The deadline for IWH-CREC to settle the upfront payment has been moved to Sept 15 from April 30 "due to the Covid-19 outbreak", said Finance Minister Tengku Datuk Seri Zafrul Aziz.
The cost revision is due to specification changes that include the setting up of a new depot, Wee told lawmakers in Parliament yesterday.
Works for the RTS will commence in January 2021 after the relevant approvals have been acquired, with the project to be completed in 2026.
“According to the airlines, even though the government has relaxed the social distancing rules, flight ticket prices may not drop immediately. They must ensure there is continuous and stable demand before airfares can return to normal as seen before the Covid-19 outbreak."
The realignment, which could affect 25% of the entire 640km ECRL track, is centred in the last section, Section C, which will see the scope switched from Putrajaya-Port Klang to the original route of Gombak-Port Klang.
“Khazanah has shown resilience and tenacity in these trying times to achieve significant progress in delivering on its mandate to grow Malaysia’s long-term wealth.
“It is these characteristics that will also enable us as a country to overcome the challenges posed by the Covid-19 pandemic.”
The dispute arose from a 2009 land sale agreement for the Jeju Airest City project, which was inked between South Korea’s Jeju Free International City Development Center (JDC) and Berjaya Jeju Resort Ltd (BJR).
Gamuda said the MCO, imposed on March 18 to halt the spread of the Covid-19 pandemic, caused work stoppages and reduced traffic volume across its four expressways, as a result of which the group recorded its lowest quarterly revenue since 1QFY17.
YNH expressed plans to launch two high-rise projects this year with gross development value of RM700 million each in a parcel in Genting Highlands, as well as in Dutamas.