Week 37 - 2024
JULY'S SIZE OF LABOUR FORCE UP 0.1% IN JULY 2024
The Edge & The Star, 10/09/2024
The size of the labour force in July 2024 went up further by recording an increase of 0.1% to 17.20 million persons from 17.17 million persons in June 2024, while the labour force participation rate remained unchanged at 70.4%, according to Labour Force Statistics. The number of employed persons continued to rise in July 2024 by 0.12% to 16.63 million persons compared with 16.61 million persons in June 2024. The country's labour market remained stable, following the country's growing economic position, recording a steadily increasing number of employed persons. The number of unemployed persons continued to reduce by 0.3% to 563,700 persons compared with 565,300 persons recorded in June 2024, and the unemployment rate during the month remained at 3.3% as in the previous month.
MALAYSIA’S WHOLESALE AND RETAIL TRADE SALES ROSE 6.7% TO RM149 BILLION IN JULY 2024
The Edge & The Sun, 10/09/2024
Sales of Malaysia’s wholesale and retail trade rose 6.7% year-on-year (y-o-y) to RM149 billion in July 2024, according to the Department of Statistics Malaysia (DOSM). Retail trade grew 6.4% to record RM63.5 billion sales for the month. Wholesale trade also went up 5.5% to record RM66.6 billion, followed by motor vehicles with an increase of 12.2% to RM19.0 billion. On a month-on-month (m-o-m) basis, wholesale and retail trade rebounded 2.1% after dipping 1.3% in June 2024, bolstered by motor vehicle sales which increased 11.6%. The retail trade sub-sector’s y-o-y growth was led by retail sales in non-specialised stores, which grew 7.7% to RM24.4 billion, while the wholesale trade sub-sector’s y-o-y growth was supported by wholesale of machinery, equipment and supplies, which rose 10.2% to RM5.4 billion. Meanwhile, the 12.2% y-o-y growth for the motor vehicles sub-sector was driven by the sales of motor vehicles, which recorded a double-digit growth of 14.0%, it said. The index of retail sale over the internet grew 5.7% y-o-y in July 2024, compared to 4.8% y-o-y in June 2024.
TWO CONSORTIUMS VYING FOR iRIDE PROJECT
NST & The Edge, 09/09/2024
The Railway Assets Corporation (RAC) has shortlisted two bidders for the Ipoh Railway Station, Integrated Development Plan (iRide). RAC is currently evaluating the best proposals from both bidders, with the project expected to be awarded to the successful party in 4Q24. RAC has recently carried out upgrades at the Ipoh station to improve passenger comfort. There is a temporary waiting area that has been renovated for passengers. This is just a minor renovation. The larger development on the adjacent land will be an integrated project known as Ipoh Sentral.
IJM LAND’S PHASE 2 OF RIDGE VIEW @ PUCHONG HAS 70% SALES RATE
The Edge, 07/09/2024
IJM Land Bhd officially launched Phase 2 of Ridge View @ Puchong on 6th September 2024. The phase was soft launched on 29th June 2024 and has recorded a 70% sales rate. Phase 2 will comprise 38 units of double-storey link villas. Type E units will have built-ups ranging from 3,213 to 3,313 sq. ft. and land size of 22.6ft by 80ft; Type F units will have built-ups from 2,530 to 2,806 sq. ft. and land size of 22.6ft by 70 ft; while Type G will have built-ups from 2,123 to 2,281 sq. ft and a land size of 22.6 x 80 ft. These units will be priced from RM1.308 million. Phase 1 of Ridge View @ Puchong consists of a total of 35 units of double storey linked villas is 85% sold. There are three types of layouts for Phase 1 villas— Type E with built-ups from 3,213 to 3,313 sq. ft; Type F with built-ups from 2,530 to 2,806 sq. ft. and Type G with built-ups from 2,123 to 2,281 sq. ft.
