Week 1 - 2024
MALAYSIA SET TO ACHIEVE 2023 GDP GROWTH TARGET
The Sun, The Edge & The Star, 05/01/2024
Malaysia is set to achieve the gross domestic product growth target of 4-5% for 2023 based on the good economic momentum seen so far, the Department of Statistics Malaysia (DoSM) stated. Consumer spending sentiment is normally at an above average level in 4Q23 of the year compared with other quarters. Malaysia’s trade expanded and continued to show a surplus. The trade surplus reached RM12.87 billion in October 2023, marking the 42nd consecutive month of trade surplus since May 2020. At the same time, unemployment has seen a decline. The country’s unemployment rate in October 2023 stood at 3.4%. GDP growth for the first three quarters combined was already 3.9%. Therefore, it is expected that the country’s economic growth for 2023 is going in the direction that the government has targeted. According to Bank Negara Malaysia, the Malaysian economy grew by 3.3% in 3Q23 (2Q23: 2.9%), while overall, the economy expanded by 3.9% in the first three quarters of 2023.
NESTCON SECURES RM251.5 MILLION CONSTRUCTION JOB IN KLANG VALLEY
The Edge & The Star, 03/01/2024
Nestcon Bhd has secured RM251.5 million in construction works for a mixed development project in Mukim Petaling in the Klang Valley. Nestcon’s wholly owned subsidiary Nestcon Builders Sdn Bhd had accepted a Letter of Award (LOA) from Altimas Sdn Bhd. The work under the LOA consists of main building works for the proposed mixed development of parcel 2, one block of 30-storey apartment suites (408 units) and one block of 34-storey apartment suites (526 units) comprising amenities, car parks and shops. The completion of the contract works is within 34 months, which will commence on 3rd January 2024 and is scheduled for completion by 2nd November 2026.
MAH SING TOPS OUT FULLY SOLD M LUNA IN KEPONG
The Edge & Starproperty.com, 03/01/2024
Mah Sing Group Bhd topped out its fully sold high-rise residential development named M Luna in Kepong on 19th December 2023. The development features two 57-storey towers that are spread across a 5.47-acre parcel. Both towers have a total of 1,672 units which were priced from RM385,000 and are scheduled to be completed in 4Q24.
Mah Sing launched M Nova also in Kepong in August 2023. M Nova comprises three blocks of serviced residences. Towers A and B are 26 storeys each and offer three layouts from 700 sq. ft. (two bedrooms) to 1,000 sq. ft. (four bedrooms) and priced from RM328,000. Tower A is 90% sold and Tower B is open for sale. There are also 11 units of retail lots and one drive-through retail unit that are up for sale.
EPICON, PNSB TEAM UP TO BUILD AFFORDABLE HOMES IN SELANGOR
The Sun, 04/01/2024
Epicon Bhd and PNSB Construction Sdn Bhd (PCSB), a subsidiary of Permodalan Negri Selangor Bhd, is onto a consortium agreement to build affordable homes. Epicon will become the main turnkey contractor to construct the development of Rumah Idaman MBI (RIM) of 2,252 units on a parcel of development land in Mukim Rawang, in Gombak district.
PGF CAPITAL PLANS RM3 BILLION GDV DEVELOPMENT NEAR AUTOMOTIVE HIGH-TECH VALLEY
The Sun, The Edge, NST & The Star, 04/01/2024
PGF Capital Bhd plans to develop a self-sustaining integrated township with an estimated gross development value (GDV) of RM3 billion adjacent to the Automotive High-Tech Valley (AHTV) in Proton City, Tanjong Malim, Perak. The strategic development with over 6,000 residential and commercial units would take place over 10 to 15 years on 400 acres of land. The comprehensive project also includes 245 acres for agriculture plantations, 53 acres for aquaculture activities, 295 acres for eco-tourism, 58 acres for an eco-retreat, and 72 acres for lifestyle communities, including a retirement and wellness village. PGF Capital said it was leveraging AHTV’s potential as China’s automotive powerhouse Zhejiang Geely Holding Group Co Ltd is investing RM46.8 billion to develop the AHTV as Malaysia’s next-generation vehicle hub. PGF Capital had signed a joint venture agreement with Malvest Properties Sdn Bhd, a property developer based in Penang, to jointly develop Phase 1 with an estimated GDV of RM600 million, which will offer 1,808 units of residential and commercial properties tailored to different market needs. The development plan includes the integration of technology for sustainable living, which encompasses initiatives such as electric vehicle shuttles for a greener transportation option, artificial intelligence-enhanced security systems for a safe living environment and the adoption of solar energy to mitigate carbon emissions and reliance on traditional power sources.
