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).
Overcoming resistance to IBS
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.
KSK Land ups the ante with iconic 8 Conlay
Fresh from announcing that its branded residence for Tower A at 8 Conlay project will be sold at a record RM3,200 per sq ft, Kempinski Hotel Kuala Lumpur has now been recognised under the Government’s Economic Transformation Programme.
If 8 Conlay’s RM3,200 per sq ft (psf)selling price has set tongues wagging for possibly setting a new pricing record in luxury living, here is another development to add to the several “firsts” the project has notched since it was announced some two-and-a-half years ago.
Kempinski Hotel Kuala Lumpur, which is a component of 8 Conlay, has been recognised as an entry point project under the Tourism National Key Economic Area (NKEA) of the ETP - the Government’s initiative to propel the economy into high-income status by 2020.
Hua Yang keen to buy more land
Property developer picks Penang as one of its top choices
An abrupt announcement to abort a planned land purchase earlier this week has failed to dent sentiment on Hua Yang Bhd.
The property developer’s shares have held up well at a strong trading range of RM1.80 to RM1.88 despite the aborted land deal to acquire two parcels of freehold land in Bukit Mertajam, Penang measuring 3.14 acres.
Real estate crowdfunding in Malaysia
Crowdfunding – the practice of funding a project or venture by raising small amounts of money from a large number of people typically using an online platform – has gained popularity due to the massive demand and supply in today’s competitive market.
In one way, it benefits start-ups and entities that require funds to either commence or expand their business portfolio.
Investors have the opportunity to participate in any potential investment that they are comfortable with and which corresponds to their personal investment portfolio via a simple click online. It is a chance to participate early in something potentially very big.
Developer to launch new tower
Property developer Mah Sing Group Berhad is launching Tower D of the final phase of its Lakeville Residence development in Taman Wahyu, Kuala Lumpur.
Designed with a lakeside-living theme, Lakeville Residence spans across 5ha of land and has a gross development value (GDV) of RM1.5bil.
The development comprises 1,898 units of serviced residences within six blocks and 10 units of three- and four-storey retail shoplots or smart office versatile office (SoVo).
Locus @ KLCV coming up in Cheras
Cheras has again proven a property hotspot with the emergence of a new serviced apartment development, The Locus @ KLCV (KL City View), which has an indicative price of RM1,000 psf.
Located diagonally opposite Sunway Velocity, the final parcel of the KLCV project is jointly developed by Warisan Tradisi Sdn Bhd, Brunsfield International Group and Dewan Bandaraya Kuala Lumpur.
The Locus @ KLCV is currently open for registration and the soft launch takes place this weekend.
Penduline’s initial 132 homes 85% sold
IJM Land Bhd has sold 85% of 132 units of two-storey terraced homes under its Penduline scheme launched on Nov 15, says its senior manager for sales and marketing Susan Teh.
Penduline, which will eventually comprise a total of 625 units, is part of the 1,879-acre, RM11 billion Bandar Rimbayu township located next to Kota Kemuning, in Telok Panglima Garang, Klang.
The homes are priced from RM625,000, or RM356 psf, and have a built-up area of between 1,751 and 2,021 sq ft, and land area of 20ft by 70ft.
Sales gallery of RM5.4bil mixed development 8 Conlay unveiled
Pushing new boundaries (from left) KSK Land Sdn Bhd Managing Director Joanne Kua; Kempinski Hotels CEO Alejandro Bernab; YOO Chairman and Co-founder John Hitchcox, and Steve Leung and YOOs Creative Director Steve Leung at the unveiling of 8 Conlay signature sales gallery.
The signature sales gallery of 8 Conlay, a mixed-used development at Jalan Conlay in Kuala Lumpur city centre, was unveiled yesterday.
Developer KSK Land Sdn Bhd is optimistic that the RM5.4bil project, which includes branded residential, retail and hotel components, will be well received.
KSK raises price of 8 Conlay
The signature sales gallery of 8 Conlay, a mixed-used development at Jalan Conlay in Kuala Lumpur city centre, was unveiled yesterday, with the project coming in at a higher gross development value of RM5.4bil from RM4.5bil – raising its price per sq ft from RM2,700 to RM3,200 due to “strong interest”.
