Week 2 - 2023
NOVEMBER WHOLESALE, RETAIL TRADE UP 13.9% TO RM133.9 BILLION – DOSM
The Edge Market, 11/01/2023
Malaysia’s wholesale and retail trade sales expanded 13.9% year on year (y-o-y) to RM133.9 billion in November 2022, mainly boosted by the growth in the retail trade sub-sector, according to the Department of Statistics Malaysia (DOSM). The retail trade sub-sector grew 22.8% y-o-y to RM58.7 billion. Wholesale trade grew 5.6% to RM59.5 billion while motor vehicles expanded 17.2% to RM15.7 billion. The increase in the wholesale trade sub-sector was mainly attributed to the 14.4% growth of the household goods, to RM12.5 billion.
KL PROPERTY OWNERS MUST UPDATE INFO ONLINE FROM 1 APRIL 2023
The Star, 10/01/2023
Effective 1 April 2023, property owners in Kuala Lumpur seeking to update their particulars with Kuala Lumpur City Hall (DBKL) must do so online via the ePenilaian & Hartanah platform. The new initiative was part of DBKL’s move to digitalise its services and transition to a paperless society.
PRASARANA ALLOCATED RM2.8 BILLION TO IMPROVE TRAIN, BUS SERVICES
NST, 09 & 10/01/2023
Prasarana Malaysia Bhd will spend a total of RM2.8 billion to improve train and bus services which involves replacing train equipment and increasing the number of trains and buses. The provision given by the Finance Ministry and Transport Ministry involves the entire public transport service under the management of Prasarana following high demand among city residents.
LANGKAWI-KOH LANTA FERRY SERVICE TO START SOON
NST, 09/01/2023
A new ferry service linking Kedah’s resort island, Langkawi, and the southern Thai’s Krabi province will commence its operations soon. The Langkawi-Koh Lanta ferry service is the latest initiative to boost tourism in both island destinations.
PUTRAJAYA MRT FULL OPENING SEEN TO BUOY RIDERSHIP
The Edge Market, 10/01/2023 & The Star, The Sun 11/01/2023
Prasarana Malaysia Bhd is projecting an increase in the average daily ridership across all its rail and bus services from 722,000 last year to 1.2 million in 2023 with the full opening of the mass rapid transit (MRT) Putrajaya Line in March. One hundred thousand people will benefit daily in the first year of the full opening and demand is expected to increase year on year. Phase one of the MRT Putrajaya Line, which runs 17.5 kms and comprises 12 stations, was launched on 16 June 2022. The entire Putrajaya Line will span 57.7 kms with 36 stations from Kwasa Damansara to Putrajaya, covering key, high density areas such as Bandar Sri Damansara, Kepong, Batu, Jalan Sultan Azlan Shah, Jalan Tun Razak, Persiaran KLCC, Kuchai Lama, Seri Kembangan, Cyberjaya and Putrajaya.
MAINTENANCE WORK TO BE CARRIED OUT AT IPOH RAILWAY STATION
The Star, 13/01/2023
Railway Assets Corporation (RAC) is working closely with KTM Bhd (KTMB) to improve the monitoring of cleanliness at the Ipoh Railway Station. Maintenance work in the surrounding areas was carried out on 3 January 2023 while the maintenance work to clean and upkeep areas within the station would be carried out by parties in charge of the rental area. RAC (a federal statutory body under Transport Ministry) owns the station and the adjacent Majestic Station Hotel which have been planned to be redeveloped and rejuvenated into a commuter-friendly transport hub known as Ipoh Sentral.
However, the development proposal was drafted through a collaboration with Perak State Secretary Incorporated (SSI), which is currently in the process of being finalised. The 68.5 acre transit oriented development proposal covers part of Lot 75886 and Lot 75887 in Ipoh, Kinta District in Perak. RAC had previously signed a 30 year agreement with Majujaya Hebat in January 2020 to redevelop the hotel at a cost of RM108.3 million. The hotel was supposed to reopen this year. However the agreement has been terminated and RAC is looking positively into the proposed development plan of Ipoh Sentral which will not only improve the transport infrastructure of Ipoh but also boost the socioeconomic status of the area.
