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FOREIGN DIRECT INVESTMENTS HITS RM49 BILLION IN FIRST NINE MONTHS

Malaysia’s foreign direct investments increased to RM49 billion in the first nine months of 2018 compared with the corresponding period in 2017 at RM14 billion. This was attributable to the fact that certain countries internationally, have renewed their confidence towards the standing of Malaysia and its economy.

(NST, 02/12/2018)


 

MALAYSIA’S E-COMMERCE ON A GROWTH TRAJECTORY

Malaysia’s e-commerce segment is on a growth trajectory and has already begun benefiting the country following the full implementation of 13 key programmes under the National eCommerce Strategic Roadmap’s (NeSR) six thrust areas. E-commerce value added and contribution to the gross domestic product in Malaysia continuously improved over a period of seven years to RM85.8 billion in 2017 from RM37.7 billion in 2010, with an average annual growth rate of 12.5%. Since its establishment in 2016, the National eCommerce Council (NeCC) has registered over 120,000 online businesses. Furthermore, the implementation of the Digital Free Trade Zone (DFTZ) pilot project has accelerated the growth of e-commerce activities by providing a platform for local SMEs and enterprises to conduct their business and services. The DFTZ has shown a positive impact in realising the national objective of increasing the participation of SMEs in cross-border e-commerce transactions. Since the implementation of the (DFTZ) pilot project, more than 5,000 Malaysian SMEs have registered with and started exporting via the Alibaba.com platform.

(The Star & NST, 04/12/2018)


 

MALAYSIA’S OCTOBER 2018 EXPORTS, TRADE SURPLUS HIT A RECORD HIGH

Malaysia’s exports expanded at a faster pace of 17.7% y-o-y in October 2018 to hit a new high of RM96.4 billion, while imports grew 11.4% to RM80.1 billion, thereby resulting in the largest trade surplus on record. The trade surplus was RM16.3 billion in October 2018, an increase of RM6.3 billion (+63.1%) from a year ago and was RM1.1 billion (+7.2%) higher from the previous month. In September, the country’s exports grew 6.7% y-o-y.

(The Sun, The Star & NST, 06/12/2018)


 

MORE THAN 4,000 NEW PARKING BAYS BY THE END OF 2018

By the end of December 2018, a total of 4,181 parking bays will be available to the residents of seven People’s Housing Projects (PPR) in Kuala Lumpur, namely PPR Sri Kota, PPR Taman Mulia, PPR Seri Pantai, PPR Pekan Kepong, PPR Raya Permai, PPR Intan Baiduri and PPR Kampung Baru Ayer Panas. All seven PPRs will have multi-level parking facilities, including community halls that can accommodate up to 1,000 people. Five additional PPRs are expected to offer multi-level car park facilities by 2020.

(The Star, 01/12/2018)


 

JUPEM IS UPDATING LAND, MARITIME BOUNDARIES

The Department of Survey and Mapping Malaysia (Jupem) is in the process of updating land boundaries between States and part of it is completed. After concluding the process of ascertaining land boundaries, the markings of maritime boundaries will then be carried out. The maritime boundaries are imperative as there are many landfill projects within Johor, Melaka and Penang, which will impact the state and national boundaries.

The “spatium” concept for the purpose of town development is also under consideration. Spatium is a concept of creating overlapping development on existing developments and the creation of layered ownerships with volume lots below and above the ground, which is aimed at meeting the increasing demand for land.

(The Edge, 04/12/2018)


 

CREATION OF CASHLESS SOCIETY WILL STAMP OUT CORRUPTION

The government’s introduction of the unlimited travel pass is part of efforts to construct a cashless society to curb corruption with traceable electronic transactions. The intent of transforming Malaysia into a cashless society was announced by the Malaysian Prime Minister during launch of the MY100 and MY50 unlimited travel passes at KL Sentral on December 2, 2018.

(NST, 02/12/2018)


 

AIRASIA LAUNCHES IPOH-SINGAPORE ROUTE

With 16 weekly return flights, AirAsia has launched its Singapore to Ipoh route, further strengthening its connectivity to “Bougainvillea City”. To celebrate the new service, AirAsia is offering fares from as low as RM59 from Ipoh to Singapore. The promotional fare is available for booking on airasia.com and the AirAsia mobile app from now until 16 December 2018 for immediate travel through to May 5, 2019. AirAsia now connects Ipoh to Johor Bahru and Singapore. AirAsia will also increase its flight frequency from Johor Bahru to Ipoh from four to seven times weekly commencing February 12, 2019.

