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The Star
31-07-2025
- Business
- The Star
Klang council exploring ways to revive Boss suites project
Construction of The Boss Service Suites (right) on Jalan Batu Tiga Lama, Klang, was halted at the 26th floor in 2014. — IZZRAFIQ ALIAS/The Star KLANG Royal City Council (MBDK) is looking at ways to resurrect The Boss Service Suites, a multi-million ringgit project left abandoned for more than a decade. Mayor Datuk Abd Hamid Hussain said MBDK would hold discussions with the Selangor government on steps the city council could initiate to revive the project. 'Reviving The Boss Service Suites is essential, and exploring feasible strategies for its completion is a priority. 'I will discuss with (state local government and tourism committee chairman) Datuk Ng Suee Lim to seek ideas on the approach MBDK could take to help relevant parties revive the project,' he said. The Boss Service Suites, launched in 2010, was designed as a 28-storey high-rise featuring 377 hotel suites and 62 retail units along Jalan Batu Tiga Lama, Klang. However, construction was halted at the 26th floor in 2014, leaving the retail units 90% complete. Despite an 80% take-up rate prior to its abandonment, the project now stands as a 'sick' development in Selangor. Abd Hamid says there is no confirmation of a successful revival or takeover. 'There is no confirmation of a successful revival or takeover. 'The building remains largely incomplete,' said Abd Hamid. He said the city council intended to facilitate discussions among affected buyers, developers and potential 'white knights', working alongside Housing and Local Government Ministry and the state housing departments. 'If a viable rescue plan emerges, the council will expedite approvals and provide infrastructure support or incentives,' he said. According to records from the appointed liquidator, KPMG Transaction and Restructuring Sdn Bhd, the project was sold with a Sale and Purchase Agreement signed on June 2, 2017. However, the mayor said MBDK had not received details and that revival efforts hinged on court proceedings for debt settlement. He highlighted structural safety concerns, as the building had been exposed to the elements over the past 10 years. 'Only a certified structural engineer can determine if the building is safe or requires demolition,' he said.
Time of India
16-07-2025
- Business
- Time of India
UAE: Can developers cancel off-plan property deals without court in Abu Dhabi? What buyers need to know
Under Abu Dhabi's new law, developers can cancel off-plan contracts without going to court, but only if the buyer materially defaults/ Image illustrated using AI for creative purposes TL;DR Developers can now terminate off-plan SPAs without court approval. Buyers must be in material default for cancellation to begin. A 60-day notice and DMT-mediated settlement process is mandatory. Refunds may be given based on construction progress and payment balance. Understanding Off-Plan Properties in Abu Dhabi : Benefits and Risks In Abu Dhabi, off-plan properties are real estate units sold before or during construction, with buyers committing based on architectural plans, 3D renderings, or models rather than completed homes. These properties are especially popular due to their lower entry prices, flexible installment-based payment plans, and the potential for value appreciation by the time construction is finished. Many buyers are also drawn to the option of customizing elements of their future home during the build. However, off-plan purchases come with important risks, such as construction delays, differences between promised and delivered features, and market value fluctuations. Additionally, the outcome often depends on the developer's track record, making it essential for buyers to research thoroughly before committing. To safeguard buyers and ensure transparency, all off-plan transactions in the Emirate are regulated by the Department of Municipalities and Transport (DMT), which oversees payment protections and developer obligations through a strict legal and escrow framework. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo In light of these complexities, Abu Dhabi has introduced a major legal change that directly affects how off-plan property contracts can be handled, especially when things go wrong. Developers are now allowed to cancel off-plan sale and purchase agreements (SPAs) without needing to go to court. But this right comes with strict conditions and procedures designed to protect buyers and keep the real estate market fair, stable, and transparent. The new legal provision outlines the specific circumstances under which a developer may terminate an off-plan contract, the procedures that must be followed, and the safeguards in place to protect buyer rights throughout the process. What Does the New Law Say? The newly enacted Abu Dhabi Law No. (2) of 2025, specifically Article 3, introduces a new process that allows developers to unilaterally terminate an off-plan Sale and Purchase Agreement (SPA), without first going to court or arbitration. However, this can only happen if the buyer is in 'material default,'meaning they have seriously failed to meet their contractual obligations, such as not making agreed payments. This is a significant shift in how real estate contracts are enforced in Abu Dhabi. Traditionally, developers had to go through time-consuming legal processes to terminate contracts. Now, if a buyer defaults and doesn't fix it in time, the developer can cancel the deal directly, but only