BBCC launching phase 1 in December 2015
The Bukit Bintang City Centre (BBCC) project, which sits on the tract of the former Pudu Prison, will be launching its first phase in December this year, despite signs of a slowdown in the property market. The consortium project involving UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund (EPF) had been granted the development order (DO) from DBKL this month. Site clearance to build the show gallery will start this month and take about 3 months to complete. (The Edge Financial Daily, 21 July 2015, pg. 5)
Nexgram obtains DO for RM1.15bil Cyberjaya project
Nexgram Land Sdn Bhd, a wholly-owned subsidiary of Nexgram Holdings Bhd, has obtained the development order (DO) for the “Angkasa Icon City” development project in Cyberjaya, which is worth an estimated RM1.15 billion. The Angkasa Icon City mixed commercial development project sits on 5.906 acres owned by Nexnation, and will be developed in three phases: office and commercial lots, SoVo units, and service suites. (The Edge Markets)
Y&G buys RM13.4m inactive firm for Dengkil land
Y&G Corp Bhd’s wholly-owned indirect subsidiary Rukun Warisan Sdn Bhd (RWSB) has signed a share sale agreement to take over Ikramin Sdn Bhd (ISB), which is currently inactive, for RM13.428 million cash, which includes a leasehold tract of 10.828 acres in Dengkil, Selangor. The land was acquired from Perbadanan Kemajuan Pertanian Selangor (PKPS) by ISB and is categorised for agricultural use. RWSB is proposing to build a mixed development on the land, but has yet to acquire approvals from the relevant authorities. (The Edge Markets)
The Bay 21 condominium in Kota Kinabalu
Bay 21 condominium gets ISM sustainability award
The Bay 21 condominium project in Kota Kinabalu was awarded the Institution of Surveyors Malaysia (ISM) citation “Contribution to Sustainability” Award 2015, making it the only development in the country to receive the award recently. It is one of the new structures in the city strengthened against seismic waves, which was proved true after no damage was found to the structure after the June 5 earthquake. The project uses recyclable aluminum formwork, bendable plumbing piping, soft concrete, quality granite mixed concrete, solar films and other passive architectural features to increase its sustainability and green building ratings. (Daily Express)
OSK Holdings serves notice on takeover offers
OSK Holdings Bhd has served a notice of unconditional mandatory takeover offer to OSK Property Holdings Bhd and a conditional voluntary takeover offer to PJ Development Holdings Bhd (PJD) in a move to acquire shares in both property firms that it does not own. Earlier this month, OSK Holdings had obtained shareholders’ approval to acquire OSK Property and PJD, which would see OSK Holdings emerge as a first-tier property company in Malaysia with a total GDV of RM13.3 billion. (The Star Online)
