Week 36 - 2024
APPROVED INVESTMENT INFLOWS INTO MALAYSIA UP 18% TO RM160 BILLION FROM JAN-JUNE 2024
The Edge, 03/09/2024
Approved investment inflows into the country from January to June 2024 increased to RM160 billion, representing an 18% growth compared to the same period last year. These investments involved nearly 3,000 new projects that will create over 79,000 job opportunities for Malaysians.
BNM KEEPS OPR AT 3%
The Edge, The Star, NST & The Sun, 06/09/2024
Malaysia’s central bank left the benchmark interest rate unchanged as widely expected, drawing comfort from sustained economic expansion and benign inflation. The overnight policy rate (OPR) was maintained at 3%, following the Monetary Policy Committee’s meeting, Bank Negara Malaysia (BNM) denoted.
Malaysia’s economic growth accelerated faster than expected, expanding 5.9% year-on-year in the 2Q24, thanks to stronger household spending, business investments and exports. On a seasonally adjusted basis, gross domestic product rose 2.9% quarter-on-quarter. Malaysia’s economy may expand 4% to 5% in 2024, according to government forecasts. BNM has kept the OPR unchanged for more than one year now since it was last raised in May 2023 by 25 basis points.
WELLCALL BUYING LAND IN PERAK FOR RM32 MILLION
The Edge, 3/9/2024 & The Star, 04/09/2024
Industrial rubber hose maker Wellcall Holdings Bhd is looking to acquire three parcels of contiguous vacant leasehold industrial land in Kinta, Perak for RM32 million, representing an aggregate land area of about 18.31 acres from Jubilee Link Sdn Bhd.
MAMING TO LAUNCH D'GARDEN LANDED RESIDENTIAL PROJECT IN 1Q25
The Edge, 03/09/2024
D'Garden will consist of 50 units of double-storey houses with prices ranging from RM688,800 to RM924,800, and 10 units of single-storey homes in a guarded residential development.
BINASTRA SECURES RM235.48 MILLION CONSTRUCTION JOB
The Edge, 02/09/2024 & The Star, 03/09/2024
Binastra Corporation Bhd has accepted a letter of award from Mightyprop Sdn Bhd for construction works of a serviced apartment building at Jalan PJU 8/8B, Central Park Damansara, PJU 8, Petaling Jaya, Mukim Sungai Buloh, Selangor, worth RM235.48 million. The contract covers construction and completion of earthworks, piling, pile caps, main building works and infrastructure works on a proposed development on Plot 4 comprising one block of serviced apartment building containing 39 storey serviced apartments (662 units) with one floor of "Sky Garden" park facilities on the rooftop and facilities on level one, above the four-level podium parking that includes two units of business spaces, two underground levels and three levels of basement, as well as eight units of business spaces and one unit of a 11 kilovolt substation main switch station.
ECONPILE WINS RM71.2 MILLION CONTRACT FOR BASEMENT-RELATED JOB IN DOWNTOWN KL
The Edge, 02/09/2024 & The Star, 03/09/2024
Econpile Holdings Bhd has secured a RM71.2 million contract from Platinum Victory Property Sdn Bhd to undertake demolition, substructure and basement work for a 55-storey building located along Jalan Sultan Ismail, Kuala Lumpur. The work is expected to be completed within 28 months starting from September 2, 2024.
AFFORDABLE HOMES MADE SWEETER WITH FULL FURNISHING
The Star, 05/09/2024
Another milestone in affordable housing was achieved when keys were handed over to Idaman BSP homeowners in Bandar Saujana Putra in Jenjarom, Selangor. Idaman BSP is one of the sub-developments under the Rumah Idaman MBI project, offering various layout designs priced from RM250,000. The project aims to address the acute shortage of affordable housing, particularly for the B40 and M40 groups. Idaman BSP comprises 1,312 apartment units across two blocks on a 19.2 acres site. The units come with appliances such as air-conditioners, refrigerators, wardrobes, kitchen cabinets, television sets and water heaters.
TRINITY GROUP LAUNCHES RM388 MILLION GDV TRINITY RAINFORA IN PUCHONG
The Edge, 05/09/2024
Trinity Group has unveiled its latest landmark development, Trinity Rainfora, a unique rainforest-inspired transit-oriented development in the Klang Valley with a gross development value (GDV) of RM388 million. The 31-storey development is built on a 2.4 acres freehold plot located in Bandar Kinrara 5, Puchong and features 535 residential units ranging from 739 to 1,184 sq. ft. Scheduled for completion in 2028, the prices for Trinity Rainfora start from RM530,000 for the 739 sq. ft. units. Trinity Rainfora features an extensive range of facilities, including a Rainforest Canopy, Moonlit Skyrun Track, Glamping Forest, Infinity Pool, Aqua Gym, and many other exciting facilities.
BINASTRA CORP GETS RM283 MILLION KL APARTMENT CONSTRUCTION CONTRACT
The Edge, The Star, NST & The Sun, 06/09/2024
Binastra Corporation Bhd has secured a construction contract worth RM283.33 million for an apartment project in Kuala Lumpur. Works on the contract are expected to be completed within 32 months once it begins on 17th Sept 2024. The project from Kaisar Maxim Sdn Bhd involves main building works for the proposed development of three-block, 31-floor apartments totalling 624 units in Taman Desa. The contract also covers four podium levels and five basement levels for parking as well as other related works.
