Malaysia’s new tallest building to be completed in 2018
Malaysia’s soon-to-be tallest building – The Exchange 106 – is on its way to completion as its reinforced concrete core wall is now in place. Located in the Tun Razak Exchange (TRX), the structure will be topped with a dazzling glass crown that will be LED illuminated. It is owned and developed by Mulia Property Development Sdn Bhd, a subsidiary of the renowned Mulia Group of Indonesia. The Exchange 106’s construction is on track to be completed by the second quarter of 2018, with tenants expected to move in by the third quarter of 2018. Upon completion, the Exchange 106 will consist of 106 floors and 8 basement levels. Standing at 492.3 metres, it will be the tallest building in Malaysia and Southeast Asia, and will be among the top 15 tallest in the world. With Green Building Index (GBI) certification and MSC status, The Exchange 106 offers some of the latest in-building technology. (NST Online)

KL co-working spaces to continue growth in 2018
Greater KL is expected to continue seeing the emergence of local co-working operators in 2018, supported by technological advances which enables a flexible working culture. The serviced office and co-working segments were gaining popularity through strong government-led initiatives by Malaysia Digital Economy Corporation (Mdec), leading to the launch of the Malaysia Digital Hub and the Malaysia Tech Entrepreneur Programme. On commercial property outlook, Knight Frank Malaysia said it continued to see positive demand for office space in established and upcoming decentralised locations along the rail transportation routes. (Malay Mail Online)

Menara Maybank

Maybank ranked the safest bank in Malaysia, Indonesia
Malayan Banking Bhd (Maybank) and its Indonesian arm, PT Bank Maybank Indonesia, has emerged as the safest banks operating in their respective countries, according to Global Finance Magazine. Banks were selected through an evaluation of long-term foreign currency ratings – from Moody’s, Standard and Poor’s and Fitch – and total assets of the 1,000 largest banks worldwide. Despite efforts to harmonise financial rules across regions and around the world, regulations remained unique to each country, due to particular risks and resources. (The Star Online)

Ibraco to unveil RM1.5bil mixed development in Kuching by 1Q18
Sarawak-based Ibraco Bhd is looking to launch its 123-acre mixed development called Northbank in Kuching by the first quarter of 2018. Located in the greater Tabuan area, a prime spot in Kuching, Northbank has a GDV of RM1.5 billion and will comprise residential, retail and office suites. The project will be developed over five to seven years. Meanwhile, Ibraco is awaiting approval for a new development plan on the 3.91-acre leasehold land in Petaling Jaya, which it acquired in September this year and approved for a mixed commercial development. (The Edge Markets)

Johor and Melaka to see sharp rise in land auctions
Johor and Melaka have recorded a significant increase in land auctions in the first nine months of 2017 (9M17) compared with the same period last year. A report by an online auction listing platform showed land auctions in the southern region (Johor and Melaka) for 9M17 rose to 186 cases worth RM463 million, an increase of 124.1% in volume and 110% in value from a year before. The spike could be due to the increase in land foreclosures in the region, especially commercial plots. All the other regions, however, have seen a decrease in the number of land cases. (The Edge Markets)

TSR Capital bags RM295mil development project
TSR Capital Bhd has been appointed by Kwasa Land Sdn Bhd as development partner to develop a residential development on 6.52 acres of land in Kwasa Damansara Township with a GDV of RM295 million. The development will consist of 260 residential units with five development components, namely Link Villas, Cluster Villas, Exclusive Villas, Town Villas and Condominium. (NST Online)

Felda could lose RM200mil Jalan Semarak land
Felda is at risk of losing ownership of a strategic piece of land worth RM200 million in Jalan Semarak, Kuala Lumpur, following a ‘dubious deal’ in 2015. The plot of land, which has been earmarked for the Kuala Lumpur Vertical City (KLVC) development project, is set to feature seven towers, including Felda’s iconic tower, to be known as KLVC Tower 1A. Sources told Berita Harian that ownership transfer of the land took place when Felda Investment Corporation Sdn Bhd (FIC) appointed a local company as its main developer in 2014. Felda had issued a letter of attorney to the company to develop the area. However, it was later discovered that ownership of the land had been transferred to the company in December 2015. (NST Online)

(Photo from The Star)

Complete switch to new passport booklet by February next year
Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said existing stocks of about 81,000 Malaysian passport booklets with the old features are expected to be completely used up soon. He said in one-and-a-half months, all passport holders would be using the new travel document with enhanced security features. Among the new enhanced security features included biometric and facial recognition capabilities and the new passport booklet complied with the standard set by the International Civil Aviation Organisation (ICAO). For renewal of passport, the Immigration Department will only take 15 minutes after payment had been made, while for new application, it would only take one hour after payment had been made. (The Star Online)