(NST, 04/12/2018)


 

MOT ESTABLISHES THE NATIONAL AVIATION CONSULTATIVE COUNCIL

The Ministry of Transport (MoT) has established the National Aviation Consultative Council (NACC) aimed at addressing local aviation development, challenges and direction towards aiding the country’s trade and economy. NACC will be an avenue for local aviation players and stakeholders to cooperate and strengthen their operational efficiencies and services.

(NST, 06/12/2018)


 

TRC SYNERGY WINS RM498.7 MILLION CONSTRUCTION PROJECT

TRC Synergy Bhd’s wholly-owned subsidiary Trans Resources Corporation Sdn Bhd, clinched its largest year-to-date contract worth RM498.7 million from Petronas’ majority owned Putrajaya Holdings Sdn Bhd. The project involves the construction and completion of an integrated development project in Precinct 8 of Putrajaya, with a contract duration of 57 months.

(The Sun, The Star, The Edge & NST, 05/12/2018)


 

ECB BUYS TWO PJ PLOTS FOR RM32.33 MILLION TO GROW LAND BANK

Eupe Corp Bhd (ECB) is buying two contiguous 99-year leasehold commercial land plots measuring 2.85 acres in Bandar Petaling Jaya Selatan, Selangor, for RM32.33 million. The acquisition will add on to its land bank within the Klang Valley, whereby the intended development on the sites will provide an opportunity for the group to expand and complement its existing business of developing residential and commercial properties. ECB’s wholly owned subsidiary, Eupe PJ South Development Sdn Bhd (formerly known as Puncak Central Sdn Bhd), signed a sale and purchase agreement with Perak-based developer Jurapat Sdn Bhd for the acquisition.

(The Edge, 01/12/2018)


HAP SENG CONSOLIDATED SELLS TAWAU LAND FOR RM24.23 MILLION

Hap Seng Consolidated Bhd is disposing of two contiguous parcels of land in Tawau, Sabah to Goldcoin Ventures Sdn Bhd for RM24.23 million. The proposed disposals are in line with the group’s strategy of disposing parcels of land located in non-strategic locations which do not bear immediate development potential. Hap Seng Properties Development Sdn Bhd, entered into sale and purchase agreements with Goldcoin Ventures, an indirect wholly-owned unit of Hong Kong-based Lei Shing Hong Ltd, for the proposed land sale.

(NST & The Edge, 04/12/2018)


 

ECOWORLD LONDON SIGNS RM2.1 BILLION DEAL

Eco World International Bhd’s 70% owned joint-venture, EcoWorld London, has signed contracts for a deal worth £389 million (RM2.1 billion) whereby real estate investment manager Invesco Real Estate, will acquire over 1,000 build-to-rent (BTR) homes in London representing the entire BTR component of two sites, which include Kew Bridge and Barking Wharf. The apartments are to be specifically developed at Kew Bridge in West London and Barking in East London (for long-term rental prospects) on behalf of one of Invesco Real Estate’s international separate account clients.

(The Sun & The Star, 04/12/2018)


 

AFFORDABLE LIVING IN CANOPY HILLS

Canopy Hills by Land Pacific in Kajang 2 offers 38 types of facilities such as a grand drop-off lobby, jogging track, a childcare centre and a herb garden, within the Klang Valley. It is priced from RM230,000 (RM395 per sq ft) with a gross development value of RM440 million. Designed by award-winning Hong Kong architecture firm, Canopy Hills is a residential high rise building with a lifestyle Soho concept designed for young professionals and budding families. To be developed over 5.62 acres with 1,589 units, the units come in three types of layout including “garden”, “intermediate” and “corner”, with a built-up size of 590 sq ft. This development is expected to be completed by 1Q22.

(Starproperty.com.my, 03/12/2018)


HOMEOWNERS WELCOME EARLY SURPRISE

Homeowners of Residensi Gurneymas in Kuala Lumpur were contented to get their keys 24 months ahead of schedule. Residensi Gurneymas is a project under Federal Territories Affordable Housing (Rumawip). At the key handover ceremony, the buyers were lucky to have purchased a unit as it was a rarity to attain a home at RM198,000 in the city. Such a price was made possible due to the collaboration between the developer, Aset Kayamas and DBKL. DBKL reduced the land premium to subsidise the cost of the project. There are 274 units in the 34-storey block, whereby each unit comes with three bedrooms and two baths. Aset Kayamas has thus far built 4,496 units via the completion of Residensi Pandanmas, Pandanmas 2, Sentulmas, Puchongmas and Razakmas. Currently in the pipeline are 3,005 additional units, through the development of Residensi Kepongmas, Jalilmas and Wangsamas, which are due to be completed in 2019.

