Week 5 - 2023

MALAYSIA’S TOTAL TRADE UP 8.6% TO RM236.0 BILLION IN DECEMBER 2022

The Sun, NST  28/01/2023 & The Edge Market, 30/01/2023

Malaysia’s total trade for December 2022 amounted to RM236.0 billion, an increase of 8.6 per cent year-on-year (y-o-y), with exports rising 6.0 per cent y-o-y to RM131.9 billion while imports rose 12.0 per cent y-o-y to RM104.1 billion according to the Department of Statistics Malaysia (DoSM). Meanwhile, the export performance by states showed that exports in December 2022 increased by RM7.5 billion or 6.0 per cent compared to the same month of the previous year. Higher exports were recorded in most states such as Johor (+RM4.3 billion), Sarawak (+RM2.2 billion), Selangor (+RM1.4 billion), Labuan (+RM1.4 billion), Negeri Sembilan (+RM264.1 million), Perak (+RM230.1 million), and Kedah (+RM184.0 million). Meanwhile, other states, namely Melaka recorded exports of RM97.9 million, Kelantan (+RM92.9 million), Kuala Lumpur (+RM64.8 million), and Perlis (+RM14.3 million). Exports decreased for Sabah (-RM1.7 billion), Pahang (-RM563.3 million), Terengganu (-RM531.0 million) and Penang (-RM93.3 million). Imports also increased RM11.2 billion or 12.0 per cent in December 2022 compared to the same month of the previous year due to the higher imports in most states such as Johor (+RM5.1 billion), Selangor (+RM2.7 billion) and Melaka (+RM1.8 billion). Penang remained as the top exporter with a share of 30.8 per cent, followed by Johor (19.2 per cent), Selangor (17.8 per cent), Sarawak (9.1 per cent), and Kuala Lumpur (4.7 per cent). As for imports, Selangor was the largest contributor with a share of 27.2 per cent, followed by Penang (21.9 per cent), Johor (20.8 per cent), Kuala Lumpur (6.6 per cent), and Kedah (5.8 per cent). Malaysia’s total trade in 2022 recorded a new milestone to reach RM2.8 trillion.

MALAYSIA’S PPI RISES 3.5 PERCENT IN DECEMBER

NST, 30/01/2023

Malaysia’s Producer Price Index (PPI) rose 3.5 per cent in December 2022 compared to the 3.2 per cent expansion in November. The PPI measures the prices of goods at the factory gate. However, the manufacturing sector increased by 6.1 per cent (November 2022: 6.2 per cent). The mining sector also registered an increase of 3.7 per cent (November 2022: 2.4 per cent). In 4Q22 PPI local production recorded an increase of 3.5 per cent (3Q22: 6.5 per cent), due to the manufacturing (6.6 per cent), water supply (4.3 per cent), mining (1.8 per cent), and electricity and gas supply (1.2 per cent) indices, while, agriculture, forestry and fisheries index fell 18.1 per cent. In 2022 PPI local production increased by 7.8 per cent, slightly lower than the 9.5 per cent in 2021.

GOVERNMENT AIMS TO TURN FEDERAL TERRITORIES INTO SMART CITIES BY 2030

The Sun, 01/02/2023

The government aims to turn the federal territories into smart cities by 2030. This is in line with the concept of Madani Malaysia which also emphasises the aspect of sustainability with the concept of green city and smart city. Among the programmes that have been drawn up are the use of electric buses in Kuala Lumpur, Wangsa Maju as a pilot low-carbon city, additional installation of CCTV (closed-circuit cameras) in Kuala Lumpur and Putrajaya and the installation of WiFi in people’s housing and public housing projects in Labuan.

