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EPF ANNUAL CONTRIBUTIONS FOR 2017 UP 6.38% TO RM65.52 BILLION

The Employees Provident Fund’s (EPF) annual contributions for 2017 rose by 6.38% to RM65.52 billion against a total withdrawal of RM49.40 billion, resulting in net inflows of RM16.12 billion in 2017. Additionally, there was an 8.26% increase in total investment assets from RM731.11 billion in 2016 to RM791.48 billion in 2017. The EPF recorded strong overall performance across all asset classes within its portfolio, principally ascribed by investments in global equities which benefited from improved market conditions. The equities portfolio, which made up 42% of EPF’s total investment assets, generated RM31.47 billion in 2017. As at December 31, 2017, the fund’s total investment in assets was RM791.48 billion.

(The Star, 14/04/2018)


DECREASE OF 0.1% IN FEBRUARY 2018’S UNEMPLOYMENT RATE

According to the Department of Statistics, the country’s unemployment rate declined to 3.3% in February 2018, thus exhibiting a 0.1% reduction from January 2018’s figure. The number of individuals which make up the labour force increased by 0.3% from 15.19 million in January 2018 to 15.23 million in February 2018.

(The Malaysian Reserve, 18/04/2018)


CPI INCREASES 1.3% IN MARCH 2018

Malaysia’s consumer price index (CPI) increased by 1.3% in March 2018, which is its slowest pace since July 2017, attributable to a decrease in the cost of transport. The overall index was also affected by declining costs of clothing and footwear, and communication. The CPI for 1Q18 increased by 1.8% compared with 4.2% in 1Q17. Among the major groups which recorded increases were the indices for food and non-alcoholic beverages (2.8%), furnishings, household equipment and routine household maintenance (2.1%), health (2%), housing, water, electricity, gas and other fuels (2%), restaurants and hotels (2%) and education (1.1%).

(The Sun, 19/04/2018)


UTC AND PPR IN TELUK INTAN, PERAK

An urban transformation centre and the construction of 500 homes under the People’s Housing Project (PPR) are planned in Teluk Intan. The PPR houses will prospectively be developed in two phases, with 250 units in each phase. In three years, successful applicants from the low-income B40 group in the constituency will receive their keys to 150 units of PPR housing.

(NST, 19/04/2018)


VIZIONE SECURES RM137.13 MILLION CONTRACT

Vizione Holdings Bhd’s wholly owned subsidiary, Wira Syukur (M) Sdn Bhd, has accepted a RM137.13 million contract from Vertice Construction Sdn Bhd, to upgrade Federal Road 12 (FR 12) from Gambang, Pahang, to Segamat, Johor. The contract entails the supply of materials, labour, and necessary tools and equipment to carry out the proposed upgrading works for Phase 1 of FR 12.

(The Malaysian Reserve, 17/04/2018)


RAILWAY PARK TO BE AN “EXPORT HUB”

The proposed railway industrial park in Rawang, Selangor, is set to be an export hub to boost rail product exports and draw-in talent within the region. The cluster-based park will stimulate cooperation among companies and endorse infrastructure-sharing, which will allow for the export of rail-based products and services to other countries in the region, which are developing rail projects. Expected to materialise in 2Q18, the railway industrial park functions as an initiative under the Malaysian Rail Industry Corporation in order to develop a centralised industrial ecosystem.

(NST, 15/04/2018)


TERMINAL KAMPAR ON TRACK FOR 4Q18 COMPLETION

Perak Transit Bhd (PTB) is on track to complete the construction of Terminal Kampar by 4Q18, as it is currently 60% completed. At present, construction has reached the third and fourth floor of the ten storey integrated bus terminal in Kampar. PTB is in the midst of finalising anchor tenants for the supermarket and operators for the hotel, cinema and bowling centre.

