APRIL INDUSTRIAL OUTPUT INDEX UP 4.6% YEAR-ON-YEAR
The Department of Statistics Malaysia denoted that the Industrial Production Index increased to 4.6% in April 2018, compared with April 2017, due to increases in all indices including manufacturing (5.3%), mining (1.8%) and electricity (5.8%). The manufacturing sector output exhibited a 5.3% growth rate in April 2018, subsequent to recording a growth of 4.1% in March 2018. Major sub-sectors which registered positive growth in April 2018 were electrical and electronic equipment products (6.6%); petroleum, chemical, rubber and plastic products (3%); and non-metallic mineral products, basic metals and fabricated metal products (4.7%). The mining sector output recorded a 1.8% y-o-y growth in April 2018, due to an increase in the crude oil index (4.4%). The natural gas index contracted by 0.4% and the electricity output increased from 4.4% in March, 2018, to 5.8% in April, 2018.
(The Sun & The Edge Financial, 12/06/2018)
MALAYSIA WHOLESALE, RETAIL SALES VALUE UP 7.7% IN APRIL 2018
Malaysia’s wholesale and retail trade sales value increased by 7.7% in April 2018 to RM99.9 billion, compared with April 2017’s value. The heightened sales value was attributed by wholesale trade (RM48.6 billion), retail trade (RM39.2 billion) and motor vehicle (RM12.1 billion) businesses. Sales value of wholesale trade grew by 7.7 % y-o-y, but registered a negative growth of 4.0% m-o-m. Retail trade increased in sales value by 8.0% y-o-y, but registered a negative growth of 4.1% m-o-m.
(NST & The Edge Financial, 13/06/2018)
KL RANKED THE 182ND MOST EXPENSIVE CITY IN THE WORLD
Kuala Lumpur is the 182nd most expensive city in the world, according to the recent cost of living survey published by international information and data provider, ECA International. The survey covered 475 cities worldwide and compares a basket of “like-for-like” consumer goods and services. It was concluded that both Malaysia and Thailand have risen in rankings, with Bangkok entering the global top 100 for the first time. Singapore is still ranked lower than its peak in 2016 (when it was ranked 18th) and Hong Kong significantly dropped from being the 2nd most expensive city in the world to 11th. Shanghai was the highest-ranked Chinese city on the list in 10th place and Tokyo (ranked 7th in the world) is the most expensive city in Asia.
(The Edge, 13/06/2018)
KLIA AEROPOLIS TO PROCEED AS PLANNED
The Kuala Lumpur International Airport (KLIA) Aeropolis, which is among the mega projects inked by the former Malaysian administration, has been approved to proceed as planned. Project owner, Malaysian Airport Holdings Bhd (MAHB), expressed that the development would proceed as commitments have formerly been made with numerous parties. Regarding the Digital Free Trade Zone (DFTZ), the two private companies involved (Alibaba Group and MAHB) had briefed the Transport Minister in early June 2018, with regards to updates on the aviation industry.
(NST & The Edge Financial, 12/06/2018)
SIME DARBY PROPERTY SEEKS FRESH APPROVALS FOR MVV
The May 2017 memorandum of understanding, which was established with Kumpulan Wang Persaraan (Diperbadankan) and Brunsfield Development Sdn Bhd, lapsed in late 2017 and Sime Darby Property Bhd is now engaging with the government to decide on the future of “Malaysia Vision Valley” (MVV). With a proposed area of 130,000 acres, this development will cover the towns of Nilai, Seremban and Port Dickson. The 30-year project was expected to attract approximately RM290 billion in investments, generate 1.38 million new jobs and prospectively register an annual economic growth of between 6.2% and 7.3%. The MVV project includes the development of five strategic clusters that includes Edu-Tech Valley, Tourism and Wellness, New Livable township, Central Business District and Nature City.
BINA DARULAMAN AWARDED RM70 MILLION CONTRACT EXTENSION
Bina Darulaman Bhd’s (BDB) state road maintenance contract in Kedah has been extended for one additional year commencing June 10, 2018, to June 9, 2019, with a contract value of RM70 million. BDB’s wholly owned subsidiary, BDB Infra Sdn Bhd, has entered into a supplementary agreement with the Kedah government and the project is expected to positively contribute to the group’s earnings for financial years ending 2018 and 2019.