GOVERNMENT TO SCRUTINISE EVERY SICK, ABANDONED HOUSING PROJECT

The Edge Market, 28/01/2023

The Ministry of Local Government Development will scrutinise every sick and abandoned housing project nationwide, to ensure the welfare and rights of buyers are protected. The ministry had established a special team to monitor the projects involved. The ministry has detected as many as 550 sick and abandoned projects across the country and they are in the process of identifying the problems with developers and contractors. The Kepayang Ipoh Residency, which consists of 252 apartment units, is one of the sick projects that had been successfully revived and completed, and it is equipped with facilities such as a multipurpose hall, kindergarten, surau, nursery and playground. Apart from the project, PR1MA also has 10 other projects in Perak, including Falim Residency, Kampung Paloh Residency, Meru Residency, and Bandar Baru Setia Awan Perdana Residency.

In the first 100 days, KPKT (the Ministry of Local Government Development) aims to complete nearly 5,000 units of affordable housing. There are more than 90 affordable housing projects to date, covering 40,000 housing units, in Perak.

SHOPEE’S PARENT SEA LTD TO EXPAND INVESTMENTS

The Edge Market, 29/01/2023 & The Star 30/01/2022

Sea Ltd, a leading Singaporean global consumer internet company and the owner of the e-commerce platform, Shopee, has committed to expanding its investments in Malaysia, creating more than 2,000 jobs. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan. Sea Ltd shared its proposed expansion plans in Malaysia, involving the setting up of cloud services, data hosting and processing, as well as a new logistics e-commerce warehouse. Sea Ltd’s cloud computing project will be located in a three storey green facility in Kulai, Johor, with 24 data hall suites, mechanical and electrical rooms, office space, as well as storage and parking facilities, targeted to be completed by 1Q24. Additionally, Shopee will also expand its footprint in Malaysia with a newly constructed two storey mega warehouse — an integrated hi-tech logistics park equipped with cloud infrastructure, spanning 1.4 million square feet in Bukit Raja, Klang.

MAHB AIRPORT NETWORK AT 59.4% OF 2019 LEVELS

The Star, The Sun, NST 28/01/2023

Malaysia Airports Holdings Bhd (MAHB) announced that its network of airports ended 2022 on a positive note by recording 83.9 million passengers and reaching 59.4 per cent of 2019 levels. In a filing with Bursa Malaysia, the figures marked the first full year of traffic recovery since border closures in March 2020. Traffic recovery outcome was supported by higher vaccination rates and its effectiveness followed by travellers’ confidence to travel, the easing of travel restrictions particularly for the Asia region, resumption of airlines operations and new routes. Malaysia passenger movements fared equally well in 2022, recording 52.7 million passengers reaching 50.0 per cent of 2019 levels. The reopening of international borders from 1st April 2022 was a significant milestone for Malaysia and was in line with other countries in the region in easing travel restrictions. International passenger movements reached 47.7 per cent and domestic passenger movements reached 70.1 per cent of 2019 levels with 32.2 million and 51.6 million passengers. December 2022 recorded the highest monthly passenger movements since February 2020 with 9.5 million passengers, reaching 74.0 per cent of 2019 levels.

CO-OPBANK PERTAMA PARTNERS PR1MA TO HELP MIDDLE-INCOME GROUP OWN HOMES

The Star, The Edge Property 30/01/2023 & The Edge Market 29/01/2022

Co-opbank Pertama (CBP) has partnered PR1MA via the CBP MyPR1MA scheme to help the middle income group nationwide to own their own homes. PR1MA house buyers can get up to 110% financing via the scheme which includes the housing loan facility, legal costs and takaful from CBP. PR1MA house buyers also do not need to pay a down payment, in line with the government’s desire to help people with home ownership. The profit rate offered is also very competitive, in line with other financial institutions in the market. An advantage of the 110% financing is that it offers a comprehensive risk protection which will benefit first-time buyers particularly. CBP also offers other financing options like Al-Amali Financing (houses and shoplots), Ar-Rahah Financing (land financing) and also CBP Rumah Pertamaku.