(The Star, 07/12/2018)


UTUSAN DISPOSES OF SHOP OFFICE IN PJ FOR RM7 MILLION

Utusan Melayu (Malaysia) Bhd’s wholly-owned subsidiary, Mediamony Sdn Bhd, is disposing of a five storey corner shop office at Petaling Jaya for RM7 million to Eden Resources Sdn Bhd. Net proceeds from the proposed disposal were intended to be partially utilised to fund working capital requirements to finance its day-to-day operations. The proposed disposal is expected to be completed by end-2019.

(The Sun, The Star & NST, 05/12/2018)


 

WEWORK TO OPEN FIRST OFFICE IN MALAYSIA IN 1Q19

New York based co-working space “WeWork” will open its first co-working space in Kuala Lumpur in 1Q19. To accommodate 1,900 members over five floors, its largest office to date in Southeast Asia, will be located at Equatorial Plaza and will offer three main services including hot desking, dedicated desk and private office suites. Monthly rentals for example are: RM950 per month for a hot desk, the dedicated desk rate (fixed desk in a shared office) is RM1,150 per month and charges for private offices start from RM1,200 per month. The fees will include 24/7 access to the office, utilities, free flow of beverages, meeting rooms and printing service credits, high-speed WiFi access and entry to all 335 WeWork locations. WeWork’s local partner for Malaysia is Daman Land, whose role is to help WeWork engage with landlords and source space to operate in Malaysia. The collaboration is facilitated via a participatory leasing partnership, in which WeWork is also practicing globally as its business model.

(The Edge, 05/12/2018)


 

DEPARTMENT STORE GETS NEW LOOK

Parkson Sunway Pyramid is sporting a fresh new look to give it a more youthful feel after 21 years in operation. The three-level mall now has its own beauty section, a denim studio, a baby room and play area and offers more than 400 brands. Ambient lighting and tasteful decor give the 10,219 sq. m. department store a sophisticated look, whereby Parkson Corporation Sdn Bhd has spent approximately RM10 million on overall changes. On the ground floor, in addition to famous brands such as Chanel, Dior and SK-II, there are two new fragrance brands including Kenzo and Cartier. Also exclusive to Parkson Sunway Pyramid is Novu Aesthetics, a brand from Singapore. On lower ground floor 1, is the Denim Studio offering brands such as Lavine (exclusively at Parkson), DP, Voir Jeans and Eighteen Plus. Lower ground floor 2 (LG2), has nearly 100 home decor, soft furnishings, bedding and do-it-yourself brands. Also at LG2 is Junior City with nearly 130 children’s and baby brands, a play area and a large selection of luggage choices.

(The Star, 05/12/2018)


 

KERJAYA PROSPEK SECURES RM211.6 MILLION CONSTRUCTION JOB

Kerjaya Prospek (M) Sdn Bhd has received a RM211.6 million contract from PPB Group Bhd’s unit to undertake construction works for a proposed mixed development in Sungai Buloh, Petaling Jaya. The letter of award received from PPB Hartabina Sdn Bhd is for the construction of a main building and external works for the project comprising a 31-storey serviced apartment, a nine-storey car park podium with common facilities, four-storey office/commercial units with two levels of basement car park and commercial units. The contract period spans from December 8, 2018 to June 8, 2021.

(The Edge, NST, The Star & The Sun, 06/12/2018) 


SUNCON SECURES RM100 MILLION MIXED DEVELOPMENT CONTRACT

Sunway Construction Group Bhd (SunCon) has secured a RM100 million construction contract for a mixed development project in Cheras. SunCon’s unit, Sunway Construction Sdn Bhd, accepted the letter of award issued by SA Architects Sdn Bhd on behalf of Sunway Integrated Properties Sdn Bhd. (SIPSB). SIPSB is an indirect subsidiary of Sunway Bhd, which in turn is a major shareholder of SunCon. The project comprises three floors of commercial area, eight floors of office area, 11 floors of serviced apartments, pedestrian decks and four floors of basement carpark. The project is expected to be completed by April 30, 2021.

