Week 37 - 2023
NUMBER OF JOBLESS PERSONS DECREASED IN JULY 2023
The Star, 09/09/2023
The number of unemployed persons in July 2023 has decreased by 0.4% to 579,200 persons compared to 581,700 persons in June 2023, according to the Department of Statistics Malaysia (DOSM). The unemployment rate in July 2023 stood at 3.4%, unchanged from the previous month. The number of employed people in July 2023 improved by 0.2% to register 16.34 million persons compared to 16.31 million in June 2023. The labour force participation rate edged up 0.1 percentage point to 70.1% (June 2023: 70%) indicating more labour participation in the market.
TEN NEW TRANSPORTATION PROJECTS INCLUDED IN 12MP
The Edge, NST, The Star & The Sun, 12/09/2023
Ten new transportation projects have been included in the 12th Malaysia Plan (12MP) including the Penang light rail transit (LRT) project. The other nine new transportation projects are the expansion of Bus Rapid Transit (BRT) and intra-city bus services including in Johor Bahru and the Klang Valley; upgrading of the Senai-Desaru Highway; widening of the North-South Highway (from Yong Peng to Senai Utara) in phases; construction of Sarawak-Sabah Link Road II; construction of Sabah Pan Borneo Highway Phase 1B; Penang International Airport expansion; redevelopment of Sultan Abdul Aziz Shah Airport, Subang; upgrading the East-West Highway from Gerik, Perak to Jeli, Kelantan; and upgrading the road from Tanah Rata to Kea Farm, Cameron Highlands. The development of a new port on Carey Island is also expected to strengthen Port Klang as a regional transshipment hub. The government will also improve transport infrastructure maintenance works to extend the lifespan of roads, rail assets and air navigation equipment.
KAJ DEVELOPMENT GETS NOD TO REVIVE RM43 BILLION MELAKA GATEWAY PROJECT
The Edge, 12/09/2023
KAJ Development Sdn Bhd (KAJD) has announced that the RM43 billion Melaka Gateway mega project will be revived. The project is being revitalised following the approval of guidelines and regulations, with the support of the federal and Melaka state governments. The revival of Melaka Gateway gains track as a result of the participation of new shareholders and investors as well as the formation of a dynamic leadership team. The rebranding campaign will be launched in line with its initiative to transform Melaka into a thriving tourist destination by leveraging its historical importance as a famous trading port. The infrastructure development of Melaka Gateway would resume with the construction of the Melaka International Cruise Terminal (MICT) as the only international cruise pier in the state with exclusive operating rights from the Melaka state government.
Under KAJD’s management, MICT will be the only entry point for international cruise ships and ferries to Melaka. Additionally, the terminal will be able to accommodate the arrival of cruise ships and is expected to bring about 3.5 million tourists to Melaka Gateway every year. The arrival of cruise ships will have a big impact on the development of Melaka and will increase tourism activities, making Melaka one of the most famous tourist destinations in the world while also benefiting the local economy.
MAB ENGINEERING TO LEASE HANGAR 4 AT SUBANG AIRPORT FROM IVP
The Sun, 12/09/2023
MAB Engineering Services, a wholly owned subsidiary of Malaysia Aviation Group (MAG), has signed a Letter of Offer and Acceptance (LOA) with Impeccable Vintage Properties (IVP), a wholly owned subsidiary of Khazanah Nasional Bhd, for the lease of the Hangar 4 airframe maintenance facility at Complex A, Sultan Abdul Aziz Shah Airport (Subang Airport). The signing of the LOA marks a significant milestone in MAB Engineering’s continued growth and commitment to providing maintenance, repair and overhaul (MRO) services to the aviation community beyond Malaysia and the region. IVP, tasked by the Malaysian government to revive and redevelop Complex A, will undertake the reconditioning and refurbishment of Hangar 4’s MRO infrastructure and facilities. These include the incorporation of sustainability elements and a redesign of the hangar floor to cater for a maximum of five production lines capable of serving a variety of aircraft types including propeller, narrowbody and widebody. The MRO ecosystem will contribute to enhancing human capital through upskilling and creation of highly skilled jobs.