ACE-MARKET BOUND VESTLAND BAGS RM63 MIL CONSTRUCTION PROJECT

The Edge Market, The Star, 30/01/2022 & The Sun 02/02/2023

Vestland Bhd,has secured a RM63.15 million construction project in Kuala Lumpur. The group, through its wholly owned unit Vestland Resources Sdn Bhd, bagged the project from Rimbun Merdu Sdn Bhd, to undertake the main building works for a 33 storey service apartment at Jalan Dewan Sultan Sulaiman 1 in Chow Kit. The construction and property development group said the project has a duration of 34 months.

PASDEC FORMS JV TO DEVELOP RESIDENTIAL ESTATE IN KUANTAN

The Edge Market, 30/01/2023, The Edge Property, 31/01/2023 & The Sun 02/02/2023

Pasdec Holdings Bhd has teamed up with a property developer to develop its land in Bandar Indera Mahkota township in Kuantan into a residential estate. Its wholly owned unit Pasdec Corp Sdn Bhd has entered into a joint venture (JV) agreement with a special purpose vehicle called Sedimi Property Development Sdn Bhd to develop 238 pieces of vacant leasehold plots with a total area of 14.8 acres. The development consists of 157 units of single storey terrace houses under the first phase, and another 80 units of single storey semi-detached houses under the second phase. Sedimi Property Development is 30% owned by Tech Max Construction Sdn Bhd, 20% by Lim Chee Ling, 15% each by Chen Kim Lon, Ee Cao Xian and Ng Chee How, and 5% by Shariffah Maznee Noor Osman. Being the landowner, Pasdec Corp is entitled to 33% of the units developed, comprising not fewer than 52 units of terrace houses and 26 units of semi-detached houses, with a total sales value of not less than RM32.43 million. Pasdec said the JV will enable it to speed up the project without putting additional financial burden on the group, allowing it to focus on other existing and new development projects.

RUMAH SELANGORKU HOMEOWNERS IN BUKIT RIMAU GET KEYS FROM SELANGOR MB

The Edge Market, 02/02/2023

Some 650 Rumah Selangorku Kemuning Idaman homeowners in Bukit Rimau, Shah Alam, received keys to their new units. Among the owners was Selangor Housing and Property Board (LPHS) which purchased 30 units for a Smart Rental Scheme for those unable to buy their own homes. As at 1 January 2023, a total of 386 projects involving 221,671 Rumah Selangorku units were approved by the state executive council. About 93 projects comprising 33,071 units have been completed and keys handed over, 61 projects involving 16,965 units are under construction while the remaining projects that are yet to be built are at the planning stage and awaiting building approvals from the relevant authorities. LPHS is also involved in providing Rumah Selangorku units, where over 3,500 units will be built on LPHS land in five locations. New policy improvements such as development zone, building components, specifications, building control and enforcement were made to Rumah Selangorku 3.0, which recently took effect on 3 January 2023.

In support of the Rumah Selangorku initiative to help Malaysians own homes, Paramount has completed 1,356 units of affordable homes in Selangor including in Kemuning Idaman. In the next two to three years. Paramount will launch more than 3,000 affordable homes in Shah Alam, Salak Tinggi and Petaling Jaya. The gated and guarded Kemuning Idaman comprised 650 apartments in 16 storey and 17 storey blocks.

PREMIER DE MUARA LAUNCHES PICASSO RESIDENCES

The Sun, 02/02/2023

Premier De Muara Sdn Bhd launched its flagship development Picasso Residences, despite setbacks due to the Covid-19 pandemic and is determined to see the project to completion. The project sits on 3.53 acres, situated at Jalan Jelatek, off Jalan Ampang, near the embassy row as well as KLCC. The project has a total gross development value of RM1.08 billion, which consists of Phase 1 (Block A) and Phase 2 (Block B) with a total of 472 units. Block A which is slated to be completed by the end of 3Q23, comprised of 270 units and has a 95% take up rate. Block B is expected to be completed in 4Q24. The take-up for Tower B is about 20-30%. Picasso Residences units range from 1,013 sq. ft. to 2,480 sq. ft., with prices between RM1.4 million to RM2.4 million. The project buyers comprise of locals (20%), Singaporeans (30%) and the rest were from China as well as Hong Kong.

