Week 6 - 2024
HOUSING DEVELOPERS IN MELAKA REQUIRED TO BUILD LOW, MEDIUM-LOW COST HOUSES IN PROJECTS
The Edge, 06/02/2024
All housing developers in Melaka, especially those involved in the construction of new projects, are required to have low- and medium-low-cost houses in their projects. This new requirement is made to ensure those in the B40 group are not left out from enjoying comfortable and affordable housing development.
LFE CORP TO BUY GURUN LAND FOR PROPERTY DEVELOPMENT BUSINESS EXPANSION
The Edge, 06/02/2024
Construction and mechanical and electrical service provider LFE Corp Bhd is buying 84 pieces of freehold land in Gurun, Kuala Muda, Kedah from private limited firm Aziho Trading Sdn Bhd for a total of RM1.03 million cash. The group said it is seeking further business opportunities in the construction and property development industry. LFE’s wholly owned subsidiary LFE Development Sdn Bhd had signed a sale and purchase agreement with Aziho Trading for the proposed land acquisition.
92 NEW DEVELOPMENT PROJECTS IN KELANTAN THIS YEAR
The Edge, 6/2/2024
The federal government has approved a development allocation totalling RM2.81 billion for Kelantan under the Fourth Rolling Plan for 2024 of the 12th Malaysia Plan. A total of 92 new projects have been approved this year, bringing the total number of projects to 425. The Works Ministry (KKR) has received the largest allocation this year, which amounts to RM0.8 billion and will be used for 32 projects. Some major projects under KKR are six packages of the Kota Bharu-Kuala Krai Highway and nine packages of the Lingkaran Tengah Utama (LTU) Expressway from Kuala Krai to Gua Musang.
Fourteen out of the 15 packages are currently in progress, while one package is at the procurement stage, with the total construction cost of RM4.79 billion. A comprehensive transportation network is actively being constructed, including highways, the East Cost Rail Link project and the Sultan Ismail Petra Airport. The federal government has also approved new phases for the Integrated River Basin Development Project (PLSB), with Phase 2 of Sungai Kelantan involving a cost of RM1.06 billion, and Phase 3 of Sungai Golok, at a cost of RM0.5 billion.
SPRITZER INKS JV AGREEMENT TO DEVELOP HOUSING PROJECT IN PERAK
The Edge, 8/2/2024
Spritzer Bhd, the country’s largest bottled water manufacturer, has entered a joint-venture (JV) agreement with KNP Development Sdn Bhd to develop a residential housing project in Larut Matang district, Perak. Spritzer will bear the cost and expenses to build houses on a 5.78-acre piece of land provided by KNP.
SENTORIA RECEIVES MINISTRY NOD TO COMPLETE PROJECTS
The Sun, 06/02/2024
Sentoria Group Bhd has obtained the green light from the Ministry of Housing and Local Government (KPKT) to complete its projects. The property developer has been issued with an interim removal from the delayed housing development list. With KPKT’s approval now secured, the Orkid project, a terrace-house development at Morib Bay, Selangor, will see an accelerated completion date. The project comprises 148 single-storey terrace houses, of which 126 have been sold, with Certificate of Completion and Compliance (CCC) to be completed by June 2024. The developer’s Seroja and Mawar projects are sold out and are in line to be completed by 1Q24. The total gross development value of the three projects is about RM80 million.
YTL LAND’S LINK HOUSES IN KWASA DAMANSARA FULLY BOOKED, TOWNHOUSES 80% BOOKED
The Edge, 6/2/2024
YTL Land & Development Bhd’s Dedaun Rimba project, located within the 2,259-acre Kwasa Damansara township development, saw its link houses fully booked and its townhouses 80% booked during a sale preview held on February 4, 2024. With a gross development value of RM250 million, Dedaun Rimba is a 12.7-acre low-density, gated-and-guarded development comprising 68 units of three-storey link houses and 196 units of 1½-storey townhouses. The link houses, with a built-up area of 2,617 sq. ft., come with a five-bedroom layout and are priced from RM1.39 million. The townhouses, with built-ups of 1,559 sq. ft., come with a three-bedroom layout and are priced from RM730,000.
The link houses and townhouses at Dedaun Rimba were designed to cater for the young generation and to meet the needs of multigenerational living. The development also features landscaped surroundings featuring a central park, linear parks as well as an exclusive clubhouse with resort-themed lifestyle amenities. Dedaun Rimba is situated opposite Taman Bandar Kwasa Damansara, a 28-acre green, open space designated as a green lung within the township development. Dedaun Rimba is surrounded by the Kota Damansara Community Forest Reserve and the mature suburbs of Petaling Jaya, Subang, Subang Jaya, Shah Alam and Damansara.
