The new amenities include a 5,000-capacity state-of-the-art theatre, scalable to host A-list residencies and corporate events; a dynamic 75,000 square foot (sq ft) nightlife and day-life concept; a 50-foot diameter video globe, which will display over 6,000 sq ft of captivating LED content; and additional luxury suites, villas and penthouses with individual lobby experiences, open balconies and a sky casino, the news portal reported.

The proposed plan, which entails the establishment and listing of the REIT onto Bursa Malaysia’s main market, will make it the group’s second REIT after its retail REIT, IGB REIT, which was listed in 2012.

“Our goal here is to increase Mudajaya’s revenue and profit. What we will do is to try our best to put in resources like capital and business relationships, to make the company great again. It has huge potential and is undervalued,” Kuo said.

Notably, in the third quarter of this year alone, there were a total of 9,294 foreclosure properties, compared with 8,760 cases in 3Q2018.

“Not only are such units difficult to come by, they are also quickly taken up once they come on the market, provided they are in good condition. It is not difficult to look for buyers but finding such houses in prime locations is challenging.”

Located just 9km away from the upcoming West Coast Expressway’s Sitiawan Utara interchange, the 112-acre township development will include residential properties, commercial properties, a healthcare centre, a boutique hotel and student accommodation.

“MIEA is based on the principle of ethics and good practice and is against anyone breaking any law.”

Works Minister Baru Bian said among the key components of the project were the RM600 million package for the 40km road stretch between Kalabakan and Serudong in Tawau and the construction of the Customs, Immigration, Quarantine and Security Complex and government quarters at the Kalimantan border.

Malaysia is one of only two countries in Asia – and five countries globally – that is home to members of five primate families.

He said the study also showed 22.8 per cent or five million Malaysians aged 15 years and above are smokers, with those aged 20 to 54 years being the highest smokers, the majority being men.