Genting’s Resorts World Birmingham opens Oct 21
Genting Malaysia Bhd will open its £150 million (RM961.75 million) Resorts World Birmingham on October 21, making it Europe’s first resort destination. It will also be UK’s first integrated destination leisure complex at the National Exhibition Centre in Birmingham, and play host to the Genting International Casino. Retail giants such as Next outlet, Nike Factory Store, and GAP outlet will be accompanied by other high street names in fashion, home wares, gifts, bars, restaurants and other facilities at the resort. (The Edge Markets)
SPAD, LTA launch market sensing exercise for HSR
The Malaysian Land Public Transport Commission (SPAD) and Singapore’s Land Transport Authority (LTA) has launched a market sensing exercise via a Request for Information (RFI) on the Kuala Lumpur-Singapore High Speed Rail (HSR) project. This phase of the project is designed as a consultant exercise to gauge market interest and gather industry opinions. The feedback will be used in ongoing bilateral discussions and formal tender proces. The RFI exercise is expected to be conclude by year-end. (My Sin Chew)
Symphony Life takes on RM600mil mixed development project
Property developer Symphony Life Bhd will be taking on a mixed development project on a 3.36-acre leasehold land, which was acquired for RM100 million. A development agreement had been signed between the company and the Malaysian Government Servants Welfare and Sports Council (Maksak), who owns the land expiring June 2084. There is a building on the land at Jalan Cheras, Kuala Lumpur. Under the agreement, Symphony Life will have to pay RM15.52mil for the land, construct Maksak’s headquarters there at not more than RM7.36mil, and should transfer not less than 35,000 sq ft of mixed development with a gross sales value not exceeding RM45mil to Maksak and pay another RM32.2mil for compensation and rental returns. The mixed development comprising serviced apartments, shop offices or strata offices has a gross development value of RM600mil and expected to be completed over seven years after completion of the Maksak headquarters. (The Star Online)
Setia Alam’s first upscale high-rise residences
SP Setia Bhd is gearing up to launch Setia Alam’s first high-end high-rise residential project. Following the success of the landed homes and commercial properties in its Setia Alam township in Shah Alam, the high-rise residences, named Setia City Residences, plans to launch the project in the fourth quarter this year. SP Setia’s deputy general manager Tan Siow Chung says that despite the current economic situation and weak property market sentiment, the group will continue with planned launches and invest in township developments within the Klang Valley and Johor. The RM500 million project comprising three 35-storey towers on 5.77 acres will be located next to Setia City Mall. (The Malaysian Insider)
Artist’s impression of the Setia City Residences (Photo from The Malaysian Insider)
Penang Bridge 2 wins global ‘engineering Oscar’
The Sultan Abdul Halim Muadzam Shah Bridge, also known as the Second Penang Bridge, has been awarded the 2015 Brunei Medal by the Institution of Civil Engineers (ICE). The 24-km bridge is the longest sea-crossing structure in the region, and was built to withstand earthquakes and tsunamis. In a statement, ICE said that the bridge is a vivid example of how civil engineering could overcome forces of nature and used sustainably. It noted that the project managed to overcome a number of design and construction challenges, and used many innovative methods such as durability planning, life-cycle costing and carbon footprint minimisation. (The Malay Mail Online)
The 24-km bridge is the longest sea-crossing structure in the region, and among the longest in the world. It was built to withstand both earthquakes and tsunamis. — Picture by K.E. Ooi/Malay Mail
New LRT, Monorail fares announced by Oct 31
The revised fares for the Light Rail Transit (LRT) and Monorail services will be announced by the Land Public Transport Commission (SPAD) by the end of this month. The fare review has been approved by Cabinet and SPAD is in discussion with Prasarana Malaysia Bhd before the official announcement. Meanwhile, the first phase of the Ampang LRT extension line is 99.4% completed and will start operations later this month. The first phase will see four new stations open to the public: Awan Besar, Alam Sutera, Muhibbah and Kinrara BK5 stations. (Bernama)
Malaysian developer bets big on Indonesia’s Bintan island
Malaysian developer Landmarks Bhd is planning to build a 338-hectare (835-acre) resort on the Indonesian island of Bintan, which is a weekend gateway island near Singapore, adding to a potential oversupply of hotels amid lower visitors and room rates. Landmarks has invested about S$250 million (RM732.5 million) to buy the land and another S$50 million for the first phase development costs. It is set to be built in three phases over 20 years. The company stated that Treasure Bay Bintan will eventually account for about 80% of its revenue, and expects a return on investment of about 10% for the development. Landmarks’ other developments are a resort in Langkawi and a minority stake in the Eastern & Oriental Express luxury train. (The Malay Mail Online)