(The Sun, 12/06/2018)
MAY 2018 AIRPORT PASSENGER TRAFFIC DOWN BY 2.3%
Malaysia Airports Holdings Bhd’s (MAHB) network of airports, including the Istanbul Sabiha Gokcen International Airport, recorded 10.4 million passengers in May 2018, a decline of 2.3% from May 2017. The reduction was predominantly attributable to subdued demand in air travel during the Ramadan fasting month and the shifting of school holiday dates in Malaysia. International traffic registered 4.8 million passengers with a y-o-y decline of 0.3%, whereas domestic traffic decreased by 3.9% to 5.6 million passengers, compared with May 2017. The downward traffic trend was similar to the trend of a decrease during previous Ramadan periods. Klia2 recorded a growth of 2.3% to 2.53 million passengers, whereas the KLIA main terminal declined by 8.2%, to 2.13 million passengers.
(The Sun & The Edge Financial, 12/06/2018)
DIRECT FLIGHTS FROM HANOI TO PENANG FROM JULY 1 2018
AirAsia will launch direct flights between Hanoi to Penang with four flights weekly starting July 1, 2018. There are currently seven direct flights weekly from Ho Chi Minh City to Penang, with an average passenger load of 80%.
(The Star, 15th June 2018)
MAHB WELCOMES PROPOSAL TO EXTEND TIOMAN AIRPORT RUNWAY
Malaysia Airports Holdings Berhad (MAHB) welcomes Berjaya Group’s proposal to extend the airport runway on Tioman Island. Berjaya Group is to potentially submit an application to the government for the construction of a larger runway on the island resort, with an approximated cost of between RM1.1 billion and RM1.2 billion, which would be financed by the company. A proposal for the runway construction on Tioman Island was previously raised in 2003, but the plan was cancelled in 2009 due to adverse impacts on the environment.
(The Sun, 13/06/2018)
MRL: ECRL DEAL HAS NO CLAUSE FOR JHO LOW-LINKED COMPANIES
Malaysia Rail Link (MRL) Sdn Bhd, the project and asset owner of the East Coast Rail Link (ECRL), has denied that contracts it signed with Chinese contractor, China Communications Construction Co (CCCC) Ltd and the Export-Import Bank of China, came with a clause to nominate an unrelated company to acquire 70% of Putrajaya Perdana Bhd for RM971 million and 90% of Loh & Loh Corp Bhd for RM282.6 million. Putrajaya Perdana and Loh & Loh are companies linked to Low Taek Jho (Jho Low), who is similarly linked to negotiations for Suria Strategic Energy Resources Sdn Bhd’s RM9.4 billion pipeline projects. MRL clarified that the long overdue ECRL infrastructure project was done based on a government-to-government agreement and even mooted the setting up of a special purpose vehicle company to oversee the implementation of the ECRL. The engineering, procurement, construction and commissioning contract with CCCC and the loan agreement with Export-Import Bank of China for the ECRL project, was only under MRL’s purview when it was incorporated on Sept 26, 2016.
Currently, the ECRL has made an overall construction progress of 14.33%, which includes setting up a base and satellite camps in all eight sections of the project, land acquisition, site clearance and construction of road accesses. Multiple road accesses have been constructed, which spans 95km in length, whereas temporary bridges spanning 1,067m have been erected at numerous ECRL project sites in the East Coast states. Construction works for seven tunnels in various parts of the rail alignment in Pahang and Terengganu have also commenced.
(The Sun, 11/06/2018)
MRT3 CANCELLATION MAY IMPACT CITY DEVELOPMENT
The cancellation of the Mass Rapid Transit Line 3 (MRT3) could impact city connectivity and ease of doing business. The MRT3, also known as the MRT Circle Line, was planned to provide connectivity with other existing rail lines and was planned to connect in one loop locations such as Ampang Jaya, Sentul Timur, Mont Kiara, Hartamas, Bukit Kiara, Kerinchi and Taman Desa. The absence of the Circle Line will impact various large scale developments such as the Tun Razak Exchange (TRX), Bukit Bintang City Centre (BBCC), Merdeka PNB 118 Tower and the KL Metropolis and it is suggested that efforts will be required to provide alternative connectivity routes like the expansion of feeder bus routes or other measures, to ensure that traffic congestion in town will be alleviated. Additionally, many approved developments were planned with high-density plot ratios based on the presence of the MRT3. Hence, land pricing may “take a large hit”, especially for developers which may have invested thinking that the Circle Line would definitely be completed.
