Latest New Launches & Projects News from PropertyGuru

High hopes pinned on KVMRT

Mon, 20 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

The Greater Kuala Lumpur (KL) area will benefit greatly from the upcoming Klang Valley Mass Rapid Transit (KVMRT) Line 2, which will provide smoother transportation and promote sustainability for the future, reported The Star.

The massive project is now waiting for Cabinet approval, after feasibility studies have been completed, according to Mohd Nur Kamal, Chief Executive Officer of the Land Public Transport Commission (SPAD).

Covering a distance of 145 km, the KVMRT Line 2 or the North-South Line will connect the developing areas of Sungai Buloh, Selayang and Kepong to the eastern side of the city centre covering Tun Razak Exchange and Kampung Baru.

The National Land Public Transport Masterplan for the project indicated that it will have three lines, with the third line creating an orbital link between areas like Mid Valley, Mont Kiara, Ampang, Sentul Timur, and the upcoming Matrade.

“The KVMRT project involves the construction of a railway network which will form the backbone of the Klang Valley's public transport system...The project is a crucial component of the Greater KL National Key Economic Area and is the largest infrastructure project in the country,” said the masterplan.

“It will significantly improve the coverage of rail-based public transport in the Klang Valley and enable 50 percent of all trips in the Klang Valley to be done on public transport by 2020, up from the current 17 percent.”

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

RM1.18bil project to rise in Puteri Harbour

M City Block 3 to launch this weekend

Gema Intan picks Penang for first foray

Puncak Bestari township to be ready in four years

Mon, 20 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Worldwide Holdings Bhd plans to complete the seven phases of its 50.2ha Puncak Bestari township in Selangor by 2017, reported Bernama.

With a gross development value of RM320 million, the project comprises bungalows, lakes, terrace units, semi-detached homes and commercial properties.

According to the company’s Acting Chief Executive Officer Ahmad Azman Azizul Rahman, they wanted to build a new township in Puncak Alam and develop more low-cost houses for the people.

In particular, Phase I of the project, which includes 25 office units and 136 double-storey terrace houses, were sold out after their unveiling in 2012.

“We received an overwhelming response in the first phase launch. We are confident that sales for the second and following phases will be as good as the first,” he said during the launch of the township’s Phase II.

Phase two consists of 23 commercial units, 40 bungalows and 48 semi-detached homes. However, all the commercial units have been snapped up and only 20 percent of the residential units are available.

The semi-detached homes were priced from RM685,306, the offices from RM676,699, while the bungalows cost from RM820,156.

The company is also expected to unveil the third phase of the project, comprising 208 terrace houses, by early-2014.

Moreover, “Tesco, the world’s third-largest retailer, has also agreed to set up its outlet in Puncak Bestari and the project is ongoing.”

“With the Tesco outlet, we are confident that this Puncak Bestari project will attract more buyers or investors,” he added.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

High hopes pinned on KVMRT

RM1.18bil project to rise in Puteri Harbour

M City Block 3 to launch this weekend

RM1.18bil project to rise in Puteri Harbour

Fri, 17 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Singapore’s Pacific Star Development Pte Ltd revealed plans to build an integrated mixed-use project in Iskandar Malaysia, reported The New Straits Times.

With a gross floor area (GFA) of around 1.3 million sq ft, the development in Puteri Harbour will feature a lifestyle retail centre, exclusive waterfront apartments and SOHO units (small office home office).

The site for the project was purchased from UEM Land Holdings Bhd for RM93.33 million, with the negotiations for the land starting in early-2011.

Specifically, the development comprises two four-storey blocks for the SOHO units and three 25-storey apartment towers with around 800 units ranging from one- to four-bedders. All these units will face the sea and Singapore’s western skyline.

Meanwhile, the two-storey commercial lifestyle retail centre, with a floor area of about 120,000 sq ft, will contain 80 retail units.

The project is sited on a strategic waterfront location in Puteri Harbour and is within walking distance to the Puteri Harbour Custom, as well as the Immigration and Quarantine Centre.

“Our integrated waterfront project will bring a slice of affordable luxury to the centre of Puteri Harbour, catering to the accommodation needs of discerning Malaysians, Singaporeans and the growing expatriate community in the Iskandar region,” said Glen Chan, President and Group COO of Pacific Star.

“This unique project will spearhead our development business in the ASEAN countries and we look forward to launch the sales before year-end where we aim to achieve a GDV (gross development value) of more than RM1.18 billion.”

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Gema Intan picks Penang for first foray

RM1bil mixed project for Puteri Harbour

Urban jungle to grow in Kuching

M City Block 3 to launch this weekend

Fri, 17 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Mah Sing Group will unveil the final block of its M City residential project at its property gallery at The Icon along Jalan Tun Razak on 18-19 May, reported The Star.

The units come in three layouts namely studio, simplex and duplex. Sizes range from 506 sq ft, while prices start from RM750,000.

In particular, the studio units have built-up areas ranging from 506 sq ft and cost RM750,000 or RM1,480 psf. On the other hand, the 3+1 bedroom duplex offer the biggest built-up area (1,903 sq ft) and are priced from RM2.6 million or RM1,370 psf.

All flats are fully furnished. Appliances and furnishings provided by Mah Sing include water heaters, refrigerator, air conditioners, microwave oven, kitchen cabinets, bedroom wardrobe, kitchen cabinets, washer-cum-dryer, built-in hood and hob, as well as vanity cabinet with mirror.

Moreover, residents will relish more than four acres of greenery with the project’s thematic hanging gardens.

Maintenance fee is free for one year and the developer will shoulder the legal fees for the sale and purchase (S&P) agreement.

M City is situated near Ampang Point, next to the Risda building. Nearby amenities include the Great Eastern Mall and the Intan Medical Center.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

RM1.18bil project to rise in Puteri Harbour

Gema Intan picks Penang for first foray

RM1bil mixed project for Puteri Harbour

Gema Intan picks Penang for first foray

Thu, 16 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

A new mixed-use project will be built on a 1.18ha site in Perak Road, Jelutong to mark the debut of new developer Gema Intan Sdn Bhd.

Dubbed the Skyview, the development will include six units of shop offices, 12 shop lots, 252 condominium units as well as 109 low to medium-cost apartment units, reported The Star.

“For the condominiums, we decided on luxury semi-detached homes with eight units per floor, serviced by four lifts…Residents can enjoy a super condo layout. They can have wet and dry kitchens as well as a yard. There will be two master bedrooms and at least three bathrooms per unit,” noted Managing Director Teh Tatt Chin.

Meanwhile, there will also be eight units of low medium-cost apartments per floor, to be serviced by two lifts.

Teh also revealed that negotiations with 34 squatters previously staying on the land, which was formerly owned by temple association Persatuan Leng Eng Siah Sam Ong Hu Pulau Pinang, has been made to make way for the development.

“The project is expected to be completed in three years,” he revealed after the project’s groundbreaking ceremony graced by Sungai Pinang assemblyman Lim Siew Khim and Jelutong MP Jeff Ooi.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

RM1bil mixed project for Puteri Harbour

Urban jungle to grow in Kuching

Tempo to launch RM700 million worth of developments

RM1bil mixed project for Puteri Harbour

Wed, 15 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Plans for a 5.06ha mixed-use project in Puteri Harbour, Johor is currently at the conceptual design stage, revealed PPB Group, which owns an indirect 28 percent stake in the development.

With a gross development value of RM1 billion and a gross floor area of 2 million sq ft, the residential-cum-commercial project will likely take three to four years to build, said PPB Managing Director Lim Soon Huat.

“We’re bullish on the development in Iskandar Malaysia. The infrastructure and facilities are well planned. As we see more demand for industrial properties in Johor, it will generate good growth for residential and commercial properties,” said Lim.

