Week 48 - 2024
MALAYSIA’S INFLATION AT 1.9% IN OCTOBER 2024 – DOSM
The Sun, 25/11/2024
Malaysia’s inflation rate for October 2024 has increased to 1.9%, up from 1.8% in September 2024. Meanwhile, the consumer price index (CPI) for October 2024 rose to 133.4, compared to 130.9 in the same period last year. The rise in inflation is due to higher increases in the main groups of food and beverages (2.3%) and personal care, social protection and miscellaneous goods and services (3.4%). Meanwhile, restaurant and accommodation services (2.8%); recreation, sport and culture (2.0%); health (1.4%); transport (0.7%) and furnishings, household equipment and routine household maintenance (0.5%) increased at a slower rate.
Clothing and footwear remained in negative territory and posted -0.2%, while housing, water, electricity, gas and other fuels (3.1%); education (1.5%); alcoholic beverages and tobacco (0.8%) and insurance and financial services (0.5%) increased at the same rate as the previous month.
Inflation in the transport sector eased to 0.7% in October 2024, down from 1.1% in September 2024, primarily due to slower growth in the cost of operating personal transport equipment.
Inflation for four states was above the national inflation level namely Pulau Pinang (3.1%), Pahang (2.7%), Selangor (2.3%) and Sarawak (2.1%).
In comparison to inflation in other selected countries, inflation in Malaysia (1.9%) was lower than inflation in Vietnam (2.9%) and the Philippines (2.3%), however, the rate was higher than in Indonesia (1.7%), South Korea (1.3%), Thailand (0.8%) and China (0.3%).
PKNS TO LAUNCH PROPERTY PROJECTS WITH RM1.5 BILLION GDV IN 2025
The Edge, 23/11/2024, The Star & The Sun, 25/11/2024
The Selangor State Development Corporation (PKNS) is set to launch about 12 projects with a GDV of RM1.5 billion in 2025. Six projects are slated for launch in 1H25, followed by another six in 2H25.
IGB COMMERCIAL REIT BUYS TWO OFFICE FLOORS IN MENARA SOUTHPOINT FROM IGB FOR RM62.4 MILLION CASH
The Edge, 29/11/2024
IGB Commercial Real Estate Investment Trust (IGB Commercial REIT) is buying two office floors in Menara Southpoint of Mid Valley City from its sponsor and parent company, IGB Bhd for RM62.4 million cash. The property comprises two office-suite parcels within Menara Southpoint in Mid Valley City, Kuala Lumpur. It is currently leased to a single tenant, with its tenancy expiring on March 31, 2030. The tenancy will be transferred to IGB Commercial REIT, together with the ownership of the property, on completion of the purchase.
BERJAYA HARTANAH LAUNCHES LUXURY OAKA RESIDENCES IN BUKIT JALIL WITH RM373 MILLION GDV
Starproperty.my & The Sun, 25/11/2024
Berjaya Hartanah Bhd has launched OAKA Residences, a luxury residential development in Bukit Jalil, Kuala Lumpur, with a gross development value (GDV) of RM373 million. The freehold development spans across 2.2 acres, offering 350 units spread across two 30-storey residential towers with unit built-ups ranging from 882 sq. ft. to 1,509 sq. ft. Each unit features a private lanai or balcony, a store or a utility room, with prices starting from RM880 per sq. ft. Each unit comes with two to three dedicated car park slots.
Key amenities include an infinity pool, a rooftop sky garden with a pavilion for gatherings, a children’s playground, and a half-court basketball court, all catering to a multigenerational lifestyle. OAKA Residences also features pet-friendly living.
OAKA Residences has easy access to shopping, dining, and recreational options, including Pavilion Bukit Jalil Mall, Tropika Commercial Retail and Bukit Jalil Golf and Country Resort. The development is also close to educational institutions such as International Medical University and Asia Pacific University of Technology & Innovation. Additionally, Columbia Asia Hospital is located within 1km radius, offering residents easy access to top-quality medical care. The development is easily accessible via Shah Alam Expressway, Maju Expressway, and Kuala Lumpur-Seremban Expressway. There are three LRT stations located within three-kilometre radius namely LRT Bukit Jalil, LRT Sri Petaling and LRT Awan Besar.
