Analysts positive on Malaysia REITs prospects
Malaysia’s real estate investment trusts’ (REITs) outlook have been viewed positively by analysts as the sector is expected to remain resilient from strong earnings, several near-term inorganinc growth, and strong domestic liquidity. Maybank IB Research expects the sector’s earnings and dividends to be largely supported by prime, retail assets with strategic locations such as Suria KLCC, Mid Valley Megamall, Sunway Pyramid, Pavilion Mall) and office towers with longterm tenants (Petronas Twin Towers, Menara 3 Petronas, Platinum Sentral, Menara Shell). Meanwhile, it believed that mergers and acquisition (M&A) activities in the sector could pick up in 2017 to 2018. (The Borneo Post)

Liow: Free rides and more at MRT Phase 2 launch
Commuters can expect free rides when Phase Two of the Sg Buloh-Kajang MRT line is launched on July 17, said Transport Minister Datuk Seri Liow Tiong Lai. Phase Two is scheduled to be operational by July this year with 19 more stations between Semantan and Kajang. Liow noted that the impending Phase Two launch will be a significant historic event for Malaysia, as it marks the completion of the RM21bil line. It is aimed to reduce traffic congestion in the city as wel as improve the public transportation system. (The Star Online)

Pasukhas to jointly develop KL land with Yayasan Veteran
Pasukhas Group Bhd has teamed up with Yayasan Veteran Angkatan Tentera Malaysia to jointly develop a 1.27-acre piece of state leasehold land in Kuala Lumpur into a commercial development, comprising office towers. Under the JV deal, Pasukhas will pay RM15.45 million for the land and RM2 million cash to Yayasan Veteran Angkatan Tentera Malaysia, while Yayasan will be entitled to 72,000 sq ft of partial office space and function rooms in the development. The proposed project is expected to be completed within the next five years from date of development order. (The Edge Markets)

Ideal’s Imperial Residences bags prestigious award
Ideal Property Group’s condominium project in Sungai Ara, Penang, Imperial Residences, recently bagged the coveted ‘The Best Family Living Development Award’ from Property Insight Prestigious Developer Awards (PIPDA) 2017. Ideal was also named the ‘Outstanding Developer’ under the North Malaysia category by PIPDA in May. The 816 condominium units in three 30-storey blocks are complemented with full clubhouse facilities such as swimming pool, island cabana, Jacuzzi, children’s playground, wading pool, gymnasium, yoga room, basketball court and jogging track. (The Star Online)

Imperial Residences Penang

A night view of Imperial Residences project in Sungai Ara, Penang. (Photo from The Star)

Mayland launches phase one of Dorsett Residences
Malaysia Land Properties Sdn Bhd (Mayland) launched the first phase of its Dorsett Residences in Sri Hartamas last week, with 100 out of 190 units already taken up. The 27-storey development is paired with Dorsett Hospitality, and overlooks the Kuala Lumpur city centre. The freehold development has a total of 707 serviced apartment units, which are fully furnished and comes with a carpark. Features include a 50m pool, a health-and-wellness centre, a restaurant on the 27th floor, rooftop gym and a kids’ club. The second phase would be launched in a month’s time and targeted for handover in 1Q next year. (The Star Online)

Wisma MPL

Wisma MPL (Photo by Chu Juck Seng/The Edge)

Wisma MPL to be auctioned off
Loss-making property outfit Malaysia Pacific Corp Bhd (MPCorp) could see one of its core assets, Wisma MPL, auctioned off as the group still has not secured a buyer for the property. According to sources, the 23-storey office complex in Jalan Raja Chulan will be auctioned off next month with a reserve price of RM255 million. However, the auction will not be for the whole building as there are some private-owner units in it. Wisma MPL is one of the group’s two core assets, besides the 490-acre (198ha) tract it owns in Johor. The office complex comprises a 19-storey office tower over a four-storey retail podium block. Completed in 1973, it was previously known as Wisma MPI and then as Wisma HLA. (The Edge Markets)

Jaks expected to exit loss-making property business
Jaks Resources Bhd is expected to exit its loss-making property development business post the completion of its on-going Pacific Star project, and focus on domestic construction projects and Vietnam power plant project going forward. The group’s property division is reportedly loss-making due to liquidated and ascertained damages (LAD) penalty from the Pacific Star project and losses from its Evolve Concept Mall. It is believed that the management reduce its exposure post the completion of Pacific Star project, and is likely to dispose the remaining asset (Evolve Concept Mall) and land bank. (The Sun Daily)

Malaysia to produce Volvos by 2022
Malaysia will be producing locally assembled Volvo cars in Perak for the Asean market by 2022, said International Trade and Industry Minister II Datuk Seri Ong Ka Chuan. Chinese carmaker Zhejiang Geely Holding Group — which owns Volvo — plans to use Malaysia as a hub to assemble high-end cars for the Asean market. The plant is to be operational in the next five years. The move will also see Geely upgrading the current Proton plant in Tanjung Malim, after it acquired a 49.9% stake in the national carmaker. (Malay Mail Online)

Sarawak withdraws from Tourism Malaysia
The Sarawak state government has withdrawn the participation of its representative in the Malaysia Tourism Board. According to a statement by the Chief Minister’s Office today, the decision was made over the duplication of roles and functions between the Sarawak Tourism Promotion Board and federal government tourism board. (Astro Awani)

The statement issued by the Sarawak Tourism Board

The statement issued by the Sarawak Tourism Board (Image from FMT)