(The Malaysian Reserve, 1107/2018)
HSR PROJECT MAY BE NEEDED IN THE FUTURE
The Kuala Lumpur-Singapore High Speed Rail project has merely been “postponed” and has not been “scrapped”. The Malaysian Prime Minister indicated a potential need for a high-speed rail at a later date. The existing RM100 billion deal with Singapore was not beneficial to Malaysia, as the track distance was deemed too short to warrant the project’s cost and would only add to the nation’s RM1 trillion debt.
NEW TOLL PLAZA AND SLIP ROAD IN SEREMBAN
Traffic congestion along Jalan Sungai Ujong in Seremban will be diminished upon the opening of a northbound Seremban toll plaza along the North-South Expressway. Motorists originating from Seremban 2, Bandar Seri Sendayan and Bukit Kepayang are no longer required to halt at a junction to turn right and correspondingly cross the busy Jalan Sungai Ujong, in order to access the former northbound toll plaza. The RM12 million slip road will provide added convenience to approximately 18,000 daily users. Construction of the 1.3km slip road began in January 2017 and was recently completed on May 31, 2018.
(The Star, 09/06/2018)
KTM DOUBLE TRACK PROJECT TO BE REVIEWED
The high cost and prolonged completion period are principal factors influencing the Government’s decision in reviewing Phase 2 of the KTM Klang Valley Double Track (KVDT) upgrade project. Upgrading works of the second phase is estimated to cost RM5.9 billion, with a lengthy 7 year completion period which would inconvenience and delay commuters. Phase 1 of the 42km KVDT upgrade project commenced in 2015 and will conclude in November 2019 (currently 60% completed). Phase 2 extends over 110km, which spans from the Kuala Lumpur Station to Klang (Selangor), Salak South (Kuala Lumpur) to Seremban (Negeri Sembilan) and Simpang Port Klang to Port Klang, both in Selangor.
(The Star & The Edge, 12/06/2018)
DOLPHIN INTERNATIONAL UNIT WINS RM6 MILLION CONTRACT
Dolphin International Bhd’s wholly owned subsidiary, Dolphin Construction Sdn Bhd, has been awarded with a RM6 million engineering and construction contract from Syarqiah Holdings Sdn Bhd. Dolphin Construction is predominantly involved in general and engineering contracting, which includes supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis. The work scope includes improving the entrance and exit lane for container trucks, improving the train track and container yard and constructing a three-storey office building.
(The Star & NST, 14/06/2018)
MUDAJAYA EYES MAJOR INFRASTRUCTURE PROJECTS
Mudajaya Group Bhd is planning for major infrastructure projects as the government shifts its dependence onto local contractors for the execution of such projects. In hopes of rekindling Penang’s highway project via the assistance of the Penang state government, the group is currently tendering for new projects such as solar farms and various hospitals.
(The Malaysian Reserve, 15/06/2018)
SETIA ALAM TO BENEFIT FROM SIX-LANE HIGHWAY
By the end of 2018, Persiaran Setia Alam, Selangor, which currently has two lanes in each direction, will have an additional lane on each side, thus transforming it into a six-lane carriageway. The RM13 million project has been approved by the Public Works Department (JKR) and functions as part of a development order for the Setia Alam Township by S P Setia Bhd. Widening works will extend for 3km from the Setia Alam Timur interchange to Jalan Meru. The road widening will additionally benefit residents from Klang, Meru and Kapar who usually use the road to reach Kuala Lumpur. Furthermore, two pedestrian bridges will be built from the Setia Alam Welcome Centre towards Persiaran Setia Dagang, and from Jalan Setia Prima S U13/S towards the Petronas station.
(The Edge, 15/06/2018)
NEW TENDER FOR RAIL PROJECT
The awarding of the second phase of the Klang Valley Double Track (KVDT) rail upgrade project has raised some queries by the Malaysian Transport Minister as it was awarded just days before the 14th General Election. Apart from the timing, the project’s cost was substantially high at RM5.9 billion, the completion period given to the contractor was lengthy and it was awarded via direct negotiations, with no open tender. Keretapi Tanah Melayu Bhd expressed the need for the implementation of Phase 2, as the current track is deemed “unsustainable”.
