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Serious Mahathir Boleh! Now more High Speed Rail! JohnTan you suck!
- Thread starter steffychun
- Start date
HSR benefits Singapore more than Malaysia because HSR is inefficient for ferrying heavy goods and cargo (not designed for heavy cargo loads/ costs same as air-freight) but Malaysia GDP is mostly from agriculture which the KL gahmen needs to support vz usual transport infrastructure.
Priority of KL gahmen is thus to maintain roads and normal railways, not HSR to ship talents and tourist to Singapore at the expense of agriculture productivity within Malaysia.
Dr M has made the right decision for his people. HSR might be helpful in future, but Malaysia has no need for it now.
Mudland would do just fine if it cuts all transportation with sinkapore. Sinkapore would shout and cry if that were to happen.
The fucking mad hatter needs to compensate us! He cheated us through CLOB once, and now, he's doing it again with the HSR project. Mad hatter is doing everything he can to screw singapore because he is envious of our success!
SINGAPORE — A day after Malaysia announced it intends to scrap the Kuala Lumpur-Singapore High Speed Rail (HSR) project, the phones of property agents Anthony Chua and Eugene Wong were buzzing with calls from worried clients who were concerned with its impact on property prices near the proposed Jurong East terminus.
Some customers, who had forked out as much as S$200,000 in down payments for properties in that area, even accused the agents and developers of misleading them, said Mr Chua, an agent with SLP Scotia.
Explaining to customers that Malaysia's U-turn came as a bolt out of the blue, Mr Wong of ERA Realty pointed out that, given the Government's plans for a vibrant Jurong Lake District, the area still has a lot of potential — with or without the HSR.
"But it's just the second day, so the ripple effect (on the property prices) may not be so (obvious) yet," he said.
Touted as Singapore's second business district, the masterplan for the Jurong Lake District was first released in 2008 as part of the Urban Redevelopment Authority's efforts to grow new employment centres outside the Central Business District to bring more quality jobs and recreational options closer to homes.
The HSR project was officially agreed between Singapore and Malaysia in 2013, with Jurong East earmarked as the terminus in Singapore, adding to the anticipation of a vibrant district.
The proposed terminus will occupy part of the current Jurong Country Club site which had been acquired by the Government.
A slew of condominium projects were launched around the area over the last few years, such as the CSC Land's Twin Vew and EI Development's Parc Riviera in West Coast Vale, as well as MCL Land's J Gateway condo in Jurong East. They are all within a 15-minute walk from the proposed site for the terminus.
When TODAY visited the residential areas near the site for the proposed HSR terminus at Jurong East on Tuesday (May 29), some homeowners expressed shock and disappointment that the HSR project is off the table.
For Nanyang Technological University's Assistant Professor Althaf Marsoof, a resident at the Ivory Heights condominium which is in talks for an en bloc sale, the news poses even more uncertainty.
If the project is called off, there is a "greater possibility" that owners and residents would consent to the en bloc sale and be pushing to sell the development faster before the market turns, he said.
"(But) arguably, if the project materialises, the property value will increase," said Prof Marsoof, who teaches at the Nanyang Business School.
A resident of J Gateway — who only wants to be known as Ms Ling — had forked out over S$1 million for her apartment. Facing a potential drop in the price of her property, the 35-year-old said she might consider moving to the East instead.
Young couples who have bought Build-to-Order flats of the upcoming Tengah new town also expressed concerns that the absence of HSR might dampen the appeal of the area, which is located a 20 minute-drive away from the proposed Jurong East terminus.
"With the HSR, it would increase (the property value), and the area will be buzzing," said resident Mrs Koh, 26, who added that the HSR was a unique selling point for some young homeowners like herself.
"But now we don't know how that's going to affect the future prospects of Jurong East… Without (the HSR), the area may be quite sleepy."
Many were also looking forward to the added convenience of travelling to Malaysia on the HSR. A Jurong resident in her 40s, who makes monthly trips to Johor Baru and Kuala Lumpur, expressed disappointment. "It's just too bad," she said.
However, the majority of residents and property agents were more sanguine about the possible repercussions, and were optimistic that it would not affect upcoming developments.
The HSR decision may give undecided buyers "another excuse to sit harder on the fence", said a property agent, who declined to be named.
"But we are sold on the Jurong Lake District story because the Government is still making significant investments in the area," he pointed out.
"The Government doesn't seem to be pulling back or rethinking its investments. The HSR is significant, but it's just one part of the whole picture."
