Week 49 - 2023
RETAIL GROUP MALAYSIA UPGRADES 2023 RETAIL GROWTH FORECAST TO 2.8% AFTER STRONG 3Q23 SALES
The Edge, 5/12/2023
Retail Group Malaysia (RGM) has raised its growth forecast for the retail industry in 2023 to 2.8% from the previously projected 2.7% in September 2023. This adjustment is attributed to a better-than-expected growth rate of 2.7% in retail sales during 3Q23. In the Malaysia Retail Industry Report, the latest quarterly result surpassed the expectations of the Malaysia Retailers Association (MRA) and Malaysia Retail Chain Association (MRCA), which projected a 1.4% growth rate in September 2023. The retail industry experienced a significant 96.0% expansion in the previous corresponding quarter due to the reopening of retail businesses after a two-year lockdown.
Despite shopping traffic returning to pre-Covid levels, weakened spending power has been noted due to higher cost of living. From 1Q23 to 3Q23, the Malaysian retail industry expanded by 3.3% compared to the same period in 2022. For the food and beverage industry, cafes and restaurants recorded a positive growth rate of 9.6% in 3Q23, while take-away, kiosk, and stall operators also saw a significant leap of 19.5% compared to the same period in 2022. RGM foresees an 8.3% increase in cafe and restaurant operators’ businesses, while kiosk and stall operators anticipate a growth of 11.5% during 4Q23.
LOCAL HOUSING MARKET SHOWS RESILIENCE
The Sun, 7/12/2023
The property market showed a consistent improvement in 2023, especially in 2H23, over the past few years, signalling a recovery from the Covid-19 crisis. In the primary housing market, the number of new launches improved quarter-on-quarter (q-o-q) with the launch of 6,900 units in 3Q23 versus 4,797 in the 2Q23. According to latest NAPIC’s 3Q23 statistics, sales of new launches reached 37.6% compared with 24.7% in the 2Q23. As for overhang units, 25,311 completed unsold houses worth RM17.4 billion in 3Q23 were recorded. This represents a 3.7% fall in volume and a 4.9% drop in ringgit value compared to the previous quarter.
The Real Estate and Housing Developers’ Association (Rehda) Malaysia in its Property Industry Survey for 1H23 and Market Outlook for 2H23 and 1H24 also showed that new launches and sales performance fared better in the 1H23 compared to the last four years, with 14,392 units launched and 11,273 units sold. The overall broad property market, which includes all sub-segments of real estate, saw more than 100,000 transactions worth RM57.15 billion in 3Q23, a 3.7% rise in volume and a 22.6% rise in ringgit value compared to 3Q22.
SHELL MALAYSIA TO SET UP EV CHARGING HUB AT GENTING RESORTS
The Edge & The Sun, 5/12/2023
Shell Malaysia Trading Sdn Bhd is setting up an electric vehicle (EV) charging hub that consists of 10 charging bays in Resorts World Genting, which will bring its total EV charging points to 146 units next year from 136 units currently. The EV charging hub in Resorts World Genting is deemed as the first ultra-fast 360kW high-performance charging (HPC) hub powered by Shell Recharge. It is expected to be completed in 1Q24. Through the partnership with Porsche Malaysia and Genting Malaysia Bhd, the EV hub will be the latest addition to the Shell Recharge EV network of 136 charging points that are strategically located in key cities and along highways in Peninsular Malaysia, connecting Singapore, Malaysia to Thailand. The all-in-one charging hub will outfit 10 bays comprising four bays of 360kW HPC and six bays of 22kW alternating current chargers. All chargers come with combined charging system Type 2 charging connectors, allowing EV drivers a super-fast speed charging experience at the hilltop.
PAHANG GOVT ACQUIRING SITE FOR PULAU TIOMAN AIRPORT UPGRADING PROJECT
The Edge, 6/12/2023
The Pahang government, through the State Economic Planning Division, is in the process of acquiring the site for the Pulau Tioman Airport upgrading project, which involves extending the runway from 850 metres to 1.3 kilometres. The federal government had approved an allocation of RM47 million for this project.