The entire project involved infrastructure and system upgrades to ensure safe, reliable and comfortable train services. The second phase of the KVDT was awarded to DMIA Engineering in partnership with Lembaga Tabung Angkatan Tentera (LTAT), at a cost of RM5.9 billion and a 7 year completion period. DMIA Engineering is similarly the contractor for phase one that is behind schedule, with a substantially high cost of RM53 million per km.
(The Star, 14/06/2018)
MOF WILL NOT FUND TRX INFRASTRUCTURE NEEDS
The Ministry of Finance will not inject additional funds into the Tun Razak Exchange (TRX) financial centre. It is understood that TRX is cash-strapped and the government will no longer provide additional funds. TRX currently requires funds predominantly for infrastructure development, which could cost between RM1.5 billion and RM2.5 billion. TRX encountered difficulties when TRX City’s proposed sale of 60% of its unit, Bandar Malaysia Sdn Bhd failed to go through in May 2017.
(The Edge, 09/06/2018)
SUBSTANTIAL FALL IN SP SETIA AND SIME DARBY PROPERTY SHARE PRICES
SP Setia Bhd and Sime Darby Property Bhd recorded a substantial decline in their share prices. The new government will investigate the Battersea Power Station deal and other major “dubious” property investments in the UK. A series of deals paid for by Malaysian sovereign funds and pension funds, which were brokered by the previous Barisan Nasional administration, are being revisited and will be “renegotiated”, if any “wrongdoings” are detected.
SIME DARBY PROPERTY AND SP SETIA SAY BATTERSEA POWER STATION PROJECT “PURELY AN INVESTMENT CONSIDERATION”
Sime Darby Property Bhd and SP Setia Bhd expressed in a joint statement that the Battersea development was purely an “investment consideration” and the project was acquired along with the Employees Provident Fund (EPF via a competitive tender process in September 2012. The site acquisition and subsequent costs of the Battersea development have apparently been fully funded by a combination of equity from shareholders and development debt provided on commercial terms by a mixed group of nine Malaysian and international lenders. The £458 million development loan for Phase 1 has been fully repaid ahead of schedule. Initial capital invested into the project by developers and the profit from the first phase is now being reinvested into developing subsequent phases. Permodalan Nasional Bhd (PNB) and EPF currently own a 67% equity stake in Battersea. PNB holds majority stakes in SP Setia and Sime Darby Property, which jointly own 80% of the equity in the development and EPF directly owns 20% of the development.
(The Star, The Edge Financial & The Sun, 14/06/2018)
DUTALAND SET TO GAIN OWNERSHIP OF LUXURY RESIDENCES
Property developer, DutaLand Bhd, will attain ownership over several luxury residences located within a prime location in Kuala Lumpur, following its property settlement agreement with the subsidiaries of Olympia Industries Bhd. DutaLand’s wholly-owned subsidiary, KH Estates Sdn Bhd (KHE), has entered into an agreement with Olympia Properties Sdn Bhd and United Malaysian Properties Sdn Bhd (UMP), for the settlement of a RM45.4 million debt. The property settlement agreement will involve the transference of 12 luxury residences, along with 39 car park bays located in Taman U-Thant, Kuala Lumpur, from UMP to KHE.
Olympia Properties owed KHE approximately RM81.2 million from a preceding joint-venture deal, of which RM57.48 million remains outstanding. The agreement was executed to partially settle the outstanding debt. The outstanding RM57.48 million debt will be set-off against the property settlement and balance sum of RM12.08 million, which is to be settled in cash either on, or prior to December 31, 2018.
(The Star, 15/06/2018)
ONE SIERRA SELLS STAKE IN MEDA
One Sierra Sdn Bhd has disposed of its entire 6.9% stake (33.45 million) in Meda Inc Bhd. The company’s completed property projects include The Summit Subang USJ, The Summit Bukit Mertajam in Penang, Aman Larkin in Johor, 10 Semantan in Kuala Lumpur and The Arc@Cyberjaya.
(The Star, 12/06/2018)
AFFORDABLE HOUSING COUNCIL TO BE OPERATIONAL IN AUGUST 2018
All affordable housing agencies will be placed under the proposed “Affordable Housing Council” to coordinate housing development, particularly with regards to the People’s Housing Project (PPR). The proposed establishment of the Council will help to ensure that housing issues regarding price, design and management will be dealt with, is in the midst of preparation and will be submitted to the government in early July 2018, with hopes of the Council being set up by August 2018. Affordable housing agencies in Malaysia include: the 1Malaysia Housing Corporation (PR1MA), Syarikat Perumahan Negara Berhad (SPNB), 1Malaysia Public Housing Project (PPA1M), 1Malaysia Transit Homes and the Federal Territory Affordable Homes (RUMAWIP). The Council will in its entirety.