Businesses looking to cash in on the increased footfall from Malaysian visitors were just as disappointed.
Madam Zaiton, 67, who runs a Malay clothing store at neighbourhood mall JCube, said she might consider consolidating her business in Singapore and concentrate on her two other stores in Johor Baru.
Some, like Madam Neo, 55, doubted if the HSR would actually bring more traffic to her shop, citing the bleak economic climate. "I'm not sure how the future will pan out, so we are just taking things one step at a time," she said in Mandarin.
Another store owner in JCube, who declined to be named, said she has suffered a 30 per cent drop in earnings since last year. She also noted that business was even slower during this month's Malaysian General Elections.
"Business is already quite bad, so (even) with the HSR, things may not improve," she said.
https://www.todayonline.com/singapore/jurong-east-residents-businesses-concerned-impact-hsr-no-go
SINGAPORE — A day after Malaysia announced it intends to scrap the Kuala Lumpur-Singapore High Speed Rail (HSR) project, the phones of property agents Anthony Chua and Eugene Wong were buzzing with calls from worried clients who were concerned with its impact on property prices near the proposed Jurong East terminus.
Some customers, who had forked out as much as S$200,000 in down payments for properties in that area, even accused the agents and developers of misleading them, said Mr Chua, an agent with SLP Scotia.
Explaining to customers that Malaysia's U-turn came as a bolt out of the blue, Mr Wong of ERA Realty pointed out that, given the Government's plans for a vibrant Jurong Lake District, the area still has a lot of potential — with or without the HSR.
"But it's just the second day, so the ripple effect (on the property prices) may not be so (obvious) yet," he said.
Touted as Singapore's second business district, the masterplan for the Jurong Lake District was first released in 2008 as part of the Urban Redevelopment Authority's efforts to grow new employment centres outside the Central Business District to bring more quality jobs and recreational options closer to homes.
The HSR project was officially agreed between Singapore and Malaysia in 2013, with Jurong East earmarked as the terminus in Singapore, adding to the anticipation of a vibrant district.
The proposed terminus will occupy part of the current Jurong Country Club site which had been acquired by the Government.
A slew of condominium projects were launched around the area over the last few years, such as the CSC Land's Twin Vew and EI Development's Parc Riviera in West Coast Vale, as well as MCL Land's J Gateway condo in Jurong East. They are all within a 15-minute walk from the proposed site for the terminus.
When TODAY visited the residential areas near the site for the proposed HSR terminus at Jurong East on Tuesday (May 29), some homeowners expressed shock and disappointment that the HSR project is off the table.
For Nanyang Technological University's Assistant Professor Althaf Marsoof, a resident at the Ivory Heights condominium which is in talks for an en bloc sale, the news poses even more uncertainty.
If the project is called off, there is a "greater possibility" that owners and residents would consent to the en bloc sale and be pushing to sell the development faster before the market turns, he said.
"(But) arguably, if the project materialises, the property value will increase," said Prof Marsoof, who teaches at the Nanyang Business School.
A resident of J Gateway — who only wants to be known as Ms Ling — had forked out over S$1 million for her apartment. Facing a potential drop in the price of her property, the 35-year-old said she might consider moving to the East instead.
Young couples who have bought Build-to-Order flats of the upcoming Tengah new town also expressed concerns that the absence of HSR might dampen the appeal of the area, which is located a 20 minute-drive away from the proposed Jurong East terminus.
"With the HSR, it would increase (the property value), and the area will be buzzing," said resident Mrs Koh, 26, who added that the HSR was a unique selling point for some young homeowners like herself.
"But now we don't know how that's going to affect the future prospects of Jurong East… Without (the HSR), the area may be quite sleepy."
Many were also looking forward to the added convenience of travelling to Malaysia on the HSR. A Jurong resident in her 40s, who makes monthly trips to Johor Baru and Kuala Lumpur, expressed disappointment. "It's just too bad," she said.
However, the majority of residents and property agents were more sanguine about the possible repercussions, and were optimistic that it would not affect upcoming developments.
The HSR decision may give undecided buyers "another excuse to sit harder on the fence", said a property agent, who declined to be named.
"But we are sold on the Jurong Lake District story because the Government is still making significant investments in the area," he pointed out.
"The Government doesn't seem to be pulling back or rethinking its investments. The HSR is significant, but it's just one part of the whole picture."
Businesses looking to cash in on the increased footfall from Malaysian visitors were just as disappointed.
