Posted by Good123 > 2022-09-20 09:32 | Report Abuse

PETALING JAYA: The asset declaration mechanism for government officials, parliamentarians and senators will be strengthened to improve government integrity, says Datuk Seri Ismail Sabri Yaakob.

The Prime Minister said as such, amendments and improvements to the current Code of Ethics will be implemented.

Posted by Good123 > 2022-09-20 09:34 | Report Abuse

Ismail Sabri said the meeting also agreed that the Audit Act 1957 (Act 62) will be amended by the National Audit Department to empower professionalism and guarantee the independence of the Auditor-General.

The meeting also agreed to carry out an evaluation on the direction of the Malaysian Institute of Integrity (IIM) with an annual fixed grant through the National Centre for Governance, Integrity, and Anti-Corruption (GIACC) for a period of three years beginning 2023 until 2025. This is aimed at improving and strengthening integrity in the country, said the Prime Minister.

“The role of IIM will be strengthened based on three core functions: education, advocacy and training; research and publishing; and strategic cooperation,” said Ismail Sabri.

The meeting also decided to boost service delivery and improve governance by the local authorities to strengthen elements of integrity, he added.

Posted by Good123 > 2022-09-20 17:22 | Report Abuse

Tunggu giliran pasukhas :)

From Aug 29 to Sept 2, notable filings by Bursa Malaysia-listed companies included those from Ivory Properties Group Bhd.

Founder Datuk Low Eng Hock, who is also the single largest shareholder, sold 73.32 million shares, or a 14.96% block, in the Penang-based property development company on Aug 30 for just under RM3.1 million in an off-market transaction. That reduced his direct holdings to 27.25%, with deemed interested in another 5.76% stake. About 68.24 million shares were sold at 4.5 sen each while 5.08 million shares were sold at half a sen each, an Aug 30 filing shows.

The buyer is likely Datuk H’ng Choon Seng, managing director of Heng Huat Resources Group Bhd. A Sept 2 filing shows H’ng emerging as a substantial shareholder of Ivory Properties after buying 73.32 million shares, or a 14.96% block, off-market on Aug 30. The single largest shareholder of Heng Huat, H’ng owns just over 25% of the Penang-based company that manufactures and trades biomass materials.

Last month, Ivory Properties — which has been in the red since FY2022 ) — slipped into Practice Note 17 (PN17) status after its external auditor flagged material uncertainties about the company’s ability to continue as a going concern.

Posted by Good123 > 2022-09-21 07:33 | Report Abuse

They say that they have nothing to hide should they be made to declare their assets to the MACC.

GLC and GLIC heads approve asset disclosure; activist demands for immediate family inclusion

Posted by Good123 > 2022-09-21 07:33 | Report Abuse

PETALING JAYA: Heads of government-linked companies (GLCs) and government-linked investment companies (GLICs) say that they have nothing to hide should they be made to declare their assets to the Malaysian Anti-Corruption Commission (MACC).

Lembaga Tabung Angkatan Tentera (LTAT) chief executive officer Datuk Ahmad Nazim Abdul Rahman said that such an initiative was welcome, especially for companies which are accountable to the rakyat.

He said that asset declaration was one way to ensure that GLCs and GLICs were headed by people of integrity.

"As managers of a public fund, integrity is a key principle of our mission at LTAT. This is why I believe asset declaration is a way to enforce this.

Posted by Good123 > 2022-09-21 07:35 | Report Abuse

Beritahu kami kenapa bagi projek hartanah yayasan veteran atm beratus-beratus juta ringgit kepada Syarikat penny stok macam pasukhas??? :)

Lembaga Tabung Angkatan Tentera (LTAT) chief executive officer Datuk Ahmad Nazim Abdul Rahman said that such an initiative was welcome, especially for companies which are accountable to the rakyat.

Posted by Good123 > 2022-09-21 09:40 | Report Abuse

Biarkanlah rafizi membongkar kes projek hartanah KL yayasan veteran atm ni. Projek bernilai beratus-beratus juta ringgit tapi bagi kpd Syarikat penny stok... Mesti ada udang disebalik batu. Kes rasuah gergasi lagi barangkali

Posted by Good123 > 2022-09-21 10:04 | Report Abuse

Ghafoor, A., Zainudin, R., Mahdzan, N. S. (2019). Factors Eliciting Corporate Fraud in Emerging Markets: Case of Firms Subject to Enforcement Actions in Malaysia. Journal of Business Ethics, 160(2), 587-608. doi:10.1007/s10551-018-3877-3