RM25 MILLION TO EASE TRAFFIC IN SHAH ALAM
The Star, 8/12/2023
Shah Alam City Council (MBSA) has unveiled a comprehensive traffic masterplan with the aim of reducing traffic woes by 30%. The plan outlines a three-phase approach to address the city’s growing traffic congestion and create a more efficient and systematic transportation network. About RM25 million was required to carry out Phase 1 of the traffic masterplan, which is set to begin in 2025. This includes addressing missing links like completing unfinished road connections such as the one connecting Bukit Jelutong with Bukit Cherakah and upgrading key roads to improve traffic flow on major arteries like Persiaran Kewajipan. Phase 1 also included building a 22.3km middle-ring road. A total of 81 road junctions will also be upgraded. The 2nd phase will takes place in 2030, and the 3rd phase in 2035.
UMW TO SELL INDUSTRIAL LAND TO PERODUA FOR RM52 MILLION
The Edge & The Star, 5/12/2023
UMW Holdings Bhd (UMW) is disposing of a 22.22-acre piece of land in Serendah, Selangor to Perusahaan Otomobil Kedua Sdn Bhd (Perodua) for RM52.27 million. The disposal of the land, which is located within the UMW high value manufacturing park, will provide a positive financial impact to its income statement, balance sheet and cashflow. It would also benefit from future contributions from Perodua when the latter develops and utilises the land for strategic purpose, where financially, 38% would be shared with the UMW group. UMW is the largest shareholder of Perodua with 38% interest.
SINGAPORE’S CENTURION IN RM227 MILLION SALE AND LEASEBACK DEALS WITH KWAP
The Edge, NST, The Sun & The Star, 5/12/2023
Centurion Corporation Ltd – a Singapore-based company which owns, develops and manages purpose-built worker and student accommodation facilities – has entered into sale and leaseback agreements with Retirement Fund Incorporated (KWAP), at a consideration of RM227 million for the sale of two of the former’s assets, Westlite Bukit Minyak and Westlite Tampoi. Westlite Bukit Minyak is a purpose-built workers accommodation (PBWA) on freehold land in Penang, comprising three blocks with a capacity of 3,321 beds, meanwhile Westlite Tampoi is a PBWA in Johor sited also on freehold land, comprising six blocks with a total capacity of 5,790 beds. Upon completion of the SPA, Centurion will lease back the properties for 15 years to KWAP.
ADVANCECON CLINCHES RM35.6 MILLION EARTHWORKS JOB FROM SIME DARBY PROPERTY
The Edge, 5/12/2023
Advancecon Holdings Bhd has secured another earthworks contract from Sime Darby Property Bhd for the Bandar Bukit Raja project in Klang. The latest contract is valued at RM35.58 million. In November, Advancecon won a RM22.8 million earthworks job from Sime Darby Property (Pagoh) Sdn Bhd for its industrial park project at Bandar Universiti Pagoh, Johor.
KINERGY ADVANCEMENT APPOINTED SUB-CONTRACTOR FOR ELECTRICAL WORKS WORTH RM31 MILLION
The Edge, 5/12/2023 & NST, 6/12/2023
Kinergy Advancement Bhd (KAB) has been appointed as a sub-contractor to undertake electrical, telephone, and extra low voltage (ELV) services for the M Nova residential development in Kepong, Kuala Lumpur, worth RM31.04 million. The job scope includes carrying out electrical, telephone, and extra low voltage work for the three-block serviced apartment project, with a total of 2,080 units to be built in two phases. The first phase consists of Tower A and Tower B with 624 units each, on top of seven floors of car park facilities and other amenities and a second phase in the form of Tower C with the remaining 832 residential units and a retail podium at the lower levels.