RADIUM GETS NOD TO LIST ON MAIN MARKET
The Star, 10/01/2023
Property developer Radium Development Bhd (Radium) is closer to a listing on the Main Market of Bursa Malaysia after getting the nod from the Securities Commission to undertake an initial public offering (IPO). Radium has successfully delivered high-rise residential projects worth RM1.49 billion in gross development value (GDV), all of which are located within Kuala Lumpur city. As at 31 August 2022, the completed projects include Vista Wirajaya, Vista Semarak, Platinum OUG Residence and Vista OUG, were fully sold, while Platinum Splendor Residensi Semarak had a take up rate of 99.93%. It is currently developing projects with a cumulative GDV of RM1.45 billion, scheduled for completion by the financial year ending 31 December 2025. Radium aims to be listed in the 2Q23.
GDB SET TO RESUME WORK AT 8 CONLAY
The Star, 10/01/2023
GDB Holdings Bhd has lifted its suspension of works on the 8 Conlay project following the receipt of partial payment towards outstanding sums owed by the project-owner Damai City Sdn Bhd. The construction company is set to resume facade works for Tower A pursuant to the terms of agreement and the supplementary correspondences. GDB is the main contractor for 8 Conlay across its three towers. GDB will proceed to remobilise and recommence the full scope of works for the 8 Conlay project in early April 2023, subject to Damai City fulfilling the agreed terms and scheduled full settlement of outstanding sums.
LBS BINA EYES RM2 BILLION SALES IN 2023
The Edge Market, The Star, NST & The Sun10/01/2023
LBS Bina Group Bhd has targeted to achieve RM2.0 billion in property sales in 2023, maintaining its remarkable performance in 2022. The property developer closed 2022 with a record RM2.0 billion in property sales, surpassing its property sales target of RM1.6 billion by 25 per cent. LBS will be launching 12 new projects this year in the Klang Valley, Johor, Pahang and Perak, with a total gross development value (GDV) of RM2.09 billion and 4,021 cumulative units. LBS has 18 ongoing development projects with an estimated GDV of RM5.7 billion.
NESTCON BAGS RM200 MILLION CONSTRUCTION CONTRACT
The Edge Market, The Star & The Sun 10/01/2023
Nestcon Bhd has accepted a letter of award worth RM200mil from Armada Istimewa Sdn Bhd for the development of a mixed commercial development in Kuala Lumpur. The construction engineering firm said the job will entail the construction and completion of earthworks, piling and pile caps, retaining wall, substructure, main building works and infrastructure works for a 47 storey mixed commercial development. The development will comprise 320 units of serviced apartment and 354 units of strata office with facilities, podium car park, shops and restaurants/bars to be erected on the lands at Jalan Liew Weng Chee, Kuala Lumpur. The overall completion for the contract works is within 41 months, including the mobilisation period, all festivals and public holidays and is expected to be completed on or before 16 June 2026.
PESONA METRO BAGS RM349MIL CONDO PROJECT
The Star, 11/01/2023
Pesona Metro Holdings Bhd’s wholly owned subsidiary Pesona Metro Sdn Bhd has secured a RM349 million construction award from Land Marker Sdn Bhd, a company within the Bon Estates Group, for a condominium project in Batu, Kuala Lumpur. In a filing with Bursa Malaysia, the construction firm said the development entails two 205 units, 36 storey condominium blocks, one level of residents’ facilities, a carpark, clubhouse and guardhouse. The project will take place over a duration of 36 months commencing 8 February 2023.
MINETECH BAGS RM37.7M CONTRACT TO BUILD 3MW MINI-HYDRO POWER PLANT IN TERENGGANU
The Edge Market, 11/01/2023
Minetech Resources Bhd’s unit has secured a RM36.71 million contract from Tesdec Hydropower Sdn Bhd to build a mini-hydro power plant in Besut, Terengganu from January this year till May 2027. This came after both parties entered into a Memorandum of Understanding (MOU) in December last year to collaborate in the development of a 30MW mini-hydro project in Terengganu. Tesdec Hydropower is a subsidiary of Terengganu state government-owned unit Tesdec Bhd.
HARN LEN BUYS PLANTATION UNIT FROM JAKEL FOR RM54.7 MILLION IN CASH AND SHARES
The Edge Market, 12/01/2023
Johor based oil palm planter and property developer Harn Len Corp Bhd is acquiring a plantation outfit that owns 4,052.6 acres of plantation land in Rompin, Pahang, from textile giant Jakel group for RM54.7 million in a cash-plus-shares deal.
