26 July 2019: Genting theme park back on track; ECRL relaunched & 10.18% complete

Genting theme park back on track after settlement with Fox and Disney
After a major fall-out last year, Genting Malaysia Bhd’s much-delayed outdoor theme park is back on track and potentially even improved as not only will it feature some of the popular characters from 21st Century Fox, but possibly even a number of Marvel’s — another Disney-owned brand. Genting Malaysia said it had arrived at a settlement with Fox Entertainment Group LLC, Twentieth Century Fox Film Corp, FoxNext LLC, Twentieth Century Fox Inc (20th Century Fox) and Walt Disney Co (Disney) over the outdoor theme park. “Genting Malaysia is currently updating its development and construction plans to complete the outdoor theme park utilising both Fox and non-Fox intellectual properties. The outdoor theme park shall also be renamed” said the group. it is understood that three parties, including Marvel and US-based theme park brand Six Flags, approached Genting Malaysia to take over the spot vacated by 21st Century Fox. (The Edge)

ECRL is 10.18% complete after alignment change
The East Coast Rail Link (ECRL) is currently 10.18% complete after taking into account the change in alignment, said project owner Malaysia Rail Link Sdn Bhd (MRL). At the 640-km rail project’s relaunch ceremony yesterday, MRL CEO Datuk Seri Darwis Abdul Razak said local contractors who were appointed before the project was suspended will be called back to resume their work. Darwis said following the revision of alignment, ECRL’s financing cost has been reduced from RM36 billion to RM24 billion. Transport Minister Anthony Loke, who relaunched the project, said the ECRL is expected to obtain all required approvals in relation to the revised alignment by next year, and stressed the need for industrial investment along the ECRL alignment to ensure the project’s success. Loke said the new line of ECRL will go through 20 stations, 14 of which comprise passenger stations, five that cater for both passengers and cargo, and one for cargo purposes only. (The Edge)

An aerial view of the ECRL construction site in Dungun, Terengganu (Source: Yahoo News)

RHB open to giving housing loans to blacklisted PTPTN borrowers
RHB Banking Group, Malaysia’s fourth-largest fully integrated financial services provider, has no problem in providing housing loans to blacklisted National Higher Education Fund Corporation (PTPTN) loan borrowers. Group retail banking acting head Nazri Othman said the bank had already done so even before the government’s announcement. He said there was no reason for the bank to refuse giving housing loans to PTPTN borrowers who were committed to repaying their loans with a proper repayment schedule. Yesterday, Housing and Local Government Minister Zuraida Kamaruddin said banks would have the final say on whether to approve housing loan applications for blacklisted PTPTN borrowers. (Malay Mail)

Plan for RM4b premium industrial, logistics hub in Banting
Area Management Sdn Bhd plans to develop a RM4 billion premium logistic and manufacturing hub on its 85.79ha site in Kota Seri Langat in Banting, Selangor. The project, which is called The COMPASS @ Kota Seri Langat, encompasses premium industrial and logistics facilities with resort style features. It will also house workers’ accommodation, a small commercial development for small and medium enterprises and a clubhouse with sports facilities. The COMPASS is the second major development by Area Management, the first being Area Logistics @ Ampang – the country’s first three-storey ramp-up inner-city mega distribution hub with 1.5 million sq ft of warehouse space – which will be fully ready by year-end. The COMPASS will be a catalyst for the 958.70ha development in Kota Seri Langat by master developer, PNB Development Sdn Bhd. (NST Online)

PNB seeks buyer for Menara MIDF in KL
Permodalan Nasional Bhd (PNB) has placed Menara MIDF in Jalan Raja Chulan, Kuala Lumpur, up for sale. That is probably because Malaysian Industrial Development Finance Bhd (MIDF) — its wholly-owned subsidiary and sole tenant of the office building — will relocate to PNB’s upcoming new headquarters at PNB 118 upon its completion in 2021. Industry players put the asking price for the 21-storey building at RM140 million to RM150 million. The building, which is now 40 years old, was acquired in 2009 in a corporate exercise. It has a gross floor area of 190,000 sq ft and a net lettable area of 160,000 sq ft. (The Edge)

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