IOI PROPERTIES TO BUY W KUALA LUMPUR HOTEL FROM TROPICANA FOR RM270 MILLION CASH
The Edge, 6/12/2023 & The Star, 7/12/2023
Property developer IOI Properties Group Bhd plans to acquire five-star hotel W Kuala Lumpur (W KL) in Jalan Ampang, KL for RM270 million, cash, from property group Tropicana Corp Bhd. W KL is a 25-storey hotel with 150 rooms. IOI Properties has signed a sale and purchase agreement with Tropicana’s unit, Tropicana Residences Sdn Bhd (TRSB), for the proposed acquisition. The group’s proposed disposal is expected to be completed by 1Q24.
NCT GROUP SEES 92% BOOKING OF PRECINCT B OF ION BELIAN GARDEN AFTER LAUNCH
The Edge, 5/12/2023
NCT Group of Companies has received a positive response from potential homebuyers with the launch of Precinct B at ION Belian Garden (IBG) in Batang Kali, Selangor. Precinct B saw 92% of its units booked within three hours of its launch. The previously launched Precincts A, D and E also received an outstanding response from homebuyers, achieving 100% sales rates. Comprising 186 units of single-storey terrace houses, Precinct B of IBG is slated for completion in 2026. The built-up area of Precinct B spans from 869 sq. ft. to 919 sq. ft., and the freehold units price starting from RM350,000, featuring a land size of 20 ft. by 65 ft. Other attractive features include a lake garden, tree houses, pavilion, lake view jogging track, wellness trail, great lawn, and perimeter landscape.
BON KIARA ACHIEVES 65% SALES RATE; MALAYSIA AIRLINES COLLAB ANNOUNCED
The Edge, 5/12/2023
Bon Estates’ second Klang Valley project, the RM750 million Bon Kiara, has achieved a 65% sales rate since its launch in June 2023. The project sits on 4.15-acres and features 410 condominium units in a 43-storey block. Built-ups range from 2,081 sq. ft. to 3,075 sq. ft., with four different layouts that include three to five ensuite bedrooms. Selling prices start from RM1.35 million or RM588 per sq. ft. Bon Estates announced a collaboration with Malaysia Airlines for a two-month campaign called “Beyond Home and Horizon: Elevate Your Lifestyle, Enrich Your Experience” by giving out flight vouchers worth RM5,000. The complimentary flight vouchers will be given to those who purchase a unit at Bon Kiara before January 31, 2024. The event was launched on December 2, 2023, at Bon Estates sales gallery in Bangsar. The event marks the first-ever collaboration between Bon Estates and Malaysia Airlines.
ECOFIRST AWARDS RM389 MILLION SUPERSTRUCTURE WORKS CONTRACT TO CHINA STATE CONSTRUCTION ENGINEERING
The Edge, 5/12/2023
EcoFirst Consolidated Bhd (EcoFirst) has awarded a RM389 million contract to China State Construction Engineering (M) Sdn Bhd for the superstructure works of serviced apartment KL48 in Chan Sow Lin, Sungai Besi. The partnership was sealed through a signing ceremony between EcoFirst and China State Construction Engineering, held at Le Meridien Kuala Lumpur. KL48 sits on 4.18 freehold acres of land and has an approximate gross development value of RM1 billion. It will have a total of 1,700 units of two types, with built-ups of 650 sq. ft. and 850 sq. ft. The selling price starts from RM500,000. Since its official launch in May 2023, it has achieved 80% sales rate. The project has progressed steadily since its groundbreaking in 2022. Piling and pile cap works are scheduled to be completed by December and basement works are on track for completion by February 2024. KL48 is expected to be completed by 2Q27.
LAND & GENERAL LAUNCHES THE WYN RESIDENCES WITH 35% BOOKING RATE
The Edge, 6/12/2023
Land & General Bhd’s (L&G) The Wyn Residences in Puchong Jaya, Selangor has achieved a booking rate of 35% since its official launch on Sunday, 3rd December 2023. Occupying a 3.55-acre leasehold land, The Wyn Residences has a gross development value (GDV) of RM630 million and will have a total of 1,546 units with two built-ups — 700 sq. ft. (two-bedrooms, two bathrooms) and 850 sq. ft. (three-bedrooms, two bathrooms). The selling price starts from RM486,000.
