Latest news with #RM600mil
The Star
28-05-2025
- Business
- The Star
RHB Bank maintains growth with 1Q net profit of RM750.03mil
RHB Banking Group's group managing director/ group chief executive officer Mohd Rashid Mohamad —YAP CHEE HONG/The Star KUALA LUMPUR: RHB Bank Bhd sustained earnings growth in the first quarter of 2025 (1QFY25) with cost optimisation efforts and a focus on asset quality yielding results. 'Our new 3-year strategic roadmap, PROGRESS27, sets a clear course toward becoming the best in service, enhancing profitability, and reinforcing our purpose-driven commitment. "With focused execution priorities, from simplifying customer journeys to advancing our sustainability ambitions, we are well-positioned to deliver near-term value while unlocking long-term value for all stakeholders,' said group managing director and CEO Datuk Mohd Rashid Mohamad in a statement. During the quarter under review, RHB recorded a net profit of RM750.03mil, up from RM730.17mil in the year-ago quarter. The group reported revenue of RM4.39bil, which was slightly lower than RM4.4bil in the comparative quarter, while earnings per share rose to 17.2 sen from 17.03 sen previously. According to the bank, net fund-based income increased 7.3% year-on-year (y-o-y)to RM1.5bil, on the back of higher gross loans. Net interest margin improved from 1.83% to 1.84% over the one-year period. "The group continued to proactively manage its funding costs through active liability management initiatives. Taking this into account, the effective NIM for the quarter was 1.91%," it said. Non-fund based income, however, fell 20.2% y-o-y to RM600mil, mainly owing to lower net gain on forex and derivatives, and net trading and investment income. On an annualised basis, the group's gross loans grew 2.4% to RM239bil, supported by growth in the group community banking and commercial segments, respectively. Customer deposits was RM249bil, with current account savings account (Casa) composition improving to 28% from 27.6% In December 2024.
The Star
21-05-2025
- Business
- The Star
New homes, with no need to move
GEORGE TOWN: Penang's first urban renewal project is valued at RM600mil – and not one of the current residents has to move out. Instead, a block comprising the 'compensation units' is being built first. Work began last month. 'Once it is completed, residents will move into their new homes and only then will the old flats be demolished,' said state housing committee chairman Datuk Seri S. Sundarajoo. The project is taking shape at the four-storey walk-up Mahsuri Flats, one of Penang's densest and most mature neighbourhoods in Bayan Baru, literally across the road from the Bayan Lepas Industrial Estate. A file photo showing an aerial view of Mahsuri Flats in Bayan Baru, Penang. The five blocks on the 2.6ha land will ultimately be replaced by three towers of 38, 46 and 33 storeys. The first tower – of 38-storeys – is now being built and will house the replacement homes for the 300 walk-up flat units built in 1976. While the existing units measure 250 to 500sq ft, the residents will each get new homes of 850 to 900sq ft at no extra cost, except for title processing fees and new maintenance fee rates. 'It's a win-win situation. Families get better homes, the developer benefits from marketable projects and the state recovers value from under-utilised land,' said Sundarajoo, adding that the developer is Hunza Properties Bhd. After the old flats are demolished, a 46-storey tower of affordable housing, offering 770 units of 881sq ft each, and three floors of shop offices, will be built. The final phase will see the construction of a 33-storey serviced apartment block of 133 units of 500sq ft, 137 units of 900sq ft, 140 units of 1,055sq ft and four floors of shop offices. 'The land will be redeveloped into mixed housing to increase Penang's public housing stock,' said Sundarajoo, adding that this redevelopment has a gross development value of RM597.84mil. He said four other decades-old housing areas have also been identified for urban renewal in Penang, but challenges remain. 'These projects require 100% consensus from residents. In high-density areas like Rifle Range Flats, which has over 3,000 units, temporary relocation is a major task,' he said. Penang, said Sundarajoo, has to embrace vertical growth for future housing demands due to land scarcity. 'We identified many blocks of under 12 storeys for urban renewal. It no longer makes sense to patch up decades-old buildings that do not meet modern living standards,' he said. Mahsuri flat owner Yanty@Hasny Suki, 49, is happy that she will get a new home twice the size of her current home. She now lives with her husband, three children and elderly mother in a single-room, 400sq ft unit on the third floor. 'The new 850sq ft, three-room unit we are getting is a dream come true,' she said, adding that the state is offering subsidised maintenance fees for 18 months plus assistance with moving expenses. 'This means separate rooms for my children, space for a dining table and a real kitchen. Not just a small hall for everything,' she said. Another flat owner, Neelavathi Karruppiah, who lives with her son in a two-bedroom unit, considers the compensation of a 900sq ft unit as 'a better future for her son'. 'We would have to spend around RM300,000 to buy a unit that size,' she added. Sales and marketing manager Tong Mun Keen, 50, whose parents bought their flat in 1981, said the upgrade will greatly improve his elderly mother's quality of life. 'She is 74 and lives on the third floor, and walking up is hard on her knees. With the new unit, she'll have lifts and modern facilities. 'She will be living with my sister, a single mother,' he added.
