Six Singapore firms brought on board KL-S’pore HSR project
Six Singapore companies, brought together by International Enterprise (IE) Singapore, have announced their intention to partner each other with plans to team up with international players to jointly participate in high-speed rail (HSR) projects, starting with the Kuala Lumpur Singapore High Speed Rail (KL-SG HSR). The companies involved are Clifford Capital Pte Ltd, DBS, Sembcorp Design & Construction, SMRT International Pte Ltd, Surbana Jurong Pte Ltd and Singapore Technologies Electronics Ltd. ogether, their solutions cover the entire value chain of financing, design, construction, system integration, operations and maintenance. The companies plan to partner international players to jointly participate in the HSR project. (Malay Mail Online)
Malaysian economy growth outlook revised upwards to 4.8%
OCBC Bank has revised its growth outlook for the Malaysian economy from 4.2% to 4.8% for this year, saying its outlook looks conservative after the strong 5.6 per cent growth print in the first quarter. This was due to a baseline expectation that global trade will still proceed apace in the second half. Initially, it expected 2017 to be a tough year for export dependent Malaysia due to the protectionist politics in the developed world would impede global trade flows. Despite the gloomy predictions, global trade flows actually picked up and boosted Malaysia’s economy. (NST Online)
Prime Minister Najib Razak looking at a replica model of the Bandar Malaysia development –BERNAMA pic
Bandar Malaysia bidders likely to be from 4 countries
An independent economist, Prof Hoo Ke Ping, says that bidders from just a few countries are likely to bid for the Bandar Malaysia development project. These companies were most likely to be from China, Taiwan, Japan and South Korea. These were the same countries which were also eyeing the KL-Singapore HSR project. Companies from Singapore and the United States were unlikely to bid for the project due to the ongoing 1MDB controversy. Last week, the finance ministry issued the Request For Proposal for the role of master developer for Bandar Malaysia, saying that any interested company or consortium must be an affiliate of a Fortune 500 company, along with several other criteria. (Free Malaysia Today)
Tiger Synergy, LJ Development to develop RM80mil project in Klang
Tiger Synergy Bhd, together with landowner LJ Development (KL) Sdn Bhd, will undertake a residential and/or commercial development with an estimated GDV of RM80mil in Klang, Selangor. Both companies have inked an MoU to form a JV company. Tiger Energy’s subsidiary will develop and carry out contruction on the land, while LJ Development will be entitled to receive a total number of units that is equivalent to 30% of the project’s GDV or market value, whichever is higher. (The Edge Markets)
Gabungan AQRS to acquire IBS company for RM26mil
Construction and property development firm Gabungan AQRS Bhd is acquiring an industrialised building system (IBS) company, Monolight IBS Building System Sdn Bhd, for RM26.02 million in the form of Gabungan shares. Monolight is the appointed contractor for a PR1MA housing development in Kuala Kuantan, Pahang, which is priced at a contract sum of RM424.23mil. Gabungan has a joint venture agreement with Monolight to construct and develop the PR1MA Kuala Kuantan mixed development. Following the completion of the proposed acquisition, Monolight will be a wholly-owned subsidiary of Gabungan. (The Star Online)
Terengganu govt to offer 5,900 land lots for housing programme
The Terengganu government will advertise some 5,900 vacant land lots in the state for the construction of housing by qualified citizens next month. Priority will be given to applicants who never had land lots in the state and must meet conditions to be determined by the Land and Mines Office (PTG). It is part of the state government’s initiative to help people apply for vacant land, as well as overcome the 3P problem of income, housing and employment. Successful applicants would need to build their houses within three years or the land would be forfeited. The Terengganu government had allocated RM64 million for the construction of housing under the hard core poor housing programme (PPRT). (Malay Mail Online)
Tim Ho Wan at Mid Valley (Photo from vkeong.com)
Texcham shuts down Tim Ho Wan restaurant operator in Malaysia
Penang-based food and beverage firm Texchem Resources Bhd announced that Dim Sum Delight Sdn Bhd, the operator of two Michelin-star Tim Ho Wan restaurants in Malaysia, has ceased business operations due to challenging future prospects. Texchem owns 51% in Dim Sum Delight, while the remaining 49% reportedly belongs to another Malaysian company. There are two Tim Ho Wan restaurants in Malaysia: one in Mid Valley Megamall, and another at 1Utama Shopping Centre. (The Edge Markets)
