LABOUR FORCE UP 0.1% TO 17.15 MILLION PERSONS IN MAY 2024 

The Edge & The Sun, 11/07/2024

The number of labour force in May 2024 strengthened further by 0.1% to 17.15 million persons, from 17.12 million persons recorded in April 2024, with labour force participation rate remaining at 70.3%, according to the Labour Force Statistics. The number of employed persons remained on a positive trend, with a rise of 0.1% month-on-month to 16.58 million persons compared with 16.56 million persons in April 2024. The number of unemployed (persons) reduced by 0.1% to 566,100 persons, from 566,400 in April 2024. The unemployment rate during the month remained unchanged at 3.3%.

WHOLESALE AND RETAIL TRADE SALES VALUE IN MAY 2024 RISES TO RM147.9 BILLION

The Edge & The Sun, 12/07/2024

Malaysia’s wholesale and retail trade registered sales value of RM147.9 billion in May 2024, expanding 7.1% year-on-year. The increase was driven by retail trade sub-sector, which rose 8.7% or RM5.1 billion to register RM64 billion. Wholesale trade grew by 4.7% or RM2.9 billion to RM65.1 billion, followed by motor vehicles with an increase of 10.5% or RM1.8 billion to settle at RM18.8 billion. For monthly comparison, wholesale and retail trade went up 2% from April 2024, supported by motor vehicles and wholesale trade with 8.8% and 2%, respectively.

BNM KEEPS OPR AT 3% AS WIDELY EXPECTED

The Edge, The Star & The Sun, 12/07/2024

Malaysia’s central bank on 11th July 2024 kept the benchmark interest rate unchanged as widely expected, amid resilient economic growth and manageable inflation. The overnight policy rate (OPR) was maintained at 3% following the Monetary Policy Committee’s two-day meeting.  BNM has kept the policy rate unchanged for more than a year now since it was last raised in May 2023 by 25 basis points. 

BANDAR SAUJANA PUTRA FLYOVER OPENS, EASING TRAFFIC

NST, 07/07/2024

LBS Bina Group Berhad has launched the Bandar Saujana Putra (BSP) flyover, a long-awaited project for the residents of Bandar Saujana Putra and surrounding users.  The BSP flyover project, announced in 2019, links to the North-South Motorway Central Link (Elite) and South Klang Valley Motorway (SKVE) highways.  Currently, BSP boasts a population of roughly 20,000 people, excluding nearby residents. This flyover is expected to significantly improve traffic flow in the area.

VESTLAND BAGS RM195 MILLION EARTHWORK CONTRACT FOR KOTA BHARU-KUALA KRAI EXPRESSWAY

The Edge & The Star, 10/07/2024

Vestland Bhd has secured a RM195.35 million contract to undertake earthworks for the Kota Bharu–Kuala Krai Expressway project in Kelantan. Euro Saga Sdn Bhd awarded the contract to Vestland’s wholly owned subsidiary Vestland Resources Sdn Bhd, covering site clearance, demolition, earthworks, drainage, pavement, and road furniture works. The construction work is scheduled to start on 19th July 2024 and is expected to complete by 18th July 2026. 

ECRL WORK PROGRESS AT 79.8% IN KELANTAN AS OF MAY 2024

The Edge, 12/07/2024

Work progress of the East Coast Rail Link (ECRL) project in Kelantan had reached 79.81% as of May 2024, according to the Ministry of Transport (MOT). The bridge structures had been installed on the main line, and construction work for both stations in Kelantan had also started. In addition, track installation work in Kelantan is expected to begin in 4Q24. The 665km project is a rail infrastructure that will connect the states on the East Coast with the West Coast of Peninsular Malaysia, namely Kelantan, Terengganu, Pahang and Selangor.

MAXIM GLOBAL BUYS LAND IN SUBANG JAYA FOR RM95 MILLION

The Edge & The Star, 10/07/2024

Maxim Global Bhd has acquired 5.81 acres of freehold land in Subang Jaya for RM95 million. The land is located in front of the South Quay-USJ 1 bus rapid transit station on Jalan Subang 1, within an area designated as a transit-oriented development zone. Maxim is buying the land from the administrators of the estate of Low Teck Choon.

MUI PROPERTIES UNIT TO SELL FREEHOLD LAND IN PORT DICKSON FOR RM80.8 MILLION

The Star & The Edge, 11/07/2024

MUI Properties Bhd, in which Malayan United Industries Bhd owns a 23.48% stake, is selling 53 acres of freehold land in Port Dickson, Negeri Sembilan, for RM80.8 million cash. MUI’s wholly owned subsidiary Peristal Enterprise Sdn Bhd via its 60%-owned unit West Synergy Sdn Bhd entered into a sale and purchase agreement (SPA) with Antmed Malaysia Sdn Bhd for the disposal of the land located at Bandar Springhill. The land is currently categorised as agricultural land, and the buyer will be converting it to the medium industrial category.