“At the moment, we’re doing the conceptual design together with Kuok Brothers and hopefully this will contribute positively to our profitability in 2015 or 2016.”

Notably, Khazanah Nasional and Huge Quest Realty, a 60:40 joint venture firm by Kuok Brothers Sdn Bhd and PPB, are developing the land in Puteri Harbour. They are acquiring the land from UEM Land Holdings Bhd for RM182 million, with the deal expected to be finalised within 12 months.

“There’s good opportunity in Iskandar Malaysia, and Kuok Brothers is here to stay. They're happy to invest even though this is a big investment,” noted PPB Chairman Datuk Oh Siew Nam.

Oh explained that property development originally not the group’s main priority. But after it sold the group’s sugar operations two years ago, PPB decided to “look for something else to do” when an opportunity arises.

“Now we’ll look into it (property development). If there's any land bank that is suitable, we'll go for it. We’re building a bigger team to specifically look into property development,” Oh added.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Tempo to launch RM700 million worth of developments

Penang Sentral project to kick off in Q4

I & P Group to launch RM2.89 billion worth of properties

Urban jungle to grow in Kuching

Wed, 15 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

In line with its clean, beautiful and safe (CBS) city plan, the Kuching City North Commission (DBKU) plans to create an urban jungle within the sprawling metropolis, reported The Borneo Post.

DBKU will also collaborate with the Forest Research Institute Malaysia (FRIM) to materialise the urban jungle in areas within its purview, said its commissioner Datuk Bandar Datuk Abang Abdul Wahap Abang Julai.

“By urban jungle, we (literally) mean having a jungle in the urban area, and it is for our CBS project to keep the environment as green as possible.”

Under this initiative, DBKU may also plant rubber trees in Kuching as some of the residents there have not seen a rubber tree before. Moreover, “some roundabouts can be designed with more greenery to look like a little forest in the city.”

“This will also help draw tourists to the city,” Abdul Wahap told the media after FRIM Deputy Director-General Dr Norini Haron inaugurated the 2013 National Conservation Symposium.

FRIM, which is under the jurisdiction of the Natural Resources and Environment Ministry, may also provide professional advice on how to create urban jungles as it has experts and landscape architects who can craft the plan for the said initiative, he said.

“We look forward to a partnership with FRIM. As soon as a plan is drawn up, we will ask for funding from the government. We hope to start this year,” added Abdul Wahap.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

RM1bil mixed project for Puteri Harbour

Tempo to launch RM700 million worth of developments

Penang Sentral project to kick off in Q4

Tempo to launch RM700 million worth of developments

Tue, 14 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Tempo Properties Sdn Bhd is bullish on its near- to mid-term prospects and may have its busiest years, with project launches having an estimated gross development value (GDV) of over RM700 million, reported Business Times.

For a start, the company has sold most of its units for Phase 2E — also known as Lava — of The Atmosphere project via a joint venture (JV) company The Atmosphere Sdn Bhd (TASB). This is no longer surprising as Phases 2A, 2B, 2C and 2D were also fully sold out.

“The good response to all these launches are critical, as it paves the way for us to expand our presence outside of Seri Kembangan,” said Khoo Boo Hian, Chief Executive Officer of Tempo.

Amidst the completion of Phase 2E, the company is also looking at launching the third phase, which is believed to be composed of small office/home office (SOHO) units.

“Based on past experience, we believe the upcoming development in The Atmosphere will be well-received,” noted Khoo.

Launched in 2009, The Atmosphere comprises three phases worth almost RM1 billion in gross development value. It features four-storey shop office blocks as well as a unique concept featuring two ground floors.

“In most commercial areas, it is the ground floor that commands the most demand, due to exposure to higher traffic. That's why we put a lot of effort into this design,” added Khoo.

Moreover, Tempo plans to unveil its latest development in Gombak by end-2013 via a JV with Oval Rock Sdn Bhd.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Penang Sentral project to kick off in Q4

I & P Group to launch RM2.89 billion worth of properties

Homes that exude utmost privacy at Villa Vista

Penang Sentral project to kick off in Q4

Mon, 13 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Works on the much-awaited Penang Sentral project will likely start in Q4 2013, said Datuk Redza Rafiq, Chief Executive at the Northern Corridor Implementation Authority (NCIA).

“We are now going through the land-acquisition process with all the stakeholders. Rest assured that the project will start this year, most likely in the fourth quarter,” he said in response to a query regarding the delayed project.

He also noted that NCIA is currently looking at how it will position the project, and work considering the collaborative engagement model will all parties involved.

Separately, 42-year-old Dato Keramat assemblyman Jagdeep Singh Deo has been named as Penang's newest Town and Country Planning and Housing Committee chairman. The eldest son of DAP chairman Karpal Singh, Jagdeep will replace Wong Hon Wai.

Jagdeep describes his portfolio as “very challenging”, noting that he will prioritize the implementation of the state government’s affordable housing projects.

“I want to see the affordable housing project in Jalan S.P. Chelliah kick off — that’s a priority,” he said.

“Also, I will be looking into the issuance of strata titles for home owners as this is a hot issue that requires our attention.”

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Second Penang Bridge now 98% complete

KLIA2 could open by Jan 2014

Smooth sailing for multi-billion rail projects

I & P Group to launch RM2.89 billion worth of properties

Mon, 13 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

I & P Group Sdn Bhd plans to launch properties this year with a total gross development value (GDV) of RM2.89 billion, wherein RM2.07 billion is slated for the second half in anticipation of strong demand, reported The Star.

Datuk Jamaludin Osman, Group Managing Director of I & P, said the company hopes to increase its revenue by 36 percent to RM1.5 billion against the RM1.1 billion recorded in 2012.

“We will be offering a variety of properties to the market, both residential and commercial, in different sizes to cater to different market segments,” Jamaludin said.

He said that the company has almost 2023.43 ha of land bank concentrated in Johor Bahru and the Klang Valley with of RM25 billion potential GDV. The land bank will keep the company busy within 15 to 20 years with a portfolio of 13 townships in Johor Bahru and the Klang Valley.

Jamaludin said that I & P owns 134.76ha in Ulu Tiram in Johor Bahru, 161.87ha in Meru, Klang, 58.68ha in Salak Tinggi, Sepang and 38.04 ha in Semenyih.

“We will reveal development projects on this land in phases, depending on the market condition,” he said, adding that the company is eyeing for a suitable land to acquire as part of its landbank expansion plan.

“Buying land is not like buying a house, we do not have any specific target, but it is most likely to be in or near the Klang Valley.”

I & P is also proposing for commercial centres in townships like Bandar Baru Seri Petaling, Bandar Kinrara, Taman Pelangi in Johor Bahru, Alam Sutera and Temasya Glemarie in the Klang Valley and Alam Damai.

For 1H 2013, I & P plans to launch several projects with a GDV of RM827 million of which, about a third will be seven residential and four commercial launches.

In June, it will also launch 226 units of serviced apartments in Bandar Kinrara priced between RM380,000 and RM1.7 million.

“For the time being we are not involved with the PR1MA housing programme, but we are planning to add affordable homes in our layout somewhere in Meru, Klang,” said Jamaludin.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Penang Sentral project to kick off in Q4

Second Penang Bridge now 98% complete

KLIA2 could open by Jan 2014

Homes that exude utmost privacy at Villa Vista

Mon, 13 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Property developer Orando Holdings Sdn Bhd has launched Villa Vista, a new 39-storey condominium in Taman Pertama, reported The Star.

Poised to become the tallest condominium in Cheras, Villa Vista will have exclusively 137 units from 1,576 sq ft to 2,039 sq ft — making it a truly low-density project. Of these, only 25 percent are still available for sale.

