Phase 2 of MRT1 to launch on 17.7.17
Prime Minister Datuk Seri Najib Razak has decided on a special date – July 17, 2017 (17.7.17) – to launch the second phase of the Klang Valley’s MRT1 project. “The MRT (1) phase 1, which began operations on Dec 16 last year, and the second phase, which will be launched in July, will complete the 51km Sungai Buloh-Kajang (SBK) line,” he said. Other projects to boost the public transport system in the Klang Valley include the LRT extension, the KL-Singapore High Speed Rail (HSR) project and the East Coast Rail Link (ECRL). “A good public transport system can stimulate productivity and economic growth,” he added. (NST Online)
Maybank market capital hits RM100bil mark
Malayan Banking Bhd (Maybank) remains the largest public-listed company on Bursa Malaysia, with its market capitalisation breaching the RM100 billion mark, making it the first-ever company on the bourse to hit the milestone. This is based on the current number of Maybank shares of 10.52 billion in circulation. A reflection of investor confidence in the Malaysian economy and given Maybank’s fundamentals, the bank’s market capitalisation had more than doubled in the past 10 years from RM46.7 billion in December 2007 to RM100 billion on June 7. (The Edge Markets)
Malaysia home to five of world’s top 300 universities
Five Malaysian universities have emerged among the world’s top 300 best universities, according to Quacquarelli Symonds (QS) World University rankings for 2018, nearly double the amount from three in 2017. University of Malaya (UM) remains Malaysia’s leading university at 114th place, up 19 places from last year, and reaches the highest position it has achieved since the first-ever edition of the rankings in 2004. Other local universities in the top 300 are Universiti Putra Malaysia (UPM) (229th), Universiti Kebangsaan Malaysia (UKM) (230th), Universiti Teknologi Malaysia (UTM) (253th), and Universiti Sains Malaysia (USM) (264th). (NST Online)
Sinmah Capital to enter property development, forms JV with Encorp
Poultry player Sinmah Capital Bhd (formerly known as Farm’s Best Bhd) is proposing to diversify its businesses to include property development and construction. Its wholly-owned subsidiary Sinmah Development Sdn Bhd has proposed a joint venture with Encorp Bukit Katil Sdn Bhd (EBKSB), a wholly-owned subsidiary of Encorp Bhd. The JV company will carry out a mixed development project in Bukit Katil, Melaka comprising bungalows, semi-detached and link houses, and commercial units which will include a medical college and hospital. The total estimated GDV of the project is RM865mil. (The Edge Markets)
Mitrajaya on track to secure RM1bil worth of jobs
Mitrajaya Holdings Bhd said it is on track to secure its target order book replenishment of RM1 billion this year, and possibly even more. It has secured RM700 million so far, while its current outstanding order book stands at RM1.73 billion. Mitrajaya currently has a tender book of RM3 billion, comprising RM2.7 billion worth of building projects and RM300 million worth of infrastructure projects. Upcoming property launches include a commercial development in Pengerang, Johor, as well as a residential development in Bukit Beruntung, Selangor. (The Edge Markets)
Crest Builder sets RM500mil order book target for 2017
Crest Builder Holdings Bhd is targeting a construction order book of RM500 million for 2017 even though it has not secured any projects year to date, and expects its tender book to hit RM3 billion in the next few months, from RM1.8 billion currently. The company is actively tendering for jobs, mainly in the Klang Valley, which include building contracts for new and existing clients, as well as property privatisation and land swap projects. The group is looking to complete a few projects this year, including its largest contract (worth RM438.3 million) to date, the Quarza, KL East, which consists of 36-storey towers and a six-storey mall that will go into full swing this year. (The Sun Daily)
Artist impression of Four Seasons Place Kuala Lumpur
Four Seasons Place new landmark for KL skyline
The Four Seasons Place Kuala Lumpur, adjacent to the iconic Petronas Twin Towers, is set to be another landmark in the Golden Triangle. The development features the Four Seasons Hotel, which would be the second-tallest building in the city centre with 77 storeys at a height of 342.5m. The Four Seasons Place comprises a 300,000 sq ft retail mall, 242 branded residential units and the 240-key hotel, with a gross development value of RM3 billion. The contractor for the project is China Railway Construction Corp. The residences will be completed by year-end, while the mall and hotel are expected to open in 2Q next year. (NST Online)
Singapore-based property developer World Class Global launches IPO
World Class Global (WCG) has launched its initial public offering (IPO) in connection with its proposed listing on the Catalist board of the Singapore Exchange (SGX). WCG, the property arm of Aspial Corp which was spun off, undertakes property development and investment in major cities in Australia and Malaysia. The IPO is expected to raise net proceeds of S$21.9 million, which will be used mainly for property acquisitions, construction and development works, and working capital. In Penang, Malaysia, the group owns a total of 28 land parcels. (The Edge Markets)
(Image from AsiaOne)
SPAD wants SOS button in Uber, Grab apps
The Land Public Transport Commission (SPAD) said it will soon require ride-hailing operators Uber and Grab to include an SOS button in their apps, after two robberies involving Uber drivers. However, there are currently no deadlines set for this and SPAD has yet to hold talks with the police on the matter. Presently, e-hailing operators claim that they perform checks on drivers before recruiting, but it is unknown how thorough the screenings are. Future screening by SPAD will crosscheck drivers’ records with various law enforcement agencies. (Malay Mail Online)