KERJAYA PROSPEK BAGGED A CONTRACT FROM BBCC TO BUILD SERVICE APARTMENT

The Sun & NST, 03/02/2023

Kerjaya Prospek Group Bhd, via a 49% owned associated company Kerjaya Bina BMK Sdn Bhd, has bagged a contract from BBCC Development Sdn Bhd worth RM135.4 million.

The contract was for the design and build contract work of main building for proposed development project (SWNK Houze) Off Jalan Hang Tuah/Jalan Pudu. The contract entails the main building work of a block of 31-storey service apartment, basement and podium which comprises a seven-storey carpark, main lobby and multi-purpose hall. Construction works are expected to commence on March 1, 2023 for 36 months.

A BREATH OF FRESH AIR

The Star, 28/01/2023

BilaBila Mart is essentially a modern ‘kedai runcit’ that champions homegrown brands. BilaBila Mart was co-founded by three friends who banded together because of their love of all things Malaysian. The trio were eager to establish a platform to help local names, especially small businesses, gain a larger audience in the domestic food entrepreneurial scene, much like what Family Mart does for Japanese products. By the end of 2022, BilaBila Mart had a total of 26 stores, all of which are located in the Klang Valley, targeted at residential areas. The ratio of local to foreign products in BilaBila Mart is 70:30. There are specially curated products that match the demographics surrounding a particular store. BilaBila Mart is fortunate to have the backing of Exsim Group, a property developer, as an investor in the business. The business relationship started when they approached Exsim for an outlet opening in one of its condominium projects. Exsim Group owns 49% of BilaBila Mart, while the rest belongs to the three founders. The team has plans to open two stores per month in 2023 and will eventually expand its operations in Penang by 2024.

TELADAN SETIA BUYS MELAKA LAND FOR RM48.54 MIL TO BUILD HEALTH AND WELLNESS CENTRE, SERVICED APARTMENTS

The Edge Market, The Edge Property, The Sun, NST 31/01/2023

Teladan Setia Group Bhd through its wholly owned subsidiary Asal Harta Sdn Bhd has entered into a sales and purchase agreement with Megan Mastika Sdn Bhd to purchase a vacant commercial land in Melaka Tengah for RM48.54 million. The land which measures approximately 7.54 acre will be developed into a health and wellness centre, as well as serviced apartments. The acquisition is expected to be completed by 4Q23. The land is located in the heart of Melaka Town, which is strategically located opposite Mahkota Medical Centre and within walking distance to the most popular tourism spots including Jonker Street. The latest acquisition will bring the group’s total land bank to 1,106.9 acres.

REMAKING CHINESE NEW VILLAGES INTO TOURIST ATTRACTIONS

The Star & The Sun, 28/01/2023

There is a proposal to develop Chinese new villages, which now come under the purview of the Local Government Development Ministry. The Chinese New Villages Department was seeking RM10 million to beautify more than 600 such villages nationwide to woo and retain young talent. About 20 new villages with the potential to be developed into tourist attractions would be turned into model villages. The Selangor government’s Baik Selangor programme focuses on rebranding and developing Chinese new villages in the state. Baik Selangor is aimed at spurring economic growth in new villages, transforming traditional businesses and helping new businesses. Products by the villages would also be marketed globally, with China having reopened its borders. The Chinese new villages were founded by the British during the Malayan Emergency (1948 – 1960) to keep Chinese civilians away from the communists after World War II.

TOURISM MALAYSIA, MATTA KICK OFF FIRST ROADSHOW IN INDIA IN 2023

The Edge Property, 31/01/2023

Tourism Malaysia in collaboration with the Malaysian Association of Tour and Travel Agents (Matta) kicked off the first roadshow in India across five cities from 30 January to 7 February 2023. The roadshow kicked off in the city of Chennai, followed by Bengaluru, Hyderabad, Mumbai and Ahmedabad, India.