“Cheras is a mature area and we noticed that families here tend to stay together. But terrace houses here may not necessarily be able to fit everyone. So, we want to create a place where three generations can live together in one place but still have their privacy,” noted Dr Eng Wei Chun, Managing Director of the company.

The units are being priced from RM550 psf to RM630 psf, or about RM860,000 to RM1.2 million.

To make the residential project truly exclusive, buyers have to undergo an interview before they could sign the sale and purchase agreement.

“We want to know why they bought the property. Of course, it is their right to buy it either to stay or for investment or for rental income. But we would like to know the kind of tenants that they plan to rent out to.”

“If it is rented out to blue collar foreign workers, we will charge ten times the maintenance fee due to the higher cost of maintenance,” said Eng.

Moreover, the development will offer a three-tier security system as well as an ideal location near the upcoming Taman Pertama MRT station.

Meanwhile, Orando is all eyes to expand further in the Klang Valley. For instance, the developer has a 3.5acre undeveloped tract in Segambut.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Penang Sentral project to kick off in Q4

I & P Group to launch RM2.89 billion worth of properties

Second Penang Bridge now 98% complete

Second Penang Bridge now 98% complete

Fri, 10 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Works on the Second Penang Bridge, including road tarring, road signages and lighting, are expected to be completed in July, according to Jambatan Kedua Sdn Bhd (JKSB).

The works were undertaken by China Harbour and Engineering Construction Ptd Ltd (CHEC), which is the contractor for Package 1 works covering main navigation span as well as substructure, said Azmi Mohamed, Senior Manager for Package 1.

“The advantages of the Second Penang Bridge compared to the first bridge was the dedicated motorcycle lane,” he said.

Notably, the media group was the first to cross the bridge via vehicles prior to testing and commissioning process in August and public launch in September, reported The Star.

Travelling at the proposed speed limit of 80 km/h, the group completed the journey at around 30 minutes.

Aside from using light-emitting diode (LED), the 24-km Second Penang Bridge will also feature views similar to that of South Korea’s Incheon Bridge, with its seasonal lighting colours. It is also poised to become Southeast Asia’s longest bridge as well as the world’s longest bridge to use high damping rubber bearing (HDRB), which was designed by Tun Abdul Razak Research Centre at Brickendonbury, UK — a laboratory under the Malaysian Rubber Board.

The entire project is 94 percent complete, while the bridge is 98 percent complete.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

KLIA2 could open by Jan 2014

Smooth sailing for multi-billion rail projects

Global Oriental in JV for KL mixed-use project

KLIA2 could open by Jan 2014

Wed, 08 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Despite earlier commitments given by the contractors, the opening of the new low-cost carrier terminal in Sepang known as KLIA2 could be delayed, reported The Sun Daily.

According to Malaysia Airports Holdings Bhd (MAHB), it may not be able meet the deadline to open the RM4 billion carrier terminal on 28 June 2013. The airport operator also did not explain the reason behind the setback.

As such, “MAHB will be meeting the contractors again soon to confirm the ability of the contractors to meet the deadline. Any further updates will be announced accordingly,” it said in a recent filing with Bursa Malaysia.

In April, some analysts thought that KLIA2 will likely be delayed by around six months as the contractors need to complete rigorous tests to make sure that the terminal is operationally ready.

Based on their consensus, the new terminal is likely to be operational by January 2014. However, the delay may push up the cost of KLIA2 to as high as RM4.5 billion. Nevertheless, MAHB’s announcement yesterday made no mention of this.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Smooth sailing for multi-billion rail projects

Global Oriental in JV for KL mixed-use project

JB-Singapore rail project a step closer to reality

Smooth sailing for multi-billion rail projects

Tue, 07 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

The multi-billion rail projects implemented by the federal government will proceed as planned thanks to the BN’s victory at the 13th general election, reported The Star.

“The (construction) sector will now steer clear of potential radical changes proposed by the Pakatan Rakyat coalition that could have hurt earnings and fundamentals including a review of MRT-related contracts and abolition of toll roads,” said RHB Research.

“The risks of cancellations, changes to terms and scopes of MRT-related contracts are now greatly reduced.” In addition, more rail-related projects are due to be awarded later this year, noted the research unit.

Rail infrastructure projects that are still in the pipeline include Gemas-JB electrified double-tracking project, the Singapore-Kuala Lumpur high-speed rail (HSR), a light rail transit (LRT) extension between Port Klang and Petaling Jaya, as well as the two remaining lines of the mass rapid transit (MRT) network. Currently, the RM7 billion LRT extension and the RM23 billion Sungai Buloh-Kajang MRT project are ongoing in the Greater Kuala Lumpur area.

“Now, we can continue to work and support the Government as well as carry on with the transformation programme for the benefit of the people and country,” said Datuk Azhar Abdul Hamid, CEO of MRT Corp.

The public should expect more news on the proposed line 2 and 3 of the MRT project in the coming weeks or months, added Azhar.

Meanwhile, Syarikat Prasarana Negara will continue to enhance the quality of public transportation, said its Group Managing Director Datuk Shahril Mokhtar.

On the LRT line between Petaling Jaya to Port Klang, Prasarana had recently embarked on studies which are due to be completed in six months. After that, results will be given to SPAD so that they can conduct a more detailed feasibility study.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Global Oriental in JV for KL mixed-use project

JB-Singapore rail project a step closer to reality

Mah Sing to hold private preview for The Meridin@Medini project

Global Oriental in JV for KL mixed-use project

Mon, 06 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Global Oriental Bhd has inked a joint development agreement with Lembaga Getah Malaysia to develop a mixed-use project in Kuala Lumpur, reported The Star.

With a gross development value (GDV) of RM860 million, the development will feature a corporate tower, a residential tower, town villas, an office tower, and car parking lots complete with infrastructure, common services and common facilities.

The company, which was formerly known as Equine Capital Bhd, expects the project to contribute to the group’s medium and long-term profitability.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

JB-Singapore rail project a step closer to reality

Mah Sing to hold private preview for The Meridin@Medini project

I&P to build high-end residential towers

JB-Singapore rail project a step closer to reality

Fri, 03 May 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Plans for the construction of a rapid transport system (RTS) that will connect Johor Bahru and Singapore is now in its final stages, according to Johor Chief Minister, Datuk Abdul Ghani Othman.

“The proposed alternative will be finally presented to the two governments including the design, taking into account also the costing.”

“Before year-end, I would imagine both governments will decide on the type of RTS to be implemented, with the scheduled completion by 2018,” he said.

Moreover, Malaysia and Singapore are also exploring the most efficient way to set-up their respective checkpoint and immigration quarantine (CIQ) complex. It could be just like in Europe, where there was a one-stop CIQ, “so it may be a joint CIQ as well.”

“A joint CIQ would realise the optimum objective of having the proposed mode of transport linking Johor Bahru and Singapore,” he noted.

Upon completion, the RTS would significantly improve the travel time between Malaysia and the city-state, especially in the causeway side.

“The capacity will be enough, the speed will be fast enough and people moving to and fro Singapore will be more efficient. (It) will definitely reduce the congestion (resulting from) the daily usage of the causeway or the second link,” he explained.

Abdul Ghani based this on his observation of Malaysians who spends a lot of time travelling to work in Singapore and back to Johor.

“But the flow of bus is comfortable enough and make it easy for them to go to work into Singapore and (back) Johor, I notice a high percentage of Malaysians do work in Singapore,” he added.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Mah Sing to hold private preview for The Meridin@Medini project

I&P to build high-end residential towers

Broadway Malyan to prepare master plan for Bandar Malaysia project

Mah Sing to hold private preview for The Meridin@Medini project

Tue, 30 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Mah Sing Group Bhd will hold a private preview of its The Meridin@Medini project in Iskandar Malaysia on 11 May, reported Star Property.

