2 July 2019: MPs must declare assets; IJM revising The Light City; Sunway-PKNS mixed project in Kota D’sara

Dewan Rakyat passes special motion on asset declaration
The Dewan Rakyat has approved a special motion for all members of parliament, senators as well as their immediate family members to declare their assets. The motion, the Code of Ethics for Administrative Members and MPs, was passed with a voice vote in the Lower House of Parliament. With the motion being passed, MPs would now be required to declare their assets as well as the assets of their spouses, children aged 21 and below, and those of their related trust holders. They must declare their assets within a three-month period from July 1, or have until Oct 1 to fill the declaration form to be submitted to the Dewan Rakyat speaker and MACC chief. MPs who did not abide by the requirement would held in contempt of parliamentary regulations, and those who falsely declared their assets would violate laws under Statutory Declarations Act 1960. Prime Minister Tun Dr Mahathir Mohamad had said that compelling MPs to declare their assets would deter them from abusing their positions. (NST Online)

IJM Land revising plan for The Light City
IJM Land Bhd is expected to start the construction work for its RM4bil The Light City project by the second quarter of next year. The property group had earlier planned to start construction for the integrated mixed development scheme, which is located near the Penang bridge, sometime this month. IJM is pushing the project to next year because there is a need to revise its plan, in particular for the 1.1 million-square-feet retail mall. The plan is currently being revised to accommodate more food and beverage outlets and possibly, an experiential themed park, said senior general manager Datuk Toh Chin Leong. He added that The Light City project is targeted for completion in 2024. The Light City comprises a 1.1 million-sq-ft retail mall, two international class hotels, a convention centre, an office tower and two blocks of condominium. (The Star Online)

(Source: The Star Online)

Sunway-PKNS collaborate on RM544m Kota D’sara development
Sunway Bhds 60%-owned joint venture with Selangor State Development Corp (PKNS) has entered a privatisation agreement with the latter company to develop a mixed development on a 9.5-acre parcel of leasehold land in Kota Damansara. The proposed development, targeted for completion in 2025, will comprise serviced apartments and lifestyle retail units with an estimated GDV Of RM544mil. The project will be close to retail amenities such as Sunway Giza, Sunway Nexis and IKEA Damansara as well as education institutions including Sri KDU and SEGi University, and Thomson Hospital. With the addition of this parcel of land, Sunway’s landbank stands at 3,294 acres with a total GDV of RM56.6bil. (The Star Online)

Guan Eng: Most sales of govt assets done by open tender
Finance Minister Lim Guan Eng reiterated that most of the projects and the sale of government assets are done by open tender. Responding to a question about the Finance Ministry looking for an agent to sell the Malaysian consulate building in Hong Kong instead of using an open tender method, he said that to have an open tender would involve the appointment of a real property agent to conduct it. “Even the real property agent is also appointed by open tender. The entire process is by open tender unlike during the previous government.” The government had set the reserve price offer of the building at RM1.6 billion. (The Star Online)

Rethink property gains tax, house buyers urge govt
The federal government has been urged to review its policy on the real property gains tax (RPGT) imposed on the sale of real estate, and to consider a sliding-scale tax rate. National House Buyers Association secretary-general Chang Kim Loong said real estate was a long-term financial investment to hedge against inflation and provide financial security in a person’s later years. He said the current property tax was akin to “a tax on inflation” where genuine long-term investors are punished. In the past, no tax was imposed if a property was sold after five years, but the policy was changed in the 2019 budget. Exemptions are only given for properties priced under RM200,000. For Malaysians and permanent residents, a one-off exemption is given for the sale of one property during their lifetime. (Free Malaysia Today)

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