SST LIST WILL BE ADJUSTED BY YEAR END
According to the Finance Ministry, the list of items affected by the Sales and Services Tax (SST) will be reviewed, and changes will be made by the end of 2018.
(NST & The Edge Financial, 02/09/2018)
BNM SEEN HOLDING KEY RATE
Bank Negara Malaysia (BNM) is expected to keep its benchmark interest rate unchanged, as it keeps tabs on how far the United States and China will take their ongoing trade war. Eleven economists polled by Reuters see BNM holding its overnight policy rate at 3.25%. Malaysia has raised its policy rate once this year, with a 25 basis point increase back in January 2018 and this was the only increase since July 2014.
(The Sun & NST, 04/09/2018)
MALAYSIA ON TRACK TO REALISE SMART CITIES VISION
Leaders in information and communications technology (ICT), NEC Corporation of Malaysia Sdn Bhd (NEC Malaysia), have said that Malaysia is on the right track to realise its smart cities vision under the 11th Malaysia Plan 2016-2020 (11MP). Under the 11MP, the government identified and acknowledged the need to develop smart cities by focusing on strengthening the development of infrastructure to improve mobility and connectivity.
Noting the importance of infrastructure, whereby public transport was among the key elements linking all smart cities, some Malaysians are, however, still reluctant to take public transport mainly due to “safety concerns”. A lot of initiatives have been taken by the government to adopt Internet of things (IoTs) and artificial intelligence technologies in the “myBAS” service to predict travel time and improve public safety, with the services being used in major cities. Introduced by the Land Public Transport Agency (APAD) (previously Land Public Transport Commission) in 2015, “myBAS” is a Stage Bus Services Transformation (SBST) programme, which aims to be potentially implemented in key cities such as Seremban, Ipoh, Kangar and Kuala Terengganu.
(The Edge, 03/09/2018)
SELANGOR EYES RM7 BILLION INVESTMENTS FOR MANUFACTURING INDUSTRY
The Selangor government is eyeing investments of RM7 billion for the manufacturing industry in 2018, which is higher than the RM5.8 billion recorded in 2017. The bulk of the contribution would likely come from the food and beverages sector, electronics and electrical, life sciences, machinery and equipment, and transport equipment sectors. As of January-June 2018, the state government secured investments of RM800 million for the manufacturing industry. The state government had set a revenue target of RM2.25 billion for 2018, of which RM1.6 billion has been secured during the first six months. In 2017, Selangor generated revenue of RM2.8 billion, surpassing the initial target of RM2.5 million.
(The Star, 07/09/2018)
MALAYSIA-SINGAPORE REACH COMPROMISE OVER HSR POSTPONEMENT
Malaysia and Singapore appear to have reached a compromise over the implementation of the Kuala Lumpur-Singapore High-Speed Rail (HSR) project. Malaysia will be spared a RM500 million penalty for a two-year deferral of the project, which will be in effect until May 31, 2020.
(NST & The Edge, 02/09/2018)
HSR TO CONTINUE IN 2020 AFTER SUSPENSION ENDS
Malaysia is committed to continuing with the High Speed Rail (HSR) project after its two-year suspension ends in May 2020. The Malaysian government will reimburse Singapore S$15 million (RM45.1 million), while both countries have agreed to suspend the project. With the new agreement, the HSR service is expected to start by January 1, 2031, instead of December 31, 2026, as planned earlier.
(The Star, The Sun, NST & The Edge, 06/09/2018)
GOVERNMENT TO FINALISE TOLL CONCESSION AGREEMENT SOON
The government will finalise a toll concession agreement with 31 concessionaires. The toll agreement that has been deemed as lopsided would cause the government to pay compensation should it decide not to increase the toll rate or to extend the concession period.
WCE 50% COMPLETE
WCE Holdings Bhd’s RM6 billion West Coast Expressway (WCE) project is over 50% complete, with five sections due for opening prior to June 2019. There will however be delayed completions for two sections of the highway project (expected completion in 2022), including Section 7B and Section II, due to the consideration process by the government. The WCE will connect main coastal towns including Klang, Kuala Selangor, Teluk Intan, Setiawan, Manjung and Hutan Melintang. The highway will span circa 233km with 21 interchanges, of which 10 are situated in Selangor and 11 are in Perak.