According to Tourism Malaysia, India stands and has been one of the top market sources for Malaysia, contributing 735,309 arrivals and RM3.6 billion in tourism expenditure in 2019, and there are currently 169 flights per week from India to Malaysia. Currently, Malaysia has launched a new multiple entry visa facility providing fly and cruise, wedding, medical treatment and business visitor purposes for Indian tourists that comes with a six-month validity, a 30-day length of stay, and costs only 1,000 Indian rupees (RM52.08).

FOUR SITES IN PJ IDENTIFIED FOR URBAN-AGRO PROJECT

The Star, 31/01/2023

Four plots of land in Petaling Jaya have been identified for the city council’s urban-agro project to boost food security within the local community. The PJ City Food Valley programme, which was supposed to start in 2022, would be implemented as soon as possible. The four plots of land are located in Sri Damansara in PJU 9 (10.11ha), Pelangi Damansara in PJU 6 (10.11 ha), Taman Sri Manja in PJS 3 (5.66ha) and Desa Perangsang in PJS 3 (3.23ha).

This project will optimise the usage of reserve lands that are unused and will also have a significant role in transforming Petaling Jaya into a resilient city in terms of food security when crisis or disaster strikes. The project will see produce tended by and supplied to the local communities as well as serve as an additional source of supply to the city council’s PJ City Food Bank.

AGRICO QATAR READY TO INVEST IN MALAYSIAN AGRICULTURAL SECTOR

The Sun, 31/01/2023

Agrico Qatar, which has expertise in the production of vegetables, organic fruits, aquaculture and organic waste management, is ready to invest and establish cooperation in the Malaysian agricultural sector. The collaboration would be carried out through its subsidiary Agrico Malaysia Sdn Bhd, mainly for aquaculture projects, integrated agriculture, fertilizer and fodder supply.

SUNGAI PULAI BRIDGE TO EASE TRAVELLING TIME FROM JB TO PONTIAN

The Star, 03/02/2023

The newly opened RM800 million Sungai Pulai bridge, which connects Gelang Patah and Tanjung Bin, will make it easier for those travelling to Pontian and Johor Baru. The new facility is a public-private partnership project between Johor government and Seaport Worldwide Sdn Bhd, a subsidiary of MMC Group. The project includes the construction of a bridge over Sungai Pulai and a road connecting Gelang Patah in Johor Baru and Tanjung Bin in Pontian. The 7.5 km-long two-lane dual-carriageway bridge is equipped with a 25 m-high and 100 m-wide navigation clearance for sea vessels. It will reduce travel time to just 30 minutes from the current land route, which normally takes around an hour.

PASUKHAS WINS RM21M CONSTRUCTION JOB IN KULAI

The Edge Market, 31/01/2023

Loss-making builder Pasukhas Group Bhd has secured a RM21 million contract to build a production building, warehouse and three storey office in Kulai, Johor. The contract was awarded by Attractive Venture (JB) Sdn Bhd and the physical construction period will be 12 months.

JLAND TO LAUNCH OVER 1,000 PROPERTY UNITS WORTH RM650 MILLION IN 2023

The Edge Market, NST, 30/01/2023 & The Edge Property, 31/01/2023

Johor Land Bhd (JLand), the property development arm of JLand Group Sdn Bhd, will launch more than 1,000 property units in Johor in 2023, with a gross development value (GDV) of RM649.6 million.  

The new properties include 725 units worth more than RM502.8 million in Bandar Dato Onn, Johor Bahru, 188 units valued at RM88.6 million in Bandar Tiram, and 120 units worth RM65.5 million in Taman Mutiara Gading, Batu Pahat. The company is offering innovative and sustainable residential properties, with the launch of 156 two-storey terraced houses in the second phase of Perjiranan 8, Bandar Dato Onn, with a GDV of RM112 million. Prices start from RM656,200 for Bumiputera for type Areca 1 (land size of 20’ x 70’ per unit), while Canna 1 and 2 (land size of 24’ x 70’) are offered at RM772,480 and RM780,130 respectively. Perjiranan 8 in Bandar Dato Onn is the 10th mixed property development project (residential and commercial) by JLand on 62.3 acres of land, with a GDV of over RM500 million.

