Plane debris confirmed to be from MH370
In a press conference today, Prime Minister Datuk Seri Najib confirmed the plane debris, a flaperon from a Boeing 777, that was discovered on the French island of Reunion, belonged to MH370. It has been 515 days since the plane disappeared on March 8 last year. International experts have confirmed the findings, and there is now physical evidence that the flight ended in the Southern Indian Ocean. (The Malaysian Insider)
Tadmax obtains RM30mil loan to develop land
Tadmax Resources Bhd has accepted a RM30 million loan from Malaysia Building Society Bhd to develop a 41.5-acre land in Ganggarak, Labuan. The project, known as Ganggarak Permai, will comprise 6 blocks of 14-storey affordable housing units, and a mixed development of commercial centre with condominiums. The total gross development value is estimated to be RM288 million. (The Star Online)
Slow growth in 1H for real estate market
Property consultant firm Knight Frank Malaysia reported in its Malaysia Real Estate Highlights for 1H2015 that the real estate investment market was subdued in the first half of 2015, and Kuala Lumpur’s high-end condominium market is one of caution, with lower sales and limited growth anticipated. The report found that the market was affected by the performance of the ringgit, China’s stock market downturn, Greek crisis, rising costs of living, and the local political situation. The report also noted that demand for residential is restricted by lack of bank financing, while commercial investment is diluted by impending supply. (The Sun Daily)
Mah Sing unit served court order over Seremban land
Grand Prestige Development Sdn Bhd, a unit of Mah Sing Group Bhd, has been served a court order by the Seremban High court over a tract of land in Seremban, on which it plans to launch a RM7.5bil project. Last year, Grand Prestige had entered an agreement to buy the 960-acre land prime freehold land in Seremban for RM359.56mil in cash. Seven people now claim they were undivided registered proprietors/beneficial owners to the land, and seeking a declaration that the agreement to sell and acquire the land is invalid, among others. (The Star Online)
Nexgram firm in acquiring TRX land
Nexgram Holdings Bhd is set in its decision to acquire a parcel of land in the Tun Razak Exchange (TRX), its CEO Datuk Larry Tey said. Although the company is still in the negotiation phase and remains cautious in terms of costs and returns, it will proceed if it deems the price matches their expectations. He also said that TRX is attractive to developers because of its strategic location and price. (The Malaysian Insider)
Kota Damansara’s tallest towers now open
Menara Mitraland, which stands as the tallest structure in Kota Damansara, is now officially open. The 30-storey building houses the headquarters of Mitraland Group, and marks a significant milestone for the property developer, which was established in 1998. The tower is part of the new Cascades mixed development in Kota Damansara, which includes residential, retail and office components. (The Star Online)
WCT plans REIT listing
Construction and property firm WCT Holdings Bhd plans to launch a real estate investment trust (REIT) next year, according to a statement by the company’s managing director. It will confirm its plans by year-end, and the initial public offering (IPO) is likely to be at the end of next year. (Reuters)