(The Sun & The Edge Financial, 13/06/2018)
PLATINUM VICTORY LAUNCHES PLATINUM OUG RESIDENCE
Platinum Victory officially launched its latest project, Platinum OUG Residence, at its newly established sales gallery along Old Klang Road in Kuala Lumpur. The 41-storey condominium is located on 5.48-acres of land adjacent to the Muhibbah LRT Station. The project comprises 660 residential units, of which 440 units are 1,250 sq. ft. “dual-key type” studio units and the remainder comprises 220 affordable housing units of 850 sq. ft.
UOA REIT SELLS WISMA UOA PANTAI TO CIMB BANK FOR RM120 MILLION
UOA Real Estate Investment Trust (UOA REIT) is disposing of Wisma UOA Pantai to CIMB Bank Bhd for RM120 million. The disposal proceeds will be utilised to diminish existing bank borrowings. As the building was operating at a low occupancy rate, the disposal is in line with the intent of maximising returns to UOA REIT’s unit holders. As of April 2018, its occupancy rate was 19%, with the building (built up area of 294,535 sq. ft.) coming close to eleven years old.
(The Sun, 11/06/2018)
TGV PLANNING TO OPEN TWO MORE CINEMAS BY 2019
TGV Cinemas Sdn Bhd (TGV) is planning to open two more cinemas by 2019, in addition to its 34 nationwide multiplexes. These cinemas will be situated in ICT Mall, Shah Alam, and PacifiCity Mall, Sabah.
(The Star, 09/06/2018)
ECOWORLD GROUP STRENGTHENS LONDON PRESENCE VIA NEW JV
Eco World International Bhd and Willmott Dixon Holdings Ltd have launched EcoWorld London, fusing two market-leading companies to deliver in excess of 10,000 new homes across London and the South East of the United Kingdom. This is subsequent to the recent completion of a joint venture involving EcoWorld International, which acquired a 70% stake in Be Living, the residential development arm of Willmott Dixon. EcoWorld London will develop 12 sites in Greater London and the South East, with an estimated gross development value of over £2.6 billion.
(NST & The Star, 09/06/2018)
TIGER SYNERGY UNDERTAKES RM22 MILLION PROJECT IN KLANG
Tiger Synergy Bhd is to undertake a RM22.3 million mixed development in Sungei Kandis, Klang. Comprising either a residential or commercial component, the project will be executed on a joint-venture basis with the group’s wholly-owned units, Pembinaan Terasia Sdn Bhd and Harapan Handal Sdn Bhd.
(The Edge, 13/06/2018)
MAKING LUXURY RESORT LIVING A REALITY
The Eco Sanctuary project by Eco World Development Group Bhd is an eco-themed gated-and-guarded development comprising 4,000 residential units. Located to the south of Kota Kemuning in the Klang Valley, the 309 acre project has a gross development value of RM8 billion and has been launched in stages since 2015. It is targeted to be entirely completed within 10 to 12 years. The latest edition of luxury resort homes were launched on September 2017 under “Grandezza”, which comprises 260 bungalows and semi-detached homes that are expected to complete in two years. Eco Sanctuary will also feature mid-rise, “The Parque Residences” with 594 condominium units and Terraza with 164 low-rise courtyard homes.
(The Star, 09/06/2018)
NAZA TO LAUNCH RM350 MILLION NEW PROJECTS IN 2H18
Naza TTDI Sdn Bhd is expected to launch new projects worth RM350 million in 2H18, in addition to the retail component of MET 1 at its Kuala Lumpur (KL) Metropolis. The retail project is expected to provide alfresco dining, a food court, luxury showrooms and relevant properties targeted at the immediate Jalan Dutamas catchment area. The MET Corporate Office Towers by Triterra Metropolis Sdn Bhd and Arte Mont Kiara by Numestro Sdn Bhd are currently under construction at KL Metropolis. The 75.5-acre mixed-used KL Metropolis development, has a gross development value of RM20 billion and will remain as Naza TTDI’s “key focus in the central region”. Soon to be launched is The MET, the first Grade A stratified corporate office in KL Metropolis, with two towers standing at 30 and 42 storeys and also Arte Mont Kiara with a total of 1,706 serviced residence units, with a built up areas from 422 sq. ft. to 1,142 sq. ft.
