1MDB to close Bandar Malaysia deal by year end

1Malaysia Development Bhd (1MDB) is near to sealing an agreement with a prospective partner to sell 60% of its shares in Bandar Malaysia Sdn Bhd before the year ends.

1MDB is now down to two bidders to choose from.

Eversendai eyes steel works job of KL118 tower

The consortium of Samsung C&T Corp and UEM Group Bhd has secured the KL118 Tower project from the project owner, Permodalan Nasional Bhd, at a contract sum of RM3.4 billion.

The 118-storey skyscraper with a height of over 600m will be the tallest building in Southeast Asia upon completion by 2019.

KL office rental rates under pressure

A large supply of office space continued to weigh on rental rates in Kuala Lumpur, KL Fringe and Beyond KL (Selangor) in 3Q2015, while the overall market is expected to remain gloomy until year end.

This quarter, the cumulative supply of office space for KL City and Beyond KL stood at 91.97 million sq ft, following the completion of Ilham Tower with 394,000 sq ft of net lettable area (NLA), Menara Bangkok Bank (475,000 sq ft NLA) in KL City and Q Sentral (one million sq ft NLA) and The Vertical 1 & 11 (830,000 sq ft NLA), based on The Edge/Knight Frank Klang Valley Office Monitor 3Q2015.

Upscale villas in Shah Alam

Upon entering the gates of Kelab Golf Sultan Abdul Aziz Shah (KGSAAS) in Shah Alam, Selangor, a long tree-lined and picturesque driveway leads to the courtyards of Vila Elemen. Developed by Tekat Maju Sdn Bhd, the project will comprise semi-detached homes and bungalows, and promises to cater for those who covet exclusivity.

“Our vision is to create a better standard of living for our purchasers. A development like Vila Elemen does not come around often,” says executive director Kenneth Lee.

Phase 1 of 368 Residences to be launched in 3Q16

FCW Holdings Bhd said the 368 Residences project, which will be jointly developed with IJM Land Bhd on a 50:50 basis, will see its first phase launched in the third quarter of 2016.

FCW executive director Datuk Anderson Thor said the RM1.5 billion gross development value (GDV) development in Segambut, close to Mont Kiara, Jalan Kuching and Jalan Ipoh, will comprise three phases, with phase 1 to account for RM500 million of the total GDV.

Mah Sing starts work on 4 towers of Lakeville Residence project

Mah Sing Group Bhd has commenced works on four towers C, D, E and F of its Lakeville Residence project in Taman Wahyu, Kepong. Construction for Tower A and Tower B had started in 2014.

In a statement yesterday, the property developer said the project, which has an estimated gross development value of RM1.5bil is expected to be completed by end-2018.

MCT to transform One City's SkyPark into thematic mall

Property and construction player MCT Bhd’s SkyPark mall in the One City development, which is located in USJ 25 and surrounded by high-density areas like Subang Jaya and Shah Alam, will be transformed into a food and beverage-themed mall to attract more patrons.

MCT executive director Datuk Lim Kok Boon said the mall will focus on those who use the park and ride (P&R) facilities that will be provided in the surrounding One City township later.

Developer to offer holiday presents at its showroom

Agile Real Estate Development Sdn Bhd has many surprises planned for visitors to its Agile Mont Kiara Gallery during the Christmas holidays.

Those walking into its gallery and showroom in Mont Kiara on Dec 24 & 25 will be greeted by Santa and Santarina bearing a bag-full of mystery gifts.

Acacia Park’s third phase is 95% sold

The third phase of Acacia 2-storey terraced houses in Acacia Park, Bandar Tasik Puteri, Rawang, Selangor, is 95% sold since its launch on Nov 14.

The 2,670-acre township is developed by Rawang Lakes Sdn Bhd, a member of the Low Yat Group.

8 Conlay makes auspicious grand entrance

Setting the benchmark for Malaysia’s branded residences.

There are reasons why branded residences, such as 8 Conlay, are exemplary in their own right. In addition to accessibility and location, much thought has been put into design, sustainability and value for homebuyers and investors, resulting in conducive environments that enhance the quality of life for the residences’ inhabitants.

Standing strategically in the heart of Kuala Lumpur’s bustling Golden Triangle, 8 Conlay is a mixed-use development project with an estimated gross development value (GDV) of RM5.4 bil, targeted for completion by end of 2020.