UEM SUNRISE TO DISPOSE OF 4–ACRE LAND IN KL
The Star, 12/09/2023
UEM Sunrise Bhd is disposing of a 4.01-acre parcel of land in Kiara Bay, Kuala Lumpur for RM85 million to repay its debt obligations and fund its working capital for new product launches. UEM Sunrise’s indirect unit Mega Legacy (M) Sdn Bhd (MLSB) is selling the land to Pembinaan Kery Sdn Bhd (PKSB), a unit of Melati Ehsan Holdings Bhd. At the same time, MLSB entered into a development rights agreement (DRA) with PKSB to develop the land at a development rights value of at least RM93.5 million. The disposal is expected to be completed in 1H24. UEM Sunrise denoted the disposal will allow it to fund working capital for the launch of its upcoming product, Residensi ZIG, also in Kiara Bay, tentatively scheduled for 3Q23. The land, which is located near Kepong Metropolitan Park, approximately 13 kilometres northwest of the KL City Centre, is directly accessible from the KL Middle Ring Road Two and Jalan Kepong. A 2.5-km spine road called Persiaran Putra Bayu connects to Jalan Kepong allowing users to commute to the nearest MRT stations.
TROPICANA CORP TO LAUNCH 362-ACRE TROPICANA ALAM IN PUNCAK ALAM
The Edge, 114/09/2023
Tropicana Corp Bhd is rolling out a 362-acre new township development called Tropicana Alam in Puncak Alam, Selangor. It is also the group’s maiden launch in the area. Tropicana Alam has an estimated gross development value of RM700 million. The developer is eyeing to launch the first phase in 1Q24. Spanning 87.4 acres in Tropicana Alam, the first phase features 431 double-storey terraced homes, with built-ups from 1,917 sq. ft., and land sizes from 20ft by 70ft. Selling prices are still being finalised. Owners and residents will benefit from educational, healthcare and recreational amenities nearby, such as Universiti Teknologi MARA, Hospital Al-Sultan Abdullah and the Puncak Alam Golf Driving Range. Tropicana Alam also offers proximity to major routes, such as the Kuala Lumpur-Kuala Selangor Expressway (LATAR), Guthrie Corridor Expressway (GCE), Damansara-Shah Alam Elevated Expressway (DASH), and New Klang Valley Expressway (NKVE).
INTA BINA SECURES RM43.65 MILLION DEAL TO BUILD ECO MAJESTIC’S TERRACED HOUSES
The Edge, 09/09/2023
Inta Bina Group Bhd has secured a RM43.65 million contract from Eco Majestic Development Sdn Bhd to undertake the main building works at a gated and guarded community development in Hulu Langat, Selangor. The construction groups wholly owned subsidiary Inta Bina Sdn Bhd would construct 162 double-storey terraced houses and an electrical substation under Phase 4 of Cheerywood. The contract will start on 1st November 2023 and the houses are to be completed within 20 months.
SUNWAY PROPERTY OPENS SECOND TOWER OF SUNWAY FLORA FOR SALE; FIRST TOWER 80% SOLD
The Edge, 12/09/2023
Sunway Property (the property arm of Sunway Bhd) has opened the second tower of Sunway Flora — a high-rise residential development in Bukit Jalil — for sale on 9th September 2023. This is following the success of Sunway Flora’s first tower, which achieved a sales rate of 80% since its launch on 25th March 2023. With a combined gross development value of RM723 million, the project comprises two apartments spread across a 5.37-acre freehold tract. The first tower will have 45 storeys with 379 units, while the second tower will have 44 storeys with 369 units. These units will have built ups ranging from 1,055 sq. ft. to 1,507 sq. ft. and selling prices from RM693,000 onwards. The entire project is slated for completion in 4Q26. Facilities in Sunway Flora include a 1.3-acre linear park that features five zones: a sweat zone, an active zone, a sharing zone, a fun zone, and a sanctuary zone; a dedicated food and parcel delivery area; an express ramp leading to a six-level parking zone; electric vehicle (EV) infrastructure charging stations, as well as a 24-hour multi-tier security system. Sunway Flora buyers automatically become members of Sunway Property’s membership programme, which offers a range of services, privileges and experiences, including Care+ (home care services), Rent+ (rental advantages for owners), and Rewards+ (loyalty privileges). The latest addition to Rewards+ is a 3% discount at Sunway Sanctuary (the flagship senior living community by Sunway Healthcare Group) in Bandar Sunway, Selangor.