(The Malaysian Reserve, 13/06/2018)
ASPEN ASSOCIATE GVL BUYS 71 ACRES SHAH ALAM LAND
Aspen Group Holdings Ltd, via its 30%-associate company Global Vision Logistics Sdn Bhd (GVL), has acquired 71 acres of leasehold industrial land in Section 16, Shah Alam, Selangor. The land was acquired from Chemical Company of Malaysia Bhd for RM190 million. GVL intends to develop the area into a sustainable integrated logistics, warehousing and e-commerce hub, with a minimum investment of RM600 million. The project will be dedicated to enhancing logistic facilities and is poised to offer prime integrated logistics expertise within the hub which will be approximately 3.3 million sq. ft. in size. The proposed development will comprise warehouses, storage areas, distribution centres, offices, e-commerce services, a transportation hub and packaging facilities, which will have direct access to major highways and the KTM rail network. The plot of land is strategically situated in close proximity to the Batu Tiga Toll (along the Federal highway) and is directly accessible via the Kampung Jawa KTM station.
The Edge, 14//06/2018)
THE DATAI LANGKAWI TO REOPEN ON SEPTEMBER 10, 2018
The 25-year old “The Datai Langkawi” resort will reopen on September 10, 2018, after the completion of 12 months of renovation works, which include a RM238.98 million overhaul of the resort. The renovation project is led by Didier Lefort of the award-winning Paris-based design studio, DL2A, who was the original interior designer of the resort back in 1993. Situated on the northwest tip of Langkawi Island, The Datai Langkawi resort is located within a 10 million-year old rainforest overlooking Datai Bay, which has been recognised by National Geographic as one of the world’s Top 10 beaches. The 121 room Datai Langkawi includes three Rainforest Pool Villas featuring an impressive deck and pool which were added during the renovation period and a new five-bedroom “The Datai Estate” spanning over an area of 37,000 sq. ft., which comprises spacious living rooms, games rooms, two 70 ft. connected pools, a 24-hour butler service and a private chef.
(The Edge, 12/06/2018)
PR1MA HOUSES TO BE REBRANDED AND BUILT IN PENANG
The 1Malaysia People’s Housing Project (PR1MA) will be built in Penang subsequent to it being renamed. The State Housing, Town and Country Planning Committee has proposed that PR1MA is renamed as “Harapan Malaysia People’s Housing”. Three locations have been proposed for these projects, including Gelugor and Batu Feringhi on the island of Penang and Permatang Pauh on the mainland. Penang’s authorities will submit a proposal to build the 1Malaysia Civil Servants Housing (PPA1M) in the state as it does not have any prior PPA1M projects.
(The Edge, 09/06/2018)
PENANG WANTS URGENT AMENDMENTS TO HOUSING DEVELOPERS ACT 1966
Penang insists that the Federal Government urgently amends the Housing Developers Act 1966 to prevent any owners of low and medium cost housing units from leasing their properties to third parties, including foreign workers. If possible, the state Housing, Town Planning and Local Government committee requires the amendments to be tabled in the first Parliament sitting scheduled for July 2018.
To appropriately house foreign workers, certain guidelines in Penang should be established, including building several hostel projects for workers, particularly for those employed in large-scale production-driven factories. The workers’ hostels are to be built and managed by operators, located in either commercial or industrial zones and are not situated within local resident housing estates. In Penang, four such projects are currently underway in Juru, Permatang Tinggi, Bukit Minyak and Mukim 12 on the mainland and Batu Maung on the island. It will create approximately 2,200 hostel units to accommodate around 24,000 foreign workers.
(The Sun & The Edge, 12/06/2018)
M-MODE SECURES RM260.57 MILLION CONTRACT FOR A MIXED COMMERCIAL PROJECT IN SABAH
M-Mode Bhd has secured a RM260.57 million contract to erect a 25-storey mixed commercial development at Jalan Tun Fuad Stephens in Kota Kinabalu, Sabah. M-Mode’s wholly-owned subsidiary, E&J Builders Sdn Bhd, has accepted a letter of award from Titijaya PMC Sdn Bhd, to appoint E&J as contractors for the proposed project. Completion is expected to conclude within three years, by May 2021.
(The Edge, 09/06/2018)