KUB awaits MBPJ nod for A&W PJ redevelopment plan
Three year on, KUB Malaysia Bhd, which holds the A&W franchise in Malaysia, is still waiting for the Petaling Jaya City Council (MBPJ) to approve its redevelopment plan to build two office towers at its iconic A&W restaurant in Section 52, Petaling Jaya. It was initially set to receive the approval by July last year. One of the reasons for the delay in getting approval is that the proposed redevelopment comes under a new development policy by the council, which has never been dealt before. If approved, it will be the first transit-oriented development (TOD) project in Petaling Jaya, utilising the convenience of the Taman Jaya light rail transit station located next to it. (The Edge Markets)
MRCB-Quill to sell office building for RM28mil
MRCB-Quill REIT is planning to sell its office building, known as Quill Building 8 – DHL (XPJ) for RM28 million cash, to repay loans, asset enhancement, property investment and working capital. MQReit said the proposed disposal is in line with its strategy to regularly evaluate and rejuvenate its property portfolio. The expected net gain arising from the proposed disposal is approximately RM1.28 million. (The Sun Daily)
Yong Tai secures China funding for Impression City Melaka development
Yong Tai Bhd has secured additional funding for its RM7 billion gross development value cultural tourism property development project Impression City in Malacca, which was bogged down by “unforeseen circumstances” such as financing and land acquisition. The group entered into an agreement with Kirin Financial Group Ltd, a unit of Hong-Kong listed Kirin Group Holdings Ltd, for a proposed investment of not less than RM400 million. Additionally, Yong Tai has secured a RM100 million facility from the Bank of China to partly finance the Encore Melaka theatre, which is also Malaysia’s first standard indoor theatre nestled on a 15-acre site at Impression City. The entire project will be developed in stages on a 138-acre parcel of land. This is the latest round of funding to come through in addition to the RM500 million secured previously, of which Hong Kong listed Sino Haijing Holdings Ltd contributed RM280 million. (The Sun Daily)
Artist’s impression of Impression City in Melaka (Image from Yong Tai website)
12,900 hardcore poor to receive new homes or have old homes renovated
A total of 12,900 hardcore poor across the country will receive new homes and have their old homes renovated through the 2018 Hardcore Poor Housing Programme (PPRT), with an allocation of RM271.6 million. “This is just for the homes, not yet the village roads and social facilities. For the installation of LED street lights in rural areas alone last year, we spent RM100 million, for the safety of children and reduction of crime,” said Rural and Regional Development Minister Datuk Seri Ismail Sabri Yaakob. (Malay Mail Online)
Sime Darby’s Elmina Exchange opens for public
Sime Darby Property Bhd’s Elimina Interchange, located at RM27 billion City of Elmina, has officially opened for public access. The interchange will provide the City of Elmina residents and Guthrie Corridor Expressway (GCE) users with enhanced accessibility to various areas in the city and surrounding locations. (NST Online)
Touch ‘N Go gets BNM nod for mobile e-wallet
CIMB Group Holdings Bhd’s subsidiary, Touch ‘n Go Sdn Bhd (TNGSB), has obtained approval from Bank Negara Malaysia (BNM) to operate and offer mobile e-wallet services in the country. The services, leveraging on the Alipay technology platform, will be operated via TNG Digital Sdn Bhd, a JV company with Ant Financial Group (Ant Financial). The new mobile e-wallet will enable Malaysians to experience a secure, convenient and seamless payment ecosystem by using Quick Response (QR) codes to perform, among others, online shopping, bill payment, retail payments, as well as peer-to-peer fund transfers. (The Sun Daily)
Touch ‘n Go gets exclusive e-wallet deal (Photo from The Star Online)
Singapore revises Woodlands charges
Transport and logistic providers welcome the decision by Singapore to revise and abolish charges for vehicles leaving and entering the republic via the Woodlands checkpoint effective Feb 1. The move would help to improve and increase cross-border trade between Malaysia and Singapore. It is also hoped that Malaysia will reduce, or better still, abolish toll charges at the Second Link Crossing in Tanjung Kupang, Gelang Patah. The move will help to effectively disperse traffic at the two land links and reduce congestion at the Johor Causeway. About 3,000 Malaysian-registered lorries use the Johor Causeway daily. Singapore revised its toll charges at the Woodlands checkpoint to match Malaysia’s recent removal of toll charges at the Eastern Dispersal Link (EDL). (The Star Online)