YNH enters property development agreements with Fong Yu Investments

YNH Property Bhd’s unit, Kar Sin Bhd (KSB), has entered into an agreement with Fong Yu Investments Pte Ltd on the development of three parcels of land in Kuala Lumpur totalling 2.39 acres.

KSB, which is the turnkey contractor of the land, on Monday signed the agreement to sell 25/100 undivided share in the land to Fong Yu’s unit Ruby Premium Sdn Bhd (RPSB) as part of the development plan.

Flyover to open by February

The flyover linking the Federal Highway to Section 7 Shah Alam near i-City is expected to ease congestion in the residential and commercial area.

The much-delayed flyover linking the Federal Highway to Section 7 Shah Alam near i-City is expected to open by February next year.

The flyover’s project manager, PKNS Infra Bhd, said it would hand over the flyover to the Malaysian Highway Authority (LLM) and the Shah Alam City Council (MBSA) by mid-February.

Giving only the best

For most developers, handing over the keys to buyers is the endgame, but Datuk Eng Wei Chun believes in going further than that for customers of Orando Holdings Sdn Bhd’s projects.

“The success of a brand is all about how long-lasting it is, beyond the initial fanfare,” he said in an interview at the sales gallery of Orando’s current project, Villa Crystal.

Luxury residential project offers great view of golf course

The Vila Elemen development comprises 30 bungalows and 24 semi-detached villas.

Located at the heart of the Sultan Abdul Aziz Shah Golf Course (KGSAAS) in Shah Alam, Vila Elemen is a residential development that speaks of luxury and sophistication.

This housing development consists of 30 bungalows and 24 semi-detached villas with structural designs that reflect a contemporary and unique lifestyle as well as provide a 270-degree golf course view.

Coast still challenging for property market

Affordability, location and quality will steer demand.

With 2016 less than three weeks away, the coast is still not clear for the local property market as far as the prevailing uncertainties besetting the market are concerned. Ensuring that their property projects have the right differentiation factors of good location, quality and value, as well as meeting buyers’ affordability are some of the good industry practices that developers should subscribe to in such times.

SK Brothers Realty (M) Sdn Bhd general manager Chan Ai Cheng says with the global economic volatility, the performance of the property market will be driven heavily by the domestic market, which is currently affected by higher cost of living and the cooling measures introduced by the Government, especially on the financing side.

Favourable winds sought for Malaysian real estate

2016 to see support for affordable housing and end-financing, but more needs to be done.

Conditions in the Malaysian property market have been challenging to industry players, but recent developments to support the affordable housing market and the facilitation of end-financing for potential housebuyers are considered favourable to the real estate industry.

Sharing an overview of the property market in recent times, Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Seri Fateh Iskandar Mohamed Mansor points out that the gloomy global economy, falling crude oil prices, and slipping of the ringgit have resulted in cautious sentiments across various industries, with the real estate sector not being an exception. The property market, which had been bullish in the past few years, have slowed down throughout 2014.

I-Bhd to unveil King of the Hill

I-Bhd, the master developer of i-City (pic), will launch two new projects early next year.

I-Bhd, the master developer of i-City, will launch two new real estate projects in early 2016 which are the Hyde Towers @i-City and 8Kia Peng @KLCC.

In a statement on Friday, the property company said it would unveil on Jan 15 its last tower block located on i-City’s western parcel.

Selangor Dredging focuses on Malaysia, Singapore

Selangor Dredging Bhd will remain focused on the Malaysia and Singapore property markets for the time being, while it remains open to doing business in other markets. The property developer recently exited the UK market after its associate company SDB Guernsey Ltd entered into a sale and purchase agreement (SPA) with AL.AN SA for the sale of its freehold four-storey building in London.

Selangor Dredging managing director Teh Lip Kim notes that the timing of the sale was appropriate, taking into account the currency exchange rate. The property was sold at a premium.

IOI to launch Enigma Square in Bangi

IOI Properties Group Bhd will launch its next commercial offering Enigma Square in its new 370-acre township Bandar Puteri Bangi in January next year, said IOI Properties chief operations officer Teh Chin Guan (pictured) at the groundbreaking ceremony of Tesco Bandar Puteri Bangi today.