Posted by Good123 > 2022-09-21 10:08 | Report Abuse

Factors Eliciting Corporate Fraud in Emerging Markets: Case of Firms Subject to Enforcement Actions in Malaysia
Springer
December 2019Journal of Business Ethics 160(2) Follow journal
DOI: 10.1007/s10551-018-3877-3
Abdul GhafoorAbdul GhafoorRozaimah ZainudinRozaimah ZainudinNurul Shahnaz MahdzanNurul Shahnaz Mahdzan
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A Preliminary Study on Fraud Prevention and Detection at the State and Local Government Entities in Malaysia
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This study investigates the key factors that elicit financial reporting fraud among companies in Malaysia. Using enforcement action releases issued by the Security Commission of Malaysia (SC) and Bursa Malaysia, we identify a sample of 76 firms that had committed financial reporting fraud during the period of 1996–2016. We use the fraud triangle framework and the Malaysian International Standards on Auditing 240 to identify the factors. Since the simple probit model fails to address the identification problem (partial observability), we estimate our results using a bivariate probit model. The new model estimates the effects of pressure, opportunity, and rationalization on the probability of fraud likelihood by disentangling the detection probability of fraud. Among several proxies used for pressure, our results suggest that aggressive tax reporting and financial difficulties increase the likelihood of fraud commission. In regard to opportunity, we find that dedicated institutional investors, independence of the board, effective audit committee, and the presence of a female on the board provide active monitoring and oversight in reducing fraud occurrence. Results for rationalization suggest that prior violations and frequent changes of external auditors increase the chances of fraud occurrence. This research offers possible insights to auditors, managers, and regulators to prevent, detect, and react to fraud. Specifically, it highlights the specific factors that may exacerbate the fraudulent intentions of firms.

Posted by Good123 > 2022-09-21 11:05 | Report Abuse

Serangan dah bermula:)


Media statement by Dr Ong Kian Ming, the Member of Parliament (MP) for Bangi, on Wednesday (Sept 21):

What do the RM50 billion debts incurred by Pembinaan PFI Sdn Bhd, the RM100 million post retirement “gift” to former Prime Minister Najib Tun Razak and the RM2 billion land purchase by Bank Negara Malaysia (BNM) in 2017 all have in common? All these cases involve transactions of land which are owned by the federal government of Malaysia. While these scandals merit investigation and discussion on their own, they point to a larger issue of federal land management and planning policy that has received very little public attention. What are the current policies which are in place to manage land assets which are owned by the federal government, either through the Federal Land Commissioner (FLC) or through individual Ministries or Agencies, including the terms and conditions by which these lands are sold? Are there policies which can be put in place to convert some of these lands into public spaces or if they are to be sold, to ensure that such sales are done in a transparent manner so as to maximize the revenue received by the federal government?

In 2014, I had written about how 186 parcels of land belonging to the Federal Land Commission (FLC) were used in a complex series of transactions to allow Pembinaan PFI, a 100% Ministry of Finance Incorporate owned company, to borrow RM30 billion from EPF and KWAP. C4, an anti-corruption NGO, subsequently published a detailed report with useful recommendations for reform. At the end of 2019, it was revealed that a piece of prime government land in KL worth an estimate RM60 million was given to Najib as part of his Prime Ministerial “retirement” package with another RM40 million of government funds set aside for the construction of a residence. In 2017, cabinet made a decision to sell a price of government land to Bank Negara Malaysia (BNM) for RM2 billion with the proceeds being used to pay off part of 1MDB’s debts.

According to a recent paper by Anesh Ganason and Afriq Farhan Abdul Rahim, the Federal Government owns a total of 28,944 titled lands covering 686,000 hectares and a total of 5505 lots of reserve lands covering 14,000 hectares. The total land area of approximately 700,000 hectares is the size of Wilayah Persekutuan Kuala Lumpur, Melaka and Negeri Sembilan combined. This includes developed land that is currently occupied by schools, clinics, hospitals and police stations and undeveloped land covering almost 5000 hectares broken up into 947 lots of land. The combined value of these land and property assets may amount to RM2 trillion, using a conservative estimate.

There is surprisingly little policy guidance at the level of the federal government on how to manage this land. The Federal Land Commissioner Act 1957, which spells out the responsibilities of the commissioner, has only 8 articles and was last amended in 1988.

