Week 32 - 2024
SELANGOR EYES EXCEEDING RM500 BILLION IN ECONOMIC ACTIVITIES OVER THREE TO FOUR YEARS
NST, 06/08/2024
Selangor aims to exceed RM500 billion in economic activity over the next 3-4 years. This target is expected to be met through the Rancangan Selangor Pertama (RS-1) development plan and strong public-private sector collaboration. In 2023, Selangor's economic activity reached RM406.1 billion, the highest for any Malaysian state. RS-1, introduced in 2022, identifies nine high-impact industries: ports and logistics, digital economy, aerospace, electrical and electronics, mechanical and engineering, halal, automotive, life sciences, tourism, and agrotechnology. With 282 projects valued at over RM3 trillion, the plan aims to boost Selangor's contribution to the national GDP and transform it into a smart, livable, and prosperous state by 2025. Selangor led in economic growth in 2023, contributing 25.9% to the national GDP. The tourism sector, highlighted by new attractions like SkyCity in i-City, is crucial to this growth. SkyCity, featuring Malaysia's tallest glass water slide, aims to attract 70% of the projected 7 million tourists for Visit Selangor 2025. i-City's initiatives are expected to draw 5 million tourists next year, significantly aiding Selangor's tourism goals.
SCOOT TO FLY FIVE-TIMES WEEKLY TO MELAKA FROM 23 OCTOBER
The Star, 06/08/2024
Singapore Airlines' low-cost carrier, Scoot, will fly five times weekly to Melaka beginning 23 October and twice weekly to Kertajati, Indonesia, from 28 September. Together with destinations served by its existing fleet, Scoot will operate 78 weekly flights to Indonesia and 115 weekly flights to Malaysia by October, 37 weekly flights to the Philippines by November, and four weekly flights to Laos by December.
MAH SING COMPLETES 500-ACRE SEMENYIH LAND DEAL
NST, 05/08/2024
Mah Sing Group Berhad has completed the acquisition of the 500-acre M Legasi freehold township in Semenyih for RM392.04 million from Petaling Garden Sdn Bhd, a subsidiary of S P Setia Bhd. The first phase of M Legasi will feature double-storey landed homes starting at RM546,800, targeting buyers from areas like Kajang, Seri Kembangan, Bangi, and Seremban. The project is expected to be completed over the next 8 to 10 years. Mah Sing has also acquired M Azura site, a high-rise residential project in Setapak, in June 2024. With prices starting from RM396,800. M Azura is anticipated to benefit from the demand generated by the fully sold M Adora and M Astra projects in the same area. In June 2024, Mah Sing also purchased M Tiara 2 in Skudai Johor, a township featuring double-storey terraces and cluster homes starting at RM771,600. This development land was acquired for RM103.7 million.
BANGSAR HILL PARK TOPS OUT PHASE 1 CONDO, ACHIEVES 99% TAKE-UP
The Edge, 06/08/2024
Bangsar Hill Park Development Sdn Bhd has topped out the first phase of its Bangsar Hill Park residences, named Verdura, achieving a 99% take-up rate since its launch in 2020. Located along Lorong Maarof, Verdura's two 57-storey towers, the tallest in Bangsar, are a collaboration between Sunsuria Bhd and Suez Capital Sdn Bhd. The unit sizes range from 917 sq. ft. to 1,478 sq. ft. and the project is expected to be handed over by 2Q25. Tower D and Tower E are currently 88% and 77% completed. Bangsar Hill Park launched Phase 2, Talisa, in January 2024 which includes Block B and C. The units range from 917 sq. ft. to 1,478 sq. ft. and prices start from RM914,000.
Talisa provides an exclusive lifestyle with only eight units per floor and features wellness-centric facilities such as a semi-indoor Olympic-length swimming pool, kids' waterplay area, whirlpool, floating platform, the Sunsuria Care Hub for onsite healthcare services, and a pet-friendly rooftop. Talisa is also GreenRE Silver-certified.
BINASTRA WINS RM160 MILLION OFFICE CONSTRUCTION JOB IN DAMANSARA PERDANA
The Edge, 02/08/2024
Binastra Corp Bhd has bagged a RM160 million contract to demolish and build an office complex in Damansara Perdana from Dynamicz Sdn Bhd. The contract, secured via its wholly owned Binastra Builders Sdn Bhd, covers the demolition and construction of main building works comprising four floors of offices (560 units), as well as two basement levels. The job is expected to be completed by 30 July 2026.
