Week 23 - 2024
IJM LAND TO LAUNCH NOVA LANDED RESIDENTIAL DEVELOPMENT IN SEREMBAN 2
The Edge, 05/06/2024
IJM Land Bhd is launching a new residential development called Nova at Seremban 2. Nova will span 32.24 acres and include 162 units of semi-detached houses, bungalows and bungalow lots in two phases. The first phase will feature 64 semi-detached and 5 bungalow with smart home features, priced from RM1.973 million. The are amenities provided within the development which include a community villa with a swimming pool, yoga spaces, outdoor fitness zones, and a 3km jogging path. There development will have access to nearby facilities such as Aeon Mall, Mydin Mall, Columbia Asia Hospital and several schools.
INTA BINA WINS RM112 MILLION GAMUDA DEAL
The Edge, 04/06/2024 & The Star, 05/06/2024
Inta Bina Group Bhd has received a letter of award from Gamuda Land (T12) Sdn Bhd for the development of 174 semi-detached houses, valued at RM111.98 million. The project will be carried out in two phases: the first phase includes 124 semi-detached houses, a guard house, management office, and two Tenaga Nasional Bhd substations; the second phase will include 50 semi-detached houses. The construction period is set to last 23 months, starting from 4 June 2024.
KIMLUN SECURES RM234.27 MILLION CONSTRUCTION JOB FROM SAUJANA DEVELOPMENT
The Star, 04/06/2024
Kimlun Corp Bhd's wholly-owned subsidiary, Kimlun Sdn Bhd, has secured a RM234.27 million contract from Saujana Development Sdn Bhd for a high-rise residential development in Seksyen U2, Shah Alam whereby the construction work is expected to be completed by 3Q26.
AEON CO BUYS TWO PIECES OF LAND IN SEREMBAN FOR RM103 MILLION TO BUILD A MALL
The Edge, 05/06/2024
AEON Co (M) Bhd is acquiring two pieces of land in Seremban, Negeri Sembilan for RM102.89 million to build a shopping mall. AEON signed a sale and purchase agreement with Real Attraction Sdn Bhd to purchase the 23.045 acre land adjacent to the existing AEON Mall Seremban 2. This acquisition aligns with AEON's strategy to expand its retail business and develop future retail operations in Seremban.
STRICTER AMENDMENTS TO HOUSING DEVELOPMENT ACT TO PROSECUTE ERRANT DEVELOPERS
The Edge, 04/06/2024
The Housing Development (Control and Licensing) Act 1966 (Act 118) in Malaysia is set to be amended to enhance protection for home buyers and hold developers accountable for fraud or abandoned projects. The amended Act will not only prosecute fraudulent developers with potential prison sentences of three years and fines between RM250,000 to RM500,000 but also prevent them from leaving the country. Currently, the Act only covers residential properties and not commercial properties. The amendment aims to offer broader protection, learning from models in Australia, Dubai, and Singapore to ensure fair, reasonable, and transparent contracts. The government has successfully salvaged 351 "sick projects," benefiting around 43,000 home buyers and involving RM33 billion, through the Housing and Local Government Ministry’s ‘Sick Housing Project’ taskforce.
NEWLY LISTED FEYTECH BUYS RM20 MILLION INDUSTRIAL LAND FROM DRB-HICOM’S PROTON CITY
The Star, 03/06/2024
Feytech Holdings Bhd, an automotive seat manufacturer has proposed to acquire 9.76 acres of land in Perak from Proton City Development Corp Sdn Bhd, a unit of DRB-Hicom Bhd, for RM19.98 million. The acquisition is expected to be completed in 2H25. Feytech raised RM114.65 million from its recent share issuance, with the proceeds allocated as follows: 18.4% for constructing a new corporate office and manufacturing plant, 16.4% for building a new plant in Kulim, 10.1% for land acquisition, and the remaining 55% for working capital, new machinery, and listing expenses.
JAKEL INVESTS IN DATA CENTRE PROJECT WORTH RM1.2 BILLION
The Edge, 03/06/2024
Jakel Group is partnering PiDC Holding Bhd to construct a 51MW, RM1.2 billion data centre in Cyberjaya. Jakel and PiDC will hold a 40% and 60% stake respectively, in the project, Pi Data Centre Sdn Bhd. The Tier III Data Centre will be built on a 7.3 acre site in three phases, starting in 3Q24 and completing in 4Q25. This investment is a strategic move to diversify into digital infrastructure, supporting national agendas like MyDIGITAL and contributing to the growth of Malaysia's digital workforce and innovation. Jakel has committed RM1 billion in capital for investments in 2024, with more expected in 2025, including a significant stake in renewable energy firm Cypark Resources Bhd.
GLOBAL DATA CENTRE PLAYERS TO SHOW STRONG INTEREST IN GERBANG NUSAJAYA
NST, 05/06/2024
Development plans for the industrial component at Gerbang Nusajaya in Johor are progressing, with detailed plans for a 40-acre renewable energy industrial park in Precinct 2 and a 74-acre data center (DC) campus in Precinct 4. UEM Sunrise Bhd (UEMS) is strategically positioned to benefit from Johor's growth and the expanding DC sector in Iskandar Malaysia. UEMS has signed a memorandum of understanding with LOGOS Infrastructure Holdco to explore developing the DC campus in Gerbang Nusajaya. This 74-acre site in Precinct 4 could support up to 360 megawatts (MW) of capacity. UEMS may provide comprehensive construction management for long-term lease-built-to-suit developments, including overseeing technical works and handling government-related licensing and approvals. The 74-acre site, with a potential 360-MW capacity, could attract DC investments worth RM10 billion to RM12 billion. The land itself is valued at approximately RM260 million, based on a conservative estimate of RM80 per square foot.
HOUSEHOLD RETAILER OPENS SUPERSTORE IN SEBERANG JAYA
The Star, 04/06/2024
Harvey Norman has launched its 33rd store at Sunway Carnival Mall in Seberang Jaya, Penang. The new 40,000 sq. ft. superstore offers a wide range of electrical appliances, IT and mobile devices, furniture, and bedding products, catering to the evolving shopping behaviors and busy lifestyles of consumers. Harvey Norman plans to open more stores in Batu Pahat, Johor, Elmina in Shah Alam, and Sunshine Mall in Bandar Baru Air Itam, Penang, later this year.
SURIA CAPITAL INKS JV AGREEMENT FOR MIXED COMMERCIAL PROJECT IN KOTA KINABALU
The Edge, 06/06/2024
Suria Capital Holdings Bhd has entered into a joint venture with Jesselton Docklands 1 Sdn Bhd to develop the Jesselton Docklands 1 mixed commercial project at the Kota Kinabalu Port area. The project, valued at RM1 billion, will see Suria Capital entitled to at least RM180 million, comprising RM45 million in cash and RM135 million in commercial properties such as a hotel and retail units. Previously, Suria Capital announced a collaboration with BEDI Development to develop two parcels of land in Kota Kinabalu with a total net development value of RM4.2 billion. This partnership led to the formation of JD 1 and Jesselton Docklands 2 Sdn Bhd. The Jesselton Docklands 1 project is expected to be completed within six years from the agreement date.