The Star
20-05-2025
- Business
- The Star
Potential of JB economic hub a plus point for luxury development
A visual of Quayside JBCC located within the IIBD. — Filepic A new luxurious freehold development in Johor Baru has achieved a full take-up rate. A flagship project of Bangsar Heights Pavilion Sdn Bhd (BHP), Quayside JBCC has a gross development value of RM600mil and comprises 482 serviced suites, 24 commercial retail units and 200 hotel suites. Location-wise, it sits within Ibrahim International Business District (IIBD), the economic hub of Johor's southern development corridor. It is also within the Johor-Singapore Special Economic Zone (JS-SEZ) and just minutes from the upcoming Rapid Transit System Link. BHP, in a media statement said, Quayside JBCC residents could expect to benefit from major cross-border facilities and the region's economic growth. The development also has Malaysia's first transparent cantilevered sky pool, and serviced suites with full-height windows that offer views of the Straits of Johor and Singapore skyline, BHP said. To deliver on its promise of elevated living and management excellence, BHP has partnered with global hospitality leaders Oakwood Hospitality and Hyatt Place. Yap: Partnerships with hospitality leaders for Quayside JBCC means excellent operations, service standards and investment yields. The statement added that these alliances enable robust operations, top service standards and better investment yields. 'These brands don't just lend prestige, they provide a full ecosystem of professional management, tenant confidence and rental performance,' said BHP chief executive officer and executive director Aaron Yap. 'For investors, this means better protection against market fluctuations and a smoother ownership experience.' The developer said under Yap's leadership, BHP's debut in Johor has delivered a decisive market response, with over 80% of units taken up by foreign investors. The strong cross-border demand affirms confidence in BHP's development model and its ability to deliver well-managed assets located in prime areas. 'Every stage of the launch affirmed what we believed, that the model works. 'The strength of response validates our Develop-Operate-Service model, one that puts long-term value and investor trust at the centre,' added Yap. BHP said the momentum achieved amid cautious global capital flows reflects market recognition of the developer's commitment to design integrity, operational excellence and strong investment fundamentals. The company plans to extend this blueprint to Kuala Lumpur city centre with bold landmark projects. Set within Malaysia's most prestigious addresses, these developments will fuse world-class hospitality, architectural distinction and living experiences aimed at a new generation of investor and residents, it said.