after following a detailed and tightly controlled process. When Can a Developer Cancel a Contract? A developer can only terminate an off-plan SPA under the following specific circumstances: The buyer has materially defaulted on their obligations (e.g., missed key payments). The developer strictly follows a multi-step process that includes formal notices, reports, and potential mediation. This isn't a free pass to cancel any deal. The law is designed to balance developer efficiency and buyer protection. Step-by-Step: How a Developer Can Terminate a Contract Here's a simplified breakdown of the full procedure developers must follow: Step 1: Send Formal Notice to Buyer The developer must send a formal, notarised notice or one via registered mail with acknowledgment of receipt. It must be sent to the buyer's official address mentioned in the SPA. This starts a 60-day period where the buyer is given a chance to fix the problem (called a 'cure period'). Step 2: Notify Authorities 15 days after sending the notice, the developer must: Inform the Abu Dhabi Department of Municipalities and Transport (DMT) about the default. Submit evidence: The original notice and a certificate from the escrow account trustee proving the buyer is still in default. This creates a public record and allows authorities to monitor the situation. The escrow trustee acts as an independent verifier to confirm the default is real. Step 3: Mediation Attempt The DMT will now try to organise an amicable settlement between the buyer and developer before the 60-day cure period ends. This mediation could lead to: Payment rescheduling Partial payment waivers Other negotiated solutions If a deal is reached, it's added as an official addendum to the SPA, and the contract continues. Step 4: Contract Termination If the buyer doesn't resolve the issue and the 60 days pass without a settlement, the developer can proceed with terminating the SPA. After termination: The DMT can remove the buyer's name from the unit's official registry. The developer must wait an additional 30 days before reselling the unit. This 30-day 'cooling-off' period gives the buyer one last chance to react and allows the DMT to ensure the developer is still on track with the construction timeline. What Happens to the Buyer's Money? Termination doesn't mean the developer keeps all the buyer's money. The law introduces fair financial safeguards: Money from any resale must go into the project's escrow account. The developer can only withdraw a portion of it, based on: The severity of the buyer's default How much of the project is actually completed If the buyer has already paid more than what the developer has spent on construction, they may be entitled to a partial refund. A government decision is expected soon to define how much can be deducted and how the refund process will work. Buyers Can Still Go to Court Even though developers can now terminate off-plan contracts without filing a case first, buyers still have legal rights: Buyers can still take the matter to Abu Dhabi Courts or arbitration, depending on what the SPA says. A judge can later validate or cancel the termination, based on whether all the legal steps were followed. This ensures that developers must still comply with every rule, and buyers are not left unprotected. Why This Law Was Introduced The real estate market in Abu Dhabi relies heavily on off-plan sales, where buyers pay in instalments before the property is built. But if buyers stop paying, developers might struggle to finish the project. This law aims to: Keep projects moving without delays. Avoid unnecessary lawsuits and court backlog. Ensure fair treatment for buyers. Maintain investor trust in Abu Dhabi's property market. It's also a major step in modernising real estate laws and making the Emirate more attractive to global investors. Other Real Estate Reforms You Should Know This update is part of a larger legal reform package aimed at making Abu Dhabi a more transparent and investor-friendly real estate hub. Other key changes include: Unified Legal Framework Covers all real estate activities, from sales and registration to property valuation and management. Brings unregulated professions under proper supervision. Improves transparency, sector quality, and consumer protection. New Structure for Community Management Replaces Owners' Associations with Owners' Committees. These committees will have advisory and oversight roles, rather than full control. They'll operate under rules issued by the Chairman of the DMT. What Should Buyers and Developers Do Now? For Developers: Strictly follow each step in the termination process. Keep records of: Notices Escrow certifications DMT interactions Construction progress For Buyers: Make sure your contact details are up to date in your SPA. Keep an eye on your escrow payments and obligations. If you face difficulties, respond promptly and engage with the DMT for mediation. Ignoring default notices could result in contract cancellation and loss of part of your money. FAQs: Q. Can developers cancel off-plan contracts anytime? No, only if the buyer seriously defaults on their obligations. Q. Is there a warning before termination? Yes, a formal notice is required, followed by a 60-day cure period. Q. Who oversees the process? The Department of Municipalities and Transport (DMT) supervises all steps. Q. Can buyers lose all their money? Not always, refunds are based on project progress and payments made. Q. Can buyers still go to court? Yes, buyers can challenge the termination in court or through arbitration.
