Week 49 - 2024
BANDAR MALAYSIA PLAN BEING REVIEWED
The Star, 04/12/2024
The Bandar Malaysia development plan is currently being reviewed before being submitted to Kuala Lumpur City Hall (DBKL), says Prime Minister. Given that Bandar Malaysia is one of the largest remaining government-owned plots of land located in the heart of Kuala Lumpur, this review is crucial to ensure that its development contributes significantly to the city’s economy. The development of Bandar Malaysia must adhere to the principles of responsible development, balancing the environmental ecosystem while providing affordable housing for the people. The first phase of commercialisation is also being planned, subject to market conditions and investor readiness. The Bandar Malaysia project, located on the former Kuala Lumpur air base site in Sungai Besi, is projected to have a gross development value of RM140 billion. The 484 acres project had faced multiple delays before being postponed indefinitely in 2021 when agreements with the consortium IWH-CREC fell through. Under Budget 2025, approximately 50 acres within the Bandar Malaysia area would be gazetted as Malay reserve land.
MALAYSIAN AIR PASSENGER TRAFFIC GREW 13% IN OCTOBER 2024
NST, The Edge & The Star, 03/12/2024
Malaysia’s air passenger traffic grew 13% year-on-year (y-o-y) to eight million in October 2024. However, October’s figures represent a slight 2.7% month-on-month drop compared with September’s 8.2 million passengers due to lower domestic air passenger traffic. International travel remained the key growth driver, surging 20.5% y-o-y, while domestic travel increased by 5.9% y-o-y. The sector’s recovery has been bolstered by expanded seat capacity, the introduction of new flight routes, and visa exemptions for Chinese and Indian travellers, positioning Malaysia as a prime destination for both leisure and business travellers. The Kuala Lumpur International Airport led with a 15.9% increase y-o-y, followed by Penang International Airport and Senai International Airport while Langkawi International Airport saw a slight decline of 1.7% y-o-y. Meanwhile, the Kota Kinabalu International Airport and Kuching International Airport recorded increases of 9.3% and 4.3%, respectively.
SURIA HEIGHT’S FIRST PRECINCT TO BE LAUNCHED BEFORE END OF DECEMBER 2024
The Edge, 02/12/2024
Matrix Concepts Holdings Bhd plan to launch Suria Heights, Bandar Sri Sendayan in Seremban, which has a gross development value of RM547 million. Suria Heights includes 88 double-storey semi-detached units measuring 38ft by 85ft with built-ups starting from 3,450 sq. ft. Additionally, there are 140 double-storey cluster homes in sizes of 35ft by 70ft and 35ft by 80ft, with built-ups starting from 2,814 sq. ft. The project also offers 354 double-storey terraced homes sized at 22ft by 75ft with built-ups starting from 2,500 sq. ft. Prices start at RM700,999 for the terraced units, RM979,999 for the cluster homes and RM1.34 million for the semi-detached houses. The first precinct of Suria Heights, comprising 76 terraced homes and 56 cluster homes, is set to be launched before end of December 2024.
Each unit will be fitted with innovative smart and sustainable features such as lighting modules, air conditioner IR blasters, smart speakers and digital locksets, all easily managed through a mobile application. Additional features include an external CCTV, a security alarm system and a solar hot water system. An electric vehicle charging point, designed to support energy-efficient living, will be available exclusively for cluster and semi-detached homes. The development is also surrounded by a range of premium recreational options including the prestigious Sendayan Golf Club and the nearby d’Tempat Country Club — a 380,000 sq. ft. exclusive clubhouse that offers an array of top-tier facilities such as an Olympic-sized swimming pool, badminton court, squash court, table tennis, bowling alley, banquet hall, spa room and meeting rooms.
PESONA METRO BAGS RM181.8 MILLION CONDO CONSTRUCTION JOB IN CYBERJAYA
The Edge, 03/12/2024
Pesona Metro Holdings Bhd has secured a RM181.8 million contract for the construction of two blocks of 28-storey condominiums in Cyberjaya. The developer of the project, comprising 606 units of condominiums on Persiaran Semarak Api in Cyber 11, is Lakefront Residence Sdn Bhd, a wholly owned subsidiary of Avaland Bhd. The group’s wholly owned unit, Pesona Metro Sdn Bhd, accepted the Letter of Award from NRY Architects Sdn Bhd. The project has a duration of 40 months, commencing on 16th December 2024.
