Strata Title Act to be amended
Natural Resources and Environment Minister Datuk Seri Azmi Khalid said that developers of gated community projects, unable to get bank loans due to problems of getting strata titles, can heave a sigh of relieve with the Cabinet’s approval to amend the Strata Title Act 1985. He added the other Act would deal with the management and maintenance of high-rise buildings, many of which do not have strata titles due to inadequate provisions in the law. Azmi said with more provisions, strata titles could be issued within two months.
IJM named main contractor for Kajang-Seremban highway
IJM Corp Bhd had been appointed as the main contractor to reactivate works on the RM840 million Kajang-Seremban Highway. The highway concession is now held by Lebuhraya Kajang- Seremban Sdn Bhd (LEKAS), of which IJM holds a 50 per cent stake in the company and the rest held by joint-venture partners Kaseh Lebuh Raya Sdn Bhd, Tunku Naquiyuddin Tuanku Ja'afar and Bumiputera institutions. To fund the project, IJM plans to raise RM750 million local currency bonds within the next three months. With a concession period of 32.5 years, the project, comprising a 48km three-lane dual carriage highway between Kajang and Seremban, is scheduled to be completed within 33 months.
Kumpulan Guthrie Bhd is selling its 27,245 sq m Guthrie Pavillion to its subsidiary Guthrie Property Management Sdn Bhd (GPM) for RM26.1 million.
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