Taskforce freezes 408 bank accounts worth RM1.1bil linked to 1MDB
The 1MDB Special Task Force has frozen 408 bank accounts of individuals, political parties and NGOs worth RM1.1 billion on June 26 and 29. The frozen accounts involved 81 individuals and 55 companies are believed to have received funds from 1MDB. They are believed to be linked to the money laundering and misappropriation of 1MDB funds, and involved nearly 900 transactions made between March 2011 and September 2015. 1MDB Special Task Force added that it is currently conducting an investigation to identify the level of involvement of the parties involved. The taskforce did not discount the possibility that more accounts would be frozen. (The Edge Markets)

China’s Agile to launch RM12.6bil projects in Malaysia over next 3 years
China’s Agile Group is aiming to launch projects in Malaysia with GDV of RM12.6 billion in the next three years. The group currently has RM3.4bil GDV of on-going projects in Malaysia, and aims to achieve RM12.6bil GDV in the next three years. It is also eyeing three landbank acquisitions in Penang, Selangor and Kuala Lumpur. “We are in talks with landowners but [are] not in the final stage yet. Having established our business in Malaysia for four years, we are able to develop project by our own. However, we are open for cooperation opportunities. We won’t mind a win-win joint venture opportunity,” said CEO of Agile Malaysia Chai Keng Wai. The developer recently launched its second project in Malaysia, Agile Bukit Bintang, a luxury condominium project jointly developed with Tropicana Corp Bhd. (The Edge Markets)

Sunway Property bags BCI Asia Awards for eighth straight year
Sunway Property, the property arm of Sunway Bhd, has won the Top 10 Developers award at the BCI Asia Awards for the eighth-year running, beating peers from seven countries. Winners are judged by the extent of their sustainability, both socially and environmentally, as established by BCI Asia’s comprehensive project leads research, and confirmed green building ratings awarded through World Green Building Council (WGBC) accredited certifications. The BCI Asia Awards is presented to the top 10 developers and architects in seven key Asian markets comprising the Philippines, Hong Kong, Indonesia, Malaysia, Singapore, Thailand and Vietnam. (The Edge Markets)

Selangor Dredging’s associate company to buy 17 Singapore land plots for RM180mil
Selangor Dredging Bhd (SDB) announced today its associate company, Tiara Land Pte Ltd, plans to buy 17 parcels of adjacent properties in the prime District 13 in Singapore for S$60.26 million (RM180.06 million), where the latter intends to develop exclusive mid-rise apartments. The properties are close to Potong Pasir MRT, Woodleigh MRT and Boon Keng MRT. It said the purchase was agreed upon on a willing buyer and willing seller basis, after considering the proposed development’s potential, the 10-minute driving proximity of the commercial business district and Orchard Road, and the nearby malls including The Venue Shoppes, HDB Hub and NEX shopping mall. (The Edge Markets)

Syed Saddiq is youngest-ever Cabinet member, Youth and Sports Minister
Syed Saddiq Syed Abdul Rahman has become the youngest-ever minister in the country. Syed, who will turn 26 on December 6, was sworn in as the 18th Youth and Sports Minister yesterday. The Johor-born Syed’s appointment to a full minister role under the new Pakatan Harapan government is also historic in itself, as he is the youngest ever minister in the history of the country. His predecessor Khairy Jamaluddin was the country’s youngest minister when he was appointed to the Cabinet aged 37 in 2013. (The Star Online)