News

Eastern & Oriental Bhd (E&O) is gearing up to concentrate on their Andaman Island township development in Penang for this year, planning to launch two new projects with an estimated combined gross development value (GDV) of RM1 billion. These projects are set to launch within the financial year concluding on March 31, 2024. According to managing director Kok Tuck Cheong, the demand for the...

Prime Minister Datuk Seri Anwar Ibrahim has unveiled plans for the Madani Inclusive Housing pilot project, aimed at addressing the housing needs of target groups in Kuala Lumpur's federal territory, major cities in Selangor, and Penang. This initiative will encompass the construction of 800 housing units, each designed to cater to the specific requirements of diverse target demographics. During his...

The Shah Alam City Council (MBSA) has increased the number of free electric vehicle (EV) charging stations within its administrative area. Currently, there are approximately 10 EV charging stations available at locations such as the Sultan Salahuddin Abdul Aziz Shah Mosque, Wisma MBSA, and MBSA branch offices. These charging stations were established in collaboration with the Ministry of Energy, Green...

Chin Hin Group Property Bhd (CHGP) has announced a proposal for a private placement amounting to RM102.36 million to cater to the working capital requirements of its property development projects. This placement will involve the issuance of up to 110.07 million new shares, which represents a maximum of 20% of the group's issued share capital. These shares will be offered to independent investors, the...

Penang Port Sdn Bhd (PPSB) has announced new ferry fares, offering passengers remarkably affordable rates for one-way trips. These fares will be effective starting tomorrow, providing affordable transportation options for individuals traveling between the island and the mainland. The new ferry fares are as follows: Individuals or pedestrians aged 12 and below: RM1 fare. Adult passengers or those...

Bank Negara Malaysia (BNM) has announced its decision to maintain the Overnight Policy Rate (OPR) at 3%. This move comes amidst challenges in Malaysia's economic growth, including slower external demand and a decline in commodity production. The decision marks the third consecutive time that the OPR has remained at 3%. In May, BNM raised the OPR by 25 basis points from 2.75% to 3%. The central bank stated...

Concerns about China's largest property developer, Country Garden Holdings, facing financial challenges have sparked discussions about the potential impact on its international ventures. However, industry insiders suggest that the negative effects of the debt crisis could be primarily driven by fear and perceptions. Addressing these concerns, Country Garden has emphasized that its five property projects...

Chin Hin Group Property Bhd (CHGP) has teamed up with AFFIN BANK to introduce the AFFIN Home Step Fast/i home financing solutions, offering flexibility and benefits to homebuyers. According to a media release by CHGP, AFFIN Home Step Fast/i allows homebuyers to enjoy the flexibility of low monthly repayments by only servicing the interest for the first five years of their homeownership. With this...

The traditionally robust real estate sector now faces fresh challenges brought about by high interest rates and evolving work patterns, according to Benjamin Tay, Rajah & Tann Singapore LLP's Deputy Head for Corporate Real Estate. To maintain stability and continual growth, investment companies are adopting different strategies. Tay indicates that in these times of market volatility and uncertainty,...

Apple's anticipation for the debut of its first official retail store in Malaysia has been brewing since 2021. The tech giant has begun hiring for various retail roles in Malaysia and has been making strides towards establishing a significant presence in the country. An intriguing structure at TRX (Tun Razak Exchange) raised interest earlier this year, hinting at Apple's impending store. According to...