Week 46 - 2024
MALAYSIA’S UNEMPLOYMENT RATE UNCHANGED AT 3.2% IN SEPTEMBER 2024
The Edge, 09/11/2024
Malaysia’s unemployment rate remained stable in September 2024, as the number of jobless people fell while the labour force expanded. The unemployment rate stood at 3.2%, a level generally considered as full employment. The number of unemployed individuals, meanwhile, was marginally lower at 555,300, compared to 558,500 in August 2024. Strong domestic demand and recovery in the external sector have also created more job opportunities in the market. The number of employed individuals also climbed further, edging up 0.2% month-on-month to 16.69 million. The labour force expanded by 0.1% to 17.24 million individuals. The labour force participation rate ticked up 0.1 percentage-point to 70.5% in September 2024. The number of employees, which make up 75.1% of the total workforce, ticked up 0.1% to 12.51 million individuals in September. By states, Kedah recorded the lowest unemployment rate among states at 1.6%, followed by Selangor at 1.9%. Unemployment of youth, defined as those between 15- and 24 years old, ticked up slightly to 10.5% with 304,200 youths unemployed, while the broader 15-to-30 age group saw a 6.3% decline in unemployment to 159,100 persons.
S P SETIA TO UNVEIL DOUBLE-STOREY SEMIDEE AMBROSIA II AT SETIA BAYUEMAS ON 16TH NOVEMBER 2024
The Edge, 15/11/2024
S P Setia Bhd will be launching its phase of freehold, semi-detached units of Ambrosia II in Setia Bayuemas, Klang on 16th November 2024. Ambrosia II, which has a total GDV of RM69.39 million, will comprise 38 units of double-storey, semi-detached houses with built-ups of 2,891 sq. ft. with “sleek, modern façade and interiors”. Due to be completed by November 2026, the houses will be priced from RM1.75 million to RM2.077 million. The units will have high ceilings up to 11 ft in height, and bathrooms with full-height tiles. Ambrosia II’s units will also have open living spaces, with spacious common areas and sliding glass doors in living and dining rooms for ventilation, and adaptable layouts for a dry kitchen island or a larger dining area. The units of Ambrosia II will also offer en-suite guest rooms, home office spaces, master suite features such as walk-in wardrobes and private balconies. The units will have ensuite bathrooms for all master bedrooms, second and third bedrooms on the upper floors.
FAJARBARU PULLS OUT OF RM192 MILLION AFFORDABLE HOUSING PROJECT IN PUTRAJAYA
The Edge, 09/011/2024
Fajarbaru Builder Group Bhd has pulled out from participating in the affordable housing development in Putrajaya dubbed Residensi Cemara, which is estimated to have a gross development value of RM192 million.
Fajarbaru revealed that its withdrawal as the developer of the project was due to a change in the requirements made by Perbadanan Putrajaya. Fajarbaru said Perbadanan Putrajaya has accepted its wholly owned subsidiary Fajarbaru Land (M) Sdn Bhd's withdrawal as the developer for the proposed development. Fajarbaru Land had on 24th January 2024 accepted a letter of offer from Perbadanan Putrajaya in respect of the appointment of Fajarbaru Land as the developer for Residensi Cemara, comprising 480 units of Residensi Madani and 320 units of Residensi Wilayah, with a development period of three years. These units are part of the government-sponsored housing programme.
AVALAND LAUNCHES SANDERLING 2 CONDO PROJECT IN CYBERJAYA
The Edge, 13/11/2024
Avaland Bhd launched the Sanderling 2 high-rise residential project on 10th November 2024. Sanderling 2 is the fourth and final phase of the developer’s 23-acre freehold Lakefront Residence development in Cyberjaya. With a gross development value (GDV) of RM355.8 million, Sanderling 2 comprises two towers, housing 606 condominium units with built ups ranging from 958 sq. ft. to 1,711 sq. ft. The units come in three-bedroom and 3+1-bedroom configurations. Selling prices start from RM496,000, and the project is expected to be completed by 2Q28. The previous phase, Sanderling, has been fully sold.
