Temporary closure of three MRT stations from March 9-10
The Kwasa Damansara, Kampung Selamat and Sungai Buloh MRT station of the MRT SBK Line will be temporarily closed from March 9-10 to facilitate Sungai Buloh-Serdang-Putrajaya Line (SSP Line) migration works. During this time, MRT SBK Line train services will only operate between Kwasa Sentral and Kajang stations. The Sungai Buloh KTM station will continue to operate as normal. Ten free replacement shuttle buses will serve Kwasa Sentral, Kampung Selamat, and Sungai Buloh MRT stations during normal SBK operation hours to facilitate passengers travelling on the SBK Line during the weekend. Kwasa Damansara station will not be served by the free replacement shuttle bus service as there are no residential houses nor commercial activity around the station. (The Star Online)
SC seeks public feedback on ICO, property crowdfunding
The Securities Commission Malaysia (SC) is seeking public feedback on the frameworks for initial coin offering (ICO) and property crowdfunding. SC in publishing two consultation papers today discusses the proposed framework for, among others, the eligibility of issuers, the need for transparent and adequate disclosures as well as utilisation of proceeds of the ICO. The second consultation paper on property crowdfunding framework follows on from Budget 2019, which identified crowdfunding platforms as an avenue to provide an alternative funding source for first-time homebuyers while providing investors access to a new asset class. The SC is seeking public feedback on the proposed regulatory framework which will, among others, set the eligibility requirements of first-time homebuyers, criteria of properties which can be listed on the platform, obligations of platform operators and financing limits. (NST Online)
Rehda: Plot ratio cap could impact developments in KL
Rehda KL has slammed the government’s gazetting of plot ratio caps for property developments in the city as unfair to players that have invested in land with approved high density or plot ratio, particularly in the vicinity of the MRT lines. The cap on plot ratios in Kuala Lumpur to a maximum of 1:10, as gazetted under the Kuala Lumpur City Plan 2020 (KLCP2020), could lead to the downsizing of several high-end, high-rise developments, especially in the city centre. The measures will affect evelopers with projects located in a prime area of Kuala Lumpur where land is scarce and of high value. To recoup their investment, landowners need a high plot ratio to increase the number of units they can sell. (The Edge Market)
Sabah set to get RM13b investment in POIC Lahad Datu
The Sabah government is set to receive a RM13 billion investment, its biggest single investment so far, which is expected to come to the Palm Oil Industry Cluster (POIC) in Lahad Datu. The plan is to set up a petrochemical plant at POIC Lahad Datu to process naptha, a petroleum by-product, into a variety of petrochemical products for the world market. It is potentially a game-changing investment that will put the state on the world map of petrochemical products. POIC Lahad Datu has a container terminal as well as terminals for liquid and bulk cargo which have been in operation since 2013. The investment will help to develop Sabah’s east coast into a regional and international logistics, shipping and industrial hub. (Malay Mail)
Malaysia welcomes all tourists, regardless of sexual orientation
Tourism, Arts and Culture Minister Datuk Mohamaddin Ketapi’s remark that there was no homosexuality in the country was simply a misunderstanding, according to his office. It claimed in a statement that Mohamaddin was merely explaining to the foreign press in Berlin, Germany that the country does not offer any tourism campaigns targeted specifically for the lesbian, gay, bisexual, transgender and queer (LGBTQ) community. It added that the country has and never would impose any unnecessary bans on tourists based on their sexual orientation, religion and cultural practise. Mohamaddin caused consternation in Germany after he was reported to have said that gays were non-existent in Malaysia, when asked by a foreign broadcaster if the country welcomed the community. (The Sun Daily)