Its developer KSK Land Sdn Bhd is optimistic that the RM5.4bil project, which includes branded residential, retail and hotel components, will do well despite the Malaysian property market slowdown.
Managing director Joanne Kua said 8 Conlay had seen 70% of its Tower A units reserved by interested buyers.
Will slowdown make houses more affordable?
The extraordinary boom in the property market in Malaysia is ending but high house prices and the middle-class obsession with home ownership are likely to persist for a long time to come.
Data from the National Property Information Centre’s (Napic) First Half Property Market Report shows that during the first six months of the year, the total value of property transactions declined 6% year on year to RM77.08 billion. In terms of volume, property transactions fell 3.5% to 186,618. The residential segment saw a 2.6% drop in transaction volume but its value took a 9.7% dive to RM36.4 billion.
The report will make sobering reading for many younger households who, for years, have seen property prices only move northwards. Between 2009 and 2014, the Malaysian House Price Index registered a compound annual growth rate (CAGR) of 10.1%. It marked a period of sharp acceleration compared with 5.6% for the period between 2000 and 2014.
RM7b Pavilion Damansara project to start in 2Q2016
The two-phase Pavilion Damansara Heights mixed-use development in Kuala Lumpur, being undertaken by Tan Sri Desmond Lim Siew Choon in partnership with the Canada Pension Plan Investment Board (CPPIB), will have a gross development value of RM7 billion, sources familiar with the project say.
Targeted for completion in 2021, the development will sit on 15.84 acres in Pusat Bandar Damansara and comprise 13 office blocks, four towers with 1,256 serviced apartments and 240 hotel rooms, and a five-storey retail podium with a net lettable area (NLA) of some one million sq ft.
Phase 1 (9.5 acres) is undertaken by Impian Ekspresi Sdn Bhd and Phase 2 (6.34 acres), Jendela Mayang Sdn Bhd. It is learnt that demolition work at the site has commenced and construction will begin in six months’ time.
Tribunal rules 28 Boulevard soho units GST exempt
Housing developer Best Boulevard Sdn Bhd which is constructing small offices-home office (soho) units in Kuala Lumpur has been exempted from imposing the 6% goods and services tax (GST) on its buyers.
A consent award was entered before GST appeal tribunal in Putrajaya today after the Customs Department agreed that the 1,279 units at the 28 Boulevard project were built for residential purposes.
But purchasers will have to pay the consumption tax if the units, also known as virtual office, were also used for business and commercial purposes.
Mah Sing introduces an apartment designed for family planning
Mah Sing Group Bhd introduced dual-key apartment units during a preview of the third block of its serviced apartments at its D’Sara Sentral integrated development at Sungai Buloh last weekend.
Dual-key units are apartments split into two separate units after the main apartment entrance, and residents may only access units they have keys to.
The third block of D’Sara Sentral, Signature Residence, houses 274 units with with a built-up area of between 773 and 1,186 sq ft. Prices are between RM580,000 and RM918,000, after a bumiputera discount is applied.
Selayang’s next rising star
Selayang will soon see a new landmark — the Selayang Star City shopping mall is set to open its doors by the end of the second quarter or early third quarter next year.
The town is about 10km from northwest Kuala Lumpur and a few kilometres from Kepong, Rawang and Batu Caves. However, there is not much choice of leisure and entertainment in the area for residents.
Leadmont Group sales and marketing general manager Ng Chin Yung tells City & Country that the company saw an opportunity to tap into the town’s market by bringing new vibrancy to the area.
MRCB exploring options to finance new projects
Maintain buy with a higher target price (TP) of RM1.80: Malaysian Resources Corp Bhd (MRCB) had a briefing to clarify the new projects secured over the past two months and its financing plans.
The light rail transit line 3, Kwasa Utama and Cyberjaya City Centre (CCC) projects will generate a project management fee income of RM586 million over the next 12 years. It is exploring to set up private property funds with institutional investors to finance some of its property developments.