Jakel group is injecting an asset with 4,000 acre agriculture land into Harn Len and will emerge as one of the group’s substantial shareholders. Under the deal, Harn Len will acquire 100% stake in Almal Resources Sdn Bhd by issuing 31.27 million new shares at 70 sen apiece to fund 40% of the acquisition price, equivalent to RM21.9 million, while the remaining RM32.8 million will be funded by cash. The acquisition will be funded by a combination of internally generated funds and bank borrowings. Upon completion of the acquisition, Jakel Holdings Sdn Bhd’s chief operating officer Datuk Mohamed Nizam Mohamed will emerge as a substantial shareholder in Harn Len with a 5.5% stake. The acquisition will bring Harn Len’s land bank to 46,777.1 acres from 42.724.5 acres. The Rompin land is currently planted with pineapple and oil palm.
R SUITES CHANCERY RESIDENCES BY RADIUM DEVELOPMENT BERHAD
The Star, 13/01/2023
Radium Development’s R Suites Chancery Residences is located in Jalan Ampang, Kuala Lumpur. With only 944 units, these freehold units spanning 2.18 acres are said to command attention in every direction with exceptional living, cuisine, nature, shopping and entertainment all close by. Starting from RM455,000 and with a gross development value (GDV) of RM521 million, future homeowners get to choose between 452 sq. ft. and 1873 sq. ft. units ranging from studio to four bedrooms and up to three bathrooms.
A HOME THAT SEAMLESSLY INTEGRATES LIVEABILITY, PRIVACY AND RECREATION
The Star, 13/01/2023
Perbadanan Kemajuan Negeri Selangor’s (PKNS) portfolio – the 14-storey Intana Ria 3 is built on 2.82 acres within an established neighbourhood in Bangi. This development, which has a gross development value of RM78 million, is also equipped with facilities that will provide maximum comfort to the residents. This low density development will only house 200 units and with built ups of 907 sq. ft. for Types A1 and A2, the units are a little bigger than the standardised affordable homes in the market. The units which come in three bedroom and two bathroom configurations, range from RM399,000 to RM423,000. Expected to be completed by December 2025 the development will provide facilities like a swimming pool, outdoor gymnasium, musolla space, reading room, multipurpose hall and children’s playground.
GREEN LIVING WITHIN KL CITY
The Star, 12/01/2023
Following the success of BRDB’s Verdana @ North Kiara which was completed in 2014, the developer is launching a high rise development that offers a larger space for consumers. The Miranda Hill project is a freehold development located in Segambut – also known as North Kiara. Miranda Hill is a low density development suitable for all walks of life. The development will feature two towers which are perched on the highest point of North Kiara on a 7.84 acre plot of land. Miranda Hill is conveniently situated for ease of access near the Segambut KTM station and the proposed MRT Line 3 Bukit Segambut station, as well as major highways like DUKE, North South Expressway, Damansara-Puchong Expressway (LDP), Penchala Link and Kerinchi Link. A total of 552 units are available within the 2 blocks of 37 floors and 35 floors, in four different unit types. The built-up area ranges from 943 sq. ft to 3,584 sq. ft., with each unit having its own balcony to enjoy the views. Type A (943 sq. ft. to 1,093 sq. ft.) will be a two-bedroom and two-bathroom unit. Type B (1,292 sq. ft. to 1,595 sq. ft.) will have three bedrooms and up to three bathrooms. Type C (2,153 sq. ft. to 2,237 sq. ft.) will have four bedrooms with four bathrooms. The penthouses start from 2,725 sq. ft. to 3,584 sq. ft. and comes with five bedrooms and five bathrooms. Miranda Hill provides over 30 facilities such as a kid’s playground, sun lounge deck, cantilevered viewing deck, a BBQ kitchen, two swimming pools – a 50m saltwater lap pool and a kid’s pool with water slide – as well as a swim-in jacuzzi, outdoor fitness stations, a tennis court and a gymnasium. For indoor recreation there will be a games room.
