Week 38 - 2024
KEIN HING TO BUY LAND WITH FACTORY AND OFFICE IN SELANGOR FOR RM5.9 MILLION
The Edge, 19/09/2024
Kein Hing International Bhd is acquiring a semi-detached factory with offices for RM5.9 million in cash from property developer Wisdom Infinity Sdn Bhd. The property, situated on freehold land measuring 23,479.51 sq. ft., is located in Jenjarom, Selangor. The acquisition is part of Kein Hing’s investment objective as there is great potential for capital gain and lease income in view of the industrial park at Wisdom Park @ Jenjarom and the other property developments which have been completed and in progress within the town of Jenjarom. Kein Hing supplies metal components to various industries, including the automotive besides electrical and electronics (E&E) sectors. The company also manufactures gas appliances under its own brand name “ZENNE”.
WCT TO ESTABLISH PARADIGM - REIT
The Star, 19/09/2024
WCT Holdings Bhd has proposed to dispose of its three malls for RM2.43 billion and inject the assets into a proposed real estate investment trust (REIT) to be listed on the Main Market of Bursa Malaysia. The three malls are Bukit Tinggi Shopping Centre, Klang; Paradigm Mall, Petaling Jaya, and Paradigm Mall, Johor Bahru. The proposed REIT would be known as Paradigm-REIT. Notably, Bukit Tinggi Shopping Centre was valued at RM680 million; Paradigm Mall, Petaling Jaya at RM600 million and Paradigm Mall, Johor Baru at RM1.16 billion. Post-disposal of the three malls, a proposed offering will be undertaken to sell up to 560 million units of shares from the 1.6 million shares held by the group. The proceeds of RM560 million from the proposed offering will provide WCT with additional funds to pare down its borrowings.The disposal consideration was arrived at on a willing-buyer willing-seller basis and based on the market value of the subject properties as appraised by an independent property valuer. The proposals are expected to be submitted to the Securities Commission within two months from the announcement date and are expected to be completed by 1Q25 should no unforeseen circumstances take place.
FEDERAL GOVT TO LAUNCH 23 NEW AFFORDABLE HOUSING PROJECTS NATIONWIDE UNDER 12TH MP
The Edge, 19/09/2024
The Federal Government is poised to implement at least 23 new affordable housing projects through the People’s Housing Programme (PPR) under the 12th Malaysia Plan. These projects are set to provide over 7,000 units of affordable homes, specifically designed to assist the low-income B40 group. Once completed, these new units will offer improved facilities and contribute to the ministry's broader goal of delivering 500,000 units of affordable housing. The affordable housing initiatives (for B40 and M40) are being executed through several key agencies, including KPKT, Syarikat Perumahan Negara Berhad (SPNB), and Perumahan PR1MA. To date, 166 housing projects involving 104,081 units have been completed across the country and additionally, 16 projects, with a total of 5,823 housing units, are currently under construction. The implementation of 204 PRR projects, including those in the planning phase, has already benefitted and would continue to benefit 117,171 families from the B40 group.
168 PARK SELAYANG MALL TO OPEN ON 11 NOVEMBER
The Sun, 19/09/2024
168 Park Selayang’s new retail mall is set to open on 11 November with major brands like Village Grocer and Harvey Norman confirmed. 168 Park Selayang Sdn Bhd, a subsidiary of Infra Segi Sdn Bhd, is the developer of the project. The developer has secured six anchor tenants which are Village Grocer, Mr DIY, Anytime Fitness, Harvey Norman, a bank and The One Sports Centre. The One Sports Centre will feature 22 badminton courts and is one of the largest in the community. The mall is managed by the developer who will retain the retail space. 168 Park Selayang has three residential towers and a two-storey community mall with a total lettable area of 235,500 sq. ft.
THREE REVENUE PILLAR IOI INDUSTRIAL PARK SERIES LAUNCHED
The Star, 19/09/2024
IOI Properties Group Bhd (IOIPG) has launched the IOI Industrial Park series. This series encompasses three industrial parks, namely IOI Industrial Park @ Banting in Selangor, IOI Industrial Park @ Iskandar Malaysia in Johor and upcoming plans for Melaka. The launch coincides with the rebranding and expansion of iSynergy @ Kulai from 507 acres to 1,100 acres. IOI Industrial Park @ Iskandar Malaysia has been significantly expanded to 1,100 acres by rezoning part of IOIPG's existing land bank in Johor. The second phase, will offer 200 acres of semi-detached and build-to-suit factories alongside land parcels. The 1,100-acre park caters to a diverse range of industries, from regional multinational corporations to local players seeking a well-planned and integrated industrial environment.