To be held at the Persada Johor International Convention Centre, the closed door event is by invitation only. Notably, only those who registered their interest on www.mahsing.com.my before 7 May will be considered.

To date, over 4,000 people have registered their interest for the project’s phase one, the Meridin Suites Residence. With this, construction works at the Meridin@Medini is being fast tracked to meet the immediate market demand.

Layouts at Meridin Suites Residence range from one- to four-bedroom units, while built-up areas range between 521 sq ft and 1,643 sq ft. Prices start from RM387,000 to RM975,000 or about RM590 psf to RM740 psf.

“At a fraction of the price of a mass market condominium in neighboring Singapore, buyers of Meridin Suites will enjoy premium lifestyle features including concierge services, a facilities deck and high tech four tier security features. This will also appeal to young working couples, expatriates and empty nesters,” said Dr. Chai Kow Sin, Senior General Manager for the southern region at Mah Sing.

“In fact, Mah Sing will also provide for a wellness residential enclave which will be equipped with facilities that cater for continued care. This will be ideal for those seeking wellness care services in a well planned and secured community,” he said.

Featuring a “live, work, relax and rejuvenate” concept, The Meridin@Medini comprises Meridin Linx small office versatile offices (SoVo), Meridin Suites residences, Meridin Exchange corporate towers and Meridin Walk lifestyle retail. Located near Legoland, the development enjoys quick access to Jurong due to its close proximity to Senai Airport and the Tuas Singapore second link.

Units for sale also include 30 shops with built-up area of 850 sq ft and priced from RM1,000 psf.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Broadway Malyan to prepare master plan for Bandar Malaysia project

Gov't to develop RM6b LRT line

KLCC unveils RM5 billion mixed-use project

I&P to build high-end residential towers

Tue, 30 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

I&P Group Sdn Bhd, a wholly-owned unit of Permodalan Nasional Bhd, hopes to see positive results in its latest strategy of building high-end residential towers, reported The Business Times.

Datuk Jamaludin Osman, Group Managing Director at I&P, revealed that the company’s first project in Bandar Kinrara, Puchong, Selangor will be unveiled this year. The RM800 million project will comprise five serviced apartment blocks featuring 1,200 units. Set to be launched in July, the first block of the project will include 236 serviced apartments sized from 642 sq ft to 1,600 sq ft, and priced about RM650 psf.

“This will be our first time embarking on high-rise luxury residential property projects. We are doing this to enhance the land value. We need better returns for a company that is growing,” he said.

Apart from the Bandar Kinrara project, Jamaludin also revealed company plans to unveil luxury serviced apartments in Alam Damai and Bandar Baru Sri Petaling.

To date, I&P has 13 ongoing township projects, which includes TemasyaGlenmarie, Bandar Baru Sri Petaling, Alam Impian, Bandar Kinrara and Alam Damai in the Klang Valley, as well as Taman Rinting, Taman Industri Jaya and Taman Perling in Johor. The company also owns around 2,000ha landbank in Johor and the Klang Valley.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Mah Sing to hold private preview for The Meridin@Medini project

Broadway Malyan to prepare master plan for Bandar Malaysia project

Gov't to develop RM6b LRT line

Broadway Malyan to prepare master plan for Bandar Malaysia project

Fri, 26 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

1Malaysia Development Bhd (1MDB) has appointed Broadway Malyan, a London-based internationally-acclaimed master planner, to make the master plan for the development of the Bandar Malaysia mixed-use project. Notably, 1MBD has been tasked to redevelop Kuala Lumpur’s old Sungai Besi airport into the 196ha mixed-use development.

According to 1MDB, the appointment is the culmination of a multi-stage international master plan competition that was organised by the Malaysian Institute of Planners (MIP).

“The winning team was selected from a total of six finalists based on their concept proposals which captures the essence of 1MDB's vision and commitment for a mixed-use development that will help transform Kuala Lumpur into one of the world's best global cities,” it said.

“Broadway Malyan/Arah Rancang's concept master plan provides a strong foundation for the next stage, which is to further develop Bandar Malaysia to become the benchmark for sustainability and liveability in the region, in line with the national vision of making Kuala Lumpur the world's top 20 most liveable cities by 2020,” explained Datuk Azmar Talib, Chief Executive Officer of 1MDB Real Estate Sdn.

Although most of the entries were of high calibre, “Malyan/Arah Rancang's stood out for its inclusion of an innovative approach that is the master plan's 'software', where the communities themselves will help shape a cohesive and dynamic environment in Bandar Malaysia,” noted MIP past president and Bandar Malaysia International Master Plan Competition head Khairiah Talha.

Broadway Malyan — which is responsible for the interior design of Singapore’ Raffles City as well as the architecture and interior design of Trump Tower in the Philippines — will be supported by Arup and Sinclair Knight Merz’s design and engineering team, in partnership with local planner Arah Rancang Sdn Bhd.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Gov't to develop RM6b LRT line

KLCC unveils RM5 billion mixed-use project

A slew of upcoming projects at i-City

Gov't to develop RM6b LRT line

Wed, 24 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

The government could develop the third light rail transit (LRT) line from Kelana Jaya to Port Klang. Known as the Shah Alam LRT Line, the development is believed to have an estimated cost of between RM5 billion and RM6 billion.

In line with this, Syarikat Prasarana Negara Bhd (Prasarana) is expected to call for tenders for the project in 2014, following proper due diligence by Land Public Transport Commission (SPAD).

A wholly-owned government firm by the Finance Ministry, Prasarana is the operator and asset owner of LRT lines.

Azmi Abdul Aziz, Chief Development Officer at SPAD, revealed that the Shah Alam LRT line will cover 20km to 30 km. However, he declined to comment on the project’s estimated cost.

He added that the tender will be an open one and companies with current contracts for the Kelana Jaya and Ampang LRT line extension projects are permitted to bid.

“It is no more like before where companies that had won LRT jobs couldn't bid for the same development. As long as the companies are qualified and have met the necessary funding and technical requirements, they can bid,” he said.

“This is totally a new line and very important for the public. Shah Alam is becoming densely populated, with new townships coming up…The new line would allow people from Port Klang and Shah Alam to come to the city without hassle. It will complement the existing Kelana Jaya and Ampang LRT lines,” he noted.

Shah Alam line will start from the LRT station in Kelana Jaya, head to the Shah Alam stadium, pass through Klang, and stop in Port Klang.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

KLCC unveils RM5 billion mixed-use project

A slew of upcoming projects at i-City

Malacca's upcoming cruise terminal to drive growth

KLCC unveils RM5 billion mixed-use project

Tue, 23 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

A RM5 billion mixed-commercial project will soon rise at the eastern corner of Kuala Lumpur City Centre.

Developed by KLCC (Holdings) Sdn Bhd, the development, which is set to be completed in 2017, is part of the company’s master plan for the iconic mall, according to Hashim Wahir, Chief Executive Officer of KLCC.

The project will be undertaken by a 50:50 joint venture with Qatari Investment Authority through QD Asia Pacific Ltd. The latter is the subsidiary of Qatari Diar Real Estate Investment Co, which is also the investment arm of Qatari Investment Authority.

To be developed on a 1.6ha site between the Asy-Syakirin mosque and Suria KLCC, the project comprises 64-storey office units, six levels of retail podium; a basement car park; and a 76-storey hotel featuring serviced apartments, residences and associated facilities.

Moreover, the development includes pedestrian connectivity to major gateways and public spaces, said Hashim.