These homes have selling prices starting at RM1.28 million. The Ridge View @ Puchong development provides a clubhouse that will offer facilities such as an outdoor gym, swimming pool, sauna and multipurpose hall. There will also be jogging tracks that will link up the communal areas around the neighbourhood. The project is also located near the Ayer Hitam Forest Reserve and Wawasan Hill Trail.
PNSB, GAGASAN NADI CERGAS BREAK GROUND FOR RUMAH IDAMAN AMANI AT CITY OF ELMINA, SHAH ALAM
NST & The Edge, 07/09/2029
Permodalan Negeri Selangor Bhd (PNSB) and Gagasan Nadi Cergas has announced the commencement of construction for its Rumah Idaman Amani in Shah Alam. The project has a gross development value (GDV) of RM286 million. Located at City of Elmina in Shah Alam, Selangor, the 8.9-acre Rumah Idaman Amani is a joint-venture project between Gagasan Nadi Cergas and PNSB Construction Sdn Bhd (PNSC), a subsidiary of PNSB. The project comprises 1,063 units, spread over two towers, with built-up size of 1,000 sq. ft. and 1,120 sq. ft. All of the units will be furnished with television, refrigerator, kitchen cabinets, closets, water heaters and air-conditioners. The selling price will start from RM250,000. The facilities that will be provided are swimming pool, community hall, sky garden, gymnasium, jogging track, surau and security system. The project that was soft launched in March 2024, has received 371 registrations of interest. The groundwork, hoarding installation and piling works have started on the site. The project is expected to be completed in 2027.
Gagasan Nadi Cergas is also developing Rumah Idaman Bukit Jelutong (GDV: RM304 million) and Rumah Idaman Kwasa Damansara (GDV: RM1 billion). Rumah Idaman Bukit Jelutong is currently at 70% construction progress and achieved a 94% sales rate. It is scheduled to be completed by end-2025. Rumah Idaman Kwasa Damansara, is expected to be completed in 2027 and it is almost 50% sold. Currently, there are 9,050 dream house units under construction, involving 8 projects, i.e. Rumah Idaman Bukit Jelutong, Rumah Idaman Kwasa Damansara, Rumah Idaman Cahaya, Rumah Idaman Melur, Rumah Idaman Sari, and Rumah Idaman Perdana. These projects are open for Malaysians aged 18 years and above, who does not own a property in Selangor, and with household income of not more than RM10,000 per month. All units of a Ruman Idaman project are semi-furnished with two carpark bays.
RADIUM TO LAUNCH OLD KLANG ROAD DEVELOPMENT IN 4Q24
NST & The Star, 11/09/2024
Radium Development Bhd plans to launch its third development in 4Q24. The project called Radium Arena Residence, will comprise two 40-storey residential blocks with a GDV of about RM550 million. The development located in Old Klang Road near the Datuk Lee Chong Wei Sports Arena, will offer 988 units with built-up sizes ranging from 658 to 920 sq. ft, priced between RM400,000 and RM600,000, or an average of RM500 per sq. ft. The new development targets young professional homebuyers. Radium Arena is slated for completion by the 4Q28.
KANOPI RESIDENCES TO BE LAUNCHED IN 4Q24
The Edge & The Star, 09/09/2024
The City of Elmina by Sime Darby Property is launching. the township's first high-rise development - Kanopi Residences in 4Q24. The freehold, serviced apartments will offer 449 units with a typical built-up of 1,000 sq. ft. for 3 bedrooms and 2 bathrooms priced starting from RM590,888. The apartments are also designed with flexibility in mind by offering spacious and versatile open layout plans. Residents can kick back, relax and marvel at the scenery with forest and park views as well as flowing creeper plants on the podium walls.
KERJAYA PROSPEK GETS RM292.8 MILLION CONSTRUCTION CONTRACT
The Star, The Sun, NST & The Edge, 12/09/2024
Kerjaya Prospek Group Bhd had secured a RM292.8 million contract from Mega Legacy (M) Sdn Bhd, a subsidiary of UEM Sunrise Bhd, for building works in Kuala Lumpur. The project involves the construction of a 57-storey serviced apartment building comprising 1,126 units, eight levels of podium parking, and a sub-basement. It is scheduled to start on 17th September 2024 and take 38 months to complete.