The Wyn Residences is accessible via the Damansara-Puchong Expressway (LDP), Maju Expressway, New Pantai Expressway and Lebuhraya Shah Alam. Nearby amenities include IOI Boulevard, Setia Walk Mall and Lotus’s Puchong. IOI Mall Puchong and the Puchong Jaya LRT station are only 150 metres away.
BERJAYA TIMES SQUARE WELCOMES MMCINEPLEX
NST, 7/12/2023
Berjaya Times Square Kuala Lumpur has reached an agreement with Singapore’s production company mm2 Asia Ltd to establish mmCineplex as one of the mall’s new anchor tenants. This follows the departure of GSC after 17 years of operation at the mall. GSC will be moving to LalaPort, which is located within the ongoing Bukit Bintang City Centre development. GSC ceased its operations at Berjaya Times Square on November 26, 2023. The agreement was signed in September 2023.
mmCineplex will commence operations in January 2024. mmCineplex would introduce several features, such as new projectors, screens and proprietary software, to facilitate online ticket purchases. mmCineplex would be situated on Level 3, boasting larger halls, and Level 1, offering premier class facilities. mm2 Asia ranked fourth in 2016 among Malaysia’s cinema operators with 133 theatres, following its RM118 million purchase of 13 local theatres from Lotus Fivestar Cinemas.
LANGKAWI AVENUE IS 30% TAKEN UP
The Edge, 5/12/2023
Langkawi Avenue, a commercial project developed by PFCE Integrated Plant & Project Sdn Bhd, is 30% sold since its official launch in 3Q23. Offering 59 units of 2.5- to six-storey retail shops and offices within the Kuah town, the 4.38-acre development is the second phase of the Langkawi City master plan. Sized from 3,850 sq. ft. to 38,199 sq. ft, the selling price started from RM2.4 million. The units feature full glass window with main road frontage, modern and contemporary façade, and double volume ceiling. Langkawi Avenue is targeted for completion by 1Q26.
MVV INDUSTRIAL PARK PROJECT IN NEGERI SEMBILAN POISED TO ACHIEVE RM2.8 BILLION GDV
The Edge, 6/12/2023
The Malaysia Vision Valley (MVV) Industrial Park, which is in the planning permission approval stage for development on 760-acres in Parcel B, Labu, has the potential to achieve a gross development value (GDV) of up to RM2.8 billion. The development, located next to Techpark @ Enstek, is expected to be launched in 2024.
In addition, the developer would expand the XME Business Park industrial area in Nilai Impian, which is the first managed industrial park in the state, with the development of XME 2, 3 and 4, on 132-acres, with an estimated GDV of up to RM950 million. XME Business Park 2, involving an area of 29-acres, and XME 3 and 4, which span 104-acres, are currently in the planning stage for future development. Other industrial development areas also involve the Sungai Gadut Town, spanning 97-acres.
ONGOING EFFORTS TO PROMOTE KUALA KANGSAR DURING VISIT PERAK 2024
The Star, 2/12/2023
Kuala Kangsar will be promoted as a tourist destination during Visit Perak 2024. The royal town had various heritage, culture and eco-tourism products such as unique food like Laksa Kuala Kangsar, Masjid Ubudiah, Victoria Bridge, Istana Kenangan and Sultan Azlan Shah Gallery.
Various efforts had been taken to promote Kuala Kangsar. Tourism industry players from Thailand were brough in to visit the town, via Tourism Perak. Billboards have also been placed near the Kuala Kangsar toll booth, as well as promoting the district through social media. Other initiatives to improve tourism products in Kuala Kangsar included maintaining the oldest rubber tree in the district plus maintaining Victoria Bridge and beautifying its surrounding area. The clock towers in Kuala Kangsar and Sungai Siput had been repaired while the Lembah Jetty area was improved. Many events were planned to be held in conjunction with Visit Perak Year 2024, such as Program Citra Warisan DiRaja Perak and a dragonboat contest. There will also be a Family Day with Bicycle event that will be held to mark World Bicycle Day. It will be held in Ipoh, Kuala Kangsar, Taiping, Teluk Intan and Tapah. Tarian Gabus which is unique to Perak will also be promoted.