The Department of the Director General of Land and Mines (JKPTG) manages the land owned by the FLC in conjunction with the Federal Ministries and Agencies which are using this land. A search of the website of JKPTG shows how statutory bodies, corporations which are majority Malaysian owned and organisations registered under the Registrar of Societies can simply write to this department to propose a lease agreement for lands and property owned by the FLC. Of course, submitting an application does not guarantee approval. But the lack of clear guidelines and the lack of a proper and transparent application process raise questions that the approval of such applications is subject to corruption and abuse.

The Pavilion shopping mall on Jalan Bukit Bintang, which was previously the Bukit Bintang Girls School (BBGS), was sold to a local developer in 1999 for an undisclosed sum. One wonders how much this property could have fetched in an open tender when economic conditions after the Asian Financial Crisis had improved. This is just one example out of many educational institutions that were forced to move to make way for private property development in financial dealings with the federal government that were not fully transparent. Even in cases where the value of the land transaction is known, such as the land-swap agreement between SP Setia and the Ministry of Health involving the building of an integrated health and research institute in Setia Alam in exchange for 21 hectares of prime land in Jalan Bangsar, questions remain with regard to the value of such land-swap deals. For example, there was no independent valuation done on the value of the two pieces of land exchanged.

Posted by Good123 > 2022-09-21 15:11 | Report Abuse

Perlu wang utk pru, tunggu je. Mungkin ikan Masin kembali hidup :)

Posted by Jessgoh > 2022-09-21 18:53 | Report Abuse

Omg…Still got ppl dream here zzz

Posted by Michael R. > 2022-09-21 19:01 | Report Abuse

Hehehe... you wait for consolidation coming first ... then they could do RI/PP too ... how to execute the project if not enough cash...??

Posted by Good123 > 2022-09-22 08:16 | Report Abuse

Sabri usah bersubahat dengan geng pengarah pasukhas, jaga kebajikan veteran atm yg sudah tua , bersara haha

Posted by Good123 > 2022-09-22 08:37 | Report Abuse

Harga balik historical price 5sen p/b value 0.5 seperti laporan research Maybank kan?

:)

Posted by Good123 > 2022-09-22 08:38 | Report Abuse

Jika pasukhas tiba2 terbang tinggi, tak peliklah, tukar milik sedang dibincangkan barangkali:)

Posted by Good123 > 2022-09-22 08:44 | Report Abuse

Pasukhas, bila? :)


KUALA LUMPUR (Sept 21): Glomac Bhd’s net profit tripled to RM5.18 million for the first quarter ended July 31, 2022 (1QFY23), from RM1.73 million a year earlier, on higher revenue contribution from increased sales and construction activities.

Earnings per share rose to 0.67 sen from 0.23 sen, the property developer’s bourse filing showed.

Quarterly revenue more than doubled to RM65.49 million from RM28.84 million on the back of higher contribution from its property development segment.

Glomac said the improved financial performance was mainly driven by the resumption of construction activities in tandem with the easing of Covid-19 restrictions in the country.

Contributing projects to the revenue included ongoing phases in Saujana Perdana, [email protected] Jaya and 121 Residences, the group said in a statement.

Glomac noted that it achieved higher new sales of RM52 million in 1QFY23, compared with RM30 million in 1QFY22.

The better sales performance was driven by the full take up of its shop offices at Lakeside Residences, Puchong as well as firm demand of ongoing township projects at Saujana Perdana and Saujana Utama 5. RUMA33, the maiden launch at Saujana Utama 5, is all sold since its release to the market in late-2021.

Looking ahead, Glomac said it aims to drive earnings through steady construction progress at ongoing projects, and executing RM469 million new launches planned for this year.

It said unbilled sales of RM512 million as at July 31 offers earnings visibility for the group.

“Glomac intends to drive earnings through steady construction progress at its ongoing projects, and successfully executing its upcoming new launches.

“However, there are underlying concerns over the inflation, labour shortage, rising interest rate and material cost that may affect the property sector.

“Longer-term prospects remain intact, underpinned by a healthy balance sheet and a strong pipeline of future development projects largely strategically located within the Klang Valley,” the group said.

Glomac’s share price finished unchanged at 28 sen, bringing it a market capitalization of RM224 million.

Posted by Good123 > 2022-09-22 08:47 | Report Abuse

Pasukhas, next?


KUALA LUMPUR (Sept 21): The Centre to Combat Corruption and Cronyism (C4) has questioned why Tan Sri Lodin Wok Kamaruddin — former chairman of Boustead Heavy Industries Corporation Bhd (BHIC) and one of the key figures in the Littoral Combat Ship (LCS) scandal — has not come under the scrutiny of the authorities, given his involvement in the supply chain companies for the scandal-tainted project.