INTA BINA SECURES RM96.55 MILLION CONSTRUCTION JOB
The Edge, The Star, NST & The Sun, 06/09/2024
Inta Bina Group Bhd has secured another construction contract from Sime Darby Property Bhd worth RM96.55 million to undertake main building and construction works for a 37-storey serviced apartment project in Putra Heights, Selangor. The construction firm said its wholly owned subsidiary, Inta Bina Sdn Bhd, was awarded the contract by Sime Darby Property (Bukit Raja) Sdn Bhd. The project involves the construction of 246 business serviced apartments and 62 affordable business units, five levels of parking and other resident facilities. The contract duration would take 30 months, with completion targeted by 17th March 2027.
GAMUDA LAND WELCOMES JAYA GROCER AS ANCHOR TENANT AT COVE CENTRUM OF GAMUDA COVE
The Edge, 2/9/2024
Gamuda Land, the property arm of Gamuda Bhd, signed a memorandum of understanding (MOU) with Trendcell Sdn Bhd to open Jaya Grocer at Gamuda Cove in Kuala Langat. The store will be the anchor tenant of Cove Centrum, the commercial component of the township, and occupy 24,000 sq. ft. of space. Gamuda Land also welcomed 14 new tenants to Gamuda Cove, such as Urban Marketplace, 99 Speedmart, ZUS Coffee, Muiz Hot Chicken, Tiga Ikan, Gintell RestNGo, Sleepy Bear, and VRide.
CONCORDE HOTEL KL UP FOR SALE
NST, 4/9/2024
Concorde Hotel Kuala Lumpur is up for sale for nearly RM700 million, along with the adjacent land. The four-star hotel, comprising 581 rooms located on a 4.5 acres freehold land off Jalan Sultan Ismail is expected to be demolished to make way for a multibillion-ringgit integrated development due to increasing competition from new five-star hotels. Concorde Hotel & Shopping Centre is open to foreign buyers, that includes Malaysians, with no restrictions on ownership. The public tender is set to close on October 16, 2024.
AWC BAGS RM19.9 MILLION DATA CENTRE JOB FROM GAMUDA
The Edge, 05/09/2024
AWC Bhd has received a sub-contract job from Gamuda Engineering Sdn Bhd for construction works related to a data centre project in Rawang, Gombak. The sub-contract was awarded to AWC’s wholly owned subsidiary, Qudotech Sdn Bhd and the scope of work includes the construction and completion of cold water, rainwater harvesting, water reticulation, fire hydrant, foul water, and sewerage services for the data centre. The deal, worth RM19.9 million, started on 2nd September 2024 and is expected to be completed by 18th November 2025.
PPR TO BE REBRANDED AS PEOPLE'S RESIDENCY PROGRAMME FOLLOWING CABINET'S APPROVAL
The Edge, The Star & NST, 06/09/2024
The Cabinet has approved the rebranding of the People's Housing Programme (PPR) as the People's Residency Programme (PRR). Housing and Local Government Minister said the programme is expected to start in 2025 in Larkin, Johor. The new PRR programme received the Cabinet’s approval, and the ministry will bring a new concept, where PRR with higher quality will be priced reasonable.
The effort will be an improvement by being more environmentally friendly, conducive, liveable, and with more integrated features introduced under the new concept of PRR. The minimum size of a PRR unit is 750 sq. ft., with three bedrooms and two bathrooms.
JOHOR REGISTERS RM753 BILLION IN TRADE VALUE IN 2023
The Sun, 04/09/2024
Johor recorded RM753 billion in trade value last year, which represented 29% of the country’s total trade. Johor is committed to creating an environment that supports business growth and investment, as the implementation of the Johor-Singapore Special Economic Zone initiative will further increase the commercial value of the investment sector in the state. The unique collaboration between Malaysia and Singapore through Johor aims to stimulate economic growth, innovation and cross-border trade between the two countries.
Greif Malaysia, the US-based company has made an investment worth RM50 million in Pasir Gudang by providing 150 high-skilled job opportunities to the locals. Greif is a packaging product manufacturing company that has production facilities in three Southeast Asian countries namely Malaysia, Singapore and Vietnam. Its products include industrial packaging, steel drums, plastic drums and intermediate bulk containers.
SUNWAY CITY ISKANDAR PUTERI PARTNERS CAUSEWAY LINK TO ENHANCE CROSS-BORDER CONNECTIVITY
The Edge, 05/09/2024
Sunway City Iskandar Puteri (SCIP) has entered into a five-year partnership with bus operator Handal Indah Sdn Bhd, better known as Causeway Link, to enhance cross-border connectivity between the township located in Johor and Singapore. SCIP is investing to extend Handal Indah’s CW7L route by introducing additional stops in the township. These stops are at Sunway Big Box and Sunway GRID. In addition, by extending the CW7L route to SCIP, there will also be a direct link to the CIQ second link (Sultan Abu Bakar CIQ Complex) from the township. Worth more than RM30 billion in gross development value, SCIP is a 2,000-acre township developed by Sunway Property, the property arm of Sunway Bhd.
