Contractor of KL Eco City charged over bridge collapse
The main contractor of the KL Eco City development in Bangsar has been charged with safety negligence in the collapse of a link bridge last November that caused the death of a site worker. Tuck Sin Engineering & Construction Sdn Bhd was charged under the Malaysian Construction Industry Development Board Act Section 34B(1)(C). Findings by the Construction Industry Development Board of Malaysia (CIDB) revealed that the contractor had failed to adhere to construction site safety requirements. (Free Malaysia Today)
Industry veterans receive BOVAEA recognition
The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) has honoured three veterans in the real estate industry at its annual BOVAEA Awards, in recognition of their contributions in the fields of property valuation, property management and real estate. Former president of BOVAEA Datuk Faizan Abdul Rahman was given the title Valuer of the Year, while immediate past president of Malaysian Institute of Estate Agents (MIEA) Erick Kho was Estate Agent of the Year. Malaysian Institute of Professional of Property Managers (MIPPM) president Sarkunan Subramaniam was awarded the title Property Manager of the Year. (The Edge Markets)
UOA Development to launch three projects worth RM700mil
UOA Development Bhd is launching three new projects this year with a total GDV of RM700 million. The three projects are set to launch by December, one of which will be the group’s first venture into the affordable housing segment located in Selayang. The GDV for the affordable housing project will be between RM90mil to RM100mil. The second development is a RM300mil commercial centre in Taman Desa comprising two office tower blocks, while the third project is in the Bandar Tun Razak township, which will also have a GDV of RM300mil. (The Edge Markets)
Sarawak to fund LRT project
The Sarawak state government has said that it will finance the Light Rail Transit (LRT) project covering Kuching, Samarahan and Serian without direct funding from the federal government. The cost of the proposed LRT project has not been finalised yet. Chief Minister Datuk Amar Abang Johari Openg said the full public transport system covering the three divisions will be an integrated one, with the LRT as the core and complemented by the Bus Rapid Transit (BRT), taxis and cars. He stressed that the key benefit of building a proper public transport system was lower cost of living, with affordable housing combined with cheap public transport. (Malay Mail Online)
Gabungan AQRS finalising Dengkil land sale to PR1MA
Gabungan AQRS Bhd is expecting to finalise the sale of its land in Dengkil, Selangor to PR1MA Corp within the next three weeks, under a proposed JV to develop affordable housing. It plans to sell the 7.61ha leasehold land within Dengkil’s Putra Perdana enclave to PR1MA under a non-binding letter of intent (LOI). Under the LOI, PR1MA will buy the 1,140 apartment units which Gabungan AQRS will build on the tract. The land sale is part of the company’s plan to reduce debt and seek opportunities in the property segment on a capital expenditure-light basis via JVs. (The Edge Markets)
MK Land gets surprise tax bill of RM80.77mil
MK Land Holdings Bhd’s wholly-owned subsidiary Saujana Triangle Sdn Bhd (STSB) – the developer of its flagship Damansara Perdana project in Petaling Jaya, Empire City Damansara – has been served with notices for an additional income tax of RM55.7mil and a 45% penalty of RM25.07mil from the Inland Revenue Board (IRB). The tax bill of RM80.77mil is in relation to years of assessment 2009-2011 and 2013. STSB has disagreed with the assessments raised by the IRB and would therefore appeal. (The Star Online)
Ho Hup confident of winning RM400mil jobs this year
Ho Hup Construction Co Bhd is confident of securing up to RM400 million worth of construction jobs this year, which would bring its order book close to RM1 billion. The group’s current order book is about RM450 million, which would keep the group busy for at least another three years. Construction contributed 25% to the group’s revenue last year, with property development and building materials contributing 50% and 25% respectively. In terms of property development, the group has planned three launches with a total GDV of RM1.6 billion for 2H2017. These include projects in Bukit Jalil, Kota Kinabalu, and Kulai, Johor. (The Sun Daily)
Council to work on guidelines for gated scheme
The Sepang Municipal Council will come up with standard guidelines on converting existing residential areas into gated-and-guarded housing schemes. Council president Datuk Puasa Mohd Taib had instructed the council’s Planning Unit to refer to the Selangor Housing and Real Estate Board (LPHS) guidelines on the matter, as it was the only local authority in Selangor that did not have its own guidelines for the gated-and-guarded scheme. Some 20 areas in the municipality, especially northern areas covering parts of Puchong, had been given approval to implement the scheme. (The Star Online)
7-11 first retailer in Malaysia to accept Alipay
7-Eleven Malaysia Bhd is the first retailer in Malaysia to accept the Alipay mobile wallet payment, and now looks to attract more Chinese tourists to shop at the convenience store chain. The convenience store chain began accepting Alipay from May 12 and 94% of the 2,100 stores nationwide had gone “live” with the system. Installing the system did not require a huge capital outlay as it can operate with the existing MOL terminal, made possible by 7-Eleven’s strategic partnership with MOL Global Inc, a leading technology provider for in-store payment services. (Malay Mail Online)
