Week 34 - 2024
MALAYSIA'S 2Q24 ECONOMIC GROWTH AT 5.9%, FASTER THAN EXPECTED
The Edge, The Star, The Sun & NST, 17/08/2024
Malaysia’s economic growth accelerated faster than expected in 2Q24, thanks to stronger household spending, business investments and exports. Gross domestic product (GDP) grew 5.9% year-on-year in 2Q24. On a seasonally adjusted basis, GDP rose 2.9% quarter-on-quarter. Growth in 2H24 will be driven by domestic spending, with continued strong support from external demand. On the demand side, private consumption rose 6%, while private investment climbed 12%. Public consumption gained 3.6%, while public investment was 9.1% higher. Net exports were up 3.4%. On the supply side, the services sector which accounts for more than half of Malaysia’s economic output expanded 5.9%, and manufacturing activity advanced 4.7%. Mining production edged up 2.7%, while the construction sector was 17.3% higher. Household spending will remain the “anchor of growth” for the rest of 2024, with continued expansion in employment and income, as well as larger policy support. Strong investment activities, amid ongoing multi-year projects and favourable financing conditions, will also support growth. Exports, meanwhile, are projected to expand further this year, driven by improving external demand, a global technology upcycle and higher tourist spending.
MALAYSIA'S EXPORTS SURGE 12.3% IN JULY 2024, FASTEST PACE IN NEARLY TWO YEARS
The Star, The Sun, The Edge & NST, 20/08/2024
Malaysia’s exports accelerated to its fastest pace in nearly two years, thanks to demand for commodities and electronics as well as higher shipments to advanced economies. Exports in July 2024 surged to RM131.15 billion, a 12.3% increase when compared with July 2023. Shipments of electrical and electronic products, which account for more than one-third of gross exports, rose 2.6% year-on-year in July 2024. Exports of petroleum products climbed 15.6% while that of palm were 36.3% higher. In terms of markets, exports to China, Malaysia’s biggest trading partner, contracted 11.4% in July 2024. However, deliveries surged 30.9% to the US and 14.2% to the European Union. Exports to Taiwan surged 55% in July 2024.
Gross imports in July 2024 were up 25.4% to RM124.73 billion. Inbound deliveries of intermediate goods, such as automotive parts and electronic components, increased 41.2% in July2024. Capital goods imports grew by 44.4% while consumption goods expanded by 25.5%. Trade surplus shrank 62.9% on a year-on-year basis to RM6.42 billion in July 2024, the 51st consecutive month of surplus since May 2020. On a month-on-month basis, exports were up 7.6% while imports were 11.6% higher. Trade surplus, however, narrowed 55.1%.
MALAYSIA'S CONSUMER PRICES UP 2% IN JULY 2024, MATCHING JUNE'S PACE
The Sun, NST, The Edge & The Star, 23/08/2024
Malaysia’s inflation remained steady in July 2024 against expectations for an uptick, with price increases led by restaurants, though key food items rose at a slower pace. The consumer price index rose 2.0% in July 2024 from a year earlier. The rate has remained unchanged since May 2024. Food-and-beverage items, which account for nearly 30% of the index’s weight, rose at a slower pace of 1.6%, compared with a 2.0% y-o-y gain in June 2023. Restaurant and accommodation services, however, rose 3.4%, while the personal care group rose 3.2%, led by jewellery and watches. Inflation for the transport index that also includes fuel, purchase of vehicles, and public transport services increased at 1.2% in July 2024 the same rate as in the previous month following diesel subsidy rationalisation. The segment that covers housing, water, electricity, gas and other fuels, meanwhile, climbed 3.2% in July 2024, a similar rate of increase in June 2024. Core inflation, which measures domestic-driven inflation by excluding volatile items and other price-administered items, came in at 1.9% in July 2024, the same pace as in June 2024. The official forecast calls for a headline inflation rate of 2% to 3.5% in 2024, versus 2.5% in 2023, with core inflation at 2% to 3% against the 3% average in 2023.
