Approval letter mandatory for GLC land transactions
The government has introduced the federal and state government’s Letter of Authorisation (LoA) to federal and state government-linked companies (GLCs) for land transactions to ensure land ownership by GLCs can be controlled and monitored to prevent any manipulation which can negatively implicate the government. According to the statement, applications for GLC land transactions owned by a state government should be submitted together with a letter of approval from the menteri besar or chief minister of the state. (Malay Mail Online)
Asia’s first US dollar shariah ETF to be listed on Bursa
Asia’s first US dollar denominated Shariah-compliant exchange traded fund (ETF) is en-route for listing on the Main Market of Bursa Malaysia on Feb 28. The MyETF Dow Jones US Titans 50 (MyETF-US50) would provide investment results that closely correspond to the performance of its benchmark Index, the Dow Jones Islamic Market US Titan. MyETF-US50 is i-VCAP’s fifth Islamic ETF listing and the company was planning to launch the sixth ETF this year. (The Star Online)
Capital World launches Malaysia’s largest indoor theme park in JB
Singapore’s Catalist-listed property developer Capital World Limited has launched Malaysia’s biggest indoor theme park concept at its Capital City project in Johor. “We believe the indoor theme park will be able to draw greater footfall to our mall as Capital City will be transformed into a one-stop entertainment hub and shopping haven in the heart of Johor Bahru,” said its CEO Siow Chien Fu. “With this, Capital City is poised to be one of the key tourist attractions in Johor with its offering of the 315-room Hilton Garden Inn, 630 units of hotel-style serviced suites and 690 units of serviced apartments.” (The Edge Markets)
Artist’s impression of Capital 21 in Johor, which will house Malaysia’s largest indoor theme park (Image from Design Capital 21)
Aspen plans GDV RM300mil serviced apartments in Selangor
Aspen (Group) Holdings Ltd plans to build service apartments in Seri Kembangan, Selangor with an estimated GDV of RM300mil. A tender by its unit Aspen Vision Development Sdn Bhd to redevelop a piece of leasehold commercial land has been accepted by PKPS. The size of the land is 12,185 square metres in Seri Kembangan and it is subject to a joint venture agreement to be executed with PKPS. Under the joint venture, Aspen roup is investing RM58.8mil. Sale of the development is expected to take place from 2019 with the development scheduled for completion within four years. (The Star Online)
Rumawip housing project is DBKL’s best achievement, says mayor
The Federal Territories Affordable Housing (Rumawip) project is Kuala Lumpur City Hall’s (DBKL) best achievement in 2017, said Mayor Tan Sri Mhd Amin Nordin Abdul Aziz. He said the Federal territories had performed the best among all the Rumawip projects nationwide. DBKL’s target was to have 80,000 units built and sold by 2020, but by the end of 2017 they had already managed to build and approve nearly 60,000 units. “The affordable price and good location is the factor. There is no way you can get a property priced below RM 300,000 with a size of about 800sqf in Asia,” he said. The Rumawip project is catered for those in the medium and low-income working class bracket within the Federal Territories. (Malay Mail Online)
Amcorp ups stake in AmFIRST REIT
Amcorp Group Bhd has acquired 13.65 million units or a 2.92% stake in AmFIRST REIT for RM9.44 million. The units were acquired from Jadeline Capital Sdn Bhd via direct transaction, said Am ARA REIT Managers. Amcorp Group is the major shareholder of AMMB Holdings Bhd and Amcorp Properties Bhd (Amprop), which in turn are indirect shareholders of Am ARA REIT holding 70% and 30% equity interest respectively. (The Edge Markets)
Artist’s impression of Marina One Singapore
Khazanah, Temasek officially open JV developments
Marina One and DUO, two iconic integrated developments jointly developed by the state investment arms of Malaysian and Singapore, have been officially opened in Singapore. M+S Pte Ltd, the developer of the projects, is a joint venture vehicle 60:40 owned by Khazanah Nasional Bhd and Temasek Holdings (Private) Ltd, respectively. The developments are worth a combined S$11 billion GDV. The mixed-use developments are well-positioned to tap into the continued growth of the property and commercial sectors, and have recorded significant take-up rates and secured the tenancy of global multinational companies. (The Star Online)
Felda regains Jalan Semarak land at no cost
About a month after the news broke, the Federal Land Development Authority (Felda) successfully recovered ownership of 16 strategic plots of land worth an estimated RM200mil along Jalan Semarak, Kuala Lumpur from a local company. It was reported on Dec 21 that Felda was at risk of losing ownership of the land following an allegedly dubious deal in 2015. The project is being developed by Synergy Promenade Sdn Bhd (SPSB), which has voluntarily agreed to return the ownership of all 16 lots to Felda without any cost. However, Felda has no intention of retracting the police report lodged on Dec 12 and Dec 28, and will continue to work with SPSB on the Kuala Lumpur Vertical City (KLVC), which is still ongoing on those plots. (The Star Online)
KPJ in talks to sell aged care centre to Aussie party
KPJ Healthcare Bhd is in advanced talks to sell its stake in loss-making Jeta Gardens, an aged care centre and retirement village in Queensland, Australia, to an Australian party that is in a similar line of business. KPJ owns a 57% stake in Jeta Gardens (QLD) Pty Ltd, which operates the business. Al-’Aqar Healthcare REIT, in which KPJ has an indirect 39.25% stake, owns the property. If the deal succeeds, KPJ will receive proceeds from the sale of the stake, while Al-’Aqar will receive proceeds from the sale of the property. The sale would mark KPJ’s exit from the aged care services business in Australia. However, it will continue to operate two centres in Malaysia. (The Edge Markets)