MRCB will have to fork out RM269.5 million to take up a 70% stake in a joint venture (JV) for the CCC project by October 2016. The JV will acquire 55.4 acres of (22.42ha) land for CCC Phase 1 at about RM150 per sq ft. This is conditional upon receiving the development approval at five times plot ratio on the land with an estimated gross development value (GDV) of RM5.35 billion. The JV has the option to acquire another 59.9 acres of land for CCC Phase 2 at the same land price.
Hua Yang aborts plan to buy Penang land due to SPA conditions unfulfilled
Property developer Hua Yang Bhd has aborted its plan to acquire a 3.14-acre piece of land in Bukit Mertajam, Penang, due to the vendor's inability to fulfill one of the conditions precedent (CP) to the sales and purchase agreement (SPA).
In a statement today, the group said the non-fulfillment will disrupt the strategic development plan and time frame that the group had for the parcel of land.
However, the termination of the SPA will not impact Hua Yang's 2016 financial results.
Developer’s new project draws crowd
Developer IOI Properties Group’s new double-storey terrace houses – Avira at Bandar Puteri Warisan – attracted more than 300 excited visitors for its launch over the weekend.
Strategically located in Sepang, the 82ha freehold township is easily accessible via major highways – Maju Expressway (MEX), Lebuhraya Damansara-Puchong (LDP), South Klang Valley Expressway (SKVE), Elite, Putrajaya-Cyberjaya Expressway, North-South Highway and the KLIA Expressway.
With a total development value of RM144mil, the green and guarded community features homes with a spacious 195sq m built-up area and ample parking space for two cars.
IJM Land offers affordably priced homes in Bandar Rimbayu
Adapting to market demand is key to staying relevant in any business. For IJM Land Bhd, it is addressing the current market slowdown — prompted by the tougher lending rules — by offering affordable homes at its Bandar Rimbayu township in Teluk Panglima Garang, Klang.
Penduline, the first phase of the township’s Fauna precinct, will feature 625 two-storey terraced homes in a 54.95-acre leasehold parcel. The homes are priced from RM625,000, or RM356 psf, with built-ups of 1,751 to 2,021 sq ft and land area of 20ft by 70ft each. Sales incentives for the units include a 12 to 24-month instalment plan that covers part of the down payment. To qualify, buyers must use their RHB, Maybank or CIMB credit card to pay the amount. Penduline has a gross development value (GDV) of RM451 million.
“We are offering house prices [at a little] over RM300 psf for a landed property. Even a condominium in the Klang Valley is already priced at RM700 to RM800 psf, with an absolute value of over RM1 million,” says IJM Land managing director Edward Chong.
KSK Land’s 8 Conlay to launch first residence tower on Nov 18
Developer KSK Land Sdn Bhd will be launching the first residential tower of its much-anticipated integrated project, 8 Conlay, in Kuala Lumpur on Nov 18.
There are three components to the whole development – two branded residences known as YOO8 serviced by Kempinski, a hotel tower (hotel units and strata hotel suites) and a podium comprising retail space, car park and a banquet hall.
The first tower has 564 units with built-ups of between 700 sq ft and 1,308 sq ft. The indicative average price is RM2,700 psf.
Developer launches final phase
Property developer Mah Sing Group Bhd is launching the final phase of D’Sara Sentral development in Sungai Buloh, comprising two premium blocks of serviced residences, SB1 and SB2.
D’Sara Sentral is an integrated development comprising four blocks of serviced residences, one block of smart office versatile office (Sovo) and lifestyle retail shops with a gross development value (GDV) of RM901mil.
More than 80% of the first two blocks of serviced residences were sold, while the SoVo units have seen more than 70% taken up. Meanwhile, more than 80% of the lifestyle retail shops have been taken.
Sunway Velocity 40% completed
Sunway Bhd’s Sunway Velocity integrated development in Taman Maluri, Cheras is now 40% developed and is on track for completion in 2019, the company revealed in a press release today.
Sunway Velocity is a 23-acre integrated development with six components comprising retail, offices, residences, healthcare, hospitality and public spaces in the V Boulevard and V Gardens area, amid a landscaped space that includes a 700m-long, 16m wide vehicle-free green deck, a 400m jogging track and water features.
New addition to KL’s skyline
The Naza Tower is a Green Building Index-accredited high-rise is part of the 3.6ha Platinum Park integrated development that encompasses retail, hotel, and luxury residences.