JL99 TO LAUNCH 99 LEGEND CONDOMINIUM PROJECT ON JALAN KUCHING IN SEPTEMBER 2023
The Edge, 14/09/2023
JL99 Group is planning to launch its latest high-rise residential development named 99 Legend in September 2023. The project is the second phase of the developer’s 17-acre JL Legacity development on Jalan Kuching, Kuala Lumpur. With a gross development value (GDV) of over RM700 million, 99 Legend will offer a total of 1,214 condominium units including five penthouses spread across two connecting towers, a 57-storey Tower Anton and a 52-storey Tower Belim, on a 4.5-acre parcel. Units at 99 Legend will come in built ups ranging from 735 to 1,152 sq. ft. at selling prices starting from RM650 psf. Each unit will have at least two bedrooms, two bathrooms and two side-by-side car parking bays. There will also be five exclusive penthouses on Levels 52 to 57 of Tower Anton, dubbed The Crown Penthouse. With built ups of 5,000 to 10,000 sq. ft, the units’ selling prices are still being finalised. To date, 99 Residence, the first phase of JL Legacity, has achieved a sales rate of over 98% and is currently 95% completed. Slated for completion by end of December 2023, 99 Residence is nine months ahead of its scheduled completion date. With a GDV of over RM800 million, the seven-acre 99 Residence comprises 1,421 condominium units across four blocks, 54-storey blocks A, B, and C and a 55-storey block D. Units in these blocks have built-ups ranging from about 900 to 1,380 sq. ft. with selling prices starting from RM535 psf.
JRK GROUP BUILDS QUALITY YET AFFORDABLE HOMES FOR ALL
The Star, 13/09/2023
JRK Group is a Klang Valley-based aspiring property developer with a background in construction for piling works, sub-structures, high-rise buildings and infrastructural works. JRK Group also diversifies into commercial property development and is seeking land purchasing and joint venture opportunities for residential, commercial or industrial developments. Projects that JRK Group are currently working on in the Klang Valley are: (i) JRK Senesta in Semenyih: This JRK Group maiden project is a low-density freehold development designed for young couples and new families. (ii) JRK Convena in Bukit Jalil: Freehold lifestyle residential development (iii). JRK Delta in PJ South: Commercial hub strategically located in the middle of the Golden Triangle of southern Petaling Jaya. Projects in the pipeline are (i) JRK Celestia in Puchong, (ii)JRK Elysia in Damansara, (iii) Plaza JRK Delta in PJ South with a total gross development value (GDV) of more than RM1billion.
Located on a 1.82-acre freehold site in Taman Sri Tanjung in Semenyih, JRK Senesta is a 15-storey block of 110 apartment units. There are four unit types ranging from 988 sq. ft .to 1,240 sq. ft. all with three bedrooms and two bathrooms. Each unit comes with two parking bays. JRK Senesta is equipped with shared facilities such as swimming and wading pools, children’s playground, and multipurpose hall. Other amenities include kindergarten room, indoor and outdoor gym, as well as a badminton and sepak takraw courts. The project is located within easy access to major highways such as the Kajang Dispersal Link Expressway (SILK) and Kajang-Seremban Highway (LEKAS). JRK Senesta with a GDV of RM36 million saw a 100% sales rate and is expected to hand over the keys to the units in 4Q23.
UEM SUNRISE TO LAUNCH RESIDENSI ZIG IN KIARA BAY’S SECOND PHASE
The Edge, 13/09/2023
UEM Sunrise Bhd is launching Residensi ZIG, the second phase of the Kiara Bay integrated township development in Kepong, on 16th September 2023. Residensi ZIG offers 1,126 serviced apartment units in three blocks, with built ups ranging from 450 to 1,198 sq. ft. and selling prices from RM340,888 or RM575 psf. The RM646.2 million in gross development value project is scheduled to be completed in 4Q27. Residensi ZIG is designed to suit the post-pandemic lifestyle and features four facility zones a celebration zone, a sweat zone, a WiFi-enabled home-work zone and a leisure zone. Facilities include a sky-dining hall that can accommodate 100 people, a co-living lounge, a sky barbecue area, badminton courts, a 50m lap pool, a playground and a wellness corner with yoga decks, exercise stations and hammocks. First launched in November 2019, the 72.73-acre Kiara Bay is the flagship township of UEM Sunrise and the only development with a direct connection to the Kepong Metropolitan Park. The township has 15 developable plots but the developer is in the midst of replanning the development into 13 developable plots. The replanning is currently under review by the authorities.