Madam Zaiton, 67, who runs a Malay clothing store at neighbourhood mall JCube, said she might consider consolidating her business in Singapore and concentrate on her two other stores in Johor Baru.
Some, like Madam Neo, 55, doubted if the HSR would actually bring more traffic to her shop, citing the bleak economic climate. "I'm not sure how the future will pan out, so we are just taking things one step at a time," she said in Mandarin.
Another store owner in JCube, who declined to be named, said she has suffered a 30 per cent drop in earnings since last year. She also noted that business was even slower during this month's Malaysian General Elections.
"Business is already quite bad, so (even) with the HSR, things may not improve," she said.
https://www.todayonline.com/singapore/jurong-east-residents-businesses-concerned-impact-hsr-no-go
I like Jurong East... Will start hunting now... buy low and have less debt...yahThe fucking mad hatter needs to compensate us! He cheated us through CLOB once, and now, he's doing it again with the HSR project. Mad hatter is doing everything he can to screw singapore because he is envious of our success!
SINGAPORE — A day after Malaysia announced it intends to scrap the Kuala Lumpur-Singapore High Speed Rail (HSR) project, the phones of property agents Anthony Chua and Eugene Wong were buzzing with calls from worried clients who were concerned with its impact on property prices near the proposed Jurong East terminus.
Some customers, who had forked out as much as S$200,000 in down payments for properties in that area, even accused the agents and developers of misleading them, said Mr Chua, an agent with SLP Scotia.
Explaining to customers that Malaysia's U-turn came as a bolt out of the blue, Mr Wong of ERA Realty pointed out that, given the Government's plans for a vibrant Jurong Lake District, the area still has a lot of potential — with or without the HSR.
"But it's just the second day, so the ripple effect (on the property prices) may not be so (obvious) yet," he said.
Touted as Singapore's second business district, the masterplan for the Jurong Lake District was first released in 2008 as part of the Urban Redevelopment Authority's efforts to grow new employment centres outside the Central Business District to bring more quality jobs and recreational options closer to homes.
The HSR project was officially agreed between Singapore and Malaysia in 2013, with Jurong East earmarked as the terminus in Singapore, adding to the anticipation of a vibrant district.
The proposed terminus will occupy part of the current Jurong Country Club site which had been acquired by the Government.
A slew of condominium projects were launched around the area over the last few years, such as the CSC Land's Twin Vew and EI Development's Parc Riviera in West Coast Vale, as well as MCL Land's J Gateway condo in Jurong East. They are all within a 15-minute walk from the proposed site for the terminus.
When TODAY visited the residential areas near the site for the proposed HSR terminus at Jurong East on Tuesday (May 29), some homeowners expressed shock and disappointment that the HSR project is off the table.
For Nanyang Technological University's Assistant Professor Althaf Marsoof, a resident at the Ivory Heights condominium which is in talks for an en bloc sale, the news poses even more uncertainty.
If the project is called off, there is a "greater possibility" that owners and residents would consent to the en bloc sale and be pushing to sell the development faster before the market turns, he said.
"(But) arguably, if the project materialises, the property value will increase," said Prof Marsoof, who teaches at the Nanyang Business School.
A resident of J Gateway — who only wants to be known as Ms Ling — had forked out over S$1 million for her apartment. Facing a potential drop in the price of her property, the 35-year-old said she might consider moving to the East instead.
Young couples who have bought Build-to-Order flats of the upcoming Tengah new town also expressed concerns that the absence of HSR might dampen the appeal of the area, which is located a 20 minute-drive away from the proposed Jurong East terminus.
"With the HSR, it would increase (the property value), and the area will be buzzing," said resident Mrs Koh, 26, who added that the HSR was a unique selling point for some young homeowners like herself.
"But now we don't know how that's going to affect the future prospects of Jurong East… Without (the HSR), the area may be quite sleepy."
Many were also looking forward to the added convenience of travelling to Malaysia on the HSR. A Jurong resident in her 40s, who makes monthly trips to Johor Baru and Kuala Lumpur, expressed disappointment. "It's just too bad," she said.
However, the majority of residents and property agents were more sanguine about the possible repercussions, and were optimistic that it would not affect upcoming developments.
The HSR decision may give undecided buyers "another excuse to sit harder on the fence", said a property agent, who declined to be named.
"But we are sold on the Jurong Lake District story because the Government is still making significant investments in the area," he pointed out.
"The Government doesn't seem to be pulling back or rethinking its investments. The HSR is significant, but it's just one part of the whole picture."
Businesses looking to cash in on the increased footfall from Malaysian visitors were just as disappointed.
