Week 25 - 2024
MALAYSIA’S EXPORTS GROW 7.3% IN MAY 2024
The Sun, NST & The Edge, 21/06/2024
Malaysia’s exports grew 7.3% in May 2024 from a year earlier, thanks to a surge in shipments of electronics and palm oil amid higher deliveries to the United States (US). Exports totalled RM128.22 billion in May 2024, compared with RM119.51 billion in May 2023. Shipments of electrical and electronic products, which account for more than one-third of gross exports, climbed 7.6% while that of palm oil surged 25.7%. Outbound deliveries of petroleum products contracted 18.6% while liquefied natural gas was down 21.2%. In terms of markets, exports to Malaysia’s biggest trading partner China inched up 1.6% while exports were up 17.4% to US and 54.2% to Taiwan. Trade surplus narrowed 43.9% year-on-year to RM10.14 billion in May 2024, making it the 49th consecutive month of surplus since May 2020, from RM15.7 billion in May 2023. On a month-on-month basis, exports were up 11.8%. Imports expanded 10.4%, while trade surplus widened 35.4%.
KLIA AEROTAIN TO BE COMPLETED BY 31STJANUARY 2025, AHEAD OF SCHEDULE
The Star, NST & The Edge, 19/06/2024
Kuala Lumpur International Airport's (KLIA) aerotrain project is expected to be completed by 31st January 2025, ahead of schedule. The expedited timeline of the aerotrain replacement project advances the original completion date of 31st March 2025 by two months. The new completion date was finalised through a contract signed on 14th June 2024 between its subsidiary Malaysia Airports (Sepang) Sdn Bhd and Alstom Transport Systems (Malaysia) Sdn Bhd, as well as a joint venture consisting of IJM Construction Sdn Bhd and Pestech Technology Sdn Bhd. As the project coordination lead, MAHB Alstom will oversee the delivery of three new trains, the upgrading of two lines, and the overall comprehensive testing required for safe operation.
ECRL REACHES 67% COMPLETION
The Edge, 21/06/2024
Construction work for the 665km-long East Coast Rail Link (ECRL) project has been running smoothly and reached 67% completion despite several hiccups and challenges throughout its development and implementation phases. The ECRL line, from Kota Bharu in Kelantan to Gombak in Selangor is expected to be completed by the end of 2026 and operational by January 2027.
MATRIX CONCEPTS SEALS SECOND JV WITH NS CORP TO DEVELOP MVV2.0 LAND IN RM436 MILLION DEAL
The Edge & The Star, 20/06/2024
Matrix Concepts Holdings Bhd has signed a second joint venture (JV) with NS Corp to develop new prime land in Malaysia Vision Valley 2.0 (MVV2.0) into a sustainable township in a deal worth RM435.6 million. Matrix Concepts has entered into a land development agreement with NS Corp for 1,000 acres of prime land in the MVV2.0 development corridor. Megah Sedaya Sdn Bhd (MSSB), an 85:15 joint venture between Matrix Concepts and NS Corp, is the master developer of the new land. Concurrently, on the same day, NS Corp entered into a sales and purchase agreement (SPA) with Sime Darby Bhd to acquire the land. This is the second JV agreement entered between the two parties. In August 2022, Matrix Concepts partnered NS Corp for the development of 1,382 acres of adjacent land in MVV2.0 from NS Corp, which had acquired the parcel from Sime Darby for RM460 million. At that time, Matrix Concepts formed an 85:15 JV company with NS Corp called N9 Matrix Development Sdn Bhd to develop the said land for township development. Overall, Matrix Concepts has secured 2,382 acres of land in the MVV2.0 area, with a combined gross development value of RM12 billion. The development will feature a balanced mix of residential and commercial elements over a 12-year period.
IJM LAND UNVEILS NOVA IN SEREMBAN 2
The Sun, 20/06/2024
Nestled in the lush hillsides of Seremban 2, Nova by IJM Land is a haven that seamlessly blends modern living with the tranquillity of nature. Spanning 32.24 acres of pristine landscape, Nova presents a low-density development comprising 162 units across two phases, including semi-detached houses, bungalows, and bungalow lots. Additionally, Nova ensures secure and serene living with smart home features such as digital smart door lock, door sensors, light and aircon control as well as CCTV points. The roof insulation layer enhances comfort by reducing heat, creating a more energy-efficient and comfortable living environment.