In a press briefing on Wednesday (Sept 21), C4 said that Lodin, who was connected to the scandal via a web of BHIC-owned subsidiary companies, remained largely isolated from any formal investigation by anti-graft agencies.



“We want to highlight this to MACC (Malaysian Anti-Corruption Commission). Lodin is involved in all the supply chain companies for the LCS project.



"But this is the work of MACC, are they doing their job? There are some real names that have escaped scrutiny,” contended C4 executive director Cynthia Gabriel.



Citing the Public Accounts Committee (PAC) report, the anti-corruption non-governmental organisation said that during his leadership of BHIC, Lodin had facilitated the set up of shell companies such as Contraves Advanced Devices Sdn Bhd (CAD) and Contraves Electrodynamics Sdn Bhd (CED) — the main contractor responsible for the procurement of various components for the LCS.



C4 alleged that the two companies were set up with the intention of using the companies as vehicles to avoid detection of fund misappropriation.



BHIC held the majority stake of 51% in both CAD and CED, while German-based Rheinmetall Group held the balance 49%; but a report by the PAC said that Lodin ceded complete control to Rheinmetall.



The NGO also highlighted that between July 2008 and October 2016, Lodin was the deputy chairman of Affin Holdings Bhd, which controls Affin Bank that had extended loans to Boustead Naval Shipyard (BNS) — the company that undertook the LCS project.



“The connections are too striking to be ignored in that Lodin Wok formerly occupied the board of directors and the chairman role of Affin Bank. Affin Bank is also connected to other companies that Lodin Wok has occupied high-ranking positions that are involved in the LCS scandal", said C4 research officer Bryan Cheah.



He highlighted that Lodin was the chief executive of the Armed Forces Pension Fund (LTAT) from August 1982 until September 2018, which holds substantial stakes in Boustead Holdings Bhd and Affin Bank.



LTAT owns 59.42% stake in Boustead Holdings Bhd.



LTAT holds a direct 33.32% stake in Affin Bank, while Boustead Holdings also owns a direct 20.85% stake in the banking group.



Meanwhile, Boustead owns 65% in BHIC and its parent LTAT owns 8.16%.



“In the LCS scandal, LTAT’s presence is less direct, but nonetheless significant. LTAT is the majority shareholder of Boustead Holdings and also has shares in its subsidiary BHIC, and thus retained some control over the company's operation,” Cheah pointed out.



Boustead Holdings is the largest shareholder of BNS holding 68.85%, followed by BHIC 20.77% and LTAT 10.38%.



The Edge reached out to Lodin for comment, but had yet to receive a response at press time.



C4 also asked MACC to announce its findings into its investigations into the LCS scandal, which the anti-graft body had completed in August.



On Aug 11, MACC said it had completed its investigation into individuals linked to the LCS project, and that investigation papers had been handed to the Attorney General's Chambers (AGC). MACC said it had also made recommendations on charges to be filed against these individuals.



“For now, MACC is keeping mum on the investigation report they did. There are no updates. This is an important issue that has got national interest. They should update the public, so that it restores and builds confidence in the anti-graft agency,” said C4 investigative researcher Pushapan Murugiah.


C4 said its claims are based on its internal investigations into a number of publicly available documents by the Investigating Committee of Procurement, Governance and Finance (JTSUPKK) report on the LCS, and the declassified internal forensic audit report by BHIC into the LCS controversy.

Posted by Good123 > 2022-09-22 08:55 | Report Abuse

Pengarah2 dah kenyang dengan esos, dll... Boleh cabutlah... Geng ni tak boleh turnaround selepas mengambil kesempatan, mereka akan cabut dan jualkan semua, wait n see :)

Posted by Good123 > 2022-09-22 08:57 | Report Abuse

Geng ni ada kabel politik besar. Walaupun penny stok company, dapat projek hartanah bernilai beratus-beratus juta ringgit dari agensi kerajaan yayasan veteran atm haha

Posted by Good123 > 2022-09-22 10:40 | Report Abuse

Semoga sabri desak puak hidden hand ni jualkan semua, jejaskan imej bn lagi :)

Posted by Good123 > 2022-09-22 11:09 | Report Abuse

The market may also favour the renewable energy, construction and building materials segments prior to the tabling of Budget 2023. We also like export-oriented segments, such as the packaging industry," it added.