Madam Zaiton, 67, who runs a Malay clothing store at neighbourhood mall JCube, said she might consider consolidating her business in Singapore and concentrate on her two other stores in Johor Baru.
Some, like Madam Neo, 55, doubted if the HSR would actually bring more traffic to her shop, citing the bleak economic climate. "I'm not sure how the future will pan out, so we are just taking things one step at a time," she said in Mandarin.
Another store owner in JCube, who declined to be named, said she has suffered a 30 per cent drop in earnings since last year. She also noted that business was even slower during this month's Malaysian General Elections.
"Business is already quite bad, so (even) with the HSR, things may not improve," she said.
https://www.todayonline.com/singapore/jurong-east-residents-businesses-concerned-impact-hsr-no-go
Wow time for us to apply some lubricant and brace for the impact from Dr Mad screwing us!
Interesting old article which brings back fond memories of how Dr Mad screwed Sinkies.
http://edition.cnn.com/ASIANOW/asiaweek/intelligence/9910/26/
The CLOB Revisted
Is there an end in sight?
By ASSIF SHAMEEN
October 26, 1999
Web posted at 7:30 p.m. Hong Kong time, 7:30 a.m. EDT
If there is one business story in Southeast Asia that simply refuses to go away, it is the CLOB crisis. For those who have been on the moon for the past 14 months and have missed all the action, let me recap: CLOB stands for Central Limit Order Book, a secondary market in Singapore that traded mainly Malaysian stocks. In its heyday, transactions on the CLOB far exceeded the transaction volumes for Singapore shares listed on the main board of the Singapore Stock Exchange. At one time market value of CLOB shares was between US$15 and $20 billion. During the Crisis, Malaysian Prime Minister Mahathir and his associates accused Singaporeans and CLOB shareholders of subverting the Malaysian economy. In September of last year, when Mahathir imposed capital controls and pegged the Ringgit at 3.80 to the dollar he also banned the trading of Malaysian shares overseas -- effectively pulling the rug out from under CLOB. Since then 180,000 shareholders holding $4.3 billion in Malaysian shares listed on CLOB have not been able to trade their shares.
Malaysia now says CLOB was an illegal market -- even though Malaysians accounted for 20% of total CLOB trading and two Malaysian-controlled brokerages were among the biggest players in the CLOB market. Malaysia doesn't want CLOB shareholders to get their shares back because it believes they will immediately sell them and that will result in the depletion of $4.3 billion in foreign exchange reserves. But by denying the CLOB shareholders their right to sell the shares, Malaysia has sent the wrong signals to global investors who are encouraged by Kuala Lumpur's economic recovery story and want to invest in the bourse.The CLOB overhang is keeping them away. Realizing that the issue is hurting Malaysia, Kuala Lumpur has been at pains to resolve it. The only problem: some troubled Malaysian companies see the resolution of CLOB as a good opportunity to make money.
In the past six months, five officially-backed schemes to resolve the stalemate have surfaced and have all been rejected by CLOB shareholders. Normally, the Singapore government would not intervene in something like this, but because 180,000 or so of its 3 million citizens are involved Singapore leaders have been forced to speak out. Singaporeans want a fair and equitable solution to CLOB. They want Malaysian regulators to either a) hand the shares back to their rightful owners so that they can trade them whenever they like; or b) allow an entity -- like the Tracker Fund that Hong Kong has just launched following its own share-buying binge last year -- to buy out shares at market value.
Last week, United Engineers (Malaysia) or UEM -- a Malaysian construction and infrastructure group controlled by Halim Saad, a close friend and former business associate of Malaysian Finance Minister Daim Zainuddin -- unveiled yet another plan to entice CLOB shareholders to part with their shares. The buzz in Singapore and Kuala Lumpur is that a final solution could now be near.