CPI LAND LAUNCHES TUAN HERITAG3
Starproperty.com.my, 13/09/2024
CPI Land has announced the official launch of Tuan Heritag3, the latest development in the Tuan Series. Tuan Heritag3 will be located in Segambut within a Transit-Oriented Development (TOD) area, providing residents with easy access to public transportation and city amenities. With a build-up of 820 sq. ft. to 1026 sq. ft., all units are semi-furnished with three bedrooms and two bathrooms, with the selling price starting at RM511,400. Among the unique selling points are dedicated parcel and food drop areas, EV charging bays, free Wi-Fi service in co-working spaces, and a shuttle service to the nearest MRT station and shopping areas.
PKNS LAUNCHED RM3 BILLION SA SENTRAL
NST, 07/09/2024
The Selangor State Development Corporation (PKNS) has launched SA Sentral, a high-impact urban development project with a Gross Development Value (GDV) of RM3 billion. The project, expected to take seven years to complete, has the potential to transform Shah Alam into a dynamic business district. This development aims to turn Shah Alam into a vibrant, attractive city that can accommodate everyone, from young people and newlyweds to retirees, thus avoiding urban decay. The project will also boost the local economy, covering retail, commercial activities and hospitality. Shah Alam currently lacks international-standard hotels, so this development will help address that gap. SA Sentral will involve upgrading, renovating and expanding existing structures. PKNS also signed a Memorandum of Understanding (MoU) with strategic partners including the Shah Alam City Council (MBSA), TNB Engineering Corporation Sdn Bhd (TNEC), Amverton Prop, IKEA and KRU Entertainment. Covering 145 acres, the project includes the development of the area covering Plaza Alam Sentral (PAS), Plaza Perangsang, SACC Mall, SACC Walk, Kompleks PKNS Shah Alam, Shah Alam Convention Centre (SACC) and several areas in Section 14. The mixed development project will be transit-oriented, with all buildings interconnected. Situated in the heart of Shah Alam, SA Sentral is strategically located near the Dato’ Menteri LRT 3 Station, linking it to the other parts of the Klang Valley.
LAND & GENERAL TO LAUNCH RM2.4 BILLION GDV TOWNSHIP PROJECT IN SHAH ALAM in 2025
The Edge, 11/09/2024
Land & General Bhd plans to launch U10 Aria Rimba, a new township project in Shah Alam with a total gross development value (GDV) of approximately RM2.4 billion, in 2025. The project will be developed in six phases. Phase 1, set to start in 2025, entails the construction of 150 units of terrace houses with an estimated GDV of RM113 million. The group also plans to launch 1,008 units of high-rise service apartments in Sri Damansara Club with an estimated GDV of RM621 million in 2025. Additionally, the group targets to launch 602 units of affordable service apartments, Kamelia @ Bandar Sri Damansara, with an estimated GDV of RM156 million by 4Q24.
IOI PROPERTIES PLANS MORE INDUSTRIAL PARKS AS IT EYES 20% REVENUE CONTRIBUTION FROM THE SEGMENT
The Edge, The Sun, The Star & NST, 13/09/2024
IOI Properties Group Bhd is planning to launch IOI Industrial Park at Banting, Selangor by 2Q25 and another one in Melaka in 4Q25. By end of 2025, the group will have three industrial parks including the existing industrial park in Iskandar Malaysia, Johor. IOI Industrial Park at Banting spans 322 acres with an estimated total GDV of more than RM1.5 billion, offering 53 clusters of semi-detached and stand-alone factory units in its first 70-acre phase, along with land parcels for sale. Located within the Banting industrial zone, the park has close connectivity to Port Klang, which will be further enhanced by linkage from the West Coast Expressway. Whilst the new industrial park plan in Melaka will have an initial allocation of 200 acres out of its 800-acre land bank. The decision to have an industrial park there aligns with rising investor interest in Melaka's industrial sector, with numerous international players already in operation within the state.