Posted by Good123 > 2022-09-22 12:00 | Report Abuse

Laporan muka depan akhbar Kosmo! esok

‘Duit KWSP habis bayar hutang’

ATM kekal relevan selepas 89 tahun

#kosmo

Posted by Good123 > 2022-09-23 08:14 | Report Abuse

Bagus, desak puak hidden hand lepaskan pasukhas... Sabri berpura2 pun tak berguna:)

Malaysia loses RM3 trillion within 25 years due to corruption https://newswav.com/A2209_2jaTIR?s=A_i93zQ3b

https://www.freemalaysiatoday.com/category/opinion/2022/03/10/politik-sangap-rasuah/

Posted by Good123 > 2022-09-23 14:01 | Report Abuse

Next, pasukhas :)

KUALA LUMPUR (Sept 23): Real estate company Mulpha International Bhd received an unconditional voluntary takeover offer notice at RM2.30 a share on Friday (Sept 23) from several joint offerors, who intend to acquire the remaining Mulpha shares not held by them.

"A copy of the takeover notice is enclosed in this announcement, and the same will be posted to the holders of the offer shares within seven days from the date of this announcement," Mulpha said in a filing with Bursa Malaysia.

Posted by Good123 > 2022-09-23 14:51 | Report Abuse

Takeover offer if any .. historical p/b value + 20%, 5sen+ 1sen= 6sen, rough estimate. NTA 11sen

Posted by nightmare007 > 2022-09-23 15:42 | Report Abuse

Good123 take over la pula...hahahahaha....ditipu hidup2

Posted by Good123 > 2022-09-23 16:31 | Report Abuse

https://eprints.qut.edu.au/200914/

Analysing the causes of corruption in the Malaysian construction industry
Yap, Jeffrey Boon Hui, Lee, Kai Yee, & Skitmore, Martin (2020) Analysing the causes of corruption in the Malaysian construction industry. Journal of Engineering, Design and Technology

Posted by nightmare007 > 2022-09-23 16:36 | Report Abuse

Menteri Good123 ---> good analysis! :)

Posted by Good123 > 2022-09-23 18:39 | Report Abuse

KEPALA BATAS (Sept 23): The Ministry of Housing and Local Government (KPKT) hopes its application for 100% stamp duty exemption for ownership of first-time homeowners of properties priced above RM500,000 and RM1 million would be approved at the tabling of Budget 2023 next month.

Its minister Datuk Seri Reezal Merican Naina Merican said that for now, full stamp duty exemption is only for first-time homeowners of properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI), while houses priced above RM500,000 to RM1 million are given a 50% stamp duty exemption.

“I hope the Ministry of Finance (MOF) will consider giving a 100% stamp duty exemption for houses priced above RM500,000 to RM1 million because property buyers in this price range usually comprise those from the M40 group.

“I do not want us to be seen as only defending the needs of the B40 group and I hope this application will be approved, on condition it is for the first house and developers give a discount of 10% to the buyers,” he told reporters after launching the“Jom Beli Rumah Wilayah Utara” Carnival here on Friday (Sept 23).

In addition, Reezal also hopes that the “Skim Jaminan Kredit Perumahan” (“SJKP”), which provides financing guarantees totalling RM2 billion under Budget 2022, would be continued under Budget 2023, which will be tabled on Oct 7.

He said the SJKP plays a vital role in boosting the property market, as it enables those who can afford to buy but do not have official income documents (payslips) or fixed income to obtain mortgage financing of up to 100% from selected financial institutions.

He said the three-day carnival launched on Friday offers more than over 92,000 units of houses throughout the northern region and is expected to attract over 15,000 visitors.

“This carnival is organised in conjunction with the Home Ownership Programme (HOPE) Tour series, with the agenda being home ownership among the low- and middle-income groups,” he said.

The “Jom Beli Rumah Wilayah Utara” Carnival has 45 booths and the participation of 23 housing developers like Bertam Properties Sdn Bhd, SP Setia Bhd, OIB Group, Aspen Group, Oriental Kedah Realty and EcoWorld Property.

Posted by Good123 > 2022-09-23 21:59 | Report Abuse

KUALA LUMPUR (Sept 23): Property developer EcoFirst Consolidated Bhd has proposed to acquire the remaining 49% stake in a subsidiary that owns 4.18 acres of land in Sungai Besi for RM78.4 million.

The stake in the firm, BCM Holdings Sdn Bhd, is held by Tan You Tiong, who is also a major shareholder of EcoFirst with a 14% equity interest.

In a filing with Bursa Malaysia, EcoFirst said approval has been obtained from the Kuala Lumpur City Hall for the change of zoning from industrial to commercial, for the land located in the Chan Sow Lin industrial estate.

