Penang deals with S’poreTemasek to build RM1.3bil Business Process Outsourcing Prime in Bayan Baru complex

Joining forces: Temasek Consumer & Real Estate head and Southeast Asia head David Heng (fourth right) exchanging the agreement documents with PDC general manager Datuk Rosli Jaafar. The event is witnessed by Lim (centre).

Penang Development Corporation (PDC) has inked a joint venture agreement with two Singapore-based companies to develop a RM1.3bil Business Process Outsourcing Prime (BPO-Prime) Complex in Bayan Baru.

The complex will be built on a 2.8ha of land where the PDC office is located currently.

Chief Minister Lim Guan Eng, who witnessed the agreement signing ceremony, said the collaboration with Temasek Holdings and Economic Development Innovations Singapore is a testimony of confidence and trust the international business community has in the future of Penang.

“BPO-Prime will represent the prime business hub in Malaysia’s Multimedia Super Corridor at Penang Cyber City 1 in Bayan Lepas with a gross developmental value of RM1.3bil and gross floor area of minimum RM1.6mil sq ft,” Lim said.

He added that the project would start in 2016 and was expected to finish by 2019.

Lim said BPO-Prime would be the catalyst for the Penang’s industrial transformation, such as creating a new cluster of economic development in BPO, Knowledge Process Outsourcing and Information Technology Outsourcing.

“It will also become the home to multinational companies and it is estimated to create 4,000 high-income and quality job opportunities.

“Its high value added ser-vices hub includes customer operations, data processing, back office administration, accounting, technical support, transcription, software development, IT consultancy and disaster recovery services,” he said.

Lim said BPO-Prime would ensure progress in economic vibrancy, social development, liveability and sustainability.

“The Shared Services Outsourcing (SSO) sector has achieved rapid growth over the years and the state’s SSO is providing more than 8,000 high-income jobs to locals as well as serving both regional and global markets,” he said. - By The Star

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MH370: Aircraft debris found on La Reunion is from missing Malaysia Airlines flight

Malaysian Prime Minister Najib Razak (C) attends a press conference on the missing Malaysian Airlines flight MH370 in Kuala Lumpur, Malaysia, Aug. 6, 2015. Verification had confirmed that the debris discovered on the Reunion Island belongs to the missing Malaysian Airlines flight MH370, Malaysian Prime Minister Najib Razak announced here early on Thursday. (Xinhua/Chong Voon Chung)

KUALA LUMPUR, Aug. 6 (Xinhua) -- Verification had confirmed that the debris discovered on Reunion Island belongs to missing Malaysian Airlines flight MH370, Malaysian Prime Minister Najib Razak announced early Thursday.

"Today, 515 days since the plane disappeared, it is with a heavy heart that I must tell you that an international team of experts have conclusively confirmed that the aircraft debris found on Reunion Island is indeed from MH370," the prime minister said.

"We now have physical evidence that, as I announced on 24th March last year, flight MH370 tragically ended in the southern Indian Ocean," Najib said.

"This is indeed a major breakthrough for us in resolving the disappearance of MH370. We expect and hope that there would be more objects to be found which would be able to help resolve this mystery."

The airlines will update the families and cooperate with the authorities, he added.

The prime minister said his country remains dedicated to finding out what had happened on board the flight. "I would like to assure all those affected by this tragedy that the government of Malaysia is committed to doing everything within our means to find out the truth of what happened."

Meanwhile, the Malaysia Airlines said the finding had been confirmed jointly by the French Authorities, the French Bureau of Enquiry and Analysis for Civil Aviation Safety (BEA), the Malaysian investigation team, the technical representatives from China and the Australian Transportation Safety Bureau (ATSB) in Toulouse, France.

The debris was discovered on Reunion Island on July 29 and was officially identified as part of a plane wing known as a flaperon from a Boeing 777.

Prior to the latest discovery, a massive surface and underwater hunt had failed to find the plane in what has become one of the biggest mysteries in the aviation history.

The plane went missing on March 8, 2014 en route from Kuala Lumpur to Beijing with 239 on board, most of them Chinese. - Xinhua

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Malaysian construction projects shrunk in Q1

The real property gains tax, the difficulties in obtaining housing loans from banks and the impact of the goods and services tax had affected demand, which in turn slowed down the number of new property launches, Penang Master Builders and Building Materials Dealers’ Association president Datuk Lim Kai Seng (pic) told StarBiz.

GEORGE TOWN: The value of construction jobs given out in the country in the first quarter of this year fell to RM11.6bil from RM12.5bil in the corresponding period a year ago.

The number of jobs contracted out in the nation has also declined to 614 from 671, according to the latest Construction Industry Development Board (CIDB) report.

The real property gains tax, the difficulties in obtaining housing loans from banks and the impact of the goods and services tax had affected demand, which in turn slowed down the number of new property launches, Penang Master Builders and Building Materials Dealers’ Association president Datuk Lim Kai Seng (pic) told StarBiz.

“During the first-quarter of 2015, the number of residential projects dropped to 179 from 207 in the same period in 2014, while the non-residential figure shrunk to 239 from 268.

“In the corresponding period, the number of private projects given out also plunged to 459 from 537, while the number of government projects increased to 150 from 131.

“Normally, the first quarter is a slow period for the construction industry, due to the Chinese New Year celebration and holidays,” he said.

Lim said the rapid progression of mega projects such as the light rail transit (LRT) and mass rapid transit lines in the Klang Valley, and the efforts by the Federal Government to revive 74% of the abandoned housing projects in the country, should see more jobs being contracted to the construction industry this year.

Last December, Prime Minister Datuk Seri Najib Tun Razak had said some 10.7% or 23 of these abandoned projects were in the process of rehabilitation, while 33 or 15.35% were in the planning stage.

“The total value and the number of construction jobs to be given out in 2015 are expected to improve by a strong single-digit percentage in 2015.

“Last year, a total of 7,180 projects worth RM149.5bil were given out nationwide,” Lim said.

In Penang, the number of projects contracted out for the first quarter 2015 was 55 compared with 44 in the same period a year ago.
br /> Lim said the delay in the issuance of advertising permits and developer licence by the Federal Government to developers in Penang had led to fewer projects being awarded in the first quarter of 2015.

“This delayed the commencement of work for most of the projects, slowing down the jobs awarded.

“The residential projects given out declined to 10 from 16 in the first quarter of 2014, while the value of the residential projects contracted out increased substantially to RM936.89mil from RM391.50mil.

“The value has appreciated because the density of units per project has increased.

“The units launched are also of higher value,” Lim said.

According to the CIDB report, the number of government projects given out in first-quarter 2015 was nine compared with 17 in the corresponding period in 2014, while the number of private projects shrunk to 35 from 38.

Lim said with the implementation of the RM27bil Penang Transport Master Plan, scheduled to take off this year, the local construction industry could expect some RM400mil to RM500mil worth of jobs to be outsourced.

“These jobs are related to the alignment and soil studies for the LRT system,” he said.

By David Tan The Star/Asia News Network