Time of India
15-07-2025
- Business
- Time of India
GAIL signs long-term LNG agreement with Vitol Asia for 1 MMTPA supply
GAIL (India) Limited has signed a long-term Liquefied Natural Gas ( LNG ) Sales and Purchase Agreement (SPA) with Vitol Asia Pte. Ltd., according to an official statement by the company released on Tuesday. This agreement follows the binding Term Sheet that was signed between the two companies in January 2024. As per the agreement, GAIL will supply approximately 1 Million Metric Tonnes Per Annum ( MMTPA ) of LNG for a period of about 10 years. The supply is scheduled to begin in 2026. Under this deal, Vitol will deliver LNG to GAIL from its global LNG portfolio . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 이 게임은 대부분의 TV 프로그램보다 더 재미있어요 – 게다가 무료예요. Raid: Shadow Legends 플레이하기 Undo Sanjay Kumar, Director (Marketing) at GAIL, expressed satisfaction over the partnership and said, "GAIL is expanding its long-term LNG portfolio to meet demand growth. We are pleased to partner with Vitol Asia Pte. Ltd., and this agreement represents a key milestone in reinforcing GAIL's capability to reliably serve its diverse and evolving customer base." India has emerged as the world's fourth-largest importer of LNG in 2024. The demand for LNG in the country is expected to increase steadily over the next decade. Live Events To support this growing need, the Government of India has set a target to raise the share of natural gas in the country's primary energy mix from the current 6 to 15 per cent by 2030. In line with this vision, India's LNG regasification capacity has grown significantly, rising from 21 MMTPA in 2014 to nearly double that figure now. Commenting on the agreement, Jay Ng, Chief Financial Officer at Vitol Asia and Executive Committee member, said, "Vitol is honoured to extend its relationship with GAIL to a long term LNG supply contract. The growing Indian market is core to Vitol's strategy and Vitol's diversified portfolio enables it to offer India a stable supply of cleaner and competitive energy." GAIL is a Maharatna Central Public Sector Enterprise and is India's leading company in natural gas transmission and distribution. Its operations include a vast network of gas pipelines, processing and petrochemical plants, upstream oil and gas interests, and LNG regasification terminals across India. Vitol is a major global player in energy and commodities trading. The company not only trades energy products but also has significant investments in energy infrastructure worldwide, with over $13 billion invested in long-term assets.
Rakyat Post
24-06-2025
- Business
- Rakyat Post
SD Guthrie and MBI Negeri Sembilan to Develop Industrial Parkwithin a 600-Acre Strategic Zone in Port Dickson
Subscribe to our FREE SD Guthrie Berhad (Guthrie) has signed a Sale and Purchase Agreement (SPA) for 300 acres of land, and a Memorandum of Understanding (MOU) to establish a joint venture (JV) to develop an industrial park on an additional 300 acres of land, with Menteri Besar Incorporated Negeri Sembilan (MBINS). The signing of the documents was witnessed by Dato' Seri Utama Aminuddin bin Harun, Menteri Besar of Negeri Sembilan and Chairman of MBINS. The 600-acre site is located in Guthrie's Sengkang Estate, which lies within the Mukim of Pasir Panjang in the district of Port Dickson, Negeri Sembilan. The proposed JV would establish a framework for collaboration on the development of an industrial park. Subject to the JV's incorporation and finalisation of a masterplan targeted in Q1 2026, infrastructure works for the industrial park are expected to commence in Q2 2026. According to Datuk Mohamad Helmy Othman Basha, Guthrie's Group Managing Director,these latest milestones mark a significant step in Guthrie's ongoing efforts to maximise the value of its landbank and are expected to facilitate the development of the Port Dickson Free Zone (PDFZ), the state's strategic economic initiative. 'Our collaboration with MBINS is another important milestone for Guthrie as we strengthen our presence in Negeri Sembilan's industrial development sector. By combining land monetisation and a key strategic partnership with MBINS, we are able to realise the value of the land immediately and also secure another potential recurring income stream for Guthrie. This scalable model is necessary for the long-term growth of Guthrie and one we aim to replicate across other high-potential corridors,' said Datuk Mohamad Helmy. 