Private developer Eco World Development Group Bhd has called off a proposed merger with government-linked property developer UEM Sunrise Bhd.

The merger, if realised, would have resulted in one of Malaysia’s largest real estate companies by market value.

In a statement, EcoWorld chairman Liew Kee Sin said the decision was made after evaluating the proposal with its business plans, while considering the current business environment and lockdown reimplementation.

With the proposed merger cancelled, he said, EcoWorld will be actively pursuing other corporate proposals that would better complement its current growth plans and strategies.

“It will also enable us to focus on the group’s own business plans for the 2021 financial year, which includes a sales target of RM2.875 billion for EcoWorld, that is 25% higher than the actual RM2.3 billion sales recorded in 2020.

“On behalf of the board, I would like to thank UEM Group Bhd for its invitation to consider the proposed merger with UEM Sunrise. We certainly remain open to the possibility of future collaborations with UEM Sunrise, should another opportunity arise.”

UEM Sunrise, the property arm of sovereign wealth fund Khazanah Nasional Bhd, is the company behind the Mont Kiara and Dutamas developments in Kuala Lumpur which are among its various projects in the Greater Kuala Lumpur area, Iskandar Puteri, Johor; Singapore and Australia.

EcoWorld is the developer of the Bukit Bintang City Centre project in Kuala Lumpur, among its developments in the Klang Valley, and projects in Iskandar Malaysia, Penang, Singapore and the UK.

In October 2020, UEM Sunrise received a letter of proposal from UEM Group Bhd for a merger with EcoWorld through an exchange of shares and warrants. EcoWorld was to have been subsequently delisted from Bursa Malaysia.

Under the proposal, Khazanah would have remained the biggest shareholder after completion of the merger, followed by the significant shareholders of EcoWorld collectively.

The merger proposal was met by protests, with former deputy housing minister Raja Kamarul Bahrin and Amanah strategy director Dzulkefly Ahmad questioning why a subsidiary of Khazanah Nasional needed to “bail out” EcoWorld.

Federal Territories Umno Youth had also urged the Perikatan Nasional government to stop the proposed merger, questioning how it would benefit Khazanah and the finance ministry.

Source: FreeMalaysiaToday.com

Artist’s impression of the Penang Medical and Digital Technology Hub in Batu Kawan

Penang Development Corporation (PDC) is looking to further accelerate the maturing township of Bandar Cassia in Batu Kawan into a medical and digital technology hub after exchanging a Memorandum of Understanding (MoU) with iHeal Health Sdn Bhd.

The MoU exchange ceremony marked the collaboration between the Penang government and iHeal.

Chief Minister Chow Kon Yeow, who witnessed the ceremony, said a final proposal for the building concept of the hub is mandatory before further proceedings.

“Now that both parties have reached a consensus in terms of the building concept in the early stages, iHeal will now be required to carry out a thorough study on the overall concept which must be sent back to PDC for final approval.

“The submission for final approval must be done in a year’s time.

“Known as Penang Medical and Digital Technology Hub, the initiative will be an extra boost for the already maturing township of Bandar Cassia.

“The plan of setting up a hub of this nature will also further help promote Penang as an Asean hub for medical and digital technology, which would consist of medical facilities that are of international standards, while offering excellent healthcare services,” Chow said during the MoU exchange ceremony in Komtar today.

PDC chief executive officer Datuk Mohd Bazid Abd Kahar and iHeal executive chairman Dr David Khoo exchanged the MoU in the presence of Chow.

According to Chow, when the project is given the green light, it would occupy some 295 acres of land out of a total 6,000 acres of PDC’s third township development in Batu Kawan (Bandar Cassia).

“The Penang government would like to commend iHeal for its idea of also turning this hub into a one-stop centre (OSC), and have it equipped with environmental-friendly facilities,” Chow added.

Khoo thanked the Penang government and PDC for the opportunity of exchanging the MoU and has vowed to work closely with all related parties to turn the plan into a reality.

“This is a huge opportunity, and we at iHeal will work very hard to make sure this initiative becomes a reality,” he said during the press conference.

Specialised in the medical line, iHeal, also known as iHeal Medical Centre, is a one-stop boutique medical centre located at Mid Valley in Kuala Lumpur.

The centre is focused on the diagnosis and treatment of heart and heart-related diseases, offering a range of treatment options which include angioplasty, bypass surgery and bariatric surgery.

