SDB buys two parcels of land in Gombak

Selangor Dredging Bhd (SDB) is buying two parcels of freehold agricultural land on 4.097ha in Gombak, Selangor for RM67.5mil, which is targeted for residential property development.

According to a filing with Bursa Malaysia yesterday, SDB said its unit SDB Properties Sdn Bhd had signed an agreement with Alam Palma Development Sdn Bhd for the purchase of the land.

YGS Property Development debuts with Twinz Residence

A new player in the property market, YGS Property Development Sdn Bhd is starting its journey with a 278-unit serviced apartment development in Bandar Puchong Jaya — one of the popular areas for first-time homebuyers.

The 2.1-acre freehold project known as Twinz Residence will comprise two 20-storey residential towers and is located next to Koi Kinrara, a high-density condominium.

Country Garden unveils Forest City project

Hong Kong-listed Country Garden Holdings Co Ltd and Esplanade Danga 88 Sdn Bhd, a Johor state-owned associate of Kumpulan Prasarana Rakyat Johor, today unveiled the much-touted Forest City mixed-use development located on four reclaimed islands in Iskandar Malaysia, Johor.

Spanning 1,386.05ha with an estimated investment of S$58.3 (RM175.8 billion) billion over the next 20 years, Forest City is expected to fuel the economy in the Iskandar region and neighbouring Singapore.

Bukit Bintang City Centre to launch in 2Q2016

Phase 1 of the RM8.7 billion Bukit Bintang City Centre (BBCC) development will be launched in the second quarter of this year (2Q2016), said BBCC Development Sdn Bhd CEO Datuk Richard Ong Kek Seng today.

He was speaking at the opening of the BBCC sales gallery today officiated by deputy minister of finance Datuk Johari Abdul Ghani.

M101 on track to launch 10 projects worth RM4bil by 2020

M101 Holdings Sdn Bhd is forging ahead with its plans to launch 10 projects worth RM4 billion by 2020, according to Datuk Chua Eng Pu (pictured), founder and executive director of the company.

“We aim to launch a total of 10 projects by the end of 2020, with a gross development value (GDV) of RM4 billion. Our strength lies in developing metropolitan projects within Kuala Lumpur, including integrated and commercial developments. Our primary goal is to maximise our footprint and to make a statement with our projects,” said Chua at the launch of its latest project, M101 SkyWheel today.

New age media used to market properties illegally

Illegal property brokers and marketing companies are turning to new age media such as websites and applications to encourage landlords to use their services instead of real estate agents, said the Board of Valuers, Appraisers, and Estate Agents Malaysia (BOVAEA).

BOVAEA president, Tuan Haji Faizan Abdul Rahman (pictured) said such incidents have increased in view of the current challenging market in a press conference yesterday.

Yong Tai scrapped its U-Thant project

One of Yong Tai's current projects is The Apple, which combines a 32-storey serviced apartment and the 16-storey Courtyard by Marriott Malacca.

Yong Tai Bhd has scrapped its plan to take part in developing a 128-unit luxury apartment block along Jalan U-Thant, Kuala Lumpur, which has a gross development value of RM168mil.

First phase of BBCC project to take off by Q2

Huge project: Ahmad (left) and Ong with a miniature model of the Bukit Bintang City Centre project, which will take eight to 10 years to complete.

It will comprise a shopping mall, hotel, strata office and apartments

The developer of the RM8.7bil Bukit Bintang City Centre (BBCC), a mixed development to be undertaken on the former Pudu Jail site, plans to launch the first phase of project by the second quarter of this year.

London-themed Hyde Tower to be unveiled in i-City

I-Berhad, the master developer of i-City, will unveil the Hyde Tower, a residential tower with a view over the CentralPlaza@i-City Shopping Mall, by this February.

Hyde Tower, a 43-storey tower block with units ranging from 465 sq ft to 769 sq ft, will be fully fitted and furnished with metropolitan and contemporary London-themed interior design.

Making a mark on Melaka

Yong Tai Bhd’s unassuming executive director Boo Kuang Loon is a man with a mission. He wants to create a strong brand that will stand the test of time and be etched in the minds of discerning homebuyers and investors.