The launch of Naza Tower is a testament to the thriving entrepreneurial spirit passed down through the generations in the 40-year-old conglomerate.
Launching the 50-storey Green Building Index-accredited high-rise at the heart of the city recently, Prime Minister Datuk Seri Najib Tun Razak described the tower as an exciting new addition to the capital’s skyline.
Secondary property sales may take lead in Malaysia
"Siders: ‘Total volume of transactions in the primary market has dropped, and this has also resulted in values dropping.
The ongoing slowdown in the local property sector could see transactions in the secondary property market overtaking that of the primary market.
Citing data from the National Property Information Centre (Napic), PPC International Sdn Bhd managing director Datuk Siders Sittampalam said the economic slowdown has affected transactions in the primary property market this year.
1MDB Real Estate gets 2 final bids for sale in Bandar Malaysia stake
1MDB Real Estate Sdn Bhd (1MDB RE) has received two final, binding and funded bids from development partners for the proposed sale of 60% equity in Bandar Malaysia Sdn. Bhd.
Transaction advisor CH Williams Talhar and Wong (WTW) and 1MDB RE said on Thursday they were seeking clarification and undertaking a comprehensive analysis of the two bids.
“A recommendation will then be made to the 1MDB Board,” it said.
AZRB, Getrahome secure two Kwasa Damansara projects
Ahmad Zaki Resources Bhd (AZRB) and Getrahome Sdn Bhd were the two successful bidders for its residential projects under the Bumiputera developer category in Kwasa Damansara.
Master developer Kwasa Land Sdn Bhd said on Thursday they were the two successful developers among the 21 pre-qualified Bumiputera developers which were invited on May 14 to pitch for the projects.
AZRB’s unit Ahmad Zaki Sdn Bhd was awarded the R3-4 project while Getrahome was awarded the R3-3 project.
Developer to build alternative access routes to PJU10
The Petaling Jaya City Council has given project approvals to three developers in Damansara Damai, PJU10, with the condition they complete the promised access routes before their project are completed.
The developers will bear the costs for the RM16mil access routes. Based on a traffic impact study conducted in January 2013, Damansara Damai suffers from traffic congestion during peak hours in the morning.
In just an hour some 4,000 vehicles pass the traffic light junction at Jalan 10/1 in the morning rush hour.
SP Setia to launch RM500mil worth of apartments in KL Eco City
Top out: (from left) Khor, Zaki, Federal Territories Minister Datuk Seri Utama Tengku Adnan Tengku Mansor, KL mayor Datuk Mohd Amin Nordin Abd Aziz and Putrajaya Perdana group MD Datuk Rosman Abdullah at the topping out ceremony.
Property developer SP Setia Bhd will be launching RM500mil worth of serviced apartments in KL Eco City next year, which should be quite manageable as the site will be a value proposition, said acting deputy president/chief operating officer Datuk Wong Tuck Wai.
“Next year will be challenging but there will be underlying demand for this location. We have built a brand and KL Eco City is a city within a city,” he said.
Govt to expand use of IBS to lower prices of houses
“Currently, the use of IBS has not grown. Imagine, if it grows and with Perbadanan PR1MA Malaysia and the Urban Wellbeing, Housing and Local Government Ministry using the system, more people would be able to buy quality houses at lower prices,” Ahmad Husni said.
The Government will expand the use of industrialised building system (IBS) in the housing industry, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
Overwhelming response to service apartments in Klang
Maple Residences will be located on the left, and will be surrounded by greenery
Those wishing to own a freehold service apartment in one of Klang’s new townships will have more options now that Khoo Soon Lee Realty Sdn Bhd has opened all its three blocks for sale.
Named Maple Residences, the 22-storey blocks will be located in the middle of Canary Garden township, right beside an upcoming shopping complex.
Call to gate up neighbourhood
Closure of Taman Setia road exits to fight crime
The Taman Setia Residents Association wants to permanently close nine exits in the neighbourhood to help prevent crime.
They claim the exits allow burglars to easily gain access to their properties and provide escape routes for snatch thieves.