IOI Industrial Park @ Banting. Is a 322-acre development will feature 53 clusters, semi-detached and bungalow factory units in its first phase, alongside land parcels for sale. The launch is projected for 2Q25. Operators benefit from high-voltage power lines flanking the industrial park, ideal for data centres and other high-power users. The master plan incorporates a centralised labour quarter, a secure perimeter with 24/7 CCTV and 5G infrastructure readiness, ensuring a future-proof environment. IOI Industrial Park @ Banting caters to light and medium industries that require excellent air and seaport connectivity, high power loads, and good visibility. This includes electrical & electronics, plastics & packaging, machinery, chemical warehousing and logistics players. IOIPG's is exploring a 200-acre industrial park near the Ayer Keroh toll on the North-South Expressway in Melaka.
TSR CAPITAL BAGS RM75 MILLION EARTHWORKS JOB FOR ELMINA BUSINESS PARK 2
NST, 18/09/2024
TSR Capital Bhd's wholly-owned subsidiary, TSR Bina Sdn Bhd, has accepted a letter of acceptance from Sime Darby Property Bhd for a construction earthworks job at Elmina Business Park 2, Gombak, Selangor worth RM75 million. The contract is for a duration of 18 months and is expected to be completed by March 2026.
SINGAPORE DATA CENTRE FIRM BUYS LAND ACROSS ASIA, INCLUDING MALAYSIA, TO SERVE AI DEMAND
The Edge, 19/09/2024
Data centre operator Princeton Digital Group (PDG) bought land in India, Malaysia and Indonesia and secured power supply for the sites to boost its capacity by nearly 50%, seeking to capitalise on rising demand for artificial intelligence (AI) services. The buildout is part of a US$5 billion (RM21.34 billion) investment programme and will happen in the next 12 to 18 months. It’ll boost Warburg Pincus-backed PDG’s capacity by 500 megawatts. The company is adding capacity in high-demand hotspots in Johor in Malaysia, Jakarta as well as India’s Mumbai and Chennai. In these markets, the data centre provider already caters to global technology companies, which are expanding across Asia to tap increasing demand for cloud and AI services. The Singapore-based company plans to double the capacity of its data centres in three years to meet surging demand from AI developers and to add more than 300 employees in markets including Japan, Malaysia, Singapore and India by the end of 2025.
KIMLUN BAGS RM128 MILLION JOB TO BUILD RESIDENTIAL DEVELOPMENT IN JOHOR BAHRU
NST, 18/09/2024 & The Edge, 19/09/2024
Kimlun Corp Bhd has secured a RM128.13 million contract to build a residential development in Johor Bahru, the fifth contract win this year, from Tanah Sutera Development Sdn Bhd. The first section, valued at RM57.86 million, is expected to be completed by 3Q26. The second section, worth RM70.27 million, is slated for completion within 21 months from its commencement date. This latest contract win follows a RM234.27 million job it obtained from Saujana Development Sdn Bhd in June, for a high-rise residential development in Selangor. Before that, it secured two projects in Johor Bahru — a RM143.01 million contract from a subsidiary of Eco World Development Group Bhd to build a serviced apartment and a RM150 million contract from Astaka Development Sdn Bhd to build a serviced residence. Kimlun announced its first contract win this year in January, when it clinched a RM133.6 million project from Sunway Parkview Sdn Bhd, a unit of Sunway Bhd.
HAILY’S UNIT WINS RM75.9 MILLION CONTRACT TO BUILD HOUSES IN JOHOR
NST, 18/09/2024
Haily Group Bhd's wholly-owned subsidiary, Haily Construction Sdn Bhd, has won a RM75.9 million contract from Meridin East Sdn Bhd, a subsidiary of Mah Sing Group Bhd. The contract is for the construction and completion of 393 terrace houses and two Tenaga Nasional Bhd (TNB) substations in Johor Bahru. Haily expects the projects to be completed progressively between 2024 and 2026.