Launching the RM5.4 billion Impression City development is one way to do just that. To be built on 117 acres of leasehold reclaimed land, the project looks set to transform the property landscape in Melaka.

Opportunities in a slow property market

Consultants see properties as long-term investments

Predictions are never easy. But unlike stocks, property investments have always been viewed as a longer term investment.

There is, therefore, the tendency for trends from the previous year to carry forward to the next. This being the second week of the new year, most of us would have read the writing on the wall.

Icon City’s office tower ready for tenants

Mah Sing Group Bhd's office building in the integrated Icon City, which is located at the intersection of the Federal Highway and the Damansara-Puchong Expressway (LDP), is open for lease.

Tentatively called MSC Tower pending official approval, the nine-storey office building is compliant with the MSC Malaysia Cybercentre status (stage 1) and is both LEED and Green Building Index (GBI) certified. Spanning 48,833 sq ft of gross floor area, with approximately 3,662 sq ft of nett floor area on each level, the office units have a ceiling height of 9 ft and 2’ x 2’ acoustic ceiling for sound absorption.

Time for bargains in the Golden Triangle?

Central City Kuala Lumpur, more popularly known as the Golden Triangle, is no stranger to locals and tourists. The popular shopping and entertainment district buzzes 24/7 with the energy of throngs of consumers. Buildings such as Pavilion Kuala Lumpur, Starhill Gallery and Low Yat Plaza are among the area’s famous landmarks. This article covers the price trends of non-landed residences in areas such as Bukit Bintang, Bukit Ceylon, Chow Kit and Pudu. (The Kuala Lumpur City Centre enclave has been covered previously.) Geographically, these areas are bounded by Lebuhraya Sultan Iskandar and Jalan Tun Razak to the north and extend south to Jalan Istana.

Cost saving, trends to impact office space

In manoeuvring around the slow property market, multinational companies (MNCs) are looking at ways to save cost. Knight Frank Malaysia Sdn Bhd managing director Sarkunan Subramaniam told The Edge Malaysia that office space has become an integral part of cost savings and a key focus for MNCs in 2016.

“The office market has evolved. Office space used to be something that companies needed in order to conduct businesses. It has now grown to become perhaps the largest cost for a company, thus an integral part of cost savings. The question is how do we go about it in order to sustain its demand and occupancy,” he said.

Malaysian property market weakness seen continuing

Hard statistics and anecdotal evidence suggest demand in the property market has continued to weaken, according to Maybank Investment Bank Research.

The firm also said reported loan default cases and the rise in the number of properties up for auction pointed to a challenging market environment.

Damansara City welcomes Sofitel

Globally renowned luxury hotel brand, Sofitel, is set to become the most visible and talked-about hotel in the exclusive enclave of Damansara Heights in Kuala Lumpur. AccorHotels Group which owns the Sofitel brand has recently signed the agreement with GuocoLand (Malaysia) Berhad to open and manage the hotel in its Damansara City integrated development.

The interior of The Sofitel Kuala Lumpur Damansara at Damansara City will be designed by Wilson Associates, who are renowned for creating luxurious and elegant interiors in some of the world’s finest hotels. The new hotel will feature 312 guest rooms, a lobby lounge, a deli, three restaurants and bars, a Club Millesime executive lounge on the 22nd floor, a So Spa, So Fit gym and outdoor swimming pool complete with pool bar. There will also be meeting facilities including a 840 sqm ballroom and five meeting rooms.

Tropicana unit selling land for RM55mil

Tropicana Corp Bhd’s unit Advent Nexus Sdn Bhd is selling its freehold land in Jalan Pudu, Bukit Bintang, Kuala Lumpur, to real estate company Pinnacle Supreme Sdn Bhd for RM55mil cash.

In a filing with Bursa Malaysia, Tropicana said the 11,904-sq-ft land comprised a 4½-years-old, 10-storey Sky Express Hotel.

Flat growth seen for Klang Valley property market

The growth of the property market in the Klang Valley is expected to be flat this year, says real estate consultant firm, CH Williams Talher & Wong Sdn Bhd.

Its managing director, Foo Gee Jen said property components such as landed residential, purpose built office, retail and hotel would see flat growth, high-rise residential segment would decline, however, the industrial component was expected to record good growth.

