WCT defers REIT listing again
WCT Holdings Bhd’s REIT listing, which was expected to take place by end-2017, will not be happening this year either. It is not the first time the REIT’s listing is deferred. Planned from as early as 2014, WCT postponed it to 2016, and then 2017. Now, it may take place next year. WCT director of corporate strategy Ng Chee Kiet said the latest deferment is due to an ongoing court case between its indirect wholly-owned subsidiary Gemilang Waras Sdn Bhd and Aeon Co (M) Bhd. Both parties have been locked in the court battle since November 2017. The group plans to launch two new property projects in 2018 — the Sapphire Paradigm Residences and the Paradigm Residences in Johor Baru, with a combined GDV of over RM400 million. (The Edge Markets)

Tiong Nam plans RM40mil Johor land to expand land bank
Tiong Nam Logistics Holdings Bhd is planning to purchase a tract of freehold land in Johor Baru for RM40.22 million to increase the group’s existing land banks in strategic locations to enhance its future revenue and profit. The land in the Eastern Gateway of Iskandar Malaysia, near the booming Pasir Gudang Industrial Hub and Tanjung Langsat Industrial Park, is also 5.5km from Senai–Desaru Highway. It intends to develop the land within six months after the relevant proposals are obtained, and upon completion of the planning and development details. The development is expected to be completed in the two years after that. (The Edge Markets)

Axis REIT buys industrial properties in Iskandar Johor for RM38.7mil
Axis REIT Managers Bhd, the manager of Axis Real Estate Investment Trust, is acquiring two freehold industrial properties in Iskandar Malaysia, Johor for RM38.7 million. The properties, with land area of 1.8344ha and 0.494ha, both comprise a single storey detached factory, a mezzanine office and ancillary buildings. Priced at RM31.5 million and RM7.2 million respectively, they are located at i-Park, Indahpura, a gated and guarded industrial park in Iskandar Malaysia. (The Edge Markets)

MACC issues arrest warrant for Jho Low and Nik Faisal
Malaysian authorities conducting a probe into troubled state investment fund 1MDB have issued an arrest warrant for financier Low Taek Jho and are preparing warrants for two others, including a former Goldman Sachs Group Inc banker. The Malaysian Anti-Corruption Commission (MACC) has also issued an arrest warrant for Nik Faisal Ariff Kamil, a former official at a 1Malaysia Development Bhd. unit, according to sources. The four individuals haven’t been charged with any wrongdoing, and it isn’t clear what suspicions underpin the warrants. Earlier on Thursday, the MACC said it summoned Low, who US prosecutors have portrayed as a central figure in the plot to embezzle money from 1MDB, and Nik Faisal. Low has instructed his lawyers to make contact with the MACC and will help with the investigation, his representative said in an email. (The Star Online)

Melaka’s Seri Bendahara may become a hotel
Seri Bendahara, which is open for public viewing, may accept guests for stays. The new Melaka state government is mulling a proposal to turn the once official residence of the Melaka Chief Minister into a guest house or boutique hotel. A decision would be made soon after the public viewing exercise closed on June 14. The number of visitors has crossed the 10,000 mark since the spacious facility was opened to the public after the May 9 general election. The current Chief Minister Adly Zahari said he will be using the Peringgit government quarters in the city centre as his official residence. He had previously said that Seri Bendahara was opened to the public to show them the lavishness of the previous Barisan Nasional administration. (The Star Online)

Seri Bendahara was official residence of the Melaka Chief Minister (Photo from The Star)