ADVANCECON BAGS RM27 MILLION EARTHWORKS DEAL
The Star, 7/2/2024
Advancecon Holdings Bhd has won a RM27.3 million earthworks contract for Gamuda Gardens Park in Rawang, Selangor. The company has secured the 10-month project to carry out site clearing and earthworks construction from Mujur Minat Sdn Bhd. The contract will be effective from February 7 to December 16, 2024.
SIME DARBY, LAGENDA PROPERTIES TEAM UP TO BUILD AFFORDABLE HOMES
The Sun, 8/2/2024
Sime Darby Property Bhd through its wholly owned subsidiary Seed Homes Sdn Bhd has signed a shareholders’ agreement with Lagenda Properties Bhd to set up Seed Homes Lagenda, a 50:50 joint venture to develop affordable homes. Seed Homes is a new portfolio under Sime Darby Property aimed to deliver innovative solutions in the affordable homes segment. The partnership is expected to support the expanding affordable housing market in Malaysia and further encourage homeownership.
Seed Homes Lagenda is set to embark on its first affordable township project in Gurun, Kedah via the acquisition of a 249-acre of land from Sime Darby Property. Anticipated to yield over 3,000 affordable homes, this development capitalises on its strategic location and spillover effects of the potential industrial growth in Gurun.
VESTLAND SECURES RM278.81 MILLION JOB FOR SERVICE APARTMENTS IN PJ
The Star & The Edge, 06/02/2024
Vestland Bhd has secured a RM278.81 million contract to undertake design and building works for two blocks (30 and 44 storeys each) of service apartments and related facilities in Ara Damansara, Petaling Jaya. Vestland’s wholly owned subsidiary Vestland Resources Sdn Bhd (VRSB) had secured the award from Sg Besi Construction Sdn Bhd, a private-limited company principally involved in building construction and property developer activities. Construction works will commence effective immediately, with completion on 4th August 2026.
DEVELOPER MARKS COMPLETION OF FIFTH AFFORDABLE HOUSING PROJECT IN KL
The Star, 8/2/2024
SkyWorld Development Bhd had completed its latest project, SkyAwani V Residence@Sentul in Kuala Lumpur. It is the fifth instalment in SkyWorld’s affordable series of properties under the government’s Residensi Wilayah programme which is designed to provide affordable housing for first-time buyers in Kuala Lumpur. The RM188 million (GDV) project sits on 2.05 acre of land and comprises 615 units in a 36-storey tower. The units which are priced at RM300,000 each are fully sold. Residents have access to 30 facilities including a gymnasium, terrace lawn, basketball court, jogging trail, multipurpose hall, games room, co-working space, rooftop sky lounge and a sky garden.
UEM SUNRISE RESIDENSI ALLEVIA MONT’KIARA COMPLETES TOPPING-OUT CEREMONY
The Star, 8/2/2024
UEM Sunrise Bhd recently completed Residensi Allevia’s topping-out ceremony in Mont’ Kiara. The residence which was launched in 2020 is 90.5% sold. The project was 75% completed as at January 2024 and the handover is scheduled by 1Q25.
ECONPILE WINS RM30 MILLION BUILDING PROJECT
The Edge & The Star, 8/2/2024
Econpile Holdings Bhd has received a letter of award from Chingsan Development Sdn Bhd for substructure works for an office building in Shah Alam, Selangor for RM30 million. The job will entail undertaking the construction and completion of site clearing, earthworks, substructure and structure works for a five-storey basement car park, including the floor slab of lower ground two at the building. The project will be completed within 16 months from 24th February 2024.
PARAMOUNT PROPERTY LAUNCHED FIRST PROJECT OF THE YEAR
The Edge, 4/2/2024
Paramount Property Development Sdn Bhd is gearing up to launch its first project of the year via a wholly owned subsidiary of its parent company, Paramount Corp Bhd, named Paramount Property (Cityview) Sdn Bhd. The developer is kicking off the year with its first luxury high-rise residential development named The Ashwood, situated on a 3.59-acre freehold, residential-titled parcel located within Taman U-Thant in Kuala Lumpur. The development will offer two 49-storey residential towers and 12 units of three- and four-storey villas. The project has a gross development value (GDV) of RM758 million.