WASCO’S MAPLE SUNPARK SELLS SHAH ALAM PROPERTIES TO WASCO THERMAL FOR RM64.89 MILLION
The Edge, 30/12/2023
Wasco Bhd’s wholly owned unit Maple Sunpark Sdn Bhd has signed sale and purchase agreements with Wasco Thermal Sdn Bhd, an indirect 60%-owned subsidiary of Wasco, to sell properties worth RM64.89 million. The sale of properties includes two pieces of freehold industrial land in Bukit Kemuning, Sekysen 32, Shah Alam, Selangor, measuring about 196,022 sq. ft. and 195,752 sq. ft. in area respectively, together with a detached factory/warehouse and office building erected on each property.
AURELIUS BUYS INDUSTRIAL LAND FOR RM12.15 MILLION
The Star, 03/01/2024
Aurelius Technologies Bhd (ATB) is purchasing a vacant piece of industrial land within the Kulim High-Tech Park, Kedah, from Northern Technocity Sdn Bhd for RM12.15 million. The land, measuring approximately 6.2 acres, will facilitate the company’s future strategic expansion plans.
MORE FROM MOTAC TO MELAKA
The Star, 02/01/2024
The state government has received an additional RM2 million from the Tourism, Arts and Culure Ministry (Motac) to promote Visit Melaka Year 2024 (TMM2024). The ministry is ready to assist all states including the four states which are implementing 2024 Visit Year namely Melaka, Perak, Perlis and Kelantan to achieve their tourist targets as planned.
PROMOTE PERAK TO TOURISTS TOGETHER’
The Star, 02/01/2024
The state government’s target of attracting 8 million domestic tourists and 350,000 international tourists, as well as generating RM10 billion in revenue for Visit Perak Year 2024 (TMP2024). The multiracial community in the state could help attract tourists by sharing the beauty of every part of Perak on social media.
LEXIS TO OPEN TWO MORE HOTELS WITH TOTAL GDV OF RM1.22 BILLION
The Sun, 03/01/2024
Lexis Hotels & Resorts Sdn Bhd is set to open two amid the resurgence in tourist arrivals. Imperial Lexis Kuala Lumpur is slated to welcome guests soon, while Lexis Hibiscus 2 is expected to be completed within five years. Imperial Lexis Kuala Lumpur will feature 275 hotel rooms and suites, with a private pool in every hotel room and suite – a first in Kuala Lumpur. Lexis Hibiscus 2 will feature over 1,000 rooms and, like Lexis Hibiscus, it will feature a private pool in each villa. The development is set to draw around 400,000 tourists to Port Dickson every year, generating RM240 million annually, of which 20% will go to the state government and its people in return for the 32 hectares of land on which the project will be built.
AMANAHRAYA REIT COMPLETES RM145 MILLION SALE OF HOLIDAY VILLA BEACH RESORT LANGKAWI TO PLENITUDE
The Edge, 05/01/2024
AmanahRaya Real Estate Investment Trust (ARREIT) has completed the disposal of its 4-star Holiday Villa Beach Resort and Spa Langkawi with 238 rooms in Langkawi, Kedah to property developer Plenitude Bhd for RM145 million cash. The REIT is also reportedly looking to sell off the former Holiday Villa Alor Setar in Kedah, which has been left vacant since 2018, as it seeks to fully exit the hospitality business.
CENGILD MEDICAL’S SUBSIDIARY ACQUIRES STRATIFIED PROPERTY IN KUALA LUMPUR FOR RM122.34 MILLION
The Edge, 30/12/2023
Cengild Medical Bhd’s wholly owned subsidiary, Cengild Sdn Bhd, has entered into a conditional sale and purchase agreement with Sunny Uptown Sdn Bhd for the acquisition of a stratified property in Kuala Lumpur for a cash consideration of approximately RM122.34 million. The property is part of a proposed construction of a 17-storey medical centre building with a total net floor area of 187,507 sq. ft. Cengild is proposing to acquire building space with a combined net floor area of 100,442 sq. ft. together with at least 182 car park bays located within the medical centre building.