“Enigma Square has gross development value of about RM200 million and will comprise 93 units of 3-storey and 4-storey shop-offices. It is the second commercial development in the township after Kubica Square, which also comprises 3-storey and 4-storey shop-offices and are 90% taken up,” Teh said.

EcoWorld records RM3.02 bil sales for FY15

Eco World Development Group Bhd (EcoWorld) has surpassed its RM3 billion sales target for the financial year ended Oct 31, 2015 (FY15), after recording a total sales of RM3.02 billion for the year under review.

In a filing to Bursa Malaysia, the group, in announcing its latest quarterly results, said its fourth quarter ended Oct 31 (4QFY15) sales came in at RM924.2 million.

SP Setia full-year earnings jump to RM710mil

Property developer SP Setia Bhd posted a net profit of RM119.68mil for the fourth quarter ended Oct 31, 2015 on the back of increased revenue and profit recognition.

The company posted a 14.68% rise in revenue of RM1.41bil compared to the previous corresponding quarter.

S P Setia’s leadership uncertainty is over

Two years after Tan Sri Liew Kee Sin’s departure, we believe the prolonged uncertainty in S P Setia Bhd’s leadership is finally over.

Undoubtedly, after the exodus of staff and frequent changes in leadership had shaken investors’ confidence on the group’s capability in project execution, the group’s astounding nine months of financial year 2015 (9MFY15) results that saw its revenue and profit before tax growing 63% and 81% on year respectively proved that the group has an established system and process in place to ensure timely project delivery.

A concerto of life BCB Bhd brings cheer to North Kiara

Promising a new level of prestige in the affluent neighbourhood of Dutamas, Concerto North Kiara is an exclusive condominium development complete with all the trappings of luxury living. As refined as a masterpiece, completely harmonious akin to an orchestra, life in Concerto is an endless symphony.

Strategically located on a five-acre plot of freehold land in the Dutamas area, the northern side of Mont’ Kiara, Concerto North Kiara parades a contemporary three- tower façade. This fine exclusive collection of homes comprises 440 units, amidst the delightfully enchanting greenery located along Jalan Dutamas Raya.

Built for exclusivity and distinction, it offers a fusion of luxury, elegance and nature with beautiful landscaping, water features and recreational facilities. The development sings to the beauty of its natural surroundings with lush greenery, picturesque gardens and breathtaking architectural form.

Together gather

Coming together as a tight-knit community that places family and neighbourliness above all else is easier than ever at this gorgeous masterplan.

Home is where the heart is, and there’s no better place to fall in love with than Bandar Rimbayu. A home here at this integrated township is akin to coming back to a serene and private enclave, where everyone is able to relax and savour an enriching neighbourhood living style.

Located on a sprawling 1,879-acre piece of land, this premier development is inspired by the nostalgia for a time when life was simple, and people lived close to nature. Bandar Rimbayu will offer a wide range of products, from affordable quality homes and exclusive developments, to recreational, parkland and commercial components.

RM125mil high-rise project completed

Property developer OCR Noble Land (The Resident) Sdn Bhd has completed its RM125mil mid-rise residential development, The Resident@Ampang South.

The development is located in Taman Muda, Ampang.

80% units of i-City’s Parisien Tower taken up

Model of i-City township with current and proposed development.

i-City Properties organized an event for their latest project, Parisien Tower @ i-City, last weekend. The event held at i-Gallery received an overwhelming response with an amazing 80% of the units snapped up since the launch of the project in March 2015, despite the slow property market.

Parisien Tower @ i-City embodies French-styled homes, tailor-made for the modern urbanite, complete with the combination of great location, proximity to facilities and amenities, affordability and the unique and classy style of its decor.

As economy bites, condo owners eager to dispose of properties for cash

If you have some spare cash lying around, now is the time to buy a condominium in a tony area of the city as quite a few are for sale at bargain prices.

This is because a growing number of investors are eager to dump their properties — even at below market price — as they lose confidence in the state of the Malaysian economy.

New development in Tropicana

The location of Lumi Tropicana is along Persiaran Tropicana, in front of Jalan Tropicana Utama.

Residential property projects focused on lifestyle are all the rage and this is usually reflected in its top-of-the-range common facilities.