The group has expanded its IOI Industrial Park at Iskandar Malaysia to 1,100 acres by rezoning part of the group's existing 5,000-acre land bank in Johor, after its first phase of semi-detached and detached factory units were fully sold out. IOI Properties is now launching the 200-acre second phase of the Iskandar Malaysia industrial park, comprising semi-detached factories, build-to-suit factories and land parcels, with an estimated gross development value (GDV) of RM800 million. The industrial park is located in Kulai, with connectivity to major land, air and sea terminals, providing accessibility to Singapore's network of seaports, along with connectivity to the North-South Expressway, Malaysia-Singapore Second Link and Senai-Desaru Expressway.
MARRIOTT INTERNATIONAL PLANS TO OPEN 20 HOTELS ACROSS MALAYSIA IN THE NEXT FIVE TO 10 YEARS
The Edge, 11/09/2024
Marriott International Inc revealed its plans to open 20 hotels across Malaysia in the next five to 10 years. This is in line with the company's goal to expand its brand in the region. Some of these hotels include The Millen in Penang, which is slated to open later in 2024; Iconic Marjorie Hotel in Penang, via a franchise agreement with Iconic Penang Sdn Bhd, to open by 4Q24; Sheraton Johor Bahru in Johor in 2025; and The Westin in Penang, via a collaboration with Westfield Global Sdn Bhd, in 2026. In addition, Marriott also said the company is signing with SKS Group to open Courtyard by Marriott Subang in 2026 and with Ideal Property Group to open Penang Marriott Hotel Queens Waterfront and Marriott Residences Queens Waterfront in Penang in 2029 and is opening a franchise hotel named AC Ipoh in 2025.
MALAYSIA'S FIRST LUXURY AIRPORT TRANSIT HOTEL CAPSULETRANSIT MAX OPENS AT KLIA TERMINAL 2
The Edge, 12/09/2024
Malaysia's first luxury airport transit hotel, CapsuleTransit MAX, officially opened on 3rd September 2024. The five-star hotel CapsuleTransit MAX (short for Malaysia's Authentic eXperience) is located in Kuala Lumpur International Airport (KLIA) Terminal 2, has 46 premium beds, a lounge, a spa and a fully equipped gym. Unique features of this hotel include a "runway suite" that offers views of the runway, steam bath facilities, as well as a business club that offers meeting rooms, conference rooms and event space. The hotel's lounge is also the first plant-based airport lounge, offering a variety of plant-based hot meals, free-flow light nibbles and non-alcoholic beverages. The hotel's interior is designed by design firm Blu Water Studio in collaboration with digital artist Abdul Shakir.
CONCORDE HOTEL KUALA LUMPUR NOT FOR SALE
The Star, 12/09/2024
The chairman of Ampang Hotel Sdn Bhd responded that Concorde Hotel Kuala Lumpur is not for sale. Going to their 33 years in the hospitality business, the group mentioned that Concorde Hotel Kuala Lumpur is performing exceptionally well and seeing strong results. They remain focused on enhancing their services and expanding their offerings to serve better.
PAHANG RECORDS 5.9 MILLION TOURIST ARRIVALS SPENDING RM5.3 BILLION
The Edge, 12/09/2024
Pahang recorded 5.9 million tourist arrivals, spending RM5.3 billion in 1H24. The figure showed an increase of 15.74% in arrivals compared with 1H23 (5.1 million tourist arrivals and spent RM4.5 billion). Pahang also recorded the highest average occupancy rates of hotels in Malaysia, with a 75% rate, an increase of 2.5% compared with 1H23. The average occupancy rate is estimated to be more than 36,000 total registered rooms in Pahang. In 1H24, Pahang recorded the highest number of hotel guests among local tourists at 5.92 million, followed by Kuala Lumpur (4.4 million), Johor (3.7 million), Selangor (2.8 million) and Penang (2.3 million). Five districts in the state showed a very positive number of tourist arrivals: Bentong, Kuantan, Cameron Highlands, Temerloh and Rompin.
