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MALAYSIA’S JUNE 2018 EXPORTS RISE 7.6% Y-O-Y

According to the Statistics Department of Malaysia, exports in June 2018 were valued at RM78.7 billion (an increase of 7.6% Y-o-Y), whereas import growth registered a greater increase of 14.9% Y-o-Y to RM72.6 billion and this resulted in a trade surplus of RM6 billion. The surplus was a trend reversal for the five previous months, whereby export growth was stronger than imports. Total trade, which was valued at RM151.3 billion, increased by RM15 billion or 11% from June 2017.

(The Sun, 06/08/2018)


SMES GREW 7.2% IN 2017

In 2017, Small and Medium Enterprises (SMEs) posted a growth of 7.2% to RM435.1 billion (2016: 5.2%), across all major economic sectors including services, manufacturing and agriculture. The SMEs’ Gross Domestic Product (GDP) contribution to the country’s overall GDP increased to 37.1% in 2017, from 36.6% in 2016.

(NST, 04/08/2018 & The Sun, 04/08/2018)


RM11.8 BILLION DECLINE IN FDI IN 2017

In 2017, Malaysia experienced a decline in foreign direct investment (FDI) totalling RM11.8 billion in equity outflow, amidst the trade war between the United States and China. Several factors have led to FDI withdrawals, including investors’ uncertainty in both domestic and international markets, increase in labour costs in the country especially for foreign labour in labour-intensive sectors and the country’s preference to focus on high-tech investment.

(The Star, 07/08/2018)


RM250 MILLION INVESTMENTS APPROVED IN PERAK

In 1H18, investments creating 371 jobs, in five projects worth RM249.8 million were approved in Perak, whereby approximately RM235.7 million stemmed from local investments and the remaining RM14.1 million constituted foreign investments were approved during the period.

(The Star, 08/08/2018)


“MORE PLANS NEEDED TO FUEL GROWTH”

The Malaysian Government may have to speed up the introduction of more growth-friendly policies as Malaysia could fall into its first recession in 10 years (either by the end of 2018 or 2019), as the country may potentially experience negative GDP growth for two consecutive quarters. Individuals could always seek advice and assistance from the Credit Counselling and Debt Management Agency (AKPK) in order to maintain healthy financial management by regularly monitoring their debt levels. Various macroeconomic indicators are currently pointing towards the oncoming economic slowdown, whereby the odds of a recession surfacing in the next 12 to 18 months are getting higher.

(NST, 08/08/2018)


MALAYSIA – THAILAND TRADE UP 17% IN 1H18

In 1H18, trade volume between Malaysia and Thailand grew 17% compared with the same period in 2017, mostly via border trade activities. Trade between Thailand and Malaysia amounted to US$21.9 billion (RM89 million), which denoted a 7.4% increase from 2016, contributed mainly by the industrial sector (electronics and automotive parts).

(The Star, 10/08/2018)


TAXABLE GOODS THRESHOLD RAISED TO RM1,000

The Malaysian Government has declared that the purchase limit of taxable goods for tourists from the mainland shopping in Langkawi has been raised from RM500 to RM1,000. The move was intended to encourage more tourist arrivals onto the island, thus uplifting the socio economic status of residents in Langkawi. However, the limit did not included items such as liquor and cigarettes.

(NST, 05/08/2018)


STATE PROJECTS TO BE ASSESSED BEFORE LOANS ARE GIVEN

The Finance Ministry will conduct a full assessment of state projects prior to granting soft loans. Though any state was welcome to make an application, the process itself would be lengthy as applications will also be reviewed from the perspective of the country’s financial situation.

(The Star, 06/08/2018)


ONLY ONE DEVELOPMENT PROJECT DISCONTINUED

Only one development project allocated RM5 million, has been discontinued, while 278 projects allocated RM1.77 billion have been suspended. While the Ministry of Economic Affairs did not disclose the name or nature of the discontinued and suspended projects, a total of 4,946 projects have been approved under the Malaysian Government’s development expenditure for 2018. However, their implementation is subject to the Malaysian Government’s future monetary policy and position. Mega projects such as the High Speed Rail (HSR), East Coast Rail Link (ECRL), Multi Product Pipeline (MPP) and Trans Sabah Gas Pipeline (TSGP) are also being reviewed.

(The Edge Property, 06/08/2018 & The Edge Financial, 07/08/2018)


SPECIAL PANEL ON DBKL LAND SALE TO HAND REPORT TO THE FEDERAL GOVERNMENT AND KL CITY PLAN TO BE GAZETTED IN 2018

Recommendations from the special committee that was set up to examine the sale of 64 lots of land made by the Kuala Lumpur City Hall (DBKL) will be handed over to the Malaysian Federal Government. The land is valued at RM4.28 billion and the sale was executed without an open tender.

Meanwhile, the Kuala Lumpur City Plan 2020 which had been postponed for a lengthy period will be gazetted in 2018, despite the short implementation period of merely two years. Though the plan was previously prepared in 2008 and was meant to be gazetted in April 2015 after going through the protest process, public outreach and the collection of development data.

(The Edge Property, 06/08/2018 & The Edge Financial, 07/08/2018)


NO PLAN TO REVIEW RM10 FOREIGN TOURIST TAX

The Malaysian Government has no plans to review the RM10 tourism tax on foreign tourists as the rate charged is minimal and was not burdensome as there have been no complaints from foreigners. As of June, 2018, the tax has netted RM146 million since it was introduced in September 2017.

(The Sun & The Edge Financial, 07/08/2018)


PARLIAMENT PASSES SALES TAX BILL 2018

On August 7, 2018, the Sales Tax Bill 2018 was passed and forms part of the Sales and Services Tax (SST) regime which will be implemented on September 1, 2018. The Service Tax Bill 2018 will be debated by Members of Parliament on August 8, 2018, along with the Goods and Services Tax (Repeal) Bill 2018, which will mark the end of the GST when it is passed. According to the Sales Tax Bill, a 10% sales tax will be charged and levied on any taxable goods manufactured in Malaysia, which includes those sold, used or disposed of by a registered manufacturer. It also applies on taxable goods imported into Malaysia by any individual. As for the Services Tax Bill, a 6% service tax will be charged and levied on any taxable services provided in Malaysia by a registered person, throughout the course of carrying out the business.