(The Sun, 04/09/2018)
GOVERNMENT DECIDES NOT TO INTRODUCE CEILING PRICE FOR AIRFARES
The government has decided not to introduce a ceiling price for airfares as it will bring detrimental effects on consumers in the long term. A study undertaken by the Malaysian Aviation Commission (Mavcom) has shown one-way domestic airfares have been on a declining trend over the past few years and the government does not want to reverse this trend by introducing ceiling prices. A ceiling price introduction however would not only bring down airfares during peak season, but could potentially increase airfares during non-peak season. Average one-way domestic airfares in Malaysia have been declining to RM214 in May 2018 from RM251 in January 2011, the Mavcom study showed. The commission said out of the 46 domestic routes analysed, 39 routes had airfares during peak seasons with price multipliers of between 0.8x and 3.0x. Price multipliers above 3.0x were observed during the Chinese New Year period on certain routes within West Malaysia, as well as, between West Malaysia and East Malaysia.
The ministry, together with Malaysia Airlines, AirAsia and Malindo, has agreed to increase domestic flight capacity by 20% during peak season, in an effort to bring down airfares during the period. The plan will go on a trial stage starting 2019 during three festive seasons – Chinese New Year, Hari Raya Aidilfitri, as well as Pesta Kaamatan and Hari Gawai in East Malaysia. The increase in capacity will be done for seven consecutive days before each festive day. For Chinese New Year, the selected routes are Kuala Lumpur (KL)-Sibu, KL-Kuching, KL-Kota Kinabalu (KK), Ipoh-Johor Bahru (JB), JB-Sibu, JB-Kuching and JB-KK. For Hari Raya Aidilfitri, the selected routes are KL-Kota Bharu, KL-Kuching, KL-Alor Setar, KL-Kuala Terengganu and KL-KK.
(The Edge, NST & The Star, 05/09/2018)
NEW LINK HELPS SAVE TIME ON THE ROAD
A shorter travel distance and added convenience are the benefits offered to residents living close to the new Tropicana Metropark Link. The RM106 million link, which was opened to motorists on August 15, 2018, connects the Federal Highway to Tropicana Metropark. The 1.6km purpose-built link also serves residents of Subang Jaya, USJ and neighbouring areas.
(The Star, 01/09/2018)
LGK CAN HANDLE 4 MILLION PASSENGERS
Langkawi International Airport (LGK) can now handle four million passengers a year following the completion of its expansion by Malaysia Airports Holding. LGK’s expansion project was completed on schedule and increases the airport’s capacity from 1.5 million passengers per annum to four million passengers per annum. The expansion resulted in an increased total gross floor area of the terminal building from 15,000 sq. m. to 23,000 sq. m.
PLUS’ “ROAD TO EFFICIENCY”; ACCEPTS PROPOSALS ON COST-SAVING
Toll concessionaire PLUS Malaysia Bhd has accepted some of UEM Edgenta Bhd’s proposals on the long-term maintenance of its highways under the performance-based contracting method (PBC). Over time, UEM Edgenta hopes to eventually maintain the highways under the PBC method from the current input base model. UEM Edgenta has a long-term contract to maintain and provide services for PLUS’ highways until 2038. PLUS is the largest highway concession in the country, operating eight expressways under five concessions until 2038. Its highways include the 772-km North-South Expressway (NSE), which runs from Bukit Kayu Hitam in Kedah near the Malaysia-Thai border to Johor Baru, the New Klang Valley Expressway, Federal Highway route two, the Seremban-Port Dickson Highway, the NSE Central Link, the Malaysia-Singapore Second Link, Lebuhraya Butterworth-Kulim and Penang Bridge.
(The Star, NST, & The Edge, 05/09/2018)
SMARTSEL SIGNS MOU WITH KT CORP
Smartsel Sdn Bhd, a wholly owned subsidiary of Menteri Besar Selangor Inc (MBI), has signed a memorandum of understanding (MoU) with Korean-based KT Corp, to develop and enhance telecommunication infrastructure in Selangor. The partnership is aimed at accelerating the digital transformation of Selangor-based manufacturers, entrepreneurs and other industry players. Under the partnership, Smartsel and KT Corp will explore the development of the Smartsel Digital Network, which will allow the government, educational institutions, businesses and Selangor residents to have greater access to affordable and reliable high-speed connectivity.