Before I go any further, let me bring you up to date with all the CLOB schemes that have failed. Earlier this year, Singaporean businessman Akbar Khan, a horseriding pal of Prime Minister Mahathir and a close friend and associate of Daim, unveiled a plan to buy all the CLOB shares from Singaporeans at up to a 70% discount to the then-prevailing market price. The response was overwhelming: NO. Who in his right mind would want to sell shares at a 70% discount to the prevailing market price? Next were two funds -- one controlled by Khan, another controlled by the family of Mahathir's long-time friend and mate Tunku Abdullah of Melewar Group. They too offered to buy the CLOB shares at a discount, albeit a smaller one. Next up: a proposal by UEM and Telekom Malaysia (the state-controlled listed dominant phone company) to buy CLOB shares at 25% discount for most shares. Investors responded by hammering Telekom stock despite its own improving fundamentals. The Malaysian government, which owns over 70% of Telekom, has been trying for months to sell 30% of its shares to Japanese phone giant NTT (it would use the proceeds to reduce the budget deficit and help the economy). NTT has apparently been telling the Malaysians they like Telekom but don't understand why a fixed line telecommunications company is interested in buying CLOB shares. Evidently Telecom started wondering too, and last week, it officially pulled out of the CLOB-share deal. That allowed UEM to launch yet another scheme to buy CLOB shares. The big question: Is this any different from the all those other deals? For one thing thing, the personalities haven't changed. UEM is controlled by Halim Saad who recently married Khan's niece in Singapore. So almost every CLOB deal has involved either Khan or Halim Saad.
But UEM officials say CLOB shareholders, instead of listening to analysts and investment bankers or reading commentaries in biased foreign media, should now take a serious look at the latest plan. On the face of it, the plan does look different. What UEM has done is to break up the CLOB shares, comprising of stocks in 146 companies, into four separate groups in order of stock quality. At the top tier, UEM will offer to buy shares at the prevailing market price. Second tier stocks will be purchased at a mere 10% discount. But third and fourth tier stocks will be purchased at 40% to 80% discount to the current market price. In reality while the proposal looks attractive for the handful of CLOB shareholders holding top-tier stocks, it undervalues the stocks most other CLOB shareholders own.
Analysts say even the holders of top-tier stocks are actually getting a bad deal. First, even though their stocks are repurchased at prevailing market prices, they will not be offered cash but shares of UEM. The problem is that UEM stock has actually been falling in recent months. Moreover, UEM is issuing more shares at a huge 30% premium to its current stock price to pay those CLOB holders. According to analysts, the flood of new UEM scrip will depress the UEM share price even more. One Kuala Lumpur analyst has worked out that if all CLOB shareholders agree to the proposal, fair value for UEM stock could go 20% below its current price of around Ringgit 6.50 a share.
So yes, I expect another resounding NO from CLOB shareholders to the latest proposal. But I don't expect the CLOB issue to fade from the headlines. I am told that Malaysian authorities have been sounding out their Singapore counterparts on other proposals. One of them is to let the Singapore Government Investment Corporation, or GIC, in on the next CLOB share-purchase scheme. This will dispel the notion that politically well-connected Malaysian firms are out to make a buck at the expense of middle class Singapore investors who had invested their nest eggs in Malaysia. But if GIC (along with its impeccable reputation) is to come in, it would demand minimum discounts and a fairer approach. Kuala Lumpur analysts say that even if GIC refuses to participate in a new scheme, there are several other proposals under consideration -- all with smaller discounts, all appealing and attractive. Singaporeans would like what they see, KL market watchers say.
Maybe they will; maybe they won't. Why not just hand the shares back to their rightful owners? Prime Minister Mahathir himself says Malaysia's foreign exchange reserves are now over US$32 billion. An additional $4.3 billion fleeing Malaysian shores would hardly make a dent. So why not let the market do all the talking and relegate the unfortunate episode to history? The removal of the CLOB overhang could actually spur the Kuala Lumpur bourse and bring back some of those foreign investors who have spent much of the past year sitting on the fence. In fact, that sounds like a win-win strategy for both Malaysia and CLOB shareholders.
http://edition.cnn.com/ASIANOW/asiaweek/intelligence/9910/26/
The CLOB Revisted
Is there an end in sight?
By ASSIF SHAMEEN
October 26, 1999
Web posted at 7:30 p.m. Hong Kong time, 7:30 a.m. EDT
If there is one business story in Southeast Asia that simply refuses to go away, it is the CLOB crisis. For those who have been on the moon for the past 14 months and have missed all the action, let me recap: CLOB stands for Central Limit Order Book, a secondary market in Singapore that traded mainly Malaysian stocks. In its heyday, transactions on the CLOB far exceeded the transaction volumes for Singapore shares listed on the main board of the Singapore Stock Exchange. At one time market value of CLOB shares was between US$15 and $20 billion. During the Crisis, Malaysian Prime Minister Mahathir and his associates accused Singaporeans and CLOB shareholders of subverting the Malaysian economy. In September of last year, when Mahathir imposed capital controls and pegged the Ringgit at 3.80 to the dollar he also banned the trading of Malaysian shares overseas -- effectively pulling the rug out from under CLOB. Since then 180,000 shareholders holding $4.3 billion in Malaysian shares listed on CLOB have not been able to trade their shares.
