Strong local and global interest in Bandar Malaysia
Bandar Malaysia’s call for expression of interest (EOI), which ended on July 10, have been answered by 40 parties, said its transaction advisor CH Williams Talhar and Wong (WTW) in a statement yesterday. Among the local and international interested investors are government-linked companies (GLCs), top Malaysian developers, world-class property brands, as well as foreign state investment corporations from countries like Singapore, China, Japan, Korea and Australia. After the EOI stage, shortlisted investors will receive the investment memorandum that will detail Bandar Malaysia’s development vision and its proposed master plan. (Bernama)
MMC Gamuda win MRT2 project
MMC Gamuda KVMRT Sdn Bhd has been signed as the project delivery partner (PDP) for the Klang Valley Mass Rapid Transit Line 2 (MRT2) that will run from Sungai Buloh to Putrajaya. It was announced last October that the joint-venture MMC Gamuda would carry out the MRT2 project. The PDP will supervise and manage the construction, testing and commissioning of the MRT2, with Phase 1 scheduled for completed on July 31, 2021, and the whole MRT2 line set to complete on July 31, 2022. (The Star Online)
Naza TTDI to trim 2015 sales target
Naza TTDI Sdn Bhd will trim its RM1.8 billion sales target for FY15 due to expected slowdown in the property market, but says the revised target will not be too severe, as its main focus is to launch property projects that it is confident will sell. The company has only 3 new launches this year, and has signed an agreement with Thai-based HomePro to establish its Malaysian flagship store. (The Malaysian Reserve)
24.8% rise in Hua Yang 1QFY16 net profit
Hua Yang Bhd reported a 24.8% net profit increase to RM29.89 million for its first financial quarter ended June 30, 2015 (1QFY16) based on steady construction progress for its ongoing property development projects. Its revenue for the quarter rose 4.5%, while its other operations saw a decline in pre-tax profit. The company remain positive of its results for FY16 based on its pipeline of ongoing and upcoming launches. (The Edge Markets)
Timber-based Minho landbank lures interest
Timber products manufacturer and exporter Minho (M) Bhd has been generating a lot of investor interest for its 100-acre land bank in Kapar, Klang. The land is worth over RM120mil at last revaluation, and does not include its factory with storage shed, office and workshop, which are situated on 145 acres of leasehold land. In its annual report, the company aims to mitigate its timer-related activities, as well as plans to increase its property segment into “new niche projects”. (The Star Online)
3,396 eligible applicants offered affordable housing in Penang
Affordable housing is within reach for Penangites, as 3,396 eligible applicants have been offered units in the last six months, said state Housing Development Committee chairman, Jagdeep Singh Deo. The allegation by a daily newspaper yesterday saying that cheaper homes were ‘out of reach’ did not do justice to the applicants. Applications for affordable housing in Penang were filtered carefully to make sure they fulfilled the eligibility criteria before being offered. (Bernama)
The 1Sulaman moxed development project in Kota Kinabalu, which is stuck at 80% completion. (Photo from Daily Express)
Incomplete 1Sulaman project may face lawsuit
Buyers of 1Sulaman project in Kota Kinabalu are planning to sue the property developer over the project which is three years overdue. The project located at Jalan Sulaman is a mixed development comprising condominium towers, commercial retail lots, and a water theme park. It was originally slated for a 2012 completion, later rescheduled to mid-2015, but is stuck at 80% completion with no end in sight. (Daily Express)
