Week 52 - 2024
SELANGOR TOP DESTINATION FOR INVESTMENTS, DRAWS IN RM66.8 BILLION IN JANUARY TO SEPTEMBER
The Edge & The Sun, 26/12/2024
Selangor remained the top destination for investments so far this year, as the state drew in RM66.8 billion in approved investments. A total of 1,371 projects were approved comprising 253 manufacturing projects and 1,116 in the services sector. The total approved investments were an increase of 59% from RM42.1 billion recorded during the same January-September period in 2023. The services sector remained the key driver of Selangor’s investment performance, with major contributions from sub-sectors such as information and communications, real estate, support services, transport services, and distributive trade. In the manufacturing sector, investments were driven by electrical and electronics, transport equipment, fabricated metal products, non-metallic mineral products, and machinery equipment. Domestic investments accounted for more than one-third of the total. The US was the top contributor of foreign investments in Selangor, pouring in RM4.8 billion, followed by Singapore, China, Japan and Germany.
DIRECT ROUTE FROM CHENNAI ELEVATES PENANG AS KEY REGIONAL AIR TRAVEL HUB
The Edge, 21/12/2024
The launch of a new direct route from Chennai to Penang, via IndiGo, commencing on Saturday, marks a significant milestone in enhancing connectivity, generating economic opportunities, and solidifying Penang’s position as a regional air travel hub. Additionally, the route will serve as a convenient gateway for travellers from the northern states of Perak, Kedah, and Perlis, enabling seamless transit through Penang to Chennai. The new service will operate daily, offering direct connections between the two cities. As of November 2024, Malaysia had welcomed over 1.01 million Indian visitors, marking a 47% increase from 2019 and a 71.7% growth compared to last year — strong evidence that Malaysia is becoming an increasingly popular destination for Indian travellers.
KLCC HOLDINGS TO DEVELOP 486 ACRES OF LAND ACQUIRED FROM BANDAR MALAYSIA
The Edge, 23/12/2024 & The Star, 24/12/2024
KLCC (Holdings) Sdn Bhd, a unit of national oil and gas company Petroliam Nasional Bhd (Petronas) has acquired 486 acres of Bandar Malaysia land for an undisclosed price. A sale-and-purchase agreement for the close to 200-hectare land, the site of the former Royal Malaysian Air Force base on Jalan Sungai Besi, Kuala Lumpur, was signed with Bandar Malaysia Sdn Bhd and Bandar Malaysia Land Sdn Bhd on 4 October 2024. KLCC Holdings, the property arm of Petronas, develops and manages real estate properties in the Kuala Lumpur City Centre and Putrajaya. It is the master developer of the 100-acre prime land in the commercial hub of Kuala Lumpur, which is home to the 452-metre Petronas Twin Towers, the world’s tallest twin towers. Separately, Bandar Malaysia has also scrapped the development of an Escape theme park. Sim Leisure via its subsidiary Sim Leisure Escape Sdn Bhd signed an agreement with Bandar Malaysia Sdn Bhd in November 2023 to build and operate a 75-acre Escape theme park in Bandar Malaysia. Sim Leisure Group owns and operates the Escape outdoor adventure park in Penang, the Escape Challenge indoor park at Paradigm Mall in Petaling Jaya, and KidZania Kuala Lumpur.
SINGAPORE-BASED SP MANUFACTURING EXPANDS INTO JOHOR WITH NEW FACILITY, ACQUISITION OF IDEAL JACOBS CORPORATION
The Edge, 26/12/2024
SP Manufacturing, an Electronic Manufacturing Services (EMS) company founded and headquartered in Singapore has announced its expansion into Senai, Johor. The firm opened a new manufacturing facility in October and acquired Ideal Jacobs Corporation. This plant will enhance the company's operational resilience to meet growing customer demands in medical devices, industrial machinery, and automotive electronics. Meanwhile, the acquisition of Ideal Jacobs Corporation, which is known for its human-machine interface, printed electronics and die-cut solutions, will expand its engineering capabilities for clients in medical, industrial, semiconductor and telecommunications sectors. SP Manufacturing specialises in cable harnesses, printed circuit boards (PCB) assemblies and box-build products and serves mission-critical industries like medical, automotive and aerospace. The group says that it provides engineering and design services for its US customers with new product introductions (NPI), early supplier involvement (ESI), and DFx processes, optimising costs and reducing time to market. SP Manufacturing is backed by Novo Tellus, a private equity firm that invests in technology and industrial sectors in the Indo-Pacific.
HYATT PLACE KUALA LUMPUR BUKIT JALIL OPTIMISTIC THAT POSITIVE MOMENTUM WILL CONTINUE INTO 2025
The Sun, 25/12/2024
Hyatt Place Kuala Lumpur Bukit Jalil has achieved a healthy occupancy rate this year and expects the positive momentum to continue through 2025. Just one year after opening, Hyatt Place Kuala Lumpur Bukit Jalil has already carved a niche as the very first Hyatt Place brand in the country and the first international hotel brand to open its doors in Bukit Jalil. Hyatt will expand its presence in Malaysia by opening several hotels, namely Hyatt Centric Kuala Lumpur City Centre, Park Hyatt Kuala Lumpur and Hyatt Regency Kuala Lumpur Midtown. As for the Hyatt Place brand, they were the first to open in Malaysia in 2023 and the second in Southeast Asia, followed by the opening of Hyatt Place Johor Bahru Paradigm Mall shortly after. The Hyatt Place Kuala Lumpur Bukit Jalil is also currently the largest Hyatt Place brand hotel in Southeast Asia.
IFC, CONSORTIUM COMMIT OVER US$900 MILLION IN FINANCING TO DATA CENTRE IN MALAYSIA
The Star, 23/12/2024
The International Finance Corporation (IFC) and a consortium of six international financial institutions have committed more than US$900 million (RM4 billion) in financing to Yondr Group’s hyperscale data-centre campus in Malaysia. DBS, Deutsche Bank, Global Infrastructure Partners (part of BlackRock), HSBC, ING, and Natixis CIB joined IFC in the latest round of financing for the 98-megawatt project in Johor Bahru. The project marks the first phase of a 29.34-hectare data-centre campus set to deliver 300 megawatts of critical IT capacity upon completion. IFC announced an up to US$150 million (RM675 million) financing package for Yondr’s Malaysia project in May 2024, comprising an initial US$50 million (RM225 million) bridge loan that played a crucial role in advancing the project and attracting the six international financial institutions into this most recent financing round. The project is IFC’s third investment in Malaysia since establishing a presence in the country in 2023