SELANGOR SULTAN UNVEILS MAJOR CONSERVATION PLAN
The Star, 4/12/2023
In a landmark move to preserve the environment, Sultan Sharafuddin Idris Shah announced the formation of the Royal Selangor Heritage Forest (RSHF). The RSHF, which spans 266,874-acre, encompasses 26 permanent forest reserves across various regions, including Hulu Selangor, Batang Kali, Hulu Gombak and Hulu Langat. The current coverage of Selangor’s permanent forest reserves was 619,590-acre, making up 31.7% of the state’s land area. As part of the Central Forest Spine, the RSHF is a critical ecological corridor. It is now legally protected as a state park under Section 10 of the Enactment (Application) of Selangor State Forestry Act 1985. The RSHF is set to serve multiple roles, including as a water catchment area that will contribute to the region’s water security. The diverse habitats will also support a wide range of flora and fauna for maintaining biodiversity. Additionally, the forest corridor will provide natural solutions to control erosion and flooding and also act as a substantial carbon sink, playing a pivotal role in mitigating climate change.
14 HIGH-IMPACT PROJECTS COSTING RM4 BILLION IMPLEMENTED
The Sun & The Star, 5/12/2023
A total of 14 high-impact projects costing RM4 billion have been implemented in Pahang since the establishment of the East Coast Economic Region Development Council (ECERDC). These projects were in Kuantan, Pekan and Rompin districts. Notable developments include the Malaysia-China Kuantan Industrial Park (MCKIP), the Pekan Automotive Park, the Gambang Halal Industrial Park and the Pahang Technology Park, in addition to the expansion of the Kuantan Port and the urban development of the Kuantan Port. Agribusiness projects that have been completed included the Muadzam Shah Cattle Research and Innovation Centre and the Integrated Pineapple Farm Development, both in Rompin. For tourism, it involves Tasik Chini State Park and Pekan Heritage Tourism Development (both in Pekan) and Kuantan Waterfront which also involves the Kuantan 188 tower, Serambi Teruntum and Laman Teruntum. The Cherating Turtle Conservation and Information Centre in Kuantan and upgrading of old buildings in Pekan Lama, Pekan, for the tourism cluster, were under way. Also being implemented is the MCKIP project for the manufacturing cluster and the infrastructure development project involving the distribution pipeline from Kemaman, Terengganu, to Gebeng.
BIOALPHA APPOINTED TO DEVELOP AGRO PARK IN LANGKAWI
The Edge, 4/12/2023
Bioalpha Holdings Bhd said that its wholly owned subsidiary has been appointed by the Langkawi Development Authority (Lada) to develop and operate a 7.98-acre agro park in Padang Mat Sirat, Langkawi. Bioalpha Wellness Sdn Bhd’s scope is to develop the project and upon completion, will undertake the management and operations of the park. Bioalpha Wellness has been granted rights of land use for 30 years. Bioalpha plans to develop the park showcasing the integrated facility encompassing the full spectrum of the supply chain, from herbal farming, research and development to product processing. One of the park’s attractions will be the herbal garden featuring a smart greenhouse with over 300 high-value crop varieties, where visitors can actively participate in planting and harvesting activities. The park is also capable of catering to international meetings, incentives, conferences, and exhibitions (Mice) events related to herbal farming and agriculture.
ISP BREAKS GROUND ON KAPAR CENTRALISED LABOUR QUARTERS
The Sun, 7/12/2023
The ISP Group of Companies (ISP), a real estate developer and investment holding group, broke ground on its Centralised Labour Quarters (CLQ) or Purpose-Built Workers Accommodation (PBWA) project in Kapar, Selangor. The 10-storey PBWA has a maximum capacity of 3,780 beds and is scheduled for completion by 4Q24. PBWA Kapar is being developed in compliance with the Worker’s Minimum Standards of Housing and Amenities (Amendment) Act 2019 (Act 446). The 2.05-acre project will feature 210 furnished units equipped with basic amenities such as fans and light fixtures, beds and mattresses, as well as lockers and drawers for convenience.