BUDGET 2025: HOUSING MINISTRY SUBMITS 33 HIGH-IMPACT PROPOSALS FOR PEOPLE'S WELL-BEING
The Edge, The Star & The Sun, 22/08/2024)
The Ministry of Housing and Local Government (KPKT) has submitted 33 proposals worth almost RM1 billion to the Ministry of Finance for the 2025 Budget Initiative. The high-impact proposal was submitted when he was leading the ministry's delegation to the Ministry of Finance. The proposal included the development of 100 Madani Recreation Parks, Madani Deposits, transformation of reservoirs, electronic sales agreements and E-stamping to improve the well-being of the people, in line with the digital transformation and aspirations of Madani Malaysia. KPKT aims to build 100 Madani Recreation Parks equipped with sports equipment and jogging tracks in residential areas so that people can reduce stress and make the park a place for family recreation and a healthy lifestyle. In addition, the ministry also plans to establish a Madani Deposit initiative, which is a deposit with a maximum value of RM30,000 to be given to first home buyers in line with the government's 'my home, my heaven' policy. The initiative aims to ease the monthly payment commitment of first-time home buyers, especially the youth in the B40 and M40 age group, as well as realising the ministry's aspiration for every citizen to have a place to live (Shelter for All).
MALAYSIA AIRPORTS HITS NEW HIGH FOR PASSENGER MOVEMENT
The Star, The Edge & NST, 20/08/2024
Malaysia Airports Holdings Bhd recorded 12.4 million passenger movements in July 2024, marking a 7.3% increase from June 2024 and setting a new post-pandemic monthly high. The growth was largely driven by local airports, which recorded 8.5 million passenger movements, comprising 4.5 million international passengers and 4 million domestic passengers, representing an 8% rise month-on-month (m-o-m) compared to June 2024. It said that international passenger movements increased by 11% m-o-m, while domestic movements grew by 5% m-o-m. Key markets such as Indonesia, China and Singapore continued to dominate in July 2024. The addition of Qingdao Airlines and increased frequencies by airlines to and from China and Indonesia contributed to a total seat capacity recovery of 85.8%.
BANGKOK-PADANG BESAR-BUTTERWORTH DIRECT TRAIN SERVICE TO BE REVIVED
The Edge, The Star & The Sun, 22/08/2024)
Malaysia and Thailand have agreed to revive the Bangkok-Padang Besar-Butterworth direct train service, according to the State Railway of Thailand (SRT). The plan was agreed upon in principle during the 42nd Keretapi Tanah Melayu Berhad (KTMB)-SRT Joint Conference held last week The SRT had previously cancelled its daily express service between Bangkok and Butterworth in 2016, limiting operations to Padang Besar at the Malaysia-Thailand border. Following the recent meeting, a joint working group will be established to consider opening the extended train route from Bangkok Central Station–Padang Besar to Butterworth station. The initial phase will be a trial run for six months. The revival of the train service was part of a plan to expand cooperation in providing rail services connecting Thailand and Malaysia, facilitating public travel and seamless cross border goods transportation. The extension of this tourist train route will be beneficial to promoting tourism and increasing income for the country. SRT and KTMB, which operates trains in Malaysia also agreed to promote tourism by extending the route of the Malaysian holiday excursion train My Sawasdee. The train service currently terminates at Hat Yai but will be extended to Surat Thani at a date to be discussed later. Currently, My Sawadee operates only on holidays, taking Malaysians from Kuala Lumpur and stops in Hat Yai, which is very popular with Malaysian visitors.
SBC CORPORATION SELLS 2.2-ACRE LAND FOR RM36.6 MILLION
The Edge, 17/08/2024
SBC Corporation Berhad said it is selling a 2.2-acre land in Kuala Lumpur for RM36.6 million. The disposal of the land, located in Taman Mastiara, off Jalan Ipoh. The group is selling the land via its indirect wholly owned subsidiary Kiara East Property Sdn Bhd to MEGX Holdings Sdn Bhd. The land was bought in March 1999 and the original land cost was about RM3.37 million.
EUPE CORP SEES BANGSAR LAND YIELDING RM300 MILLION IN GDV
The Edge & NST, 23/08/2024
Eupe Corp Bhd said a piece of recently acquired land in Bangsar, Kuala Lumpur could yield a gross development value (GDV) of RM300 million. The property developer is planning to launch the project in 2026 and complete within three years. Although the official timeline allows for four years, the completion is expected before 2030. In May 2024, Eupe announced the acquisition of a 2.46-acre land in Bangsar for RM69.18 million earmarked for a high-rise residential project.
Upcoming launches include Circadia @ Belfield, a 4.8-acre site acquired for RM125 million in KL, and Edgewater, a 129-acre property purchased for RM93 million in Sungai Petani. Both are expected to be launched by late 2025.