XSOLLA OPENS NEW OFFICE IN KUALA LUMPUR TO TAP INTO US$800 MILLION GAMES MARKET
The Edge Market, 13/01/2023
US-based Xsolla, a global video game commerce company, has opened its largest global office outside of its Los Angeles headquarters in Kuala Lumpur. The company aims to tap into the growing local games market as Malaysia is Asia’s third largest gaming market. Overall, the global video game market is estimated at over US$200 billion in 2023, and Malaysia is nearing US$800 million. Xsolla’s new office is located at The Vertical Corporate Towers in Bangsar.
PLANS TO OPEN 50 MORE OLDTOWN WHITE COFFEE OUTLETS THIS YEAR
NST, The Sun, 08/01/2023
Kopitiam Asia Pacific Sdn Bhd plans to open 50 new Oldtown White Coffee outlets this year with targeted locations mainly in the north and east of the country such as Perlis, Kedah as well as East Coast states like Kelantan, Terengganu and Pahang. Oldtown White Coffee, which was established in 2005, now operates more than 180 outlets nationwide and also in Singapore, Indonesia, Hong Kong and the Philippines.
SUNGEI WANG PLAZA BULLISH WITH TOURISM UPTICK THIS YEAR
The Sun, 08/01/2023
Sungei Wang Plaza expects consumers’ spending power to increase by 20% to 30% in 2023, buoyed by the improved tourism industry, especially after the reopening of China. The shopping mall has seen its sales improve within the range of 30-50% and it expects a much better performance with better occupancy in the mall. There are more new cafes, restaurants and beauty tenants to attract customers. Sungei Wang Plaza has also been tracking the progress in terms of mall occupancy and spending rate, both of which have been on an upward trend.
THE FOOD MERCHANT WELCOMES CUSTOMERS TO ITS NEW STORE AT RAINTREERAIN
The Star, 11/01/2023
The fifth outlet of premium grocer The Food Merchant (TFM) has opened at RainTreeRain at The ERA. This development in Duta North, Segambut, provides an urban forest lifestyle destination for a new age living with a sanctuary of aged rain forest trees and wetlands which fully complements the eclectic DNA of TFM. Situated at the strategic location with easy access from the high-end condos of Mont Kiara and Sri Hartamas to areas of Taman Sri Segambut and Bandar Manjalara, TFM provides a wide range of high end groceries to its customers. TFM offers well-known local products, internationally renowned quality meats, air-flown fresh vegetables and fruits, seafood, fine groceries from around the world and a connoisseur’s range of affordable premium wines. Its team has continuously worked to curate over 250 international brands – specialising in fine groceries and exotic delicacies. With complementary TFM’s trolley check-in services, customers can leave their cart under the care of the merchant care team, while they continue with other activities like dining or shopping.
SPRITZER TO INVEST RM30 MILLION IN WAREHOUSE
The Star, 09/01/2023
Bottled water producer Spritzer Bhd will invest RM30 million for a warehouse in Shah Alam to cater for an increase in production output. The group recently added a production line in the 4Q22 to raise its output to one billion litres from 850,000 litres previously. Due to the increase in production, a new warehouse is needed for storage and distribution purposes in the central region, where the demand is growing. The investment allocation will also include for renovation and upgrading the group’s corporate office, manufacturing systems and facilities.
CHINA’S AUX ENTERS MALAYSIAN CONSUMER ELECTRICAL MARKET
The Star, 11/01/2023
Aux Group, one of China’s top 500 enterprises, has made an entry into Malaysia’s consumer electrical market through a collaboration with a local partner, Aufit Malaysia. Aufit Malaysia had invested RM10 million and set up eight centres. This includes Puchong, Johor Bahru, Butterworth, Kuantan, Kota Bharu, Melaka, Kota Kinabalu and Kuching.
TEX CYCLE TO SELL TWO FACTORIES FOR RM19 MILLION
The Edge Market, 10/01/2023
Tex Cycle Technology (M) Bhd has proposed to dispose of two detached factories in Puchong for RM19 million, noting that they have increased in value since their acquisition in 2004. The proposed disposal is expected to result in a gain on disposal of approximately RM13.72 million. The group is selling the two storey and one and half storey factories, located on leasehold land in Taman Perindustrian Kinrara, to Sedaya Rasmi (M) Sdn Bhd. The total land area of the properties which are used as storage facilities is 44,010 sq. ft.