(The Edge, NST, The Star & The Sun, 06/12/2018) 


GUOCOLAND SET TO LAUNCH TOD PROJECT

GuocoLand Malaysia Bhd, the property arm of Hong Leong Group, is planning to launch Emerald 9, a transit-oriented development (TOD) project at Cheras 9th Mile. Emerald 9 will comprise residences, a 200-room business hotel, four storey offices and five storey shop lots. It will have an estimated gross development value of RM1.5 billion. The 11.8 acre project is located 400 metres from the Taman Suntex MRT station and will be linked to the MRT station via a covered bridge.

(NST, 06/12/2018)


 

ECO WORLD TARGETS RM250 MILLION SALES IN 2019

Eco World Development Group Bhd is targeting RM250 million in sales from its Bukit Bintang City Centre (BBCC) integrated mixed development in 2019. With the first phase of the development projected to be completed by 2021, among the units being sold are the retail plots of the heritage-inspired Malaysian Grand Bazaar (MGB). MGB offers 100,000 sq. ft. of customisable retail space that has attracted 40 tenants ahead of its opening in 2021. Launched in December 2016, BBCC (which was the former Pudu Jail site) is a joint venture between UDA Holdings, Eco World and the Employees Provident Fund. Based on reports, the BBCC project is on track to complete its first phase by the first quarter of 2021. Occupying approximately 19.4 acres of land, the project has reached 25% completion of the first phase and the developers expected the overall completion to be in 2025. The first phase of the project includes 43 levels of stratified offices (The Stride), Mitsui Shopping Park Lalaport and an entertainment hub comprising MGB, Zepp KL by Sony and Regus. Mitsui Shopping Park Lalaport will occupy eight levels providing a floor area of more than 1.49 million sq. ft., while the entertainment hub occupies 10 floors and is connected to the retail mall to provide a seamless retail-tainment experience. The second phase will involve the completion of the Lucentia serviced apartments and Canopy by Hilton, which will have 456 rooms.

(The Star, NST & The Edge, 06/12/2018)


 

JKG LAND UNVEILS RETAIL PORTION OF THE ERA @ DUTA NORTH

JKG Land Bhd has launched “rain3rain”, of its flagship project The Era @ Duta North in Segambut. The retail development will provide a total net lettable area of 277,000 sq. ft., built in  four phases. The rain3rain development will complement the residential component and will serve as a destination for the retail and food and beverage industry in the area. The ERA @ Duta North will feature six residential blocks on a landscaped deck above a three-storey retail podium. The residential towers will range between 53 and 63 stories, with 2,900 serviced apartments with built-ups of 614 sq ft to 2,928 sq ft. The freehold mixed development located north of Jalan Duta will span 15 acres. The retail portion of The ERA @ Duta North is JKG’s first venture into retail space and will provide recurring revenue. The first phase of the residential portion was launched in 2017 with sales rate registered at approximately 70%.

(The Star, 07/12/2018)


SELANGOR DREDGING TARGETS 80% OCCUPANCY RATE FOR THE HUB SS2 SUITES

Selangor Dredging Bhd (SDB) targets an occupancy rate of 80% by March 2019 for “The Hub SS2” signature suites. Located in Petaling Jaya, “The Hub SS2” is a mixed commercial development comprising 13 low-rise four-storey shop offices and 276 signature suites set in a 44-storey tower. The signature suites are already 40% occupied, whereas 80% of the retail units have been rented out with half of the tenants set to operate by December 2018 and the rest by early 2019.

(The Star & NST, 07/12/2018)


 

UMW HOLDINGS SELLS SHAH ALAM LAND FOR RM287.7 MILLION

UMW Holdings Bhd is disposing of its leasehold industrial land totalling 38.803 acres in Shah Alam, Selangor, to Strategic Sonata Sdn Bhd, which is a wholly-owned subsidiary of Singapore’s Mapletree Dextra Pte Ltd, for RM287.7 million. The proposed disposal will facilitate the planned relocation of ongoing business operations in Shah Alam to the proposed UMW High Value Manufacturing Park in Serendah, Selangor. The migration of UMW Group businesses to Serendah provides a firm foundation for the group’s next phase of growth and will further strengthen the emerging ecosystem for high-value, innovative manufacturing at the park. In the interim, the group will be letting part of the land from Strategic Sonata for a tenure of at least three years at a yearly rental totalling RM12.6 million, to ensure that the group’s ongoing business operations will persist without undue disruptions, prior to the planned relocation to the UMW High Value Manufacturing Park. The land comprises 10 lots held under separate title documents and will be disposed of along with all remaining buildings, structures and plants.