(The Star, 17/04/2018)


ECRL PROJECT EXPECTED TO CREATE JOBS AND CONTRACTS FOR MALAYSIANS

The East Coast Rail Link (ECRL) project is expected to benefit the local economy via contracts awarded to Malaysian companies and increased job generation. Upon completion, the RM60 billion project will comprise 24 stations linking Port Klang to Pengkalan Kubor, Kelantan, to ensure the efficient movement of people and goods. Local contractors were expected to secure contracts worth RM15 billion or 30% of the ECRL’s total cost of RM60 billion. Targeted for completion in 2024, the 668 km ECRL would create a land bridge between Kuantan Port and Port Klang, therefore allowing freight to bypass Singapore and part of the Straits of Malacca.

(The Star, 19/04/2018)


HEKTAR REIT AIMS TO DOUBLE ASSET SIZE

Hektar Asset Management Sdn Bhd, the manager of Hektar Real Estate Investment Trust (Hektar REIT), aims to double the trust’s asset size to RM2.4 billion in eight years. By 2026, the trust is targeting the acquisition of at least four retail properties (the sector in which it specialises), each worth approximately RM300 million to RM400 million.

(The Star, 20/04/2018)


KECK SENG SUBSCRIBES SHARES TO FUND HOTEL INVESTMENT

For RM120 million, Keck Seng (Malaysia) Bhd has entered into a subscription agreement for the acquisition of shares and Tracking Preferred Equity Certificates (TPECs) issued by A2I Holdings S.À R.L (A2I). A2I functioned as a conduit for the purchase of shares in the European hotel operator, AccorInvest Group SA. The subscription was executed via Keck Seng’s wholly owned subsidiary, Brosna Ltd, whereby the proceeds from the subscription will be utilised to fund its investment in AccorInvest.

(The Malaysian Reserve, 20/04/2018)


MORE JOBS, HIGHER MARGINS FOR KERJAYA PROSPEK

Kerjaya Prospek Group Bhd announced that it has secured a building contract worth RM357.3 million from BBCC Development Sdn Bhd. The ‘Lucentia’ project located at the intersection of Jalan Hang Tuah and Jalan Pudu in Kuala Lumpur comprises construction works for two high rise towers of 666 units where one tower is built above an eight-storey car park podium and the other tower is on a six-storey car park. The project is slated for completion by 2Q21.

(The Edge Financial Daily, 20/04/2018)


ATHIRA OFFERS “MULTIGENERATIONAL” LIVING

On April 14, 2018, Sime Darby Property launched Athira, the latest residential development in its integrated and self-contained township of Bandar Bukit Raja, Klang. The 18.21 acre freehold development comprises 166 units of 22’ x 75’ double-storey link homes, with built up areas starting from 2,191 sq. ft. The initial 95 units within Phase 1 of these multigenerational homes are available for purchase with prices starting from RM753,888.

(Starproperty.com.my, 17/04/2018)


PNB LAUNCHES MAIDEN AFFORDABLE HOUSING PROJECT

Permodalan Nasional Bhd (PNB) has launched its maiden affordable housing project in Port Dickson as part of its commitment to build 5,000 dwellings by 2022. The first project at Bagan Pinang will involve the construction of 140 single-storey houses. The three-room and two-bathroom homes will each be built on a 1,400 sq. ft. land area, with prices ranging between RM180,000 and RM200,000. Additionally, PNB’s subsidiary, PNB Value Homes Sdn Bhd, will build 1,500 affordable houses in Banting, Selangor and a further 300 in Pedas, Negeri Sembilan. Households eligible to buy these homes include those earning less than RM5,000 a month and applicants must be above 21 years of age. The property should also be their first property purchase and buyers are not allowed to sell it for five years.

(The Star, 18/04/2018)


SHH BUYS KAJANG LAND FOR RM10.24 MILLION

SHH Resources Holdings Bhd (SHH) is acquiring 4.9 acres of land in Kajang for RM10.24 million. SHH’s subsidiary, Rampai Pesona Sdn Bhd, has signed a sale and purchase agreement with Rising Charm Sdn Bhd for land “earmarked for residential use”. SHH plans on converting the land for residential development purposes and is targeting to complete the proposed acquisition in 1Q20.