Residents fear Kepong overdevelopment

Residents and business owners near Kepong Entrepreneurs Park are becoming concerned about the intensity of local development projects having a detrimental effect on traffic in an area that already has close to 10,000 commuters a day.

Property owners in Ampang, Selangor owe RM11mil in taxes

A total of 32,000 property owners in Ampang Jaya have failed to pay assessment tax amounting to RM11 million since five years ago.

Ampang Jaya Municipal Council (MPAJ) president Abd Hamid Hussain said the largest group were owners of residential buildings, followed by commercial buildings and industrial buildings.

Ekovest to build RM3.7b expressway, concession 53 years

Ekovest Bhd will build the Setiawangsa-Pantai Expressway at a cost of RM3.738bil and the concession period with the government will be 53 years and six months.

The infrastructure company said on Monday its unit had signed a concession agreement with the Federal Government to build, operate and maintain the expressway, formerly known as the DUKE Phase-3.

Agile Mont’Kiara officially launched

Agile Mont’Kiara, a joint venture project between Agile Real Estate Development Sdn Bhd and PJ Development Holdings Bhd was officially launched by the Mayor of Kuala Lumpur Datuk Hj Mohd Amin Nordin Abd Aziz today.

China-based Agile to launch RM1.4bil project in Mont’Kiara

Agile Real Estate Development Sdn Bhd is set to launch its residential project valued at RM1.4bil on a 4.05ha site in Mont’Kiara on Jan 9.

The project Agile Mont Kiara, consisting of 11 towers of low- and high-rise structures, was scheduled for completion in 2019, it said in a statement on Tuesday.

LBS Bina sets RM1.2 bil sales target for 2016

LBS Bina Group Bhd has set a sales target of RM1.2 billion for its financial year ending Dec 31, 2016, which it expects will be driven by planned launches worth RM2.5 billion in gross development value (GDV) for the year and its unbilled sales of RM993 million as at Dec 31, 2015.

At a press briefing today, LBS Bina managing director Tan Sri Lim Hock San (pictured) announced that the company managed to meet its RM1 billion sales target for 2015, when it registered total sales of RM1.029 billion, a 60% improvement from its RM644 million sales in the previous year.

Johor, Seremban developers to benefit from HSR

Analysts said property developers with land bank in Seremban and Johor would be the main beneficiaries of the proposed 330km high-speed rail (HSR) linking Kuala Lumpur and Singapore.

Quoting MyHSR Corp Sdn Bhd chief executive officer Mohd Nur Ismal Mohamed Kamal, The Edge Financial Daily yesterday reported that two services were being considered for the line, with one being a direct service linking Kuala Lumpur and Singapore.

IOI Properties sees lower FY16 profit margin

IOI Properties Group Bhd expects the financial year ending June 30, 2016 (FY16) to be a challenging but surmountable financial year for the company, due to the soft property market.

Its executive chairman Tan Sri Lee Shin Cheng (pictured) acknowledged yesterday that IOI Properties’ profit margin in FY16 is expected to be squeezed by higher land, construction and labour costs.

Plan for tram service in KL city

The Federal Territories Ministry plans to introduce a tram service in Kuala Lumpur as a solution to reduce traffic congestion in the capital city.

Minister Datuk Seri Tengku Adnan Tengku Mansor said traffic congestion in the city was their main challenge.

Long wait to buy low-cost flats in Taman Damai Utama

Muthualagan first applied for the Pangsapuri Damai Utama flats (in the background) in 2003.

About 42 eligible housebuyers of the Pangsapuri Damai Utama low-cost flats in Taman Damai Utama Puchong want the developer to offer them the units soon.

They claim that the project developer had delayed the process although they had been selected for the units by the Selangor Housing Board about two years ago.

Grade A office rent under pressure

Low oil prices and slowing economic growth have resulted in companies from across the board renegotiating their leasing agreements, property consultants say.

The focus seems to have fallen on oil and gas companies (O&G) because they have been paying top dollar for their space in order to be near Petronas. The result of new negotiated deals is likely to see new pressure on rental rates, which already is among the lowest in the region, property consultants say.