Week 7 - 2024
DOSM: UNEMPLOYED PERSONS DROPPED TO 567,800 INDIVIDUALS IN DECEMBER 2023
The Edge, 10/102/2024
The number of unemployed persons in December 2023 reduced to 567,800 individuals (November 2023: 569,000 unemployed), with an unemployment rate of 3.3%, according to the latest Labour Force statistics from the Department of Statistics Malaysia (DOSM). The labour force in December 2023 increased to 17.03 million persons, from 17 million persons in November 2023. The number of employed persons in December marginally increased to 16.46 million persons, compared to 16.43 million persons in November. The number of unemployed individuals dropped by 0.2% to 567,800 persons.
BATIK AIR LAUNCHES MAIDEN KL-ISTANBUL FLIGHT
NST, 13/02/2024
Batik Air launched its maiden journey from KL International Airport (KUL) to Istanbul Sabiha Gokcen International Airport (SAW) in Istanbul, Turkiye on 9th February 2024. This direct service will operate four times weekly and Batik Air offers a generous baggage allowances, at a minimum of 20 kgs for Economy Class and a minimum of 30 kgs for Business Class.
KITACON WINS RM65.43 MILLION PROPERTY JOB FROM WORLDWIDE
The Star, 14/02/2024
Contractor Kumpulan Kitacon Bhd secured a RM65.43 million job from Selangor state government’s Worldwide Holdings Bhd to build 182 units of landed residences. Kitacon Sdn Bhd, has accepted a letter of award from Worldwide to undertake a proposed development in Selangor Cyber Valley, Dengkil, Selangor. The project entails the construction of 182 units of double-storey terrace houses and one electrical substation. The construction works are expected to commence on 19th February 2024 for a duration of 18 months.
VIO BANJ’RAN – LUXURY LIVING AMID HILLTOP SERENITY
The Sun, 15/02/2024
ViO Banj’ran, an IJM Land development in Seremban 2 Heights is perched at a lofty altitude of approximately 146m above the sea, unveiling a breathtaking panorama of the surrounding mountain ranges, and green views that extend to the horizon’s edge. The houses are designed for multi-generational living. ViO Banj’ran unveils an exclusive collection of 40 delectably designed homes, aptly named “Luxh” bungalows, with an estimated gross development value of RM183 million. Each house is equipped with a rainwater harvesting system, Cekap water-saving fittings, a solar PV system, and each unit will be equipped to easily accommodate EV charging installations.
MARRIOTT OPENS TWO NEW HOTELS IN 1Q24
Marriott International has inaugurated two new hotels namely Moxy Putrajaya Hotel (MPH) and the Penang Marriott Hotel (PMH) in 1Q24. MPH and PMH are part of Marriott Bonvoy’s portfolio of over 30 hotel brands. MPH, consists of 480 rooms, is located next to the IOI City Mall, Putrajaya whilst PMH, consists of 223 rooms, is located along Gurney Drive’s waterfront in Geroge Town, Penang.
BANGSAR HEIGHTS PAVILION APPOINTS HYATT HOTELS CORP TO OPERATE HYATT PLACE JOHOR BAHRU CITY CENTRE AT QUAYSIDE JBCC
The Edge, 16/2/2024
Bangsar Heights Pavilion Sdn Bhd has appointed Hyatt Hotels Corp to operate the Hyatt Place Johor Bahru City Centre (JBCC) hotel, which is part of the developer’s Quayside JBCC development in Bandar Johor Bahru, Johor. Quayside JBCC is a RM600 million mixed-use development comprising 482 units of serviced suites, 24 retail lots, 200 hotel rooms as well as a rooftop bar and fine dining area, all integrated in a 29-storey tower. The development was soft-launched in January 2023 and is expected to be completed by 4Q26. The hotel will offer amenities such as a bar and restaurant in the lobby, convenience store, meeting spaces as well as a 24-hour-operating fitness centre and swimming pools.
The residential component of Quayside JBCC has been approximately 90% sold since its soft launch in January 2023. The suites which are between 430 sq. ft. to 700 sq. ft. are being sold from RM700,000 to RM1.05 million. The suites will be managed and operated by Oakwood Hotel & Apartments, a subsidiary of Ascott International Group Pte Ltd. The retail lots are for sale at a selling price of RM3,000 per sq. ft. to RM3,500 per sq. ft. The sizes of these lots will be revealed at a later date.
