MyHSR Corp to call tender for final survey consultants
MyHSR Corp) will call for a tender to pick the final survey consultants (FSC) for the KL-Singapore High Speed Rail (KL-SG HSR) project on Friday. The FSC tender will be divided into six packages, with three packages reserved for Bumiputera firms. The main scopes of the FSC are to conduct land survey and provide land administration support for the land acquisition process for the KL-SG HSR project within Malaysia. Local firms with relevant experience were urged to participate in the tender to provide expertise on land survey works and to assist with the land acquisition activities. (The Star Online)
Rehda: Insufficient data behind supply-demand housing mismatch
Lack of information is the reason for the current residential property overhang in Malaysia, said Rehda. Its deputy president Datuk Soam Heng Choon said lack of data causes developers to build in locations that do not generate demand as projected during the planning stage. “The issue of end financing and loan rejection, as well as issues from unreleased Bumi quota also contributed to the mismatch between demand and supply,” he said. Rehda has proposed to the government to set up a federal body to regulate the creation of affordable housing in the right locations to ensure its supply meets demands. (Malay Mail Online)
Klang Valley water supply to be restored starting 6pm
Water supply in the Klang Valley, which has been cut since yesterday due to urgent maintenance works at the SSP3 treatment plant, will be restored in stages starting 6pm today. It will take between 36 and 72 hours for supply to be fully restored. Kuala Langat and Hulu Selangor can expect supply to be fully restored by 6am on Saturday, while for Petaling, Klang, Shah Alam, Gombak and Kuala Lumpur, 6pm on Sunday. (The Malaysian Insight)
MoF buys 51% in TRX skyscraper
The Ministry of Finance (MoF) has taken control of The Exchange 106 skyscraper at the Tun Razak Exchange (TRX) after buying a 51% stake in Mulia Property Development Sdn Bhd, which is developing the 3.42-acre (1.38ha) TRX land. A Companies Commission of Malaysia (SSM) filing on MKD Signature revealed that it is a RM2 company, with its directors being officers of MoF. MoF said MKD Signature and its parent Sentuhan Budiman Sdn Bhd were incorporated as special purpose vehicles (SPVs) to conduct the ministry’s various strategic investments. (The Edge Markets)
The Exchange 106 at TRX
Aspen sees continued growth in 2018 after FY17’s record earnings
Singapore-listed property developer Aspen (Group) Holdings Ltd, which is based in Malaysia, is confident it will continue to see top-line growth in FY18, after posting strong numbers in FY17. “The successful IPO in July 2017 on the Singapore Exchange and the sale and construction of our ongoing projects have contributed to the record net profit of RM85.4 million,” said Aspen president and group CEO Datuk Murly Manokharan. 2018 will see Aspen completing its first residential as well as commercial developments, and plans to launch three new projects in its 245-acre flagship project, Aspen Vision City (AVC) in Penang. (The Edge Markets)
Atta buys RM12mil Penang land for mixed development
Atta Global Bhd is buying a property firm that owns a 76,423 sq ft land in Penang on which the group intends to undertake a mixed development project. The group said the land was valued at RM12.5 million, based on a valuation exercise on March 3 by Henry Butcher Malaysia. “The proposed acquisition is a strategic move in view of the company’s proposed diversification into property development and would expect to generate synergistic benefits to the group.” (The Edge Markets)
Prudential Malaysia unit in talks to sell 30% stake to KWAP
British insurer Prudential PLC is in advanced talks with Malaysia’s No. 2 pension fund to sell a 30% stake, valued at about US$435 million (RM1.7 billion), in its Malaysian unit to comply with new foreign ownership rules. Foreign insurers are scrambling to trim their stakes in their local units to 30% to abide by a directive from Malaysia’s central bank, under an initiative to lift domestic participation in the industry. There is no certainty that Prudential’s talk with KWAP will result in a deal, and the British insurer could also weigh a possible listing on the Malaysian bourse to divest the stake, sources said. (Malay Mail Online)
Singapore a top choice for residential property investment among ultra wealthy
Singapore remains a favoured destination for property investments among the world’s ultra wealthy, taking fifth spot based on an overall global ranking published in The Wealth Report 2018 by Knight Frank. Among Asian investors, it is the third most favoured country, after the UK and US. Among Australasians, it also takes fifth spot. Separately, the report also features the City Wealth Index, a ranking of the cities that matter most to the ultra wealthy. Singapore took the fifth spot, one of the three Asian cities among the top 10 spots in the City Wealth Index. (The Business Times)
Robert Kuok named 96th richest person in the world
Malaysian tycoon Robert Kuok is the 96th richest person in the world according to Forbes’ 2018 Billionaires List. The list rates Kuok’s fortune last year at US$14.5bil (RM56.5bil), making him the richest person in Malaysia and the 96th richest in the world. At age 94, Kuok is the oldest person in the Top 100 of the billionaires’ list. He owns Kuok Group, which has interests in hotels, real estate and commodities. Amazon chief executive officer and founder Jeff Bezos was named the richest person on the planet, with a net worth estimated to be US$112bil (RM437bil), resulting in him moving ahead of Bill Gates, who dropped to second place. (The Star Online)