ASIA QUEST ANNOUNCES STRONG BOOKING RATE OF ITS LATEST KIARAMAS DEDAUN CONDO PROJECT IN MONT'KIARA
The Edge, NST & The Star, 21/06/2024
Boutique property developer Asia Quest Holdings Sdn Bhd has announced a 97% booking rate for the first block (Block A) of its latest Kiaramas deDaun condominium development in Mont'Kiara, Kuala Lumpur. The project was soft launched on 2nd May 2024. According to the developer, the units taken up are non-Bumi units and Block A comprises 223 units. Sitting on 8.54 acres, Kiaramas deDaun has a gross development value of RM980 million and offers 661 units in total across three 40-storey towers. Unit built-ups range from 1,313 sq. ft. to 4,693 sq. ft and the selling price starts from RM1.1 million. The project is expected to be completed by 2028. Following the strong take-up of Block A, the developer has opened for sale Block B since 19th June 2024. Block B comprises 213 units.
BURSA MALAYSIA CONFIRMS IN FINAL TALKS TO MOVE ITS HQ TO TRX
The Edge & The Star, 19/06/2024
Bursa Malaysia Bhd denoted it is in final negotiations with the developer of The Exchange 106 at Tun Razak Exchange (TRX) to move its headquarters to TRX. The exchange operator currently occupies a 16-storey office building in Bukit Kewangan, Kuala Lumpur. Bursa said it is likely to occupy two storeys of The Exchange 106 if the discussion with Mulia Property Development Sdn Bhd materialises. Mulia Property is majority owned by the Minister of Finance (Incorporated).
However, Bursa said the discussions are still ongoing and the details have yet to be finalised. TRX, which has a gross development value of RM40 billion, was conceptualised as the financial and business hub of the Klang Valley. Completed in 2019, TRX has 2.5 million sq ft of net lettable area (NLA). TRX will have an occupancy rate of 57% by the end of 2024. This means there is another one million sq. ft. of NLA for rent at the tower. The asking rent for the second-tallest building in Malaysia is estimated to be between RM10 and RM14 per sq. ft., making it the highest in the country for office space.
KERJAYA PROSPEK PROPERTY OFFICIALLY OPENS BLOOMSVALE SHOPPING GALLERY
The Edge, 15/06/2024
Kerjaya Prospek Property Bhd, via its wholly owned subsidiary Kerjaya Property Sdn Bhd, has officially opened Bloomsvale Shopping Gallery on Jalan Puchong, Kuala Lumpur, in a door-opening ceremony on 15th June 2024. Bloomsvale Shopping Gallery comprises 320,000 sq. ft. of gross floor area and houses 100 retail units across four levels with 230,000 sq. ft. of net lettable area. To date, the mall has achieved an 85% occupancy rate. The mall's anchor tenants include MeMi ZoooZooo grocer, Mr DIY, Sport Planet sportswear store and Believe Fitness gym and fitness centre. Other tenants of the space include wellness services such as Guardian, Klinik Mediviron and R Pharmacy; food and beverage outlets such as Gigi Coffee, Inside Scoop, Nam Heong, Marrybrown, Sushi Go and Zus Coffee; and edutainment and education offerings such as AS Nursery & Preschool and Jungle Gym. Bloomsvale Shopping Gallery is part of the bigger 5.2-acre freehold Bloomsvale @ OKR mixed development worth RM1.2 billion in gross development value. It also consists of two residential towers, a corporate office tower, and a hotel by Courtyard by Mariott.
RESHAPING RETAIL EXPERIENCE, BERJAYA TIME SQUARE REVAMP
The Sun, 21/06/2024
Berjaya Times Square Kuala Lumpur (BTSKL) has made a considerable effort to reshape its retail experience by transforming the popular shopping destination into a family entertainment mall that caters to the current generation. To begin with, the lower ground (LG) has a new layout and looks more sophisticated than before, with rows of food outlets offering a plethora of options to visitors. Some food outlets, like the popular Bungkus Kaw Kaw, have been retained. These alongside additional new ones that were opened recently will keep things fresh and appealing to customers looking for a change in scenery with BTSKL promising of more new options to come. The LG floor has been turned into an affordable food hub with new cafes such as Kafei Pheng and popular international fast food brands like Taco Bell offering a wide variety of dining options. The mall is well known for its Berjaya Times Square Theme Park which has been updated with new highlights such as the Winter Wonderland – Snow Town and the 180 degree 7DXperia. Other new attractions include Jungle Gym Land and Go-Kart BTSKL. The building’s former basement carpark was converted to accommodate the latter and features neon lit tracks to make it a spectacular ride for the youngsters. Those who want to enjoy prolonged drives around the track should opt for the Berjaya’s Theme Park entrance ticket where the going rate for the go-kart is RM10 for 10 minutes (instead of RM40).
