MRCB: KL Sports City 98% complete
The first phase of rejuvenation works at the Kuala Lumpur Sports City in Bukit Jalil, which is 98% completed, is expected to be handed over to the Malaysia Stadium Corp by the middle of July. According to MRCB, the remaining 2% of the works concern testing, documentation, commissioning of facilities and equipment for accreditation by international sports associations ahead of the 29th Kuala Lumpur SEA Games in August. Phase one of the project costing RM500 million includes the upgrading of the National Stadium, Axiata Arena (previously known as Putra Stadium), National Aquatics Centre, National Hockey Stadium and also a large-scale plaza and infrastructure development at the National Sports Complex. (The Edge Markets)
PR1MA to raise RM5bil for 89 housing projects
PR1MA is planning to raise RM5 billion to support 89 of its executed projects nationwide, comprising 89,449 units of homes. The agency, which has been given a mandate by the government to build 500,000 affordable homes, is partnering four of the biggest local banks in Malaysia to raise the funds. Maybank Investment Bank Bhd is the coordinating bank and facility agent for the fundraising exercise, and is one of the joint lead arrangers and managers together with AmInvestment Bank Bhd, CIMB Investment Bank Bhd and RHB Investment Bank Bhd. (The Edge Markets)
Bandar Malaysia FRP to be issued this week
The request for proposal (RFP) for the RM12.35 billion Bandar Malaysia project will be issued sometime this week. “We are going to issue the RFP this week. We will put certain conditions this time around [in appointing the master developer],” said Bandar Malaysia Sdn Bhd chairman Tan Sri Dr Mohd Irwan Serigar Abdullah. “For example, only renowned companies or those with great experience are allowed. There will be certain criteria and if they meet the criteria, only then can they participate,” he said. (The Edge Markets)
Ekovest gets approval for Kuala Lumpur River City
Ekovest Bhd has received the approval-in-principle for the planned “Kuala Lumpur River City” development from the Malaysian Government. The approval was obtained via its wholly-owned subsidiary Ekovest KL Bund Sdn Bhd. Kuala Lumpur River City is a planned real estate project along the Gombak River. “Further details will be made upon finalisation of the privatisation terms and conditions for the proposed project,” Ekovest said. (The Edge Markets)
BBCC unfazed by property oversupply
The developer of the RM8.7 billion Bukit Bintang City Centre (BBCC), undertaken on the former Pudu Prison site, is unfazed by the prospect of persistent oversupply of properties, including retail spaces. BBCC Development Sdn Bhd recognises the concerns of oversupply in the property market, but is confident of developing BBCC into a premise with competitive advantage. BBCC Development is a consortium comprising the Employees Provident Fund (EPF), UDA Holdings Bhd and Eco World Development Group Bhd (EcoWorld). (The Edge Markets)
Scientex Q3 net profit up to RM66.49mil
Property developer Scientex Bhd has reached a new record in its Q3 results, posting an 8.6% increase in net profit to RM66.49 million, and revenue grew 16.9% in the same quarter. The stronger performance was mainly attributed to stronger exports in the group’s manufacturing segment and higher progress billings for on-going property development projects. The group’s property development segment continues to achieve commendable sales, and it will continue to focus on bringing reasonably priced and quality houses to the masses. (NST Online)
150 victims lose RM9mil in land fraud
Some 150 people are believed to have become victims of fraud in the purchase of land in Gombak and Hulu Langat from a real estate company, with losses incurred amounting to some RM9 million. The victims found out they had been hoodwinked when the real estate company responsible for managing the land acquisition closed shop. Police investigations found that the real estate company was operated by two “Datuk” businessmen who went around selling someone else’s land at lower than the market price. They operated another company which closed shop but opened a new company to continue their illegal activities. (Free Malaysia Today)
Note: To prevent being scammed, make sure you hire the services of a licenced real estate professional in Malaysia!
HK billionaire Li Ka-shing plans to retire by 2018
Hong Kong billionaire Li Ka-shing is planning to retire by next year as chairman of his flagship CK Hutchison Holdings Ltd., according to sources. Li hasn’t specified a date but is likely to step down by his 90th birthday in July next year, the Wall Street Journal reported. The tycoon plans to remain as senior adviser and keep his office atop CK Hutchison’s headquarters building in downtown Hong Kong. Li, who’s in “very good” health, has discussed retirement periodically and continues to be confident in his son, Victor, to take over. Li’s $32.6 billion fortune ranks him second in Asia after that of Alibaba Group Holding Ltd.’s Jack Ma. (The Star Online)