The Star
18-05-2025
- Politics
- The Star
Sabah Umno hits back at STAR leader over 'narrow politics'
Sabah Umno assistant secretary Alfian Sambas criticised calls for isolating Sabah from national development. KOTA KINABALU: Sabah Umno has criticised Sabah STAR information chief Anuar Ghani for promoting what it calls a narrow and divisive political narrative that undermines the state's progress and stability. Sabah Umno assistant secretary Alfian Sambas said Anuar's recent comments, which framed collaboration between Gabungan Rakyat Sabah (GRS), Barisan Nasional, and Pakatan Harapan as political interference, ignore the state's ongoing efforts to strengthen ties with the federal government. "Anuar is clinging to an old, divisive mindset that paints Sabah as a perpetual victim, instead of recognising the significant progress made under the Malaysia Agreement 1963 (MA63)," Alfian said in a statement on Sunday (May 18). Anuar strongly opposed the push by Prime Minister Datuk Seri Anwar Ibrahim and Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi for closer political alignment between GRS, Barisan, and Pakatan, arguing that it undermines Sabah's democratic rights and violates the spirit of the Malaysia Agreement 1963 (MA63). He also criticised the RM600mil interim special grant announced by the Prime Minister as inadequate, claiming it represents only a fraction of Sabah's rightful 40% revenue share under the Federal Constitution. He also dismissed Anuar's claim that the RM600mil recently announced by Anwar is a mere "political sweetener," describing it as a carefully calculated fiscal commitment based on technical assessments and constitutional guidelines. "If Anuar truly understood the Federal Constitution, particularly Article 112C and Schedule 10, he would know that Sabah's financial entitlements cannot be determined through populist rhetoric but through structured negotiations," Alfian said. He also criticised Anuar for pushing the idea that Sabah should only be led by local parties, calling it a backwards approach that risks isolating the state from broader national development. Alfian further accused Anuar of inciting suspicion towards the federal government, describing his rhetoric as outdated and divisive. He also questioned Anuar's political legacy, contrasting his words with the substantial contributions of past Sabah leaders like Tun Fuad Stephens and Tan Sri Kasitah Gaddam. "Sabah's rights are not a platform for building political careers with empty rhetoric. If Anuar genuinely wants to fight for Sabah, he should focus on mature negotiations and constructive leadership, not on stoking anti-federal sentiments that lead nowhere," he added.
The Star
17-05-2025
- Politics
- The Star
Sabah's future lies in local hands, not political pressure
KOTA KINABALU: A recent proposal that Sabah must align politically with the Federal Government parties to receive full cooperation and assistance undermines the democratic rights of Sabahans. Sabah STAR information chief Anuar Ghani said the idea proposal, mooted by Prime Minister Datuk Seri Anwar Ibrahim and his deputy Datuk Seri Dr Ahmad Zahid Hamidi, urging cooperation between Gabungan Rakyat Sabah (GRS), Barisan Nasional and Pakatan Harapan, was viewed as putting political pressure on the people of Sabah. 'This approach contradicts the spirit and rationale of the Malaysia Agreement 1963 (MA63) and diminishes the constitutional right of Sabahans to choose the parties they believe in, without coercion,' he said in a statement on Saturday (May 17). He added that Sabahans should not be subtly threatened with the possibility of being sidelined in development if they vote for local parties that are not aligned with the federal government. Anuar argued that development is a right, not a political reward and the state should be treated fairly, regardless of which parties govern federally. 'Who else can better take care of Sabahans than Sabahans themselves?' he asked. Citing Article 112A and Part IV of Schedule 10 of the Federal Constitution, Anuar said that the RM600mil allocation announced by Anwar only represents 3.1% of Sabah's rightful 40% revenue entitlement for the year 2025. He said the federal government still owes Sabah 40% of its revenue for the past 51 years. 'Pay us what is owed first, then we can discuss further. Show us the money,' he added. Anuar also took issue with attempts to bring Peninsula-based parties into Sabah as a way to revive Umno's relevance, claiming the party has already been rejected in multiple states, including Terengganu, Kelantan, Perlis, Kedah and Sarawak. 'Sabah, like Sarawak, wants to be led by local parties,' he said, noting that any negotiations with the Federal Government should be handled by Sabahans appointed in the Federal Cabinet, who must act as 'bridges and messengers' on behalf of the state. He warned that such representatives must not be swayed by power or personal interests. 'We have seen past leaders outmanoeuvred by Federal leaders. That is in the past. No more,' he said. He praised Sabah STAR president and Deputy Chief Minister Datuk Seri Dr Jeffrey Kitingan for his persistence and resolve in championing Sabah's rights and called on current federal appointees to emulate that determination. He also noted that the joint statement by Anwar and Zahid had only raised political awareness among Sabahans and strengthened support for local parties. 'Rumah kita, kita jaga (Our house, we take vcare),' he said.
