Selangor to list its properties in KL
The Selangor government will conduct an inventory of its properties in Kuala Lumpur to get a better overview of its assets. It was acknowledged that Selangor did not currently have such an inventory and as such, it was important to start one. The inventory will list down all assets and properties belonging to Selangor, discuss the fate of buildings at the state executive council meeting and decide what best to do with them. It was revealed that the Kuala Lumpur Music Museum was the Selangor state government’s property following its closure over the issue of rent. (The Star Online)

Bandar Malaysia deposit returned to IWH CREC
IWH CREC Sdn Bhd has received the refund of its RM741 million deposit paid for the purchase of a 60% equity stake in Bandar Malaysia. The return of the deposit confirms that the stake sale has been officially terminated, and that TRX City Sdn Bhd can now look for new investors to participate in the massive development located at the former air-force base in Sungai Besi. TRX City said it will immediately be inviting expressions of interest for the role of master developer of Bandar Malaysia, with full ownership being preserved by the ministry of finance. (The Edge Markets)

Japan’s shinkansen (bullet train)

Japan competes with China, makes sales pitch to win HSR project
Japan is stepping up efforts to win the Malaysia-Singapore high-speed rail (HSR) project by sending a high-level mission to Kuala Lumpur to campaign for the adoption of the shinkansen bullet train system. Japanese Land, Infrastructure, Transport and Tourism Minister Keiichi Ishii said: “In the past 52 years, there has never been a fatal accident involving the shinkansen bullet train system” which proves its high quality and stability. “The operating and infrastructure costs of the shinkansen are relatively low, helping to achieve the goal of (minimal) manufacturing and recycling costs, and even profitability,” he added. Besides Japanese companies, firms in China, South Korea and some European countries are competing to win the rail project. (The Star Online)

Over 21,000 PR1MA homes up for sale this year
Some 21,672 housing units from 25 projects with a combined GDV of RM2.3 billion will be up for sale at the PR1MA Open Day (POD) showcases nationwide this year. Of the total units up for sale, Perak offers the most with 6,440 units from nine projects, followed by Kedah with 3,303 (four projects), Sarawak with 2,232 units (two projects) and Kuala Lumpur with 2,074 units (one project). In addition to its sales HQ in Oasis Ara Damansara and office in Kuching, PR1MA is set to open more sales galleries to make it easier for home buyers to view PR1MA products and facilitate the home purchasing process. (Bernama)

SP Setia expects higher sales in coming months
Property developer SP Setia is expecting higher sales in the coming months to meet its target of RM4bil this year. It reported sales of RM801mil in the first four months of FY17, a huge jump from its RM426.8mil sales secured between January to March. During the first quarter, SP Setia launched properties with GDV of RM571mil, and is targeting to launch a slew of projects in Malaysia and Australia with estimated GDV of RM4.5bil in 2017. As at March 31, SP Setia has total unbilled sales of RM7.84bil, anchored by 30 ongoing projects. (The Star Online)

EPF sells London office property for RM985mil
The Employees Provident Fund (EPF) has sold a London office property to Hong Kong-based Chinese Estates for £175 million (RM985 million). The 80,000 sq ft building at St James’ Square was sold at a net initial yield of 4.45%. The sale comes two years after EPF sold its One Sheldon Square office property in London’s Paddington district to listed property company British Land for £210m. Apart from the EPF, several Malaysian GLCs and firms have been offloading overseas properties. It is believed that they want to bring back the money to Malaysia to stimulate the economy. (Free Malaysia Today)

Cabotage relief no guarantee of lower East Malaysia prices
The complex shipping and transportation process make it uncertain that the cabotage tax exemption beginning next month with lower goods prices in East Malaysia. Universiti Malaysia Sabah economist James Alin said the exemption would open up more direct shipping lanes to Sabah and Sarawak, but more measures were needed to ensure that consumer prices are lowered. Besides import and export charges, Alin said that the price of goods is also determined by factors other than cabotage including logistics, production materials, port efficiency and, most importantly, the ringgit’s value. (Malay Mail Online)

New one-way road at TAR UC to ease congestion
To prevent traffic congestion along Jalan Malinja that faces Tunku Abdul Rahman University College’s (TAR UC) main campus in Kuala Lumpur, the road will be turned into a one-way street for three months, starting May 22. DBKL said it had received requests from the college’s management to resolve the traffic problem in the area. Jalan Malinja at peak hours was used by the students going in and out of the university and that traffic often choked up the entire road, causing a massive jam with vehicles stuck in a bumper-to-bumper crawl. The one-way system will be tried for three months to obtain public feedback. (The Star Online)