3 October 2019: Consumers lose RM360m; Exchange 106 fit for occupation

NCCC: Consumers lose RM360m due to faulty products, poor services
Malaysian consumers had to endure a huge loss of more than RM360 million last year due to dissatisfying products and poor service quality in various sectors. According to the National Consumer Complaints Centre (NCCC) the record was based on 54,618 complaints from consumers they had received last year compared to 48,563 complaints in 2016. E-Commerce (online shopping) sector recorded the highest number of complaints with a total of 10, 615 complaints followed by retail services (5,159) and telecommunication and broadband services (4,950). The NCCC also received a total of 3,465 complaints against the Housing and Real Estate industry and most of the complaints were related to unsatisfactory renovation service. (Malay Mail)

Authorities greenlight 1MDB-linked tower, Exchange 106, as fit for occupation
Malaysia’s tallest skyscraper Exchange 106 has received its Certificate of Completion and Compliance (CCC), marking yet another milestone for the tower that is part of the Tun Razak Exchange (TRX) financial district. The 452-metre-high Exchange 106, located in the heart of the capital city, has overtaken the country’s previous record-holder Petronas Twin Towers in terms of height. This means that the Exchange 106 is ready to open its doors to provide office space for tenants, including multinational companies. Exchange 106 expects its first tenants to move in by December as two zones are in the final stages of documentation and design, and the bulk to start shifting in by March and April next year. (Malay Mail)

(Source: Malay Mail)

 

Sunway REIT aims property value of up to RM15b by 2025
Sunway REIT has targeted a property value of RM13 billion to RM15 billion by its financial year 2025, which will be achieved through deployment of multi-faceted strategies. This will include capitalising on global megatrends to expand investment into emerging growth sub-sectors to diversify the asset portfolio and exploring opportunity-led acquisition, redevelopment, turnaround and divestment. Meanwhile, the manager of Sunway REIT has proposed for a mandate to issue and allot new units of up to 20% of the total number of issued units of Sunway REIT. Sunway REIT Management said Sunway REIT continued to deliver a set of stable financial performance for the financial year ended June 30, 2019. It delivered a DPU of 9.59 sen, on the back of a spectra of uncertainties in both global and domestic fronts. (NST Online)

Penang says will decide assessment rate review after appeal deadline
The Penang government will make a final decision on its assessment rate review after the deadline for ratepayers to submit objections ends on October 14. Chief Minister Chow Kon Yeow said the city councils will have to wait for the objection period to end to gauge the response from ratepayers. He stressed that both city councils had been prudent to keep the impact as low as possible by reducing the rates when the property annual value was reviewed and increased in most cases. The annual value of properties is calculated by the annual rental the premises would have commanded and city councils have reviewed it to reflect current rates for 2020 as it has not been reviewed for 15 years. (Malay Mail)

Sabah drafting development plans of areas bordering Indonesia
The Sabah government will begin work to draw up plans to develop areas bordering Indonesia to ensure a complete infrastructure can be created in line with Indonesia’s plan to relocate its capital to Kalimantan. Chief Minster Datuk Seri Mohd Shafie Apdal said the drafts would be drawn up so that the development project proposals on the Indonesian border specifically Kalabakan, near Tawau and Sipitang would become part of the essence in the 12th Malaysian Plan (12MP). Work to prepare the framework would include prioritising the development projects such as inspection posts on the border and a constructing a more efficient road network including in Long Pasia, Sipitang to ease land connections and spur economic activities on both sides. He said the relocation of the Indonesian capital to Kalimantan would also enable the provisions of direct flights from Sabah to the region and prompting further the growth of the tourism industry. (Malay Mail)

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