6 November 2019: RTS extended to April 2020; MACC to locate RM19bil 1MDB assets

RTS extension to end-April 2020 needed to amend project
Malaysia can only sign the Rapid Transit System (RTS) Link project agreements with Singapore by end-April 2020 as it needs a time extension to amend the project’s “scope and structure”, said Transport Minister Anthony Loke. While affirming the government’s decision to continue with the project, he said it will be amending the agreements and implementation of the project within the six-month extension. The agreements to be signed by Malaysia and Singapore are the restated RTS Link Bilateral Agreement following amendments to the project, an agreement between Prasarana Malaysia Bhd and Singapore’s SMRT Corp Ltd to form a joint-venture operating company, and a concession agreement between the governments of both countries to appoint the operating company as the RTS Link operator. This is the third time Malaysia has sought an extension for the RTS project. (The Edge)

JPPH urged to find common ground to solve property market woes
The Valuation and Property Services Department (JPPH) has been urged to find common ground with related agencies in the effort to resolve the current problems in the property market. Deputy Finance Minister Datuk Wira Amiruddin Hamzah said doing this could enhance JPPH’s role through the National Property Information Centre (NAPIC) in publishing accurate and up-to-date data and supporting the country’s property market. He added that current issues such as property overhang, mismatch in pricing and location, rising house prices and the condition of the regional property market have had a great impact on the country. He said it was now reasonable and easier for data to be channelled though the PRISM system, which provides accurate, comprehensive and timely information on Malaysia’s property sector, including property demand and supply, property market reports and other property-related information to government agencies, property developers and interested parties through the Internet. (The Edge)

MACC chief: Malaysia aims to locate further RM19b in 1MDB-linked assets
The authorities have estimated that there are still RM18.9 billion of unidentified assets and property linked to scandal-hit 1Malaysia Development Bhd (1MDB), spread across at least five countries. MACC Chief Commissioner Latheefa Koya told reporters that her team is working together with the recently formalised National Financial Crime Centre (NFCC) to locate and investigate the assets. However, the MACC chief said that she could not disclose more information as investigations were still active and the agency did not want to tip off suspects. Latheefa also clarified that the RM18.9 billion figure is not final and only an estimate as assets fluctuated in value according to market conditions. (Malay Mail)

(Source: Malaysiakini)

Motorbike-hailing firm Gojek, others to start test runs in Malaysia
Malaysia will allow motorcycle-hailing firms such as Indonesia’s Gojek and local start-up Dego Ride to start operations on a limited scale from January 2020. Gojek – whose backers include Alphabet’s Google and Chinese tech companies Tencent and JD.com – and Dego Ride will start operating based on a proof-of-concept basis to measure demand for the service over six months, Transport Minister Anthony Loke Siew Fook said. “Bike hailing will be an important component in providing a comprehensive public transport system, as a mode for first- and last-mile connectivity,” he added. The pilot project will be limited to the Klang Valley. (Malaysiakini)

ECRL project progress stands at 11.07%
Until September, the progress of the East Coast Rail Route (ECRL) project stood at 11.07% taking into account pre-construction work, which includes design and procurement. Works on the tunnels and viaducts along the 223 km alignment between Dungun, Terengganu and Mentakab, Pahang were also underway. The project was resumed after MRL and China Communications Construction Company Ltd signed a supplementary agreement on April 12, 2019, which saw a reduction in the project’s construction cost by RM21.5 billion compared to the original cost of RM65.5 billion. (Malay Mail)

(Source: Malay Mail)

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