily in the logistics market, and is prepared to allocate US$300m to each of the three managers. Today, it has a portfolio valued at US$9bn invested globally. (IPE Real Estate)

Seacera to buy Melaka warehouse for RM16.9mil
Seacera Group Bhd’s unit, Seacera Ceramics Sdn Bhd, has signed an agreement to acquire a warehouse in Melaka for RM16.9mil. The company’s manufacturing and warehousing facility is presently located in the Selayang Industrial Area in Selangor and it is constructing a new manufacturing and warehousing facility for its tiles division in Kamunting, Perak. The Perak facility would be used as a distribution hub for the northern region of Peninsular Malaysia while the property in Melaka would serve as the group”s warehousing and distribution hub for the southern region. (The Star Online)

Singapore private home sales in April doubles from year earlier
Sales in Singapore of private homes by developers more than doubled in April from a year earlier, government data showed today. Developers sold 1,555 units in April, a 12.6 per cent fall from the 1,780 units in March, but doubled from the 750 units sold in April 2016, the Urban Redevelopment Authority said. Singapore private home sales in March had hit the highest in nearly four years. (Malay Mail Online)