SEDANIA TAKES UP NEW OFFICE SPACE
The Star, 07/08/2024
Sedania Innovator Bhd plans to acquire an office in Petaling Jaya, Selangor, from Body Fashion (M) Sdn Bhd for RM3 million. The 1,008 sq m premises will serve as the group's office, strategically located close to Sedania's headquarters on the 10th and 11th floors of the same building. This proximity is expected to reduce costs related to inter-office travel, communication infrastructure, and shared resources.
IPOH SHOPPING SPHERE TO BE EXPANDED BY 2027
The Edge, 05/08/2024
Sunway Ipoh Mall, when completed in 2027, will be the largest shopping centre in Ipoh, Perak. The mall will be the first one in the state with an ice-skating rink. It will have four retail floors, with 500 shops, a 36-lane bowling centre, a multipurpose sports centre, a gourmet garden and a 10-hall cinema with 1,500 seats.
WHOLESALE, RETAIL TRADE SALES GROW 5.4% IN JUNE
The Sun, 09/08/2024
Malaysia's wholesale and retail trade sector saw a sales value of RM146.0 billion in June 2024, marking a 5.4% year-on-year increase, primarily driven by the retail trade sub-sector, which rose 7.9% to RM64.1 billion. Wholesale trade increased by 4% to RM64.9 billion, and the motor vehicle sector grew by 2% to RM17.0 billion. However, there was a slight monthly decline of 1.3%, largely due to a 9.4% drop in motor vehicle sales. Retail trade growth was led by a 12.6% rise in retail sales in specialized stores, alongside other contributing factors such as non-specialized stores (8.8%) and retail sales of food, beverages, and tobacco (8.7%). On a monthly basis, retail trade increased by 0.2%. Wholesale trade's 4% year-on-year growth was supported by a 7.9% rise in wholesale of agricultural raw materials and live animals, with smaller gains in other categories. However, on a monthly basis, wholesale trade slightly declined by 0.3%. Overall, in the 2Q24 the wholesale and retail trade sector grew by 6.4%, driven by a 7.4% rise in retail trade and a 4.5% increase in wholesale trade. The motor vehicle sub-sector recorded a 9.9% growth. Additionally, the index of retail sales over the internet grew by 4.8% year-on-year in June, with a 0.5% increase from the previous month.
SELANGOR LAUNCHES 1.48 ACRES CHIP DESIGN PARK AS PART OF "MADE BY MALAYSIA" AMBITIONS
The Edge & NST, 06/08/2024
Selangor has established a 1.48 acres semiconductor integrated circuit (IC) design park in Puchong to advance Malaysia's semiconductor industry and achieve "Made by Malaysia" ambitions. The Malaysia Semiconductor IC Design Park was developed in collaboration with the federal government, international firms, and venture capitalists. It aims to position Malaysia as a leader in the global IC design industry by leveraging technological capabilities and fostering innovation. The park was chosen for its optimal size, power capacity, and future expansion potential. It will house over 400 IC design engineers from companies like Maistorage, Skyechip, Weeroc, AppAsia ChipsBank, and SensoremTek. Supported by partners such as ARM Holdings, Cadence Design System, and Siemens EDA, the park is part of a strategic initiative to develop Malaysia's semiconductor design capabilities and reduce reliance on imported chips.
KULIM TO HOST WORLD’S BIGGEST 200MM SIC POWER FAB PLANT
The Sun, 09/08/2024
Germany’s Infineon Technologies AG is expanding its Kulim 3 fabrication facility in Malaysia, investing an additional €5 billion (RM24.5 billion) for Phase 2, on top of the initial €2 billion announced in February 2022. This expansion will create the world’s largest 200mm silicon carbide (SiC) power semiconductor plant, driven by the growing demand for power semiconductors in decarbonization efforts. The first phase and the upcoming second phase will collectively generate 4,000 jobs, including 1,500 high-skilled positions. The facility is designed with advanced energy efficiency and sustainability practices. The expansion underscores Malaysia’s significant role in the global semiconductor industry, which in 2023 secured RM85.4 billion in investments.