BCM plans to develop 1,700 units of serviced apartments situated over a podium of retail lots on the land, with the project having a gross development value of about RM1 billion and a gross development cost of RM620 million.

“Barring any unforeseen circumstances, the group is expected to recognise a gross profit of approximately RM380 million across the estimated development period of four years,” said EcoFirst.

Shares of Ecofirst closed flat at 36 sen on Friday (Sept 23), giving the group a market capitalisation of RM417.52 million.

Posted by Good123 > 2022-09-24 17:14 | Report Abuse

Speaking at the IIC-SIDC Corporate Governance Conference 2022 today, the SC Chairman said that asset managers and owners must use their position as investment stewards to shape and influence their investee companies to improve their sustainability practices

Posted by Good123 > 2022-09-24 22:46 | Report Abuse

*MAJLIS MENGHARGAI JASA VETERAN ATM PERINGKAT DUN PAYA JARAS*

Program ini adalah inisiatif Kerajaan Negeri, sebagai tanda penghargaan kepada bekas perajurit atas jasa dan bakti dalam menjaga keamanan negara sekaligus meraikan para veteran ATM di Negeri Selangor, melalui Jawatankuasa Tetap Pembangunan Generasi Muda, Sukan & Pembangunan Modal Insan Yb Mohd Khairuddin Othman
(Merangkap Ahli Dewan Negeri Paya Jaras )

<<<siaran langsung dari SK>>>
24 September 2022 (Sabtu)

Posted by Good123 > 2022-09-25 14:36 | Report Abuse

historical price P/B value= 0.5 x 11sen = 5.5sen...

sabar! :) tunggu takeover supaya veteran ATM tak tertipu haha

Posted by Michael R. > 2022-09-26 09:37 | Report Abuse

This one is just waiting for any delays whatsoever then one politician raise concern over awarded tender and everyone will be on the spotlight.....

Posted by Good123 > 2022-09-26 15:09 | Report Abuse

Asila Jalil

KUALA LUMPUR: LBS Bina Group Bhd has proposed to the government to revive and permanently implement the Home Ownership Campaign (HOC) or first-time home ownership subsidies in the upcoming Budget 2023 following a difficult two years of lockdown and business interruptions.

The property developer said the initiative, introduced in 2019, was well-received and spurred home ownership while reducing the number of unsold properties within the country.

"We hope that the government will consider its reintroduction and permanent implementation.

"Affordable housing continues to be in demand, and the HOC will help to ensure that buying sentiment persists.

"Otherwise, the government may consider offering up to 10 per cent rebates to first-time home buyers to encourage and kickstart their home ownership plans," LBS Bina said.

The firm cited a survey conducted by the Real Estate and Housing Developers' Association Malaysia (REHDA) which stated that construction costs are anticipated to increase by an average of 19 per cent this year.

To address this issue, LBS Bina proposes that the government subsidise the rising cost of raw materials or implement a ceiling cap on construction raw material prices to help affordable housing prices remain intact.

In light of the challenging situation brought upon by the increasing raw material prices, the firm also hoped that the government would reduce the compliance costs associated with developing a property.

"Any savings from these measures would be beneficial and can be passed on to home buyers via more affordable pricing points," it said.

The company also proposed that the government provide more significant environmental incentives for developers in line with the rising importance of environmental and sustainability initiatives.

It said this measure would encourage industry players to incorporate more green features into their developments while promoting the adoption of renewable energy.

"The government may also consider providing additional tax deductions such that building owners can enjoy income tax deductions equivalent to the additional capital expenditure needed to implement the environmental initiatives," said LBS Bina.

It is also hoped that the government would reduce the minimum threshold for foreign residential property purchases.

With the reopening of borders, LBS anticipated the gradual trickling of foreigners, prompting property developers to offer attractive packages at the minimum price for foreigners to buy properties.

"Currently, foreigners are only allowed to buy properties above RM1 million.

"We are hopeful that the government will reduce this limit to RM600,000 for all states, thus allowing developers to reduce its existing unsold units while encouraging the entry of foreign ownership," it added.

Executive chairman Tan Sri Lim Hock San said the proposals the company had put forward would be a "timely catalyst" to propel the recovery of the property sector.

"Moreover, it is an opportunity for the government to assist the general public with alleviating the burden of home ownership."

"We look forward to the measures that will be announced and fully support the government's efforts in helping more people own their dream homes.

"With the government taking the important decisions in steering the country towards the right direction, we believe that all industry players will work together to ensure that the incentives proposed will ultimately benefit the home buyers," he added.