BINASTRA GETS RM574 MILLION CONSTRUCTION JOB FROM EXSIM JALIL
The Edge, The Sun, The Star & NST, 10/09/2024
Binastra Corp Bhd has secured a project worth RM574.4 million from Exsim Jalil Link Sdn Bhd for a proposed development of a data centre. The building works include a five-storey data centre block, office spaces and electrical substation, among other facilities. Work for this new contract under the data centre project, located along Jalan Jalil Perkasa in Bukit Jalil, is expected to start in October 2024 for a period of 16 months.
MALAYSIA’S PROPERTY SALES SURGE 23.8% Y-O-Y TO RM105 BILLION IN 1H24
The Edge, NST & The Star, 10/09/2024
Malaysia’s property transaction value soared to RM105.65 billion in 1H24, marking a 23.8% year-on-year (y-o-y) increase, the highest in five years, according to the National Property Information Centre (Napic) compared with RM85.37 billion recorded in 1H23.
All property sub-sectors recorded growth, with the residential segment’s transaction value rising 10.4% to RM49.43 billion, followed by a 41.5% increase for commercial to RM23.71 billion, a 23.4% rise for industrial to RM13.50 billion, a 37.8% increase for agricultural to RM9.73 billion, and a 59.3% jump for development land and others to RM9.28 billion.
In terms of transaction volume, a total of 198,806 properties were sold in 1H24, representing an 8% increase from 184,140 units in 1H23. The residential segment contributed an increase of 6.1% to 121,964 units, followed by commercial (up 22.4% to 21,537 units), industrial (up 2.3% to 3,822 units), agricultural (up 6.5% to 38,827 units) and development land (up 12.1% to 12,756 transactions). The Malaysian House Price Index (MHPI), which tracks home price trends, stood at 218.7 points, with an average price per unit of RM471,918 in 1H24, reflecting a moderate annual growth of 0.9%. All states witnessed moderate positive growth, except for Wilayah Persekutuan Kuala Lumpur, which charted a decline of 0.8%. By property type, semi-detached, terrace, and detached remained stable, with positive growth rates of 2.6%, 1.1% and 0.5% respectively, while high-rise apartments showed a marginal decline.
The number of completed but unsold residential properties fell to 22,642 units, worth RM14.24 billion in 1H24, continuing the decline from 25,816 units worth RM17.68 billion in 2H23. Perak recorded the highest number of overhang residential units at 4,161 units, followed by Johor at 3,219 units, and Kuala Lumpur at 3,051 units. Most of these unsold units were priced below RM300,000. As for unsold but incomplete residential units, which include properties still under construction or yet to begin construction, a total of 67,944 units were recorded in 1H24. Of these, 57,934 units were still under construction, with 53.86% or 12,943 units priced at RM300,000 or below. Meanwhile, there were 10,010 unsold units that had yet to begin construction, with 52.82% or 2,388 units priced below RM300,000. Perak also topped the list for unsold, incomplete residential units at 11,376 units, followed by Kuala Lumpur with 9,837 units, and Selangor with 8,534 units.
SUNWAY CITY ISKANDAR PUTERI'S FIRST FREEHOLD LANDED HOMES SNAPPED UP WITHIN TWO HOURS OF LAUNCH
The Edge, 12/09/202
Sunway Maple Residence Phase 1 in Sunway City Iskandar Puteri (SCIP), Johor, were fully booked within two hours of the launch on 7th & 8th September 2024. Sunway Maple is the developer's first freehold landed homes project in the township with a gross development value (GDV) of RM206 million. Phase 1 of the development comprises 156 double-storey terraced homes with sizes ranging from 30 ft by 60 ft to 30 ft by 90 ft, the units are priced from RM1.22 million. Phase 2 of the development will comprise 70 double-storey units and will be launched by the end of 2024.