For 2025, Avaland has RM1.5 billion worth of projects in the pipeline. The company plans to launch its third luxury project, Aetas Taman Desa, as well as the second phase of Anja Residences in Bangi. In Cybersouth, Avaland will unveil landed homes within the master plan, and new commercial retail developments.
AIZO SECUREES RM24.1 MILLION JOB FOR INFRASTRUCTURE WORKS OF HIGH-RISE RESIDENTIAL PROJECT
The Edge, 14/11/2024
Aizo Group Bhd has secured a RM24.1 million sub-contract from China State Construction Engineering (M) Sdn Bhd (CSCE Malaysia) to undertake external infrastructure works for a high-rise residential project in Kuala Lumpur. The project in Jalan Pantai Dalam includes a 37-storey tower with 440 residential units, a 38-storey tower with 452 units, and a 37-storey tower with 440 units. Work commenced on 21st October 2024 and is expected to be completed by 30th July 2026. CSCE Malaysia is a subsidiary of China State Construction Engineering Corp, a global leader in large-scale infrastructure and construction. Aizo, formerly known as Minetech Resources Bhd, is involved in various business segments, including civil engineering, bituminous products, renewable energy and financial technology.
TRINITY SENSORIA LAUNCHED WITH NEW STANDARD OF SAFETY FOR URBAN LIVING
The Edge, 15/11/2024
Trinity Group has launched its latest residential development Trinity Sensoria in Beverly Heights, Ukay, Ampang North. The project is a joint venture with Singapore-based property developer Oxley Holdings Ltd. Sensoria’s Five-Tier Protection System is designed with an integrated approach to residents’ safety and well-being by incorporating: contactless technology, wellness-oriented design, physical wellness facilities, social wellness spaces and mental wellness amenities. With a GDV of RM568 million, the 29-storey development is built on a 6.1-acre freehold plot and features 737 residential units ranging from 1,008 to 2,591 sq. ft. Prices start from RM608,000 for the 1,008 sq. ft. units and the development targets a diverse demographic, including middle-upper class families, professionals, investors, empty nesters, and first-time homebuyers. Trinity Sensoria builds on the success of Trinity Wellnessa, the neighbouring project with a RM315 million GDV. Launched in 2021, Wellnessa has registered a 99% sales rate.
NEW FLAGSHIP STORE AT KL MALL FEATURES COFFEE BAR, CUSTOMER LOUNGE
The Star, 12/11/2024
Metrojaya has launched its new flagship store following six months of renovations to reflect the brand’s modern lifestyle merchandise and ambience. Besides its in-house labels of East India Company (EIC), Somerset Bay, Cape Cod and Living Quarters, the lifestyle store features 51 other brands. Spread out on its 30,000 sq. ft. single floor in Mid-Valley Megamall, Kuala Lumpur, these brands cover merchandise for ladies, gents, kids and homes. For coffee and gelato fans, there is Lusso Cafe. There’s also a customer lounge with a private fitting room and washroom. Metrojaya has five stores and five specialty stores under EIC, and the newly introduced Indie Batik label. Its 11th EIC outlet opened in Sunway Pyramid Oasis, Petaling Jaya, in November 2024. The group has also entered into joint ventures with Singaporean brands Kskin, a chain of Korean express facial studios and smart menswear label Benjamin Barker.
SUNWAY PYRAMID UNVEILS SUNWAY PYRAMID OASIS IN NOVEMBER 2024
The Star, 11/11/2024
Sunway Pyramid unveils Oasis, a reimagined retail space poised to be a jewel in the urban desert. With new concepts and offerings, the space is set to introduce an elevated and seamless shopping experience for everyone. Sunway Pyramid’s newly transformed four-level retail haven, spanning 300,000 sq. ft., Oasis seamlessly connects the mall’s Orange Atrium (Sun) and Blue Atrium (Nile River), echoing the flowing forms of desert dunes, with gentle, wavy lines across ceilings, floors, and lighting. Oasis also houses the larger-than-life Papyrus Flower Seating areas which draw inspiration from the ancient papyrus plant – at LG1 and ground floor, inviting shoppers to pause, relax and take in the atmosphere as they take a short break from shopping. Shoppers can now indulge in a wider range of retail and dining experiences at Oasis, home to celebrated brands, from local favourites to international icons. Muji in Sunway Pyramid has moved, expanding the store from 6,165 sq. ft. to over 26,000 sq. ft., becoming the largest Muji store with Gelato & Coffee counter in Malaysia.