(The Malaysian Reserve, 03/09/2018)
MEDIA PRIMA TO SELL NSTP PROPERTIES FOR RM280 MILLION
Media Prima Bhd is expected to dispose of two properties and a vacant parcel of land owned by The New Straits Times Press (M) Bhd (NSTP) to PNB Development Sdn Bhd, for RM280 million cash. The media conglomerate entered into three separate sale and leaseback agreements with PNB Development on properties that include Balai Berita Bangsar and Balai Berita Shah Alam. The proposed sale and leaseback transaction is expected to be completed by 4Q18.
(The Malaysian Reserve, 03/09/2018)
POLISH EMBASSY INVITES BIDS FOR KL LAND
The Embassy of the Republic of Poland is inviting bids for two contiguous parcels of land measuring 16,500 sq. ft. in Ampang Hilir and is asking for no less than RM11.4 million. The two parcels, registered under The State Treasury of the Government of the Republic of Poland are located on Jalan Ru, Desa Pahlawan in Ampang. The larger of the two plots measures 15,899 sq. ft. and the smaller plot measures a mere 601 sq. ft.
(The Edge Financial, 04/09/2018)
PESONA METRO SECURES RM264.3 MILLION CONSTRUCTION JOB
Pesona Metro Holdings Bhd’s unit has secured a contract worth RM264.3 million to build two blocks of serviced apartments in Bandar Sri Damansara, Selangor. The contract was awarded to its wholly-owned unit, Pesona Metro Sdn Bhd, by Indo Aman Bina Sdn Bhd, which is a wholly-owned unit of TA Global Bhd and the project’s employer. The proposed development comprises two, 33-storey and 28-storey serviced apartment block carpark, and residential facilities. The 32-month project started on August 15, 2018 and will end on April 14, 2021.
(The Edge & The Sun, 05/09/2018)
IJM TO BUILD AFFIN BANK HQ AT TRX
IJM Corp Bhd has secured a RM505 million contract from Affin Bank Bhd for the construction of its 47-storey office building at Tun Razak Exchange (TRX), Kuala Lumpur. IJM’s wholly owned subsidiary IJM Construction Sdn Bhd accepted the letter of award from Affin Bank for the construction and completion of the superstructure works of the office building. The duration of the project is 26 months and is expected to be completed by December 2020. The Grade-A office building has a gross floor area of approximately 825,000 sq. ft. and is built over a land area of 1.25 acres. It comprises a 43-storey office tower on top of a four-storey podium car park and a three-storey basement car park.
(The Sun, The Star, NST & The Edge, 05/09//2018)
TRX LIFESTYLE QUARTER TO BE OPEN BY 2020
Lendlease, a joint-venture partner of the 17 acre TRX Lifestyle Quarter development, aims for the centre to be opened in 2020. The development comprised several components such as residential, entertainment, leisure, public park, hotel and retail, of which the retail segment is currently 26% leased by its anchor tenants. One of its anchor tenants includes a Japanese departmental store operator. Lendlease is also working with a dairy farm group to set up a supermarket and with Golden Screen Cinemas for the entertainment portion. The tenants will be a mixture of local and international brands, but the vast majority will be Malaysian. The TRX Lifestyle Quarter, a development that Lendlease dubbed as its “largest urban regeneration project”, has the potential to become the natural extension to the Kuala Lumpur City Centre area as it is well-connected to public transport, has excellent road accessibility and is pedestrian-friendly.
(The Sun & The Edge, 03/09/2018)
NEW LEASE OF LIFE FOR SSTWO MALL
AsiaMalls Sdn Bhd, which has been seeking a buyer for the SStwo Mall in Petaling Jaya for approximately three years, is understood to have finally found one. The suburban shopping centre has been bought by Puchong-based DK Group of Companies, for an estimated RM180 million. SStwo mall with a gross floor area of 700,000 sq. ft. and a net lettable area of 460,000 sq. ft. was built on 7.8 acres of land. The mall opened for business in 2010 and closed down less than four and a half years ago.