(The Edge Financial, The Sun & NST, 08/08/2018)


MALAYSIANS CAN ENJOY DINING OUT AS 7,000 EATERIES EXEMPTED

Malaysians can look forward to eating out more and enjoying a better quality of life with more than 5,000 items exempted under the Sales and Service Tax (SST). With the proposed SST, approximately 7,000 restaurants and food outlets that rake in less than RM1 million annually will also be exempted from the tax. Accommodation and food provided by private hospitals and prepaid cards will also be exempted from the SST. In order to spare small businesses and traders the burden of tax compliance costs, the SST threshold would be fixed at RM500,000 for all services. However, no threshold is fixed for the issuance of credit and charge cards, including the supply of electricity to domestic users. Services that will be imposed the 6% service tax include gambling activities such as lotteries, casinos, clubs, and turf clubs. The definition for hotel accommodation will be expanded to include bed and breakfast, shared accommodation, serviced apartments and homestays, whereby these would be imposed the 6% tax. Business-to-business (B2B), insurance and takaful services, would be expanded to include general insurance for individuals, but excluding medical insurance. Under the SST, all forms of night clubs, private clubs, golf clubs and golfing ranges will also be taxed. Also taxable are telecommunication services with add-on services such as internet services and paid television services.

(The Edge Property, 08/08/2018, The Sun, The Star & NST, 09/08/2018)


SST GETS GO AHEAD IN DEWAN RAKYAT

On August 8, 2018, Dewan Rakyat passed a proposal to implement the Sales and Services Tax (SST) system from September 1, 2018, after previously approving the Services Tax Bill 2018 and the Goods and Services Tax [GST] (Repeal) Bill 2018. The repeal Bill came after the lower house had passed the Sales Tax Bill 2018 on August 7, 2018, and the Services Tax Bill 2018 on August 8, 2018. Under the new tax system, sales of goods will incur a 10% tax, while the provision of services will be taxed at 6%. According to the Ministry of Finance, a total of 5,443 items would be exempted under the SST and approximately 43.5% of all services would be subject to the SST.

(The Edge Financial, The Sun, The Star & NST, 09/08/2018)


PERAK GOVERNMENT TO REVIEW ALL PROJECTS 15% DONE OR LESS

The Perak State Government will suspend all “mega” projects that are 15% completed or less in order for them to be reviewed. The decision was taken by the Federal Government via the Northern Corridor Implementation Authority (NCIA) and the Bagan Datuk Water City (BDWC) project was among those suspended. There were 15 government institutions planned for development under the BDWC, of which only the state administrative complex project was given approval to proceed.

(The Edge Property, 09/08/2018)


PERAK GOVERNMENT SEEKS TO BRING DOWN PROPERTY PRICES

The Perak State Government is looking at ways to reduce property prices in the state. These include lowering taxes and development charges which the government imposes onto property developers. The government is additionally looking at options for developers which are unable to comply with the current price-based composition of projects. Currently, developers of projects in the state must build 20% of affordable homes, 20% of medium-cost homes and 10% of low-cost homes. However, those who do want to build low- or medium-cost homes are required to pay a charges to the Perak Housing and Property Board to subsidise low-cost housing schemes.

(The Edge Property, 09/08/2018)


SELANGOR WILL MAINTAIN LAND FOR FARMING

Farmers in Selangor have been given the assurance from the Selangor State Government that existing plots of agricultural land will be protected so that they will not be taken up for other purposes, such as housing development. The Selangor State is already short of agricultural land with merely 12% available for farming.

(The Star, 10/08/2018)


E-VISAS FOR APPROVED MM2H APPLICANTS BY THE END OF 2018

The Immigration Department of Malaysia is expected to introduce e-visas for approved Malaysia My Second Home (MM2H) applicants by the end of 2018, to ease the traffic at immigration centres and reduce the processing time. The department is planning to introduce the Electronic Visa Approval Letter (EVAL), to allow MM2H participants to apply for their visa online via the immigration system or to appoint their MM2H agent to do so. The system will also ensure a smooth process as it will notify the applicant of any missing documents, in addition to the applicant being able to track the latest status online.

(The Edge Property, 09/08/2018)


 

ROAD IN SERI KEMBANGAN COMPLETED AFTER 20-YEAR WAIT

After 20 years, the road connecting Jalan Jinma 7 to Jalan Besar in Seri Kembangan has finally been completed and opened. The road was meant to be constructed in 1998, but certain objections from residents arose. The road was constructed by Khuan Choo Development Sdn Bhd as part of the requirements for developing SK One Residence, a mixed development comprising serviced apartments and retail shop-lots on Jalan PSK 3 in Taman Bukit Serdang. The RM600,000 road was completed at the end of July 2018, upon agreement by the residents’ associations in the area.

(The Star, 04/08/2018)


MAVCOM TO REVIEW PSC RATE

The Malaysian Aviation Commission (Mavcom) is looking to regulate a new passenger service charge (PSC) rate at each and every airport terminal in the country accordingly. Despite being fully equalised earlier in 2018, the PSC would vary according to each of the airports’ service level. Mavcom is reviewing the PSC based on the funding models of various airports as only some are profitable. As of January 1, 2018, the PSC rates across all airports in Malaysia stand at RM11 for domestic destinations, RM35 for Asean destinations and RM73 for international destinations.

(The Malaysian Reserve, 06/08/2018)


DECISION TO BUILD PHASE 3 LPT WILL BE ANNOUNCED IN BUDGET 2019

In November 2018, the decision whether to proceed with the construction of the Phase Three East Coast Highway (LPT) connecting Kuala Terengganu in Terengganu to Pengkalan Kubur in Kelantan, will be announced as part of Budget 2019. The Malaysian Government’s consideration for the construction of the 147 km expressway (proposed during the 11th Malaysia Plan in 2015), is however contingent on accounting for latest government finances.

(The Edge Property, 06/08/2018)


PROPOSED ONE-WAY LOOP FOR KLANG

The 350m Jalan Tengku Kelana stretch in Klang is being turned into a one-way loop as part of a proposed traffic realignment. However, it will firstly require an assessment of access roads of surrounding buildings and the corresponding impact on traffic at intersections. The route will enable those coming from Musaedin Bridge to turn left, whereas those coming from Jalan Tengku Diaudin can turn right onto Jalan Tengku Kelana or go left onto Jalan Musaedin. Motorists coming from the Simpang Lima roundabout would have to turn into Jalan Taliair and enter Jalan Tengku Diaudin via Jalan Mohet, prior to turning right onto the 350m long Jalan Tengku Kelana.

(The Edge Property, 06/08/2018)


GOVERNMENT TO MAINTAIN LRT3’S PDP

The Malaysian Government plans to maintain the current Light Rail Transit Line 3’s (LRT3) project delivery partner (PDP) to avoid heavy compensation payout as it will cost RM4.2 billion if a new tender were to be opened for a new PDP. The project was renegotiated as a fixed fee contract instead, which meant that the fee which was paid to the PDP at 6% (under the old rate), is no longer relevant. In September 2015, Prasarana Malaysia Bhd appointed MRCB George Kent Sdn Bhd (a joint-venture between George Kent (M) Bhd and Malaysian Resources Corp Bhd) as the PDP for the LRT3 project. Key steps taken by the Malaysian Government to reduce the cost of the project include reducing the total number of orders from 42 sets of six-coaches to 22 sets of three-coaches and reducing the size and design of LRT stations according to the Kelana Jaya LRT ranks, rather than building it as large as other mass rapid transit stations. The government has also deferred the construction of five stations which are expected to have low passenger numbers and have cancelled three others. The timeline to complete the LRT3 project has been deferred from 2020 to 2024 to further reduce construction costs that were originally raised to expedite the completion of the project.