The new cinema mmCineplexes Plus on Level 3 and the premium cinema Elite mmCineplexes Plus on Level 1 are a must-try for a premium movie outing experience. BTSKL now features the popular karaoke chain from Japan, Karaoke Manekineko, with 41 rooms, including a massive space with a larger-than-life microphone that can accommodate 50 of your colleagues. There are a variety of rooms available, including those with children’s play area. Fitness and sports fanatics will love the new look of BTSKL as they will be spoilt for choice. Facilities include a state-of-the-art gym, two competitive grade padel courts, a roller skate club, the largest bowling alley in KL and a billiard centre. There is also a next-gen interactive escape room called Bomb Battle, where players are suited in a hazmat suit to dodge lasers and crack codes to avoid getting blasted in paint. Get into a battleground with players engaging in a classic team death match shootout with laser blasters at Laser Battle or dive deep into the latest virtual reality technology adventure at Hologate. These are just some of the new attractions awaiting visitors to the revamped BTSKL.
NESTCON SECURES TWO CONSTRUCTION PROJECTS IN KLANG VALLEY WORTH RM166 MILLION
The Edge & The Star, 19/06/2024
Construction engineering company Nestcon Bhd has secured two high-rise building projects in the Klang Valley worth a total of RM165.56 million. Nestcon was awarded a RM103.5 million contract by Sunrise Charm Sdn Bhd to construct a 45-storey mixed commercial development comprising strata offices and serviced apartments on Jalan Mayang in Kuala Lumpur. The job is to be completed within 44 months from the date of commencement, which has yet to be notified. Nestcon said it received a contract worth RM62.06 million from Taipanika Development Sdn Bhd to construct 12-storey apartments in Subang Murni, Shah Alam. This project is to be completed within 20 months from 8th July 2024.
COURTYARD BY MARRIOTT OPENS NEW HOTEL IN KL
The Edge, 21/06/2024
Courtyard by Marriott opened its latest hotel, Courtyard by Marriott Kuala Lumpur South, on 20th June 2024. The hotel is situated on Jalan Puchong, Kuala Lumpur, and is part of the 5.2-acre Bloomsvale @ OKR mixed development by Kerjaya Prospek Property Bhd. The 278-key hotel features standard and deluxe rooms, one-bedroom suites and presidential suites. The rooms are equipped with plush bedding, ergonomic chairs, working desks, smart LED TVs, high-speed Wi-Fi, Nespresso coffee machines, and bathtubs for the suites. Hotel facilities include a 20,064 sq. ft. grand ballroom that can accommodate up to 2,100 guests, five flexible seminar rooms and a boardroom, a fully furnished bridal room that features a lounge and a fitting room.
SEPANG TO HAVE CHINESE PRIMARY SCHOOL AT TOWNSHIP’S EDUCATION HUB
The Star, 18/06/2024
A Chinese primary school will be built at Bandar Sunsuria in Sepang, Selangor. Developer Sunsuria Bhd announced that SJK (C) Sunsuria was part of its education hub project within the township. The school would be built on 14.8 acres of land. Construction is expected to start in 2H24 and take three years to complete. The school is estimated to cost RM18 million and will be funded through donations led by the developer. There will be 24 classrooms to accommodate about 1,000 pupils. The school will be beneficial to residents in the township and its surroundings. The school would have a football field as well as badminton and basketball courts, among other amenities.
HOUSE PRICES SHOULD NOT RISE STEEPLY DUE TO FLEET CARDS
The Star, 15/06/2024
There should not be a steep increase in house prices after the diesel rationalisation exercise was announced, as many owners of diesel vehicles can still buy the fuel at subsidised prices. The Housing and Local Government Minister said lorries were among the 33 types of diesel vehicles whose owners are able to buy subsidised diesel at the old price of RM2.15 per litre through the fleet card system called SKDS (Subsidised Diesel Control System). The Domestic Trade and Cost of Living Ministry would monitor the situation to ensure no one took advantage and burdened the people by increasing prices. Some 33 types of vehicles, which include school and factory buses and lorries, will continue to get the fleet cards. Building materials suppliers, such as concrete makers, have said prices would increase between 20% and 30% after the government ended blanket subsidies for diesel, which caused its retail price to rise to RM3.35 per litre. Diesel subsidies will be given directly to selected companies in certain sectors through the SKDS and the RM200 per month Budi Madani scheme.
THIRD PHASE OF SUNWAY AVIANA LANDED DEVELOPMENT IN ISKANDAR PUTERI 95% SOLD
The Edge & The Star, 21/06/2024
Sunway Property, has launched the third phase of its Sunway Aviana Residence landed strata development in Johor, comprising 90 units, and has achieved a 95% sales rate within a month of its launch. The project's first two phases, comprising 259 units in total and launched in 4Q23, have been fully sold. Situated in the Parkview precinct of the Sunway City Iskandar Puteri township, Sunway Aviana covers 22.18 acres and has a gross development value (GDV) of RM296 million. The leasehold units have built-ups ranging from 1,847 to 1,988 sq. ft. and the layouts offer up to four en-suite bedrooms and two family halls. The homes also come with a 20ft wide common back lane garden and an additional two metre entrance frontage.