Source: Buletin Mutiara

Penang Chief Minister Chow Kon Yeow today called for cooperation from all Penangites to ensure the successful implementation of the two week-long Movement Control Order (MCO) beginning Wednesday.

“We have to accept the decision made (to implement the MCO).

“This is a necessary move due to the escalating Covid-19 cases, which has pressured our healthcare system,” he said in an immediate response to Prime Minister Tan Sri Muhyiddin Yassin’s announcement.

Chow said as such, all economic sectors have to make the necessary adjustments to reduce the negative impact towards the state’s socio-economic development.

“If we cannot win the war against the Covid-19 pandemic, then our economic wellbeing will never be guaranteed,” he added.

Chow added that the state’s special security committee would convene tomorrow to review the Standard Operating Procedures (SOP) for the MCO during the two-week period.

“Until then, we call for calm from everyone and for all to continue to comply with the SOP put in place to break the chain of infection,” he added.

Muhyiddin had announced a new MCO for Penang, Selangor, Melaka, Johor, Sabah, Kuala Lumpur, Putraya and Labuan beginning midnight Wednesday.

The MCO would take effect for two weeks until Jan 26.

Source: NST Online

A newly proposed affordable housing development by Focal Products Sdn. Bhd. at Farlim, Penang. Located at the intersection of Jalan Teochew Satu and Jalan Thean Teik, next to Hui Aun Apartment. It is only 1km away from Sunshine Farlim.

The proposed development consists of two 39-storey residential blocks, offering a total of 646 affordable units with 11 levels of car parking podium:

• Block A: Affordable (242 units), low-medium cost (81 units)
• Block B: Affordable (251 units), low-medium cost (72 units)

This project is still pending for approval. Details to be available upon official launch.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

Property Project : (to be confirmed)
Location : Farlim, Penang
Property Type : Affordable housing
Total Units: 646
Built-up Area: 850 sq.ft. (affordable), 750 sq.ft. (low-medium cost)
Indicative Price: RM300,000 (affordable), RM72,500 (low-medium cost)
Developer :Focal Products Sdn. Bhd.

Location Map:

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

Picture for illustration only

The Penang government has called for a request for proposal for a privately-funded cable car service up Penang Hill after the federal government canceled its RM100 million allocation for the project.

Chief Minister Chow Kon Yeow said the cable car project will proceed through collaboration with the private sector.

“We have proposed several alignments for interested bidders to propose and if they have a better alignment, they can propose an alternative,” he said in a press conference at his office today.

He said the successful bidder will have to fully fund the project and will be given the rights to operate the project for a certain period of time.

He said the cable car can be an alternative mode of access to Penang Hill and redistribute traffic during peak holiday seasons while contributing to the tourism industry.

Chow said the pre-feasibility study of the cable car project has been completed with a thorough evaluation on the market, social, economic and environmental impact, financial models and viability and alignment options.

“There are several route options for the cable car project, from the Botanic Gardens, Youth Park and Teluk Bahang,” he said.

He said the project is expected to take between three to four years to complete and be operational.

Penang Hill Corporation (PHC) General Manager Datuk Cheok Lay Leng said the project will meet with stringent requirements to ensure there is no negative impact on existing facilities and the environment.

He said the cable car project proposal was not new since the pre-feasibility study was conducted a few years ago and three alignments have been proposed from the study.

He said the cancelled RM100 million allocation was not the actual cost of the project and was only an estimation.

“The average costs of a cable car project could be around RM150 million, depending on the alignment and the facilities,” he said.

He said the actual costs of the project will depend fully on the construction methodology and the length of the alignment.

“We will choose a construction methodology that is good for the environment,” he said.

He stressed that the cable car system is known worldwide as an environmentally sustainable transport so it has very little impact on the environment.

He said many world Unesco heritage sites and biosphere reserves have cable car systems, some of it with two to five lines.

The RFP is open to registered companies from January 13 to May 24 and more information is available on ep.penang.gov.my.

Earlier, Chow witnessed the signing of a memorandum of understanding between Penang Development Corporation (PDC) with iHeal Health Sdn Bhd to present a final proposal on developing the Penang Medical and Digital Technology Hub in Batu Kawan.

Chow said iHeal Health has presented a few preliminary concepts on the development of the hub and with this MOU, it can conduct an in-depth study into preparing a final proposal in a year’s time.

The proposed project is located on 295 acres of land in Bandar Cassia in Batu Kawan and he said if the project is approved, it is set to place Penang as an Asean hub for medical and digital technology.

Source: MalayMail.com