In this, the upcoming Lumi Tropicana does not fall short.

Ekovest Bhd radiates in Kuala Lumpur

Caring developer integrates property development via seamless connectivity.

EkoCheras is targeted for completion in 2017, showcasing an integrated commercial development that encases a lifestyle mall as well as a 400m frontage along Jalan Cheras.

The infamous rule when it comes to being a successful property development is its location. however, a property’s success also relies on how efficiently it is connected to highways, public road and rail transport. Ekovest Bhd is planning to add more value to its mixed developments by providing easy access as well as connectivity to and from its surrounding development areas.

Eat, drink, and be merry

Klang South residents will have a reason to rejoice as an upcoming Maritime Food Haven looks set to capture the hearts and minds of the public.

Mitraland Group chairman Datuk Johan Ariffin (right) and Mitraland Group CEO Chuah Theong Yee (left).

Food has always been an integral part of the Malaysian culture, and it’s no surprise, seeing how we have a melting pot of races.

New development in bustling Salak Tinggi has much to offer buyers

Strategically located along Jalan Labohan Dagang-Nilai which connects KLIA and Bandar Salak Tinggi or Nilai, Suria Warisan spans across 37.23ha and has a GDV of RM850mil.

Salak Tinggi is no longer a quiet town. Developers are pouring into the area, and one of the latest to do so is Hectare Heights Development Sdn Bhd, which is putting its stamp on the town with its maiden township project called Suria Warisan.

Why house prices remain high

There are two questions floating around the property market today: why do house prices remain as high as they are, and what affects these prices? Both are interlinked.

According to Jordan Lee & Jaafar executive director Yap Kian Ann, Selangor and Kuala Lumpur have a population of 7.5 million with 1.85 million residential units. Migration from other states and foreign purchases will enhance demand.

I-Bhd to launch RM829 mil project in Jalan Kia Peng

I-Bhd will be launching its first city centre project, 8 Kia Peng, in 1Q2016. I-Bhd is the developer of the 72-acre i-City in Shah Alam.

8 Kia Peng is a high-end residential project that will be built on a 1.05-acre freehold parcel on Jalan Changkat Kia Peng, Kuala Lumpur. It will comprise 442 residential units, of which 315 are serviced apartments, housed in a 50-storey tower. The rest of the units are SoHos. The tower will include an eight-level car park with 600 bays.

Kwasa Land announces Naza TTDI as its latest development partner for Plot R2-1

A development rights agreement for Plot R2-1 was today signed between landowner Kwasa Development (3) Sdn Bhd, a wholly owned subsidiary of Kwasa Land Sdn Bhd, and development partner Naza TTDI Sdn Bhd for a 12.7-acre residential development that will comprise 278 residential units in Kwasa Damansara.

Kwasa Land, the master developer for the 2,330-acre iconic township and a wholly owned subsidiary of the Employees Provident Fund, announced this today.

Mirage By The Lake thrives in Cyberjaya

An aerial view of the majestic villas showcased within Mirage by the lake, Cyberjaya, where resort living meets the daily routine.

Easily recognisable by its curvaceous nature is Mirage by the lake (MBTL), a development that promotes resort living, by OSK Property Holdings Bhd. The development stands out due to its landscaped green areas, further enhanced via a noticeably curvilinear theme present across the property.

Sunway to launch RM226 mil project in Bangi in 1Q2016

Sunway Property Bhd will be launching its newest integrated development, Sunway Gandaria, in Bandar Baru Bangi in the first quarter of 2016. The project comprises retail shops and a block of serviced apartments, and will stand as the tallest landmark within the vicinity upon its completion.

“Sunway Gandaria will be the choice development for first-time owners, upgraders and business owners who demand value while capitalising on the growing expansion of the Southern Klang Valley development corridor as an optimal business and residential hub,” said Sunway property development division executive director Ang Kee Ping (pictured).

UEM Sunrise, WCT to undertake RM3b property project

UEM Sunrise Bhd and WCT Holdings Bhd plan to undertake a RM3 billion mixed-property project in Serendah, Selangor, under a proposed equally-owned joint venture (JV).

In a statement to Bursa Malaysia today, UEM Sunrise said the JV intended to develop freehold land measuring 243ha (608.63 acres).

