News by Supriya Surendran

The massive RM27 billion Penang Transport Master Plan is seen as a reservoir of infrastructure works for local and foreign companies in the next 15 years, at least.

During the quarter, Sunway REIT also recognised a non-recurring income of RM6.2 million, a court award for the loss of income from Sunway Putra Mall, the statement read.

Penang-based property player Aspen Vision Development Sdn Bhd (Aspen Group) is targeting to have its shares floated — either on the Main Market of Bursa Malaysia or the Catalist board of the Singapore Exchange (SGX) — by the fourth quarter of this year.

The yet-to-be-named joint venture (JV) company will see UEMSET holding a 70% stake, and TMS the remaining 30%, and will offer integrated facilities management, estate management and security management services for both the southern region townships.

Tan Sri Dr Abd Wahab Maskan also vacated his managing director post in Sime Darby’s property division, Sime Darby Property Bhd, on Dec 31.

Meena Holdings owns the Meena Plaza mixed-use development project in Abu Dhabi, United Arab Emirates.

Some 1,000 acres (404.69ha) of land on the two isles to the south of Penang island that will be reclaimed as part of the state government’s land swap deal with SRS Consortium for the Penang Transport Master Plan (PTMP) have been earmarked for industrial development.

Judging by the size and the modus operandi of both outfits, it would not be surprising if they both decide to take up a substantial stake via MRCB’s proposed private placement exercise.

Gamuda holds 60% in SRS Consortium, which was appointed as the Project Delivery Partner for the plan, along with Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd, which each hold a 20% stake in the consortium.

In a filing with Bursa Malaysia today, it was revealed that the plan will first involve Hua Yang acquiring G Land Development Sdn Bhd, a company based in Bukit Mertajam, Penang, for RM16.55 million.