China online retailer Taobao endorsing physical store in Malaysia
A spin off from China online retailer Taobao is endorsing a physical store in Malaysia. Bringing the online shopping experience offline is Lumahgo Sdn Bhd in collaboration with Tmall World – a spinoff of Taobao – and lifestyle furniture retailer, Lorenzo. The 5,000 sq ft Lumahgo x Taobao Selection store is on the first floor of Viva Home Shopping Mall, Kuala Lumpur. Alibaba Group would provide the company with tools such as big data that targets Malaysian consumers, technology and a platform for local furniture retailers to sell their products. However, the store was not opened by Tmall or Alibaba Group itself. A second Taobao Selection store is slated to open in January next year in Kota Kinabalu, Sabah. (The Star Online)
SP Setia, Sime Property sell Battersea stakes to PNB-EPF for RM8.35bil
SP Setia Bhd and Sime Darby Property Bhd are selling their stakes in Battersea Power Station building to PNB-Kwasa International 2 Ltd for £1.583bil (RM8.351 billion). PNB-Kwasa International 2 is a joint venture of Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF). Battersea Phase 2 Holdco is a unit of Battersea Project Holding Company Ltd, which is owned by Sime Darby Property Bhd and S P Setia Bhd, each holding a 40% stake, and EPF holding the remaining 20%. The transaction is expected to be completed in the first quarter of 2019. London-based Battersea Power Station Development Company (BPSDC) will continue to manage the project. (The Star Online)
Sarawak property market expected to firm in next two years
The property market in Sarawak is expected to strengthen due to the state’s better economic outlook in the next two years. MIEA Sarawak chairman Dato Alex Ting Kuang Kuo said the move to impose a 5% sales tax on petroleum products starting next year will bring positive impact to the state’s economy which would bring in some RM4 billion to the state. This should help strengthen the local property market. The Sarawak government had also recently launched the Sri Pertiwi housing programme in an effort to offer more affordable houses, along with measures to help first-time home buyers. MIEA Sarawak has recruited 67 new Real Estate Negotiator (REN) members and trained 142 negotiators under the Negotiators Certification Course (NCC). (The Borneo Post)
Regenerating Subang Airport; proposals welcome
Malaysia Airports Holdings Bhd (MAHB) is said to have issued requests for proposals (RFPs) to both local and international consultants for the Subang Airport regeneration project to be undertaken on a 1,063-acre site. The RFPs are to appoint a master planner for the concept and design. The total development cost for the regeneration that could take up to a decade to complete is estimated at RM1.5bil to RM2.5bil, depending on the final concept and design. The new terminal, once completed, will be able to handle five million passengers from three million now. The entire development is likely to create 5,000 jobs and attract investments of over RM1bil by 2025, sources said. (The Star Online)
AFF Suzuki Cup 2018: Runner-up Malaysia get heroes’ welcome upon return
Malaysia may have finished as runners-up in the 2018 AFF Suzuki Cup but they certainly had a heroes’ welcome when they returned home. The Malayan Tigers (Harimau Malaya) outlasted heavyweight contenders like Thailand and put up a spirited effort against eventual champions Vietnam. It was a 2-2 draw with Vietnam in the first leg of the match, which was held at the Bukit Jalil National Stadium in Kuala Lumpur. However, an early goal from Vietnam was the difference between the two sides in the second leg held at the My Dinh Stadium in Hanoi on Saturday. After the match, Pime Minister Mahathir, though disappointed, had words of appreciation and comfort for the Malaysian national team. (FOX Sports Asia)
(Photo from Báo Mới)