TELEKOM MALAYSIA TEAMS UP WITH SINGTEL TO DEVELOP DATA CENTRE IN JOHOR
The Edge, 19/06/2024
Telekom Malaysia Bhd announced that it is partnering Singapore Telecommunications Ltd (Singtel) to establish greenfield data centre facilities in Iskandar Puteri, Johor. Singtel, through its indirect subsidiary Nxera My Pte Ltd, had been in discussions with Malaysian authorities to establish a data centre in Iskandar Puteri. TM’s wholly owned unit TM DC Educity Sdn Bhd entered into a joint venture agreement with Nxera to establish a JV entity named ST Dynamo DC. ST Dynamo is acquiring a freehold land spanning 41.8 acres from River Retreat Sdn Bhd for RM178.23 million. River Retreat, which is involved in property investment and property development, is wholly owned by Iskandar Coast Sdn Bhd which in turn is an 80%-owned subsidiary of Iskandar Investment Bhd (IIB). Khazanah Nasional Bhd is the largest shareholder in both IIB with 60% stake and TM with 19.65% stake. TM DC Educity will hold a 51% stake in ST Dynamo with Nxera controlling the other 49% stake. The two companies will contribute proportionally to the total committed equity funding for the JV entity, estimated at RM1.15 billion, with TM DC Educity injecting RM588 million.
Embarking on the proposed JV enhances TM’s long-term data centre strategy, strengthens TM’s position as one of the market leaders in Malaysia’s data centre landscape and is in line with TM’s aspiration of Pioneer, Win and Revitalise 2030 to become a digital powerhouse by 2030. The proposed data centre will be an addition to TM’s existing seven data centres across Malaysia, including keystone locations in the Klang Valley and Iskandar Puteri, Johor. It added that the data centre will lay a robust foundation for TM to capture the rising demand and opportunities from the next generation of artificial intelligence (AI) application providers, hyperscale’s, over-the-top service providers, multinationals and enterprises.
BWYS TO BUILD NEW SHEET METAL FACTORY IN PENANG
The Star, 19/06/2024
BWYS Group Bhd will use the bulk of its initial public offering (IPO) proceeds to set up a new factory in Penang and expand its sheet metal business. The new plant, currently under construction near the existing facility in Sungai Bakap, would overcome Penang’s space limitation and accommodate an additional production line. Upon completion, the warehouse capacity will increase from 13,183 sq. ft. to 150,231 sq. ft, allowing to store more raw materials and finished goods.The group will add new machinery and equipment, including a new automated powder coating line, as well as roll forming machines and related equipment to improve our manufacturing capabilities for roof trusses and industrial racking systems.
ELITE MATERIAL CO LTD INVESTS RM900 MILLION IN PENANG MANUFACTURING FACILITY
The Star, 21/06/2024
Taiwan-based copper-clad laminate manufacturer Elite Material Co Ltd (EMC) is investing RM900 million to set up Penang Science Park North facility. The group has started construction on 13.8 acres land in Penang Science Park North. There will be two phases with the first expected to be completed in the 1H25. Mass production will begin in 2Q25. The facility will serve local and global customers, providing EMC with additional growth momentum. The facility is expected to generate monthly revenue of RM150 million at a maximum production of 750,000 copper-clad laminate sheets. EMC’s investment in Penang solidifies the state’s position as a high-impact economic hub nationally and regionally. This is a milestone in Penang’s industry transformation journey and evidence of how major strategic investments translate into technology and economic spillovers.
BINASTRA SECURES RM314 MILLION CONSTRUCTION JOB IN KOTA KINABALU
The Edge, The Sun & The Star, 20/06/2024
Binastra Corp Bhd has secured a RM313.7 million contract to construct a residential apartment complex in Kota Kinabalu, Sabah. Binastra’s wholly owned subsidiary Binastra Builders Sdn Bhd had accepted a letter of award from FYT Land (KK) Sdn Bhd for the construction job. The job scope includes external works outside the site boundary, piling works, and main building works for a residential apartment complex comprising two blocks, one with 373 units across 34 storeys and the other with 389 units across 30 storeys, as well as a seven-storey car park podium. The project will commence on 19th June 2024 and is expected to be completed by 31st July 2027.
KTI LANDMARK TO LAUNCH TWO RESIDENTIAL PROJECTS IN SABAH WITH GDV OF RM600 MILLION BY 2028
The Edge, The Sun & The Star, 20/06/2024
KTI Landmark Bhd plans to launch two new residential projects in Sabah by 2028, with a combined gross development value (GDV) of RM599.6 million. The first project is a three-phase affordable 310-unit development of double-storey terrace houses in Sandakan, with an estimated GDV of RM107.9 million, while the second project is a 39-storey 1,269-unit apartment in Kota Kinabalu, with a GDV of RM491.7 million. Two phases of the first project, which is to design and build together with the Sabah Housing and Town Development Authority, are expected to launch in July 2024.
