Japanese, Chinese firms bidding for Bandar Malaysia project
Malaysia has received proposals from nine firms to develop the multibillion-dollar Bandar Malaysia project. Two of the proposals are from Japanese firms while the rest are from China’s state-owned entities. Missing conspicuously from the list is the Dalian Wanda Group, which earlier in May showed interest in the project. The two Japanese giants which had made a bid to become the master developer of Bandar Malaysia were Daiwa House Industry Group and Mitsui Fudosan. The bids received feature development plans valued between US$7 billion and US$10.5 billion, according to Malaysian government officials. (Free Malaysia Today)

Axis REIT buys land, buildings for RM155mil
Axis REIT announced that it is adding building and two parcels of land in an industrial park near Kuantan Port to its portfolio for RM155 million. The buildings and land at Kawasan Perindustrian MIEL which 4km from Kuantan Port, are owned by five subsidiaries of Wah Seong Corp Bhd. The acquisition is in line with the REIT’s growth strategy and plan to diversify and enlarge its portfolio of properties. (The Sun Daily)

TRC Synergy unit sells Australian land for RM32.16mil
TRC Synergy Bhd’s wholly-owned subsidiary TRC (Aust) Pty Ltd (TRCA) is selling a freehold land measuring 3,621 square metres in Melbourne, Australia, for AU$9.66 million (RM32.16mil). The plot, known as S88, was acquired by TRCA for AU$11.5mil (RM36.89mil) in 2011, and now houses three single- and double-storey buildings. The proceeds from the disposal will be used for development activities, payment of bank borrowings, working capital, and land-related expenses. (The Edge Markets)

AKPK: Debt management crucial for retirement planning
Managing your finances – especially loans and debts – is an important step towards retirement planning, highlights the Agensi Kaunseling dan Pengurusan Kredit (AKPK). Prudent financial management is the key towards good life management and ensuring quality of living especially during the golden years. Individuals are encouraged to think about retirement when they begin to work, as it is a long-term process. AKPK advised the public to settle all debts before retiring. Other services provided by AKPK include financial education and providing pre-retirees with a planning module which complements the retirement advisory services by the EPF. (The Borneo Post)

Malaysian Institute of Architects new eight-storey HQ in Bangsar
The Malaysian Institute of Architects (PAM) has now moved on to open its own brick-and-mortar headquarters, the PAM Centre in Jalan Tandok, Bangsar. The association, which started off organising ad hoc meetings in hotel lobbies, now has its own eight-storey building which is a certified green building with a platinum rating. An architectural design competition was held to find a suitable structural design with HMA & Associates’ Mohd Heikal Hasan emerging winner. The result is a minimalist design that is elegant with an efficient solution that is also sustainable. (The Star Online)

The elegant but minimalist PAM Centre in Jalan Tandok, Bangsar. (Photo from The Star Online)

China second behind US in cross-border real estate investment
China has in recent years become the largest global capital exporter for cross-border real estate investment, second only to the United States. China’s cross-border real estate investment was valued at US$26.58 billion (RM114 billion) in 2016 while the US investment amounted to US$45.43 billion. According to a recent Knight Frank report, Chinese capital has been the key driving force behind global real estate transaction volume in the past few years especially across the Super City markets, which include Los Angeles, New York, London, Paris, Berlin, Shanghai, Hong Kong, Tokyo, Singapore and Sydney. Other Asian countries in the top 20 are Singapore (6th), Hong Kong (7th), South Korea (11th) and Japan (16th). (The Edge Markets)

651 Malaysians duped of millions by property ponzi scheme
Singaporean police are investigating a property company believed to be involved in a ponzi scheme that conned hundreds of Malaysians investors out of millions. According to an ABC report, the company is controlled by Australian Veronica Macpherson and received over A$110mil (RM373.2mil), mostly from Singaporean and Malaysian investors. Investors were promised returns as high as 18% yearly on a property development in Western Australia. The investment scheme was heavily promoted in Singapore and Malaysia since 2014, but collapsed last year with creditors owed more than A$200mil (RM678.5mil). (The Star Online)

Touch ‘n Go, Alipay to launch e-wallet platform
CIMB Group Holdings Bhd’s subsidiary Touch ‘n Go has entered into an equity joint venture (JV) with Alipay, a subsidiary of Ant Financial Services Group to launch a new e-wallet platform in Malaysia. The JV company, in which Touch ’n Go will hold a majority stake, will develop an e-wallet for use via mobile phones by individuals and small and medium enterprises (SMEs) here, before bringing in banks and merchants to link their services with the platform. (The Edge Markets)