(The Star, 18/04/2018)


PR1MA DELIVERS HOMES FOR THE M40 IN TELUK INTAN, PERAK

Perbadanan PR1MA Malaysia (PR1MA) continues to fulfil its commitment to the middle-income (M40) group in Teluk Intan, Perak. With an approximated gross development value of RM232 million, PR1MA@Teluk Intan comprises 957 single and double-storey units, which are priced between RM185,000 and RM250,000. Phase 1 of the project comprises 523 single-storey units with prices not exceeding RM200,000 per unit.

(Starproperty.com.my, 20/04/2018)


INTA BINA SECURES RM97.8 MILLION JOB AT DAMANSARA DAMAI

Inta Bina Bhd has accepted a letter of award from Medan Prestasi Sdn Bhd to be the main contractor for a property development in Damansara Damai, Selangor. With a contract value of RM97.8 million, the job covers Phase 2, a one 21-storey apartment block (260 units) and Phase 3 comprising a one 22-storey apartment block (260 units) and a basement car park.

(The Star, 18/04/2018)


UEM SUNRISE TO UNDERTAKE RM15 BILLION GDV MIXED PROJECT

With an estimated gross development value (GDV) of RM15 billion, UEM Sunrise Bhd has acquired 72 acres of land close to a lake garden in Kepong for mixed commercial development purposes. UEM’s wholly-owned subsidiary, Sunrise Bhd, has entered into a collaborative agreement with Mega Legacy Equity Sdn Bhd for the development of serviced apartments and commercial buildings, adjacent to the Kepong Metropolitan Park.

(The Edge, 14/04/2018)


TROPICANA CORP SELLS SUBANG LAND TO MCT FOR RM143 MILLION

Tropicana Corp Bhd is disposing of 9.12 acres of land in Pekan Country Height, Subang Jaya, to MCT Bhd for RM143 million as Tropicana’s wholly owned subsidiary, Tropicana Metropark Sdn Bhd, has entered into a sale and purchase agreement with MCT’s wholly owned subsidiary, Next Delta Sdn Bhd. The completion of the proposed disposal is contingent upon the attainment of confirmation from the Economic Planning Unit in order to facilitate the application for state authority consent. The proposed acquisition is in line with MCT’s strategy to acquire and expand its existing high development value landbank in strategic locations.

(The Sun, 16/04/2018)


FAJARBARU SEEKS NEW MARKETS

After Fajarbaru Builder Group Bhd’s successful launch of two projects in Australia – Gardenhill and Paragon, the group is confident of venturing into other property markets in both the Australian and Asian-Pacific markets. With a gross development value (GDV) of A$77 million (RM233 million), Gardenhill was completed in 2017 and all units have been fully sold. Additionally, Paragon was launched in 2017 with a GDV of A$190 million (RM574 million) and has a current sales rate of 85%. In 2017, Fajarbaru launched its first local property development, Rica Residence in Sentul, which received positive response and is scheduled to be completed by 2021. The group is scheduled to launch Rica Residence, Puchong, in late-2018.

(The Star, 16/04/2018)


JAKS RESOURCES PUTS PROPERTY AMBITION ON HOLD

JAKS Resources Bhd is shifting its focus from the property market to projects which entail infrastructure and power-generation, particularly emphasising on renewable energy resources. JAKS will however complete the construction of the RM1.1 billion Pacific Star development in Section 13, Petaling Jaya, by the end of 2018 and the company is also looking to sell off its 51% stake in the Evolve Concept Mall in Ara Damansara, Petaling Jaya.

