RM500m

Syed Mokhtar's company confirms it was involved in RM500m land swap deal with MINDEF
KUALA LUMPUR (Feb 23): Kelana Ventures Sdn Bhd (KVSB), a company owned by tycoon Tan Sri Syed Mokhtar Albukhary, has confirmed a report by The... [...]
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Developer says Mindef land RM500m valuation did not include conversion and other cost
by TMR / Photo credit http://mod.gov.my Developer Kelana Ventures Sdn Bhd has clarified its position in a land swap for construction deal that was said to value a Ministry of Defence property known as Kem Kinrara at a discount. The property developer, which was supposed to receive land in Kinrara in return to financing and building three facilities for the Ministry costing a total of nearly RM500 million in a deal with the ministry, said the land known as Kem Kinrara was valued based on current situation and did not include future costs that will be incurred to develop the land commercially. News reports said the Kinrara land was valued at RM500 million by the developer at a discount compared to a value of RM728 million assessed by the Government’s own valuers. In a statement late Friday, the company said the Kinrara land was valued at RM500 million with a mind that there will be costs to convert the use of land for Residential and Retail. KVSB said it entered into an arrangement with the Ministry of Defence where it will construct three facilities for Mindef in return for the Kem Kinrara land. The facilities are a new Army Camp at Kem Paloh, Kluang Johor at a cost of RM280.7 million, a new Pusat Latihan Pengurusan Logistik at Sendayan, Negeri Sembilan costing RM137.3 million and a new Air Force headquarters Markas at Mindef, Kuala Lumpur for RM81.9 million. “All of these construction development projects are estimated to cost KVSB RM499.9 million in total,” it said. “In consideration of KVSB agreeing to finance, construct and transfer the above facilities to Mindef, Mindef has agreed to swap the Royal Malaysian Air Force land in Kinrara (“Kem Kinrara”) with KVSB upon its completion.” The company said it valued the Kem Kinrara land at RM500 million “based on its existing condition without taking into account the future Conversion Premium that need to be paid (for Commercial and Residential status) and other restrictions and conditions that may be imposed by the Selangor State Government for our future development.” KVSB said it had not signed any agreement with Mindef for the land swap nor for the construction of the three facilities but has begun construction for Kem Paloh at the request of the Ministry. KVSB was named as the developer involved in a report by the Financial Daily on Friday. KVSB said said the report did not reflect the true nature of the arrangement between KVSB and the Ministry of Defence and was “erroneous and misleading.” On Thursday, an aide to the Defence Minister told reporters that the land had been swapped for RM500 million although it had been valued at RM758 million by the Valuation and Property Services Department (JPPH) in 2015. Last week, Mindef said the Government could have lost as much as RM500 million from 16 of the Ministry’s land swap deals. – TMR The post Developer says Mindef land RM500m valuation did not include conversion and other cost appeared first on The Malaysian Reserve. [...]
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Worldwide Holdings in JV with China firm for RM500m waste-to-energy plant
KUALA LUMPUR: Worldwide Holdings Bhd is teaming up with a Chinese company Westerm Power Clean Energy Sdn Bhd to build a RM500mil waste-to-energy (WTE) plant in Jeram, Selangor. [...]
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TRC Synergy gets nearly RM500m job from Putrajaya Holdings
KUALA LUMPUR: Construction company TRC Synergy Bhd has bagged a RM498.70mil contract from Putrajaya Holdings Sdn Bhd, the master developer of Putrajaya, for an integrated development project. [...]
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Works Ministry: Five projects worth nearly RM500m approved for Sarawak
KUALA LUMPUR, Nov 6 — The government has approved five new projects, worth RMRM477.5 million, for Sarawak next year.The Works Ministry, in a statement today, said the projects included upgrading of route 8101 Jalan Datuk Mohd Musa, Kota Samarahan, costing RM243 million, and building of an access road to the Kuching International Airport (RM129 million).The other projects are building of a flyover at the Jalan Medan Jaya-Jalan Tun Hussein Onn intersection in Bintulu (RM100 million), study on new road linking Sarawak - Sabah (RM2 million) and a pedestrian bridge at SMK Bandar Bintulu (RM3.5 million.Apart from that, the ministry said it would also continue with the implementation of several infra projects, currently in progress in Sarawak, including the Sarawak Pan Borneo Expressway, involving 11 packages at a cost of RM16.48 billion.Other projects are upgrading of Jalan Nyabau-Bakun (RM637 million), building of lane for over-taking along Pan-Borneo Expressway (RM224 million), upgrading of Jalan Kampung Seberang, Sarikei (RM48 million) and upgrading of Jalan Batu 10-Batu 15, Jalan Kuching-Serian (RM84 million).The ministry said the government had approved more than RM20 billion worth of projects under the 11th Malaysia Plan for implementation in Sarawak.So far, 10 of the projects, worth more than RM1 billion, are ready and they included Jambatan Batang Sadong, Jambatan Batang Samarahan, Jambatan Sungai Pusa, Jambatan Sungai Sarawak and upgrading of Jalan Kirudong to the Samalaju Industrial Park.In a related matter, the ministry welcomed the Sarawak government’s Budget 2019 which allocated RM1.5 billion to finance construction of the Batang Lupar Bridge, Batang Igan Bridge (RM311 million) and Batang Rambongan Bridge (RM142 million).The three projects had been shelved by the federal government due to financial constraints. — Bernama [...]
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Affin Bank issues RM500m debt notes under RM3b programme
KUALA LUMPUR: Affin Bank Bhd has issued RM500mil of additional tier 1 capital securities (AT1CS) under its RM3bil programme in nominal value. [...]
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