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The termination of the agreement comes with a three months’ notice, PDC said.

Hasbi also noted that the main contractor of ECRL, China Communications Construction Sdn Bhd, has appointed various local companies to support the construction of the project amounting to 2,785 companies comprising subcontractors, consultants, suppliers and service providers.

It is important to note that Sunway had only emerged as a majority shareholder in Umech Land two days prior to the announcement of the agreement, by injecting RM23.

Maybank Investment Bank (IB) research noted that while a less stringent MM2H “should benefit the domestic property industry in both the rental market and property demand, the imposition of a flat 4% stamp duty on foreign buyers, could result in a 63% increase in stamp duty fees for a property priced at RM1.

Maybank Investment Bank's (Maybank IB) research and economics team is overall positive on the Budget 2024 measures, "with fiscal consolidation commitment reiterated, yet the national budget is expansionary and pro-growth".

“Once cancellation is done, action should be taken against those individuals whether in PDC or in the state government or outside responsible for this shoddy mess,” said Ramasamy, who is a former board member of PDC.

RM4.

“In order to pump prime the revival of the Malaysian construction industry, the MBAM appeals to the government to provide more assistance for the construction industry to revive and sustain the construction sector.

The moulded plastic products maker and property developer said it is acquiring Broadwise Corporation Sdn Bhd (BCSB) via its wholly owned subsidiary, Amverton Prop Sdn Bhd, for RM46 million.