(The Edge, 17/04/2018)


BERJAYA LAND TARGETS RM1 BILLION SALES ANNUALLY

Berjaya Land Bhd is targeting approximately RM1 billion in annual property sales for at least the next two years, having spent months restructuring its “internal sales machinery”. The bulk of the sales target will be derived from clearing its existing inventory of properties and upcoming launches such as “The Tropika” in Bukit Jalil. With an estimated gross development value (GDV) of RM733 million, “The Tropika” is expected to contain 13 shop office units, 15 retail outlets and 861 serviced apartments with sizes of up to 1,317 sq. ft. Other upcoming launches include “The Botanika”, a four-tower condominium development in Bukit Jalil with a GDV of RM1 billion. With a GDV of RM650 million and Timur Bayu, a prospective development, which will offer 1,036 units of “park villas and condominiums” in Shah Alam.

(The Edge, 17/04/2018)


BDB SIGNS MOU WITH 9 ANCHOR RETAILERS FOR AXIS COMMERCIAL HUB

Bina Darul Aman’s (BDB) wholly-owned subsidiary, BDB Land Sdn Bhd, has signed a Memorandum of Understanding (MoU) with nine anchor retailers for its Axis Commercial Hub development in Bandar Darulaman, Jitra, Kedah. The Axis Commercial Hub would commence construction in April 2018 and is expected to be completed by the end of 2019 and shop lots opening in 1Q20. The Axis Neighbourhood Retail Centre within the Axis Commercial Hub development is touted to be “Kedah’s first education-centric development”, with just over 41,000 sq. ft. of rentable space. The contemporarily designed centre will be built at a cost of approximately RM5 million and aims to be a food destination featuring Kedah’s household food and beverage providers, alongside essential neighbourhood retail services such as a laundry, a pharmacy and a clinic.

(The Star, 17/04/2018)


TRI-MODE EYES GROWING E-COMMERCE SECTOR

Freight and logistics firm Tri-Mode System (M) Bhd, which is en route to an Ace Market listing on May 11, 2018, is eyeing the e-commerce sector in the country. Tri-Mode was working with a foreign party to set up the latter’s e-commerce logistics platform in Malaysia and has secured a licence from the Malaysian Communications and Multimedia Commission (MCMC) to operate in the e-commerce sector. The e-commerce logistics platform would cater to inbound courier services, which allows customers to attain information such as price quotations and delivery time for online purchases made beyond Malaysia.

(The Star, 19/04/2018)


KAJANG HOSPITAL COMPLEX TO BE READY IN 2021

At a cost of RM304.5 million, construction of Kajang Hospital’s women and children’s complex is expected to be completed in 2021. The complex will comprise 272 beds, 14 labour rooms, six surgical rooms, specialist clinics and a daily care centre, which will ease congestion at the 129-year-old hospital. Approval for the upgrading of the Kajang Hospital was announced in the 2016 Budget and is expected to benefit up to 1.2 million residents in Hulu Langat.

(NST, 15/04/2018)


EPF EXITING HEALTHCARE PROVIDER COLUMBIA ASIA

For an undisclosed sum, the Employees Provident Fund (EPF) is selling its approximate 30% interest in Columbia Asia Sdn Bhd (CASB). The fund has reclassified the cost of investment in CASB as RM203.21 million of assets held-for-sale. EPF currently owns a 12.65% stake in KPJ Healthcare Bhd and an 8.7% interest in IHH Healthcare Bhd.

(The Sun, 16/04/2018)


MBSB GAINS ACCESS TO CAGAMAS SRP’S MORTGAGE GUARANTEE PROGRAMME

MBSB Bank Bhd and Cagamas SRP Bhd have signed an agreement that provides MBSB with access to a mortgage guarantee programme offered by Cagamas SRP. This involves MBSB becoming a partner in “Skim Rumah Pertamaku”, which necessitated the financing of 7,920 loans worth RM1.6 billion, via 22 financial institutions. Skim Rumah Pertamaku helps young adults to own their first home by obtaining up to 100% financing from participating banks. This is contingent on the basis that their gross income does not exceed RM5,000 per month with joint borrowers not having a gross individual income exceeding RM10,000 per month.

