MRT tender to start this week; tunnelling will cost RM10 bil
The MRT2 pre-qualifying process for the international open tender will start this week and awarded in the first quarter of 2016, while the tunnelling works are expected to cost about RM10 billion, making it the most expensive package of the RM28 billion project. Assets for the whole MRT system will be owned by government incorporated MRT Corp Sdn Bhd, and the Sungai Buloh-Serdang-Putrajaya (SSP) line is expected to be delivered by July 2022 to ease traffic congestion in the capital. (25 May, The Star Online)

Good start for Genting Hotel Jurong
The Genting Hotel Jurong has only been open for a few weeks, but the strong reception looks promising. About 25% of the rooms have been on offer, and the hotel expects to be fully opened next month. The hotel’s location, which is 5-10mins walk from the Jurong East MRT and near the upcoming high speed rail (HSR) terminus, will prove beneficial. Given its affordable average room rate compared to Resorts World Sentosa (RWS) and 24-hour shuttle service to RWS, the hotel is gaining popularity with families and gaming customers. (24 May, Malaysia Chronicle)

The development in Iskandar far outstrips any that are meant for local buyers in the rest of Johor. Pic / Reuters

Glut in Iskandar depressing property value
Aggressive construction by developers trying to tap into the real estate potential of Iskandar, Johor is leading to a glut that is decreasing property value in the southern state’s economic development corridor. The Monetary Authority of Singapore (MAS) has already warned buyers, saying that the residential properties built there had already exceeded the total number of private homes in the island state. The glut is particularly worrying for the primarily China-based developers handling the projects. (23 May, The Malay Mail Online)

IGB plans projects for next 5 years with GDV RM10 billion
Property developer IGB Corp Bhd plans to develop more mixed development projects in local and overseas markets in the next 5 – 8 years, with a gross development value of RM10 billion. The group is looking to purchase potential landbank at strategic locations, but one of its main current focus is the Southkey Megamall in Johor, which is under construction and set to complete in 2018. The group also has projects in Sydney, Bangkok, and London. (22 May, Bernama)

CN Asia to diversify into property development
Industrial equipment manufacturer CN Asia Corp Bhd is planning to diversify its business into property development to reduce the risk of over-dependence of its existing core business while providing another revenue source. The company has acquired two adjoining plots of land at Jalan Balakong, Seri Kembangan measuring 237.48 acres for RM20.5 million. CN Asia has proposed a cash call to raise RM45 million via rights issue to finance the land purchase. (22 May, The Edge Markets)

Magna Prima to sell land for RM500 million
Magna Prima Bhd is looking to sell 3 pieces of its prime land in KL and Selangor for a total of RM500 million cash. The land for sale include Lai Meng school land (located close to KLCC), 20 acres in Shah Alam, and 7 acres in Petaling Jaya. The company plans to use the cash to buy smaller plots for niche projects development, and set a policy to give 50% profits from each project as dividends to shareholders. (21 May, The Star Online)

UEM Sunrise looking beyond Iskandar to counter supply glut
Property developer UEM Sunrise Bhd plans to expand its landbank outside Nusajaya, Iskandar Malaysia in Johor in order to counter the supply glut of residential property in that area. The announcement came after news of an impending supply glut of properties in Iskandar, caused by aggressive development in the southern state. UEM Sunrise has launches in the Klang Valley, Nusajaya and Melbourne, and is looking to purchase land in the Klang Valley, Penang, Sabah and Sarawak. (22 May, The Malaysian Insider)

Property developer organizes tree-planting activity in Subang Jaya township
Sime Darby Property Berhad, in collaboration with the Subang Jaya Municipal Council (MPSJ) had planted 100 trees in the USJ Heights township through its “Together in Restoring the Earth’s Environment” programme. Three species of local endangered trees were chosen for the activity, which saw participation from staff and resident families. (23 May, The Star Online)

Residents and families posing with a tree they just planted for the programme. The particular tree will remain as part of each family’s responsibility and heritage in USJ Heights, inherited by future generations. / The Star

Malaysia & Indonesia agree to temporarily shelter Rohingya migrants
Malaysia and Indonesia have agreed to continue humanitarian aid and provide temporary shelter for the 7,000 Ronhingya migrants at sea. The agreement was reached during a joint meeting with Malaysian Foreign Minister Datuk Seri Anifah Aman, Thailand deputy prime minister general Tanasak Patimapragorn, and Indonesian foreign minister Retno Marsudi. (20 May, Astro Awani)