SELANGOR TARGETS 3.5 MILLION TOURISTS THIS YEAR
The Sun, 08/01/2023
The Selangor government is targeting more than 3.5 million tourists from domestic and abroad in 2023. The target is a five per cent increase compared to 2022 3.3 million tourists. Among the locations that are expected to be tourist attractions is Splashmania Water Theme Park in Gamuda Cove in Banting; water taxis in Klang and cruise ship tours through Port Klang Cruise Terminal. In addition, ecotourism segments such as the Gombak Hulu Langat Geopark Project (GHL) which consists of 20 geosites in Gombak and Hulu Langat including Batu Caves, Permatang Kuarza, Sungai Tekala and Sungai Lalang Air Panas Complex are the popular choice of tourists. Agritourism such as Selangor Fruit Valley in Bestari Jaya and some areas in Sungai Panjang, Sabak Bernam and Sekinchan also received attention. At the 2023 Selangor Budget presentation session, an allocation of RM6 million was announced for this year to develop and boost the tourism industry in the state. Tourism Selangor will also empower two tourism promotion campaigns, namely ‘Pusing Selangor Dulu!’ for the domestic and ‘Splendid Selangor, Take Me Anywhere’ for the international market. A total of 313 operators were involved in 2022 (with ‘Go Selangor!’) consisting of the hotel (hospitality), food and beverage, lifestyle, ticket sales, attractive locations and tourism activities sectors.
FIRST PHASE OF THE NOBEL HEALTHCARE PARK AT KL WELLNESS CITY 75% TAKEN UP; SECOND PHASE TO UNVEIL IN 2H2023
The Edge Market, 10/01/2023
The first phase of The Nobel Healthcare Park in the 26.5 acre healthcare-themed development KL Wellness City (KLWC) has obtained a take-up rate of 75%, specifically for its medical suites. Due to the encouraging response, the second phase of The Nobel Healthcare Park will be unveiled in 2H2023. Buyers for the medical suites are mostly doctors and medical practitioners based in Klang Valley, Ipoh, Penang and Johor. Both the first and second phases of The Nobel Healthcare Park have a total gross development value (GDV) of RM250 million. Part of KLWC, The Nobel Healthcare Park has a total GDV of RM1 billion and will comprise 379 medical suites in two blocks, 512 wellness suites in one block, office space and retail shops. Facilities will include a half Olympic-length swimming pool, sauna, sky gymnasium and sky lounge. Prices of the medical suites are about RM800,000 to RM1.2 million (between RM1,400 to RM1,500 per sq ft.),with average built-ups of 700 sq. ft. Comprising a total of seven parcels, KLWC’s components will include a 624 bed tertiary hospital (that is scalable of up to 1,000 beds), 379 medical specialist suites, a retirement resort for independent living, a retirement resort for assisted living, a healthcare mall, residential units, commercial shop lots offering health and fitness-centric retail as well as food and beverage outlets, a Multimedia Super Corridor-designated office space, a central park with cycling and jogging track. The development is targeting primarily medical tourists and investors from Indonesia, China and other countries in Southeast Asia.
RM78MIL UPGRADE FOR ACCIDENT-PRONE HIGHWAY
The Star, 10/01/2023
The Pasir Gudang Highway is set to get an upgrade, with a RM78mil allocation from the Federal Government. The project’s location starts from the Bandar Seri Alam and Taman Rinting intersection to Pasir Gudang, which is about 5.5km. The project includes widening of the road from four lanes to six, with dual-carriageway. The project started on 25 October 2022 and is expected to be completed in 36 months.
HAILY WINS RM38MIL CONSTRUCTION PROJECT IN JB
The Edge Market, The Star & The Sun 10/01/2023
Haily Group Bhd has won a RM37.85mil contract to build commercial properties for the Crest@Austin development in Johor Bahru. The construction specialist’s total contract value increased to RM631.16mil with the latest win. Haily’s wholly owned subsidiary, Haily Construction Sdn Bhd has received a letter of award from RDC Arkitek Sdn Bhd, the architect appointed by Austin Senibong Development Sdn Bhd for the construction of 77 units of three-storey shop offices and three units of Tenaga Nasional Bhd (TNB) sub-stations. The shop offices, each measuring 22’ x 75’, will be located at Bandar Jaya Putra in Mukim of Tebrau, District of Johor Bahru. Construction for Section 1 in respect of the piling works will commence on 1 February 2023 and is scheduled to be completed in two months from the date of commencement for Section 1. Construction for Section 2 shall commence within three months from the date of completion of Section 1 and is scheduled to be completed within 16 months from the date of commencement of Section 2.