CONSTRUCTION OF HARMONI MADANI PRR IN BESTARI JAYA TO START EARLY NEXT YEAR
The Sun, 28/11/2024
Construction of the Harmoni MADANI People’s Residency Programme (PRR) in Bestari Jaya, Kuala Selangor, is set to begin early next year and is expected to be completed within two years. Planning approval for the 245 housing units was granted by the Kuala Selangor Municipal Council (MPKS) on Oct 28, 2024, subject to compliance with conditions set for the implementing agency, Perbadanan PR1MA Malaysia (PR1MA). The agency will submit its building plan approval application soon.
The Harmoni MADANI PRR project includes 245 single-storey terrace houses with three bedrooms, one bathroom, and a proposed lot size of 20 ft. by 60 ft. Each unit is priced at RM45,000 and will be offered to qualified former plantation workers
NEW LOOK FOR ERAMAN'S DUTY-FREE MALL AT KLIA
The Edge, 25/11/2024 & NST, 26/11/2024
Eraman, the leading retail and duty-free brand under Malaysia Airports (Niaga) Sdn Bhd, has unveiled its revamped duty-free mall located at the main terminal of Kuala Lumpur International Airport (KLIA) Terminal 1. The Eraman duty-free mall spans 29,600 sq. ft. with over 550 renowned brands in the premium travel retail and duty-free categories. Local brands showcased in the retail space such as Beryls, Sunshine Kingdom, Fidani, Danson, Choc O Time, Scentful and Malsa. Currently, around 6% of the brands featured in the mall are local, with plans to increase participation to 10% soon.
One of the highlights of the newly revamped space is the opening of the first Charlotte Tilbury store in Southeast Asia, marking a significant milestone in Eraman's efforts to introduce exclusive and trendy brands into Malaysia's airport retail scene. Eraman is the first duty-free operator in Malaysia to introduce self-checkout kiosks, which are now available in most of its duty-free stores. The group is also upgrading the international departure area at KLIA Terminal 2, which is slated for completion by 2025.
M&M VENTURES BREAKS GROUND FOR BALI ESCAPE KUALA LUMPUR RETAIL PARK IN PUDU, ANNOUNCES FOUR CONFIRMED TENANTS
The Edge, 27/11/2024
M&M Ventures Holdings Sdn Bhd has officially commenced construction for its maiden project, a retail park named Bali Escape Kuala Lumpur (BEKL) in Pudu, Kuala Lumpur. With a budget of RM50 million, the four-acre BEKL will offer three-storey retail lots that have a total net lettable area of 153,576 sq. ft. These lots will be leased to tenants and managed by M&M Ventures. To date, the project has secured four confirmed tenants: Sportizza; International Food Hall operated by The Diordy Services Sdn Bhd; as well as Abeh Mart and Cafe Lusso, both operated by RC Distribution Services Sdn Bhd. M&M Ventures expects to add more lifestyle and F&B tenants to the list. BEKL is scheduled to be open in 3Q25. The expected operating hours of BEKL will be from 8am to 12am.
BEKL is located within close proximity to malls such as Mitsui Shopping Park, LaLaport Bukit Bintang City Centre, The Exchange TRX mall, Berjaya Times Square and MyTOWN Shopping Centre. It is also near several train stations, namely the Pudu LRT station, Tun Razak Exchange MRT station, Hang Tuah LRT-monorail interchange station and the Imbi monorail station.
RADIUM UNIT ACQUIRES 13-ACRE LAND IN CHERAS FOR RM458 MILLION
The Edge, 25/11/2024 & The Star, 26/11/2024
Radium Development Bhd through its indirect wholly owned subsidiary Radium J Velodrome Sdn Bhd, has entered into a conditional sale and purchase agreement with Dupion Development Sdn Bhd to acquire three parcels of contiguous land in Cheras for RM458 million. Dupion Development is owned equally by Jakel Development Sdn Bhd and Platinum Victory (WM) Sdn Bhd. The acquisition is expected to be completed by the 1H25.
The 13 acres leasehold land with an estimated GDV of RM2.54 billion will feature a mixed-use development comprising serviced apartments and commercial spaces. It is located within a transit-oriented development zone near the MRT Taman Pertama station.
GLOMAC LAUNCHES RM353 MILLION NEW PRECINCT IN BANDAR SAUJANA UTAMA, SUNGAI BULOH
The Edge, 28/11/2024
Glomac Bhd officially launched Serai @ SBCR, the latest precinct in its 1,200-acre Bandar Saujana Utama master plan in Sungai Buloh, Selangor. The new precinct has a GDV of RM353 million. To be launched and developed over four phases, Serai @ SBCR is an individual-titled residential development sitting on a 64-acre leasehold tract. It offers a total of 374 double-storey terraced houses, two commercial plots and apartments under affordable housing schemes.