BOUSTEAD PROPERTIES BERHAD: CREATING ANOTHER NEW FLAGSHIP TOWNSHIP
The Edge, 19/08/2024
Boustead Properties Berha is developing Mutiara Hills in Semenyih and this burgeoning residential hub harmonises with its natural surroundings while offering modern conveniences just 30 kilometres from Kuala Lumpur. The 12 to 15-year master plan development focused on nature and environmental sustainability. The development is preparing for the launch of Balau Homes 2 and Commercial Hub in 2H24. Balau Homes 2 consists of 274 units with built-up size from 1,534 sq. ft. - 2,271 sq. ft.
These upcoming phases will further enhance the community, providing both living spaces and commercial amenities to meet the diverse needs of future residents. The township's master plan integrates sustainable practices, earning Bronze in the prestigious provisional GreenRE Certification for Township category. This commitment is exemplified by initiatives like the Mutiara Hills Riverpark. Stretching along the Sungai Rinching for 2.1 kilometres, this linear park features walking and cycling trails and is a collaborative effort with the Forest Research Institute Malaysia (FRIM).
MYRA BY OIB LAUNCHES PHASE TWO OF MYRA COVE IN CYBERJAYA
The Edge, 21/08/2024
Myra by Oriental Interest Bhd (OIB) has officially launched the second phase of Myra Cove, a freehold condominium development located at Cyberjaya, Selangor. The second phase of Myra Cove comprises 421 residential units spread over 5 blocks which are expected to be completed in 2028. The unit-built ups range from 1,233 to 2,060 sq. ft., and the selling price starts from RM620,000. The first phase of Myra Cove which was launched in 2022 and expected to be completed in 1Q26 is currently 85% sold. Facilities to be provided in Myra Cove include an infinity lap pool, Jacuzzi, kid’s pool, sundeck, gymnasium, jogging path, badminton court, reflexology path, cafeteria, function room and BBQ area.
TUJU SETIA SECURES RM248 MILLION CONSTRUCTION JOB FROM SIME DARBY PROPERTY
The Edge, 22/08/2024
Tuju Setia Bhd has secured a RM247.95 million contract from Sime Darby Property Bhd to construct two blocks of service apartments with a gross development value (GDV) of RM597.2 million in USJ 7, Subang Jaya, Selangor. Spanning 4.32 acres of land, Hype Residences features a 39-storey building comprising two towers (Tower A and Tower B), complete with a podium car park and amenities. Hype Residences is part a 34.6-acre SJ7 master plan development, which encompasses retail, office and residential components.
OSK PROPERTY OFFICIALLY LAUNCHES BPJ BUSINESS PARK IN SUNGAI PETANI
The Edge, 21/08/2024
OSK Property Holdings Bhd officially launched BPJ Business Park in Sungai Petani, Kedah. The development is spread across a 27.58-acre freehold tract and comprises 94 units of two- to three-storey terraced shop offices which will be developed in two phases. Phase 1 which consists of 41 units with land sizes from 20ft to 75ft to 20ft to 100ft and priced from RM806,455 onwards is fully sold. Following the official launch, Phase 2 is now open for sale, offering 53 units with land sizes ranging from 20ft to 75ft to 20ft to 100ft and priced from RM806,455. In this phase, the business park will also feature two-storey semi-detached shop offices and drive-through units.
WORQ EXPANDS MENARA UOA BANGSAR CO-WORKING SPACE
The Edge, 17/08/2024
Co-working and flex space provider WORQ, in a joint partnership with UOA Asset Management Sdn Bhd, has announced an expansion of its Menara UOA Bangsar outlet on 16th August 2024. UOA Asset Management is a subsidiary of UOA Group and manages UOA REIT, the building owner of Menara UOA Bangsar. The expansion adds 17,500 sq. ft. to the existing 15,000 sq. ft. space, bringing the total size of the co-working space to 32,500 sq. ft. The expansion in Menara UOA Bangsar, WORQ has achieved 100% occupancy for this space a month prior to the launch of this expansion. Users of this outlet include the likes of venture capital firms such as Artem Ventures Sdn Bhd and Antler as well as funding agency Cradle Fund and tech giant Alphabet Inc.
WORQ will be focusing on its new outlet, WORQ Intermark at Integra Tower in Jalan Tun Razak that has been soft launched in July 2024. Featuring 24,000 sq. ft. of co-working space, WORQ Intermark is a joint venture with the building owner, Retirement Fund Inc (KWAP) and is already 96% occupied.