Visionary builders of tomorrow

Defining excitement – BBCC is the lifestyle hub of vibrant districts.

Eco World is a trusted brand among property buyers for good reason. It pays attention to the finer details of property development that is expected by discerning buyers.

Making safety and the environment a priority

Having been a burglary victim himself, S P Setia Bhd executive vice-president Datuk Koe Peng Kang knows the importance of safety for a family. That unforgettable incident inspired him and his team to build the Eco series of homes with emphasis on providing a safe environment for the residents of the company’s townships and preserving nature.

“Our home was broken into many years ago in Subang and in a separate incident, my son was robbed when he was playing basketball in the playground. Whenever I travel overseas for work, I am always worried about the safety of my family. I believe many people have the same worries,” Koe remarks.

Overcoming resistance to IBS

Despite the push from the government, contractors still prefer to use the conventional construction method rather than the Industrialised Building System (IBS).

High cost of IBS components, lack of standardisation, inadequate supply of skilled workers and accessibility to cheaper untrained foreign workers are the major reasons for low adoption of the building system in the private sector, according to Noraini Bahri, head of IBS Centre at the Construction Industry Development Board (CIDB).

REV.O office suites 95% taken up after launch

REV.O office suites in Bukit Jalil has achieved a 95% take-up rate since its launch on Oct 31.

The project is jointly developed by Ho Hup Construction Company Bhd subsidiary, Bukit Jalil Development Sdn Bhd, and MBM Land Bhd subsidiary, Gemilang Eramaju.

GuocoLand’s upmarket Damansara City Mall 50% taken up

GuocoLand Malaysia Bhd’s Damansara City Mall (DC Mall), part of the RM2.5 billion flagship development Damansara City, is now 50% leased out. GuocoLand expects DC Mall to be 70% leased by its opening in April next year.

Sitting on 8.5 acres of freehold land next to Pusat Bandar Damansara, Damansara City will eventually have two 28-storey luxury residential towers, a five-star hotel, and two 33-storey, Grade A office blocks (Hong Leong Group is the anchor tenant) in addition to DC Mall.

Long-term solution needed to house the people

Affordable housing has taken centre stage in Budget 2016’s allocation to the property sector, which if implemented expediently, will help to promote home ownership among the low-and low-medium income Malaysians who have yet to make their first home purchase.

An allocation of RM23bil was made for three development projects to lure foreign and local investors. They are the Malaysian Vision Valley that will cover an area of 108,000 hectares from Nilai to Port Dickson, as well as Cyber City Centre and Aeropolis KLIA that should see accelerated growth to the south of Kuala Lumpur.

Thriven Global Bhd to launch RM1.8 bil of projects

In a soft property market where product launches are being halted or postponed, Thriven Global Bhd is bucking the trend. Its managing director Ghazie Yeoh Abdullah declares: “I have a habit of doing property development in a distressed market because firstly, there is a lack of competition [as other developers hold back].

“Secondly, we can get the best construction prices. For example, when we awarded the contract for substructure works for our project Lumi Tropicana, the eventual cost was 15% lower than our initial budget. It was a very good contractor with a good track record. During this period, contractors are looking for good projects and paymasters. This market is ideal for Thriven because we can transfer the cost savings to our buyers.”

Malton hits billion ringgit sales

Malton Bhd has charted record sales of RM1bil on the back of its Bukit Jalil City development launch.

Malton and Pavilion Kuala Lumpur are collaborating to develop the 50-acre integrated development, which consists of Pavilion Bukit Jalil regional shopping mall, 112 units of Signature Shop Offices, four towers of luxury serviced apartments known as The Park Sky Residence as well as 44 units of Park Point Shop Offices.

High demand for factory lots could push up space price

Prices of factory space could be on an uptrend by next year, spurred by upcoming infrastructure projects outlined under Budget 2016.

CH Williams Talhar & Wong’s (WTW) managing director Foo Gee Jen said that several projects announced under the budget would boost demand for factory lots in the country.

Waiting for cheer from GuocoLand’s divestments

GUOCOLAND (Malaysia) Bhd has been unlocking asset value by disposing of land and property in the Klang Valley.

So far this year, GuocoLand Malaysia has entered into agreements to sell four assets — DC Tower Sdn Bhd, certain offices and car parks at Menara Pandan, a 679.2ha tract in Sepang and a 2,917 sq m parcel in Jalan Changkat Kia Peng, in Kuala Lumpur.