(The Malaysian Reserve, 08/08/2018)


AIRASIA DIRECT FLIGHTS TO PHU QUOC FROM NOVEMBER 2, 2018

AirAsia Bhd has launched a direct service between Kuala Lumpur and Phu Quoc in Vietnam, with four weekly flights commencing operations on November 2, 2018. Travellers can connect seamlessly to Phu Quoc via Kuala Lumpur from 20 cities in 10 countries, namely China, India, Australia, Indonesia, Japan, Korea, the Philippines, Thailand, Singapore and Malaysia. Phu Quoc marks AirAsia Malaysia’s 59th route and the 5th route between Malaysia and Vietnam following Ho Chi Minh City, Da Nang, Hanoi and Nha Trang.

(NST & The Star, 08/08/2018)


 

RFID TECHNOLOGY TO BE USED FOR TOLL PAYMENTS IN SEPTEMBER 2018

From September 2018, Touch ‘n Go Sdn Bhd (TNGSB) will launch the Radio Frequency Identification (RFID) technology to users of major highways in Malaysia. Additional tests will be carried out on September 3, 2018, to help TNGSB improve any shortcomings prior to the implementation of the RFID on highways across the country in January 2019.

(The Edge Financial, The Star & NST, 09/08/2018)


FREE BUS SERVICE TO START IN MELAKA ON AUGUST 20, 2018

A free bus service to be operated by the state government of Malacca’s subsidiary, Panorama Melaka Sdn Bhd, will be launched on August 20, 2018, at Melaka Sentral. The free bus service will connect several locations including the Melaka Sentral-Hospital, Melaka International Trade Centre (MITC) and the Melaka Sentral-Melaka Transit Market.

(The Edge Property, 09/08/2018)


KULIM AIRPORT “TALKS” TO RESUME

The Kedah State Government will resume “talks” surrounding the Kulim International Airport (LTAK) project, which was previously put on hold due to its high cost, estimated at RM4 billion, which has been reduced to approximately 6 billion. The airport project (construction process) may be executed based on the original plan, which involves cargo carriers and does not warrant a huge terminal.

(The Edge Property & NST, 10/08/2018)


SELANGOR INTRODUCES E-CHARTING TO ADDRESS LAND OWNERSHIP PROBLEMS

The Selangor State Government has introduced a new system known as e-Charting, to facilitate the resolution of issues for the Land and District Offices (PTD), with regards to overlapping claims of land ownership that are in line with its ‘Smart Selangor’ development plan. The system is aimed at facilitating the search of land records by counter staff, whilst simultaneously meeting customer satisfaction. The e-Charting system enables land applications and plans, which can be seamlessly accessed from a single source, to be stored digitally and reliably. “e-Charting” is a web-based Geographic Information System (GIS) application, which is aimed at facilitating the preparation of integrated plans, reports, updates and storage of geospatial data.

(The Edge Property, 06/08/2018)


UEM SUNRISE ON TRACK FOR RM1.2 BILLION SALES

In 2018, UEM Sunrise Bhd is on track to achieve its full-year sales target of RM1.2 billion, partly supported by improved buying sentiment in the property market. The group has seen a pick-up in sales in 1H18, which was partly contributed by the improving buying sentiment after the 14th General Election. To date, the group has achieved between 60% and 70% of its target and is launching more projects in 2H18. The group is offering great savings to the public and smart investors for 300 units of UEM Sunrise homes with prices starting from RM293,000, which are situated across seven of its projects in Cyberjaya and Johor Bahru. The projects are: Teega Puteri Harbour, Almãs Puteri Harbour, Estuari Gardens Puteri Harbour, Residensi Ledanh Puteri Harbour and Bayu Angkasa both in Iskandar Putreri and Verdi Eco-dominiums and Symphony Hills in Cyberjaya.

(NST, 04/08/2018 & The Sun, 06/08/2018)


SKH CONSORTIUM SEEKS TO DIVERSIFY INTO PROPERTY DEVELOPMENT, INVESTMENT

SKH Consortium Bhd has proposed to diversify its business to include branches of property development and property investment, as part of the group’s business plan to improve its financial performance. As part of its diversification plan into property development, SKH is proposing to acquire an 80% stake in Kepayang Heights Sdn Bhd for RM13.6 million, which owns a 19.5 acre piece of land in Bentong, Pahang, with a market value of RM15.5 million. The group has commenced a feasibility study on the proposed land development into a mixed residential project. SKH is also looking to acquire a 70% stake in Rimbun Gabungan Sdn Bhd for RM12 million, which will be granted with an irrevocable, unconditional and full power of attorney from Rimbun Purnama Sdn Bhd (RPSB) to undertake an affordable housing development project, with a gross development value of RM252 million, situated on a piece of government land in Setapak. For the property investment arm, in addition to the four-storey shop office located in Masai, Johor, which was acquired in 2014, the group has acquired eight additional properties during and after the financial year ended March 31, 2018 (FY18). These properties are located in Johor and Selangor and have been classified as investment properties in its financial statement. Barring any unforeseen circumstances and subject to obtaining the approval of the shareholders of SKH, the board expects the proposed diversification to be completed in 2H18.

(The Edge Financial & The Sun, 07/08/2018)


ADVANCECON AND UZMA AWARDED WORK CONTRACTS

Advancecon Holdings Bhd’s wholly-owned subsidiary, Advancecon Infra Sdn Bhd (AISB), has accepted a RM27.3 million contract from Sime Darby USJ Development Sdn Bhd to construct and complete works on the Puloh and Parit Enam rivers in Klang, Selangor. Commencing on August 20, 2018, and scheduled to be completed by August 19, 2019, AISB’s contract scope includes “river upgrading works”.

(The Malaysian Reserve, 08/08/2018)


BINTAI KINDEN SECURES RM13.3 MILLION JOB

Bintai Kinden Corp Bhd’s wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), has accepted a RM13.3 million subcontract from Malaysian Resources Corp Bhd’s (MRCB) subsidiary, MRCB Builders Sdn Bhd. KBK will undertake works of supplying, delivering, installing, testing and commissioning electrical works in connection with the construction and completion of elevated stations and other associated works at Cyberjaya City Centre and Putrajaya Sentral.

