CRRC-led consortium wins RM1.56bil LRT3 package
Prasarana Malaysia Bhd has awarded a work package worth RM1.56 billion under Klang Valley’s LRT3 project to a consortium comprising CRRC Zhuzhou Locomotive Co Ltd, Siemens Ltd China and Tegap Dinamik Sdn Bhd. The consortium was the only one among five pre-qualified groups that submitted a bid for the light rail vehicle (LRV) package by the Nov 23 deadline last year. It will be responsible for the design, manufacture, supply, delivery, installation, testing and commissioning of 42 six-car LRVs for the project. The 37km LRT3 will run from Bandar Utama to Klang and expected to complete in 2020. (The Edge Markets)

Sunway REIT acquires Sunway Clio Property for RM340mil
Sunway REIT is acquiring mixed-use Sunway Clio Property for RM340 million. Sunway Clio consists of a 19-storey 4-star rated hotel comprising 401 hotel rooms known as Sunway Clio Hotel, a 3-storey retail space with net lettable area of 88,384 sq ft and a multi-storey car park with 732 bays. Sunway Clio Property is connected to Sunway Pyramid Mall through a pedestrian sky bridge and underground car park. (NST Online)

IGB REIT’s 2Q NPI up 1.6% y-o-y on higher rental income
IGB REIT’s net property income (NPI) for 2QFY17 rose 1.6% to RM88 million from RM86.6 million a year earlier, thanks to higher rental recorded in the quarter. Revenue for 2QFY17 came in at RM127.32 million, up 2.2% from a year earlier, mainly due to higher rental income. Trading conditions will remain tough for retailers in 1H17, arising from higher cost of goods and rising operation costs, IGB REIT said. (The Edge Markets)

RM209mil frozen by RM1bil project rises
Months after the controversial MBI Group was raided by the authorities and its bank accounts frozen, a RM1bil mixed-development project undertaken by the Penang-based company has finally got off the ground. MBI Group was one of the 302 companies listed under Bank Negara’s financial consumer alert list, and its 98 bank accounts from eight financial institutions, containing RM209mil, have also been frozen. According to sources, the work on the Mpire Residences at Bukit Ayun in Bayan Lepas, comprising three 43-storey towers of residential and commercial units, was supposed to begin at the end of last year. However, the the turnkey contractor has denied involvement in the project. (The Star Online)

The Mpire Residences and Mpire Mall development project going on without a hitch at Jalan Tun Dr Awang in Bayan Lepas. (Photo from The Star)

Forest City on right track, gaining momentum
The Forest City mega project is now in its second phase of development and is on the right track despite facing challenges from the global economy. Master developer Country Garden Pacificview Sdn Bhd (CGPV) executive director Datuk Md Othman Yusof said the project would continue to gain momentum with the start of the second phase of its Industrialised Building Systems (IBS) facility. The facility will become the biggest of its kind in the world, and boasts three 18-hole golf courses and a five-star hotel. CGPV will unveil a slew of new initiatives, such as its landmark building, and enter agreements with 21 domestic and foreign entities for upcoming projects. (NST Online)

Fajarbaru Builder’s maiden project 70% taken up
Fajarbaru Builder Group Bhd has launched its maiden residential property project – Rica Residence@Sentul – which is expected to have a gross development value of RM280 million. The property will add 473 serviced residences to the Sentul property scene, all within a 39-storey tower. To date, the property developer has already achieved 70% sale of Rica Residence @ Sentul units during its private preview roadshows. Targeting young families and investors, Fajarbaru has made Rica Residence @ Sentul units affordable while providing all the comforts and amenities sought by the target market. (NST Online)

(From R-L) Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor, Fajarbaru Builder Group Bhd’s chairman Datuk Ir. Low Keng Kok and Executive director Eric Kuan Khian Leng with the replica of the Rica Residence. -NST/Aswadi Alias

Strong interest for Sunway Subang industrial project
Sunway Property has received more than a thousand registrants expressing their interest for its upcoming launch of an industrial development called Sunway Subang in Kampung Melayu Subang. The 6.36-acre leasehold project, slated for launch at the end of August, comprises 42 units of 2.5-storey terraced factories. (The Edge Markets)

People’s Housing Scheme ownership to be re-evaluated
Home ownership criteria for the People’s Housing Scheme (PPR) will be re-evaluated to meet the demand of lower income applicants. The houses, priced from RM50,000, were for those with a gross monthly household income of below RM3,000. There are people asking for the criteria to be revised according to the suitability and applicability of the applicant, so that everyone is able to own a home, but basically, those with gross (monthly) household income below RM3,000 will be given priority. (The Borneo Post)

Large fire breaks out at Dubai residential skyscraper
Firefighters have extinguished a blaze that swept through one of the world’s tallest residential buildings in Dubai early on Friday, forcing occupants to flee their homes as burning debris showered down the sides of the 79-storey tower. The 33-metre tall Torch tower was evacuated and no injuries reported. This is the second blaze at the structure since 2015. Hundreds of people were evacuated in 2015 from the same building when a massive fire swept through the tower. (The Star Online)

Flames shoot up the sides of the Torch tower residential building in the Marina district, Dubai, United Arab Emirates, in this August 4, 2017 picture by Mitch Williams. Mitch Williams/Social Media Website/via REUTERS