HOME RETAILER OPENS 29TH STORE
The Star, 14/09/2023
Harvey Norman, a leading Australian household retailer, has opened its 29th store at Plaza Shah Alam in Selangor. The Harvey Norman store in Plaza Shah Alam occupies over 12,000 sq. ft. and offers a comprehensive range of electrical appliances along with IT and mobile devices from top global brands at affordable prices. The new Harvey Norman store carries a wide range of large-screen TVs from entry-level to high-end models encompassing top global brands such as Samsung, LG, Sharp and Sony. Foodies will be delighted to learn that there are over 100 models of European cooking appliances on display from Bosch to Electrolux as well as automatic, manual or capsule coffee machines from Breville, Delonghi, Philips and Nespresso. Harvey Norman houses the latest trends in technology from reliable modern personal computers to the coolest gaming laptops and console models at its Game Hub in the Plaza Shah Alam store. The latest smartphones and tablet models from Apple, Samsung, Huawei, Vivo and Honor are also available for hands-on browsing and demonstration.
WHOLESALE AND RETAIL TRADE UP 7.2% YEAR-ON-YEAR IN JULY 2023
The Edge, 12/09/2023
Malaysia’s wholesale and retail trade recorded sales value of RM139.8 billion, a 7.2% increase year-on-year (y-o-y), in July 2023, said the Department of Statistics Malaysia (DOSM). The increase was attributed to the wholesale trade sub-sector, which rose 5.7% or RM3.4 billion to RM63.1 billion. Retail trade expanded by 5.5% or RM3.1 billion to RM59.7 billion, followed by motor vehicles, with an increase of 20.5% or RM2.9 billion, to settle at RM17.0 billion.
IJM SEEKS RECURRING INCOME
The Star, 12/09/2023
IJM Land Bhd will broaden its product offering and build more mixed-use integrated complexes with commercial assets in key cities to expand its investment portfolio for recurring income. The developer seeks to diversify its risk away from pure residential development projects for sale and into recurring income assets following two years of a home market downturn triggered by the Covid-19 outbreak. IJM Land is seeking to build additional investment buildings like office towers, hotels, malls, and convention centres, as well as wellness and medical facilities with assisted living, which can produce more steady recurring revenue than selling residential units. It also plans to build industrial parks as well as undertake transit-oriented developments (TOD) and autonomous rail transit-related (ART) projects. IJM Land has been concentrating on township developments like Rimbayu and Seremban 2, which are primarily residential based. Both townships will take another 10 years to finish. The company is also developing two large mixed-use integrated developments, The Light City in Penang and Pantai Sentral Park (PSP) in Kuala Lumpur, which will take 10–15 years to complete. It is looking to expand into the commercial segment of the property market, not just for recurring income but also to increase the gross development value (GDV) of its projects. In 2023, IJM Lands plans to launch nine new residential projects totalling RM2.1 billion in gross development value.
AVALAND’S NEWLY LAUNCHED ALORA RESIDENCES IN SUBANG JAYA 50% SOLD
The Edge, 14/09/2023
Avaland Bhd’s newly launched Alora Residences has achieved a sales rate of 50%. Launched on 26th August 2023, Alora Residences is the first phase of 2Fifth Avenue, the company’s RM3 billion, 13-acre integrated development comprising serviced apartments, retail and office components in Subang Jaya. The 2.68-acre project comprises 778 serviced apartments and 8 retail units on the ground floor, including a drive-through outlet. The built-up areas ranging between 568 and 1,457 sq. ft., for 1+1 bedroom to 4 bedroom units. The units are priced from RM693,800 or RM752 psf. Alora Residences’ facilities will include a swimming pool, splash pool, herb garden and electric vehicle (EV) charging facilities at the carpark. The development will also have rooftop facilities such as a sky gymnasium, a sky lounge and a multipurpose hall with panoramic views of its surroundings.