(The Sun, 10/08/2018)


 

INTA BINA AWARDED RM62 MILLION CONSTRUCTION JOB

Inta Bina Group Bhd has secured a RM62.64 million construction contract from DTLM Design Group Sdn Bhd for the appointment as the main contractor to construct 79 bungalows, two TNB substations and two guard houses for Eco Majestic Sdn Bhd in Hulu Langat, Selangor. Pursuant to the contract, the scope of works includes superstructure, architectural, mechanical and electrical works. The contract period will span 20 months commencing on August 15, 2018.

(The Edge Financial & The Sun, 08/08/2018)


NWP AFFORDABLE HOUSING PROJECTS TERMINATED

NWP Holdings Bhd’s affordable housing projects are now shelved as it has terminated the turnkey construction heads of agreement (TCA) between wholly-owned subsidiary, NWP Builder Sdn Bhd, and M2B World (M) Sdn Bhd. Worth RM749 million, the TCA encompasses six projects to construct affordable housing under SPNB Aspirasi and Perbadanan Prima Malaysia in Selangor, Sabah, Pahang and Kelantan.

(The Sun The Star, 10/08/2018)


GOVERNMENT: TAMAN RIMBA KIARA WILL NOT BE DEVELOPED

The Ministry of Federal Territories will review a proposed development involving the construction of eight blocks of 42 and 52 storey high-end serviced apartments and one 30 storey affordable housing block in Taman Rimba Kiara in Kuala Lumpur. The Ministry has also requested that informed Yayasan Wilayah Persekutuan revisit the proposed plan in Taman Rimba Kiara. The ministry will reject the proposed development if it takes up any portion of the existing Taman Rimba Kiara park.

(The Edge Property, 07/08/2018)


LEMBAH SUBANG 1 PPR TO BE REDEVELOPED IN 2019

In 2019, the Housing and Local Government Ministry (KPKT) will redevelop the Lembah Subang 1 People’s Housing Project (PPR) in Selangor. Though the flats are about 18 years old, they have deteriorated faster than they should due to inefficient management. A new committee will monitor the redevelopment, which involves 3,004 units within eight housing blocks. According to the new National Housing Policy scheduled to be released in September 2018, KPKT is looking into various models and concepts to provide larger and “more comfortable” homes.

(The Edge Property, 08/08/2018)


 

SPRITZER UNIT TO BUY OFFICE SUITES FOR RM4.25 MILLION

Spritzer Bhd’s wholly owned subsidiary, Chuan Sin Sdn Bhd, is acquiring three units of office suites at Vida Bukit Ceylon from Spritzer Resources Sdn Bhd for RM4.25 million, in a related party transaction. The proposed acquisition is for Chuan Sin to establish a corporate office in Kuala Lumpur.

(The Sun, 10/08/2018)


REGUS MALAYSIA OPENS LATEST SUBANG JAYA WORKSPACE

Regus Management Malaysia Sdn Bhd (Regus Malaysia), a flexible working solutions provider, has opened its latest “co-working” space in Menara Summit, which is situated in Subang Jaya, Selangor. Within Malaysia, the group already has 32 workspaces in locations across Kuala Lumpur, Selangor, Penang, Johor, Kota Kinabalu and Labuan. The company recorded an average take-up rate of 73% across all their workspaces and have already recorded an occupancy rate of approximately 10% for the Menara Summit workspace. In 2018, the group has three more offices in the pipeline for Malaysia, which include one each in the Klang Valley, Kota Kinabalu, Sabah and Johor.

(The Malaysian Reserve & NST, 10/08/2018)


 

MPH BOOKSTORE IN 1 UTAMA CLOSES DOWN AFTER 15 YEARS

After 15 years, the MPH Bookstore in 1 Utama Shopping Centre has closed down. Closure of the 1 Utama outlet leaves the chain with less than 30 operational outlets across Malaysia. Bricks and mortar bookstores have faced competition from online options available, including e-books and online bookstores.

(The Edge Property, 08/08/2018)


KL CITY WALK PHASE 2 TO BE LAUNCHED BY THE END OF 2018

The second phase of KL City Walk (KLCW) is expected to be launched by the end of 2018. The 416m walk is targeted to provide an “experiential spot” with an innovative approach to food and beverages (F&B), arts and events, whereby 80% F&B outlets and 20% service centres are being complemented with art installations by local artisans along the street. The Ministry of Tourism, Arts and Culture (Motac) will promote the pedestrian walk to become one of the city’s major tourist spots within the next three years.

(The Malaysian Reserve, 09/08/2018)


PARADIGM MALL PJ TO UNDERGO TRANSFORMATION

Paradigm Mall PJ will be undergoing its first asset enhancement initiative since it opened in May 2012. The first phase is expected to be completed by October 2018, while the second phase is scheduled for completion by 2019. Enhancements include the addition of new eateries and a food court at level LG; an expanded alfresco dining area at the Boulevard on level G and reinvigorated entrances with better accessibility and flow. The entire LG level will house supermarkets, Food & Beverage outlets and services outlets, whereas level CC will host local fashion stores, bags and leather goods, time pieces, and jewellery. Level UG will be transformed into a beauty and wellness zone, whereas Level 1 will house stores related to home and living, digital, kids’ entertainment and toys. Additionally, level 2 will offer fast food, gifts and souvenirs, a bookstore and sports, whereas the cinema will remain on level 3. The car park will also be enhanced via the implementation of a car park guidance system and improved lighting. The mall has recently welcomed 19 brands into its premises including Gong Cha, Go Noodle, Original Classic, Old Town White Coffee (24-hours), Puma, ViQ, Aibi, Milky Way Playspace, U Mobile, Sorella, Felancy, Aphrodite, Tai Croissant, XES Signature, One Roast Kitchen, Luvbite, Rampage Ultron, Funkids and Trinity. New additions coming onboard in 2H18 include KFC, Sushi King, Aroi Thai, Sepiring, Sukiya, Toast Box, Canton Kitchen, Ipoh Ais Kopi, KD Hong Kong, Liang Sandwich Bar, I Love Yoo, Nam Heong Ipoh, Chatime, Cuckoo, Itsu, G-Shock Store, I Care Dental, KB Fun, Jac’s Optometry, Mr DIY, Shake Shake and the mall’s first and only food court, Food Arcade.

(The Edge Property, 06/08/2018)


SGX-LISTED HATTEN LAND UNVEILS PLANS FOR MELAKA WATER THEME PARK

Singapore Exchange (SGX) listed, Hatten Land Ltd, has unveiled plans to develop a RM200 million water theme park within Melaka’s Harbour City in Pulau Melaka to catalyse the state’s tourism industry. The 500,000 sq. ft. water theme park project known as Splash World @ Harbour City, will be undertaken in collaboration with Samsung C&T Corp and Polin Waterparks. With an estimated development cost of RM200 million, the theme park is scheduled for completion by the end of 2019 and is expected to be opened in 1H20. Hatten Land expects Splash World @ Harbour City to attract between 850,000 to 1.0 million visitors annually during its first year of operations.