'The PDFZ is a forward-looking initiative, and we are proud to be part of a development that aligns with national development priorities and sustainable progress that will bring more socioeconomic benefits for the rakyat,' he added. Sengkang Estate is part of Guthrie's plantation landbank and is strategically located near the coastal town of Pasir Panjang in Port Dickson. The area is accessible via the Seremban–Port Dickson Highway (SPDH) and the Port Dickson–Linggi road network. Both routes are connected to the North South Highway and offer easy access to the Malaysia Vision Valley 2.0 (MVV 2.0), the primary economic corridor on the west of Peninsular Malaysia. The collaboration between Guthrie and MBINS reflects a mutual ambition to foster inclusive and sustainable development in the PDFZ. The PDFZ is part of a broader development plan under the MVV 2.0, which includes various development areas such as NS High Tech Industrial Park, NS Aerospace Valley, Integrated Maritime Hub and NS Semiconductor Valley. PDFZ will be developed on approximately 600 acres across from the future site of Midport, a smart AI-powered container port. Together, the two projects are set to reshape Port Dickson into a dynamic 'New Port City', anchored by advanced infrastructure, technology, and sustainable economic activity. 'This collaboration is a manifestation of our serious commitment to sustainable, innovationdriven development. With the establishment of PDFZ, we are not only developing a modern industrial park but also laying the groundwork for Port Dickson to become Malaysia's nextgeneration smart port city,' said YAB Dato' Seri Utama Haji Aminuddin bin Harun, Menteri Besar of Negeri Sembilan. PDFZ complements Midport by providing ready industrial space and support facilities, including smart warehouses, advanced manufacturing zones and high-capacity utilities. Investors operating within PDFZ will benefit directly from their proximity to a smart container port, enabling just-in-time logistics and supply chain optimisation. 'The success of Midport is intrinsically linked to the development of PDFZ. Together, they form a twin-growth model that will attract global industry leaders, support high-value jobs, and enhance Negeri Sembilan's role in national economic development,' the Menteri Besar added. PDFZ is set to deliver far-reaching benefits to the state, including the creation of skilled job opportunities, the development of next-generation infrastructure, and the promotion of environmentally responsible industrial clusters. This initiative aligns with national aspirations and is designed to attract quality investors in high-impact sectors such as green technology, smart logistics, and advanced manufacturing. In Negeri Sembilan, Guthrie recently established a strategic partnership with Eco World Development Group Berhad and NS Corporation to develop 'Eco Business Park 7' in Mukim Jimah. The company is also in active discussions with other state agencies and potential business partners to grow the company's new business pillars in strategically located land parcels across Malaysia. With this strategic approach, Guthrie will protect its future interests and also unlock the full value of its land. Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
Borneo Post
21-05-2025
- Business
- Borneo Post
Dr Jerip: Full acquisition of MASwings expected to be finalised by December (Video)
Dr Jerip (right) and state Transport Minister Dato Sri Lee Kim Shin going through the responses for the question-and-answer session at the DUN building today. – Photo by Roystein Emmor KUCHING (May 21): The full acquisition of MASwings Sdn Bhd by AirBorneo Holdings Sdn Bhd is expected to be finalised by Dec 31 this year, with no changes to the current Rural Air Services (RAS) operations, said Datuk Dr Jerip Susil. The state Deputy Minister of Transport said that following the execution of the Sales and Purchase Agreement between AirBorneo Holdings and Malaysia Aviation Group in February 2025, the completion of the transaction is subject to the satisfaction of conditions precedent. 'During the period between February 2025 until December 2025, both parties shall work towards fulfilling the conditions, including but not limited to obtaining the necessary regulatory approvals from the Civil Aviation Authority of Malaysia (CAAM), the Malaysian Aviation Commission (Mavcom), the International Civil Aviation Organisation (ICAO) and the International Air Transport Association (IATA). 'As well as transferring of operating assets from Malaysia Aviation Group (MAG) to AirBorneo Holdings, and carrying out the preparation for the transition of operations from MAG to AirBorneo,' he said during the question-and-answer session at the State Legislative Assembly today. Dr Jerip was responding to Dato Sri Wong Soon Koh (GPS-Bawang Assan), who raised questions about the acquisition process of MASwings and the effect of the change in ownership on the RAS. Regarding whether the change in ownership would disrupt RAS operations, he assured that the schedule, frequency and network of the RAS are expected to remain the same, even after the takeover by the state government. 'In terms of operations, the period between the signing of SPA in February 2025 until December 2025 is to allow for a proper and smooth transition of operations from Malaysia Aviation Group to AirBorneo,' he said. Furthermore, he noted that the entire workforce of MASwings will be retained, leveraging their extensive experience in managing RAS operations to ensure continuity, operational stability, and service reliability throughout and beyond the transition phase. AirBorneo Dr Jerip Susil full acquisition maswings Rural Air Services
