The work, which should have been completed in September of this year, was delayed due to underground cables from various utility companies that needed to be relocated first, which were discovered by MBSA.
Teoh estimated that even if the ridership reached 10 million passengers per year — a stretch since the island’s population was 700,000 — the project would result in losses from the beginning.
Our top pick for the sector is Sunway REIT (Buy; TP: RM1.93) due to its positive earnings outlook. We believe its retail division will continue to spur earnings growth going forward while the office segment may rebound from its previous low.
We expect overall margin to remain at a low in the second half (2H) as contractors may continue to be prudent in terms of margin recognition. Industry players are aiming for jobs in Sarawak as emphasis will be placed on state water and rural road projects.
If the bid is successful, the three parties will form a joint-venture (JV) company to proceed with the projects in Sarawak, it said.
The app was created so that a monthly pass could be purchased without residents having to go to a counter.
Daim warned that the residents' indecisiveness could affect them negatively.
“Mahathir represents the sentiments in the country that firstly we cannot continue with these mammoth projects at a time when the economy is struggling.”
CGPV also said its project marketing efforts are starting to venture into different regions, namely Hong Kong, Macau, Taiwan, Singapore, Indonesia, Thailand, Laos, Myanmar, the Philippines, Dubai, and Japan.
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