ASTERA RAISES THE BAR FOR SUSTAINABLE HOMES AT IMPIAN HILLS
The Sun, 05/09/2024
Plenitude Bhd has unveiled Astera, the latest phase in the Impian Hills township, which features distinctive eco-friendly principles that embody sustainable green living. This new development, set on 22 acres of freehold land and featuring 264 exclusive double-storey homes, is designed to attract multi-generational buyers. With a GDV of RM209 million, Astera builds on the success of Impian Hills’ previous phases, Magnolia and Hibiscus. Slated for completion in 3Q26, this innovative development seamlessly integrates eco-friendly design principles. Each home will feature an electric vehicle charging point in the car porch, and residents can opt to install solar panels and rainwater harvesting systems, further enhancing the eco-friendly aspects of their homes. Prospective homeowners can choose between two distinct models: Type A, offering 1,939 sq. ft. with four bedrooms and three bathrooms, or Type B, featuring 2,141 sq. ft. with four bedrooms and four bathrooms, both complemented by a generous 22 ft. by 70 ft. lot size.
RM31.38 BILLION INVESTED IN PENANG IN 1H24
The Sar, 05/09/2024
A total of RM31.38 billion has been invested in Penang through the Northern Corridor Implementation Authority (NCIA) with the cooperation of the Malaysian Investment Development Board (MIDA). The sum was achieved within the first six months of 2024. Investments included focus sectors in the NCER Strategic Development Plan such as the high-value manufacturing sector, advanced services and modern agriculture, which in turn created more than 6,600 job opportunities within that period. This good performance will be a catalyst for NCER to continue to drive investment and business ecosystem development for the second half of this year by taking advantage of NCER’s regional advantages, particularly in the electrical and electronic (E&E) and semiconductor sectors. The NCER Technology Innovation Centre (NTIC) building in Bayan Lepas has been completed and will be operational soon. It would directly boost innovation, research and development (R&D) activities as well as increase the value chain for small and medium enterprises (SMEs) to further strengthen Penang’s position as a technology and innovation hub in the region. During 1H24, 16 Penang SME companies received matching grants to improve the value chain under the NTIC programme through the Centre of Excellence (CoE) and Technology and Innovation (T&I) initiatives. A total of 144 local workers have been approved to undergo technical skills training under the Advanced Technology Meister Programme (ATMP) initiative.
CO-WORKING SPACE PROVIDER INFINITY8 OPENS INFINITY8 RESERVE GEORGE TOWN IN PENANG
The Edge, 02/09/2024
Co-working space provider INFINITY8 opened its first Penang outlet located at the former Standard Chartered Bank in Beach Street, George Town. The co-working space will provide features such as 24-hour access, administrative support, parcel collection services, a quiet breakout zone, private phone booths and a snooze lounge to enhance productivity
1926 HERITAGE HOTEL TO REOPEN, ATTRACT TOURISTS TO PENANG
The Edge, 05/09/2024
The heritage building housing the 1926 Heritage Hotel, which has been abandoned for four years, is set to reopen in 2026 to mark its 100th anniversary. This will be realised through a Lease Agreement between the Penang Development Corporation (PDC), the property owner, and Jetblue Sdn Bhd, the company that will manage and operate the hotel located on Burma Road. The agreement will indirectly position Penang as a premier tourist destination, capable of attracting both domestic and international visitors to view and learn about the heritage buildings in the state. It is hoped that the 15-year lease agreement, with an additional 15-year option, will make 1926 Heritage Hotel a landmark in the tourism sector with modern renovations while still retaining the original elements of the hotel. The hotel previously operated under a different management and has been vacant since 2020 after the lease expired.
CENTRAL GLOBAL SECURES PAN BORNEO CONTRACT
NST, The Edge & The Sun, 05/09/2024
Central Global Bhd has secured a RM616.4 million contract for the Pan Borneo Highway Sabah Phase 1B project. The contract was granted to its unit, RYRT International Sdn Bhd, from Pembinaan Urusmesra Sdn Bhd for the upgrading of the road from the Lahad Datu Bypass to Kampung Sandau under Work Package 22. The project is expected to start on 30th September 2024 and conclude on 29th March 2028. Under the scope of the contract, RYRT will be responsible for the supply of plant, machinery, labour, and materials required for the construction and completion of the project.
PANSAR CLINCHES RM805 MILLION CONTRACT FOR KUCHING URBAN TRANSPORTATION SYSTEM
The Edge, 31/08/2024 & The Star, 02/09/2024
Perbena Emas Sdn Bhd (PESB) in collaboration with China Road & Bridge Corporation (CBRC) has clinched an RM804.7 million contract for the Kuching Urban Transportation System (KUTS) Blue-Line Package 2 in Sarawak. The project entails the construction of the infrastructure and associated works for the KUTS Blue Line that covers the stretch from Stutong to Hikmah Exchange.