Malaysia now says CLOB was an illegal market -- even though Malaysians accounted for 20% of total CLOB trading and two Malaysian-controlled brokerages were among the biggest players in the CLOB market. Malaysia doesn't want CLOB shareholders to get their shares back because it believes they will immediately sell them and that will result in the depletion of $4.3 billion in foreign exchange reserves. But by denying the CLOB shareholders their right to sell the shares, Malaysia has sent the wrong signals to global investors who are encouraged by Kuala Lumpur's economic recovery story and want to invest in the bourse.The CLOB overhang is keeping them away. Realizing that the issue is hurting Malaysia, Kuala Lumpur has been at pains to resolve it. The only problem: some troubled Malaysian companies see the resolution of CLOB as a good opportunity to make money.
In the past six months, five officially-backed schemes to resolve the stalemate have surfaced and have all been rejected by CLOB shareholders. Normally, the Singapore government would not intervene in something like this, but because 180,000 or so of its 3 million citizens are involved Singapore leaders have been forced to speak out. Singaporeans want a fair and equitable solution to CLOB. They want Malaysian regulators to either a) hand the shares back to their rightful owners so that they can trade them whenever they like; or b) allow an entity -- like the Tracker Fund that Hong Kong has just launched following its own share-buying binge last year -- to buy out shares at market value.
Last week, United Engineers (Malaysia) or UEM -- a Malaysian construction and infrastructure group controlled by Halim Saad, a close friend and former business associate of Malaysian Finance Minister Daim Zainuddin -- unveiled yet another plan to entice CLOB shareholders to part with their shares. The buzz in Singapore and Kuala Lumpur is that a final solution could now be near.
Before I go any further, let me bring you up to date with all the CLOB schemes that have failed. Earlier this year, Singaporean businessman Akbar Khan, a horseriding pal of Prime Minister Mahathir and a close friend and associate of Daim, unveiled a plan to buy all the CLOB shares from Singaporeans at up to a 70% discount to the then-prevailing market price. The response was overwhelming: NO. Who in his right mind would want to sell shares at a 70% discount to the prevailing market price? Next were two funds -- one controlled by Khan, another controlled by the family of Mahathir's long-time friend and mate Tunku Abdullah of Melewar Group. They too offered to buy the CLOB shares at a discount, albeit a smaller one. Next up: a proposal by UEM and Telekom Malaysia (the state-controlled listed dominant phone company) to buy CLOB shares at 25% discount for most shares. Investors responded by hammering Telekom stock despite its own improving fundamentals. The Malaysian government, which owns over 70% of Telekom, has been trying for months to sell 30% of its shares to Japanese phone giant NTT (it would use the proceeds to reduce the budget deficit and help the economy). NTT has apparently been telling the Malaysians they like Telekom but don't understand why a fixed line telecommunications company is interested in buying CLOB shares. Evidently Telecom started wondering too, and last week, it officially pulled out of the CLOB-share deal. That allowed UEM to launch yet another scheme to buy CLOB shares. The big question: Is this any different from the all those other deals? For one thing thing, the personalities haven't changed. UEM is controlled by Halim Saad who recently married Khan's niece in Singapore. So almost every CLOB deal has involved either Khan or Halim Saad.
But UEM officials say CLOB shareholders, instead of listening to analysts and investment bankers or reading commentaries in biased foreign media, should now take a serious look at the latest plan. On the face of it, the plan does look different. What UEM has done is to break up the CLOB shares, comprising of stocks in 146 companies, into four separate groups in order of stock quality. At the top tier, UEM will offer to buy shares at the prevailing market price. Second tier stocks will be purchased at a mere 10% discount. But third and fourth tier stocks will be purchased at 40% to 80% discount to the current market price. In reality while the proposal looks attractive for the handful of CLOB shareholders holding top-tier stocks, it undervalues the stocks most other CLOB shareholders own.
Analysts say even the holders of top-tier stocks are actually getting a bad deal. First, even though their stocks are repurchased at prevailing market prices, they will not be offered cash but shares of UEM. The problem is that UEM stock has actually been falling in recent months. Moreover, UEM is issuing more shares at a huge 30% premium to its current stock price to pay those CLOB holders. According to analysts, the flood of new UEM scrip will depress the UEM share price even more. One Kuala Lumpur analyst has worked out that if all CLOB shareholders agree to the proposal, fair value for UEM stock could go 20% below its current price of around Ringgit 6.50 a share.