I-CITY UNVEILS SKYCITY TOWER, MALAYSIA'S TALLEST GLASS WATER SLIDE
NST, 06/08/2024
i-City, Malaysia's premier digital city, has introduced SkyCity Tower, featuring the country's tallest glass water slide at 600 meters. This new attraction aims to draw about 5 million tourists in 2025, contributing to Selangor's goal of attracting 7 million visitors in 2025. SkyCity Tower, part of i-City's ongoing urban development and tourism efforts, is expected to enhance Shah Alam's skyline and tourism appeal. SkyCity is set to open on 11 December 2024, coinciding with the birthday of the Sultan of Selangor, and it aims to offer a unique experience of "Swim in Sky, Fly on Water," with a 600 meter glass slide. The opening will mark the start of "Visit Selangor Year 2025," celebrating the region's tourism and digital innovation.
CHIN HIN BUYS STAKES IN TWO DATA CENTRE SPECIALISTS FOR RM51.5 MILLION
NST & The Star, 06/08/2024
Chin Hin Group Berhad has signed a share sale agreement to acquire a 65% stake in two data center (DC) specialists, Critical System Specialist Sdn. Bhd. (CSS) and CSS Engineering & Construction Sdn Bhd (CSE), for a total of RM51.5 million. The acquisitions include 500,500 shares in CSS for RM41.2 million and 195,000 shares in CSE for RM10.3 million. CSS and CSE are known for their engineering, procurement, construction, and commissioning (EPCC) services in Malaysia, catering to major clients such as Bank Negara Malaysia, Starhub, Macquarie, DHL, and NTT Communications. The acquisitions are expected to be completed by 3Q24. Chin Hin plans to leverage its industrialized building system (IBS) capabilities to provide design, building materials, and construction services, improving cost efficiency and reducing construction time across the DC market supply chain. One notable project post-acquisition is a 15MW data center in Johor, focusing on cloud computing and AI services, expected to benefit from the high growth of Malaysia's DC market. This market is anticipated to grow from US$1.81 billion (RM8 billion) in 2023 to US$3.97 billion (RM17.5 billion) by 2029. Johor Bahru is recognized as the fastest growing DC market in Southeast Asia.
PARAGON GLOBE SELLS MORE JOHOR LAND FOR RM99 MILLION
The Edge & The Star, 03/08/2024
Paragon Globe Berhad is selling another piece of land in Plentong, Johor, to Bridge Data Centres Malaysia VI Sdn Bhd for RM98.98 million cash. The 19.76 acres of freehold land was held by its wholly owned subsidiary Paragon Business Hub Sdn Bhd (PBHSB). In early May, PBHSB had sold 47.85 acres to Bridge for RM238.32 million cash.
LBS UNVEILS RM237 MILLION GDV IMPERIAL GARDEN IN BATU PAHAT
The Sun, 08/08/2024
LBS Bina Group Bhd has launched Imperial Garden, a new residential development in Bandar Putera Indah, Batu Pahat. The project consists of 6 phases of double-storey semi-detached homes on 37.11 acres of freehold land. Phase 1, featuring 30 units, has already been launched, with Phase 2 (33 units) set to launch this month. Prices start from RM575,280 and each unit has a 1,829 sq. ft. layout with four bedrooms, three bathrooms, and spacious living areas, including a driveway and terrace. The development is surrounded by green spaces, parks, and communal areas, which is ideal for growing families and empty nesters.
NEW AI-READY DATA CAMPUS CENTRE IN ISKANDAR PUTERI
The Star, 06/08/2024
The first phase of the new data centre campus with the capacity of 64 megawatts (MW), jointly developed by Telekom Malaysia Bhd (TM) and Singapore’s Nxera, is expected to be completed in 2026. TM and Nxera development would feature advanced technologies such as liquid cooling to support high-power density AI workloads and operations efficiently. The data centre can be scaled up to 200MW in response to market demand.
ENOVIX INAUGURATES HIGH-VOLUME FACTORY IN MALAYSIA
The Sun, 09/08/2024
Enovix Corporation, a leader in high-performance battery technology, has officially opened its first high-volume manufacturing facility, Fab2, in Penang, Malaysia. This advanced facility has begun producing high-energy density batteries and is welcoming visits from global customers. The U.S.-based company plans to invest $1.2 billion (RM5.8 billion) in Malaysia over the next 15 years. The investment is expected to drive innovation, create high-value jobs, and enhance the nation's technological capabilities.