IJM LAND’S SAVVY SERVICED APARTMENT AT RIANA DUTAMAS IN SEGAMBUT ACHIEVES 85% QLASSIC SCORE
The Edge, 03/12/2024
IJM Land Bhd’s Savvy serviced apartment development under the larger 16 acres Riana Dutamas master plan in Segambut, Kuala Lumpur, has achieved a Qlassic score of 85%. The project has been completed ahead of schedule and is expected to be handed over soon. Built on a 5.06-acre plot, Savvy has a gross development value (GDV) of RM590 million, offering two 40-storey towers comprising 921 units that come in built-ups from 722 to 1,232 sq. ft., with selling prices from RM454,000. The development is GreenRE Bronze-certified. Following the success of Savvy, the developer will launch the final phase of Riana Dutamas, named Stellaris, in December 2024. Stellaris will be spread across a 5.78-acre tract and have a GDV of RM818 million. The project will offer a total of 1,143 units that come in two- to three-bedroom and dual-key layouts, with built-ups from 760 to over 1,200 sq. ft. Prices will be announced later. As a transit-oriented development, Stellaris will feature a covered walkway to the Segambut KTM Station and the GoKL shuttle to the nearest MRT station. The development will feature 31 lifestyle facilities, including co-working spaces, lounge areas and 24 electric vehicle charging bays. There will also be four retail lots for sale, and further details are forthcoming.
BINASTRA WINS RM328 MILLION BUILDING CONTRACT FOR BUKIT JALIL SERVICED APARTMENT
The Star, NST, The Edge & The Sun, 04/12/2024
Binastra Corp Bhd has secured a building contract worth RM327.74 million to build two blocks of a 58-storey serviced apartment for The Vividz @ Bukit Jalil project. The contract was awarded by Exsim Bukit Jalil City Sdn Bhd to Binastra’s wholly owned subsidiary Binastra Builders Sdn Bhd. The contract will commence on 9th December 2024, and construction works are to be completed within 42 months.
S P SETIA'S TEMAN SHOPLOTS IN SETIA ALAMSARI 90% BOOKED
The Edge, 05/12/2024
S P Setia Bhd's Teman shoplots in the Setia Alamsari township in Kajang achieved a 90% booking rate during its launch on 30th November 2024. With a total gross development value (GDV) of RM106 million, the Brutalist-themed Teman comprises 37 shoplots. Of these, 20 intermediate units with a built-up of 3,332 sq. ft. are priced from RM1.91 million, while four corner units with a built-up of 5,184 sq. ft. are priced from RM3.4 million. The shoplots will also consist of 12 semi-detached units with a built-up of 4,882 sq. ft. (priced from RM3.93 million) and one single-detached unit with a built-up of 5,531 sq. ft. and priced at RM6.22 million. The development targets business owners looking for an integrated retail-work set-up. The semi-detached units provide an opportunity for future expansion or customisation. The group received encouraging responses from potential business owners ranging from F&B, supermarkets, groceries and clinics who are keen to run businesses in Setia Alamsari. Based on the company’s research, the rental rates of intermediate shop lots in the area can fetch between RM8,000 to RM9,000 per month, while the corner shop lots are between RM20,000 to RM22,000 per month.
SKYWORLD OFFICIALLY OPENS SAMA SQUARE IN SETAPAK
The Edge, 06/12/2024
SkyWorld Development Bhd has officially opened SAMA Square, a 24-hour lifestyle hub on 30th November 2024. SAMA Square is SkyWorld’s first commercial project, and it is located at the 42-acre SkySanctuary in Setapak, Kuala Lumpur. Occupying 4.15-acre, SAMA Square provides 449 parking bays, 58,000 sq. ft. net lettable area and 31 fully occupied retail units. Some of its tenants include Nippon Sushi Shabuyaki, Zus Coffee, Inside Scoop, myPizzaLab, Butter Kaya, Hainan Village Malayan Kopitiam, Mixue, Subway, Haruka Bakery, MemiZoooZooo Grocer, Believe Fitness, eMart24, Nasi Kandar Al Yahya, Klinik Alam Medic, Allcare Dental, Guardian and BS Optometry.
RADIUM BUYS SELANGOR LAND FOR RM45 MILLION
The Star, 04/12/2024
Radium Development Bhd’s wholly owned unit Mayang Sepakat Sdn Bhd has acquired a piece of leasehold land measuring 2.56 acres in Ulu Langat, Selangor, from the Ampang Jaya Municipal Council for RM45 million. Strategically located at Jalan Pandan Indah, within Bandar Ampang, the land lies 10km southeast of Kuala Lumpur city centre and benefits from readily available infrastructure. The acquisition represents an opportunity for the company and its subsidiaries to accumulate strategic land for property development purposes. Radium Development Bhd plan to develop a mixed-used property venture, with a RM470 million gross development value. The development comprises 1,128 residential units, including 340 affordable serviced apartment units, and commercial space on the land.