(The Edge Property, 07/08/2018 & The Edge Financial, 08/08/2018)


BBCC PHASE 2 TO COMMENCE IN 2019 WITH THIRD SERVICED APARTMENT BLOCK

The RM8.7 billion Bukit Bintang City Centre (BBCC) situated at the 19.4 acre former Pudu Prison site in Kuala Lumpur is set to kick-start Phase 2 with the launch of its third serviced apartment block in 2019. Scheduled for launch in 3Q19 and set for completion by 2025, Phase 2 comprises three blocks of serviced apartments, an office tower and the BBCC signature tower, which will house a hotel and serviced residence.

(The Edge Property, 10/08/2018)


AGREEMENT SIGNED FOR AUTOMOTIVE INDUSTRIAL AREA

Perbadanan Kemajuan Negeri Perak (PKNP) has entered into an agreement with Mobile Starhill (M) Sdn Bhd to develop an automotive industrial area in Muallim, Perak. Approximately 98.8 acres of land, in close proximity to Proton City, will be developed and the project is expected to be the largest in South-East Asia.

(The Star, 09/08/2018)


AXIS REIT PLANS TO ACQUIRE INDUSTRIAL FACILITY FOR RM18.5 MILLION

Axis Real Estate Investment Trust (Axis REIT) is proposing to acquire an RM18.5 million industrial facility in Negri Sembilan. The facility comprises a three-storey office annexed with a 1.5 storey warehouse factory and other ancillary buildings located on 4.21 acres of freehold land within the Senawang Industrial Park. The building is currently tenanted by Nippon Wiper Blade (M) Sdn Bhd for a fixed 10 year lease, which commenced on July 1, 2016.

(The Star & The Sun, 09/08/2018)


PORT KLANG TO KEEP GROWING

In 2017, Port Klang’s overall volume is optimistically expected to rise between 3% and 4%, after a difficult 2017 due to the shipping industry’s realignment and the formation of a new alliance that witnessed carriers moving their cargo to Singapore. The port operators (Westports Holdings Bhd and Northport (M) Bhd) expect volume to rebound, as assisted by prospective growth in the shipping industry.

(The Malaysian Reserve, 09/08/2018)


NEW PROTON 4S CENTRE OPENS IN KLANG

On August 5, 2018, Vantage Speed Sdn Bhd officially opened its new 4S dealer outlet in Klang. The outlet is situated in an industrial area on Jalan Kebun (Klang’s second main road). With a built up area of 26,027 sq. ft., the outlet comprises 14 service bays, 10 body and paint bays, and could accommodate up to 10 vehicles in the showroom area.

(The Sun, 10/08/2018)


LALAMOVE PLANS TO EXPAND TO JOHOR AND PENANG

Global on-demand logistic service provider, Lalamove, which covers same-day deliveries in the Kuala Lumpur vicinity, plans to launch in Johor and Penang in approximately 6 to 12 months. Lalamove leverages on the power of the web, mobile app technologies and the sharing economy, to match drivers with customers and SME businesses to fulfil same day deliveries. It allows for delivery services requests that utilise motorbikes and cars.

(The Sun & The Malaysian Reserve, 10/08/2018)


A THEME PARK WOULD DRAW MORE TOURISTS TO LANGKAWI

A theme park can serve as a product to be developed in Langkawi in attracting more tourists to the island. The island currently has sufficient land to be used to commence such a project and some Malaysian companies have demonstrated their capability for its implementation. The government also has some plans to attract more tourists to the island by providing facilities for tourism products in the mountains and the islands around Langkawi. The mangrove swamps are also unique attractions and should be provided with convenient facilities to enable tourists to enjoy them.

(NST, 05/08/2018)


BIG PLANS FOR PULAU BESAR

The state government will develop and rebrand Pulau Besar as a tourist resort and free trade zone in efforts to eliminate superstitious activities on the island. The development will need proper planning as it involves several issues, including the application for a tax-free zone for numerous products besides liquor, which had been obtained earlier, and the land ownership on the island involving several individuals besides the Melaka State Development Corporation.

(The Star 06/08/2018)


PERAK CORP TO WRITE OFF RM33 MILLION ON DREAMWORKS’ EXIT

The Movie Animation Park Studios (MAPS) in Meru, Ipoh, has faced a major setback after Perak Corp announced that its main attraction, DreamWorks Animation, will be terminated. Perak Corp’s indirect 51%-owned subsidiary, Animation Theme Park Sdn Bhd (ATP), officially discontinued the licence agreement dated January 1, 2013, entered with DreamWorks Animation LLC or the establishment and operation of DreamWorks’ attractions within the MAPS, effective August 1, 2018.

(The Sun, The Star, NST & The Edge Financial, 09/08/2018)


NEW ZEALAND EYES HEALTHCARE TECHNOLOGY TIE-UPS WITH MALAYSIA

New Zealand sees potential for bilateral cooperation with Malaysia in health technology. Malaysia’s healthcare segment is expected to contribute RM50.5 billion to gross national income by 2020, as outlined by the Economic Transformation Programme. Similar to numerous countries across the region, Malaysia is faced with changing patient needs caused by an ageing population and the growing prevalence of chronic disease. The healthcare sector is looking for smart technology solutions to create greater value for both the providers and patients.

(NST, 06/08/2018)


GOVERNMENT TO LOOK AT MEASURES TO UPGRADE DILAPIDATED PI1MS NATIONWIDE

The Ministry of Communications and Multimedia is looking at measures to upgrade government-built 1Malaysia Internet Centres (PI1Ms) across the country, which are in a state of disrepair or are no longer functioning. A total of 860 PI1Ms have currently been established and are fully operational nationwide.

(The Edge Property, 07/08/2018)


PERAK ADMIN BUILDING MAY BE MOVED TO MERU RAYA

The Perak State Government is proposing to move its administrative centre to Bandar Meru Raya as it is rapidly developing with numerous federal government departments and agencies already located there. The move will make it easier for individuals dealing with government departments and it will be studied holistically in order to account for social needs and public transportation networks.

(NST, 08/08/2018)


UPGRADE FOR 11 HOSPITALS

The Ministry of Health will upgrade 11 non-specialist hospitals nationwide into minor specialist hospitals to further extend medical specialist services to rural areas. To date, there are 145 government hospitals, including 75 specialist hospitals, 18 minor specialist hospitals, 14 state hospitals, 10 special institutions / hospitals and 8 major specialist hospitals. The ministry plans to build six new specialist hospitals under the 10th and 11th Malaysia Plans, subject to the current financial situation and availability of manpower.