(The Sun, 18/04/2018)


RESIDENTIAL PROPERTY SALES IMPROVE, BUT OVERHANG SITUATION DESCRIBED AS “OVERWHELMING”

Residential property transactions improved in the first two months of 2018, but data released by the Valuation and Property Services Department (JPPH) indicated that the “overhang situation” remains “overwhelming”. Transactions have improved by 4% in the first two months of 2018 compared with the same period of the preceding year. The property market remained weak despite some signs of economic recovery, thus supporting recent reports from Bank Negara which noted that market conditions remained challenging. The residential overhang volume grew by 67.2% to 24,738 units whereas value grew by 82.8% to RM15.64 billion. Though the overhang scenario remains, the take-up rate of new launches is improving.

The overall property sector reportedly recorded 311,824 transactions worth RM139.84 billion in 2017, a 2.7% contraction in volume and 3.8% reduction in value compared with 2016. Residential property continued to support the overall sector with a 62.4% market share, followed by agricultural property with a 22.5% share. The residential property market recorded 194,684 transactions worth RM68.47 billion in 2017, which was a 4.1% decline in volume compared with 2016, but a marginal 4.4% increase in value. The commercial property segment continued to decline but at a modest rate as there were 22,162 transactions worth RM25.44 billion in 2017, which was a 6.7% tightening in volume and a 29.2% reduction in value compared with 2016. The retail sub-segment’s performance was stable at 81.3% in 2017 compared with 81.4% in 2016, recording an annual take-up in excess of 6.78 million sq. ft. Furthermore, the purpose-built office building sub-segment recorded a faintly enhanced performance in 2017 compared with 2016.

On a state-by-state basis, Kuala Lumpur recorded the highest number of overall launches in the country with more than 22,000 units (19.5% sales performance), followed by Selangor with 13,522 units and Johor with 7,926 units. Within the retail sub-segment, Kuala Lumpur, Selangor, Johor and Penang experienced significant take-up rates as newly completed shopping complexes secured commendable occupancy rates.

Johor led with nearly 2.82 million sq. ft. followed by Selangor (1.17 million sq. ft.), Kuala Lumpur (1.01 million sq. ft.) and Penang (778,833 sq. ft.). Kuala Lumpur experienced a marginal decline in occupancy rate to 85.3% (2016: 86.8%), Selangor stabilised at 85.4%, whereas Johor and Penang improved 79.9% (2016: 73%) and 72.6% (2016: 69.9%) respectively. In terms of the take-up of purpose-built office buildings, Kuala Lumpur ranked first with more than 4.09 million sq. ft., followed by Selangor (1.84 million sq. ft.), Sabah (935,437 sq. ft.) and Putrajaya (719,621 sq. ft.), supported by high occupancy rates in newly completed buildings.

(The Star, 18/04/2018)


MALAYSIAN HOUSE PRICE INDEX CONTINUES TO CLIMB

In 2017, the Malaysian House Price Index grew by 6.5% year-on-year, primarily driven by the Terraced House Price Index (THPI). According to the Malaysian Property Market Report 2017 published by the Valuation and Property Services Department (JPPH), the THPI denoted an annual increase of 8.6% in 2017, which was the highest growth rate among all four residential property types. The other types were high-rise homes, detached houses and semi-detached houses, whereby their price indices grew by 5.3%, 4.3% and 4.4% respectively. In terms of states, Selangor led the 2017 housing price index with an annual increase of 7.6%, Kuala Lumpur (7.3%), Johor (6.6%) and Penang (5.2%).