The first phase, Serai One, consists of 112 units of 2 storey terraced houses with land sizes of 20 ft. by 70 ft. and 22 ft. by 70 ft., and built-ups ranging from 1,400 to 1,829 sq. ft. The selling price is starting from RM620,000 and GDV of RM78.6 million. The group is looking to open the second phase for sale in April 2025. The second phase will have 96 units of 2 storey terraced houses with the majority of them being 22 ft. by 70 ft.
Serai @ SBCR boosts a 6.6-acre lake park with common facilities such as a multipurpose court, jogging track, bicycle track, children’s playground, reflexology area, open lawn for picnic and gazebo viewing deck. The precinct also has two commercial lots (0.6 acre and 3 acres), both of which have been sold to individual buyers for commercial asset planning. It also has two reserved parcels for affordable housing projects which are at planning stage, the details of which will be announced in due course. The entire precinct will take the 6 to 10 years to complete, depending on the market condition.
PKNS UNVEILS DEVELOPMENT PLAN FOR SA SENTRAL
The Edge, 29/11/2024
The SA Sentral and Section 13 development plan, set to be implemented over the next seven years starting next year, will cover 145 acres and aims to transform the area into a modern, dynamic, and competitive integrated hub in the country. With a gross development value (GDV) of RM3 billion, the development will include the construction of an international-standard convention centre, a hotel, a shopping mall, serviced apartments and the Aneka Walk retail business hub. The development will be carried out in phases.
The key development of this project is to upgrade mobility pathways and infrastructure, providing amenities such as parking spaces, green areas, and transforming the surrounding landscape which involves an art gallery.
The project will create over 1,500 new jobs and rapid growth in commercial activities, which will drive socioeconomic development in the area. The development in Section 13, Shah Alam, will be based on the Transit-Oriented Development (TOD) concept, focusing on health-oriented initiatives, which include the construction of a hospital to be operated by a PKNS subsidiary and an ‘assisted living’ project aimed at providing facilities for the elderly.
Also in the plan is the construction of serviced apartments to meet the residential needs of the surrounding community. Additionally, a public park or ‘Linear Park’ will be developed to connect existing developments in the south, namely Menara U and Menara U2, directly to the LRT station connecting bridge.
LAUNCHES AT SIME DARBY PROPERTY’S ELMINA CITY CENTRE RECORD GOOD TAKE-UP
Edgeprop.my, 29/11/2024
Two recent launches at Sime Darby Property’s Elmina City Centre, JUMPA @ Elmina Valley and Kanopi, have seen strong demand. JUMPA @ Elmina Valley, a multi-storey commercial development 500 metres from Elmina City Centre, achieved a 100% take-up rate within a day, while Kanopi, the first phase of serviced apartments within Elmina City Centre, recorded 70% take-up upon launch. With 44 freehold units comprising two and three-storey shop offices with built-up areas ranging from 3,360 to 5,019 sq. ft., JUMPA is set to accommodate the needs of diverse types of businesses. The property, which spans 7.32 acres, offers buyers a choice of five types of units with intermediate lots starting from RM1.93 million.
Kanopi, the first phase of serviced apartments within Elmina City Centre with a GDV of RM299 million, spans 3.58 acres and offers 499 units, including affordable housing options like Servis Apartmen Mampu Milik units starting at RM270,000 and three-bedroom apartments from RM565,888. Boasting over 35 lifestyle-focused facilities, Kanopi redefines urban living with features like sky lounges, an outdoor fitness deck, and co-working spaces, all within walking distance of essential amenities such as the Elmina Lakeside Mall, the Elmina Education Hub, and the 300-acre Elmina Central Park.
There are abundant parks and recreational facilities nearby as well as a schools such as the SK Denai Alam, SJK(C) Regent Elmina and Sekolah Menengah Akademik Chong Hwa that will be fully operational once Kanopi Residences is ready for occupation.
PHASE ONE OF KL WELLNESS CITY MIXED-USE DEVELOPMENT IN BUKIT JALIL IS 40% COMPLETED
The Edge, 25/11/2024
The first phase of the 26.5-acre KL Wellness City mixed-use development in Bukit Jalil is 40% completed. Launched in May this year, phase one of KL Wellness City comprises KL International Tertiary Hospital (KLIH) and The Nobel Healthcare Park. Overall, phase one has a GDV of RM900 million.
