e-Lelong system to be launched when integration is complete

e-Lelong system to be launched when integration is complete

PETALING JAYA (March 30): The launch of the online property auction platform e-Lelong for court auctions will be “realised very soon”, according to the Registrar of the High Court of Malaya Sabariah Othman.

Sabariah told TheEdgeProperty.com that the launch of the e-Lelong system had to be postponed “due to unforeseen circumstances”.

The launch event for the e-Lelong system was initially scheduled for March 29 (yesterday) at the Kuantan Court Complex in Pahang.

“But we have determined that the e-Lelong will be realised very soon after integration with all parties are completed,” she said.

“As of now, the Arahan Amalan 1/2017 will be put on hold,” she added, referring to the practising guidelines on the introduction of the e-Lelong System, and the handling of foreclosure proceedings and public auctions of immovable properties by electronic means (e-Lelong) at the High Court. 

In a  circular to members of the Malaysian Bar, the office of the Registrar of the High Court of Malaya had issued a copy of the Arahan Amalan 1/2017 (practising guidelines) and stated that the practising guidelines have been in effect since March 15. It also stated that the practising guidelines on public auctions dated April 29, 2014 are still applicable for states that carry out public auctions manually.

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Metronic to spend RM75 mil on mixed development project

Metronic to spend RM75 mil on mixed development project

KUALA LUMPUR (March 30): Metronic Global Bhd expects to spend RM75 million to develop a residential-cum-commercial project on the four adjacent plots of land in Cheras that it is acquiring.

“The expected commencement date is two years from the sales and purchase agreement date or when market conditions are better, and the expected completion date of development is three years from the commencement of construction of each phase of the project,” Metronic said in a reply to queries from Bursa Malaysia on the acquisition.

On March 28, Metronic announced that it is acquiring the four leasehold plots — measuring a total of 2,262.77 square metres and located near Cheras Business Centre, Pantai Cheras Medical Centre and Leisure Mall Shopping Complex — for RM7.8 million.  

The group plans to build an 18-storey service apartment with 88 units of service apartments and 13 units of shop lots on the land.

“The land is currently vacant and fenced-up,” the company said, yesterday, adding that the project is expected to generate some RM5 million profit.

Metronic added that Tenaga Nasional Bhd has issued a letter of no objection for the proposed development while the plans for submission to Kuala Lumpur City Hall are currently on hold due to poor market conditions.

Metronic’s share price eased 6.7% to seven sen yesterday, for a market capitalisation of RM53.09 million. — theedgemarkets.com

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Centurion to develop 280-bed students dorm in Adelaide

Centurion to develop 280-bed students dorm in Adelaide

SINGAPORE (March 30): Centurion Corporation is developing a new 280-bed student accommodation in Adelaide, Australia.

The total cost, including the cost of land, to develop the property named dwell Adelaide is expected to be A$45.5 million (S$48.7 million or RM154 million).

The freehold development site is located off Rundle Street on the eastern side of Adelaide City Centre, within walking distance to University of Adelaide and University of South Australia and in close proximity to the main Rundle Mall shopping strip.

Centurion’s newly-launched student accommodation brand, dwell Adelaide will offer communal facilities, including lounges, TV room, games room, and a rooftop terrace.

The asset will comprise mainly self-contained studios, two-bedroom and four-bedroom en-suite apartments.

The construction and development of dwell Adelaide is expected to be completed in 4Q 2018, catering to the student intake for the 2019 academic year.

Upon completion, dwell Adelaide will be Centurion’s second asset in Australia, after RMIT Village which was acquired in 2014.

This brings the total number of its Australia student accommodation beds to 736.

By the end of 2018, Centurion expects to have a total of almost 3,500 student accommodation beds across three key tertiary education hubs in Australia, Singapore and the UK.

Shares of Centurion closed at 40 Singapore cents. — theedgemarkets.com.sg

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Trading of WCT securities halted an hour as placement shares fixed at RM1.77 apiece

Trading of WCT securities halted an hour as placement shares fixed at RM1.77 apiece

KUALA LUMPUR (March 30): The trading of WCT Holdings Bhd's securities and its structured warrants were halted for an hour, from 9am to 10am today, following an announcement on the issue price of its placement shares being fixed at RM1.77 per share, a discount of about 4% to the five-day volume weighted average price of WCT shares up to and including March 29, 2017 of RM1.8464.

According to a filing with Bursa Malaysia today, the first tranche of the placement shares will see gross proceeds of RM178 million being raised. It entails the issuance of 100.5 million new WCT shares, representing approximately 8% of the total number of issued shares of WCT, excluding treasury shares, amounting to about 1.256 billion WCT shares as at March 29, 2017.

It added that the placement shares will be listed on the Main Market of Bursa Malaysia in due course.

The balance of 24.5 million placement shares, which are yet to be placed out, may be issued at a later date.

The placement agents for the exercise are Maybank Investment Bank, AmInvestment Bank Bhd and RHB Investment Bank Bhd.

At 10.46am, WCT's share price had gained by 1.09% or 2 sen to RM1.86 with about 64,200 shares changing hands. — theedgemarkets.com

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E&O share trade suspended pending announcement

E&O share trade suspended pending announcement

KUALA LUMPUR (March 30): Trading in the securities of Eastern & Oriental Bhd (E&O) has been suspended from 9am today pending a material announcement.

In a filing with Bursa Malaysia today, it said the regulator had approved its request to suspend its share trade between 9am and 5pm.

According to sources quoted by The Edge Financial Daily, the developer is believed to have found a strategic investor to pump in fresh capital to kick-start land reclamation for Phase 2A of the Seri Tanjung Pinang (STP) development — part of the remaining 760-acre STP project.

Phase 2A involves reclaiming 253 acres (102.38ha) of land, which has an estimated gross development value of RM20 billion.

E&O is said to be in talks with a large local fund to take up an equity stake in the project.

It was previously reported that the group intends to have an investor who is willing to acquire 40% stake in the project.

Yesterday, it closed up 16 sen or 8.2% at RM2.12, valuing it at RM2.67 billion. — theedgemarkets.com

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