Posted by BILLC > 2022-09-26 15:13 | Report Abuse

1 sen mari,,,then tutup kedai,,,,

Posted by Good123 > 2022-09-26 16:17 | Report Abuse

FOLLOWING an increase in plot ratio and change in land use under an amendment to the Kuala Lumpur City Plan 2020, a 19.14-acre parcel adjacent to Istana Negara in Kuala Lumpur — equally owned by Jakel Group, Symphony Life Bhd and Permodalan Nasional Bhd (PNB) — has potentially risen in value by more than 40% since it was purchased six years ago.

The 833,665 sq ft tract in Jalan Semantan facing Jalan Tuanku Abdul Halim (formerly Jalan Duta) (see map), which was purchased for RM646 million or RM775 psf, may now be worth as much as RM917 million or RM1,100 psf, industry experts say, notwithstanding the current soft property market.

Stanley Toh, executive director of real estate and valuation firm LaurelCap Sdn Bhd, tells The Edge that a year ago, Dewan Bandaraya Kuala Lumpur (DBKL) changed the zoning for the land from residential and main commercial (residensi dan perdagangan utama) to mixed development (pembangunan bercampur). DBKL also increased the density from 80 persons per acre (for the residential portion) and changed the plot ratio of 1:4 (for commercial) to 1:5 for the entire parcel.

“This means the entire parcel of land has been rezoned for mixed development (residential and commercial) at a higher density plot ratio of 1:5. The changes will allow the developer to build more commercial or residential space as compared to before,” Toh explains. Consequently, the value of the land will increase with the allowable plot ratio or density.

“DBKL has also proposed a new dispersal road within the site to ease traffic along Jalan Semantan and Jalan Tuanku Abdul Halim (see map),” he adds.

Toh pegs the land value at between RM900 and RM1,100 psf, which prices the tract at between RM750.30 million and RM917.03 million.

The freehold land — comprising a total of six plots — was originally purchased by Jakel Land Sdn Bhd, whose name was subsequently changed to PJS Damansara Sdn Bhd. The six plots have since been amalgamated into one parcel known as Lot 481123.

A document sighted by The Edge reveals that PJS Damansara had on June 29, 2022, started the process to obtain a development order for a mixed-use development on the site. It obtained conditional approval of its layout plan from DBKL on July 19.

Sources say PJS Damansara’s planned mixed-use development will have a gross development value of between RM5 billion and RM6 billion. It is understood that the developer, who plans to include residential, offices, retail and possibly a hotel component, hopes to launch the first phase in the third quarter of 2023. A new dispersal road will also be added.

On the changes to zoning, VPC Alliance Malaysia managing director James Wong points out that although the plot ratio of the land was increased from 1:4 to 1:5 under an amendment to the KL City Plan 2020, the close proximity of the subject land to Istana Negara poses an issue. As it is within a 800m radius from Istana Negara (within Area 1 of Istana Negara’s height control guidelines), the proposed buildings on the site cannot exceed 400ft in height above the mean sea level.

“Hence, despite the increase in the plot ratio to 1:5, the developer will not be able to build to the maximum height allowable to maximise the plot ratio of 1:5,” Wong stresses.

Toh adds that due to the height restrictions, the developer will need to strike a balance between maximising the plot ratio and maintaining the height limit set by the local council.

“Taking into consideration the height control due to its proximity to the Istana Reserve, its large land size of 19.138 acres, the approved layout plan and the fact that accessibility to the site needs to be improved, our opinion of the current value of the subject land is RM900 psf,” Wong says.

Even so, he observes that the weak property market notwithstanding, the land enjoys a 15% increase from its original price.

It is worth noting that the Ministry of Finance (MoF) had initially invited bids for the land on March 8, 2016, at a plot ratio of 1:6. A reserve price of RM833.3 million or RM1,000 psf was set, and the tender closed on April 6. Soon after, another tender was called again, but at a lower reserve price of RM900 psf and a plot ratio of 1:5. It was reported that the plot ratio had been lowered possibly due to height restrictions owing to the proximity of the site to the palace as well as limited accessibility via Jalan Semantan. The closing date for the second tender was May 9, 2016. It is unclear why and when the plot ratio was further reduced to 1:4 before being amended to 1:5.

The Companies Commission of Malaysia’s website lists the directors of PJS Damansara as Mohamed Faroz Mohamed Jakel and Mohamed Nizam Mohamed Jakel (from Jakel Group), Rizal Rickman Ramli and Mohamad Idros Mosin (from PNB) and Chin Jit Pyng and Kong Kwai Ching (from Symphony Life).