KLIH will comprise 25 operating theatres and 645 beds (with a capacity of up to 1,000 beds). For The Nobel Healthcare Park, it consists of 379 medical suites for medical practitioners, 41 business suites for healthcare-related companies, as well as 512 wellness suites (smaller residential units). Both developments, KLIH and The Nobel Healthcare Park, are expected to be fully completed by 1Q26.
PROPERTY MARKET ON GROWTH MOMENTUM
NST, 23/11/2024
Malaysia'a property market continues its momentum with over 112,000 transactions valued at RM57.31 billion recorded in 3Q24. The volume and value of transactions grew 3.1% and 0.3% respectively compared to 108,933 transactions worth RM57.14 billion in the same quarter in 2023.
Residential holds large part of the 3Q24 volume with 62.8% or 70,520 units worth RM28.74 billion and more than 64,000 units sold are priced below RM300,000. Southern region comprising Johor, Melaka and Negri Sembilan led the volume of transactions by 26.2%, or 29,415 units. Although unsold properties remain an issue in Kuala Lumpur, Johor and Perak, residential overhang dropped 3.0% to 21,968 units from 22,642 units in 2Q24. Most of the unsold properties are residential priced between RM300,000 and RM500,000 whereby 7,003 units valued at RM2.78 billion are unsold.
Perak saw a significant downtrend in its unsold properties, having fallen 27% to 3,039 units from 4,161 units in 2Q24. Unsold properties in Johor stood at 3,030 units in 3Q24, down 6.0% from 3,219 units in 2Q24. Conversely, overhang in Kuala Lumpur rose 7.0% to 3,273 units from 3,051 units.
RENT-TO-OWN SCHEME TO BE EXTENDED TO UPCOMING RESIDENSI RAKYAT PROGRAMME
The Edge, 26/11/2024
The rent-to-own (RTO) scheme will be extended to the upcoming Residensi Rakyat Programme (PRR), set to launch next year. The scheme is designed for applicants or potential buyers who cannot secure financing from financial institutions, and also part of a proactive effort by the Ministry of Housing and Local Government to promote gradual homeownership. This initiative also offers young people entering the workforce an opportunity to own a home by renting for a specified period, after which they can choose to purchase the property.
Various initiatives implemented by the government including the Housing Credit Guarantee Scheme, where the government guarantees financing up to RM500,000 for first-time homebuyers, targeting those without a fixed income and those from low- to middle-income groups. The Home Ownership Campaign 2.0, which offers stamp duty exemptions for transfer and financing agreements for first-time homebuyers purchasing properties valued up to RM500,000, will be available until Dec 31, 2025.
RAIL SYSTEMS INSTALLATION FOR JB-SINGAPORE RTS LINK TO BEGIN BY END-2024
The Edge, 29/11/2024
RTS Operations Pte Ltd (RTSO), a joint-venture company formed between Prasarana RTS Sdn Bhd and Singapore’s SMRT RTS Pte Ltd, will begin rail systems installation for the Johor Bahru (JB)-Singapore Rapid Transit System (RTS) Link project by the end of this year. Infrastructure works on the Malaysia side was 93% complete, with early access granted for trackwork installation starting September 2024. Singapore’s progress on the RTS Link has exceeded four-fifths of the overall civil infrastructure, with viaducts nearing completion and architectural works set to continue in parallel.
RTSO is ready to commence installation of the RTS Link rail systems from end-2024 onwards. These include laying the tracks for the RTS Link, as well as the signalling systems, communications, integrated supervisory control, and traction power-supply systems. Aesthetic enhancements, including the viaduct aesthetic feature symbolising bilateral ties, have also been completed along the marine viaduct.
Slated to be completed by December 2026, the RTS Link will connect Bukit Chagar to Woodlands North in a five-minute train journey. With a peak capacity of 10,000 passengers per hour per direction, the RTS Link aims to improve cross-border connectivity and foster stronger Malaysia-Singapore relations. The project also includes co-located Customs, Immigration, and Quarantine facilities, for seamless commuter clearance at departure points.
