Ampang Park Shopping Centre to make way for MRT station
One of the oldest shopping centres in Kuala Lumpur, Ampang Park Shopping Centre, will be demolished to make way for the Ampang Park Mass Rapid Transit (MRT) station. The land was in the process of being acquired by the government for the purpose of building the MRT Sungai Buloh-Serdang-Putrajaya (SSP) Line. The station will be an underground one in order for it to be physically integrated with the existing Ampang Park LRT station, allowing users to transfer between the LRT and MRT lines. MRT Corp will hold a meeting with the land owner and other parties affected by the acquisition to determine the sum of compensation, which will be done by the Valuation Department at market prices. The company hopes to complete the process by the middle of next year. (The Malaysian Insider)
Mapex Negeri Sembilan to showcase 1,893 properties worth RM1.34bil
The Malaysian Property Expo (Mapex) in Negeri Sembilan, which will be held for three days starting Oct 23 at Seremban Prima Mall, will showcase 1,893 units of residential and commercial property worth a total of RM1.34 billion. 18 property developers and Bank Simpanan Nasional will be joining Mapex, which feature properties located in Seremban, Seremban 2, Senawang, Sikamat, Sendayan, Batu Kikir, Mantin, Bandar Springhill, Port Dickson dan Rembau. The properties showcased will range from RM98,000 for a strata commercial unit to RM3.8 million for a bungalow. (Bernama)
Felda launches £58.5 million property in London
Felda Investment Corp (FIC), a subsidiary of the Federal Land Development Authority (Felda), has launched its £58.5 million (RM373 million) student accommodation property in London, England. Construction of Felda House Wembley started in October 2014 and was completed in July this year. Felda group chairman Tan Sri Mohd Isa Abdul Samad said that FIC’s investment in the student accomodation market is timely and strategic, as the segment has been steadily emerging as a significant mainstream global investment category, attracting strong interest from institutional investors. Isa believes the investment will yield sustainable long-term returns, especially now that the foreign currency is stronger. Felda House Wembley has 450 fully furnished rooms and studio units with essential facilities to cater to college and university students in the area, including London School of Economics, University College London and University of Westminster. Felda currently owns 12 hotels and resorts, including Grand Plaza Serviced Apartments and Grand Plaza Kensington, both in London. (Malaysia Chronicle)
LRT to spur property development in Subang Jaya
The new urban development guidelines announced by Subang Jaya Municipal Council (MPSJ) last month will double the population density in the township, reported The Star Online. Developers will be able to construct residential complexes to a 1:8 ratio from the current 1:4 ratio based on transit-oriented development (TOD). MPSJ’s objective is to reduce congestion and carbon footprint in line with the MPSJ Green City 2030 Action Plan. However, local residents are wary of the consequences of having TOD centred on the LRT, as higher population density would create more congestion. (The Malaysian Insider)
Pelaburan Hartanah to revive Bangsar Unilever land
Pelaburan Hartanah Bhd (PHB) is planning to revive a prime land parcel in Bangsar, where Unilever Malaysia’s headquarters and factory were formerly located. It is currently seeking permission from City Hall (DBKL) to commence work for a mixed-use development on the 19.6-acre site near the intersection of Jalan Bangsar and Jalan Maarof. PHB submitted a new proposal to DBKL in June after scrapping its initial development plans three years ago. The gross development value (GDV) of the project is estimated to be higher than the RM5 billion identified in the original plan, due to increase in real estate price. PHB has yet to decide whether to develop the land on its own or to bring in partners. (The Malaysian Insider)
Pelaburan Hartanah Bhd has submitted to City Hall a fresh development plan for one of the largest, most-prized pieces of land in Bangsar, Kuala Lumpur. – Pic from theedgeproperty.com, October 13, 2015.
Glomac shifts focus to landed properties in townships
Property developer Glomac Bhd is shifting its strategy to building townships over the next few years. Slowdown in the property market coupled with higher cost of building high-rise residentials have convinced the company to focus on acquiring bigger lands to build townships with landed properties. Though Glomac already has a few township projects in the pipeline, it is still looking to expand its land bank to build affordable landed houses in townships, leading the company to sell its 16.9ha freehold land in Cheras to PR1MA for RM145.6 million, which it originally planned to build high-rise residential properties. (The Rakyat Post)
Location of Harrods Square in Kuala Lumpur, where the Harrods Hotel was planned to be located. (Image from The Star Online)
KL Harrods Hotel deal is off
The proposed Harrods Hotel in Kuala Lumpur, planned as one of three in the world, has been scrapped. It is uncertain why the deal was called off, but sources said the Qataris have decided not to go ahead with their initial plan to locate the first Harrods Hotel in Malaysia, which was announced in 2012. Other components that make up the mixed integrated development in the city centre will go ahead as planned. According to sources, there will be another international brand to fill the space. The other two planned locations of the “seven-star” hotel are London and Italy. (The Star Online)
Indonesia to learn land clearing from Malaysia
Natural Resources and Environment Minister Dato Sri Wan Junaidi Tuanku Jaafar said the Indonesian government will be sending a delegation to learn about open burning and land clearing for plantations. Malaysia has experience and knowledge in managing peat soil, which attracted Indonesian authorities. Another field of interest to the Indonesians was tube well technology, which has proven very effective in helping Malaysia fight and control peat fires which contribute to haze. (The Borneo Post)