ISP has partnered with Westlite Accommodation, the specialised worker accommodation unit of SGX-listed Centurion Corporation Ltd and an established owner/operator of PBWAs in Malaysia and Singapore, to provide design consultancy and operational management services for its pipeline of worker accommodation property assets in Malaysia. PBWA Kapar is designed to be self-sufficient with facilities such as a minimart, clinic, barber, mobile shop and self-service laundry to be available within as well as a dedicated centralised kitchen and dining hall on each floor, gym and recreational room, among others. It will also feature physical and digital safety and security measures such as facial recognition and CCTV monitoring, dormitory management and turnstile system, as well as adequate security guards on duty.
OVER 2,000 UNSOLD HOUSES IN PERAK STATE IN 2022
The Star, 6/12/2023
Perak recorded more than 2,000 unsold housing units in 2022, with most of the unsold units priced around RM200,000 and above. Kinta district recorded the highest number of unsold units at 1,065, followed by Manjung with 498 units, and Kampar with 328 units. Most unsold units are apartments.
JAPANESE BRAND OPENS LIFESTYLE MALL IN PRAI
The Star, 5/12/2023
The first of-its-kind Yamaha Lifestyle Mall saw a grand launch in Auto-City Juru, Prai. The mall, which brings together Yamaha Motor, Yamaha Marine and Yamaha Music under one roof, is spread across 12,000 sq. ft. in a two-storey building. It features an integrated area encompassing an exhibition floor, designed to showcase Yamaha motorcycles, merchandise such as helmets and jackets as well as marine engines on the first floor. The mall also houses a Yamaha music school, the first Gen Blu Cafe outlet in the northern region as well as an after-sales service centre. The music studios, meeting room and management office are located on the mezzanine floor. The lifestyle mall is a pinnacle of synergy as the three main components of the brand are housed under one roof. The lifestyle mall opened its doors to the public on November 26, 2023.
HEALTH AND MEDICAL HUB IN BANDAR CASSIA WILL ELEVATE PENANG’S PROMINENCE IN THE HEALTHCARE SECTOR
NST, 4/12/2023
Penang Development Centre (PDC) is set to establish a health and medical hub on a 200-acre site at Bandar Cassia, a new township in Batu Kawan, Seberang Perai Selatan, to further expand the medical tourism sector into the international market. It serves as a catalyst to further elevate Penang’s prominence in the healthcare sector and a visionary initiative by the government.
The hub will house the main components related to the medical sector, such as specialist hospitals and clinics, a medical institution, a research and development centre, a wellness centre, a rehabilitation centre, and other medical and technological-related components. It is set to be one of the best Medical Cities, not just in this region but in the world. It is expected to generate 12,000 job opportunities due to the high demand in the sector.
MYEG INKS DEAL WITH PDC TO DEVELOP RM108 MILLION FOREIGN WORKERS’ VILLAGE
The Edge, 6/12/2023
MyEG Lodging (NC) Sdn Bhd, a subsidiary of e-government service provider MyEG Services Bhd, has signed a 30-year lease agreement with Penang Development Corp (PDC) to develop a foreign workers’ village project worth RM108 million. The lease agreement, valued at RM20.4 million, grants MyEG Lodging the rights to build and operate the workers’ village and related facilities on an 8.39-acre land parcel in Batu Kawan Industrial Park 3, Seberang Perai Selatan, Penang. MyEG Lodging successfully secured the workers’ village project tender from PDC in April 2023. The project is set to commence development following the approval for all necessary designs and plans by the relevant authorities.