(The Edge Financial, 03/09/2019)
ASIAMALLS SELLING SETAPAK CENTRAL MALL TO SINGAPORE COMPANY
AsiaMalls Sdn Bhd is said to have found a third buyer for one of its five malls in Malaysia, as they may be concluding the sale of the Setapak Central Mall, with global integrated real estate fund manager, ARA Asset Management Ltd which is based in Singapore. The Setapak Central Mall was previously known as KL Festival City before its 2015 rebranding exercise, subsequent to PGIM Real Estate acquiring the mall in 2014 from the Lion Group. Located at Jalan Genting Klang in Danau Kota, a Setapak township, it is a three-storey retail mall with an net lettable area of 494,000 sq. ft. It sits below serviced apartments known as ZetaPark, and it is a leasehold development. The mall has a basement car park with approximately 1,100 parking bays.
(The Star, 04/09/2018)
LAZADA LAUNCHES LAZMALL
Online selling platform, Lazada Malaysia has launched LazMall, which offers a curated selection of international and local brands and top rated online brands. The Launch of LazMall is significant as more brands are choosing to partner with e-commerce platforms to extend their reach and build a stronger affinity with consumers, who are more mobile, willing to go cashless, and have made online shopping a part of their lifestyles. Products sold in LazMall are delivered to the customer within 24 hours and also come with a 15-day easy return policy. Meanwhile, Lazada has introduced a new shopping extravaganza, dubbed “9.9”, in Malaysia, Indonesia, the Philippines, Singapore, Thailand and Vietnam.
WISMA MCA TO BE DEMOLISHED TO MAKE WAY FOR 70-STOREY TOWER
There are plans to demolish Wisma MCA on Jalan Ampang, Kuala Lumpur to build a 70-storey skyscraper. The project’s GDV “is expected to be as much as RM1 billion”. It will comprise offices, a hotel, sky lounge and restaurant. The plans to redevelop the site were started in October 2017. Originally a proposal was submitted to Dewan Bandaraya Kuala Lumpur revealed that it will be a single tower with office space, 253 hotel rooms, 46 serviced apartments and seven levels of basement parking and conditional approvals from the authorities were obtained in November 2017. However, a new proposal was given on July 13, 2018 which involves tearing down Wisma MCA and erecting a 70-storey tower with “an eight-storey basement carpark, 27 floors of offices, a 328-room hotel on 24 floors and a two-storey sky lounge and restaurant on the 68th and 69th floors. The plans were approved by DBKL on August 2, 2018.
(The Edge, 01/09/2018)
DEVELOPER COMPLETES PROJECT AHEAD OF SCHEDULE
OSK Property has reached yet another milestone for its commitment in delivering quality homes. Emira Residences and Urban Retail project in Shah Alam, were completed ahead of schedule and was scored 80.28% by The Quality Assessment System for Building Construction Works (Qlassic). Emira Residences and Urban Retail offer excellent choices for a vibrant lifestyle in the Section 13 area. Contemporary in style and design, the newly completed residence is a mixed development comprising residential and urban retail units ranging between 614 sq. ft. and 1,238 sq. ft., alongside “cosy green touches” complementing an urban lifestyle.
(The Star, 03/09/2018)
IVORY PROPERTIES SET TO BE “BACK IN THE BLACK”
Ivory Properties Group Bhd, which posted losses in the past two quarters, is confident of returning to profitability when three new projects in Penang come on stream. The group has completed most of its Penang projects in hand such as City Mall, City Residence and [Phase 1 of] Tropicana Bay Residences. The group will definitely turn around with the commencement of new projects, of which the earliest one will be Penang Times Square Phase 4. This will be sometime around 3Q18. The other two projects are a commercial development called “The Garden” in Batu Ferringhi with a GDV of RM250 million, and “The Millenium” in Batu Uban, comprising retail outlets, condominium units, service suites and hotel with a GDV of RM750 million.
Having established itself as a leading property developer in Penang, Ivory Properties is also involved in projects outside the state. Two upcoming projects in Kuala Lumpur are Avenue 8 in Sungai Besi that consists of office units and serviced apartments, and Grand Connaught in Cheras, a mixed-used development along the Salak Expressway. The two projects have an estimated GDV of RM230 million and RM900 million respectively.
