Property developer Tiger Synergy Bhd executive chairman Datuk Tan Wei Lian sent out notices to Seacera on March 28 to have an EGM held on April 29, proposing the removal of two Seacera directors, to be replaced by himself and four others.

Khalid also said any redevelopment in Malaysia requires 100% agreement from existing owners. "In other countries, properties that are less than 10 years old only require 90% agreement, and those above 10 years only require 80% agreement, so the new law will address all these issues," he said.

Over 2,000 residential units including about 600 affordable homes are estimated to be a part of the project, located on a dead-end plot with only one road out. 

“The report is unsubstantiated as the Penang State Government has yet to obtain the approvals."

The cost settled on will reportedly result in the 688-km long ECRL costing between RM34.4bil and RM41.3bil.

Some of the gains would come from lands that were previously sold at below market price at the time. These lopsided deals were cancelled, and DBKL will earn more by selling at market price, Khalid said.

At the end of the year, both mega projects will be tendered to local and international companies.

“It is a very nice mall. But the board has decided to wait until the mall is completed, so that we do not take unnecessary development and construction risks,” said its CEO.

“We can save about 50% from current energy expenses with this move."

Zuraida Kamaruddin: We have just realised that there is a Clause in the Federal Constitution that gives immunity to government buildings (from obtaining the FC), making them not subject to the fire safety laws. This Clause needs to be amended.