The development covers four phases, including the first phase comprising 200 two storey terraced residential house units, which were launched in September 2021 and is sold out. The location of Perjiranan 8 near AEON Mall Bandar Dato Onn, the Perjiranan 4 commercial centre and the Tebing food hub would make this development a preferred destination for shoppers.

MINISTRY AIMS TO INCLUDE LARKIN HOUSING PROJECT IN 2023 BUDGET

The Sun, 02/02/2023

The Ministry of Local Government Development (KPKT) intends to include the proposed construction of the Larkin People’s Housing Project (PPR) in the 2023 Budget. There are two proposed sites for the construction of the PPR, which are in the Larkin Industrial Estate (Dato Onn) and near Kampung Ungku Mohsin.

SINGAPORE’S MUSTAFA CENTRE TO OPEN FLAGSHIP STORE IN JOHOR BAHRU

The Edge Market, NST 28/01/2023 & The Edge Property 30/01/2023

Singapore’s Mustafa Centre, operated by Mustafa’s Pte Ltd, is set to open its flagship store in Johor Bahru soon. This follows the announcement made by Capital World Ltd that it will sell most of the space, including retail units at its Capital City Mall, Johor Bahru, to Mustafa for RM368 million, a move that will significantly bolster the property developer’s balance sheet and fast-track its turnaround. Located in the Tampoi suburb in Johor Bahru, the 11 storey Capital City Mall was completed in April 2018, offering 1,602 strata title retail units, with a total net lettable area of 902,994 sq. ft. The mall opened in October 2018, but has been shut since February 2020, as Capital World and one of its key subsidiaries ran into financial difficulties and had to seek court protection from creditors while they restructured their debts. According to the property developer, the mall is expected to reopen in 2Q23. Under the agreement, Mustafa will purchase the unsold 591 retail units in Capital City Mall from the company, representing a combined net lettable area of 641,216 sq. ft. It will also acquire 374 accessory parcels, including the alfresco and multipurpose areas spanning 1.28 million sq. ft., and all 2,181 parking lots. The purchase marks Mustafa’s first foray as a fully-fledged department store operator in Malaysia, a market it has been looking to penetrate for years. The mall is part of a freehold integrated development in Tampoi that will also include a 315 room hotel, an 18 storey tower with 630 serviced suites, and 690 serviced apartments spanning three blocks. Mustafa is one of the most established retailers in Singapore, having been in business for more than five decades. Its flagship Mustafa Centre at Syed Alwi Road offers a wide range of goods for sale, including consumer electronics, jewellery, toys, fashion and apparel, cosmetics, and fast-moving consumer goods.

THE WATERFRONT SHOPPE TO OPEN IN EARLY 2025

The Star, 30/01/2023

The Waterfront Shoppe, an RM1.2 billion mall project by IJM Perennial Development Sdn Bhd (IJMPD), will open for business in 2025. The mall is an integrated component of the RM4.5 billion Light City project, which also includes a residential phase. The six storey retail comprises four levels of retail outlets and two floors of convention centre. By the end of 2023, the project is expected to be 60% completed. The project will feature a 20,000 sq. ft. food court showcasing Penang’s street food in the 680,000 sq. ft. mall. The mall will also have a multi storey car park equipped with electric vehicle charging stations and 3,000 car parking bays. IJMPD recently concluded a deal with Hong Kong’s grocery store to be one of the mall’s anchor tenants. The grocery outlet will occupy a 25,000 sq. ft. area. They are also in talks with a local cineplex chain that will take up 45,000 sq. ft. area. The Light City first phase will have a mall with a 680,000 sq. ft. net lettable area, the Penang Waterfront Convention Centre, a commercial tower comprising a four and five star hotel with a combined total of 500 rooms and offices, and the Mezzo residential condominium. The second phase will have a 340,000 sq. ft. net lettable area, a commercial tower and the Essential residential condominium.

