Sultan of Pahang is new King
The Sultan of Pahang has been elected as the new Yang Di-Pertuan Agong, according to the Keeper of the Rulers’ Seal. The Conference of Rulers met yesterday to select Sultan Abdullah Ri’ayatuddin, 59. He replaces the Sultan of Kelantan who abdicated on Jan 6 after two years on the throne. The ruler of Perak, Sultan Nazrin Shah, will continue serving as deputy King, according to the national palace. Malaysia is a constitutional monarchy, with a unique arrangement where the national throne changes hands every five years between sultans of nine states. Under the rotation system, Pahang is next in line to provide the monarch. (The Straits Times)
Danny Tan to inject land bank worth RM1.85bil into Tropicana
Tycoon Tan Sri Danny Tan Chee Sing, founder and major shareholder of Tropicana Corp Bhd with a 63.56% stake, is back at the helm of the property developer as executive vice chairman after a three-and-a-half-year hiatus. He had announced his retirement from the day-to-day management of Tropicana, which he founded in 1979, in June 2015. The 64-year-old tycoon will injects into the group, what is left of his privately-owned land bank worth RM1.85 billion – representing a 17.9% discount as compared to the indicative market value. The land bank of 1,116.88 acres under 12 real estate holding companies are located in the Klang Valley and Johor, with the potential GDV of RM24.82 billion. Tropicana is also proposing to enter into joint ventures to develop four plots of land in Pulau Langkawi and Pekan Nenas, Johor with total estimated GDV of RM6.7 billion. (The Edge Markets)
LBS and SSI ink MoU to develop two land parcels in Perak
Property developer LBS Bina Group Bhd through its subsidiary Bimbingan Simfoni Sdn Bhd and Perak State Secretary Incorporated (SSI) has signed a MoU to develop two parcels of land in Perak. The agreement will see LBS developing 50 acres of land located in Temoh, near Batang Padang district and a 41-acre parcel of land in Chepor in Hulu Kinta district. The lands have a combined estimated GDV of RM200 million. The lands are expected to be used for mixed-use developments comprising cluster terraced homes in the affordable price segment as well as terraced and semi-detached homes. Construction works are expected to begin in 4Q2019 with completion in the next three to four years. (The Edge Markets)
Fiabci: Malaysian property market can expect more stimulus in March
The Malaysian property market is expected to pick up this year with more stimulus and incentives expected in March, according to international real estate federation, Fiabci Malaysia. Fiabci Malaysia president Michael Geh said the new National Housing Policy was just created and had yet to table its findings and recommendations. He expects the announcements will stimulate the property industry in the country to counteract its dismal performance in the last quarter of 2018. Geh pointed out that the Budget announced last year was Budget 2019 so the measures introduced can only be implemented in stages this year, when the new national housing policy will only be fully revealed in March. “The government together with the stakeholders will come up with solutions to arrest issues such as unsold units, affordable homes and housing loans so we can expect good news,” he said. (Malay Mail)
Sarawak to enforce smoking ban at all eateries on March 1
Sarawak Local Government and Housing Minister Datuk Dr Sim Kui Hian today said that smoking ban in all eateries in Sarawak will be enforced starting March 1 this year in line with the decision of the Federal government. The first six months from March 1 will be an educational enforcement period and that no compound will be issued during this period. He said licensed operators, with the approval of the local authorities, may designate smoking zones at an area not less than three metres away from the nearest tables where food is being served. Those caught smoking in prohibited areas will be fined up to RM10,000 or face two years’ jail while eateries found to have allowed customers to light up will be slapped with a maximum fine of RM2,500. (Malay Mail)