(The Edge, 20/04/2018)


ISKANDAR MALAYSIA RECORDS COMMITTED INVESTMENTS OF RM9.33 BILLION

In 1Q17, Iskandar Malaysia recorded committed investments of RM9.33 billion, bringing its total cumulative committed investments between 2006 and March 31, 2018, to RM262.43 billion. Iskandar Regional Development Authority indicated that RM153.54 billion or 59% of the total amount was “realised” investment. To date, local investors account for RM160 billion or 61% of total cumulative committed investments, whereas RM102 billion or 39% stemmed from foreign investors. From 2006 to March 2018, top five countries with the highest cumulative committed investments in Iskandar Malaysia were China, Singapore, the US, Japan and the European Union.

(The Sun, 20/04/2018)


SALES OF NEW RESIDENTIAL LAUNCHES IMPROVE IN JOHOR

The residential property sector in Johor has seen improved sales performance with 44.2% of the 7,926 new units launched in 2017 sold, according to the Malaysian Property Market Report 2017. The number of new launches in 2017 was 15.6% lower than the 9,393 units registered in 2016 when only 29.8% of the units were sold. Most of the new units in 2017 were 2-storey terraced houses priced between RM500,000 and RM1 million, which accounted for 4,883 units or 61.6% of the total.

Meanwhile, completions of residential units in Johor decreased by 26.3% y-o-y to 9,449 units in 2017, while starts and new planned supply decreased by 22.7% and 10.4% to 12,264 units and 11,150 units, respectively. As at the end of 2017, there were 788,584 existing residential units with another 80,354 units in incoming supply and 90,353 units in planned supply. Despite the decrease in new supply, the residential overhang in Johor grew in 2017 with 4,376 units worth RM2.86 billion, an increase of 19.2% in volume and 11.4% in value against the 3,671 overhang units worth RM2.57 billion in 2016.

The majority of the overhang in 2017 was located in Johor Bahru district, predominantly condominium units in the RM500,000 to RM1 million price range. Nevertheless, the number of unsold units under construction and not constructed reduced slightly to 11,289 units (2016: 11,774 units) and 853 units (2016: 896 units), respectively. Overall, the residential sub-sector in Johor recorded 24,886 transactions worth RM8.64 billion compared with the 26,186 transactions worth RM8.58 billion in 2016, indicating a decline of 5% in volume but a marginal increase of 0.8% in value.

(The Edge Property, 19/04/2018)


DIRECT FLIGHTS TO PHUKET AND HANOI FROM JULY 1 2018

Adding to the array of direct flights offered by budget airline AirAsia, Penangites can now enjoy flights to Hanoi, Vietnam, and Phuket, Thailand, commencing on July 1, 2018. The direct flights to Hanoi and Phuket are the airline’s ninth and tenth route from Penang Island. The flights from Penang to Hanoi will operate four times a week (Monday, Wednesday, Friday and Sunday) while direct flights to Phuket will operate daily. Penang’s strategic location in the region has helped to boost the growing inbound and outbound travel demand that saw seven million tourist arrivals via air travel in 2017.

(The Star, 17/04/2018)


FREE SHUTTLE BUS SERVICE IN BUKIT MERTAJAM

Four Rapid Penang buses have been deployed to offer a free shuttle service along a 14km route in the region of Bukit Mertajam town. Under the Congestion Alleviation Transport (CAT) feeder bus service, buses will make 16 stops along the loop. The route covers the Bukit Mertajam bus terminal (Summit), Jalan Arumugam Pillai, Jalan Aston, Jalan Usahaniaga, Jalan Kulim, Jalan Kampung Baru, Jalan Berjaya, Jalan Maju, Jalan Song Ban Keng, Jalan Betek, Lorong Tembikai, Jalan Nangka, Jalan Perda Barat, Jalan Perda Utama, Jalan Permatang Rawa and Jalan Ciku. There are two exchange stations at the Bukit Mertajam bus terminal and Jalan Perda Utama for passengers to switch to other bus routes. The daily service is from 5.50am to 11pm with each bus separated by 25-minute intervals.