Another anticipated brand to look forward to is Caudalie, which marks the first Caudalie Spa in Southeast Asia, making it a must-visit destination. Those seeking a sanctuary for relaxation and self-care can revel in the brand’s exclusive treatments that harness the natural benefits of grapes and vines, rejuvenating both body and mind. Oasis offers Dandy, which serves a myriad of halal-certified foods ranging from modern Mediterranean dishes to pastries and desserts, perfect for those seeking diverse options. For fans of authentic Taiwanese flavours, Din by Din Tai Fung offers iconic Muslim-friendly dishes, allowing everyone to enjoy its renowned culinary experience.
For a lively cafe vibe, look no further than VCR, where you can certainly expect the same ambience, menu from VCR Ritchie and the core of VCR – its iconic coffees. It’s the perfect spot to indulge in scrumptious delights and sip homebrew coffees. Among the highly anticipated brands making their debut is H&M Home, known for its chic home decor and furnishings. Laneige store, first Pineyard store, East India Company and 50 new F&B outlets. Look forward to Urban Revivo, Sports Direct, Art Toy Cafe by Milolo, OGA Tea & Dessert, Tan Yu and Akemi Home, among many others that await your discovery.
Located in LG2, the refreshed, European-themed space features a diverse selection to cater to everyone, including a seafood cutting station, a refurbished Cameron Highlands farm truck featuring fresh fruits and vegetables as well as a dedicated wine and cheese area for visitors to indulge in. Shoppers can choose from a wide array of award-winning wines as part of Hank’s Five Star Award 2024 Wine List, endorsed by the Sommelier Association of Malaysia. More than just a grocery store, Jaya Grocer’s new concept also offers customers seeking food on the go with delightful quick bites and takeaway meals at I’m Bagel, K Kitchen, Baker’s Son and Toyosuya.
PASDEC EXPECTS NET GAIN OF RM68 MILLION FROM KUANTAN LAND SALE
The Edge, NST & the Star, 14/11/2024
Pasdec Bhd is expected to realise an estimated net gain of RM68.38 million from the proposed sale of industrial land in Kuantan, Pahang to Petroluxe Refinery (M) Sdn Bhd (PRSB) for RM73.5 million. The land, measuring 59.2 acres, is a leasehold land with remaining tenure expiring on 6th August 2113. Proceeds from the proposed disposal will be utilised for working capital purposes for its ongoing and newly launched projects and paring down debts.
OXLEY HOLDINGS AND LANGHAM HOSPITALITY GROUP TO OPEN THE LANGHAM, KUALA LUMPUR HOTEL IN 2027
The Edge, 13/11/2024
Singapore-based Oxley Holdings Ltd via a subsidiary, Artisan Hospitality Sdn Bhd, has formed a joint venture with Langham Hospitality Group (LHG) to open The Langham, Kuala Lumpur hotel at the Oxley Towers KLCC mixed development in 2027. The Langham, Kuala Lumpur will have 189 guest rooms and suites, and come with amenities such as a sky pool, Hong Kong’s three Michelin-star T’ang Court, a bar, Palm Court eatery, fitness centre, banquet halls and meeting rooms. The Langham, Kuala Lumpur will be LHG’s third hotel in the Southeast Asian region. The other two hotels are in Jakarta, Indonesia, and an upcoming one in Bangkok, Thailand.