The Mezzo Residence which was soft launched in February 2021 is more than 50% sold. The 34 storey residence has 456 units priced from RM900,000. Many of their customers are from Singapore and Hong Kong.

SABAH TO OFFER ‘ATTRACTIVE’ MM2H

The Star, 03/02/2023

The state government has given an initial nod for a more attractive Sabah-Malaysia My Second Home programme. The State Tourism, Culture and Environmental Ministry disclosed that the State Cabinet has approved the policies that govern the prerequisites for participation in the programme, including the age requirement, medical certification and a fixed deposit account in Sabah. One of the prerequisites in the terms and conditions was for the potential participants to open an account with any bank with a fixed deposit of RM200,000. The applicant would only be eligible to buy properties (apartment) at a minimum value of RM600,000. The other terms and conditions include a minimum stay of 30 days a year and the approved duration for an individual or family, which is to be 5+5 years for a stay in Sabah only. With a unique and competitive Second Home programme promoted by the state, Sabah was looking at high-end participants that would benefit the state’s economy.

SARAWAK GOVT WANTS BINTULU PORT UNDER ITS JURISDICTION

The Edge Market, 30/01/2023

The Sarawak government will discuss with the federal government to discontinue the status of Bintulu Port, a deep-sea port located about 626 kilometres north of Kuching, as a federal port. This move would enable the port to be administered and further developed as a state port and transform it to become a transportation hub in the Asia-Pacific region. The state government wants Bintulu Port to be part of an economically-vibrant Bintulu so that its shareholders and stakeholders will be able to benefit from the economic growth and prosperity that the state has planned.

AUSTRALIA’S EXAL SET TO MAKE ITS MARK ON MALAYSIAN MARKET

The Edge Market 30/01/2022

Australian developer Exal marked its entry into the Malaysian market late-2022 with the purpose of building a sustainable space for multi-generational living. A boutique developer which had its start in Western Australia, Exal brings a combined experience of over 25 years in real estate to this project.

The Malaysian development known as SÓL Estate is situated on Arang Road West, Kuching, Sarawak. The RM365 million residential development covers a 70-acre area and boasts meticulously crafted solar-orientated structures together with a beautifully functional design. Prioritising sustainable, multi-generational living, through SÓL Estate, Exal seeks to harness the unexplored potential of Sarawak’s property market. The development currently features 269 bespoke homes across three phases, with 70% of the phase one properties sold, while the rollout for phase two is slated for 4Q23. The Exal Group currently has over RM3 billion gross development value in the development pipeline in Perth with SÓL Estate representing the group’s first venture outside of Australia. The group has over 25 years’ experience in real estate, property investment, engineering as well as project management.

ZECON, PR1MA TERMINATE PARTNERSHIP FOR MIXED DEVELOPMENT IN KUCHING

The Edge Market, 30/01/2023 & The Edge Property. 31/01/2023

Zecon Bhd and PR1MA Corp Malaysia have mutually terminated a partnership to jointly develop a mixed development project in Kuching, Sarawak. Following the termination, Zecon will be buying back the project from PR1MA for RM63.56 million, which includes the land cost. The group had in 2014 disposed of the 54.16 acre land to PR1MA for RM46 million, before entering into a joint development agreement in 2015 and heads of agreement in 2016 to jointly develop the project. Both parties agreed that the reimbursement of work done on the project and balance of sale consideration owed by PR1MA to Zecon totalling RM9.93 million, be set-off against the RM63.56 million sum to buy back the project. The remaining RM53.62 million will be satisfied by a RM2.68 million initial sum, and 18 monthly instalments of RM2.83 million each.