WeWork to launch biggest regional co-work space in KL in 2019
Another co-working space provider has made its entry into the Malaysian market with its first location in the heart of Kuala Lumpur slated to open in early 2019. New York based private company, WeWork, will be launching its first co-working space and the biggest to date regionally at the Equatorial Plaza, which will accommodate 1,900 members across 5 floors. According to WeWork Southeast Asia Managing Director, Turochas “T” Fuad, the location was chosen specifically due to its close proximity to public transport and commercial district, to allow ease of doing business. Acknowledging the over-supply of office and commercial spaces in Kuala Lumpur, Turochas said the co-working space model is a good way to bridge the demand where companies are able to lease according to their own specific needs. Founded in 2010 in New York City, WeWork has 335 physical locations in 83 cities and 24 countries worldwide. (The Edge Markets)

Artist impression of Bukit Bintang City Centre (Image from bbcckl,com)

BBCC eyes RM250 million sales in 2019
BBCC Development Sdn Bhd (BDSB), the developer of the RM8.7 billion Bukit Bintang City Centre (BBCC) project along Jalan Pudu, Kuala Lumpur, is targeting a modest RM250 million sales in 2019 in view of subdued property market. “The market is quite soft at this juncture…[but] we continue to see good take-up rates at our service apartments,” said BDSB CEO Low Thiam Chin. The serviced apartments in BBCC, namely Lucentia 1 and Lucentia 2, totals 666 units, ranging from 450 to 880 sq ft, as well as strata offices. Construction of these two blocks is expected to be completed by the first quarter of 2021. This 19.4 acres BBCC project is the redevelopment of the former Pudu jail site that will take up to 10 years. Eco World Development and UDA Holdings Bhd, each holds a 40% stake in BBCC Development, while the EPF owns the remaining 20%. (NST Online)

Farmers profiteering on state land illegally will face the music
The state government will take stern action against “corporate farmers” occupying state government land illegally, said Mentri Besar Datuk Seri Ahmad Faizal Azumu. He described corporate farmers as those making profits without yield returns to the state while the other type was small-scale farmers. “For small-time farmers whose livelihood depend on farming, we will give them alternative land and they must move to the land provided by the government,” he said. However, farmers who resort to profiteering would be reprimanded, he added. This was in response to a query about the approval of Temporary Occupation Licences (TOL) in the state. (The Star Online)

Malaysia’s ‘Silicon Valley’ seeks a reboot
The Multimedia Super Corridor (MSC) is set to get a fresh breath of life under Prime Minister Tun Dr Mahathir Mohamad. The MSC, with Cyberjaya as its core location, was meant to promote information and communication technology (ICT) as a new growth sector that would provide new high paying jobs, and propel Malaysia’s industrialisation and urbanisation. The MSC programme was launched in November 1996 and covered an area measuring 15km by 50km in the Klang Valley. Putrajaya announced it intends to revitalise Cyberjaya as the country prepares to embrace the Industry Revolution 4.0, which involves big data analytics; data science; the Internet of Things; as well as blockchain technology. The MSC project will also be revived to promote digitisation of the country’s economy due to its importance in the current era. (The Malaysian Reserve)

PM: M’sia can measure JB port limits to verify S’pore claim
Malaysia can extend the Johor Baru port as it does not trespass onto Singapore’s territorial waters, said Prime Minister Tun Dr Mahathir Mohamad. The distance from the border can be measured to substantiate the claims made by the Singaporean government. “We can measure to see if it is true or not but we had not touched their border. We are still within our own waters,“ he said. Singapore has said it is ready to engage with Malaysia to find an amicable solution to issues related to the Johor Baru port limits in accordance with international laws. Singapore’s Ministry of Transport (MOT) said in a statement that it noted “with grave concern” that Malaysia had recently purported to extend the Johor Baru port limits in a manner which encroaches into Singapore Territorial Waters (STW) off Tuas. (The Sun Daily)

Johor Port (Photo from Malaysia Track)