Naza TTDI awarded Kwasa Land residential project
Kwasa Land Sdn Bhd has awarded Project R2-1, a proposed residential development measuring 12.7 acres, to Naza TTDI Sdn Bhd. The residential project is located within the 2,330-acre iconic Kwasa Damansara township, of which Kwasa Land is the master developer. The bid by Naza TTDI was evaluated and chosen based on its contemporary living concept, pricing strategy and overall feasibility analysis. Key highlights proposed by Naza TTDI included a thematic park, private courtyards, recreational club facilities, generous daylight penetration for units, and social lounges. (The Sun Daily)


Tambun Indah Land to launch 2 new projects worth RM300mil
Penang property developer, Tambun Indah Land Bhd, is planning to launch two new projects in the second half of 2015 with a combined gross development value (GDV) of RM300 million. The two projects located in Mainland Penang are Raintree Park 2, which comprises duplex villas, double-storey terrace and semi-detached houses worth approximately RM205mil; and Avenue Garden, a 17-storey serviced apartment worth RM95mil. (Bernama)

Putrajaya urged to implement housing price controls
The Penang government has urged Putrajaya to implement housing price controls following Khazanah Research Institute’s (KRI) report of “seriously unaffordable” housing in Malaysia, especially Terengganu, Kuala Lumpur and Penang. Penang State Housing Committee chairman Jagdeep Singh called for Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan to take responsibility for failing to control rising housing prices in the country. He also said that the federal government should review housing prices and prioritise affordable housing issues. (The Sun Daily)

Selangor Dredging keen to acquire land
Property developer Selangor Dredging Bhd is looking to invest in strategically located land in the Klang Valley and Singapore, especially now that land prices have become reasonable. The company has an asset base of RM1.5 billion and RM200 million in cash, with only 12.95ha of land in several locations in the Klang Valley. It recently sold a 23.9ha land in Dengkil, and purchased land in Sri Kembangan near to an upcoming Mass Rapid Transit (MRT) station, which hinted at a high-rise development. (The Star Online)

Mah Sing pre-tax profit rises to RM247mil
Mah Sing Group Bhd saw its pre-tax profit increase RM21.33mil to RM247.63 million for the six months ended June 30, 2015 compared to the same period last year, while its revenue rose 16.1% to RM1.56 billion. The company said its revenue from property development improved 18.7% to RM1.4 billion, and the results were attributed to higher work progress and sales from ongoing projects such as Icon City in PJ, M City in Jalan Ampang and Southville City@KL South. In response to challenging market conditions, Mah Sing has also scaled back on its property launches for the year and revised its sales target. (The Malaysian Insider)

Weak ringgit is key selling point for Malaysian developers
Malaysian developers are touting the weak ringgit as a value proposition when marketing their projects in Singapore, presenting a lower entry cost for investors looking to own property in Malaysia. However, the weak ringgit, which is proving a bargain for prospective buyers, is also costing developers higher marketing expenses due to the strength of the Singapore dollar. Experts have yet to lift their bearish views on the ringgit, as there is risk of the ringgit falling further, though it may be cushioned because the currency has fallen beyond economic fundamentals. (AsiaOne Business)

Singapore’s Lum Chang to explore mixed-use development in Petaling Jaya
Singapore-based property development and investment company Lum Chang Holdings is exploring the co-development of a mixed-use commercial property in Petaling Jaya, Selangor in collaboration with Tien Wah Press Holdings Berhad. The project represents a “prime investment opportunity to expand the group’s property and development portfolio in Malaysia”. The land at 9 and 11 Jalan Semangat is currently zoned for industrial use but Lum Chang is seeking to gain approval to alter its use for commercial purposes. (DealStreetAsia)