CMCO and RMCO extended until April 14, still no interstate travel

Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob announced that the CMCO will remain for another two weeks until April 14 in Selangor, Kuala Lumpur, Penang, Johor and Kelantan. He also announced that the CMCO in Sarawak has been extended to April 12. Meanwhile for Kedah, Perak, Perlis, Melaka, Pahang, Terengganu, Sabah, Putrajaya, Labuan and Negri Sembilan, the RMCO has been also extended until April 14. Ismail Sabri said interstate travel in the country is still not allowed except for tourism purposes between RMCO states. Inter-district travel has now been allowed for all states, except Sabah and Sarawak. (Malay Mail)

Rehda forecast pick up in housing sales mid 2021 onwards

The Real Estate and Housing Developers Association Malaysia (Rehda) said that they expect the sales performance of real estate and housing developments to increase in the second half of 2021. In a recent survey, it said that respondents are mostly pessimistic of the market in the first half of 2021, but are more optimistic of the second half of 2021. “Amongst the respondents with future launches, the majority of them (83%) anticipated their sales performance to be 50% and below for the first six months. However, in all cases, there is increased optimism for the second half of 2021,” said Rehda President Datuk Ir. Soam Heng Choon. He said that 13,037 units are being planned for launch in the first half of 2021. “Compliance cost remained the number one cost component affecting cash flow, followed by material and labour costs, as well as land cost,” he said. “End-financing issues continued to be the main reason for loan rejection in 2H 2020, which affected 92 per cent of the respondents. Other top reasons were unreleased Bumiputera units and low demands or interest,” he added. (Malay Mail)

Widad, Bin Zayed to jointly develop RM40bil Widad@Langkasuka

Widad Business Group (WBG) has signed a collaboration agreement with Bin Zayed International (BZI) LLC to jointly develop a mixed development project known as Widad@Langkasuka in Langkawi worth RM40 billion. WBG’s founder and group executive chairman, Tan Sri Muhammad Ikmal Opat Abdullah said the financing for Widad@Langkasuka will come from both WBG and BZI on the agreement of 50:50 basis. “We are now waiting for the development order to be approved to begin the first of four phases of the project. The project is expected to be completed in a span of 15 years,” he said. Meanwhile BZI has targeted to bring in RM100 billion worth of FDI into Malaysia for the next few years, to be delivered in phases starting with the development of Widad@Langkasuka. Widad@Langkasuka is a modern development with Islamic and tropical vernacular concepts that will potentially change the landscape of Langkawi Island. Currently, 90% of the 800 hectares development site near Langkawi International Airport consists of ocean and WBG is planning to erect a man-made island which will eventually span approximately 50% of the entire project. (The Star)

Widad, Bin Zayed to jointly develop RM40bil Widad@Langkasuka
(Source: The Star)

World Gloves City to turn Gebeng into glove manufacturing hub

The proposed World Glove City project near Kuantan, Pahang, will reaffirm Malaysia’s position as the largest producer of rubber gloves in the world. The country currently accounts for 60% of global exports of gloves and is set to experience a boost in demand in line with the deployment of Covid-19 vaccines globally. The World Glove City will also house 750 personal protective equipment manufacturers according to the Malaysia Automotive, Robotics and IoT Institute (MARii), an agency under the Ministry of International Trade and Industry (MITI). MARii CEO Datuk Madani Sahari said investors from Egypt and China have expressed interest in the 4,000-acre (1,618.7ha) industrial park in Gebeng which is scheduled to be completed by 2025. He added that MITI will divulge more details about the mega project soon. The industrial zone, which will also be a free-trade zone, will also have residential areas that could house a population up to 600,000 by the time it is fully developed. (The Malaysian Reserve)

Poly Glass Fibre JV to construct residential properties in Tanjong Malim

Poly Glass Fibre (M) Bhd, which is involved in manufacturing, property development and property investment, has tied up with a Penang-based property developer for the construction of residential properties on a vacant land in Perak. Its wholly owned subsidiary, Golden Approach Sdn Bhd, has entered into a joint venture agreement with Malvest Properties Sdn Bhd (MPSB) to undertake the project. Golden Approach owns 5.4 million sq metres of leasehold land in Tanjong Malim and is actively unlocking its value by transforming the area into a sustainable township. It will provide the use of 182,000 sq mtres of its land adjacent to Proton City for the JV. “This JV comes at an opportune time, as there is an uprising demand for residential and commercial properties resulting from the continuous expansion of Proton’s plant in Tanjong Malim,” the group said. (The Edge)

Alliance Bank named Malaysia’s Best Trade Finance Bank

Alliance Bank Malaysia Bhd has been named “Best Trade Finance Bank in Malaysia” by Global Banking & Finance. In addition, the bank’s BizSmart eTrade solution clinched the “Most Innovative Trade Finance Banking Product in Malaysia.” Alliance Bank said the BizSmart eTrade, launched in September 2020, offered business owners the ease to manage their business financials on-the-go with easy access to their account details, submit and check multiple applications as well as approve multiple applications via the BizSmart Mobile App. According to the bank, it was the first bank to allow bankers’ acceptance or trust receipts application via mobile phones. “The approved trade proceeds will be credited into the customer’s account within 24 hours of approval. This saves our customers time so they can focus on their business’ success,” said group CEO Joel Kornreich. (The Star)