The Ashwood will offer a total of 302 condominium units that come in five layouts, with built-ups of 1,381 sq. ft. to 1,707 sq. ft., and 40 units of two-storey duplexes that come in five layouts, with built-ups of 2,431 sq. ft. to 3,020 sq. ft. The condominium units are priced from RM1.641 million. The three- and four-storey villas will have built-ups of 3,133 sq. ft. and 3,399 sq. ft. respectively. The selling price of a villa is about RM4.307 million. The condominium units and villas will be open for sale, while the duplexes will be available at a later date.
MERDEKA 118 ACCESS BY END 2024
The Star, 5/2/2024
Menara Merdeka 118, the world’s second tallest tower, can be accessed by the public by the end of 2024. Masjid Al-Sultan Abdullah that has a capacity of 3,000 and located within the Merdeka 118 precinct is now open to the public. Stadium Merdeka, which is at the heart of Merdeka 118 precinct, will reopen to the public by the middle of 2024 and Merdeka Boulevard at 118 Park will also be open at the same time. Park Hyatt Kuala Lumpur which takes up the top 17 floors of Merdeka 118 Tower is expected to open by September 2024. The View at 118 Observation Deck will open in 4Q24. The deck will be the highest observation deck in South-East Asia and the second highest in the world. Once fully activated, the View at 118 is expected to cater to up to 3,000 visitors a day. The 118 Mall will open in 3Q25.
TITIJAYA LAND UNIT BUYS SUBANG JAYA FLATS FROM BNM FOR RM44.5 MILLION TO REDEVELOP INTO MIXED COMMERCIAL PROPERTIES
The Edge, 06/02/2024
Titijaya Land Bhd’s 70%-owned indirect subsidiary Pride Hectares Sdn Bhd is buying a five-storey medium-cost flat building, comprising 97 two-bedroom units, in SS15, Subang Jaya, Selangor from Bank Negara Malaysia (BNM) for RM44.5 million cash. It intends to redevelop the properties into mixed commercial properties. Pride Hectares had entered into 97 separate sale and purchase agreements with the central bank for the proposed acquisition.
IBIS STYLES SEPANG OPENED ITS DOORS
The Star, 8/2/2024
Ibis Styles Sepang, a new branded four-star airport hotel, opened its doors on February 1, 2024. The resort concept hotel is located 1.2km from the Kuala Lumpur International Airport (KLIA) and offers a unique blend of comfort and convenience, especially for transit guests. The hotel provided free air-conditioned shuttle bus to and from the airport for the hotel guests. Two features to note at the hotel are the 10 specially designed biker rooms, catering to motorcycle enthusiasts, and commissioned artwork in each room done by artists with autism. The hotel’s location close to the airport, proximity to shopping centres, ample parking and huge swimming pool are its plus points. The developer of Ibis Styles Sepang KLIA is Ikhasas Sdn Bhd.
YTL HOSPITALITY REIT ACQUIRES SYEUN HOTEL IN IPOH FOR RM55 MILLION CASH
The Edge & The Star, 8/2/2024
YTL Hospitality REIT (YTL REIT) is acquiring Syeun Hotel in Ipoh, Perak, for RM55 million cash. Maybank Trustees Bhd, entered into a sale and purchase agreement with the vendor, Syeun Hotel Bhd, to acquire the property. This was announced by Pintar Projek Sdn Bhd, the manager of YTL REIT. Pintar Projek said the property will be renovated and proposed to reopen under the AC Hotels by Marriott brand. The property will then be leased under a variable rental arrangement, where YTL REIT will participate in the income to be generated from the property. The proposed acquisition is expected to be completed during 1H24. The 13-storey standalone hotel building had 290 rooms and ceased operations in May 2020. It was categorised as a four-star hotel. YTL REIT boasts a total of 10 hotel properties in Malaysia, including hotel chains such as JW Marriott Hotel Kuala Lumpur, The Majestic Hotel Kuala Lumpur and The Ritz Carlton Hotel Kuala Lumpur.
SENADI HILLS 2B IN JOHOR BAHRU SOLD OUT ALL NON-BUMIPUTERA UNITS
The Edge & The Star, 9/2/2024
UEM Sunrise Bhd is poised to launch more freehold landed homes in Johor, particularly at Gerbang Nusajaya and Puteri Harbour, this year. The group plans to launch a double-storey terrace development in Gerbang Nusajaya in 2Q24 to address the growing demand in Johor. This comes as UEM Sunrise saw strong sales rate for its Senadi Hills phase 2B launched on December 18, 2023, with all non-bumiputra units fully sold and another 86% of bumiputra lots registered. The previous three phases of Senadi Hills recorded 100% units sold out upon phase 1A & 1B launches in the year 2020 and the recent phase 2A launch in June 2023.
