Sunway to open RM100mil Nickelodeon attraction this year
Sunway Group is expecting its Sunway Lagoon theme park to attract two million visitors next year, with the opening of an RM100 million Nickelodeon attraction in the last quarter of this year. The success of the theme park, which is estimated to attract 1.5 million visitors this year, has seen the size and number of attractions increase each year, along with expansions to its hotel and shopping mall. The group will be launching a 401-room hotel to complement its existing 550 rooms, while Sunway Pyramid mall will get an additional 100,000 sq ft of space under its RM10mil phase 3 extension. (The Star Online)
Soft property market dampens demand
Property developers are holding back on new launches due to the current soft property market, but affordable homes continue to garner interest from buyers. According to a Malacca-based developer, a lot of developers are facing a slowdown because of unfavourable market conditions, stringent rules and higher risk of doing business. PJD has launched a few key projects but no new launches this year, while Symphony Life is said to have postponed new property launches with GDV of RM2 billion. Meanwhile, LBS Bina Group urged the government to review and ease cooling measures on property to cushion economic challenges in the property sector. (The Malaysian Reserve)
Malaysians snapping up Singapore property as others eye SEA homes
Malaysians and Indonesians are among the top home buyers in Singapore, due to the view that the city state is a safe place to invest their wealth. Meanwhile, buyers in Singapore and Hong Kong are looking to Thailand, Malaysia, Cambodia and the Philippines for quick capital gains. The news is worrying for Malaysians buying local homes, however, amid unaffordable home prices and strict financing rules. Singapore is the preferred destination for many Malaysians due to its proximity and shared culture. Japan has also emerged as a top pick for property investors in the lead up to the 2020 Tokyo Olympics, while Asian buyers look to US property investments as ““local political and economic uncertainty” make Asia less appealing. (The Malay Mail Online)
CitiZen@Old Klang Road set to be new landmark
Contracter and property developer Binastra Land Sdn Bhd will make its serviced apartment project, CitiZen@Old Klang Road, available for sale in the first week of October. The freehold project will have 711 serviced apartment units in three blocks on 3.44 acres of land, ranging from 852 sq ft to 1,133 sq ft. Priced at about RM600 psf, the price is considered within the “acceptable” range by buyers, and Binastra Land notes that there is still demand for residential properties. (The Malaysian Insider)
Artist’s impression of CitiZen@Old Klang Road (Image from The Malaysian Insider)
Eco World seeks shareholder approval for Penang project
Property developer Eco World Development Group Bhd will get the green light from shareholders for its multi-million ringgit mixed project in Penang. The company is planning to develop two land parcels totalling 449.64 acres in Batu Kawan for a total consideration of RM796.27 million, comprising Eco Marina, a mixed development project, as well as an international standard golf course. (The Star Online)
I-Bhd picks Hilton for RM250mil i-City hotel
I-Bhd has appointed Hilton Worldwide Management Ltd to operate its upcoming RM250 million four-star DoubleTree by Hilton hotel. The 300-room hotel is expected to open in 2018 and will be the second of three hotels within i-City’s RM3 billion investment plan to boost the development, which also include a million sq ft regional shopping mall, theme park, performing arts cum convention centre and a medical tourism hub. (Malaysia Chronicle)
OSK Property shares to suspend trade on Oct 20
OSK Property Holdings Bhd has announced that trading of its securities will be suspended on Oct 20, superceding its earlier announcement stating that trading was to be suspended on Oct 22. OSK Holdings Bhd had on Sept 28 completed the takeover of OSK Property with 96.81% of the voting shares, and intends to invoke compulsory acquisition of the remaining offer shares. (The Edge Markets)
Twisters cause chaos and property damage in Kelantan town
Several twisters hit Tanah Merah, Kelantan about 4pm on Tuesday, causing chaos and property damage in certain areas in the district. There were no reports of injuries or deaths, but caused “massive” damage, ripping off roofs from houses and restaurants. A fire truck was sent to affected areas, especially at SMK Tanah Merah, which suffered damage to its roof. The incident lasted nearly 30 minutes. (AsiaOne)