“The parking area will be connected to the existing underground link at Suria KLCC,” he noted.

Meanwhile, the structural design of the development will be based on a modern design by Cesar Pelli, the architect responsible for the design of the Petronas Twin Towers.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

A slew of upcoming projects at i-City

Malacca's upcoming cruise terminal to drive growth

Posh homes up for grabs at Pinnacle

A slew of upcoming projects at i-City

Mon, 22 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

I-Bhd plans to unveil more projects in the i-City over the next 10 years including a mall, hotel, convention centre and high-rise residences, reported The Star.

“The skyline of i-City will be completely changed in the next 10 years as we gear up to progressively launch the future phases of this development. Response so far to our launches has been very good,” said Tan Sri Lim Kim Hong, Executive Chairman of I-Bhd.

i-City is set to sport more projects, taking into account that less than 20 percent of the land in the metropolis have been developed, while completed built-up comprises less than five percent of the approved built area.

“One can imagine prospects of future developments in the pipeline. We have thus far completed five percent or RM250 million from the project’s RM5 billion GDV,” he noted.

Moreover, the township could also get a light rail transit (LRT) station, but the final decision is in the hands of the Land Public Transport Commission (SPAD).

“This final decision is by the authorities, not us. The lines have not been planned but the local council has submitted a request to recommend for SPAD to locate a station here. We think that it is a step in the right direction since the Shah Alam City Council (MBSA) has recognised this,” he explained.

In addition, I-Bhd has inked a memorandum of understanding (MoU) with Thailand-based mall designer Central Pattana Public Co Ltd (CPN) to jointly develop a mall at i-City.

“Over the past few months, we have been working closely with Central Group to re-design the mall to cater to the needs of Thai retailers. Although this has somehow affected the mall’s development, we are doing our utmost to ensure that even if we cannot meet our completion target, we shall strive to minimise the delay period,” added Lim.

Plans for the mall will be finalised soon and the joint development agreement is expected to be signed by May.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Posh homes up for grabs at Pinnacle

Sarawak to get a US$1.6b polysilicon plant

Penang undersea tunnel could become a ‘ghost' highway

Malacca's upcoming cruise terminal to drive growth

Mon, 22 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Construction works for Malacca’s marina jetty terminal for cruise liners has commenced, with the development considered as one of the growth drivers of the state.

Malacca Chief Minister Datuk Seri Mohd Ali Rustam revealed that the project will be developed by Kejuruteraan Asas Jaya Sdn Bhd on a 121.81ha site.

“The jetty would be built for RM100 million and the needed land would be reclaimed for RM300 million. All these are initial investments,” he said.

Set to be completed in 2015, the project will help cruise liners, with about 3000 passengers, dock at the jetty at least twice a week.

“Even if each passenger spends RM100 a day in Malacca, the spillover business activities would be huge over time,” Ali Rustam noted.

Meanwhile, Ali Rustam added that he is currently in discussion with Eden Enterprises and an Indonesian party for the development of various projects within Malacca.

“We are talking to Eden Enterprises for the Seaworld/Underwater world project and with an Indonesian party for the theme park project,” he said.

With the docking of the cruise liners, Ali Rustam expects a significant increase in the number of tourists in Malacca this year.

“That is also why we need more hotels and resorts to cater to this new growth,” he said.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

A slew of upcoming projects at i-City

Posh homes up for grabs at Pinnacle

Sarawak to get a US$1.6b polysilicon plant

Posh homes up for grabs at Pinnacle

Fri, 19 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

WTWY Real Estate Sdn Bhd (WTWY) is set to offer high-end homes at its latest condominium development dubbed the Pinnacle, reported The Borneo Post.

Developed by Sarawak Land (Kemena Park) Sdn Bhd, a member of Samling Strategic Corporation Sdn Bhd, the upcoming project will likely be one of the highest residential blocks in Sarawak.

The Pinnacle will comprise 27 levels offering a contemporary lifestyle in a haven where residents could witness the breath-taking view of Bintulu town centre and South China Sea. Located adjacent to Parkcity Everly Hotel, the project will be accessible to Bintulu Airport, Bintulu Hospital and to the future entertainment and shopping hubs of Parkcity.

Additionally, the project will have a Sky Garden, 36-seater movie theatre, games and computer room for children, a series of lounges, gymnasium and a Sky Bar. Each unit will also be furnished with LED lighting to reduce electricity consumption and double-glazed tempered glass windows in filled with inert gas.

The showcase will be held on 19 to 21 April, 2013 at Hibiscus Room, RH Hotel, Sibu.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Sarawak to get a US$1.6b polysilicon plant

Penang undersea tunnel could become a ‘ghost' highway

India wants Malaysian firms in US$90b project

Sarawak to get a US$1.6b polysilicon plant

Thu, 18 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Saudi Arabia-based firm Project Management & Development Company Co Ltd (PMD) will build a US$1.6billion (RM4.85billion) polysilicon manufacturing plant in Sarawak, Malaysia.

Poised to become one of Asia’s biggest, the project is part of the state government’s US$110 billion (RM333.41 billion) plan to tap the state’s vast energy resources.

“The project is in line with Sarawak’s initiative of promoting green and sustainable energy solutions, leading to further development of industrial base in the state,” said PMD chairman Majed Al-Ahmadi.

Upon completion in 2016, the plant will be owned and operated by PMD’s Kuala-Lumpur based affiliate Cosmos Petroleum & Mining Sdn Bhd. Notably, Polysilicon is used in the creation of solar panels.

Moreover, PMD has engaged the Malaysian subsidiary of the National Bank of Abu Dhabi, the biggest lender in the United Arab Emirates (UAE), for the project’s financing.

The polysilicon plant is expected to generate strong interest from Middle East and ASEAN investors, noted the bank.

“This is our largest mandate for project finance to-date. The US$1.6 billion (RM4.85 billion) will be a mixture of debt and equity,” said Leong See Meng, Chief Executive of the National Bank of Abi Dhabi (Malaysia).

The bank, which opened its Malaysian unit last October, plans to help businesses from Gulf Cooperation Council (GCC) countries to expand in Southeast Asia.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

India wants Malaysian firms in US$90b project

Dijaya eyes new RM6.8b township in Selangor

Port Dickson awaits RM600m water theme park

Penang undersea tunnel could become a ‘ghost' highway

Thu, 18 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

The proposed 6.5km undersea tunnel in Penang may see little traffic, according Dr Peter R. Jensen, an Australian Architect and Town Planner.

“Penang may face a similar situation like Sydney, in which the volume of vehicles using the Cross City Tunnel was very low. (Consequently) the state government there had to close other roads to ensure that it was utilised.”

“Eventually, they had to bow to (public) pressure and reopen the affected roads.”

Just like Sydney, which entered into a private-public partnership (PPP) for the project, Penang also inked a PPP with Malaysia-China joint venture Consortium Zenith BUCG Sdn Bhd.

“Sydney also faces similar problems such as over-development and traffic congestion like Penang,” he said, adding that decentralisation is a better solution to solve Penang’s traffic woes.

“However, to make this work, jobs must be available to entice people to relocate or they will not want to move.”

Jensen also urged the state’s citizens to voice out their concerns on development issues in order keep Penang’s state government in check.

“It seems to me that (the people) are probably going to look for very similar things like what we want for Sydney in Australia.” These include an attractive and liveable city with a sustainable environment, functional roads and a coherent balanced growth, he added.