(The Edge Financial, 03/09/2018)
DNC ASIATIC’S ASSEMBLY PLANTS PUT UP FOR SALE
Two motorcycle assembly plants belonging to DNC Asiatic Holdings Sdn Bhd have been put up for sale. The total worth of the plants is RM50 million and the assembly facilities are located in Kuching, Sarawak, and Banting, Selangor. The properties include a light industrial asset of three blocks of four-storey buildings, three blocks of single-storey factory buildings and other ancillary buildings, located at 112, Jalan 8, Kawasan Perindustrian Olak Lempit, Banting. The lease on the asset’s 7.791 acres expires in 2087. The three blocks of four-storey buildings comprise an office building, an R&D centre and a training centre, while two of the three blocks of single-storey factory buildings have a floor area of 56,616 sq. ft. The third factory has a floor area of 35,683 sq. ft. The facility in Kuching comprises two blocks of warehouses, two single-storey factory buildings and other ancillary buildings on a mixed-zone parcel of 4.126 acres and the lease on the land expires in 2053.
(The Edge, 01/09/2018)
ADVANCECON DISPOSES LAND TO PAY BORROWINGS
Advancecon Holdings Bhd’s wholly owned subsidiary, Advancecon Properties Sdn Bhd is disposing of pieces of industrial land in Klang, Selangor for RM9.07 million. The construction firm noted the proceeds from the disposal will be used to repay bank borrowing and working capital purposes within 12 months. On August 29, 2018, Advancecon Properties entered into a sale and purchase agreement with Acmar Auto Parts (M) Sdn Bhd to dispose of the 3.85 acre piece of land.
The proposed disposal is expected to be completed by 2Q19 and will allow the firm to switch its workshop location from Pelabuhan Klang to Kota Puteri in Selangor.
(The Malaysian Reserve, 04/09/2018)
MINISTRY TO PUSH FOR MULTI-BILLION DOLLAR HALAL TOURISM
Halal or Islamic tourism is a lucrative sector that is still largely untapped, and Malaysia aims to continue being the leading destination for Muslim tourists. The country attracted 5.3 million Muslim tourists out of a total 26 million tourist arrivals in 2017. Halal tourism represented 11.6% of global tourism expenditure and is estimated to be worth US$238 billion (RM984 billion) by 2019.
(The Star, The Sun, NST & The Edge, 06/09/2018)
MOF EXPECTS TWO MILLION HEALTHCARE TRAVELLERS BY 2020
The Ministry of Finance (MoF) expects the number of healthcare travellers to increase significantly to two million by 2020 from the current one million, following the tax exemption for medical bills. Malaysia earned RM1.3 billion in medical traveller revenue in 2017, with an estimated RM4 billion from other non-related healthcare expenditures such as transportation, accommodation and tourism activities. The top medical travel contributing states are Penang, Kuala Lumpur, Selangor, Melaka, and Sarawak.
(The Sun, The Star & NST, 04/09/2018)
TITIWANGSA LAKE CLOSES FOR ONE YEAR FOR A FACELIFT
Titiwangsa Lake/Park will be fully closed to the public for one year from today to facilitate upgrading works as part of Kuala Lumpur’s River of Life project. Kuala Lumpur City Hall (DBKL) said the Titiwangsa Lake/Park was already being closed in stages since May 14, 2018. The closure was to allow upgrading works on facilities for the convenience and comfort of visitors in the future. As of September 1, 2018 Titiwangsa Lake will be completely closed off to the public except for a jogging path. The park should be reopened in November 2019.
(The Edge, 01/09/2018)
FOREST CITY GOLF HOTEL, LEGACY GOLF COURSE OPEN TO THE PUBLIC
Forest City Golf Hotel and the Legacy Golf Course officially opened on September 1, 2018, which will help elevate Johor’s profile as a choice leisure destination in the region and will also help draw more major investments and create more job opportunities. The Legacy Golf Course, which was designed by golf legend Jack Nicklaus and his son Jack Nicklaus II, has a desert-style concept. It is surrounded by mangroves and natural water features, which makes this a one-of-a-kind golf course. The Legacy Golf Course, the 28th golf course in the state, is the first of three golf courses which will make up the Forest City Golf Resort. Part of the massive Forest City development, the Forest City Golf Resort adds a special tourism component to the current residential, leisure, retail and business offerings.
