Ringgit expected to rise RM3.80 against US dollar by year end
UOB expects the ringgit to strengthen to RM3.80 against the US dollar by year-end, supported by Malaysia’s strong economic fundamentals and the effective regulation of the offshore foreign exchange market. The ringgit was also expected to benefit from Malaysia’s steady flow of private sector investment and higher private consumer consumption levels. The country’s fiscal measures, such as personal tax cuts, cash aid and budget giveaways, provided further support for consumer spending. (The Malaysian Insight)
MRCB bags RM11bil job for Bukit Jalil mixed project
Malaysian Resources Corp Bhd (MRCB) has bagged an RM11 billion contract to undertake project management services for a proposed mixed development in Bukit Jalil. The proposed development, spanning 20 years, is expected to be a residential and commercial hub. It will feature four development plots, consisting of office towers, hotels, retail shops and mall, small office/virtual office, small office/home office, serviced apartments and residential towers. (The Edge Markets)
Mah Sing invests RM180mil for interchange at Bangi project
Mah Sing Group Bhd is investing RM180mil for the new interchange at its Southville City development. The new interchange will be officially opened to the public by the middle of next month. With the completion of the new interchange, Southville City will only be a 19km drive away from Kuala Lumpur city, as opposed to the previous 25km distance. Southville City is a freehold masterplanned township with a GDV of RM11.1 billion, located between Seremban/Nilai and Kuala Lumpur. (The Star Online)
Gamuda’s 2Q18 earnings higher on MRT2
Gamuda Bhd’s net profit for 2Q18 rose 27.1% to RM211.3 million from RM166.3 million a year ago, helped by the construction division and stronger overseas property sales. Gamuda’s construction division reported higher revenue due to higher work progress from the Klang Valley Mass Rapid Transit Line 2 (MRT2) project. Meanwhile, the property division sold RM1.9 billion worth of properties in 1H18, more than double in sales value compared to the same period last year. The higher sales were largely attributed to the stronger contribution from its overseas projects, especially in Vietnam, as well as new project launches in Gamuda Gardens and twenty-five.7. (The Malaysian Reserve)
New highway to ease jam in Pusat Bandar Damansara
Congestion along the loop in Pusat Bandar Damansara will soon come to an end, as a multi-million ringgit elevated highway project will be built from the Sprint Highway-Jalan Maarof interchange near the Pavilion Damansara Heights project to the Sprint Highway-Jalan Semantan interchange. The three-lane elevated Jalan Damansara-Semantan Highway stretching for 1.34km will considerably improve traffic flow and provide direct connectivity to the area. An additional eight lanes will be added internally along Jalan Batai and Jalan Johar to further ease traffic flow. The estimated cost of the project is RM211mil and is expected to be completed by June 2020. (The Star Online)
Tengku Adnan (fourth from left) looking at the plan for the new Jalan Damansara-Semantan Highway. — Bernama pic
Pesona Metro bags RM216mil affordable housing deal
Pesona Metro Holdings Bhd has been awarded a RM216.4 million deal to develop affordable apartments in Bukit Jalil. The contract is for the development of two 1,260-unit apartments and one car park block. The project is for a duration of 32 months commencing July 1, 2018. (The Malaysian Reserve)
Heavy penalty for fake news
Those who knowingly create and spread fake news could end up RM500,000 poorer or jailed up to 10 years. These are among the proposed penalties under the Anti-Fake News Bill 2018 tabled at the Dewan Rakyat for first reading yesterday. The Bill seeks to deal with fake news by providing for certain offences and measures to curb dissemination of falsehoods. It aims to address widespread concerns over fake news, now so easily spread with current communications technology that it can have a quick effect on the public. (The Star Online)
More than 300,000 bankrupts in Malaysia
There were a total of 300,958 bankruptcy cases in the country last year, up from 290,001 cases a year earlier. Insolvency Director of Bankruptcy Division Shahrul Rizal Majid said bankruptcy was mainly caused by defaulted personal, housing and car loans. He said about 34% or 34,606 individuals declared bankrupt between 2013 and 2017 were in the 35-44 age bracket. (MySinChew)