Apart from the undersea tunnel, the mega infrastructure project includes a 4.2km highway connecting Gurney Drive and Lebuhraya Tun Dr Lim Chong Eu, a 4.6km bypass linking Bandar Baru Air Itam and Lebuhraya Tun Dr Lim Chong Eu, as well as 12km Tanjung Bungah-Teluk Bahang paired road.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Sarawak to get a US$1.6b polysilicon plant

India wants Malaysian firms in US$90b project

Dijaya eyes new RM6.8b township in Selangor

India wants Malaysian firms in US$90b project

Tue, 16 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

The government of India plans to tap the expertise of Malaysian firms in the field of compact vertical infrastructure planning for its upcoming US$90 billion (RM272.8 billion) Delhi-Mumbai Industrial Corridor (DMIC).

The mammoth project will be an attractive opportunity for Malaysian infrastructure developers such as IJM Corporation and UEM Group, according to DMIC’s CEO and Managing Director Amitabh Kant.

Additionally, Malaysian firms are also likely to undertake the corridor’s vertical planning and development as they are globally-known for their timely completion, good quality and reasonable cost.

“Malaysian companies possess a very high-level of expertise in creation of infrastructure and only few countries worldwide have (that) expertise.”

“India has high regards for Malaysia and is amazed by efforts taken by the Malaysian government to transform into a developed economy,” he told Bernama.

To be built with Japan’s financial and technical aid, the 1,483km DMIC is located between India’s business capital Mumbai and the government’s seat New Delhi. Specifically, the corridor comprises six airports, three ports, a high speed freight line, as well as nine vast industrial zones of between 200 sq km and 250 sq km. It also includes a 4,000 Megawatt power plant and six-lane intersection-free expressway that will link both cities.

The project is divided into several major phases, with bidding expected to open in Q4 2013, noted Amitabh.

“Several industrial estates and clusters, industrial hubs, with top-of-the-line infrastructure would be developed along this corridor to attract more foreign investments.”

Should Malaysian companies take part in the DMIC, they could secure more projects from other subsidiary corridors that will be developed by state governments in-line with the corridor.

“The Indian government and the Indian High Commission in Malaysia are very happy to assist and host Malaysian companies for this purpose, although they (Malaysian companies) do not need an introduction there,” he added.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Sizzling take-up at M Residence 2

Gabungan AQRS unveils maiden foray in Iskandar

Buy a house, win a car at PIHex

Dijaya eyes new RM6.8b township in Selangor

Tue, 16 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Property developer Dijaya Corp Bhd eyes to launch a new RM6.8billion township in Canal City, Selangor, reported The Sun Daily.

In line with this, Dijaya’s unit Sapphire Index Sdn Bhd, yesterday entered into a deal with Permodalan Negeri Selangor Bhd (PNSB), to acquire 11 parcels or 1,172 acres of land for RM1.3 billion. The acquisition will likely be completed in Q3.

Datuk Dickson Tan, Group Managing Director at Dijaya, said that “with strong prospects for capital appreciation due to excellent accessibility, this project can potentially generate a GDV of up to RM20 billion when fully completed over its 15- to 20-year targeted development timeframe.”

To be funded by internal funds and bank borrowings, the acquisition and development will “serve to further strengthen Dijaya's presence in the three key growth regions of Malaysia, namely Johor, Greater Kuala Lumpur and Penang,” noted Tan.

The planned township will include landed homes, serviced apartments, condominiums, corporate office towers, shop offices, private hospitals, international schools and shopping malls.

Aside from that, there will also be continuous vehicular free bike trails and jogging paths, central linear parks and lakes, children's playgrounds, kindergartens, community clubhouses and sports centres.

“It will become a key destination for people seeking a wholesome and balanced lifestyle,” added Tan.

Meanwhile, Dijaya Group CEO Datuk Yau Kok Seng noted that the acquisition is significant “for the group as large tracts of land in the Klang Valley with immediate development potential are fast becoming scarce.”

“The land neighbours established townships including Putra Heights, Kota Kemuning and also the up and coming Bandar Rimbayu which caters to middle and upper class income earners.”

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

India wants Malaysian firms in US$90b project

Port Dickson awaits RM600m water theme park

Sizzling take-up at M Residence 2

Port Dickson awaits RM600m water theme park

Tue, 16 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Tanco Holdings Bhd, through its unit Palm Springs Development Sdn Bhd (PSD), will build a RM600million mixed-use project at Port Dickson, Negeri Sembilan, reported The Sun Daily.

Located within Tanco’s 162ha Palm Springs Resort City (PSRC), the 9.2ha project comprises a water theme park known as ‘Splash Park’, 830 serviced suites called ‘Splash Park Suites’ and a 250-room hotel with convention facilities for 2,000 persons.

Specifically, the 3.2ha Splash Park is poised to become the biggest water theme park in Negeri Sembilan. Upon completion in 2015, it will also feature Malaysia’s largest water-recreation structure.

According to PSD’s Executive Director Chan Chee Meng, Splash Park will be complemented by existing attractions in PSRC, namely the Extreme Park, Club Village and an 18-hole golf course.

“We believe Splash Park will give a timely boost to Port Dickson as a key attraction for both local and international tourists.”

“Even though Port Dickson is an established beach resort, we believe much more can be done to enhance its popularity. (For instance), Splash Park can help increase tourist arrivals by providing best in class tourism attractions,” Chan added.

Besides the water theme park project, other notable developments within PSRC include a marina, a wellness zone, serviced residences, a retirement village, world-class hotel(s), duty-free shopping outlets and an international destination-based spa retreat village.

Meanwhile, buyers of the serviced suites will enjoy guaranteed rental returns of up to 54 percent over a nine-year period, with the rental income disbursed by Pacific Trustees Bhd.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

India wants Malaysian firms in US$90b project

Sizzling take-up at M Residence 2

Gabungan AQRS unveils maiden foray in Iskandar

Symphony Life to develop Kota Bharu high-rise project

Tue, 16 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Symphony Estates Sdn Bhd, a subsidiary of Symphony Life Bhd, has partnered with Euro Saga Sdn Bhd to jointly develop 6.07ha or four land parcels in Kota Bharu, Kelantan.

Euro Saga holds the right to develop the leasehold land, by virtue of a development agreement with the Kelantan state government.

Dubbed Dexview Sdn Bhd, the joint venture (JV) company undertakes to develop a mixed-use project comprising high rise commercial and residential units, subject to the state’s approval.

Euro Saga will own 50 percent minus one share at Dexview, while Symphony Estate will own the remaining 50 percent plus one share.

In a filing with Bursa Malaysia, Symphony Life noted that the JV agreement is “conditional to the successful alienation of the four parcels from the state government to Dexview or alienation for the front portion of the land measuring 2.95ha, and approvals from the state or relevant regulatory authority for the development plans and orders for the proposed project.”

Symphony Life also revealed that the project will be funded via bank borrowings and internal funds, but declined to disclose its gross development value.

“The proposed development has excellent development potential within a well developed surrounding area and good infrastructure due to its location in the township of Kota Baru,” it added.

“The location of the land gives Symphony Life the opportunity to strengthen its revenue contribution from the high rise segment.”

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

India wants Malaysian firms in US$90b project

Dijaya eyes new RM6.8b township in Selangor

Port Dickson awaits RM600m water theme park

Sizzling take-up at M Residence 2

Mon, 15 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

The first phase of M Residence 2@Rawang residential project was well-received by buyers, with about 80 percent of the units released already snapped up, reported The Borneo Post.

The take-up rate is based on the preview of 203 two-storey link houses, out of the overall 415 units to be built in Phase I, said Angela Chong, Deputy General Manager of M Residence 2.

“We divided the first phase into two parts as we want to make sure all units will be taken first by our customers,” she said, adding that phase one is due to be completed within three years.

Dubbed as the Alpine, the first phase is sited on a 12.95ha land, with units priced from RM458,800 to RM872,800. Developed by the Mah Sing Group, the units target first-time buyers especially young married couples.