DUTCH LADY PLANT TO BE DEMOLISHED LATE 2024
NST, 15/09/2023
UEM Sunrise Bhd will demolish the historic factory in Section 13, Petaling Jaya in late 2024 to make way for a mixed-use development with residential towers and retail featuring a modern, co-living concept. UEM Sunrise Bhd, through subsidiary UEM Land Bhd, bought the 9.93-acre leasehold factory land and buildings from Dutch Lady Milk Industries Bhd for RM200 million in 2021. Currently, UEM are still renting it out to Dutch Lady before it moves to Bandar Enstek. The Dutch Lady’s new manufacturing and warehousing facilities in Bandar Enstek, Negri Sembilan is expected to be completed in three years (in 2024).
HONG SENG SHELVES RM3 BILLION LATEX PROJECT IN KEDAH RUBBER CITY
The Edge & NST, 13/09/2023
Hong Seng Consolidated Bhd is shelving a RM3 billion project to build and operate a nitrile butadiene latex (NBL) manufacturing plant in Kedah Rubber City, amid a downturn in the glove industry. The group has made a strategic decision to suspend the development of the NBL plant in view of various factors including project requirements, funding requirements and external factors beyond the group’s control, such as the current weak market sentiment regarding the glove industry, capital raising needs and inflows of private and foreign investments. Hong Seng bought 105 acres of federal land in Kedah Rubber City for RM45.74 million from Northern Corridor Implementation Authority (NCIA) for the set-up of the plant in 2020. Kedah Rubber City is the first dedicated rubber industrial park in Kedah, covering an area of 1,222 acres. Following its decision to suspend the NBL plant, the company denoted it will renegotiate with NCIA on the terms of the agreement in relation to the Kedah Rubber City NBL project and explore alternative use of the land. With its decision, a plan by its subsidiary, HS Petchem Logistics Sdn Bhd, to build storage tank facilities to store feedstocks such as Butadiene (BD) and Acrylonitrile (AN) petrochemicals and provide logistics services for the supply of feedstocks to the NBL has also been aborted. BD and AN are the raw materials required for the manufacturing of NBL. The group has reached an agreement to terminate the sub-lease of 13 acres of industrial land from Penang Port Sdn Bhd, where the storage tank facilities were to be built, for a period of 20 years for a total rental payment of RM8.5 million.
HEKTAR REIT TO BUY KYS COLLEGE BUILDINGS
The Star, The Edge & the Sun, 13/09/2023
Hektar REIT’s trustee MTrustee Bhd has entered into a conditional sale and purchase agreement (SPA) with KYS College Sdn Bhd to buy Kolej Yayasan Saad in Ayer Keroh, Melaka, for RM150 million. The 30-year lease on the buildings to KYSA Education Sdn Bhd, which started on 22nd June 2023, will be novated to MTrustee upon completion of the deal via a deed of novation between the lessee, trustee and vendor. The buildings it is acquiring include academic blocks, a great hall, staff and student accommodation, and sports and other facilities. The purchase consideration of RM150 million was arrived at on a willing-buyer willing-seller basis, after taking into consideration the market value of the subject property of RM150 million using the income approach by way of investment method carried out by Jones Lang Wootton as at the date of valuation of 22nd June 2023.
MALAYSIA ON TRACK TO BUILD 500,000 AFFORDABLE HOMES BY END OF 12MP
The Edge, NST, The Star & The Sun, 12/09/2023
Malaysia is on track to build 500,000 affordable homes by the end of the 12th Malaysia Plan (12MP). Approximately 108,373 units of affordable homes have been built until the end of 2022. The main shift in Public Housing will continue to be improved through the transition from the concept of ownership to the concept of residence. The Rent to Own Scheme will also be expanded to enable more target groups to own houses. The initiative to provide rental housing for the less able in the main urban areas which has already been implemented in several places such as Johor and Selangor will be further enhanced. The Madani Inclusive Housing pilot project will be developed for target groups in major cities such as the Federal Territory of Kuala Lumpur, Selangor and Penang. This construction involves 800 house units with various sizes of floor space to accommodate the needs of different target groups. In addition, focus will also be given to exploring the potential of inclusive retirement villages to prepare for the impact of an aging country.
