WCT plans 2 new malls

When WCT Holdings Bhd opened its first mall – the Aeon Bukit Tinggi Shopping Mall – in Klang eight years ago, it was a start to a long-term plan to diversify into shopping mall ownership and management.

The company had built retail buildings including The Curve and Tesco Mutiara Damansara, Tesco Bukit Tinggi, Aeon Bukit Indah Johor and Aeon Malacca, so it was a natural progression for the construction outfit.

Eco World plans RM8bil Kota Kemuning township

Eco World Development Group Bhd is planning a second township with a gross development value (GDV) of RM8bil in Kota Kemuning.

In a statement yesterday, the property group said the project called Eco Sanctuary would be a 308.7-acre leasehold project with an “eco” concept.

100 Quarters flattened soon

The 100 Quarters in Jalan Rozario, Brickfields, that was ravaged by vandals and scrap metal dealers early this year will be demolished. Work will start latest by Monday.

Malaysian Resources Corporation Berhad (MRCB) executive vice-president Datuk Dell Akbar Khan said the land owner Property Management Division (BPH), under the Prime Minister’s Department, and the local authority Kuala Lumpur City Hall (DBKL) had given the go-ahead for demolition.

Two more land parcels for bumi developers

Property developer Kwasa Land Sdn Bhd has carved out 10.43 acres in the Rubber Research Institure (RRI) land in Sungai Buloh to be developed by selected pre-qualified bumiputra developers.

Kwasa Land, a wholly-owned subsidiary of the Employees Provident Fund (EPF) and the master developer of the 2,330-acre Kwasa Damansara, said in a statement that the request for proposal (RFP) was for two parcels of land measuring 6.52 acres and 3.91 acres to be developed into residences.

UOA expects steady property demand

UOA Development Bhd, which had sold RM146mil worth of properties so far this year, expects demand to be steady despite concerns about the goods and services tax (GST) and strict lending rules by banks.

“We expect revenue for 2015 to be consistent, taking into account the projects to be launched this year,” said general manager Eugene Lee after the group’s 11th AGM yesterday.

Positive side of property slowdown

Cooling measures implemented by Govt taking effect

While 2015 is a challenging year for property developers, the slowdown in the industry can be a good thing as it can prevent a crisis driven by speculative buying.

Since 2009, the Government has introduced a slew of cooling measures which have slowed down property transactions.

Questions about Magna Prima blockbuster sale

There should be more scrutiny when a developer would rather sell prime land than build on it

IT’S a special kind of property developer that wants to sell its entire land bank, including real estate that it has called its crown jewel.

Magna Prima to sell land for RM500mil

Magna Prima Bhd is looking to sell three pieces of its prime land by year-end, which should net it some RM500mil cash.

Using this cash, Magna Prima would buy smaller plots of land for property development and would set a policy of giving out 50% of profits from each project as dividends to shareholders, said Magna Prima group managing director Datuk Rahadian Mahmud Mohammad Khalil (pic).

UMLand focusing on affordable, landed homes in Iskandar M’sia

United Malaysian Land Bhd (UMLand) is focusing on building landed properties and affordable homes as there is an abundant supply of residential high-rise properties in Iskandar Malaysia.

Group chief executive officer Datuk Charlie Chia Lui Meng said the take-up rate for its landed properties, especially in townships such as Bandar Sri Alam, Taman Seri Austin and Taman Seri Albion, was good.

Construction to gain in Malaysia plan to be unveiled tomorrow

All eyes are on the construction sector as it is expected to be a big beneficiary of the 11th Malaysia Plan (11MP) that will be tabled tomorrow.

Analysts expect the Government to continue to spend on high-impact construction work, particularly rail projects, that will boost the country’s economic growth from 2016 to 2020. The mass rapid transit line two (MRT 2) and light rail transit line three (LRT 3), totalling RM34bil, are expected be rolled out in the next two years.

WCT to launch mixed projects with RM700mil in GDV

WCT Holdings Bhd (WCT) is expected to launch several mixed development projects with an estimated gross development value (GDV) of RM700 million out of its remaining GDV of RM25 billion this year, its Deputy Managing Director, Goh Chin Liong said.

The property launches include Bandar Bukit Tinggi in Klang, The Paradigm in Petaling Jaya, and Medini Iskandar Malaysia in Johor Baharu.

