19 killed, 123 injured in bomb blast near Bangkok shrine
A bomb explosion on Monday evening inside Bangkok’s Erawan shrine has killed at least 19 people and injured 123 others. An improvised explosive device was placed inside the Erawan shrine, one of Bangkok’s most popular tourist attractions, and detonated at 6.55pm. 12 people died at the scene, and those injured in the explosion were predominantly Asian tourists. (Bangkok Post)
Gamuda consortium wins bid for RM27b Penang transportation master plan
The Penang government announced on Thursday the appointment of SRS Consortium as the project delivery partner (PDP) for the RM27 billion Penang Transport Master Plan (TMP). The consortium comprises Gamuda Bhd (60%), Penang-based Loh Phoy Yen Holdings Sdn Bhd (20%) and Ideal Property Development Sdn Bhd (20%). Approvals and permits from the federal government must be obtained by the PDP for the proposed public transportation systems under the project, which include a Light Rail Transit (LRT), trams, buses and water taxis. The consortium will be working closely with the state for the next 6 months to execute the master plan, engineering designs, gather public feedback and obtain relevant approvals. The project is expected to be financed by a land swap. (The Malay Mail Online)
Penang TMP a key factor in Maspex 2015
The newly-announced Penang Transport Master Plan (TMP) was one of the key factors in the Malaysian Secondary Property Exhibition (Maspex) 2015, which was organised by the Malaysian Institute of Estate Agents (MIEA) for 4 days in Penang. The implementation of the TMP will provide a modern and balanced transportation system for Penang, showcasing the vital link between infrastructure and the property sector. One of the biggest concerns in Penang is traffic congestion, therefore an effective transportation plan will not only ease that, but also help the secondary property market especially in the plan’s focus areas. (The Edge Markets)
Dato’ Colin Tan from Hatten Group (Photo: Property Report)
Hatten Group’s Colin Tan named Malaysia Real Estate Personality 2015
Dato’ Colin Tan, one of the founders of the Hatten Group, has been selected by Property Report magazine as this year’s recipient of the Real Estate Personality of the Year accolade, which will be presented to him at the second annual South East Asia Property Awards (Malaysia) 2015. Since becoming group managing director in 2004, Tan has pioneered innovations in property development, and his profile includes the Dataran Pahlawan Melaka Megamall, Hatten City mixed project in Melaka, Harbour City theme park in Melaka, Unicity in Negeri Sembilan, and Capital City integrated project in Iskandar Johor. (Property Report)
UEM Sunrise sees RM84m rise in Q2 earnings
UEM Sunrise Bhd recorded a 12.6%, or RM83.91 million, increase in net profit in the second quarter ended June 30, compared to a year ago. The increase was attributed to lower expenses, higher income from dividends, and recognition of liquidated damages from a contractor. However, its revenue fell 16.8% due to lower contribution from property development following the completion of Summer Suites and Imperia projects. UEM said its unrecognised revenue as at June 30 was RM3.8bil. (The Star Online)
Mah Sing cancels RM359mil Seremban land acquisition
Mah Sing Group Bhd has aborted its plan to purchase a 1,051.3-acre prime freehold land in Seremban worth RM359.56 million. Its wholly-owned subsidiary, Grand Prestige Development Sdn Bhd, had sent a letter to the vendors informing that the sale and purchase agreement (SPA) is void and/or rescinded, due to misrepresentation and/or breach of the terms and conditions. The company also demanded a refund of the 10% deposit together with interests earned. Last week, seven individuals had filed a suit against Grand Prestige over the proposed acquisition, claiming to be registered proprietors/beneficial owners of the land. (Malaysia Chronicle)
Johor Corp to list RM252m Islamic REIT on Sept 22
Johor state investment arm Johor Corp will list its Islamic real estate investment trust (REIT) as Al-Salam on the Main Market of Bursa Malaysia on Sept 22. The REIT seeks to raise gross proceeds of RM252.36 million from the listing of its units, based on an offer price of RM1 per unit, which will account for 43.5% of the trust. (The Edge Markets)
PJ Section 13 change of land use sparks more development
Petaling Jaya’s Section 13, initially an industrial area, is slowly being transformed into a mixed use development hub. The Petaling Jaya City Council (MBPJ) and landowners have began working together to unleash the area’s full potential over the past 10 years, with new buildings and ongoing projects coming up. The change of land use according to the Special Area Plan (RKK) for Section 13 to include mixed-use developments aims to create a vibrant and sustainable neighbourhood. (The Malaysian Insider)
An aerial view of Section 13 from shows properties under development in the foreground, plus the residential units recently added to Jaya One shopping centre. (Photo from The Malaysian Insider/Kenny Yap)
Bina Darulaman targets RM193mil GDV from TTIS project
Kedah-based property developer Bina Darulaman Bhd is targeting RM193 million gross development value from its Taman Tunku Intan Safinaz (TTIS) township in Bandar Darulaman at Jitra, Kedah via development of affordable apartments and houses. The township is estimated to be fully completed by 2021, and includes a TTIS commercial hub, mosque, recreational park, and low-cost and affordable apartments. BDB had signed a RM320 million financing agreement with Malayan Banking Bhd and OCBC Al-Amin Bank Bhd to assist the TTIS projects, expand its quarry business and undertake the state-wide road maintenance project. (The Sun Daily)
mm2Asia buys two Malaysian cineplexes for S$13.8mil
Singapore-based film producer and distributor mm2Asia has announced its plans to buy two cinemas in Malaysia from Cathay Cineplexes for RM40 million. The deal is expected to be completed by September 30, and includes the purchase of Cathay Cineplex Damansara and Cathay Cineplex City Square. The acquisition is routed through the company’s wholly-owned Malaysian subsidiary, MM2 Screen Management Sdn Bhd. (DealStreetAsia)
Dubai hotelier in deals for Malaysian debut in KLCC
Dubai-based Jumeirah Group has signed management agreements with property developer Oxley Holdings to open a 190-room luxury Jumeirah hotel and brand 273 premium residences in Kuala Lumpur. The proposed Jumeirah Kuala Lumpur hotel and Jumeirah Living Kuala Lumpur residences will be housed in one of three towers interconnected via a retail podium in the KLCC precinct. (Trade Arabia)