NAPIC: MALAYSIAN PROPERTY MARKET STABLE IN 1H23
The Edge, NST, The Star & The Sun, 15/09/2023
Malaysia’s real estate market recorded a stable performance in 1H23, with the value of transactions increasing by 1.1% to RM85.37 billion from RM84.40 billion in 1H22. The volume of transactions, however, showed a marginal decrease of 2.1% to 184,140 for 1H23 versus 188,002 in 1H22. The residential property segment continued to drive the market, controlling more than 60% of the total transaction volume and nearly 53% of the total transaction value. It was followed by the agriculture sub-sector with a 19.8% share in terms of volume, while in terms of value, the commercial property sub-sector was second with 19.6%. The new residential property segment saw cautious sentiment during 1H23, recording more than 16,000 newly launched units compared with 33,205 units in 1H22 with the majority of new launches being in Johor, Selangor and Penang. The overhang situation in the residential segment improved during the market recovery period with unsold units falling 5.3% to 26,286 units valued at RM18.3 billion from 27,746 units worth RM18.4 billion in 2H22. Condominium/apartment units made up nearly 58% of the residential overhang, while in terms of price range, almost half were priced more than RM500,000 per unit. Johor continued to have the highest residential property overhang with 4,717 units, followed by Selangor with 4,307 units. These states recorded overhang value of more than RM4 billion each. However, Johor managed to reduce the overhang volume by 10.3% while Selangor registered a 16.5% rise compared to 2H22. Selangor contributed the highest number of completions, accounting for 31.2% (8,874 units) of the national total, followed by Perak (12.8%) and Kuala Lumpur (12.7%).
CRESCENDO BUYS TWO PLOTS OF LAND IN JOHOR BAHRU FOR RM72 MILLION
The Edge, The Star & NST, 13/09/2023
Crescendo Corp Bhd (CCB) is buying two plots of freehold vacant land in Johor Bahru for RM72 million cash, tapping the “good development potential”. The group’s wholly owned subsidiary Crescendo Landmark Sdn Bhd has entered into sale and purchase agreements (SPAs) with Bewell Realty Sdn Bhd for the acquisition. The total gross land area is approximately 3.272 acres and located in the Johor Bahru city centre, near the Johor Bahru Singapore Rapid Transit System (RTS) terminal at Bukit Chagar. The first plot of land covers an area of approximately 2.888 acres, costing RM71.5 million, while the second plot covers an area of approximately 0.384 acre, costing RM500,000. Plot 1 has been approved for the development of 1,090 units of serviced apartments with gross development value (GDV) of approximately RM726 million. The estimated development cost (inclusive of land cost) is approximately RM535 million which will be financed by internally generated funds as well as bank borrowings. The development is expected to commence in 1Q24 and estimated to complete in three years’ time.
ECM LIBRA TO BUY BEACHFRONT LAND IN JOHOR TO GROW HOSPITALITY SEGMENT
The Edge, 12/09/20223
ECM Libra Group Bhd is to acquire two pieces of beachfront land in Johor for an aggregate RM36.86 million for future hospitality developments. The plots of land are located in Desaru Coast, which is expected to benefit from tourist market catchments. ECM Libra’s wholly owned unit ECM Libra Desaru Sdn Bhd is acquiring the entire equity interest of Desaru Beachfront 2 Sdn Bhd, owner of a 396,446 sq. ft. plot, for RM17.05 million from Desaru Development Holdings One Sdn Bhd. Another wholly owned subsidiary, ECM Libra Beachfront Sdn Bhd, is to acquire a 478,208 sq. ft. plot for RM19.81 million from Desaru Beach Parks Sdn Bhd. The acquisitions are in line with its initiative to continue its diversification into the hospitality sector, adding that since diversifying into hotel ownership and management in 2017, the group has acquired six hospitality assets.
