In a strategic move, Tropicana Macalister Avenue (Penang) Sdn Bhd, a wholly-owned subsidiary of Tropicana Corp Bhd, has inked a sale and purchase agreement with IOI PFCC Hotel Sdn Bhd, part of IOI Properties Group Bhd, divesting Courtyard by Marriott Penang for a total of RM165 million. The transaction, based on a willing buyer-willing seller basis, is set to generate an approximate surplus cash of RM80.8...
Mass Rapid Transit Corp Sdn Bhd (MRT Corp) is making significant strides in the development of the MRT3 Circle Line project, with the land acquisition process expected to conclude within two years. MRT Corp CEO Datuk Mohd Zarif Hashim shared these insights with the media during the unveiling of the TTDI-Deloitte MRT Station. Zarif highlighted the extensive land acquisition currently underway, involving...
The Urban Renewal Implementation Guidelines (GPP PSB), introduced by the Ministry of Housing and Local Government (KPKT) last September, are set to transform Malaysia's urban landscapes. As a strategic tool, the GPP PSB aims to entice developers and stakeholders to rejuvenate areas brimming with untapped potential, offering a range of attractive incentives. With the upcoming Urban Renewal Act slated...
The Malaysian government has expressed satisfaction with the current progress of the Rapid Transit System (RTS) Link project, a pivotal transport connection between Johor Bahru and Singapore, anticipating its full operation by January 1, 2027. Transport Minister Anthony Loke Siew Fook, in a statement, reiterated the commitment of both Malaysia and Singapore to the success of this multi-billion ringgit...
In a significant development for the Kuala Lumpur-Singapore High-Speed Rail (KL-Singapore HSR) project, MyHSR Corporation Sdn Bhd (MyHSR Corp) has received concept proposals from a total of 31 firms, representing seven local and international consortia. This influx of proposals arrived by the set deadline on Monday, following a Request for Information (RFI) exercise initiated in July 2023. This RFI...
The Johor-Singapore Special Economic Zone (JS-SEZ) is poised to play a pivotal role in strengthening the economic partnership between Malaysia and Singapore. Key to its success, according to the Socio-Economic Research Centre (SERC), is ensuring the zone operates free from political interference and is guided by clear, professional management. SERC's executive director Lee Heng Guie, speaking at a...
A recent fire incident at an electric vehicle charging system (EVCS) bay in Johor has brought to light a significant compliance issue. The company operating the EVCS, where a Mercedes Benz EQB model caught fire on December 31 last year, was found to be functioning without a license from the Energy Commission. This revelation follows the Energy Commission's statement, which emphasized that under the...
Following the latest Monetary Policy Committee (MPC) meeting, Bank Negara Malaysia (BNM) has announced the retention of the overnight policy rate (OPR) at 3%. This decision marks the fourth consecutive time since July 2023 that the MPC has maintained the rate, following a 25 basis point increase in May of the previous year. BNM stated, “With the OPR currently at 3%, our monetary policy stance continues...
Sunsuria Bhd has marked a significant step in international cooperation by signing a co-construction agreement with the Fuzhou Municipal People’s Government (Gulou district). This agreement, centered around the construction of the Asean Digital Trade Industrial Park in Fuzhou, China, was formalized on December 21 during the inaugural Overseas Chinese Talent Conference for Development in...
Tuju Setia Bhd announces a major stride forward with a RM209 million contract awarded by Avaland Bhd (formerly known as MCT Bhd) for the construction of two service apartment blocks in USJ 25, Subang Jaya. This new project, Alora Residences, marks the first phase of the ambitious 2Fifth Avenue, a 13-acre integrated development in USJ, boasting a gross development value of RM3 billion. The project is...
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