Senadi Hills phase 2B consists of 91 double-storey terrace homes designed with four bedrooms and en-suite bathrooms to improve convenience and privacy for each family member. The layout includes a family area with a high ceiling, along with a car porch that can accommodate two cars. Senadi Hills 2B is priced from RM783,650 for bumiputra and is targeted for completion by end of 4Q25.
GAMUDA LAND LAUNCHES LATEST MALL IN JOHOR BAHRU, HORIZON MALL
NST, 6/2/2024
Gamuda Land recently launched Horizon Mall, a 150,000 sq. ft. neighborhood mall featuring nature-inspired architecture and a diverse range of lifestyle offerings. The mall aims to serve as a convenient one-stop destination, catering to needs such as grocery shopping, family dining at a variety of restaurants, clinic visits, and other essential services. The mall is conveniently located across from Invictus International School. Additionally, its close proximity to Horizon Square, a commercial hub comprising 78 retail and commercial lots which are fully sold.
SCIENTEX ACQUIRES 24 PARCELS OF LAND IN MUAR FOR RM200 MILLION FOR MIXED DEVELOPMENT
The Edge & The Star, 06/02/2024
Scientex Bhd is looking to develop a mixed-property development in Muar, Johor as it acquired 24 parcels of land measuring 1,094 acres in total for RM200 million to boost its property development segment. Scientex’s wholly owned subsidiary Scientex Heights Sdn Bhd has entered into a conditional sale and purchase agreement with Singapore-incorporated Guan Hong Plantation Pte Ltd for the proposed acquisition. The land is a strategic investment opportunity for Scientex Group to expand upon its track record of successful development in Johor to increase the group’s earnings potential over the long term. Besides that, Scientex said the landbank expansion is also in line with the goal of the group to build more affordable homes to meet its objective of completing 50,000 affordable homes throughout the country by 2028. As at December 2023, the group has completed 32,975 affordable homes.
PARAGON SIGNS MOU WITH SOLARVEST TO DEVELOP GREEN INDUSTRIAL TOWNSHIP IN JB
The Edge, 06/02/2024
Paragon Globe Bhd has signed a memorandum of understanding (MOU) with Solarvest Holdings Bhd to jointly develop a solar-ready factory and green industrial township in Johor Bahru. The purpose of this MOU is to bind the parties to the preparation and provision of the integrated renewable energy solutions for the project. The project, located on 141 acres of industrial land in Desa Cemerlang, will upon completion be expected to yield 12.5-megawatt peak (MWp) in renewable energy capacity, making it one of Johor’s greenest and most energy efficient industrial townships. To be financed by Solarvest through its Powervest financing programme, the project empowers Paragon to integrate renewable energy solutions into its township with zero initial capital outlay, the two companies added in a joint statement.
MOSCA MOVING TO BIGGER FACILITY IN FRONTIER PARK
NST & The Sun, 8/2/2024
German company Mosca GmbH decided to move to a larger premises at Frontier Park at Desa Cemerlang in Johor Bahru and also to double its workforce in order to expand their production facility after 20 years of operation. The company plans to relocate its automatic strapping machine final assembly facility from its current 40,000 sq. ft. plant in the vicinity to a new 103,458 sq. ft. factory situated on a 2.245-acre plot of land at Frontier Park. The new facility was designed with an emphasis on eco-friendly practices, including being ready for solar energy, to align with global standards for green manufacturing.
Frontier Park is WB Land’s flagship project. It is a 136-acre secure and green industrial park with 189 semi-detached and detached factories. As part of a managed park, it features AI-enabled security systems, an iconic central park, and a workers’ hostel complete with a sports park.
JOHOR ON TRACK TO DELIVER 30,000 AFFORDABLE HOUSING UNITS
The Star, 06/02/2024
The state government’s plan to provide 30,000 affordable homes by 2026 is on track. The housing and local government committee chairman added that the state government also planned to launch Rumah Makmur Johor (RMJ) this year, along with two People’s Housing Programme (PPR) developments. In the past two years, the ministry managed to build around 13,000 affordable homes. In 2024, the state government target to provide another 5,000 units and the remaining units within the next two years. Some of the ongoing projects are Residensi Iskandar Puteri, which is priced around RM150,000 for B40 families with about 2,000 units on offer. The state government would also be handing over keys to PPR Permas and PPR Ulu Tiram tenants. The next PPR that will introduce in 2024 is PPR Bandar Tenggara and it is expected to launch PPR Pengerang in April 2024. However, the details are still with the Local Government Ministry (KPKT) and are waiting for the official handover to the state government.