Comprising a mixture of commercial and residential components, the project’s first phase is expected to be officially unveiled in 2H 2013, while “another two phases are expected to be launch by year-end.”

Notably, Alpine will have two designs and its built-up area stands at approximately 1,885 sq ft.

Overall, M Residence 2 project will span 60.7 hectares and will be built in three phases. The development has a gross development value of RM650 million and is expected to be ready over the next seven years.

“The M Residence 2 project fronts Jalan Batu Arang, just 10 minutes from the North-South Expressway’s Rawang toll and directly accessible to the proposed direct link to the Kuala Lumpur-Kuala Selangor Expressway from Jalan Tasik Puteri,” she added.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Gabungan AQRS unveils maiden foray in Iskandar

Buy a house, win a car at PIHex

Perak breaks ground for rail car manufacturing hub

Gabungan AQRS unveils maiden foray in Iskandar

Fri, 12 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Gabungan AQRS Bhd has officially launched The Peak@Jalan Temenggong, the newest service apartments development in Iskandar Malaysia which eyes to expand its on-going gross development value (GDV) of RM600 million to RM893 million.

“The Peak will be another flagship development by Gabungan AQRS and adding to our current construction projects and property development portfolio of RM1.23 billion in GDV to-date,” said Ow Chee Cheoon, Executive Director of Gabungan AQRS.

“The project is expected to contribute significantly to the group's top and bottom line in coming years, providing higher value for our stakeholders.”

Set to be completed in 2015, The Peak is the maiden property project by Gabungan AQRS in Iskandar Malaysia. The 668-unit development comprises six 41-storey blocks of service apartment featuring ‘the heritage meets distinction’ concept.

Aside from local buyers, the project has also received interests from Indonesian and Singaporean buyers, said Ow.

Meanwhile, Ow also shared a bullish outlook for Johor’s property market, especially in Iskandar Malaysia.

“There is still so much potential to grow for the Johor property market as compared with Kuala Lumpur and Penang, where we have seen that the latter has reached a much higher price range.”

He revealed that the group’s next project in Iskandar Malaysia will be the RM127.3million Permas Centro, a shop-office development located minutes away from The Peak.

Meanwhile, other current projects of the group include the RM157.3million Contours in Ampang, the RM303.5million MRT Package V1 in Kuala Lumpur and The Avenue, Selangor with a GDV of RM207.6 million.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Perak breaks ground for rail car manufacturing hub

Penang's terrain not appropriate for undersea tunnel

Brickfields property project awarded to Bina Puri

Buy a house, win a car at PIHex

Fri, 12 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Purchase a house at East Malaysia’s biggest property expo for a chance to win a Volkswagen (VW) Polo sedan courtesy of Volkswagen KK. Featuring more than 50 developers from across Malaysia, the event will be held at Kota Kinabalu’s Sabah Trade Centre from 10 to 12 May.

“Property buyers at the upcoming Sabah’s 2013 Property Investment and Home Expo (PIHex) will have a chance to win the Polo worth more than RM100,000,” said Dicky Vun, Managing Director of DKV Automobile Sdn Bhd, the manager of Volkswagen KK.

“The condition is that for every RM100,000 value of property purchase price, each purchaser is entitled to one draw ticket. Therefore, for a property with a sale value of RM500,000 would entitled the confirmed purchaser to five draw tickets.”

To join, buyers must pay the booking fees during PIHex, and the draw tickets will be issued after the sale and purchase (S&P) agreement has been signed.

After the Sabah Trade Centre event, PIHex will be again held at Sandakan on 14 to 16 June at the Yu Yuan Secondary School, followed by the Tawau’s Promenade Hotel on 12 to 14 July.

So why buy a VW Polo sedan when you can win one?

Powered by a fuel-efficient 1.2 litre engine, the VW Polo sedan can cover 10 kilometres of rough city roads using only one-litre of fuel and 14 km for smoother uncongested highways.

It also delivers 175 Nm of torque at 1,550 rpm while the Myvi gets you 136 Nm at 4,400 rpm. Apart from German engineering and safety, it also comes with an automatic seven-speed gearbox.

Notable features include air-con and standard RCD 310 stereo. The car is also equipped with European standard safety fittings such anti-lock brakes, anti-slip regulator electronic stability.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Gabungan AQRS unveils maiden foray in Iskandar

Perak breaks ground for rail car manufacturing hub

Penang's terrain not appropriate for undersea tunnel

Perak breaks ground for rail car manufacturing hub

Thu, 11 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

China South Locomotive and Rolling Stock Corporation (CSR), one of China’s major railway car maker, has recently started the construction of its US$131 million (RM400 million) ASEAN manufacturing and maintenance centre in Malaysia.

The project is due to the good bilateral ties between China and Malaysia, said PM Najib Razak who officiated the ground breaking ceremony of the project, which is located in Batu Gajah, Perak.

“The first phase of the project, valued at RM400 million, would create 800 jobs,” he said, adding that the ASEAN rail centre would be involved in the production, assembly, testing, refurbishment and overhaul of railway cars.

Phase I of the project is due to be completed in mid-2014. Upon completion, it can produce 100 carriages and overhaul about 150 railway cars each year.

Moreover, CSR considers Malaysia as its base to promote its products in other ASEAN countries, said Zhou Qinghe, General Manager of CSR Zhuzhou Electric Locomotive (CSR ZELC), a unit of CSR.

Notably, CSR ZELC won the bid for the provision of 20 sets of light rail cars for Malaysia’s AMPANG Line Extension Project, and the manufacturing hub will make these units.

“We managed to become accredited in the country after several years of good cooperation with Malaysia,” Zhou said.

Beijing-based CSR, which is listed in Hong Kong, is one of the leading companies in the global railway transport industry and is the largest company in terms of revenue.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Penang's terrain not appropriate for undersea tunnel

Brickfields property project awarded to Bina Puri

Zubicon to build 1,900 affordable homes in George Town

Penang's terrain not appropriate for undersea tunnel

Tue, 09 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Penang’s proposed undersea tunnel is not suitable for the state due to the island’s geography. Thus, the government should not compare Penang to other countries with undersea tunnels, according to non-government organisation (NGO) Penang Citizens Awareness Chant Group.

“I think to use an example of how the tunnel works very well in China and Hong Kong and saying that because China has a tunnel, Hong Kong has a tunnel and Penang should (also) have a tunnel, I think you are mistaken on two very important points,” said Khoo Kay Peng, a representative of the NGO.

“Firstly, we are quite different geographically. How a tunnel was being built in Hong Kong, it is quite different from Penang … it is quite flat, Hong Kong is connecting island to island.”

Second, the government of Hong Kong did not just build an underwater tunnel; it also built commuter lines to help people travel.

Nonetheless, “if you want to build a tunnel, fine. If you are building it to improve the network and accessibility of public transport, then I think it makes sense,” he said in a report by Bernama.

However, the project may affect the state’s tourism industry, especially within the vicinity of Gurney Drive, noted Khoo, who is also a political analyst.

“We may have to sacrifice the sea front of Gurney Drive. We are losing a lot of public space.”

Hence, he is urging the state government to reveal the project’s technical details including information on the companies that will build the 6.5km undersea tunnel.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

Brickfields property project awarded to Bina Puri

Zubicon to build 1,900 affordable homes in George Town

UK developer to showcase luxury project in KL

Brickfields property project awarded to Bina Puri

Fri, 05 Apr 2013 00:00:00 +0800

PropertyGuru.com.my: By Nikki De Guzman:

Bina Puri Construction, a fully-owned unit of Bina Puri Holdings, has clinched a billion-ringgit property project in Brickfields from state-owned public transport operator Syarikat Prasarana Negara Bhd, reported Bernama.