(The Edge Financial, 10/08/2018)


NO CABLE CAR FOR TAIPING’S BUKIT LARUT

The Perak State Government has no plans to build a cable car service for the hill station in Taiping, but will instead maintain the existing Land Rover service as the main transportation service for Bukit Larut. To date, the government has between five and seven Land Rover jeeps available. The government will try to increase the number of vehicles to improve the transportation service.

(The Edge Property, 09/08/2018)


MINISTER: DATABASE COULD IDENTIFY BUYERS OF AFFORDABLE HOMES

The Ministry of Housing and Local Government opines that a central database on home ownership may assist in resolving housing issues. Information on potential buyers made available to authorities and developers will help with the reconfiguration of supply and demand, apart from identifying first-time home buyers in order to differentiate them from Malaysians who already own more than one home.

(The Edge Property, 04/08/2018)


AFFORDABLE HOUSING, “A COMPLEX MATTER”

Land-related matters fall under the jurisdiction of states instead of the federal government. A major revenue source for the state government of Selangor included land title premiums and quit rent contributions of RM1.73 billion, or 70% of state income for the year 2016. In Penang, Pahang, and Kedah, 48% of state income was generated by land-revenue, whereas Johor stood at 51% and Melaka was 60%. To generate additional income, states may sell land, tender rights for development, increase quit rent and other taxes, or process the conversion of land usage rights. If state governments were to give up strategic land for the development of affordable and low-cost housing, state income may be affected, hence the need for a reasonable way of compensating states for their potential losses.

Differences in income levels across states may cause further complications, as the concept of “affordability” to an individual in Selangor might be different from what is considered “affordable” to someone from another state. Using the three-time median annual household income multiple gauge, and the 2016 median household income of RM5,228 a month, the affordable housing threshold would stand at RM188,208. In Kuala Lumpur, the threshold stands at RM327,000, while the Kelantan threshold is RM111,000. The average all-house price for Kelantan is RM157,000, whereas home ownership was among the highest in the country at 83.9% in 2016. In Selangor, home ownership stood at 70.2%.

(The Edge Property, 04/08/2018)


MARKET “MAY STABILISE” IN 2018, SAYS NAPIC

In 2018, the property market “may stabilise”, but property developers are not taking any chances due to the challenges they have been facing over the past few years. Malaysians are still concerned about buying a house, despite the abolishment of the Goods and Services Tax (GST) that was first implemented in April 2015. Since June 2018, when the GST became zero-rated, sales for new housing projects and properties in the secondary market increased. However, the buying trend is expected to become subdued as soon as the Sales and Services Tax (SST) is reintroduced in September 2018. Tax is not the only thing impacting the market as other issues which may arise include challenges in getting home financing and having insufficient funds for a down payment. The National Property Information Centre (Napic) foresees a favourable economic outlook, accommodative monetary policy and continuous incentives for the housing sector, which would “largely sustain the property market momentum”.

(The Star, 09/08/2018)


PROPERTY INVESTORS TO MAKE COMEBACK

The property market is set to gradually improve in the years leading up to 2020 after bottoming out in 2017, with transaction volume hitting the lowest point (311,824 transactions) since 2012. The market is expected to continue experiencing “confidence-gaining growth”, supported by improving fundamentals. The implementation of new policies by the government such as plans to introduce and manage the supply of affordable housing and the forthcoming budget are anticipated to help boost the property market.

(NST, The Star & The Edge Financial, 10/08/2018)


HIGH BORROWING COSTS FOR OVER 90% OF GOVERNMENT’S LOANS FOR DEVELOPMENT

In 2017, more than 90% of loans raised by the Malaysian Federal Government to finance its development expenditure had high borrowing costs of RM44.88 billion, which is equivalent to an increase of 6.88%, from RM42 billion in 2016. In 2017, the Malaysian Government also added RM129.25 billion in new borrowings to its Consolidated Borrowings Account, of which 99.95% were raised domestically, while the remainder comprised borrowings from overseas. This was an increase of 29.4% from RM99.86 billion new debts raised in 2016. Of the total borrowings raised in 2017, approximately 68.7% or RM88.45 billion was used for loan repayments, while the remainder was transferred to the Malaysian Government’s Development Fund Account.

(The Edge Financial, 07/08/2018)


 

PROPERTY PORTAL LAUNCHES MORTGAGE CHECK SOLUTION

Online property portal, PropertyGuru, has launched a Mortgage Pre-Qualifier, which provides house buyers with a “qualified mortgage check”, and gives an estimate on how much a bank is willing to approve. The solution is part of its “Own Your Home Programme” that aims to enable 100,000 prospective house buyers to overcome house affordability issues by 2020.

(The Sun, 10/08/2018)


MM2H APPROVED APPLICANTS EXPECTED TO DOUBLE BY THE END OF 2018

The Tourism, Arts and Culture Ministry (Motac) expects the number of approved applicants under the Malaysia My Second Home (MM2H) programme to double by the end of 2018, from the current 1,009 approved applicants as of June 2018. In 2017, MM2H secured 6,195 approved applicants, with the aid of aggressive promotions and efforts put in by the ministry to promote the programme. Approximately 40,000 MM2H applications have been approved from more than 130 countries since 2002 up to the end of June 2018, with China maintaining its position as the top participating country with 11,820 approved applications. This is followed by Japan with 4,618, Bangladesh (4,018), United Kingdom (2,608), Korea (2,069), Singapore (1,421), Iran (1,381), Taiwan (1,347), Pakistan (1,017) and India (1,008). The ministry is also reviewing the policies and fees under the MM2H programme that were implemented in 2002.

(The Edge Property, 09/08/2018)


 

MALAYSIA, SINGAPORE TO DISCUSS HSR’S FATE IN AUGUST 2018

The Ministry of Economic Affairs will issue a statement at a later stage regarding details of the planned Kuala Lumpur-Singapore High Speed Rail (HSR). On May 30, 2018, the Malaysian Government announced that the cabinet has agreed to abandon the HSR project due to high financial costs, but was subject to discussions with the Singapore Government.

(The Edge Property, 06/08/2018; The Edge Financial & NST, 07/08/2018)


JOHOR MB: RTS BADLY NEEDED TO EASE CAUSEWAY CONGESTION

The Johor State Government hopes for the Johor Bahru-Singapore Rapid Transit System (RTS) project to commence operation by the middle of 2019 to ease congestion on the Causeway. The RTS project costing RM4 billion will operate from Bukit Chagar in Johor, to the Woodlands North station in Singapore. It is expected to transport up to 10,000 passengers per hour in each direction when fully completed in 2024.

