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New Straits Times
29-05-2025
- New Straits Times
Cannabis smuggled in sarong boxes seized
PASIR MAS: An attempt by a drug smuggler to evade authorities by concealing 22.5kg of cannabis in boxes typically used to pack sarongs was foiled by the General Operations Force (GOF) in an early morning operation today. Southeast Brigade Commander Datuk Nik Ros Azhan Nik Abd Hamid confirmed the case, saying the drugs, worth an estimated RM810,000, were discovered during a routine patrol by a team from the GOF's Ninth Battalion. However, no arrests were made in the 6.20am operation, which took place in Rantau Panjang. He said GOF personnel were conducting their regular rounds when they spotted a black Proton Wira Aeroback driven by a man acting suspiciously and heading towards Customs Gate 2. "When officers attempted to stop the vehicle, the driver sped off but later pulled over at the roadside near the Banggol Kulim traffic light in Rantau Panjang. "The driver then abandoned the car and fled the scene on foot," he said. Upon inspecting the vehicle, he said GOF personnel found 22.5kg of cannabis concealed in the rear passenger seat. "The drugs were packed in 45 small boxes commonly used for sarongs." He said the case is being investigated under Section 39B of the Dangerous Drugs Act 1952, which carries the mandatory death penalty upon conviction. It is learnt that the cannabis, smuggled from a neighbouring country, is priced at about RM36,000 on the Malaysian market.
New Straits Times
19-05-2025
- Business
- New Straits Times
Gamuda set for margin uplift with RM2.2bil Gamuda Cove expansion
KUALA LUMPUR: Gamuda Bhd's expansion of the Gamuda Cove development is expected to yield higher pre-tax margins than currently projected for the existing township, said CIMB Securities Sdn Bhd. This is thanks to the substantial placemaking efforts and surrounding infrastructure already established in the area. Last Friday, Gamuda announced that it has acquired 136-hectare land at the southern tip of Gamuda Cove township for RM249 million that will be developed into a mixed-use project comprising landed residential homes and commercial components. The proposed development on the 74-year leasehold land has an estimated gross development value (GDV) of RM2.2 billion that is spread out over 12 years. At RM17 per square foot (psf), CIMB Securities said the acquisition cost for the new land bank represents a 42 per cent premium over the original cost for the original Gamuda Cove land parcel, which was purchased for RM12 psf back in 2014. "Nevertheless, we deem the valuation for Gamuda's latest land purchase to be fair, given that the proposed development's potential can be unlocked earlier by leveraging on the robust growth prospects of the existing Gamuda Cove township. "It expands Gamuda's strategic presence in the growing South Klang Valley conurbation and expected to generate greater footfall for the enlarged Gamuda Cove's commercial offerings. "This also improves connectivity between Gamuda Cove and nearby townships in Dengkil and Bandar Rimbayu," the firm said. CIMB Securities added that the completion of a direct and toll-free, 2km link to Cyberjaya would enhance accessibility to Gamuda Cove. For financial year 2025 (FY25), the firm said Gamuda Cove is projected to contribute RM810 million, or about 14 per cent of the group's new property sales target of RM6 billion. This would lift Gamuda's remaining GDV by about 4 per cent to RM64 billion. The firm maintained its "Buy" rating on Gamuda and target price of RM5.50 pending completion of the new land bank acquisition by the second quarter of this year.