YNH PROPERTY TOPS OUT FIRST 42-STOREY TOWER OF RM771 MILLION SOLASTA DUTAMAS

NST, 06/07/2024

YNH Property Bhd has celebrated the topping out of Block C which is the first tower of Solasta Dutamas @Mont Kiara in Kuala Lumpur. Block C is part of the 3.52-acre freehold Solasta Dutamas. The remaining two towers, namely Block B and Block A, are progressing well and are at the super-structure stage of construction. Solasta Dutamas is on track for completion in 2026. Block C is a 42-storey development comprising 501 residential suites while the other two towers, Block B and Block A are both 33-storey and feature 329 units. 

ECONPILE GETS RM26.5 MILLION EARTHWORKS JOB FOR MONT KIARA CONDO PROJECT

The Star & The Edge, 11/07/2024

Econpile Holdings Bhd has secured a RM26.5 million contract to undertake piling, earthworks and sub-structure works for a 40-storey condominium project in Mont Kiara. The contract was awarded by SNA Consult Sdn Bhd on behalf of Modern Plus Sdn Bhd. The job is scheduled for completion within 15 months.

HWC COFFEE EYES EAST COAST MARKET FOR EXPANSION

NST, 10/07/2024

HWC Coffee plans to expand into the East Coast market with its first branded store at East Coast Mall, Pahang, in November 2024.  The opening of the store is a significant milestone as the coffee chain strives to establish a strong presence in the region, meeting the growing demand for specialty coffee. As part of its expansion strategy, HWC Coffee aims to continue providing high-quality, halal-certified coffee. 

PTT SYNERGY TO DISPOSE OF TWO FACTORIES FOR RM26 MILLION

The Edge & The Star, 11/07/2024

PTT Synergy Group Bhd is disposing of two units of three-storey detached factories in Sepang, Selangor, to MCM Land Sdn Bhd for RM26 million. PTT Synergy’s wholly owned subsidiary Pembinaan Tetap Teguh Sdn Bhd (PTTSB) has entered into two separate sale and purchase agreements with MCM Land, pricing each property disposal at RM13 million.

GD HOLDINGS’ SIP TO FURTHER PROPEL NEGRI SEMBILAN GROWTH

The Star, 12/07/2024

The launch of GD Holdings Sdn Bhd’s 121 acres Sikamat Industrial Park (SIP) in Seremban is set to further propel the state’s growth and at the same time help facilitate cross-border business operations and access to international markets, especially the vast China market. The premier industrial development located within Malaysia Vision Valley 2.0 with an estimated RM320 million in gross development value is also set to redefine industrial parks with its focus on environmental, social and governance (ESG), advanced infrastructure and commitment to sustainability. The park, designed to accommodate a diverse range of medium to light industries, also aims to foster international collaboration and economic growth through strategic partnerships, serving as a model for global cooperation. Phase one of the project will encompass 40 units of double-storey commercial shop lots which will include convenience stores, laundrettes, restaurants, banks and grocery stores and 20 units of semi-detached factories with three-storeys of office space, each occupying a land size of 80 ft by 160 ft with a built-up area of 10,000 sq. ft.. Phase two of the development will include plans for a centralised labour quarters (CLQ) which will be able to house up to 3,000 workers. The developer will also offer 38 parcels of built-to-suit industrial land tailored for customised large factories. The SIP will feature renewable energy solutions, efficient rainwater harvesting systems, green recreational spaces and a strong emphasis on digital transformation. It will also have electric vehicle (EV)-friendly infrastructure to meet the growing demand for EVs.

GAMUDA LUGE GARDENS SET TO BE THE EPICENTRE OF TOURISM & ENTERTAINMENT

NST & The Sun, 08/07/2024

Gamuda Bhd’s chairman envisioned Gamuda Luge Gardens as the future epicentre of tourism and entertainment in northern Klang Valley. Spanning 20 hectares within Gamuda Gardens townships, this mixed-use development boasts a diverse range of family-friendly attractions, including the renowned Skyline Luge Kuala Lumpur, FunPark, and the waterplay attraction, Big Bucket Splash. With an investment of approximately RM100 million, Gamuda Luge Gardens is poised to become a thriving centre for commerce and leisure where families and friends can gather for joy and excitement. Gamuda Bhd is confident that it will also be the next tourism and entertainment hub in northern Klang Valley, and one of the favourite tourist destinations for domestic and international visitors. Gamuda Luge Gardens has been attracting over 420,000 visitors, including overseas guests, since its public opening in December 2023.