(The Edge Property, 08/08/2018)


 

KHAZANAH TOURISM ARM TO SELL SIX PARCELS OF SEA-FRONT LAND

Sovereign wealth fund Khazanah Nasional Bhd’s leisure and tourism arm, Themed Attractions & Resorts Sdn Bhd (TARH), has invited potential investors to choose from six sea-fronting parcels of land within Phase 1 of the Desaru Coast Development in Desaru Johor. Overall, 55 acres are available for the development of “premium guest accommodation”, whereby the parcels measure between 4.6 and 11.58 acres each. Investors will be required to build accommodation that is rated four-stars and above, which is to be delivered within three years. With no recent land transactions in the Desaru area, the industry estimates the price of land in nearby Pengerang to be between RM50 and RM70 per sq. ft., which would place a conservative value of the 55 acre land at between RM120 million and RM168 million.

(The Edge Property, 04/08/2018)


UMLAND CONTINUES TO BANK ON ISKANDAR FACTOR

United Malayan Land Bhd (UMLand) sees Iskandar Malaysia continuing to be the main factor driving demand for properties in southern Johor. Suasana Iskandar Malaysia @ Johor Baru, an integrated commercial development located on Jalan Trus in downtown Johor Baru, comprises a 29 storey tower block with 339 serviced apartment units and built-up floor areas between 644 sq. ft. and 1,235 sq. ft., which are priced from RM1,110 per sq. ft. The second tower block of 18 storeys is the first five-star Amari Hotel in Malaysia with 242 rooms and a two storey Zenith Lifestyle Centre situated at the podium of Suasana. The company recorded an approximate 85% booking rate for its Suasana serviced apartments, with buyers from Singapore, Japan, South Korea, Bangladesh and the United States. Approximately 90% of the potential buyers are owner-occupiers.

(The Star, 06/08/2018)


HARVEY NORMAN OPENS FIRST STORE IN JOHOR

Australian-based retailer Harvey Norman has reached another milestone with the opening of its first store in Johor located at Paradigm Mall. There are 17 Harvey Norman stores in Malaysia, and there are plans to increase the number to 43 in the next 10 years. The retailer will launch another Harvey Norman store in SouthKey Mid Valley Megamall in Johor, which is expected to be ready in 4Q18. The third store in Johor is expected to open in Tebrau in early 2019.

(The Star, 08/08/2018)


SALE OF LEGOLAND MALAYSIA IS NOT CONFIRMED

Themed Attractions Resorts & Hotels Sdn Bhd (TARH) may consider selling assets in “Legoland Malaysia Resort” within two years, which will comprise the dry park, water park and the Legoland Hotel. The potential sale of the 8 acre Legoland / the IPO (initial public offering) of Khazanah’s theme parks has been mooted since 2013. The hotel and theme park are operated by Merlin Entertainment, a UK-listed company that also manages Sea Life, an aquarium located in the Legoland Malaysia Resort, which will be launched by the end of 2018. Approximately 60% of Legoland’s visitors are foreigners, which are predominantly Chinese and Indian nationals.

(The Edge Property, 04/08/2018)


 

 700,000 HOUSES NEEDED IN ISKANDAR MALAYSIA TILL 2025

From now until 2025, Iskandar Malaysia is anticipated to have between 600,000 and 700,000 units of residential properties to cater for a boom in population. When the country’s first economic corridor was launched on November 4, 2006, the population of Iskandar Malaysia was approximately 1.49 million. In 2018, the figure has risen to 1.95 million and by 2025, Iskandar Regional Development Authority (Irda) is expecting approximately three million people living within Iskandar Malaysia. Irda foresees the property outlook for Iskandar Malaysia to remain buoyant in the years to come due to an influx of domestic and foreign investors. The economic growth corridor has received RM263.95 billion in committed accumulated investment from 2006 until June 30, 2018. From the total figure, RM154.14 billion or 58% has been realised and from the RM263.95 billion figure, RM161.01 billion or 61% were from domestic investors whereas foreign investors contributed RM102.94 billion or 39%.

(The Star, 08/08/2018)


PROPERTY INVESTORS BULLISH ON JOHOR

Despite a slowdown in the property market, property transactions in Johor increased by 11.56% (coming second after Selangor) for having the highest number of transactions. According to the National Property Information Centre (Napic), the overall volume of residential property transactions has declined by 7% from 1Q17 to 1Q18. In Johor, residential properties below the RM500,000 mark dominated the sector with an increase of 616 units (13.21%) transacted. Encouragingly, residential units valued at RM1,000,001 and above also enjoyed a boost of 45 units (31.91%), when comparing 1Q17 and 1Q18. All property sectors in Johor projected positive take-up rates with the exemption of industrial developments, which declined by 13.1%.

(StarProperty, 09/08/2018)


NO APPLICATION TO DEVELOP LAND OWNED BY 1MDB

The Penang Island City Council has not received any planning permission application to develop three plots of land belonging to 1Malaysia Development Bhd (1MDB). The plots were Lot 1457 measuring 1,787,313 sq. ft. and Lot 1584 measuring 675,176 sq. ft., both in Mukim 13 Paya Terubong, and Lot 1561 measuring 2,629,362 sq. ft. in Bandar Air Itam. 1MDB held an 11% stake in Lot 1457 and a 25% stake in the other two lots. The Penang State Government has entered a caveat to prevent the sale of the said plots of land.

(NST, 10/08/2018)


PENANG SET TO GET LCCT

Penang is set to get a low-cost carrier terminal (LCCT) at the Penang International Airport in Bayan Lepas, as the existing airport surpassed its maximum capacity in 2017. The setting up of the LCCT in Penang will be based on a Public Private Professional and People partnership (PPPP) framework.

(NST, The Star, The Sun & The Edge Financial, 07/08/2018)


 

CONSIDER FINANCIAL IMPACT BEFORE ABOLISHING TOLL

The Penang State Government has urged Putrajaya to review the financial implications of abolishing the Penang Bridge toll. Efforts to abolish the toll have to be reviewed circumspectly, including its commercial impact, contract terms and financial returns for the concession company.

(NST, 07/08/2018)


2ND BRIDGE HAS FAILED TO EASE TRAFFIC WOES

Since it was built in 2014, the 24 km Sultan Abdul Halim Mu’adzam Shah Bridge (the second Penang bridge), has yet to fully meet its goal of easing traffic congestion on the first Penang Bridge. Traffic on the first bridge increased between 2.4% and 3.8% from 2014 to 2016, due to the location of the first bridge situated close to Seberang Prai Utara and Seberang Prai Tengah, which had a high population concentration of 369,340 in 2016. The first bridge is located near major towns such as Prai, Butterworth and Bukit Mertajam, compared with the second bridge in Batu Kawan and Seberang Prai Selatan, with a population of 209,020 people in 2016. The 20% rebate offered by concessionaires of the first bridge, PLUS Malaysia Bhd (Plus), to registered Penangites, resulted in more people utilising the bridge.