TM GLOBAL TO EXPAND DATA CENTRES IN CYBERJAYA, JOHOR TO MEET GROWING DEMAND
The Star & The Sun, 12/11/2024
TM Global, the wholesale arm of Telekom Malaysia Bhd (TM), will expand its Klang Valley Data Centre (KVDC) in Cyberjaya and the Iskandar Puteri Data Centre (IPDC) in Johor to meet surging demand for local and international data hosting services. KVDC and IPDC are integral infrastructures in Malaysia’s digital ecosystem, functioning as international gateways and interconnection hubs to support 5G networks. The expansions, alongside TM’s partnership with Nxera to build a new, hyperconnected, AI-ready data centre, provide the foundation for advanced digital services, including cloud, analytics, artificial intelligence, and the Internet of Things. Set for commercial operations in 2025, the second phase expansions at KVDC and IPDC will offer a combined information technology load of around 20 megawatts, adhering to Uptime Institute’s tier-III standards and achieving leadership in energy and environmental design silver certification for sustainability. Leveraging its extensive network infrastructure, TM Global provides carriers, enterprises, hyperscalers, over-the-top (OTT) players, and next-gen (next-generation) AI application providers with the essential tools for innovation and seamless digital integration.
DUTY-FREE STATUS OF FOREST CITY TAKES EFFECT ON 15TH NOVEMBER 2024
NST, 10/11/2024
The duty-free status of Pulau Satu Forest City will take effect this 15th November 2024, with the Royal Malaysian Customs Complex set to be fully operational on the same day. The implementation of the duty-free status will be carried out in two phases, with the second phase to be implemented during 1Q25. The first phase of the implementation only focuses on residents (homeowners), long-term renters and hotel guests staying at least 48 hours on Pulau Satu, while the second phase, will also include office employees, business visitors, event attendees, hotel guest (short-term tourists), yacht owners/marina visitors, healthcare tourist, investors and property buyers. To facilitate the implementation of the second phase, the existing system will be improved with use of quick response (QR) codes, a visitor tracking system, 48-hour tracking and an extension of duty-free privileges for all goods. The new customs complex will have baggage scanning machines equipped with artificial intelligence (AI). The use of the technology will strengthen control of entry and exit of duty-free goods sold on the duty-free island.
CONVENIENT LOCATION SEES 50% CONDO UNITS SOLD OUT
The Star, 15/11/2024
A strategic location is the key selling point for D’Secret Garden 2 condominium project in Jalan Kempas Indah, Johor Baru. The development is the second for Khoo Soon Lee Realty Sdn Bhd, with its first D’Secret Garden 1@Kempas Indah, located just a few metres away and completed in 2017. Khoo Soon Lee Realty is a wholly owned subsidiary of KSL Holdings Bhd. The freehold project registered a 50% sales rate out of the 1,688 units, priced between RM250,000 and RM450,000, as of 9th November 2024. Construction work on Phase 1, comprising three blocks of 34- and 35-storey buildings, started on January 2024 and has attained 30% completion. It is expected to be completed in 2027.
PARAGON GLOBE TO UNDERTAKE RM733 MILLION GDV RESIDENTIAL PROJECT IN JOHOR
The Edge, 13/11/2024
Paragon Globe Bhd has secured the rights to develop 67.42 acres of land in Iskandar Puteri, Johor, for a residential project with an estimated gross development value of RM733.12 million. The development rights were obtained through an agreement between the group’s wholly owned unit, Paragon Globe Properties Sdn Bhd (PGPSB), and Iskandar Capital Sdn Bhd (ICSB). This grants the Johor-based property developer the rights to develop two prime freehold parcels: an 11.5-acre site about 450m from Jalan Ismail Sultan and a 55.92-acre site about 450m from Lebuh Kota Iskandar. The project, which marks Paragon Globe’s entry into the landed property market, will feature 340 properties, comprising 324 semi-detached houses, two bungalows, and 14 bungalow land lots. Construction is expected to commence in 2025 and take seven years to complete. The gross development cost for the project is estimated at RM545.03 million.