CAPITALAND MALAYSIA TRUST ACQUIRES AUTOMATED LOGISTICS PROPERTY FOR RM180 MILLION
NST, The Edge, The Sun & The Star, 03/12/2024
CapitaLand Malaysia Trust entered in an agreement to acquire its first automated logistics property, Elmina Logistics Hub, for RM180 million. The property, located within the Elmina Business Park in Selangor, features a state-of-the-art automated storage and retrieval system, enhancing operational efficiency and reducing reliance on manual labour. Elmina Logistics Hub is expected to be completed in 1H25. The freehold property will be fully leased to Projek Tetap Teguh Sdn Bhd, a subsidiary of PTT Synergy Group Bhd, for 10 years upon completion. The lease, which includes built-in rent escalations, is expected to generate a gross annual rent of RM12.3 million, offering a first-year gross yield of about 6.8%.
PAVILION-REIT TO ACQUIRE TWO ICONIC KL HOTELS
The Star & The Edge, 06/12/2024
Pavilion Real Estate Investment Trust (Pavilion-REIT) is proposing to acquire two prestigious hospitality assets in Kuala Lumpur, the Banyan Tree Kuala Lumpur (BTKL) and Pavilion Hotel Kuala Lumpur (PHKL), in a transaction worth RM480 million. The acquisition of BTKL is valued at a purchase consideration of RM140 million, while the acquisition of PHKL is at a purchase consideration of RM340 million. The respective vendors of the deal for BTKL and PHKL are Lumayan Indah Sdn Bhd and Harmoni Perkasa Sdn Bhd. Notably, the hotels are operated and managed by Banyan Tree Hotels & Resorts Pte Ltd since opening in 2018. Also as part of the deal, the hotels will be leased back to the current operator for an initial 10-year term, with the option to renew for up to 20 additional years.
ORIENTAL BANK BUILDING TO REOPEN AS MOXY KUALA LUMPUR CHINATOWN BY YTL
NST, 05/12/2024
The historic Oriental Bank building on Jalan Hang Lekiu, Kuala Lumpur, is undergoing a transformation into a world-class hotel, with an investment of RM75 million. The Art Deco-style structure, which includes podium levels and two basement floors, will be reimagined as a 21-storey hotel featuring 320 rooms and a swimming pool. The revamped property, named Moxy Kuala Lumpur Chinatown, is scheduled to open in 1Q25. The hotel will feature functional rooms and a rooftop bar with sweeping views of KL Tower and KL118.
SD PROPERTY SIGNS RM5.6 BILLION DEAL WITH PEARL COMPUTING
NST, The Star, The Sun & The Edge, 03/12/2024
Sime Darby Property Bhd (SD Property) has signed a RM5.6 billion build-and-lease agreement with Pearl Computing Malaysia Sdn Bhd for the development of additional data centre facilities at Elmina Business Park Phase 2. The data centre facilities on a 77-acre site at Elmina Business Park. are to meet customised specifications and infrastructure requirements. The parties will enter into a 20-year lease valued at up to RM5.6 billion, with options to renew for two additional five-year terms. In May 2024, SD Property announced its partnership with Pearl Computing, a wholly owned subsidiary of a multinational technology company, to develop the first data centre at Elmina Business Park. The new facilities will be located in close proximity to Pearl Computing's first data centre, which is currently under construction and targeted for completion in early 2026. The infrastructure development at the site is currently underway, with completion of construction targeted for 2027.
MAXLAND INKS 60-YEAR LAND LEASE AGREEMENT TO SET UP DATA CENTRE IN KULIM HIGH-TECH PARK
The Edge, 06/12/2024
Maxland Bhd has signed a 60-year land lease agreement to set up a data centre in the Kulim High-Tech Park (KHTP) in Kedah. Its indirect wholly owned Maxland Data Sdn Bhd (MDSB) entered into the agreement with Kulim Technology Park Corp Sdn Bhd to lease a 4.57-acre parcel in Industrial Zone Phase 2 of KHTP for RM9.95 million. The 60-year lease will commence on 15th December 2024, and end on 14th December 2084. The agreement includes an option for a 39-year renewal, subject to mutual agreement and approval from the Kedah state authority. In a separate filing, Maxland announced that MDSB had signed a memorandum of understanding (MOU) with Global Data Centre Sdn Bhd to collaborate on potential projects, particularly in the power industry, including data centres, solar energy, and power plants in Malaysia.
