Ministry begins Strata Act enforcement with condo raids over unpaid maintenance fees
The government has started raiding and seizing household items from apartment and condominium units whose owners have not paid the maintenance fees. The Urban Wellbeing, Housing and Local Government Ministry has conducted six raids this year under enforcement of the Strata Management Act 2013. There is no minimum amount of unpaid fees that would trigger the ministry’s joint raids carried out with the Commissioner of Buildings of local councils. Beyond carrying out seizures, the JMB and MC can also file a summons in court against unit owners who fail to pay maintenance and file a claim with the Strata Management Tribunal. (Malay Mail Online)
Malaysia looking at expediting MRT3 construction
The government may expedite construction of the Mass Rapid Transit 3 (MRT3) in the Klang Valley ahead of its planned completion in 2027 to reap the economic benefits of the project. “We have planned to complete MRT2 in 2024 and MRT3 in 2027, but looking at the benefits that we can reap from the MRT projects, the ministry has proposed to see whether we can bring forward the completion of MRT3 from 2027. We can start planning now, because the implementation will take five years,” said Transport Minister Datuk Seri Liow Tiong Lai. (The Edge Markets)
Sunway invests more in healthcare, not relying solely on property development
Sunway Bhd, the holding company of Sunway Group, is set to explore new avenues of growth in keeping with the changing business landscape, while expanding its portfolio of core businesses domestically and regionally. In June, Sunway was reclassified to the trading/services sector on Bursa Malaysia’s Main Market from the properties sector. The group is now focusing on expanding in the healthcare sector to the tune of more than RM1.2 billion by building five new hospitals in the country. (NST Online)
MRCB posts strong 1H with RM1.28bil revenue
Construction and property firm Malaysian Resources Corp Bhd (MRCB) registered strong growth in revenue that rose 55% to RM1.28bil for the first half of 2017, compared with the same period a year ago, mainly driven by contributions from the engineering and construction segment. Net profit during the first six months was RM33.83mil compared with RM49.89mil in the same period a year ago, while profit before tax excluding gains rose 32% to RM63.4mil. With two new developments completed and new projects in the early construction phase, revenue would continue to be dominated by its engineering, construction and environment division this year. (The Star Online)
Tower REIT appoints Chua as CEO
Tower REIT, a Malaysian trust focusing on commercial assets, said Tuesday it has appointed Chua Song Yong as its chief executive officer. Chua, 39, was earlier the head of group sales & marketing and head of group leasing & property management with TA Global, according to an exchange filing. (Nikkei Asian Review)
Kossan buys vacant industrial land in Banting for RM96mil
Glove maker Kossan Rubber Industries Bhd has proposed to buy a piece of vacant industrial land in Banting, Selangor, from a company controlled by steel magnate Tan Sri William Cheng for RM95.99 million. The freehold industrial land is located within the vicinity of the Megasteel Steel Complex in Banting, which closed operations in September 2016, and measures 4.27 million sq ft. (The Edge Markets)
Clan in limbo over Love Lane heritage house issue
The Penang Chinese Clan Council is in a state of limbo over its tussle with the Penang state government for the ownership of a heritage shophouse in Love Lane. Unable to provide documents proving its right to the dilapidated corner shophouse, the clan council hopes the state government can clearly state its stand on the matter. The clan council is willing to buy the property at market rate from the state government if the state government does not want to transfer it to them at a nominal fee of RM1 without documentation to prove their right to the property. (Malay Mail Online)
The Meng Eng Soo building at number 50, Love Lane. (Photo from Malay Mail Online)
Lake Kenyir to remain an Islamic tourism centre
Lake Kenyir will continue to be a syariah-compliant tourism area, despite it being declared a duty-free zone, said Terengganu Mentri Besar Datuk Seri Ahmad Razif. He said the decision was necessary to protect the sensitivity of the people and religion. Lake Kenyir was gazetted a duty-free zone on January 27 this year. It involves an area covering 65,650 hectares of lake, 339 islands and Pengkalan Gawi. The Kenyir Lake duty-free zone would complement existing tourism attractions in the area, such as the Kenyir Island Hopping (KlH), Kelah Sanctuary, Kenyir Elephant Conservation Village (KECV). (Malay Mail Online)
Hui Ka Yan, chairman of China Evergrande Group (Photo from Forbes)
Evergrande’s chairman Hui is Asia’s second-richest person
A US$9 billion (RM38.4 billion) surge in the past seven days has made Chinese property tycoon Hui Ka Yan Asia’s second-richest person. Hui, chairman of China Evergrande Group, has added more wealth than any person on the Bloomberg Billionaires Index this year, a 360.6% rise that’s added US$26.7 billion to his fortune. He has a net worth of US$34.1 billion, surpassing India’s Mukesh Ambani to become Asia’s second-richest person as Evergrande shares jumped amid soaring property sales and the company’s shift to a low-debt strategy. (Malay Mail Online)