Quayside JBCC is located within close proximity to the Johor–Singapore Causeway and is accessible via major highways such as the Tebrau Highway, Johor Bahru Eastern Dispersal Link, Skudai Highway, Iskandar Coastal Highway and Johor Bahru East Coast Highway.
JOHOR’S INVESTMENT HUB TO OPEN IN 2024
NST, The Sun, The Edge & The Star, 13/02/2024
The much anticipated one-stop investment facilitation centre, the first of its kind in the country, is expected to open in 2024. The centre was among initiatives towards the setting up of the Johor-Singapore Special Economic Zone (JS-SEZ). Johor will have an investment facilitation centre that will see the collaboration of all federal and state agencies that are related to investment. The centre will make it easier for investors to bring their business to the state as they will only need to go there for all their investment needs.
PENANG MAINTAINS POSITION AS MALAYSIA’S TOP EXPORTER IN DECEMBER 2023
NST & The Star, 13/02/2024
Penang has successfully maintained its position as Malaysia’s top exporter in December 2023 despite being the second smallest state. Penang has consistently been in the top three positions in terms of contributing to the country’s economy, growth, and attracting investors. Five states dominated the country’s exports, contributing a total of 81% and Penang stood at number one with RM37.3 billion. Penang is also on track to record another excellent year in 2024 in terms of approved manufacturing investments. In 3Q23, the state’s approved manufacturing foreign direct investment (FDI) inflows amounted to RM35.8 billion, a six-fold increase compared with the previous year. Penang remains one of the main contributors to the country’s manufacturing FDI, capturing 42% of the major manufacturing (sector) in Malaysia. Among the countries that contributed the highest FDIs in Penang were the Netherlands, the United States and Singapore, which contributed a combined 95% to the approved manufacturing investments in the state.
HUME CONCRETE TO NET ABOUT RM32 MILLION FROM PENANG LAND & BUILDING SALE
NST, The Edge & The Star, 16/2/2024
Hume Cement Industries Bhd (HCIB) announced that its wholly owned subsidiary Hume Concrete Sdn Bhd has entered into a conditional sale and purchase agreement to sell a plot of land in the Prai Industrial Estate in Penang to Skygate Technology (KL) Sdn Bhd for RM39.8 million cash. The disposal of the leasehold land will come together with the buildings, thereon including all the fixtures, fitting, and other things measuring approximately 653,399 sq. ft. The proposed disposal is expected to be completed in 2H24.
PDC DEVELOPING THREE INDUSTRIAL PARKS WITH TOTAL INVESTMENT OF RM3.2 BILLION
The Edge, 16/2/2024
Penang Development Corporation (PDC) is developing three industrial parks in the state involving a total investment of RM3.2 billion, including for infrastructure development. These industral parks in South Seberang Perai, namely the 382-acres Bandar Cassia Technology Park, 623-acres Batu Kawan Industrial Park 3 (BKIP3), and 174-acres Penang Science Park South, are expected to be fully completed in 2031, after development started in 2022.
ROAD CONSTRUCTION LINKING MIRI TO LONG TERAWAN TO BEGIN IN 2025
The Edge, 14/02/2024
The construction of a road spanning over 100km connecting Miri, Marudi, Mulu and Long Terawan is expected to commence in 2025. The route plan had been finalised, and upon completion, it would reduce travel time from Miri to Long Terawan by one and a half hours. With this road, Mulu can be connected to the Gunung Buda area in Limbang.
SUNWAY AND HOI HUP AWARDED 4.94-ACRE LAND IN SINGAPORE FOR S$423 MILLION HOUSING DEVELOPMENT
NST & The Edge, 16/2/2024
Sunway Developments Pte Ltd, a subsidiary of Sunway Bhd’s unit and Singapore-based Hoi Hup Pte Ltd, have been awarded a 4.94-acre land to develop a 99-year lease term executive condominium housing development worth S$423.38 million in Tengah, Singapore by the Housing and Development Board of Singapore. The proposed project is set to be completed within 60 months starting from Feb 14, 2024, or earlier.