Bank Negara credit checks ‘hurt’ housing market

Tougher credit checks on potential buyers and lending curbs imposed by Bank Negara is distorting the market, claims a top official at Malaysia’s biggest grouping of property developers.

Real Estate and Housing Developers’ Association (Rehda) Malaysia reveals that due to the high rejection rates of housing loan applications, many developers have delayed their property launches, especially affordable houses.

Call for other states to follow Johor’s move

Glomac Bhd, which is launching a RM710mil mixed housing project in Bukit Batu, Johor, in a joint venture with Kumpulan Prasarana Rakyat Johor (KPRJ), is calling for state governments to follow Johor’s lead in keeping development charges and land premiums low.

“In Johor, the state government has created a good environment for developers to build affordable homes by not introducing excessive development charges and keeping the land premium from skyrocketing,” said group managing director and chief executive director Datuk Seri Fateh Iskandar Mohamed Mansor.

Hua Yang targets to do mixed development in KL

Hua Yang Bhd plans to undertake a high-rise mixed development project next to Taman Sri Murni in Batu Caves with gross development value of RM800mil.

The Batu Caves-based property developer said in a circular to shareholders on Monday that it would comprise four blocks of serviced apartments consisting of 1,264 units with clubhouse facilities plus two levels of retail commercial development consisting of 154 units.

‘Next market high’ for property seen in 2018

A combination of pent-up demand, improved buyer sentiment and overall business environment is expected to spur the local property market to its “next market high” in 2018.

PPC International Sdn Bhd chief executive officer Siva Shanker said conditions have been improving albeit slowly, with the implementation of the goods and services tax (GST) not really having much of an impact as originally expected.

Less congestion with LRT3 line

Days of getting caught in traffic jams will be over for Klang and Shah Alam residents when the new Light Rail Transit 3 (LRT3) project from Bandar Utama to Klang is completed by 2020.

The RM9bil project will ferry passengers from 1Utama in Petaling Jaya to Johan Setia in Klang in 51 minutes. In total there will be 25 stations along the 36km-long route.

12-storey affordable apartments coming up in Bandar Saujana Putra

More Selangor residents will be able to own their dream home, thanks to the smart partnership between property developer LBS Bina Group Berhad and the state government.

The Rumah Selangorku Bandar Saujana Putra has five blocks of 12-storey apartments offering 1,312 affordable residential units. There are also 24 shop units.

Rawang beckons

More affordable housing will be available in Rawang once Mah Sing Group Berhad’s Rumah Selangorku project is completed in May 2018.

The developer held a ground-breaking ceremony for the M Residence 2@Rawang project spread over 3.2ha in Bandar Tasik Puteri.

French embassy sells land to Putrajaya Ventures

The French embassy has sold its coveted 7.98-acre real estate comprising two parcels to Putrajaya Ventures Sdn Bhd, a subsidiary of Putrajaya Holdings Sdn Bhd.

Sources told StarBiz that the parcels may have been sold at RM2,400 per sq ft, instead of the RM3,188 per sq ft, as reported earlier.

Mah Sing rides the slowdown

Mah Sing’s Leong is not worried about completing his 48 property projects in the current subdued market

Having gone through three economic crises, including a stock-market meltdown in 1998, Mah Sing Group Bhd’s group managing director Tan Sri Leong Hoy Kum (pic) is hardly batting an eyelid in the current slow property market.

Eco World still positive on Iskandar property outlook

Eco World Development Group Bhd remains upbeat on the property outlook in Iskandar Malaysia despite news reports on the slowdown in the property segment in the economic growth corridor.

Chairman Tan Sri Liew Kee Sin said Iskandar Malaysia would continue to offer good growth prospects for the company in years to come.

State govt takes steps to ensure housing developers deliver

The Selangor government has allocated RM20mil to the Abandoned Projects Recovery Fund (TEPAT) said Selangor Mentri Besar Mohamed Azmin Ali.

“We are collaborating with the local authorities to restore abandoned housing developments through the TEPAT fund, with approval for four projects this year, totalling 956 low-cost housing units under the initiative.

Increasing affordable homes, 20,000 3 years

Selangor will have 20,000 affordable homes in the next three years, Selangor Mentri Besar Azmin Ali said.

He added that previously, the state had only targeted 15,000 of such homes.