(The Edge, 01/12/2018)


 

EDUTAINMENT CENTRE SIGNS OFFICIAL PARTNERSHIP WITH HOTEL

KidZania Kuala Lumpur, an indoor family edutainment centre, signed an official partnership agreement with Hotel Sentral Group. The partnership was made to offer improved services via educational activities and business offerings with a focus on children. In 1Q19, visitors can expect a 400 sq. ft. mock-up of Hotel Sentral within KidZania, whereby children will be given exposure into the various job professions within the hospitality industry. Hotel Sentral wants to be at the forefront of children’s education, development and corporate social responsibility.

(The Star, 05/12/2018)


 

HILTON EYES SEVEN NEW HOTELS

Hilton is expanding in Malaysia, targeting both gateway and secondary cities in the market. These include the entry of Hilton’s Conrad Hotel & resorts (luxury brand) and Canopy by Hilton (lifestyle brand), which will open the first hotel in 4Q21 at Bukit Bintang City Centre, Kuala Lumpur. Hilton operates 11 local hotels under three brands – Hilton Hotel & Resorts, DoubleTree by Hilton and Hilton Garden Inn. Hilton’s most recent opening in Malaysia includes two hotels under the Hilton Garden Inn brand, which include Hilton Garden Inn Jalan Tuanku Abdul Rahman South and Garden Inn Puchong. A fourth hotel under the same brand is expected to open in Johor Baru in 2019. Within the next few years, Hilton will also introduce four DoubleTree by Hilton hotels nationwide, including its entry into Putrajaya (290 rooms), Miri (320 rooms) and Kota Kinabalu (237 rooms).

(NST, 06/12/2018)


 

UEM SUNRISE VENTURES INTO HOSPITALITY WITH HYATT HOUSE HOTEL

UEM Sunrise Bhd opened the first Hyatt House (largest in the world) in the Southeast Asian region in Mont’Kiara, Kuala Lumpur on December 6, 2018. Located at UEM Sunrise’s mixed development Arcoris Mont’Kiara, the four-star extended stay hotel marks the developer’s first foray into the hospitality sector. Featuring the ambience of a luxury home, Hyatt House features over 298 contemporary, residential-inspired studios and suites with fully equipped kitchens, living rooms and bedrooms. The hotel also offers a restaurant, take-away options at the 24-hour H Market store, free Wi-Fi, a 24-hour fitness centre, an infinity rooftop sky pool and the TEN 37 Pool Bar. The hotel is designed by world-renowned architectural firm Foster + Partners.

(The Edge Property, 07/12/2018)


 

INCREASE IN TOURIST ARRIVALS FOR 2018

The Perak government is expecting an increase of 6% in domestic tourists to the state for 2018. In 2017, the State Tourism, Arts and Culture Committee chairman denoted that a total of 7.6 million domestic tourists visited Perak, whereas the state government’s 2018 target of tourists visiting Perak is 8 million.

(The Star, 07/12/2018)


 

SOCSO TO SET UP HOSPITAL IN PERAK

A rehabilitation centre and a hospital managed by the Social Security Organisation (Socso) will be built in Perak, according to a state exco member. Both the facilities will be constructed under a minimum cost of RM500 million by Socso at a location which has yet to be identified.

(The Star, 05/12/2018)


 

WAKAF’ LAND FOR B40 HOMES? MINISTRY TO MAKE MOVE MANDATORY IN ALL STATES

The Housing and Local Government Ministry is planning to look at the viability of building affordable houses on wakaf land to cater for housing requirements of the Bottom 40% (B40) income group. Many of those in the B40 group have five to six children, but live in houses measuring merely 650 sq. ft. and the ministry would prospectively make it mandatory for such affordable houses to be 900 sq. ft. in size. These housing projects should also have a surau and recreational facilities. If the housing project was handled by the state, construction costs would be lower and the price of the houses would be within the B40 group’s budget. Compliance costs, which would include water and electricity, would also be lower.