GOVT TO DEVELOP GUIDELINES FOR FOREIGN OWNERSHIP OF FOREST CITY PROPERTIES
Putrajaya will come up with more explicit guidelines related to foreign purchases of properties into the RM410 billion-Forest City in Johor to help investors avoid making risky decisions. Housing and Local Government Minister will meet its developer Country Garden Pacificview Sdn Bhd, the state government, local authorities and Iskandar Regional Development Authority on September 3, 2018 to find out more about the project and to develop a clear direction on foreign ownership in the development. The Housing and Local Government Minister will then produce a report which will be submitted to the Cabinet before the government looks into issues related to foreign property ownership in Forest City.
(The Edge, 02/09/2018)
JOHOR GOVT: 30% MALAYSIAN QUOTA FOR FOREST CITY
The Johor state government has proposed to reserve 30% of properties in the Forest City project for Malaysians, amid concerns of mainland Chinese immigrating to the state. The 30% proposed quota was not final, as it was based on initial findings. Johor housing and rural development committee hopes the proposal will be positively received by the special committee consisting of the Johor state government, the Housing and Local Government Ministry, the Finance Ministry and also Forest City developers Country Garden Pacificview Sdn Bhd.
(The Edge, 03/09/2018)
FOREST CITY NOT GIVING FREE CONDOS TO FOREIGNERS
Forest City is not giving away free condominium units to investors in China, according to the Mentri Besar. All transactions in Forest City were made within the country, and the federal and state government has received millions in taxes from the mega project. Any purchase is subjected to the Housing Development (Control and Licensing) Act 1966, where buyers must sign the sales and purchase agreement as set out in the schedule. Any transaction must be paid in Malaysia in 13 stages, be it by cash or loan. The federal government has received RM390 million in taxes from the mega investments in Forest City so far. The Johor government obtained RM600 million from land premium and RM30 million from the dividends from Country Garden Pacificview Sdn Bhd.
(The Sun, The Star, NST & The Edge, 05/09//2018)
BUILDING ACT TO BE AMENDED TO ALLOW SLOPE MONITORING AND LANDSLIDE PREVENTION ACTIONS
The government will table an amendment to the Street Building Drainage Act 1974, which will allow local governments to carry out safety inspections on slopes within their jurisdiction, including those on private properties. Buildings on slopes will be monitored and preventive steps will be taken to avoid tragic situations in the event of a landslide. This includes evacuating building occupants if inspections find the premises to be dangerous. The government is targeting to pass the amendment on October 2018 and start enforcing it in 2019.
(The Edge & NST, 07/09/2018)
VERTICE JOINT-VENTURE COMPANY WINS RM815 MILLION CONTRACT
Vertice Bhd’s 50:50 joint venture (JV) company with Vizione Holdings Bhd, Buildmarque Construction Sdn Bhd was awarded an RM815 million contract by Consortium Zenith Construction Sdn Bhd to undertake construction works for the Penang Mega Infrastructure Project. The award is for the construction of a 5.7km by-pass from Bandar Baru Ayer Itam to Lebuhraya Tun Dr Lim Chong Eu, to be completed within 36 months. Consortium Zenith was awarded the Penang Mega Infrastructure Project, which comprises three highways and an undersea tunnel.
(The Sun, The Edge & NST, 04/09/2018)
PENANG AIRPORT EXPANSION A PRIORITY, BUT NOT FINALISED YET
The proposed expansion of the Penang International Airport (PIA) has been placed on the Transport Ministry’s list of projects to implement, but the details have not been finalised. There is no final decision on the expansion project, the ministry is only at an advanced stage of looking at proposals for the expansion but PIA is definitely on the ministry’s list as it is now running at an overcapacity. The expansion was proposed because PIA recorded 7.1 million passengers last year, which is above its 6.5 million passenger capacity, and numbers are expected to increase.