PLB ENGINEERING TO SELL VACANT LAND IN PENANG
The Edge, 8/2/2024
PLB Engineering Bhd has entered into a deal to sell a vacant piece of freehold land in Bandar Tanjung Bungah, Penang, measuring 0.47 acre to Victorious Triumphant Sdn Bhd for RM11.5 million. The group bought the land back in 2009 for RM5.49 million. The disposal is expected to be completed by July 6, 2024.
IKANO CENTRES INTRODUCES NEW DECATHLON FLAGSHIP, SOCCER EXPERIENCE AT KLIPPA SHOPPING CENTRE IN BATU KAWAN
The Edge & NST, 06/02/2024
Ikano Centres’ Klippa Shopping Centre in Batu Kawan, Penang, will undergo further expansion with the construction of a 20,000 sq. ft. Decathlon standalone flagship store, whose groundbreaking ceremony was held on 26th January 2024. The outlet at Klippa Shopping Centre will be the sporting goods retailer’s second store in Penang. Ikano Centres has also unveiled the Soccer Experience @ Klippa Batu Kawan, Powered by IKEA, at the shopping centre. The project will span approximately 170,000 sq. ft. and will include two pitches with an 11-aside open airfield, a 7-aside covered field and a clubhouse. With a 99% occupancy rate in the initial phases of Klippa, the group are confident in moving forward with the next phases of development. With an estimated gross development value (GDV) of RM1 billion, Klippa Shopping Centre currently comprises 50 tenants and targets to attract another 300 tenants. It currently spans 660,000 sq. ft. of retail and will have 800,000 sq. ft. once fully completed in 2025. Klippa Shopping Centre is part of Ikano Centres’ Klippa mixed-use development. The entire development has a GDV of RM3.5 billion and spans 51 acres. Launched in 2019, the development is expected to be completed over a period of six to nine years. In addition to the shopping centre, the Klippa development will also have residential components, which will have an approximate GDV of between RM2 billion and RM2.5 billion, and comprise 4,000 to 4,500 residential units.
PHASE ONE OF GURNEY BAY PROJECT NOW OPEN TO PUBLIC
NST, 4/2/2024 & The Star, 5/2/2024
Gurney Bay project is Penang’s latest attraction, valued at more than RM200 million. It is divided into two phases, Phase One covering 27.7 acres, includes a children’s play area, skate park, south vantage point viewing deck, public toilets, pedestrian promenade, hawker stalls, retail areas, recreation park, hawker kiosks, open car park space, and south water body reclamation area. Phase Two, measuring 71.2 acres, encompasses a hawker centre, retail area, convenience stores, north viewing deck, public toilets, additional hawker kiosks, multi-storey car park, open car park, water garden, surau, water taxis jetty, man-made beach and boardwalk, refuse centre, north water body and more. The second phase’s progress is at 40% and is expected to be completed in mid 2025. Phase One took about 19 months to complete after the groundbreaking on May 14, 2022.
SURIA CAPITAL INCHES UP AFTER INKING DEAL FOR RM4.2 BILLION MIXED COMMERCIAL PROJECT IN KOTA KINABALU
The Edge, 7/2/2024
Suria Capital announced its collaboration with BEDI Development, a 75%-owned unit of EXSIM Development Sdn Bhd, to develop two parcels of land measuring approximately 35.2 acres in Kota Kinabalu, Sabah. These companies will undertake the development, construction, and completion of an integrated mixed-commercial project on Land 1 measuring 6.3 acre held under Town Lease and Land 2, measuring 28.9 acre held under Country Lease. Land 1 includes the Jesselton Point Ferry Terminal, serving as the gateway to the nearby islands at Tunku Abdul Rahman Marine Park, while Land 2 adjacent to it consists of the 10 acres of KK Port wharf and the surrounding water body. The proposed mixed-commercial development on the development land, together with surrounding waterfront developments such as Jesselton Quay, Sabah International Convention Centre, and Kota Kinabalu Convention City, will collectively be known as Jesselton Waterfront City. The collective net development value of approximately RM4.2 billion.
Physical work on the project is slated to commence in early 2025, with the development of Land 1 commencing first, followed by the development of Land 2. The proposed development on Phase 1 of Plot 1 on Land 1 is estimated to be completed by 2028, while the entire project is expected to be completed within 12 years from the commencement date.
Suria Capital manages and operates eight major ports in Sabah through its wholly owned subsidiary Sabah Ports Sdn Bhd. Meanwhile, BEDI Development is a Sabah-based property developer primarily involved in property development and real estate agent activities, is known for its expansive portfolio ranging from industrial to high-rise residential and commercial projects. To date, EXSIM Development has launched 38 developments with a gross development value of RM14.53 billion.