RM175 MILLION POLYTECHNIC OPENS
The Star, 04/01/2024
The long-delayed Politeknik Bagan Datuk, which cost RM175 million to build, opens in January 2024. Construction of the polytechnic on a 30 acres site began on 3rd November 2017, and was completed in early October 2023. Since the project began, contractors and JKR were plagued by various problems. The campus that is equipped with administrative buildings, workshops, laboratories, lecture theatres, dormitories and libraries, is expected to accommodate some 1,200 students pursuing studies in maritime technology. This polytechnic offers a diploma programme in naval shipbuilding and will offer two new diploma programmes in 2024, which are naval architectural technology and naval electrical engineering.
JIANKUN EXPANDS PORTFOLIO VIA PURCHASE OF PENANG-BASED OLP
The Sun, 04/01/2024
Jiankun International Bhd, a Main Market-listed property developer, has entered into a share sale and purchase agreement with Lee Khoon Eng and Lee Phaik Choo that entails Jiankun’s acquisition of a 99.99% stake in Oriental Link Properties (M) Sdn Bhd (OLP) for RM9.5 million. OLP is leading the development of two prominent projects: Panchor Sanctuary Garden, a sprawling 7.58-acre residential development in Nibong Tebal, Penang, and a strategic commercial project on Lot 334 Jalan Paboi. Panchor Sanctuary Garden, nestled on a freehold, triangular flat land, is set to emerge as a top-tier residential enclave. It is located near key facilities like Kolej Vokasional Nibong Tebal, Plaza Tol Jawi, and Nibong Tebal KTM Station. The project is envisioned as a benchmark in luxury living, features 116 exquisitely designed double-storey terrace houses and a two-storey clubhouse. These residences, varying in built-up areas from 1,600 sq. ft. to 1,919 sq. ft. cater to a broad spectrum of lifestyle preferences.
KERJAYA PROSPEK SECURES RM170.94 MILLION CONTRACT FOR 45-STOREY BUILDING IN PENANG
The Sun, The Edge, NST & The Star, 04/01/2024
Kerjaya Prospek Group Bhd has secured a contract worth RM170.94 million from Persada Mentari Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd, for the development of a 45-storey building on Andaman Island, Penang.. The project entails the construction and execution of main building works for a 45-storey structure, including a 38-storey serviced apartment block comprising 380 units, a two-storey basement carpark, and a five-storey elevated carpark. The completion deadline is set at 35 months from 18th January 2024.
ONYX HOSPITALITY GROUP TO INTRODUCE THREE PROPERTIES IN MALAYSIA IN 2024
The Edge, 05/01/2024
Thai-based hotel management company ONYX Hospitality Group will be introducing three new properties in Malaysia in 2024. All located in Johor, the properties are OZO Medini, Shama Medini and Shama Suasana Johor Bahru. With the three upcoming properties, ONYX will have a total of seven properties in its Malaysian portfolio as it currently manages Amari Johor Bahru, OZO George Town Penang, Amari SPICE Penang and Amari Kuala Lumpur. The expansion will also make Malaysia the first country outside Thailand to host all three ONYX brands — Amari (upscale hotel), OZO (hotel) and Shama (serviced apartments).
IBRACO FORMS JOINT VENTURE WITH CHINA RAILWAY UNITS FOR KUCHING RAPID TRANSIT PROJECT
The Edge, 05/01/2024
Ibraco Bhd’s wholly owned unit Ibraco Construction Sdn Bhd (ICSP), has partnered with two units of China Railway Group Ltd to incorporate Ibraco CREC JV Sdn Bhd (ICJVSB), a joint venture company to undertake infrastructure works for the Kuching Urban Transportation System (KUTS). The joint venture company was set up with China Railway Engineering Corporation (M) Sdn Bhd (CRECM) and Nanyang Tunnel Engineering Sdn Bhd. The incorporation of the JV is specifically for the construction and completion of infrastructure works for Blue Line-Package 1 from Rembus to Stutong for the KUTS project. On 10th November 2023, ICSB, together with CRECM and Nanyang Tunnel Engineering, secured the tender for the package from KUTS project implementer Sarawak Metro Sdn Bhd (SMSB), which is worth RM568.81 million. The project is expected to be completed by 31st December 2025, for Stage 1 and 30th June 2026, for Stage 1A.