Malaysian developers bag six FIABCI awards
Six Malaysia Property Award 2017 winners held their trophies up high at the Fiabci World Prix d’Excellence Awards 2018 which was held in conjunction with the Fiabci 69th World Congress 2018 in Dubai. A total of 27 winners around the world were honoured at the award presentation ceremony this year. The Malaysian Gold award winners were Seri Kasturi Apartment in the Affordable Housing Category by S P Setia Bhd; Mangala Resort & Spa in Environmental (Rehabiliatation/Conservation) Category by Farm Resort (Gambang) Sdn Bhd; Eco Business Park 1 in Industrial Category by Ecoworld Development Group Bhd; Setia Eco Glades in Master Plan Category by Setia Eco Glades Sdn Bhd; Socso Tun Razak Rehabilitation Centre in Purpose Built Category by Anuar Aziz Architect; and 16 Quartz in Residential (Low Rise) Category by Mitraland Group. Notably, S P Setia has showcased exceptional strength in the industry as it was the first winner for the Affordable Housing Category in both the Malaysia Property AwardTM 2017 and Fiabci World Prix d’Excellence Awards 2018. (The Star Online)
GST better than SST, say experts
The Goods and Services Tax (GST) is better than the Sales and Services Tax (SST) as GST collection is more than the latter, which benefits the government, businesses and the rakyat as a whole, said economists. For the government, the higher collection of GST than SST resulted in higher revenue because it is comprehensive and more transparent, as well as reduces tax erosion and leakage. For businesses, GST is an easier process of submission of tax claim and for consumers, the implementation of GST reduced services tax to 6% from 10%. Institute of Strategic and International Studies Malaysia director of economics, trade and regional integration Firdaos Rosli said reverting to the SST would result in serious repercussions on public finance, governance, business operations and costs, and prices. (NST Online)
JCorp to relist QSR Brands by Nov, eyes RM2bil from IPO
Johor Corp’s (JCorp) 51.86% owned crown jewel, QSR Brands (M) Holdings, the operator of fast-food chains such as KFC, Pizza Hut and Ayamas, will make a comeback on Bursa Malaysia by year-end, in an initial public offering (IPO) which could possibly raise RM2 billion for the group. In 2013, KFC Holdings (M) Bhd and its holdings company QSR were taken private in a RM5.12 billion buyout by Johor Corp, the Employees Provident Fund (EPF) and private equity firm CVC Capital Partners via their special purpose vehicle, Massive Equity Sdn Bhd. According to the Companies Commission of Malaysia, the total assets of QSR Brands (M) Holdings for the financial year ended Dec 31, 2016 stood at RM4.936 billion. QSR has 1,268 restaurants under its wing and employs more than 35,000 workers across Malaysia, Singapore, Brunei and Cambodia. (The Sun Daily)
Inta Bina bags RM57.7mil contract to build Eco Ardence houses
Inta Bina Group Bhd’s wholly-owned subsidiary Inta Bina Sdn Bhd (IBSB) has been appointed as the main contractor for the Eco Ardence development in Shah Alam for RM57.7 million. The contract is to construct 104 semi-detached homes, one community centre and one guard house, spanning an 18-month period commencing from the date of site possession on April 30, 2018. Eco Ardence is a RM8.58 billion township owned by Eco World Development Group Bhd and its joint venture partner Cascara Sdn Bhd. (The Edge Markets)
Government considering raising PPA1M housing quota
The government will consider increasing the construction quota of houses ranging in price from RM90,000 to RM120,000 under the 1Malaysia Civil Servants Housing Scheme (PPA1M). Chief secretary to the government Tan Sri Dr Ali Hamsa said if all goes well, the effort to help civil servants of all pay grades own homes should be realised beginning next year. “We (do) have (a) limited number of these units in Kuala Lumpur, but outside (the city), we will be offering a lot. We have done this in some areas, but the challenge is doing it in the Klang Valley due to land and subsidy constraints,” he said. Ali added that the government has so far received 200,000 applications for houses under the scheme, 147,000 of which are being processed, and 10,000 of which have been approved. (NST Online)
