Three firms to develop industrial site in Bandar Bukit Raja
Sime Darby Property Bhd (SD Property), Mitsui & Co Ltd (Mitsui) and Mitsubishi Estate Co Ltd (Mitsubishi) have formed a JV company – SDMIT Development Sdn Bhd (SDMIT) to develop 39-acre industrial land in Bandar Bukit Raja. SDMIT will invest an initial RM200 million on the project, which is expected to have RM500 million in GDV. MBK Real Estate, a subsidiary of Mitsui, will provide build-to-suit (BTS) solutions for facilities at the development. Leschaco (Malaysia) Sdn Bhd, logistics service provider and Sengheng Electric (KL) Sdn Bhd, consumer electronics chain stores will be the first two tenants at the industrial township. The gateway is also strategically located within proximity to airports, sea ports, and highways, connecting businesses to major administration population and business centres. Construction for both companies has been planned to begin simultaneously this month with a combined land area of about 10-acre. The construction of the first two facilities are expected to be completed by third quarter of 2020 with a build-up area of about 385,000 sq ft. (NST Online)

Govt to bear RM10.3bil premium in LTH rescue and restructuring
The government will bear a RM10.3bil premium to ensure the financial health of Lembaga Tabung Haji (LTH) is restored as part of the rescue and restructuring plan of the pilgrimage fund, Urusharta Jamaah Sdn Bhd (UJSB) announced. UJSB, which is a wholly-owned unit of the Finance Ministry (MoF), completed the transfer of non-performing assets valued at RM9.63bil held by LTH in December last year, following financial mismanagement and wrongdoings by the previous management. “The difference of RM10.3bil between the consideration of RM19.9bil and RM9.63bil market value of assets is to be borne by the government to ensure that the financial health of LTH is restored, ” UJSB said. On the assets transferred, UJSB said it consisted a mixture of listed equity holdings, properties and one unlisted plantation asset. (The Star Online)

Penang seeks RM100m from Putrajaya to repair low-cost flats
The Penang state government has applied for an RM100.8 million allocation from the Housing and Local Government Ministry to fund maintenance and repair works at low-cost flats in the state. State exco Jagdeep Singh Deo said the application is specifically for the Public Housing Maintenance Project (PPP) and Low-Cost Housing Maintenance Funds (TPPM) for private low-cost housing next year. “We are focusing on resolving lift issues as most of these lifts are in deplorable conditions,” he said. The state government has allocated a total RM232 million between 2008 and September this year for the maintenance and repair works at all public housing schemes and low-cost housing. (Malay Mail)

90% of new strata property still under JMB due to issuance delay
It is estimated that 90% of new strata property in the country are still being managed by Joint Management Bodies (JMB) with only 10% having formed Management Corporations (MC) due to the delay in the issuance of strata titles. Rehda president Datuk Soam Heng Choon noted that feedback from the association’s members revealed that none of them were able to obtain strata titles upon receiving the Certificate of Completion and Compliance (CCC) for their projects. “Strata titles are issued by the respective state’s PTG (Land and Mines Office). So, if the state government (is slow) and the e-Tanah (the electronic land administration system) doesn’t work in that state, nothing will come out,” he said. (The Edge)

Pedestrian bridge linking LRT, KTM to The Gardens opens
A 250m-long pedestrian linkway that has been 20 years in the making has finally opened for service. The bridge spanning the Klang River and the Bangsar-Petaling Jaya bypass, allows commuters to walk comfortably between the Abdullah Hukum LRT and KTM Komuter stations, all the way to the shopping malls and offices in Mid Valley, while allowing full access to KL Eco City. Given the considerable number of office workers and shoppers in the area, the linkway will cement the Kelana Jaya Line’s status as the country’s most-used urban rail line. The linkway is open from 6am to 1am daily, well after the last LRT train for the day leaves, which is typically around 11.30pm. (The Star Online)