News by theedgemalaysia.com

AMMB Holdings Bhd has provided a RM450 million financing facility to Eastern & Oriental Bhd’s (E&O) unit to fund the development of the Andaman Island project in Penang.

Following the Umech land sale controversy, the Penang Development Corporation (PDC) board, chaired by Chief Minister Chow Kon Yeow, has instructed the management to prepare a paper to review the sale of land for projects that would be implemented on PDC land in the Batu Kawan Industrial Park 2 (BKIP2).

Valiant First Sdn Bhd has filed a suit against aviation and defence company Destini Bhd, seeking specific performance for the completion of the sale of two plots of land in Glenmarie and Bukit Jelutong.

Even though the RM646.02 million land deal between Penang Development Corp (PDC) and Umech Land Sdn Bhd — a 70%-owned subsidiary of Sunway Bhd — has been cancelled, the state needs to explain how the controversial agreement came to be signed, the Penang Chinese Chamber of Commerce (PCCC) insisted on Wednesday.

The government is looking into raising the floor for paid-up capital and accumulated capital for new property developers, and to blacklist directors of sick and abandoned projects in an effort to ensure the sustainability of the housing sector.

Malaysia came in at 41st place as overall the best country to work remotely, according to the Global Remote Work Index (GRWI).

The cancer centre is slated to operate early next year.

"We will be in a better position to make the appropriate statement regarding the termination of the joint development agreement after receiving and reviewing the letter from PDC."

The 5.6-acre development comprises three blocks of modern, multi-generational units.

Hasbi added that the year 2023 involves major structural works such as beam launching, construction of stations and track laying.