ECOFIRST TO ACQUIRE 4.5-ACRE LAND IN KAJANG FOR RM35 MILLION FOR MIXED DEVELOPMENT
The Star & The Edge, 20/08/2024
EcoFirst Consolidated Bhd is acquiring a 4.51-acre piece of freehold land in Kajang for RM35 million to undertake a mixed development. The development will include serviced apartments, small office home office, small office virtual office, and shop offices. The project is estimated to have a gross development value of RM380.9 million. EcoFirst said it is purchasing the land from Soils & Foundations Sdn Bhd by using internally generated funds and bank borrowings.
The group’s remaining landbank consists of 67 acres of freehold land in Gombak, which is currently awaiting rezoning approval for commercial and residential use. Therefore, the acquisition of the Kajang land will enable the group to enhance liquidity and shareholder value while it waits for rezoning approval for the Gombak land. EcoFirst expects to commence development on the Kajang land in 1Q25, with the development period spanning three to four years.
SD GUTHRIE, TH PROPERTIES MULLING RM220 MILLION INDUSTRIAL PARK DEVELOPMENT
The Edge, 22/08/2024
SD Guthrie Bhd, formerly known as Sime Darby Plantation Bhd is partnering with TH Properties Sdn Bhd to develop Malaysia’s first halal-certified managed industrial park in Negeri Sembilan. The park will be developed on SD Guthrie’s 464-acre estate in Bukit Pelandok, with the estimated market value of land development amounting to over RM220 million. The new industrial park is also an extension of TH Properties’ international halal hub, namely techpark @ enstek, which comprises Techpark 1 and 2 in Bandar Enstek, Negeri Sembilan. The new development will serve as a natural and complementary expansion to these parks and is expected to attract both local and international companies wanting to leverage on the global recognition of Malaysia’s halal certification. The new industrial park will feature a range of ready-built and built-to-suit factories, including linked, semi-detached and detached options, along with vacant industrial plots tailored to various business needs.
Besides the halal industrial park, SD Guthrie is also in active discussions with several state agencies and partners to transform its 1,069-acre Perak land into Malaysia’s first green industrial park development project, dubbed the Kerian Integrated Green Industrial Park (KIGIP). The company is expected to make more announcements once it has finalised its collaboration and joint ventures with other potential partners in developing its land assets.
IJM CORP SECURES RM561 MILLION CONTRACTS TO BUILD DATA CENTRES AND INDUSTRIAL MANUFACTURING FACILITY
The Edge & The Star, 20/08/2024
IJM Corp Bhd has secured two contracts with a combined value of RM561 million for the construction of data centres in Johor and an industrial manufacturing facility in Penang. The RM508 million data centre construction project was awarded by an international data centre developer, whose name was not disclosed. The project involves the construction of two data centre buildings in Gelang Patah, Johor. The first building is scheduled for completion in 3Q25, while the second building is expected to be completed in 1Q26. The project was secured through a 50:50 joint venture between IJM Corp’s construction unit, IJM Construction Sdn Bhd and Woh Hup Malaysia Sdn Bhd. Woh Hup Malaysia is a unit of Woh Hup (Private) Ltd, a Singapore-based civil engineering firm that secured its first data centre project in 2016 and has since completed six data centres in India, Indonesia, and Singapore for international developers.
IJM Construction has also independently secured a RM307 million contract for the construction of a new electrical and electronics (E&E) manufacturing and warehousing facility in Batu Kawan, Penang. The 560,000 sq. ft. facility, located on a 20-acre plot within the Bandar Cassia Technology Park, is intended for a US-based company in the E&E sector. The facility aims to support growth in the semiconductor capital equipment and healthcare device markets by developing the E&E supply chain ecosystem. Construction of the facility is set to begin by the end of August 2024, with completion expected by October 2025.
IJM Corp had in June 2024 secured a contract to design and build a data centre for a subsidiary of Telekom Malaysia Bhd in Iskandar Puteri, Johor, for RM331.7 million. The project known as Block 2 of the Iskandar Puteri Data Centre was secured from TM Technology Services Sdn Bhd, also via its wholly owned IJM Construction. Construction of the data centre will begin in July 2024 and is slated for completion by 3Q25.