(The Star, 17/04/2018)


M SUMMIT GROUP OFFERS 50 UNITS IN RAMAH PAVILION UNDER RENT-TO-OWN SCHEME

M Summit Group has introduced the first rent-to-own (RTO) scheme in Penang for limited units of its condominium project in Teluk Kumbar on Penang Island. 50 units of Ramah Pavilion are allocated to the RTO scheme, which allows homebuyers to enter a rent-first, buy-later contract with the developer. The 759 unit Ramah Pavilion comprises two blocks towering 39 and 36 storeys each, with built-ups ranging between 800 sq. ft. and 1,350 sq. ft. Additionally, 15 retail units are available on the ground floor. With a minimum selling price of approximately RM408,000, more than 90% of the condominium units have been sold since its launch in 2014, with the Certificate of Completion and Compliance (CCC) expected to be issued in May 2018. Under the RTO scheme, the monthly rental collected over the first five years will be treated as 20% of the unit’s overall price. Before the lease tenure expires, the RTO scheme buyers have the option of signing a Sales and Purchase Agreement to purchase the unit, whereby the rent collected will be converted into a deposit. During the lease tenure, the developer will bear the assessment, quit rent and insurance of the rented units whereas the tenant pays for the monthly maintenance and sinking fund charges.

(The Edge, 18/04/2018)


PENANG’S RESIDENTIAL OVERHANG MORE THAN DOUBLES IN 2017

The residential overhang in Penang more than doubled to 3,916 units worth RM3.82 billion in 2017 from 1,896 units worth RM1.47 billion in 2016. The majority of residential overhang in the state was condominiums and apartments priced at above RM500,000 per unit. Similarly, the unsold units under construction recorded a 13.9% increase with 9,249 units (2016: 8,119 units). The unsold unconstructed units, however, decreased significantly by 97.3% to 80 units in 2017 (2016: 2,918 units). The primary market recorded fewer new launches with 3,879 units in 2017, a decline of 31.3% compared with 5,646 units in 2016. Sales performance for the new launches in 2017, of which condominiums and apartments accounted for 65%, was described as “promising” at 39%.

(EdgeProp.my, 17/04/ 2018)


PARKSON ACQUIRES REMAINING STAKE IN KIARA INNOVASI

Parkson Retail Asia Ltd’s wholly owned subsidiary, Parkson Corporation Sdn Bhd (PCSB), has completed the acquisition of a 40% stake in Kiara Innovasi Sdn Bhd from Galaxy Point Sdn Bhd for RM67,200. Parkson funded the acquisition via internally generated funds and deemed it to be an opportunity for the group to solidify its operations in Penang at a reasonable price. Kiara Innovasi runs a department store operation in 1st Avenue Mall located in Georgetown on Penang Island.

(The Malaysian Reserve, 19/04/2018)


PR1MA HOMES IN BEAUFORT READY BY 3Q18

The latest PR1MA@Woodford Estate development in Beaufort is a Government-assisted housing scheme which caters to the housing needs of the middle-income group (M40) in Sabah. The project on a 65.9 acre site comprising 620 single and double storey terraced houses, priced from RM240,000 per home. With a total gross development value of approximately RM208 million, this project is expected to be completed in 3Q18.

(Starproperty.com.my, 19/04/2018)


 AEON SETS FOOT IN EAST MALAYSIA WITH MALL IN KUCHING

Aeon Mall Kuching Central, is the first Aeon mall in Kuching, Sarawak and will open on April 20, 2018. Upon opening, the group will have a total of 27 Aeon malls and 35 Aeon stores nationwide. The mall has a gross built-up area of over 1.6 million sq. ft., hosting over 130 retail lots on three floors. In addition, the mall also comes with 1,800 car park bays on five floors. A wide variety of products and services will be available, including food and beverage (F&B) selections and Aeon’s flagship private brand, Topvalu, which comprises Japanese fashion, home appliances, household furnishing, groceries and garments.

(The Edge, 19/04/2018)

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