Bill passed, property owners can file complaints to LPPEH
The Valuers, Appraisers and Estate Agents (Amendment) Bill 2017 will give consumers or property owners the opportunity to file complaints to the Board of Valuers, Appraisers of Real Estate Agents (LPPEH). This would include recommendations to take action against valuers, appraisers, real estate agents and property managers who did not perform their duties to the extent of committing malpratice. With the amendment, all professions related to the property services industry in Malaysia could be regulated more effectively so that high quality services could be provided to address challenges faced by the industry currently and in the future. (The Sun Daily)

RM5bil healthcare project in Johor Baru intact
TMC Life Sciences Bhd says its plan to set up the RM5 billion Vantage Bay Healthcare City in Johor Baru – comprising the Thomson Iskandar Medical Hub, a health sciences education platform and a wellness hub – remains intact. The group is still in the process of obtaining the design approval for Thomson Iskandar, which encompasses the 500-bed Hospital Iskandariah and an adjoining medical tower. The proposed healthcare city is also where the health sciences university, TMC’s maiden venture into the education space in Malaysia, will be located in. (The Edge Markets)

Sunway Iskandar Citrine Hub residences to be handed over in October
The 328 serviced residences at Citrine Hub in Sunway Iskandar, Johor will be handed over in October this year. Sitting on 5.22 acres of land in the Lakeview Precinct at Sunway Iskandar, Citrine Hub is a RM427 million integrated development comprising serviced residences, retail units and 168 office suites. It is the first integrated development in the 1,800-acre Sunway Iskandar. The developer has secured several tenants for the retail units, namely Jaya Grocer, Old Town White Coffee, Morganfield’s, Watsons and 7-Eleven, all of which will begin operations by end-2017. (The Edge Markets)

Citrine Residences (Image from Sunway Iskandar)

Rehda: State land near rail stations good for affordable housing
Rehda has called for the allocation of affordable housing on state-owned land near public transport. Rehda president Datuk Seri Fateh Iskandar commended the government’s ongoing efforts in creating greater connectivity, but said that there was still much to be done. He suggested the government allocate at least 50% of prime state-owned lands near LRT and MRT for affordable housing, and urged them not to sell or lease these lands for cheaper to developers. (NST Online)

Batu Kawan sole Malaysian company in Forbes’ Asia Fabulous 50
Ipoh-based Batu Kawan Bhd is the only Malaysian company listed in the just-released 13th Annual Forbes Asia’s Fabulous 50 List (Fab 50). Batu Kawan is an investment holding company engaged in the chemical manufacturing, transportation, property investment, and plantations sectors. The Fab 50 companies were selected from a pool of 1,694 public companies in the region with at least US$1.8 billion in annual revenue. There were no companies from Australia, the Philippines, Singapore and Thailand on this year’s list. (Malay Mail Online)

Screenshot of Batu Kawan Bhd website (Image from Malay Mail Online)

Eco World named best employer in Malaysia
Aon, a global professional services firm specialising in risk, retirement, and health solutions, has named eight organisations as the best employers in Malaysia in 2017, placing property developer Eco World Development Group Bhd at the top of the list. The next four companies were multinational corporations, led by American Express Sdn Bhd, Cisco Systems Sdn Bhd, DHL Express Malaysia and FedEx Express. Gerbang Alf Restaurants Sdn Bhd, OCBC Bank Bhd and SP Setia rounded up the list. According to Aon, overall engagement levels for these employers remained at 87% this year, compared to the market average of 59%. (The Star Online)

UEM Sunrise 2Q net profit uo 73% on property development
UEM Sunrise Bhd’s net profit for 2QFY17 soared 73% to RM94.55 million from a year earlier on the back of a jump in revenue. Revenue rose 67% to RM897.8 million compared the previous corresponding period, thanks to increased property development revenue from the progress made by the group’s Residensi 22 project in Mont’Kiara, Teega in Puteri Harbour and Aurora Melbourne Central in Australia. The improved revenue to the sale of Alderbridge lands in Richmond, Canada, amounting to C$113 million (RM371 million). (The Edge Markets)

IGB Corp 2Q net profit up 41% on property investment, hotel
IGB Corp Bhd’s net profit for 2QFY17 jumped 41% to RM76.3 million from RM54.1 million in the same period last year due mainly to higher contributions from its property investment and hotel divisions. This is despite the group’s quarterly revenue falling by 6% from the same quarter last year on lower hotel contribution, following its disposal of Micasa Hotel Yangon and Renaissance Kuala Lumpur Hotel. (The Edge Markets)

IJM Corp 1Q net profit up 9% on better construction, property performance
IJM Corp Bhd’s net profit grew 9% to RM126.4 million for 1QFY18 from the previous year’s corresponding quarter. Its quarterly revenue grew 12% to RM1.47 billion from RM1.31 billion a year earlier. The group said it saw profit contribution growth from its construction, property development and infrastructure segments. IJM’s outlook for the construction division is encouraging, supported by its record RM8.7 billion outstanding orderbook, while the property division is expected to continue to be affected by the tighter lending guidelines. (The Edge Markets)