Tycoon land sales raise questions
A few tycoons are selling large swathes of their land in Malaysia, either directly or through companies they control. Could this be a sign of the times, in the sense that these businessmen are looking to cash out of an asset class that is set for a prolonged downturn?
“You get the feeling like these tycoons are reading the market and acting on it,” says one fund manager.
Public rail transport to boost Sunway Velocity
Sales of the Signature retail shop offices started about two weeks ago at Sunway’s integrated Cheras project with overall outcome expected to be fairly brisk despite the weak property sector due to two MRT stations, says Sunway Bhd managing director for property development division (Malaysia/Singapore) Sarena Cheah.
Comprising 64 units, this second phase is scheduled to be completed in 2019, a statement from Sunway says. Intermediate office lots are priced at about RM900 per sq ft (psf) while the retail lots located at ground, level 1 and 2 are priced between RM1,150 and RM1,900 psf.
Singaporeans like landed properties in Iskandar, say developers
VIP guest: Johor state secretary Datuk Ismail Karim (sixth from left), Johor Rehda organising chairman Simon Heng Kwang Hock (third from left), Hoe (fifth from left) and Johor Rehda deputy chairman Wong Kuen Kong (right) looking at a property model after launching Mapex 2015 yesterday.
Property sales in Iskandar Malaysia have managed to keep its momentum with demand for landed properties and well-planned business parks.
IOI project in Sepang draws much interest
An artist’s impression of IOI’s two-storey terrace Avira homes.
The launch of the two-storey terrace Avira homes by IOI Properties Group drew overwhelming response as 300 excited homebuyers converged in Bandar Puteri Warisan in Sepang to view the show units when it was launched last month.
Milux makes foray into property development
Electrical and kitchen appliance maker Milux Corp Bhd is proposing a diversification of the company’s business to property development.
Milux explained that in view of the increasingly competitive household appliances market, the diversification into property development would provide an additional income source. This followed an earlier announcement of a joint venture condominium project in Genting Highlands.
New rules on transit-oriented development
The Shah Alam City Council (MBSA) will implement the new guideline to increase plot ratio for transit-oriented-development (TOD) from 1:4 to 1:8 in the city centre.
However, MBSA will only give approval on a case-to-case basis instead of a blanket approval.
All about buying houses in Klang
Ahyat will help attendees understand mindsets of great investors.
STARPROPERTY.MY will be hosting a forum focused on the western corridor of Klang Valley, which has seen rapid growth in infrastructure, connectivity and townships.
Ahmad Zaki unit wins PJ project with GDV of RM257mil
Ahmad Zaki Resources Bhd’s unit has won a project with a gross development value of RM257mil to develop a part of the Kwasa Damansara Township in Petaling Jaya.
The job, bagged via Ahmad Zaki Sdn Bhd from Kwasa Land Sdn Bhd, is for high-rise residential units located on 3.91 acres.
Plenitude maintains sales target
Plenitude hotel: Plenitude owns Four Points by Sheraton in Penang.
Developer Plenitude Bhd, which recently completed a merger with The Nomad Group Bhd, is keeping its sales target at RM250mil for 2016 despite softening demand in the property market.
AZRB to jointly develop RM257mil GDV project in Kwasa Damansara
Ahmad Zaki Resources Bhd (AZRB) will jointly develop 188 high-rise residential units in Kwasa Damansara township in Sungai Buloh with an estimated gross development value of RM257mil.
The construction and property development group told Bursa Malaysia that its unit, Ahmad Zaki Sdn Bhd, had received a letter of award (LoA) from Kwasa Land Sdn Bhd, a wholly-owned subsidiary of the Employees Provident Fund which is the master developer of the 2,230-acre Kwasa Damansara township, to be its development partner for the project on a 3.91-acre piece of land identified as R3-4.
MRCB land strategy, eyes Bukit Jalil deal
The RM1.6bil land swap deal that Malaysian Resources Corp Bhd (MRCB) secured to regenerate Bukit Jalil National Sports Complex (NSC) is in line with the company’s strategy to expand its land bank.
The construction and property development company further notes it will be able to internally generate funds to sufficiently finance the two-phased project to refurbish and upgrade Bukit Jalil NSC into KL Sports City over the next five to six years.