So yes, I expect another resounding NO from CLOB shareholders to the latest proposal. But I don't expect the CLOB issue to fade from the headlines. I am told that Malaysian authorities have been sounding out their Singapore counterparts on other proposals. One of them is to let the Singapore Government Investment Corporation, or GIC, in on the next CLOB share-purchase scheme. This will dispel the notion that politically well-connected Malaysian firms are out to make a buck at the expense of middle class Singapore investors who had invested their nest eggs in Malaysia. But if GIC (along with its impeccable reputation) is to come in, it would demand minimum discounts and a fairer approach. Kuala Lumpur analysts say that even if GIC refuses to participate in a new scheme, there are several other proposals under consideration -- all with smaller discounts, all appealing and attractive. Singaporeans would like what they see, KL market watchers say.
Maybe they will; maybe they won't. Why not just hand the shares back to their rightful owners? Prime Minister Mahathir himself says Malaysia's foreign exchange reserves are now over US$32 billion. An additional $4.3 billion fleeing Malaysian shores would hardly make a dent. So why not let the market do all the talking and relegate the unfortunate episode to history? The removal of the CLOB overhang could actually spur the Kuala Lumpur bourse and bring back some of those foreign investors who have spent much of the past year sitting on the fence. In fact, that sounds like a win-win strategy for both Malaysia and CLOB shareholders.
It rather unusual. The right thing to do is to negotiate behind the scene on the terms and announce once agreement to cancel the project has been reached. But as of now, Dr M seems only interested to shout through the media.
I opined that nothing is confirm till a formal announcement by the 2 sides.
I opined that nothing is confirm till a formal announcement by the 2 sides.
Congratulations to all the greedy Singaporeans buying properties in Malaysia dreaming to bubble enrich themselves hitch hiking on Mega Projects! Huat Ah!
http://www.asiaone.com/malaysia/johor-may-axe-two-big-tourism-plans-worth-more-rm3-billion
Johor may axe two big tourism plans worth more than RM3 billion
PHOTO: The Star/Asia News Network
Steven Daniel
The Star/Asia News Network
May 29, 2018
Facebook Twitter Google+ Email
JOHOR BARU - The state government may cancel two mega tourism projects worth more than RM3bil (S$1 billion), say sources close to the administration.
The first project, valued at RM2.7bil, is an eco-entertainment park near the Yayasan Pelajaran Johor campus in Kota Tinggi.
The second project was supposed to be the world’s first science fiction theme park called Sci-Fi Universe at a cost of RM400mil.
The projects were announced by former mentri besar Datuk Seri Mohamed Khaled Nordin before the 14th General Election as part of the state's Barisan Nasional election manifesto.
A third project valued at RM4.5bil - the Desaru Coast integrated tourist centre, which would see many world-class hotels and resorts and house the largest wave pool in South-East Asia - may be in the clear, as the project is almost complete and is expected to be operational next month.
Read also
Mahathir to drop high-speed rail project with Singapore: FT
When contacted, Johor Women Development and Tourism Committee chairman Liow Cai Tung said she would meet representatives of the project in Desaru next week to get more details.
She said a review of this new tourist attraction was needed in an effort to focus on the state's existing local attractions.
"Those already built will be unaffected, but we will review the others and new proposals," she added.
This follows complaints by certain parties urging the state to review applications for new tourism mega projects which do not reflect the values of Johoreans or Malaysians.
"I want to highlight our culture, local food and natural attractions such as our parks, islands and beaches. Johor is blessed with so many natural settings.
"Even the universal tourism trend is about highlighting one's local culture," Liow said, adding that the local tourist spots she believed had a lot of untapped potential were Muar, Kukup, Batu Pahat and Kluang.
Johor is home to at least 10 theme parks, earning the accolade as the state with the most number of theme parks.
Other notable theme parks set up in recent years include Legoland Malaysia, Thomas Town - Puteri Harbour, Angry Birds Activity Park and Hello Kitty Town.
Liow is expected to reveal more details on the direction of the state's tourism industry after receiving a report from the Johor Tourism Department on Wednesday.
Earlier, she was reported as saying there was "too much attention on and promotion of theme parks in Johor".
"Johor-themed products can attract a large number of tourists if marketed properly," she recently said.
In 2016, Johor targeted about 5.5 million visitors but managed to draw a total of 9.9 million visitors (comprising 7.3 million domestic visitors and 2.6 million foreign tourists).