(NST, 07/08/2018)


PENANG WAITING FOR TUNNEL PROJECT’S FEASIBILITY REPORT

The Penang State Government is awaiting the completion of the feasibility report for the undersea tunnel project before it decides whether to approve the third link. Consortium Zenith Construction Sdn Bhd, which is undertaking the tunnel project, has been tasked with preparing the feasibility report which is scheduled to be completed in October 2018. The undersea tunnel that links the island and the mainland is part of a RM6.3 billion project, which will include three road components under this integrated infrastructure project.

(The Edge Property, 08/08/2018 & NST, 09/08/2018)


PENANG SENTRAL TO OPEN IN OCTOBER 2018

The first phase of Penang Sentral in Bagan Dalam is scheduled to open in October 2018. Despite being launched 11 years ago, the project featuring an integrated transportation hub took a while to get moving mainly because of difficulties with land acquisition. The RM2.7 billion development is modelled after Kuala Lumpur Sentral and is built on 31.6 acres of land. The centrepiece of the first phase is the transport terminal, which stands 10 storeys high. Set to be equipped with shops, ticketing counters and food outlets to accommodate the needs of travellers, the hub will link bus and taxi services to the Butterworth KTM train station and the Pengkalan Sultan Abdul Halim ferry terminal. Upon completion, the hub will be able to accommodate approximately 200,000 passengers daily and will offer 900 parking lots. Facilities include connectivity to the ferry terminal and train station, an information centre and self-service ticketing kiosks. The integrated transportation hub is part of the Penang Sentral project, which will also have commercial and residential components such as a shopping complex, three 36-storey office blocks and a 35-storey hotel in the longer term.

(The Star, 08/08/2018)


TUNNELLING WORK WILL BE SLOW BUT SAFE

It will take approximately five years to drill a tunnel from the hill face behind Penang’s Kek Lok Si Temple to Paya Terubong in Penang. The current proposed alignment will have a six-lane tunnel originating from Penang City Park, a 300m elevated highway across the valley and another tunnel created behind the 125-year-old monastery leading to Paya Terubong. Works will involve the transportation of thousands of tonnes of excavated rubble through Jalan Balik Pulau, which is a steep and winding road that is the only way to Kek Lok Si and the Air Itam Dam.

(The Star, 10/08/2018)


THE PENANG STATE GOVERNMENT DEFENDS MEGA RECLAMATION PROJECT

The Penang State Government has defended the proposed mega land reclamation project off Bayan Lepas, as the new land bank could potentially serve as a strategic area for the future development of the state. The south reclamation scheme was crafted to initially assist the state in underwriting the proposed RM46 billion Penang Transport Master Plan. However, some are now suggesting that the financial model be changed to outright government funding rather than relying on the reclamation, whereas others suggested that Penang develop the mainland (Seberang Prai). However, most of the land is privately owned and the State Government needs to acquire it at huge cost to fund the Seberang Prai development.

(The Sun, 07/08/2018)


IJM CORP’S RM1.2 BILLION DEVELOPMENT PROJECT IN PENANG SHELVED

IJM Corp Bhd’s development project worth circa RM1.2 billion in Penang’s Seberang Perai Tengah, has fallen through subsequent to the termination of a conditional share sale agreement to acquire Giant Hectares Sdn Bhd. The termination was due to the non-fulfilment of the condition precedent to the share sale agreement, which included an approval of the Economic Planning Unit. In January 2015, Giant Hectares had executed a sale and purchase agreement to acquire four pieces of vacant commercial land in Seberang Perai Tengah for RM125.04 million. The parcels of land, measuring a total of 1,603,111 sq. ft., were intended for a development project, with an estimated gross development value of RM1.2 billion.

(The Edge Financial, 09/08/2018)


M SUMMIT OFFERS “ELDERLY-FRIENDLY” CONDOMINIUMS IN PENANG

M Summit Group is tapping the retirement and wellness property market segment with its “Scots Pavilion” condominium project in Penang. Sitting on 1.04 acres of freehold land on Scotland Road in George Town, Penang, the 22-storey condominium offers 99 units with built up’s ranging between 1,008 sq. ft. and 2,239 sq. ft., whereas penthouse units range between 5,277 sq. ft. and 5,700 sq. ft. With an estimated gross development value of RM90 million, the project has recorded “an approximate sales rate of 50%” since February 2017 and is slated for completion by the end of 2019.

(The Edge Property, 10/08/2018)


 

 

GOLDEN LAND TO START WORK ON RM155 MILLION PROJECT

In the next two weeks, Golden Land Bhd will be commencing the development of its RM155 million industrial “Golden Gateway” located in Batu Kawan, Penang. The company has received all the necessary approvals from the authorities to embark on the project, which is an industrial development, located close to Penang’s second bridge and will span over 21 acres of freehold land. Golden Land expects the project, with 52 units of semi-detached industrial factories and two units of detached industrial factories, to be fully completed by November 2019.

(The Star, 07/08/2018)


PENANG TO GO AHEAD WITH PLAN TO BUILD THEME PARK IN BATU KAWAN

The Penang State Government will proceed with its proposal to build a water theme park in Batu Kawan in Seberang Perai Selatan, to attract local and foreign investors in developing Batu Kawan. The Penang Development Corporation (PDC) intends to extend the proposal and is open to ideas involving the plan. The project will complement the mixed development in Batu Kawan for commercial and housing units, recreation centres and educational institutions.

(The Edge Property, 08/08/2018)


INDIVIDUAL NATIVE TITLES FOR SABAH, COMMUNAL LAND TITLES TO BE ABOLISHED

Individual native titles will replace the soon to be abolished communal land titles in Sabah. Since 2010, approximately 96 communal titles were issued, involving 152,268 acres of land to 13,789 beneficiaries in 15 districts in Sabah. Dissatisfaction arose amongst the people, when 51 communal titles were placed under a joint venture with state and private companies for agricultural development. Some claimed their native customary rights (NCR) to ancestral land had been reduced to mere beneficiaries under a communal title. While the new system will still allow for joint venture arrangements, new terms and conditions will apply, whereby individual native titles cannot be charged, transferred or assigned to a new party, with the exception of the owner’s children.

(The Edge Property, 08/08/2018)


SARAWAK-CHINA TRADE AT RM15.8 BILLION

In 2017, trade between Sarawak and China stood at RM15.8 billion, with the state’s exports and imports hitting RM10.1 billion and RM5.7 billion, respectively. The trade involved liquefied natural gas (LNG) and petroleum products, palm oil, timber products and electrical components, manufactured goods, machinery and food. In 2018, the contribution of Sarawak’s digital economy to GDP is expected to hit 2.3%, whereas by 2025, this number is expected to increase to 17.4%. China and Sarawak shared similar challenges in encouraging rural communities to adopt e-commerce, whereas other areas of cooperation were agriculture, tourism, health, and education.

(NST & The Star, 07/08/2018)


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Jones Lang Wootton