PLENITUDE UNVEILS TWO-STOREY LANDED RESIDENTIAL DEVELOPMENT ASTERA AT IMPIAN HILLS IN JOHOR
The Edge, 12/09/2024
Plenitude Bhd has unveiled Astera, a two-storey terraced house development with gross development value (GDV) RM209 million at Impian Hills township in Ulu Tiram, Johor. Astera will occupy 22 acres of freehold land and comprise 264 units in total. Planned with an open concept, the units will come with two layout types — Types A and B. Type A will have a built-up of 1,939 sq. ft. and comes with four bedrooms and three bathrooms while Type B will feature a built-up size of 2,141 sq. ft. and comes with four bedrooms and four bathrooms. Both Type A and Type B will have a land area of 22 ft by 70 ft. Selling price will start from RM600,950.
Located within the Impian Hills township, Astera residents will have access to the township’s facilities such as jogging tracks, expansive open lawns, wheelchair-friendly multigenerational park, children’s playground and outdoor fitness equipment. Unique features of the developments include each home will be integrated with eco-friendly designs such as electric vehicle charging points in the car porch. Residents can also opt to install solar panels and rainwater harvesting systems.
The township, located 10km away from Tebrau, is near amenities such as Toppen Tebrau, IKEA Tebrau, as well as healthcare facilities and educational institutions. It is also connected to the Tebrau Highway and Senai-Desaru Expressway.
EXCLUSIVE PREVIEW OF R&F PRINCESS COVE PHASE 3 IN JOHOR
The Edge, 11/09/2024
China-based property developer R&F Group hosted an exclusive preview event for its upcoming launch of New Casa Suites, the third phase of its R&F Princess Cove development in Johor Bahru, on 8th September 2024, which attracted more than 300 local and international potential buyers from China, Taiwan and Indonesia. New Casa Suites offers 4,385 units of serviced apartments with built ups ranging from 313 to 1,555 sq. ft.
Facilities at New Casa Suites include a 50m Olympic-standard swimming pool, tennis and basketball courts, billiards rooms, table tennis rooms, a mini golf area, indoor badminton courts, a gymnasium, a yoga room, a multifunctional room, a sauna, a Jacuzzi, a children's activity area, an outdoor playground and a covered link bridge to the R&F Mall — the retail mall component in the first phase development of R&F Princess Cove.
Located about 1km from Singapore, the 116-acre R&F Princess Cove development will feature residential towers, an opera house, a yacht club, R&F Marina Place Bar Street, R&F Mall and a 650m covered link bridge with direct access to the Johor Bahru CIQ checkpoint. R&F officially launched in 2014, the residential component of the first phase, R&F Princess Cove Phase 1, has been fully sold and handed over to buyers in 2017. The ongoing second phase, Seine Region, consists of 10 residential towers, of which nine have been fully sold and the final tower has a sales rate of 15%.
CHIN HIN GROUP PROPERTY TO JOINTLY UNDERTAKE HIGH-RISE PROJECT IN JB WITH ATLAN
The Edge & The Star, 11/09/2024
Chin Hin Group Property Bhd is partnering with duty-free retailer Atlan Holdings Bhd to jointly undertake a high-rise project in Johor Bahru, with an estimated gross development value of RM478.42 million. The two companies will develop two blocks of serviced apartments, featuring 1,260 residential units, 10 retail lots, and multi-storey car parks, on the 4.29-acre land. Work is expected to commence in 3Q25 and is targeted to be completed by 4Q29.
KSW GROUP OPENS THE COMMUNE LIFESTYLE MALL IN KULAI, JOHOR
The Edge, 12/09/2024
Johor-based KSW Group's The Commune Lifestyle Mall, located in Kulai, Johor, opened its doors to the public through an opening ceremony on 10th September 2024. Spread across four acres, the three-storey mall has a total net lettable area of 200,000 sq. ft. Its two anchor tenants are Hwa Thai Supermart, a Johor-based grocery chain, and Sports Affairs, which is a sports facility and multipurpose hall comprising 10 indoor badminton courts, two futsal courts and basketball facilities. The mall also houses some of Kulai or Johor’s firsts including a Chagee Drive-Thru, a Burger King Drive-Thru, Good2U, Kenangan Coffee, Richeese Factory, Bingxue, IJ Space and Guoma Seafood Shabu Shabu. The Commune Lifestyle Mall is a 15-minute drive away from the Senai International Airport, a five-minute drive from the Johor Premium Outlets and has access to major highways such as the North-South Expressway.