MAH SING BUYS JOHOR BAHRU LAND FOR TOWNSHIP PROJECT WITH GDV OF RM463 MILLION
The Star, NST, The Edge & The Sun, 04/12/2024
Mah Sing Group Bhd is acquiring 59.12 acres of prime land in the Pulai district of Johor Bahru for RM62.98 million, on which it wants to develop super-linked homes with an estimated gross development value (GDV) of RM463 million. Mah Sing’s wholly owned Loyal Sierra Development Sdn Bhd had inked sale and purchase agreements with Hau Enterprise Sdn Bhd and its shareholders to acquire the freehold land. Named M Tiara 3, the township will feature spacious super-linked homes, with indicative home prices starting from RM780,000. The commencement of M Tiara 3 is expected to follow as a continuation of M Tiara 2. The acquisition marks the group’s third acquisition in Pulai, after it bought land for M Tiara 2 (100.4 acres) in April 2024, and M Tiara (75.7 acres) in June 2023. The acquisition, expected to be completed in 1H25, will further expand its footprint in the region, as the land is strategically positioned to benefit from strong demand for M Tiara. Both M Tiara projects saw over 14,000 registrations of interest and a 100% take-up rate for international lots.
TROPICANA UNVEILS FRASER HEIGHTS AT TROPICANA UPLANDS IN JOHOR
Starproperty.my & The Edge, 05/12/2024
Tropicana Corp Bhd has introduced Fraser Heights, the second residential phase within its 313-acre Tropicana Uplands township in Johor. The 36-acre Fraser Heights, which is located within Iskandar Malaysia’s Flagship Zone B, features 518 terrace homes designed for multi-generational living, offering built-up areas between 1,500 sq. ft. and 1,895 sq. ft. Each unit includes four bedrooms, three bathrooms, a fully extended kitchen, and double car porch. Tropicana Uplands first phase, Aster Heights, achieved 100% sales rate and recorded the highest Quality Assessment System in Construction (QLASSIC) score of 87%. Aster Heights was launched in 2021 and comprised 193 two-storey terraced houses with built-ups of 1,446 sq. ft to 1,484 sq. ft. Priced from RM489,000, all units were sold out within five months.
NTT DATA TO BUILD ONE OF APAC'S LARGEST DATA CENTRE CAMPUSES IN JOHOR BAHRU
The Edge, The Star, NST & The Sun, 06/12/2024
Japan-based global IT services provider NTT Data plans to build one of Asia Pacific's largest data centre campuses in Johor Bahru, Johor. It has proposed the acquisition on a 68 acres land in Gelang Patah, Johor Bahru to build a new data centre with planned 290 megawatts (MW) capacity. The site located in Gelang Patah will become one of the largest data centre campuses in Asia Pacific, comprising six dedicated buildings and a substantial IT load capacity. The first building with an initial capacity of 48MW is planned to launch in April 2027. The data centre project will feature new technologies like direct liquid cooling to meet the growing demand for AI applications and integrate energy-efficient, sustainable design.
OVER 9,000 AFFORDABLE HOMES READY BY 2026
The Edge, 02/12/2024
Johor is planning to handover 9,205 Johor Affordable Housing (RMMJ) units by 2026. State housing and local government committee said since 2022, 17,391 affordable homes had been developed and 8,186 keys to those homes had been handed over to their owners. The project aims to build 30,000 affordable homes. Most of the housing projects in Johor involved landed properties, which had already been sold out.
PENANG ADDS B2 CATEGORY OF RM100,000 HOUSING, TO REBRAND SCHEME
The Star, 30/11/2024
Penang will rebrand its affordable housing programme Rumah Mampu Milik to Rumah MutiaraKu starting 2025. State housing and environment committee chairman said the move aimed to foster a stronger sense of ownership among recipients of the affordable homes. This initiative aligned with the Penang 2030 Agenda, which aimed to provide 220,000 affordable housing units as part of its development goals. As of 31st October 2024, the state had achieved 73.94% of this target, with 162,689 units accounted for. These comprised 51,680 units built followed by 22,456 units under construction and 88,553 units in the planning phase. To fill the pricing gap for affordable houses between categories B1 priced at RM72,500 and C1 priced at RM150,000 per unit, the state introduced a new B2 category. Each B2 unit is priced at RM100,000 with a minimum 750 sq. f.t area and without furnishing.