HAILY GETS RM115 MILLION JOHOR HOUSING PROJECT
The Edge, 25/11/2024 & The Sun, 26/11/2024
Haily Group Bhd has accepted a letter of award (LoA) from Permas Jaya Sdn Bhd for the construction and completion for two phases of a residential project in Johor Baru, Johor, worth RM115.1 million. The project comprises of 184 units of double-storey cluster houses, 12 units of double-storey semi-detached houses, and two double-storey bungalow houses.
NINE LRT STATIONS TO HAVE PARK-AND-RIDE FACILITIES
The Star, 28/12/2024
Nine of the 21 stations of the Mutiara Line Light Rail Transit (LRT) project will offer park-and-ride facilities with 1,100 parking bays. The parking bays would be spread across nine key stations – Permatang Damar Laut, Jalan Tengah, Bukit Jambul, Sungai Dua, Jalan Universiti, Gelugor, Sungai Pinang, Bandar Sri Pinang on the island, and Penang Sentral on the mainland. All of the planned stations would be elevated, with the proposed alignment starting from Silicon Island and heading north to Permatang Damar Laut, Penang International Airport, Sungai Tiram, South Free Industrial Zone, Free Industrial Zone, Jalan Tengah, SPICE, Bukit Jambul, Sungai Nibong, Sungai Dua, Batu Uban, Jalan Universiti, Gelugor, Penang Waterfront, East Jelutong, Sungai Pinang, Bandar Sri Pinang, Macallum Street and Komtar. The line would then connect to Penang Sentral on the mainland via a bridge from the Macallum Street station.
RACKSON GROUP TO TRANSFORM BAYAN LEPAS SKYLINE WITH RM1.5 BILLION GDV PROJECT
The Edge, 24/11/2024
Rackson Group has unveiled a landmark RM1.5 billion gross development value (GDV) project in Bayan Lepas, featuring Le Meridien Penang Airport and Avion serviced apartments which are scheduled for completion by 4Q27. The development would be the first iconic skyscraper visible upon arrival at the airport.
The Le Meridien Penang Airport hotel would redefine luxury hospitality with 200 guest rooms, including presidential suites, a 300-capacity ballroom, a sky infinity pool, all-day dining outlets, and world-class amenities designed for business and leisure travellers.
Rackson's Avion Serviced Apartments will feature 608 meticulously designed units with one, two, and three-bedroom configurations to suit diverse lifestyles.
LIGHTWATER RESIDENCES AT THE LIGHT CITY, PENANG OPENS FOR REGISTRATION
Edgeprop.my, 29/11/2024
Lightwater Residences located within the integrated development within The Light City has opened for registration. Spanning 2.87 acres of freehold land, Lightwater Residences features just 262 exclusive units within two distinct 34-storey towers. It will have a GDV of RM694 million. Lightwater Residences is a joint venture between IJM Corp Bhd and Perennial Holdings Private Limited of Singapore. Each unit has a built-up area ranging from 1,152 sq. ft. to 3,186 sq. ft. Residents will have views of the Penang Straits and the iconic Penang Bridge. Amenities include a sixth-floor landscaped garden deck featuring an infinity-edge pool, children’s play area, the sky terrace with a private sky villa, EV charging bays, 360-degree Biophilic Pavilion, the vertical gardens, etc.
An upcoming LRT station with a direct link to The Light City will enhance connectivity, while the Lebuhraya Tun Lim Chong Ewe Expressway provides access to other parts of Penang.
The Light City spans 32.76 acres and is a mixed-use development via a joint venture between IJM Corp Bhd and Perennial Holdings Private Limited of Singapore. Both Lightwater Residences and The Light City is located near George Town, the Bayan Lepas Free Trade Zone, and the mainland. The Light City will also have two luxury hotels: JdV by Hyatt (5-star, 156 rooms) and Galaxy Minyoun Penang The Light City Hotel (4-star, 303 rooms), which will provide world-class accommodation.
The Penang Waterfront Convention Centre at the Light City is the largest convention centre in Penang. It offers 76,000 sq. ft. of column-free space which can accommodate up to 8,000 guests for global conferences, events, and exhibitions, all supported by approximately 2,900 parking lots.
The development is equipped with premium facilities, including an infinity swimming pool with panoramic views, a multipurpose hall, a state-of-the-art gymnasium, and a sky lounge. Safety and security features include a card access system and 24-hour surveillance.
The project, designed as a transit-oriented development, will offer direct connectivity to the PIA, the upcoming LRT station, and the Mitsui Outlet Park, making it an attractive proposition for both residents and investors.