(NST, 03/12/2018)


 

GAMUDA PROPOSES LEVY

Gamuda Bhd has proposed a levy where developers would have to pay 2% of their total revenue based on sales to the government instead of having quotas imposed on them to provide a fund benefitting the below-40 (B40) population. Gamuda foresees that house prices are unlikely to reduce, hence the group is expecting an influx of huge unsold stock in the property market. The holding costs of complying with bumiputra requirements are also getting heftier. When the aggregated value of the 2% levy for developers is given to the government, the amount could be channelled towards funding affordable housing for the B40 population in properly suited locations. The 2% levy fund could then be used by the government to decide on better land to house the B40, which is every developers’ goal.

(The Star, 07/12/2018)


PULAU KUKUP TO KEEP NATIONAL PARK STATUS

Pulau Kukup, said to be among the biggest uninhabited mangrove forests in the world, will remain a national park following confirmation from the Johor palace. The state assembly also app­roved an emergency motion yesterday, stating that the national park status should be maintained for environmental preservation. Pulau Kukup, which is approximately one kilometre away from the mainland near Pontian, came under the spotlight when a gazette dated October 25, 2018 about the state authorities cancelling its status as a protected national park went viral.

(The Star & NST, 07/12/2018)


 

JOHOR SUPPORTS EFFORTS TO REVIVE CROOKED BRIDGE PROJECT PROPOSAL

The Johor government agrees in principle to the efforts of reviving the crooked bridge proposal. However, they are currently conducting preliminary studies on the proposal for the third link between Pengerang and Pulau Ubin, Singapore. The crooked bridge project is still in its early planning stages, in which several factors have to be considered to ensure that the project benefits the people of Johor and reduces costs for the state government.

(The Sun & NST, 03/12/2018)


 

VEHICLE ENTRY PERMIT SYSTEM DID NOT MEET OBJECTIVES, SAYS AUDIT REPORT

The vehicle entry permit (VEP) system has failed to reach its objectives despite being given three extensions of time (EOT), according to the Auditor-General’s 2017 Series 2 Report. The report mentions that the VEP system was still at the provisional acceptance test stage, which means that enforcement activities to monitor the movement of foreign vehicles into the country must be carried out.

(NST, 04/12/2018)


 

TEMOKIN GEARS UP FOR PHASE TWO OF MAHLIGAI IN JB

Temokin Development Sdn Bhd, a subsidiary of construction outfit Temokin Holdings Sdn Bhd will launch the second phase of Mahligai homes in Johor Bahru in 2019, following the success of Mahligai’s first phase which has been over 95% sold since its launch in September 2018. Located at Nusa Damai in Pasir Gudang on 11.75 acres of freehold land, the project has a gross development value of RM100 million and is targeted at owner occupiers and families. The project comprises three phases, with phase one comprising 53 double storey terraced homes with a built up area of 1,679 sq. ft. for intermediate units and 1,752 sq. ft. for corner units. Phase 2 of Mahligai will feature 87 double storey terraced homes and Phase 3 will feature 23 exclusive, three-storey terraced homes. Phase 2 of Mahligai has been opened for registration and has received a “good” response. The price of homes within the first launch started from RM564,000 prior to incorporating the Bumiputera discount.

(The Edge Property, 07/12/2018)


 

MB WORLD TO LAUNCH THREE PROJECTS IN ISKANDAR MALAYSIA

MB World Group Berhad (MBWG) will launch three new projects in Iskandar Malaysia in 2019. The first project, Ayana Residence @ Taman Sri Pulai Perdana in Skudai, will be built on a 16 acre site. It will offer 159 units of 22’ x 70’ and 22’ x 80’ double-storey link houses. The project has an estimated gross development value (GDV) of RM80 million. The second project on a 6.3 acre site at Taman Sierra Perdana in Masai comprises two 21-storey apartment blocks featuring 406 units, with a GDV of RM157 million. The third is a mixed development project – Puteri Senibong in Teluk Jawa – that has a GDV of approximately RM1.5 billion and will sustain MBWG for the next 10 years. Puteri Senibong will be built on a 50 acre site and will comprise affordable homes under the Rumah Mampu Milik Johor housing scheme; serviced apartments; and commercial properties.

(The Star, 07/12/2018)


 

ELECTRONICS BRAND OPENS ITS FIRST BATU PAHAT OUTLET

LG Electronics Malaysia opened its first brand shop in the Batu Pahat district, which is its sixth outlet in Johor, offering consumers a wide range of home entertainment and electrical appliances.