DECATHLON TO OPEN OUTLET IN JOHOR, FIRST OUTSIDE KLANG VALLEY
The Sun 12/01/2023
Sports retailer Decathlon Malaysia will be marking its first foray outside Klang Valley with the opening of its 11th outlet in Johor on Saturday. The new store in Toppen Shopping Centre, comes with a full size outdoor futsal court as a covered team sport practice area and has over 5,000 exclusive products covering more than 60 sports. The new store also has the biggest camping and mountain gear area among other Decathlon stores; paired with a multitude of Decastudios available at the store and a healthy food cafe by Fuel Good by Agrain.
JOHOR TARGETS FIVE MILLION FOREIGN TOURISTS
The Star, 09/01/2023
The tourism sector in Johor has been recovering steadily since the reopening of international borders in April 2022 with Singapore as a majority of its international tourists. Johor were able to attract 2.8 million international visitors in 2022. Johor target a total of five million visitors for 2023. Tourism Johor was also exploring the India market and had held engagement sessions with tour operators from India. Most tourists from India will usually pass through Johor on their way to Singapore from Kuala Lumpur. On medical tourism, Johor was targeting visitors from Vietnam as well as several regions in Indonesia. Johor’s main target for medical tourism in the past were those coming from Indonesia’s Riau islands because of their close proximity to Johor. Moving forward, Johor is looking at attracting people from Surabaya and Medan in Indonesia as well as Vietnam. Among major events that Tourism Johor had slotted for 2023 were Johor Majestic Festival, Johor International Food Festival and Nusantara Music Festival.
PROPERTY MARKET TO REMAIN POSITIVE
The Star, 11/01/2023
Johor developers are optimistic that the property market outlook in Iskandar Malaysia will remain positive in 2023 despite uncertainties in the global economy. The property market would also not be badly impacted by the Overnight Policy Rate (OPR), which is expected to further rise twice in 2023. Now is the best time to buy houses as developers are not selling them at high prices. Gunung Impian Development Sdn Bhd will be launching 140 units of single storey terrace houses in the 2Q23. Tanah Sutera Development Sdn Bhd said Johor’s close proximity to Singapore was an added advantage for the property market in Iskandar Malaysia. The Malaysia-Singapore border reopening on 1 April 2022 also witnessed many locals crossing over for job opportunities. The proposed increase in the OPR by Bank Negara would not have much impact on Malaysians working in Singapore as they would have strong purchasing power. Both developers suggest that the Federal Government should reintroduce the Home Ownership Campaign (HOC).
Tanah Sutera Development Sdn Bhd will be launching double-storey and triple-storey terrace houses and double-storey cluster homes at Sutera Garden Village in 2Q23. Phase one consists of 90 houses within a resort-style development with a swimming pool, gymnasium and badminton courts. The price will start from RM900,000 each and the target buyers are upgraders, extended families and buyers seeking resort-style living.
PENANG SOUTH ISLANDS PROJECT TO GET APPROVAL SOON
The Edge Market, 12/01/2023 & The Star, 13/01/2023
The Penang South Islands (PSI) project is expected to get the green light soon, paving the way for work to begin by 3Q23. Approval for the Environmental Impact Assessment (EIA) report by the Environment Department is expected to be obtained by the end of January 2023. After getting the EIA approval, the Environmental Management Plan (EMP) need to be planned to mitigate the (impact of) reclamation and construction of the islands. The EMP will take the Environment Department about two to three months to approve.
ICONIC BRANDS TAKE CENTRESTAGE AT PENANG MALL’S WATCH BOUTIQUE
The Star, 09/01/2023
Timepiece boutique Hour Glass has taken up residence in Gurney Plaza, Penang. The new boutique is an oasis of coastal chic and luxury that brings the latest timepieces from watchmaking capitals of the world to Penang.