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http://www.asiaone.com/malaysia/johor-may-axe-two-big-tourism-plans-worth-more-rm3-billion
Johor may axe two big tourism plans worth more than RM3 billion
PHOTO: The Star/Asia News Network
Steven Daniel
The Star/Asia News Network
May 29, 2018
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JOHOR BARU - The state government may cancel two mega tourism projects worth more than RM3bil (S$1 billion), say sources close to the administration.
The first project, valued at RM2.7bil, is an eco-entertainment park near the Yayasan Pelajaran Johor campus in Kota Tinggi.
The second project was supposed to be the world’s first science fiction theme park called Sci-Fi Universe at a cost of RM400mil.
The projects were announced by former mentri besar Datuk Seri Mohamed Khaled Nordin before the 14th General Election as part of the state's Barisan Nasional election manifesto.
A third project valued at RM4.5bil - the Desaru Coast integrated tourist centre, which would see many world-class hotels and resorts and house the largest wave pool in South-East Asia - may be in the clear, as the project is almost complete and is expected to be operational next month.
Read also
Mahathir to drop high-speed rail project with Singapore: FT
When contacted, Johor Women Development and Tourism Committee chairman Liow Cai Tung said she would meet representatives of the project in Desaru next week to get more details.
She said a review of this new tourist attraction was needed in an effort to focus on the state's existing local attractions.
"Those already built will be unaffected, but we will review the others and new proposals," she added.
This follows complaints by certain parties urging the state to review applications for new tourism mega projects which do not reflect the values of Johoreans or Malaysians.
"I want to highlight our culture, local food and natural attractions such as our parks, islands and beaches. Johor is blessed with so many natural settings.
"Even the universal tourism trend is about highlighting one's local culture," Liow said, adding that the local tourist spots she believed had a lot of untapped potential were Muar, Kukup, Batu Pahat and Kluang.
Johor is home to at least 10 theme parks, earning the accolade as the state with the most number of theme parks.
Other notable theme parks set up in recent years include Legoland Malaysia, Thomas Town - Puteri Harbour, Angry Birds Activity Park and Hello Kitty Town.
Liow is expected to reveal more details on the direction of the state's tourism industry after receiving a report from the Johor Tourism Department on Wednesday.
Earlier, she was reported as saying there was "too much attention on and promotion of theme parks in Johor".
"Johor-themed products can attract a large number of tourists if marketed properly," she recently said.
In 2016, Johor targeted about 5.5 million visitors but managed to draw a total of 9.9 million visitors (comprising 7.3 million domestic visitors and 2.6 million foreign tourists).
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fuck John Tan!
I am still of the opinion that although money is one of the issues for the scrapping , the bigger issue is political vengeance. Whoever is a Friend of Najib is an enemy of Dr M.
Today M even mentioned that he thought that sinkies must be tired of one party rule for so long just like Malaysians. That interference and meddling man! What is he driving at?
Today M even mentioned that he thought that sinkies must be tired of one party rule for so long just like Malaysians. That interference and meddling man! What is he driving at?
I think Dr Mad is playing some theatrics. He's like the Batman of politics, never one to shy away from the theatrics.
Let's look at what he just did. He announced to the whole world that he's going to scrap the rail project, even before he reached an agreement with PM Loong on the penalties/consequences for scrapping the project. He's being a rude prick of course. He deliberately wanted to embarrass Loong. This could have better if they did a joint press release right?
Another theatrics he pulled is the lowering of ministers pay by 10%. Come on, this is just wayang right? That's no serious money. They are paid literally peanuts. It's just a feel-good gesture towards the poor masses.
Let's look at what he just did. He announced to the whole world that he's going to scrap the rail project, even before he reached an agreement with PM Loong on the penalties/consequences for scrapping the project. He's being a rude prick of course. He deliberately wanted to embarrass Loong. This could have better if they did a joint press release right?
Another theatrics he pulled is the lowering of ministers pay by 10%. Come on, this is just wayang right? That's no serious money. They are paid literally peanuts. It's just a feel-good gesture towards the poor masses.
Embarrassment is nothing new in politics. It is how you ensure your enemy loses.
He is already 93. He can’t possibly live longer than LHL. Who will have the last laugh ? I guess this must be one of his bucket list to tekan LHL.
He is mad . What era is he living in? Still use the old confrontational diplomacy ?Last laugh is NOT important. Because LOL got to tahan MANY weeks/months first...
He should give way to new liberated minded leaders who see the overall good of cooperation and collaboration for mutual benefits .
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