RM291 BILLION INVESTMENTS REALISED FOR ISKANDAR MALAYSIA
The Sun, NST & The Edge, 21/08/2024
Iskandar Malaysia has seen 70% or RM291.4 billion of its total cumulative investment of RM413.1 billion realised to date, since the economic region’s inception in 2006. This remarkable progress demonstrates that Iskandar Malaysia is on track to achieve its RM636 billion cumulative investment target by 2030. From 2006 to December 2023, Iskandar Malaysia recorded a cumulative investment of RM413.1 billion, surpassing RM383 billion target set for the end of 2025. Iskandar Malaysia will continue to focus on high-value and innovation-driven sectors, such as electrical and electronics, aerospace, medical devices, modern farming, electric vehicles, renewable energy and information and communications technology, including artificial intelligence data centres. This is also supported by adjacent industries like healthcare and life sciences, financial and business services, and the digital creative industry.
Multinational companies such as Insulet, which produces medical devices, and data centres such as Airtrunk, Princeton Digital Group, Wiwynn and Supermicro, had all expanded their operations in Iskandar Malaysia recently. On IRDA's future direction and coordination of the Iskandar Malaysia Comprehensive Development Plan III (2022-2030) under the Madani Economy agenda, the government had decided to streamline the economic corridor authorities to focus on efforts to facilitate the realisation of investments. The move would enable IRDA to focus on what matters most for Iskandar Malaysia and the people, which is realising investments that will translate into job creation for the people, business for local businesses and entrepreneurs, and better infrastructure and quality of life.
IRDA will continue to complement the Malaysian Investment Development Authority (MIDA) and Invest Johor by helping to facilitate and ensure that incoming investments can be realised quickly and smoothly.
On the Johor-Singapore Special Economic Zone (JS-SEZ), the Invest Malaysia Facilitation Centre Johor (IMFC-J), which is managed by IRDA, had started its interim operation, in anticipation of and to support the creation of the special economic zone. The IMFC-J is pivotal in this process, acting as a central facilitator for investments within the JS-SEZ. Its role includes expediting approval processes, providing consultation and advisory services, and minimising bureaucratic obstacles by coordinating multiple government ministries and agencies under one roof.
JB-SINGAPORE RTS LINK RIGHT ON TRACK
The Star, 21/08/2024
The construction of the Rapid Transit System (RTS) Link connecting Johor Baru and Singapore is right on track for completion by 1st Jan 2027. Works on the project’s infrastructure have reached 83% completion as of July 2024. The construction of the Customs, Immigration and Quarantine (CIQ) Complex in Bukit Chagar is also progressing as scheduled.
JLAND GROUP PARTNERS ZAHA HADID ARCHITECTS TO DEVELOP MIXED-USE DEVELOPMENT AT IBRAHIM TECHNOPOLIS IN JOHOR
The Edge, NST & The Sun, 21/08/2024
JLand Group Sdn Bhd, the wholly owned subsidiary of Johor Corp (JCorp), has partnered with UK-based Zaha Hadid Architects to develop a 582-acre mixed-use development named Discovery City precinct within the 7,290-acre Ibrahim Technopolis (IBTEC) township in Johor. For context, IBTEC, which has a gross development value (GDV) of RM27 billion, is set to become a major circular city within the proposed Johor-Singapore Special Economic Zone in the southern region. Zaha Hadid Architects will lead the design for the project, while AJM-Planning and Urban Design Group Sdn Bhd (APUDG) will serve as the local master planner and the principal submitting person for the development order plan of Discovery City. The design approach for Discovery City prioritises the harmonious integration with Johor's natural surroundings. Zaha Hadid Architects will envision sustainable structures, smart city technologies and a commitment to minimising environmental impact. The centrepiece of Discovery City will be a building called the Signature Gallery, which is projected to reach a GDV of RM269 million upon completion. The development will adhere to both local and international standards, including the Malaysian Green Technology and Climate Change Corporation’s Low Carbon Cities Framework (LCCF) and international certifications like Leadership in Energy and Environmental Design (LEED).
KOREAN FIRM TO INVEST US$1 BILLION IN FOREST CITY TO DEVELOP FIRST K-CULTURE TOWN
The Sun & The Edge, 22/08/2024
Korean investment firm GG56 Korea Ltd will invest US$1 billion (RM4.37 billion) in Forest City to develop Malaysia’s first Korean Culture Town. This is following the signing of a memorandum of agreement (MOA) with Forest City’s master developer Country Garden Pacificview Sdn Bhd (CGPV) to develop the project, which will include K-Content Production Studios, an international Cultural District and a world-class residential development. Together, the group will build a city that stands as a testament to innovation, culture, and sustainable development. Forest City is a visionary urban project in Johor Bahru. It is designed to be a smart, green and sustainable city that integrates residential, commercial and industrial spaces with cutting-edge technology and infrastructure. GG56 Korea is an investment firm with a focus on high-impact projects in areas such as healthcare, entertainment, technology, and real estate.
