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This was largely attributed to the malls’ prominent location with high shopper traffic and wide catchment areas which, in turn, sustained high demand for the malls’ retail space and rental rates.

In a note yesterday, the research house said the LRT 3 completion is delayed by four years to 2024.

"It will be penny-wise but pound-foolish to cut cost just for the sake of cutting cost…”

“We notice there are a few issues with the [Melaka Gateway] project. There has not been any signs of development at all.”

"The government does not operate ports anymore. The concession will be given to the private sector — but the feasibility studies will be driven by the government."

The sum is the balance of a RM4.63 billion soft loan that PKA took up from MoF back in 2007 — payable over 20 years beginning 2011 — to develop the Port Klang Free Zone.

Finance Minister Lim Guan Eng said the final total cost of the LRT3 project is reduced by 47% from RM31.65 billion to RM16.63 bilion, saving Malaysians a total of RM15.02 billion.

The massive mixed-use development which spans 348ha and entails land reclamation from the sea and dredging to create a 42m canal would spell the end of the Tanjung Aru seafront, said LEAP’s CEO Winnie Long.

“We were appointed by the Yang di-Pertuan Agong, and so, it is only right that the instructions to step down come from him.”

The completed projects on Penang’s mainland are 301 units in Mak Mandin and Tok Suboh, said the state’s Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo.