Country Garden Malaysia cuts close to 400 jobs
Country Garden Malaysia, the subsidiary of Hong Kong-listed Country Garden Holdings Co Ltd, has laid off hundreds of staff since December 2019. It is said as a result of the company’s recent restructuring or “manpower optimisation exercise”, nearly 400 personnel were given the option to accept a severance package and leave within 48 hours, or leave their jobs and negotiate for compensation with the company’s lawyers later. The company’s flagship development in Malaysia, Forest City, had apparently let go of at least 60% of its staff — Malaysians and China expatriates. More are expected to leave after the Lunar New Year, with another two rounds of downsizing in March and June. When contacted, an officer in the Johor Baru Labour Department said it has not received any retrenchment notice from Country Garden Malaysia. (The Edge)
Zuraida: PPR guidelines to be released in June
A guide will be introduced for new applications for the People’s Housing Project (PPR), which will include the implementation of the demerit system, said Housing and Local Government Minister Zuraida Kamaruddin. She said the ministry was drafting the guidelines, which are expected to be released this June. The guidelines will also scrutinise potential PPR applicants according to their income, in addition to requiring successful applicants to attend an induction programme before moving in, she added. “Under the demerit system, anyone who violates these regulations can be expelled,” she said. The guidelines, she said, would ensure that only those truly eligible could stay at PPR, apart from allowing for better management of the housing scheme and its property. (Malay Mail)
Axis REIT aims to acquire RM140m worth of properties
Axis REIT aims to acquire RM140 million worth of properties this year. Axis REIT Managers Bhd chief executive officer Leong Kit May said the company has already acquired seven properties worth RM288 million. “Three of the properties are expected to be completed within the first quarter of this year. We are also actively looking around for RM140 million worth of REIT assets to be added into the portfolio,” she said. This includes Grade A logistics facilities and manufacturing facilities with long leases from tenants with strong covenants; retail warehousing in locations ideal for last-mile distribution; as well as office, business parks and industrial properties with potential for future enhancements. Leong said last year, Axis-REIT had focused on industrial-type assets in the manufacturing and warehousing sector. Axis REIT is Malaysia’s first real estate investment trust, and was listed on Bursa in 2005. (Malay Mail)
Penang signs deal with developer to build RM250m hostel for foreign workers
The Penang Development Corporation (PDC) today signed an agreement with Biopolis Resources Sdn Bhd to build a RM250 million hostel in Batu Kawan to house migrant workers. “The hostel will be built on 4.97 acres of land in North Penang Science Park and construction work will take about four years to complete,” said Penang Chief Minister Chow Kon Yeow. He said construction will start once Biopolis gets the requisite work approval. He added the hostel will resolve issues such as a shortage of housing for foreign workers and an increase in rental rates for residential flats. The five-phase project will involve the construction of 684 units of hostel to accommodate a total of 12,313 workers, eight commercial units, space for public transportation, a surau and also non-Islamic places of worship. It will be built under the silver standard of the Green Building Index system. (Malay Mail)
Long-term Chinese visas okayed for M’sians
In conjunction with the China-Malaysia Cultural and Tourism Year and Visit Malaysia 2020, Malaysians will get to stay longer in China and enter the country more times. According to the Chinese Embassy, it will facilitate the application of visa to China in terms of “the number of entries and period of validity”. The conditions, which enable Malaysians to stay for up to three years, are effective immediately. Previously, Malaysians could only stay for six months on a multiple-entry tourist visa. Besides the standard things such as passport, visa application form and photos, the embassy said applicants could now apply for visa with various lengths of validity by attaching the required documents. Tourists can apply for the L-visa while the M-Visa is meant for visitors on commercial and trade activities. (The Star Online)