RM31 BILLION INVESTMENTS SECURED FOR PENANG IN 1H24
The Sun & NST, 21/08/2024
The Northern Corridor Implementation Authority (NCIA), in collaboration with Malaysian Investment Development Authority (Mida), has secured RM31.38 billion in investments for Penang in 1H24. This impressive achievement reflected investors’ strong confidence in the long-term potential of the Northern Corridor Economic Region (NCER), particularly Penang. The investments encompass key sectors outlined in the NCER Strategic Development Plan, including high-value manufacturing, advanced services, and modern agriculture, creating more than 6,600 jobs in 1H24. The NCER Technology Innovation Centre (NTIC) building in Bayan Lepas has been completed and will begin operations soon. NTIC is a programme under NCER’s Technology Valley initiative that focuses on activities related to research, product development and specialised design.
KERJAYA PROSPEK WINS RM275 MILLION CONTRACT FOR PENANG BUILDING PROJECT
The Star, The Edge & NST, 20/08/2024
Kerjaya Prospek Group Bhd has secured a RM275.29 million contract for the construction and completion of a building in Bandar Tanjung Pinang, Pulau Pinang. The project is scheduled for completion within 38 months. The scope of the contract includes the construction of a 50-storey building, which will comprise 261 units of service apartments, along with associated car park and facilities.
PENANG SET TO SEE 10 MORE HOTELS TO CATER TO RISING NUMBER OF TOURISTS
The Edge & The Star, 23/08/2024
Penang is set to see 10 new hotels with 4,000 rooms over the next few years, as the state continues to attract more tourists. On 22nd August 2024, MTT Hospitality, a division of MTT Group Companies and Pan Pacific Hotels Group to transform Evergreen Laurel Hotel into Gurney Bay Hotel, a Parkroyal partner hotel. The chairman of MTT Group of Companies and the chief executive officer of Pan Pacific Hotels Group, signed the deal on behalf of their respective companies. In 2023 alone, Penang recorded almost seven million tourist arrivals, a clear sign of the industry’s resilience and appeal, and that the increasing availability of direct international flights to Penang will undoubtedly continue to fuel this growth.
IJM PERENNIAL INKS HOSPITALITY AND 5G DEALS
The Sun, 18/08/2024
IJM Perennial Development Sdn Bhd, a joint-venture (JV) company between IJM Corporation Bhd (IJM) and Perennial Holdings Private Ltd, the master developer of The Light City, Penang, is set to elevate its flagship project through a series of transformative collaborations that will bring integrated infrastructure and world-class hospitality offerings to the landmark development. Three agreements were signed with four renowned industry players, namely a tripartite memorandum of understanding (MoU) for 5G-ready infrastructure, a hotel franchise agreement and a hotel management agreement. For the MoU, IJM Perennial partnered with telecommunications providers, Maxis Broadband Sdn Bhd and GlobalComm Telecommunications Sdn Bhd, to pave the way for the provision of cutting-edge connectivity and smart city technology, transforming The Light City into a future-ready community. IJM Perennial also secured a hotel franchise agreement with Hyatt International-Asia Pacific to introduce the JdV by Hyatt brand to The Light City. This marks the debut of JdV by Hyatt in Penang and Malaysia, offering a unique hospitality experience. The hotel management agreement with Galaxy Minyoun Hotel brings the reputable Chinese hotel brand to The Light City, marking its first venture into Southeast Asia and its second international presence after Uzbekistan in 2022. The JdV by Hyatt and Galaxy Minyoun hotels are part of The Light City’s 34-storey mixed-use building which includes office units and various shared amenities – meeting and event spaces, restaurants, a bar, and leisure facilities. The dual-branded JdV by Hyatt and Galaxy Minyoun hotels under one roof provide distinct brand experiences, catering to a diverse range of guest preferences and enhancing the overall appeal of The Light City.
SUNMOW SECURES RM1.2 BILLION JOB FOR SARAWAK-SABAH LINK ROAD PROJECT
NST, The Edge & The Star, 20/08/2024
Sunmow Holding Bhd’s joint-venture (JV) company had secured a RM1.02 billion road construction contract. The contract for the Package 4B spans Bukit Pagon to Long Luping under the second phase of the Sarawak-Sabah Link Road project. The company has 48 months to complete the contract and has to provide defects liability cover for 24 months from the date of actual practical completion.