PEIKKO GROUP EXPANDS TO MALAYSIA
Starproperty.my, 13/11/2024
Precast and cast-in-situ building material supplier Peikko Group, hailed from Finland, has officially opened its factory in the southern state of Johor, marking a significant milestone for the company and the construction industry in the region. A global supplier of concrete connections and composite structures, Peikko Group’s expansion in Malaysia and Asia-Pacific (APAC) is to meet growing demands of the construction industry in both Malaysia and the broader APAC region. This strategic move enhances Peikko’s ability to respond flexibly to customer needs, establishing a more customer-centric approach and further strengthening Peikko's brand reputation in the industry. Opening a new production facility is a logical step forward, as Peikko has had a sales and technical support team in Singapore already for some years. This strategically important location of Johor Bahru is an excellent choice for Peikko when increasing our operations in Malaysia and the broader APAC region in the coming years. The new facilities comprise approximately 32,292 sq. ft. and are equipped with cutting-edge machinery and production lines, enabling the company to provide even more precise and professional services to its valued clients. Leveraging its extensive expertise in precast and sustainable construction, the RM47.1 mil facility in Johor Bahru is ideally positioned to cater to the dynamic requirements of Malaysia, Singapore, Australia and other Southeast Asian markets.
NEGOTIATION WITH CONTRACTOR FOR PENANG LRT PROJECT IN FINAL STAGE, WORK TO BEGIN EARLY 2025
NST & The Edge, 12/11/2024
The negotiation with the contractor for the Mutiara Line Light Rail Transit (LRT) project in Penang is now in the final stage and the work is expected to commence early next year. The negotiation between Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) and the contractor, SRS Consortium, is still ongoing as there are several matters that need to be finalised before the proposal can be submitted for approval by the Ministry of Finance (MOF). The first phase of the project will begin from the Penang International Airport (PIA) to Komtar, while the second phase will involve a route crossing over to Penang Sentral in Seberang Perai.
PENANG TO IMPLEMENT SIX-MONTH BUS LANE TRIAL PROJECT FROM 19TH NOVEMBER 2024
The Star & The Sun, 13/11/2024
Penang will be the second state after Kuala Lumpur to implement the bus lane trial project to see its feasibility and cut down on travel time, especially during peak hours, in a bid to improve the level of public transport service. The pilot project in Penang would be implemented in collaboration with the Penang City Council (MBPP) and Rapid Bus Sdn Bhd (Rapid Penang) in parts of Jalan Penang and Jalan Ria from 19th November 2024. The implementation of this bus lane trial project is from the Jalan Ria/Jalan Dr Lim Chwee Leong junction until Jalan Ria/Jalan Magazine, which is about 200m; from Jalan Penang/Jalan Magazine/Jalan Datuk Keramat junction until Jalan Penang/Jalan Burma (100m); and from Jalan Penang/Lebuh Chulia until Jalan Penang/Jalan Dr Lim Chwee Leong (200m). The trial run will be for six months from 19th November 2024 to 19th May 2025, and will be tried out daily, including on public holidays. The operating hours are from 6.30am to 9am and 4.30pm to 8pm. The only vehicles allowed to use the bus lanes are public buses, tour buses, taxis and emergency vehicles.
PENANG BUILT 170,000 AFFORDABLE HOMES, TARGETS 220,000 BY 2030
The Edge, 09/11/2024
The Penang government has provided 170,000 affordable housing (RMM) units so far to help low- and middle-income groups own homes, in line with the Penang2030 vision, targeting 220,000 housing units by 2030. The state government is currently focused on completing the remaining 50,000 houses by 2030. The affordable housing provided by the state government is priced between RM42,000 and RM250,000 a unit on the mainland, and between RM42,000 and RM300,000 on the island, with each application going through a thorough eligibility verification process, which could be time-consuming.
KERJAYA PROSPEK, ASPEN VISION JV WINS TENDER TO DEVELOP RAILWAY ASSETS LAND IN PENANG
NST, The Edge & The Star, 12/11/2024
Kerjaya Prospek Group Bhd has entered into a joint venture (JV) with Aspen Vision Development Sdn Bhd to undertake a mixed development on a 36-acre plot of land on Lot 286, Lot 65 and Lot 67 in Bandar Perai, Seberang Perai Tengah, Penang. Kerjaya Prospek’s wholly owned subsidiary Futuprop Sdn Bhd, and Aspen Vision, will form a 55:45 special purpose vehicle (SPV) named Rivanis Ventures Sdn Bhd to undertake the development. The development, to span seven years from end-2024, will see the construction of 338 affordable housing units, 1,680 residential units, service apartments, as well as retail shops and offices.
