Minister takes aim at abandoned property projects in country
The Housing and Local Government Ministry is committed to addressing 99 abandoned housing and commercial projects in Malaysia, its minister Zuraida Kamaruddin said. A task force will oversee these projects that are mostly scattered around Selangor. “There were 297 abandoned projects and 198 of them had been solved. We will see how to speed up the process of handling these abandoned projects, whether it means taking over the projects or giving them to another developer to redevelop,” she said. She did not say if these developers would be fined or elaborate on how her ministry would handle the projects in the event it takes them over. (Malay Mail Online)

MB World to develop RM176mil apartment project in JB
MB World Group Bhd plans to develop a 6.26-acre land in Johor, a project that comprises 406 units of apartments worth RM176 million GDV, after securing the developmental rights to the land from its owner, Shiya Sdn Bhd. The freehold land is made up of 76 plots in Sierra Perdana, Johor Bahru. In granting MB World developmental rights and all claims to the land, Shiya will get a RM24 million entitlement from the deal. Currently, MB World has eight ongoing projects in Johor. (The Edge Markets)

MRT Corp looking to reduce RM32bil cost of MRT2
MRT Corp is working with the government to look for ways to reduce the cost of the MRT Line 2 (MRT2). “We are exploring to see how we can further reduce the cost for the MRT2 line,” CEO Datuk Shahril Mokhtar, although he did not reveal what measures will be taken for the cost-cutting to be realised. The MRT2 line, or the Sungai-Buloh-Serdang-Putrajaya Line, which runs from Sungai Buloh to Putrajaya, connects 35 stations and costs about RM32 billion. To date, MRT Corp has awarded close to RM27 billion worth of contracts for the system and civil work packages. The remaining RM5 billion will fund the works on the stations, the multi-storey car park, designated supplier items such as escalators, lifts and signages, as well as several viaduct packages. (The Malaysian Reserve)

Sunway to dispose of stake in Singapore JV for RM118mil
Sunway Bhd is disposing of its 30% stake in a joint venture (JV) Hoi Hup Sunway Novena Pte Ltd (HHSN) to Hoi Hup Realty Pte Ltd for S$39.88 million (RM118.2 million) cash. HHSN was set-up in December 2012 to undertake the Royal Square at Novena development in Singapore, which comprises a hotel, medical units and retail units. Royal Square at Novena was successfully completed on July 12, 2017. Sunway said the proposed disposal will enable Sunway to exit and monetise its investment in HHSN. The group intends to use proceeds from the proposed disposal for its new projects, as well as new land bank acquisitions, to strengthen its property development presence in Singapore. (The Edge Markets)

Drop in PTPTN repayments
There has been a drop in the average monthly collection by National Higher Education Fund Corporation (PTPTN) this year. PTPTN chairman Wan Saiful Wan Jan said the drop began in January 2018. “Last time, the average monthly loan collection was more than RM300mil per month but since January, the monthly collection has not exceeded RM300mil and has dropped to only RM200.45mil in May,” he said. PTPTN deputy chief executive Mastura Mohd Khalid attributed the drop to Pakatan’s pledge to allow fresh graduates who earn less than RM4,000 to delay settling their loans. Wan Saiful said the corporation was still in discussion about allowing those earning less than RM4,000 to delay repaying their loans. (The Star Online)