ECO WORLD TO BUILD 1,372 PROPERTIES IN BATU KAWAN
The Star, 11/09/2023
Eco World Development Group Bhd will build 1,372 properties with a gross development value (GDV) of RM800 million in Batu Kawan in 2H23. The launch comes under the Eco Horizon development, of which 1,302 high-rise units are in the Ceria D’Eco Horizon development and the remaining 70 semi-detached houses in the third phase of the Beldon Collection. The high-rises are each priced below RM499,000, while the semi-detached units are about RM1.5 million.
BERTAM RESORT AND WATER PARK TO SPEND RM7 MILLION ON LUXURY VILLAS
The Sun, 13/09/2023
Bertam Resort and Water Park, a Moroccan-themed five-star resort and water theme park in Bertam Kepala Batas, is investing RM7 million to build luxury villas. The RM90 million project on 20 acres is owned and managed by Maritime Waterfront Suites Sdn Bhd. The park opened its doors in December 2022 and the resort in March 2023. The company decided to construct 16 luxury villas there following positive response from visitors. This was the site of an abandoned project for 13 years before took over in 2019 and implemented the first phase comprising the theme park and the second phase involving the 300-room resort. These two phases cost RM90 million. The group now plan to continue with the third phase – luxury villas which will start construction on October and take six to nine months to be completed. One of the villas will be used as a clubhouse and wellness treatment facility. The resort and theme park have attracted an average of 15,000 guests every month since opening, with strong demand seen from both local and international guests in terms of hotel bookings.
PAYA TERUBONG AGROTOURISM PROJECT — A NEW TOURISM ICON FOR PENAN
The Edge, NST, The Star & The Sun, 15/09/2023
Penang will have a new tourism icon involving agrotourism and agriculture sector through the Paya Terubong Agrotourism project. The RM40 million project will be developed by KAT Resources Sdn Bhd on leased land, belonging to the Penang Development Corporation (PDC), covering an area of about 408 acres. KAT Resources had allocated RM20 million for five years, where the focus would be on agriculture development and infrastructure work. Another RM20 million is expected for the implementation of tourism development. This project is expected to begin after getting the necessary approval from the local authorities within a year. This project is not only for the cultivation and supply of food but is also intended to stimulate economic growth in terms of fruit crop tourism which has high yield and potential. Among the fruits that will be planted are durian, such as musang king and black torn, as well as cempedak king. The project also involved recreational activities such as flying fox, hiking, glamping and other outdoor activities.
RM80 MILLION ART GALLERY TO OPEN IN GELUGOR
The Star, 15/09/2023
Penang, known for its rich heritage and vibrant culture, will soon welcome the opening of the RM80 million Lin Xiang Xiong Art Gallery at The Light City in Gelugor. Named after the owner-cum-world-renowned artist and entrepreneur, the seven-storey gallery will have retail shops, basement carpark and restaurant sited on a 0.9-acre land. The 86,929 sq. ft. gallery is expected to be completed in 15 months.
SUNWAY GETS SINGAPORE LAND FOR CONDOMINIUM PROJECT
The Star & The Edge, 13/09/2023
Sunway Bhd’s unit has secured a land parcel near Jurong West from the Housing and Development Board of Singapore, to develop an executive condominium (EC) housing development project worth RM1.2 billion (S$348.5 million). Sunway’s subsidiary Sunway Developments Pte Ltd (SDPL) and Hoi Hup Realty Pte Ltd, jointly submitted the tender for the EC development at Tengah Plantation Close for a 99-year lease term. Hoi Hup and SDPL will incorporate a joint venture (JV) company, in which Hoi Hup or its nominee companies and SDPL will have equity interest in the proportion of 65:35 at a later date, to undertake the development in the Jurong Lake district situated between Jurong West and Choa Chu Kang. SDPL is a wholly owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is a wholly owned subsidiary of Sunway. Meanwhile, Hoi Hup is a company incorporated in Singapore with a paid-up capital of S$3,000,000 (RM10.3 million) which focuses on real estate development. The project commenced on 11th September 2023, and is expected to be completed in five years. According to the Housing and Development Board of Singapore, EC are strata-titled apartments which are built and sold by property developers to eligible Singaporean households.