1MDB Real Estate signs with Indonesia's Mulia to build TRX tower

1Malaysia Development Bhd (1MDB) has roped in Indonesian property firm Mulia Group to build the Signature Tower at the Tun Razak Exchange (TRX) project in Kuala Lumpur.

This comes a year after the fund announced it would partner Export-Import Bank of China (China Eximbank) to develop the 74-storey building.

OSK Property expects current projects to sustain 2015 earnings

Ongoing residential and commercial projects for the remainder of the year will continue to help sustain OSK Property Holdings Bhd's earnings.

This is despite the softer property market currently, said the company.

Kimlun plans residential property project in Kota Tinggi

Kimlun Corp Bhd plans to undertake a residential property project in Kota Tinggi, Johor following the purchase of 29 parcels for RM28.30mil cash.

It had on Wednesday it had inked a sale agreement with two individuals to en bloc purchase 29 parcels of contiguous freehold land measuring about 140.8 acres.

Tropicana profit seen improving this year after buoyant Q1

An artist’s impression showing the view from the sky gym of the Tropicana Metropark project in Subang Jaya.

Property developer Tropicana Corp Bhd, which recorded a year-on-year net profit growth of over 140% for its first quarter ended March 31, is expected to see improved earnings this year as more projects come on-stream.

Boustead, Ikano in JV for Cheras shopping mall

Boustead Holdings Bhd and Ikano Pte Ltd will open their second shopping mall together at Jalan Cochrane, Cheras.

The 1.1 million Sq ft project, MyTOWN Shopping Centre will have a Parkson department store, five floors of retail space, a landscaped park and garden outside and event spaces.

Proposal of LRT 3 alignment to be made public on Friday

The proposed LRT 3 alignment from Bandar Utama to Klang will be available for public inspection from Friday.

The public can view the documents at the headquarters of Shah Alam City Council, Petaling Jaya City Council, Klang Municipal Council and the office of the Public Land Transportation Commission in KL Sentral from 9am to 5pm on weekdays.

Sunway buys PJ land for RM286mil

Sited next to Western Digital in the Sungai Way Free Trade Zone, the land is within the vicinity of the beautiful Kelab Golf Negara Subang.

Conglomerate Sunway Bhd is boosting its land bank close to its flagship development Sunway township by buying 17 acres worth RM286mil.

Ho Hup Construction on a roll

Its Aurora Place @ Bukit Jalil project fully sold

A year after its exit from PN17 status, small-cap construction and property developer Ho Hup Construction Co Bhd is on a roll.

The company, which dates back to the 1960s, is among the top five of RHB Research’s Top Malaysia Small Cap Companies 2015. PN17 denotes a company in financial distress.

MyEG enters into RM155m property deal

My EG Services Bhd (MyEG) is acquiring 22 storeys of stratified parcels in the 45-storey Iconic Office (Block N) at Empire City @ Damansara, for RM155.35mil.

The company told Bursa Malaysia yesterday it had entered into 22 conditional sale and purchase agreements with Cosmopolitan Avenue Sdn Bhd as part of its plan to centralise its operations and relocate all employees.

It is very challenging to build affordable homes

Too pricey: Ahmad Phesal showing a model of a RUMAWIP scheme displayed at DBKL building. Most urban poor cannot afford PPR flats let alone these units.

Kuala Lumpur City Hall (DBKL) is facing a challenging time to deliver affordable housing to low-income earners as it is no longer cost-effective, said mayor Datuk Seri Ahmad Phesal Talib.

Challenges for large projects in the Klang Valley

When the mass rapid transit is operational in a year or two, its impact on the movement of people will be even more obvious.

The pockets of large integrated development in Brickfields, Bangsar and Damansara Heights in the Klang Valley bear some interesting aspects. It is as much a glance into the past as a glimpse into the future. Among the three projects taking place today – KL Sentral, KL Eco City and Pusat Bandar Damansara - the biggest would be the 72-acre KL Sentral in Brickfields. It will be near completion this year.

Ecofirst land bank fast expanding

Tiong: ‘When I see a piece of land and I have a gut feeling that I can do it, I will go ahead.

Even before small property developer Ecofirst Consolidated Bhd has completed the acquisition of a 62-acre piece of land fronting the Middle Ring Road II at Ulu Kelang from Zurich Insurance (M) Bhd, it now has inked a deal to buy another 25 acres next to the 62-acre parcel.