The development will be undertaken via a public-private partnership (PPP) and will be managed by Prasarana Integrated Development Sdn Bhd (Pride).

According to Pride CEO Rudyanto Azhar, the decision to jointly develop the project with Bina Puri Group was chosen after a comprehensive and thorough study of all the submitted proposals.

The move is in line with Pride’s aim to generate more income from non-fare businesses in order to support Prasarana’s rail and bus operations, as well as reduce its reliance on taxpayers’ money.

Situated on a 0.8ha land near the Tun Sambanthan monorail station, the project will comprise three towers with 1,660 SOVO units (Small Office Versatile Office), 22 floors of service suites, restaurant, a commercial podium, a sky bridge and car parks.

Moreover, securing the billion ringgit property project is a “huge achievement” for Bina Puri, said Group Managing Director Tan Sri Datuk Tee Hock Seng.

“With the latest addition in our order-book, the group's total gross development value is expected to be RM2.48 billion,” he added.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg

Related Stories:

UK developer to showcase luxury project in KL

Malacca eyes RM92.69b eco project

Asian interest in Portugal property

Zubicon to build 1,900 affordable homes in George Town

Fri, 05 Apr 2013 00:00:00 +0800

PropertyGuru.com.my: By Nikki De Guzman:

The Penang Development Corporation (PDC) has awarded property developer Zubicon Sdn Bhd the tender to build 1,900 affordable homes in Jalan S.P. Chelliah in George Town, reported The Star.

The affordable housing project, Chelliah Park City, will offer 770 low to medium-cost 700-sq ft units priced at RM72,500; of which 320 are Bumiputra units.

Moreover, there will also be 883 medium-cost units priced at RM200,000; 165 units at RM300,000; and 82 units at RM400,000.

Zubicon bested seven other companies in the request for proposal (RFP) called from 17 January to 18 Febrauary, said Datuk Rosli Jaafar, General Manager at PDC. The company offered the highest Guaranteed Monetary Contribution at RM60 million, with extra RM25 million for public facilities.

“The company has to abide by the rules set by the state government and the local authority...The company will also prepare a design plan for the project that fulfils the Green Building Index for gold rating as well as other public facilities,” said Rosli.

Meanwhile, Zubicon proposed a sustainable and self-contained compact development concept for the scheme. It will feature public facilities such as linear park and beautification of Sungai Pinang, bicycle lane, bus terminal, a surau and pedestrian walkway.

Once Zubicon signs the agreement, works for the project is expected to commence within the year and be completed three years after.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg

Related Stories:

Brickfields property project awarded to Bina Puri

UK developer to showcase luxury project in KL

Malacca eyes RM92.69b eco project

UK developer to showcase luxury project in KL

Thu, 04 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Berkeley Homes, one of UK’s best known developers of prestige new houses, has unveiled the second phase of its mega project in Goodman’s Fields. Dubbed the Satin House, this mixed-use 18-storey building comprises 67 luxury units, ranging from studio, one- to three- bedroom apartments and a posh three-bedroom duplex penthouse that offers a spectacular view of the city.

Located in Aldgate at the centre of Goodman’s Fields, the building is within a short distance to London and some of the capital’s upscale neighbourhoods like Hoxton and Shoreditch.

From the lobby to the individual units, Satin House offers a five-star hotel lifestyle. Notable features include a 24-hour concierge and two storage rooms one of which is a cold room. It also has luxury health club with private cinema, heated indoor swimming pool and spa, while its state-of-the-art gym overlooks a beautifully landscaped boulevard.

Designed by respected interior design firm Johnson Naylor, each of 67 apartments comes with under floor heating, oak timber floors and an ergonomically designed fully-fitted kitchen, while some choice units are fitted with comfort cooling.

Meanwhile, the penthouse on the seventeenth floor features two balconies, two capacious reception rooms and three winter gardens where residents can watch some of the city’s most famous landmarks.

The master bedroom has its own balcony, while bedrooms two and three provides different views of London via their individual winter gardens — one overlooks Canary Wharf while the other offers a panoramic view of the capital.

To be completed by 2015, Satin House offers studio apartments from £475,000 (RM2.217 million). Other details will be announced at a property exhibit at The Westin Kuala Lumpur on 5 to 7 April.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

KLCC awaits RM1.8b mixed project

KL eyes new 50-storey mixed project

IJM Land to build presence on foreign shores

Malacca eyes RM92.69b eco project

Thu, 04 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Masers Energy Malaysia and South Korea’s C&M Global will jointly build a US$30 billion (RM92.69 billion) national smart grid and an eco-friendly economic zone in Malacca in the next 10 years, reported The Sun Daily.

Along this line, both firms have recently inked a memorandum of understanding (MoU), under which, C&M Global will provide an initial investment of US$1 billion (S$3.09 billion) in the form of equity.

The upcoming 520-acre project will comprise an international airport, a carbon-free economic zone, a nuclear smart grid, a solar farm and a bridge connecting Malacca with Dumai in Sumatera.

C&M Global, which has a successful model in building carbon-free cities and special economic zones, will serve as the turnkey contractor and is set to bring in more funds for the project, according to Datuk Seri Suhaimi Abdul Rahman, Founder and President of Masers Energy.

Moreover, C&M Global and Masers Energy will also jointly develop green energy technologies needed to build eco-friendly cities in Malaysia and South Korea.

The project in Malacca has also been endorsed by the Malaysian Government, noted Masers Energy Malaysia, a fully-owned unit of US-based Masers Energy Inc.

“Right now, we are in negotiations and waiting for the final consensus from the government,” said Suhaimi.

The project is in line with Malaysia’s commitment to cut carbon emissions by 40 percent by 2020. But with the new smart grid, the country can achieve its goals by 2017, added Suhaimi.

To date, Masers Energy has started building a 15-megawatt solar farm on a 50-acre land. This project will take three years and involves an investment of RM120 million.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

UK developer to showcase luxury project in KL

KLCC awaits RM1.8b mixed project

KL eyes new 50-storey mixed project

KLCC awaits RM1.8b mixed project

Wed, 03 Apr 2013 00:00:00 +0800

PropertyGuru.com.my:

By Farah Wahida:

Symphony Life Bhd is set to unveil the first phase of its RM1.8billion mixed-use project in the Kuala Lumpur City Centre (KLCC) in July, reported The Sun Daily.

The project sited on a 1.74ha land at the corner of Jalan Mayang and Jalan Yap Kwan Seng, will be undertaken by Alpine Return Sdn Bhd, a 50:50 joint venture with United Malayan Land Bhd (UMLand). It will likely take six years to complete.

“Subject to planning and development approvals, the development is expected to be named ‘Star Residences’ and will comprise five blocks of low-rise boutique offices and three blocks of high-end serviced residences,” said Tan Sri Azman Yahya, Executive Chairman of Symphony Life.

“The KLCC area will always be the country’s most exclusive address and an international real estate investment destination. We believe that small- to medium-sized upmarket serviced residences will appeal to the growing cosmopolitan lifestyle of local urban Malaysians and expatriates who desire to live in KLCC.”

Meanwhile, Bolton’s name change to Symphony Life is part of its rebranding exercise that is due to be completed by year-end, said Azman.

“As we enter into our 50th year, the company will be getting a new lease of life as we are undergoing a total transformation exercise. The change we want to bring with Symphony Life is not merely in the name, logo, brand promise or appearance of our website.”

“The change we envision is to create a new chapter by enhancing our performance and renewing our commitment to all stakeholders,” he added.

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

Related Stories:

KL eyes new 50-storey mixed project

IJM Land to build presence on foreign shores

Mah Sing unveils M Residence 2