Kuala Lumpur soon to boom with mega projects

With a slew of mega projects scheduled to transform the Kuala Lumpur skyline, the capital city will soon be in a construction boom. Cranes and cement mixers will be a common sight around KL.

Sizeable infrastructure projects could have a cumulative gross development value (GDV) of over RM200 billion in the long term, and that is not including those further from the city centre.

20,000 affordable homes to be built in Putrajaya

The Federal Territories Ministry plans to build about 20,000 Federal Territories Affordable Housing (Rumawip) in Putrajaya.

Federal Territories Ministry secretary-general Datuk Seri Adnan Md Ikhsan said the ministry had to discuss with Putrajaya Holdings (PjH), owner of the land in Putrajaya, about land acquisition to proceed with the housing plan.

Econpile wins RM95.5mil job in Mont Kiara

Econpile Holdings Bhd has bagged a RM95.5mil contract for piling and related works for Arte Mont Kiara.

The piling and foundation specialist said in a statement that its unit, Econpile (M) Sdn Bhd, was contracted by Nusmetro Property Sdn Bhd (Nusmetro) to undertake earthworks, piling, and basement construction works for the mixed development project in upscale Mont Kiara.

Banks rejecting qualified first-time house buyers

Loan applications from many first-time house buyers were rejected by banks although they were financially qualified to buy affordable houses in the state, said Housing and Local Government chairman Datuk Abdul Latiff Bandi (pic).

He said the state authorities had been getting complaints from these “spurned” house buyers.

Your property of choice at the fair

The biggest and most popular StarProperty.my Fair will be back to showcase the latest projects by over 50 reputable developers.

Organised by StarProperty.my in collaboration with its premium partners IJM Land, Tropicana Corp Bhd and Matrix Concepts Holdings Bhd, the three-day fair will kick off on Friday at the Kuala Lumpur Convention Centre.

UOA net profit up on higher property sales

UOA Development Bhd’s net profit for its third quarter ended Sept 30, jumped 54% to RM158.5mil compared with RM102.9mil in the same period last year due to higher sales from its property projects.

Revenue for the period rose 41% to RM492.2mil from RM349.9mil a year ago.

For its nine months to-date, earnings rose 34% to RM305.9mil from RM227.7mil a year ago while revenue shot up 61% to RM1.23bil from RM774mil the same period last year.

I-Bhd unbilled property sales rise to RM680mil

I-Bhd saw an increase in unbilled property sales to RM679.2mil as at end Sept this year from RM453.4mil the same period last year, bolstered by strong demand at on-going projects.

The company expects the unbilled sales to translate into higher revenue for the group when the construction progresses further in the future.

“The growth in the occupancy of Best Western i-City Hotel as well as the contribution from the new attractions at Leisure Park @ i-City that were opened in the beginning of this year, will drive the growth of the leisure segment,” it said.

1MDB RE: Bandar Malaysia deal by year-end

1MDB Real Estate Sdn Bhd (1MDB RE) expects to execute the definitive agreement with a partner for the development of Bandar Malaysia project by the end of the year.

It had shortlisted two potential candidates for the sale of a 60% stake in Bandar Malaysia Sdn Bhd.

“Overall, the transaction is making good progress and we expect to execute definitive transaction documents before the end of the year, with the chosen development partner,” chief executive officer Datuk Azmar Talib told StarBiz via an email.

Skyworld’s Bennington Residences transforming Setapak

SkyWorld officially opened its RM12mil property gallery in conjunction with launch of Bennington Residences@Setapak. (From L to R): SkyWorld chief finance officer CS Siew , group deputy managing director SK Lam, group managing director Datuk Ng Thien Ping and chief project officer CS Lee.

Setapak has come a long way from its origins. Originally the homeland of the Orang Asli and the Minangkabaus, Setapak has now transformed from a sleepy municipality into a thriving area within Greater Kuala Lumpur.

On Nov 22, SkyWorld Development Sdn Bhd launches its much anticipated Bennington Residences @ SkyArena. During the launch, SkyWorld has also officially opened the door to its RM12mil SkyWorld Property Gallery at SkyArena, Setapak to the public.