The group also unveiled two brand-new FunPark attractions: the exhilarating Vroomerang ride, which has a 10-meter-high track, and the Eye of Gardens ferris wheel, which is 50 metres tall and the largest in a theme park according to the Malaysia Book of Records. Malaysia's first dualling zipline, Hyfly, will be launched by the end of 2024 at Skyline Luge Kuala Lumpur, adding to the wide range of attractions at Gamuda Luge Gardens. Moving forward, Gamuda intends to gradually introduce The Atrium, a mixed-use project next to FunPark and Skyline Luge.

NEGERI SEMBILAN INTENSIFYING EFFORTS TO ATTRACT EIGHT MILLION TOURISTS

The Edge, 08/07/2024      

The Negeri Sembilan government continues to intensify efforts to strengthen tourism programmes to attract more visitors and achieve the goal of getting eight million tourist arrivals in 2024. State Tourism, Arts and Culture Committee said the effort includes implementing the Local Host Community programme to train locals in managing and promoting their surrounding tourism products. In line with the 2026 Visit Negeri Sembilan Year (TMNS 2026), the state government will continue to enhance the development of tourism products in every district.

AMENDMENTS TO HOUSING DEVELOPMENT ACT TO BE TABLED IN 2025

The Edge, 11/07/2024

The amendments to the Housing Development (Control and Licencing) Act 1966 (Act 118) to enforce stricter measures against developers involved in fraud and abandoned projects are expected to be presented in Parliament in 2025. The ministry is actively engaging with stakeholders to ensure that the amendments provide fair outcomes for all parties, including property buyers. With the amendments, developers involved in fraud or abandoned projects could face court proceedings and be subject to imprisonment for up to three years, fines ranging from RM250,000 to RM500,000, or both. The Housing Ministry has successfully revived 663 sick and abandoned projects, benefiting over 64,000 homebuyers in less than two years. 

TROPICANA UNVEILS PLANS FOR TWO MEGA TOWNSHIPS WORTH OVER RM30 BILLION IN JOHOR

The Edge, 06/07/2024

Tropicana Corporation Bhd is set to capitalise on its 2,000-acre land bank after it unveiled its plans to develop two mega townships in Johor with a combined gross development value (GDV) exceeding RM30 billion. The integrated townships, Lido Waterfront Boulevard in Johor Bahru (JB) and Tropicana Uplands in Gelang Patah, will span a total of 407 acres. Situated on reclaimed waterfront land bordering Singapore, Lido Waterfront Boulevard offers freehold (163 acres) properties with international zoning, allowing 95% foreign ownership and a low foreigner purchase threshold of RM400,000. Lido Waterfront Boulevard is positioned as a premium seafront integrated development Strategically located 1.5km from the Causeway Link and the JB Rapid Transit System (RTS) Station, it features a 2.5km coastal boardwalk, a 32-acre green park, serviced apartments, a hotel, offices, a shopping mall and retail shops. The RM34 billion GDV masterplan will commence with a soft launch of The Waterfront Residences in 3Q24, valued at RM1 billion. It will comprise 1,596 serviced residential units and 16 retail lots. The mega development is expected to take 10 to 15 years to complete.  

To the west of Johor Bahru, Tropicana Uplands is a sustainable township with residential and commercial components. The 314 acre freehold development in Gelang Patah features a central community park, and educational and recreational facilities. Fraser Heights is scheduled to be launched in 3Q24 The township's first residential precinct, Aster Heights, achieved a 100% sales rate for its 193 units of two-storey terrace houses within five months of its 2021 launch.  Fraser Heights, spanning 35.26 acres, is next in the pipeline in 3Q24, offering 518 units of 2-storey and 2.5-storey premium terrace houses, with a GDV of RM387 million. Tropicana's T Industrial Park (TIP) in Gelang Patah covers an area of 1,188 acres. Phase 1 of TIP comprises 220 acres has already achieved a 100% sales rate, with 45.2 acres taken up by US-based appliance supplier Alton Industry Ltd Group when it was launched in November 2021. Phase 2 of TIP, launched in 1Q23, covers 38 plots spanning 104.5 acres and targets small and medium enterprises (SMEs) and multinational corporations. It has a GDV of RM171.6 million.

15 LOAs FOR SABAH PAN BORNEO HIGHWAY PHASE 1B CONTRACTORS EXPECTED BY 3Q24 

The Edge & The Star, 10/07/2024

A total of 15 Letters of Acceptance (LOA) for contractors of the Sabah Pan Borneo Highway Phase 1B project are expected to be issued in 3Q24. The government is committed to ensuring this project is implemented according to the initial plan, which involves appointing contractors for all remaining 19 work packages this year. Four contractors have been appointed and commenced construction since April 2024. Meanwhile, 15 work packages for the Pan Borneo Highway Phase 1B are currently in the final evaluation stage of the open pre-qualification tender. These packages have been assessed and submitted to the Federal Government.