The primary objective of the project is to provide foreign workers’ accommodation solutions to the private sector, especially for small and medium enterprises (SMEs). This initiative aligns well with the objectives outlined in the Penang Vision 2030. The workers’ village will offer medium-density residences capable of housing at least 8,000 foreign workers and is expected to be completed by 4Q25.
30% DISCOUNT ON NEW ASSESSMENT RATE
The Star, 4/12/2023
Property owners under five local district councils will receive a 30% discount on the new assessment rate in 2024. Currently, there are 807,441 property owners under the five local councils and 326,720 of them (40.4%) are not affected by the tax increase. Of the 807,441 property owners, only 19,894 have objected to the new assessment rate. The number of those objecting to the new assessment tax is 19,894 (about 2.4%). The five local councils will have to revise and announce how the discount affects the new assessment rate which takes effect on January 1, 2024. The local councils are Pasir Gudang City Council (MBPG), Iskandar Puteri City Council (MBIP), Johor Baru City Council (MBJB), Kluang Municipal Council (MPK) and Pengerang Municipal Council (MPP). The new assessment rate is expected to increase revenue for the local councils.
HAILY WINS RM64 MILLION BUILDING JOB FROM MERIDIN EAST
The Edge, 5/12/2023 & The Star, 6/12/2023
Haily Group Bhd has secured a RM64 million construction contract to build landed homes at Meridin East Sdn Bhd in Johor Baru. Meridin East is wholly owned by Mah Sing Group Bhd, with its namesake the Meridin East township being the property developer’s largest township by acreage spanning 1,313-acres. The job awarded is for the construction of 327 units of double-storey terrace houses, and two Tenaga Nasional Bhd (TNB) substations, each measuring 20 ft. by 20 ft., located in Parcel 2G. It is split into two phases, comprising: “Parcel 2G1” with 157 units of terrace houses and a double chamber substation; and “Parcel 2G2” with 170 units of terrace houses and a single chamber substation. The contract is scheduled to be completed within 15 months from the respective commencement dates of Parcel 2G1 and Parcel 2G2, which will be determined later.
AIRASIA SOLIDIFIES KOTA KINABALU AS SECOND-LARGEST HUB WITH NEW ROUTE TO SEOUL
NST, 6/12/2023
AirAsia has reaffirmed Kota Kinabalu as its second-largest hub in Malaysia with a new route which will connect Kota Kinabalu to Seoul (Incheon) in South Korea. The new route will commence on March 4, 2024 with daily flights. With the addition of Seoul, AirAsia will have a total of 18 routes and 282 flights weekly. AirAsia’s announcement comes on the heels of a surge in South Korean tourists to Sabah. More than 150,000 South Koreans are expected to visit Sabah this year.
VIZIONE SECURES RM490 MILLION CONTRACT TO DESIGN, DEVELOP APARTMENTS IN SABAH
The Star & The Edge, 8/12/2023
Vizione’s wholly owned subsidiary, Bina Permai Sdn. Bhd. (BPSB) had accepted the Letter of Award (LOA) from Hardie Development Sdn. Bhd. as a turnkey contractor to design, build and deliver 3 blocks of apartments consisting of 1,344 units on the proposed mixed residential and commercial development at Jalan Sepangar Menggatal, district of Kota Kinabalu, Sabah. The contract sum is reported to be RM490 million where BPSB will be responsible for the entire design, engineering, construction, management and delivery of the buildings. The project is slated to be completed within 36 months from the commencement date.
GAMUDA CLINCHES RM1.8 BILLION SINGAPORE JOB
NST & The Edge, 6/12/2023 & The Star, 7/12/2023
Gamuda Bhd has bagged a RM1.77 billion contract for the design and construction of the West Coast Station and tunnels from Singapore Land Transport Authority. This station is integral to the 15-kilometre Cross Island Line phase two (CRL2), featuring six stations and marking Singapore’s eighth mass rapid transit line. The West Coast Station and tunnels’ scope of works includes one underground station and two tunnels of 1.9 km. The construction works are expected to start in 1Q24, with passenger service for CRL phase two targeted to commence in 2032.