HUNZA GROUP AIMS TO LAUNCH PROJECTS WORTH RM2.2 BILLION
The Sun, 08/01/2023 NST, 09/01/2023
Penang-based property developer Hunza Group is likely to launch a few projects in the next few years with a total gross development value (GDV) of about RM2.2 billion. MUZE, its first residential project at Penang International Commercial City (PICC) will be completed within the next few months and they will launch Phase 2B which includes three towers of serviced residences alongside key commercial components. Phase 2B, known as SENZE @ PICC comprises 1,678 units with a GDV of RM1.5 billion. Seberang Prai is the future of Penang and the developer has a RM190 million Mekarsari Unggul development in Bandar Putra Bertam. Meanwhile, in Sungai Petani, Kedah, Hunza will launch Phase 3C of Taman Seri Bayu II soon with a GDV of RM80 million. The group has signed a joint development agreement with the Penang State Housing Board to build affordable housing project or Rumah Mampu Milik Pulau Pinang known as The Millennia (GDV RM429 million) at Bayan Lepas. On the retail front, Gurney Paragon Mall is constantly reinventing itself to bring new experiences to shoppers. The occupancy rate will be recording significant growth with the entrance of first-time brands into Gurney Paragon Mall such as Decathlon from France and NITORI from Japan.
AEM OPENS NEW RM65M MANUFACTURING PLANT IN PENANG
The Edge Market, The Sun, NST, 09/01/2023
Singapore-based AEM Holdings Ltd, a semiconductor test solutions provider, has opened its new RM65 million manufacturing plant in Penang. The manufacturing plant, spanning 365,000 sq. ft. located at the Prai Industrial Park, includes an assembly area, a quality assurance section, warehouse and a research and development lab. Penang contributed an average of 29% of Malaysia’s exports and 58% of the nation’s trade surplus over the past five years. In terms of investments, Penang was among the country’s top contributors, garnering RM9.2 billion in approved manufacturing investments from January to September 2022. As for the investments in the machinery and equipment sub-industry, the state recorded total approved investments of RM7.3 billion from January to September 2022, representing 57% of the country’s total.
NUSANTARA INVESTMENTS BOON FOR SABAH, SARAWAK
The Sun, 12/01/2023
Malaysians investing in the future capital of Indonesia, Nusantara, would benefit Sabah and Sarawak in terms of economy and trade. The advancement of technology and digitalisation in the region are vital to connect Sabah and Sarawak with business opportunities in Nusantara as Sabah and Sarawak are significantly closer to Nusantara than Kuala Lumpur. Jakarta’s decision to relocate its capital city to Kalimantan would attract numerous foreign direct investments to the island, and Sabah and Sarawak could benefit from the abundance of opportunities.
PHASE ONE OF SABAH PAN BORNEO HIGHWAY 71% COMPLETE, SAYS NANTA
The Edge Market, 11/01/2023
Phase one of the Sabah Pan Borneo highway project involving 15 work packages with an estimated total distance of 706 km has achieved 71% progress as of December 2022, and is expected to be completed in 1Q25. The highway project also has a new work package, making it a total of 16 work packages involving the route from Serusop to Pituru, which is expected to start construction in 1Q23. As for the 786km Sarawak Pan Borneo highway project, the progress status for the 11 work packages from Telok Melano to Miri until December 2022 is 91% complete and is expected to be fully completed in 3Q23. Meanwhile, the Sarawak-Sabah Link Road (SSLR) phase one project involving a 77km stretch from Bandar Lawas to the Long Lopeng intersection, is currently under construction with a 53 month contract period starting on 9 August 2021, and is expected to be completed on 8 January 2026. SSLR is a road project that will connect Sarawak and Sabah without going through Brunei.
KELINGTON BAGS RM170 MIL CONSTRUCTION JOB AT CHIP MANUFACTURING FACILITY IN KUCHING
The Edge Market, 10/01/2023
End-to-end integrated engineering services provider Kelington Group Bhd has secured a RM170 million contract to undertake construction works at an integrated chip manufacturing facility at the Sama Jaya Free Industrial Zone in Kuching, Sarawak. The contract was awarded to its wholly owned subsidiary Kelington Technologies Sdn Bhd. The construction works, which include architectural, structural, civil, mechanical, electrical and other process utility works, is expected to be completed by March 2024.