TAIWAN-BASED ELNA PCB OPENS RM1 BILLION MANUFACTURING PLANT IN PENANG, EXPECTS TO CREATE 1,000 MORE JOBS
The Edge, 11/09/2024
Elna PCB, a Taiwan-based printed circuit board (PCB) manufacturer, is expanding its manufacturing facilities with the opening of a new plant in the Perai Industrial Zone on 10th September 2024. With total investment of over RM1 billion, the expansion includes the new plant over 107,639 sq. ft, with a five-storey PCB manufacturing facility adjacent to the existing plant. The facility is expected to create 1,000 more job opportunities.
US’S BENCHMARK ELECTRONICS EXPANDS IN PENANG, OPENS ITS FOURTH FACILITY
The Sun, 13/09/2024
United States-based multinational engineering, design and manufacturing services company Benchmark Electronics opened its fourth facility in Penang with an investment US$20 million (RM86.6 million). The facility, located in Batu Kawan Industrial Park, covers more than 86,111 sq. ft. with space to expand at the site. With the new building, Benchmark Electronics will maintain more than 430,556 sq. ft. of production space in Penang. Benchmark Electronics is expanding its Penang facility to increase capacity for new and existing customers, supporting the anticipated growth of the semiconductor industry in 2025 while enhancing its vertical integration capabilities.
MARRIOTT INTERNATIONAL OFFICIALLY OPENS PENANG MARRIOTT COMPLEX AT GURNEY DRIVE
The Edge, 10/09/2024
Marriott International Inc officially opened the Penang Marriott Complex along Gurney Drive in George Town, Penang, on 8th September 2024. The 55-storey tower comprises three components, the 223-room Penang Marriott Hotel, the 90-suite Marriott Executive Apartments, Penang, and the 302-unit Marriott Residences Penang. The hotel component offers several culinary experiences such as Kucina, which serves Italian cuisine; Sago, which provides all-day dining of local and international flavours; and Lava Java for light meals and snacks. Guests of the hotel will also have access to a 24-hour fitness centre, a steam room and an outdoor infinity swimming pool with views of the Gurney Street seafront.The executive apartments will offer one- to two-bedroom units featuring the brand’s signature apartments with premiere hotel services for long stays. These units will have sleeping spaces, living areas and gourmet kitchens. These residents will be able to access the component’s fitness and business centres, staff services and security for 24 hours a day. As for the residences, a 45m infinity pool, a communal clubhouse, a gymnasium and a herb garden are among the facilities offered. Residents of this component will also have access to concierge and housekeeping services as well as 24-hour security.
SURIA CAPITAL SIGNS JV AGREEMENT FOR JESSELTON DOCKLANDS 2 MIXED COMMERCIAL PROJECT IN KOTA KINABALU
The Edge, 12/09/2024
Sabah-based port operator Suria Capital Holdings Bhd has signed a new joint development agreement (JDA) to formalise the development of a mixed commercial project within the Kota Kinabalu port area. The project, dubbed the "Jesselton Docklands 2," spans 28.52 acres and will be jointly developed by Jesselton Docklands 2 Sdn Bhd, a joint venture between Suria Capital and BEDI Development.
The Jesselton Docklands 2 project is part of the broader Jesselton Waterfront City plan, which includes tourism and commercial features connected to key landmarks such as Jesselton Quay and the Sabah International Convention Centre. It will feature commercial and residential spaces, a luxury hotel, a cruise terminal, an international school, and a wellness centre, aiming to attract millions of visitors. The project is scheduled to begin in 2026 and will be developed in phases over 15 years depending on the market conditions, the successful completion of each phase, and the performance obligations of both joint venture partners.