IMF seeks Malaysia’s help
The International Monetary Fund (IMF) is impressed with Malaysia’s reforms and is keen to understand more about it – a far cry from the view that the Washington-based agency had on the country 20 years ago. Prime Minister Tun Dr Mahathir Mohamad said the IMF was interested with Pakatan Harapan’s efforts to rehabilitate the country. An official described the request as something big because “countries go running to the IMF for help but IMF is asking for Malaysia’s help. IMF needs our help from a government that was corrupt to one that is introducing reforms.” IMF managing director Christine Lagarde offered to provide assistance to Malaysia in managing debt, fiscal measures, anti-money laundering, and training civil servants. (The Star Online)
HBA: Time for BNM to reimpose financing quota
It is time for Bank Negara Malaysia (BNM) to reimpose financing quota that the banks need to adhere to in order to assist first-time home buyers, said the National House Buyers Association (HBA). the quota system was implemented in the 1980s by BNM where banks were needed to accomplish a certain amount of quota in small-sized financing. It was also suggested that the government allow the Employees Provident Fund (EPF) to become a financier. (Malay Mail Online)
Ku Nan, developer to be charged over DBKL land deals
Former minister Datuk Seri Tengku Adnan Mansor and real estate developer Datuk Tan Eng Boon will be charged tomorrow with offences related to Kuala Lumpur City Hall’s (DBKL) land deals, said the Malaysian Anti-Corruption Commission (MACC). The two are expected to be jointly charged with Tan at the Kuala Lumpur Sessions Court. Several land purchases, some of which were in prime areas such as Jalan Raja Chulan and Pudu, took place with the Kuala Lumpur mayor listed as the buyer. The total amount of land acquired by the “mayor” alone was worth a whopping RM1.5 billion. Under the guise of purchases made by the mayor, these acquired plots were later sold – some at a price significantly lower than the market value – to selected developers, including Tan. (Malay Mail Online)
Colony to debut its largest premium co-working space at Star Boulevard KLCC
Co-working space operator Colony is set to debut its largest premium co-working space to date at the Star Boulevard KLCC. Spanning 35,000 sq ft, Colony @ Star Boulevard KLCC will equipped with a lush rooftop event space and offer views of KLCC to deliver a complete and luxurious signature hospitality experience for their guests, said executive director Timothy Tiah. The co-working space will be designed by award-winning luxury interior designers including London-based 1.61 London and Hoe & Yin Design Studio. Colony @ Star Boulevard is expected to open its doors in April next year. (The Edge Markets)
Matrix concepts posts record RM898.6mil sales
Matrix Concepts Holdings Bhd’s net profit for the second quarter ended Sept 30, 2018 rose 2.2% to RM52.94 million due to an enlarged revenue base. The group said its margins during the quarter were moderated due to fewer higher-premium property launches in its product mix. Revenue for the quarter rose 24.8% to RM253.31 million mainly due to revenue recognition from M. Carnegie boutique apartment and higher revenue contribution from sales of industrial properties at Bandar Sri Sendayan. In addition, the group’s investment properties namely Matrix Global Schools, d’Tempat Country Club and d’Sora Business Boutique Hotel also contributed higher revenue. The group is on track to meet its target of RM1.7 billion worth of new property launches in FY19, with RM807.3 million worth of residential properties launched in the first half of the year. (The Sun Daily)