As at June 30, 2021, PJS Damansara had total liabilities of RM749.11 million, of which RM57.28 million was current.

Posted by nightmare007 > 2022-09-27 15:39 | Report Abuse

Ministry Good123, please do some copy and paste

Posted by BILLC > 2022-09-27 16:01 | Report Abuse

Menteri Good123 today sakit perut dan berak cair ,,mc 1 day,,,,,harap maklum,,,,sekian terimakasih,,,,

Posted by biginvestor > 2022-09-27 17:06 | Report Abuse

A weird individual, too obsessed with PASUK

Posted by nightmare007 > 2022-09-28 09:06 | Report Abuse

Ministry Good123, please do some copy and paste

Posted by Good123 > 2022-09-28 10:44 | Report Abuse

Geng menantu sabri dan hidden hand ka? :)

Four former police officers are on Caely’s board, including executive chairman | https://www.klsescreener.com/v2/news/view/1048835

https://m.malaysiakini.com/news/624789

Posted by Good123 > 2022-09-28 10:45 | Report Abuse

Geng menantu sabri dan hidden hand ka? :)

Four former police officers are on Caely’s board, including executive chairman | https://www.klsescreener.com/v2/news/view/1048835

Caely lantik menantu Ismail Sabri sebagai naib presiden eksekutif
Diterbitkan: Jun 15, 2022 1:49 PM
⋅
Dikemaskini: 3:33 PM

Posted by nightmare007 > 2022-09-28 11:27 | Report Abuse

Ministry @Good123, Good my boy! Next time, don't be late okay. Don't go to another page.

Posted by nightmare007 > 2022-09-29 09:23 | Report Abuse

@Good 123, where are you? don't be late okay! Please do some copy and paste

Posted by Mrcool > 2022-09-29 11:12 | Report Abuse

Good dh lari apabila dh tau kene kencing dgn pasuk..hahahhh

Posted by 651158 > 2022-09-29 11:26 | Report Abuse

Good123没有钱吃饭了没力气车大炮

Posted by sunsetbiz > 2022-09-29 15:07 | Report Abuse

can see more ppl interested to watch Good123 bull then this shares movement....:)

Posted by Good123 > 2022-09-29 19:54 | Report Abuse

KUALA LUMPUR (Sept 29): Beside Malaysian Anti-Corruption Commission (MACC), the Royal Malaysian Police (PDRM) and Bursa Malaysia are two other authorities that are currently investigating Caely Holdings Bhd, a lingerie maker whose founder and spouse are being accused of misappropriation of RM30.55 million funds.

Caely said in a press statement that the company has initiated internal inspections and will engage independent forensic specialists to conduct investigations in order to support and facilitate the authorities’ probes.

In April, Caely disclosed that MACC had issued a freeze order on all operational bank accounts of the company and its subsidiaries. The bank accounts remain frozen until now.

Meanwhile, in response to the article titled “Will Caely’s new board leave no stone unturned?” published in The Edge Malaysia weekly (Sept 24-28), the company’s newly appointed executive chairman Ng Keok Chai stressed that the company’s new board of directors “vouch that they will leave no stones unturned and will provide full assistance on the ongoing investigation on the misappropriation of RM30.55 million funds from Caely (M) Sdn Bhd as reported in the article”.

Ng, who served 36 years in the Royal Malaysian Police, is currently among the four former police officers sitting on the board of Caely.

The Edge article pointed out the uncertainty of the civil lawsuit filed by Caely to recover the alleged misappropriated funds, as the board which initiated the legal action has been removed.

There are 12 defendants in the legal suit including the founder Datin Fong Nyok Yoon, who holds 7.38% stake; her spouse Datuk Chuah Chin Lai, who is the former managing director; current executive director Leong Seng Wui, and the single largest shareholder Datuk Seri Goh Choon Kim, holding a 21.05% stake.

The group sued the 10 other defendants for their conspiracy with Chuah and Fong to cover up the misappropriation and breach of fiduciary duty.

Fong quit as non-executive director last month, citing health reasons. Her husband Chuah stepped down from the managing director position in April 2021.

Seven directors had been booted out after the High Court last month ruled that the resolutions to remove the board members were passed at the extraordinary general meeting (EGM).

Others are Koo Chen Yeng, the daughter of the second largest shareholder Datuk Seri Tee Yam @ Koo Tee Yam; and former executive chairman Wong Siaw Puie. Tee Yam holds a 19.12% stake in Caely.