The JV will acquire land for the development from Railway Asset Corp, a unit under the Ministry of Transport, for RM156.49 million, in the form of RM54.1 million in cash; and the entire 338 units of affordable homes, valued at RM102.39 million. This is in accordance with the Affordable Housing Category C3 specifications set by the Penang state government. The proposed development is located in close proximity to Penang Sentral. Meanwhile, Rivanis Ventures will also be granted the first right of refusal to develop the adjacent 19.68-acre land. Futuprop and Aspen Vision have entered into a JV and shareholders’ agreement for the project.
ASCOTT LTD OFFICIALLY OPENS LYF GEORGETOWN PENANG HOTEL ON 11 NOVEMBER 2024
The Edge, 12/11/2024
Ascott Ltd officially opened its latest hotel along Farquhar Street in George Town, Penang, called lyf Georgetown Penang on 11 November 2024. The new hotel offers studio to three-bedroom layouts that come in built-up sizes from 151 to 603 sq. ft. Facilities in the hotel include lounge areas, co-working spaces and event spaces for community gatherings, pop-up events and creative workshops. Some events are Penang-inspired art sessions, local coffee tastings and cultural heritage walks. Other facilities include restaurants, a gymnasium, a swimming pool and even laundry facilities. Besides that, guests will also be able to visit the Door of Cosmic Dreams, an art installation project that will be on display until February 2025.
DEXCOM OPENS PENANG MANUFACTURING FACILITY WITH RM2.83 BILLION INVESTMENT
The Sun, The Star, NST & The Edge, 13/11/2024
US-based medical devices company Dexcom Inc has officially opened its new manufacturing facility, also its first offshore manufacturing site outside the US, in Batu Kawan, Penang. The RM2.83 billion strategic investment will bring more than 3,000 jobs to the state. Dexcom, founded in 1999, is a global leader in continuous glucose monitoring (CGM) technology for individuals living with diabetes. The establishment of this new facility highlights Dexcom’s continued commitment to taking control of health through innovative CGM systems.
For the past five years (2019-2023), Penang garnered a total of RM5.8 billion worth of investments in the scientific and measuring equipment sector, representing 45% of the nation’s total investments in this sector, involving 33 projects and generating an estimated 4,630 employment opportunities. Dubbed the Silicon Valley of the East, Penang has reportedly the highest concentration of medtech companies in Malaysia and Southeast Asia to date. Penang maintained its lead as the nation’s top exporter in September 2024, with a 37.5% share or RM46.5 billion of total trade.
CABINET APPROVES RM442 MILLION UPGRADE FOR KOTA KINABALU INTERNATIONAL AIRPORT
The Efge, 14/11/2024
Transport Minister announced that the Cabinet has approved a RM442.3 million upgrade for Kota Kinabalu International Airport (KKIA). The project will be fully funded by Malaysia Airports Holdings Bhd (MAHB), through an investment-recovery model, without the need for government guarantees. The project is expected to take 48 months, with the pre-construction phase starting in 2024, and completion anticipated by 2027. KKIA previously recorded a capacity of 9.4 million passengers per year but experienced a decline in 2020 and 2021 due to the Covid-19 pandemic. Projections indicate that passenger capacity will rise to 12.4 million by 2034.
As of October 2024, KKIA recorded a passenger volume of 6.6 million, a 13.4% increase compared to the same period in 2023. The upgrade project includes expanding the main terminal to increase its capacity to 12 million passengers annually, from its current nine million, as well as building a multi-storey parking facility and adding seven additional aircraft parking bays. Additionally, the upgrade will improve surrounding roads using green technology and integrate Airport 4.0 technology to enhance operational efficiency.