(The Star, 01/12/2018)


 

PENANG PORT MAY LOSE 20% OF CARGO TRAFFIC VOLUME

The Penang Port may be at risk of losing 20% of its cargo traffic volume unless its logistics’ efficiency improves, according to the Malaysian Chairman of the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Joint Business Council (JBC). Thailand is developing a deep-sea port off the Chana district in the Songkhla province, which faces the Gulf of Thailand and the South China Sea. The port could serve as a direct seaborne gateway to China and other countries in East Asia, which means that freight traffic from East Asia would travel via the South China Sea instead of ‘looping’ around Peninsula Malaysia via the Straits of Malacca to reach their destinations. Currently, circa 80% of southern Thailand’s freight is shipped through the Penang Port, but there is a distinct possibility that up to 80% of goods from northern Malaysia could go through Chana once the port begins operations.

(The Star, 07/12/2018)


 

DEVELOPER LAUNCHES ENGLISH-STYLE HOMES

Eco Meadows achieved another milestone with the handing over of Phase 1, comprising 375 double-storey terraced homes featuring classic architecture inspired by the stately English royal house. The freehold 76.4 acre Eco Township in Simpang Ampat, Penang, is EcoWorld Malaysia’s first township development in Penang. Eco Meadows offers low-density fully strata gated-and-guarded homes with clubhouse facilities and 28.9 acres of commercial precincts. With prices starting from RM815,000, the terraced homes in Phase 1 come in sizes of 20’x70’, 22’x70’ and 24’x70’, with built-ups ranging from 2,206 sq. ft. to 2,305 sq. ft.

Also part of the Eco Meadows development is Eco Bloom, a freehold mixed development with a gross development value (GDV) of RM283 million comprising a single tower project with 490 residential units split into two wings and 23 exclusive units of two-storey shoplots, which come in two sizes and layouts – typical (22’ x 68’) and corner (35’ x 68’), situated below the residential tower.

With selling prices starting from RM405,000, the condominium comes in three sizes (802 sq. ft. with two bedrooms, 901 sq. ft. with three bedrooms and 1,101 sq. ft. with three bedrooms).

(The Star, 05/12/2018)


 

MICRON TO INVEST RM1.5 BILLION FOR SSD CENTRE

Micron Technology, listed among the United States-based Fortune 500 companies, will make a footprint in Penang with an initial investment of  RM1.5 billion (US$357 million) over the next five years for the construction of a new centre of excellence for solid state drive (SSD) assembly and testing. The company expects to break ground at its 51.4 acre site in the Batu Kawan Industrial Park in 1H19, and begin operations within two years. The centre of excellence is expected to generate 1,000 additional local jobs in Penang state.

(NST, 01/12/2018)


 

DEMOLITION OF HERITAGE BUILDING WAS NECESSARY

The heritage building at the corner of Peel Avenue and Peirce Lane has been demolished as it was in a dilapidated state. The Class II heritage building had “caved in” and the site will make way for the Island Medical City (IMC) project. Approvals for the demolition were given by the Penang Island City Council (MBPP), adding that the building was torn down at the end of 2017. The project has a gross development value close to RM2 billion, which will take five years to complete. Phase one is expected to be completed by 2021. Overall, 300 hospital beds will be added onto Island Hospital’s current 300, making it Penang’s first 600-bed private hospital. To complement its functions and meet healthcare travellers’ demands, medical suites, ancillary facilities and a medical tourist hotel will be built later on. The first phase of IMC will generate 2,000 jobs, including 100 for medical specialists.

(The Star, 06/12/2018)


 

PETRONAS FUNDED PULAU BALAMBANGAN HOSTEL TO BE READY IN 2019

Construction has started on a hostel funded by Petronas to improve pupils’ access to education in the remote area of Pulau Balambangan in Sabah’s northern Kudat district. The 120-bed hostel is being built within SK Balambangan, which is expected to improve pupils’ attendance. To be known as Asrama Harian Luar Bandar, the hostel will be completed in 2019 and will provide pupils with a place to stay throughout the week during school days. The island has three villages including Kampung Selamat, which  is the nearest to the school, Kg Batu Sirih (only accessible by boats) and pupils from Kampung Kok Simpul (the furthest village), from which pupils have to trek through the jungle to arrive at school.

(The Star, 03/12/2018)


RICS

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Jones Lang Wootton