Rehda: 2019 property price turnaround unlikely
Despite reports by property consultancies and real estate agents that say house prices will pick up in the second half of 2019, Rehda Institute chairman Datuk Jeffrey Ng Tiong Lip considers it unlikely. Factors that may change this are if the government and Bank Negara come up with a financing scheme that benefits home-buyers from all segments, not limited to first-time buyers and the bottom 40 group, Ng said. Rehda Malaysia president Datuk Soam Heng Choon said that while some real estate agents have been rather bullish, local and external factors would affect the national economy and ultimately, the property sector. “The United States-China trade war will affect our GDP, there will be ripple effects,” Soam said. (The Edge)
KUB buys leasehold land in Klang for 25mil
KUB Malaysia Bhd has bought 7.66 acres of leasehold land in Klang for RM25mil. The proposed acquisition was to expand its subsidiary KUB Gaz Sdn Bhd’s operation capacity and support its future growth. The land, it said, was adjacent and connected to KUB Gaz’s existing bottling facility. KUB said the expansion plans for the property include the construction of additional storage facilities. Notably, last week, KUB completed the disposal of its fast-food restaurant A&W Malaysia for RM34mil, after two years of discussions. (The Star Online)
Menta Construction Preparing IPO in 2019
Menta Construction Sdn Bhd aims to launch an initial public offering (IPO) next year to raise about RM1 billion for expansion. Its CEO Tan Choon Hock said that Menta would use part of the IPO fund to invest in construction companies. “We will also utilise part of the proceeds from the IPO to acquire more land and undertake property projects. The focus right now is in Malaysia. In the future, if there are opportunities to venture overseas we will look into it,” Tan said. Menta was incorporated on April 6, 1982, and has done various construction work in excess of RM3 billion, including the RM1.27bil RAPID project in Pengerang, Johor. Menta’s current order book includes a RM500 million sub-contract for the Pan Borneo Highway in Sabah, and a RM200 million highway upgrading job between Gambang, Pahang and Segamat, Johor. (NST Online)
Rosmah summoned to MACC HQ, likely to be charged
Datin Seri Rosmah Mansor has been called to the Malaysian Anti Corruption Commission (MACC) headquarters in Putrajaya, and is likely to be charged today. Sources said she may face over 20 criminal charges, mostly involving money laundering under the Anti Money Laundering Act (AMLA). It was reported on Sept 18 that Rosmah is expected to formally answer charges of money laundering very soon, after probes that first began more than two years ago were revived. (NST Online)
Malaysia in talks to become first in Asia to allow medical pot
Malaysia, which imposes the death penalty for some drug trafficking offences, is racing against Thailand to become the first Asian country to legalise marijuana for medical use. The Cabinet “very briefly” discussed the medicinal value of marijuana in a meeting last week and has started early and informal talks on amending the relevant laws, said Water, Land and Natural Resources Minister Xavier Jayakumar. Discussions on allowing the drug started after public objections to the death penalty handed to a 29-year-old man sentenced for possessing, processing and distributing medicinal cannabis oil. “My own personal view is that if it’s got medicinal value, then it can be a controlled item that can be used by the health ministry for prescription purposes,” Xavier said, adding that the health ministry would have the final say. (Free Malaysia Today)