(The Edge, 06/09/2018)
PENANG LRT MAY NOT GET GO AHEAD
Penang’s proposal to have a light rail transit (LRT), a component of the RM46 billion Penang Transport Master Plan, may not happen. While the federal government fully supports the state’s proposal, it suggests that there should be “options for the state to choose from”.
(The Star, The Sun & NST, 07/09/2018)
CRUISE TERMINAL UPGRADE TO START SOON
The state government will accelerate the necessary approvals for the long-awaited RM155 million expansion of the Swettenham Pier Cruise Terminal (SPCT) within a month. The lease on the land, which belongs to the state government, will be extended for work to commence on the terminal. A joint venture signing agreement between Penang Port Sdn Bhd and Royal Caribbean Cruises Ltd for the terminal’s expansion has been signed. Under the expansion plans, the existing 400m berth will be extended by 220m with an additional 118m-long “dolphin”. It would also enable Oasis-class ships, the largest in the world, to berth at the terminal.
(The Star, The Sun & NST, 07/09/2018)
THERE’S MONEY TO BE MADE IN LAND RECLAMATION
Land reclamation is big business in Malaysia. Money is made from selling plots of newly created land from the sea to developers. Several states in the peninsula have introduced large-scale reclamation initiatives, many strategically placed in prime locations. The latest large-scale project is in Penang, which will see the reclamation of three man-made islands on the southern part of the island, measuring about 4,500 acres. The project is part of the ambitious Penang Transport Master Plan (PTMP), where the state plans to auction the reclaimed land to fund the master plan. The reclamation work is expected to cost about RM4 billion, while the whole PTMP project, which includes rail systems and highways, will cost RM27 billion.
(The Star, 01/09/2018)
JMR TO BUILD LANDED PROPERTIES IN SIMPANG AMPAT
JMR Conglomeration Bhd plans to develop about RM160 million worth of landed residential properties in Simpang Ampat over the next three to four years. The properties will comprise two and a half storey and three storey terraced and semi-detached houses. The properties being planned for launching are priced from RM450,000 and will be built at SA65 Taman Perdana, Simpang Ampat.
(The Star, 03/09/2018)
ATTA GLOBAL BUYS 80% OF PROPERTY FIRM FOR RM20 MILLION
Atta Global Group Bhd is continuing its acquisition trail with the proposed purchase of an 80% stake in property development firm Sunrise Manner Sdn Bhd for RM20 million. The group has entered into a subscription agreement with Sunrise Manner Sdn Bhd, Tang Tiam Hok and Wan Nyuk Ming for the acquisition. Sunrise Manner is the registered owner of a parcel of development land in Bukit Mertajam, Penang and it will undertake a mixed property development project on the land comprising 51 units of double storey bungalow houses and 90 units of double storey “zero-lot” bungalows. The estimated development value for the project is RM544.17 million.
(The Sun, 05/09/2018)
PPB GROUP TO LAUNCH BUNGALOWS IN TAMAN TANAH AMAN
PPB Group Bhd plans to roll out Phases 3 and 4 of Taman Tanah Aman in Seberang Jaya, Penang by end of 2018. The phases comprise a total of 34 units of three storey bungalows. Taman Tanah Aman is a 29-acre freehold housing project in Bukit Tengah, Seberang Prai. The project is being developed in five phases consisting of a clubhouse, 48 units of three storey bungalows, 24 units of two storey semi-detached houses and 12 units of three storey shopoffices. Phase 1 is made up of 24 units of two storey semi-detached houses and is fully sold and completed. Phase 2 comprises 14 units of three storey bungalows and has also been completed.
(The Edge, 05/09/2018)
PAN BORNEO PROJECT WILL CONTINUE
The Pan Borneo Highway project will proceed based on contracts agreed between the government and the stakeholders. The mechanism and implementation of the project was subject to the on-going re-examine conducted between work ministry and the Finance Ministry. As all the packages and contracts had been awarded and signed, the only thing which could be done right now was to review the cost through the appointment of an independent consultant. Recently the Finance Ministry had met up with representatives from Lebuhraya Borneo Utara Sdn Bhd to discuss cost reduction. Sarawak’s portion of the highway comprises 11 work packages, with the project being started off in September 2017 and scheduled for completion by June 2021.