Samsung-UEM consortium wins KL118 Tower job
The consortium of South Korea’s Samsung C&T Corp and its local partner UEM Group Bhd is believed to have won the US$505 million (RM2.12bil) construction job for the KL118 Tower. Wire news reported that Samsung C&T had won a US$505mil Malaysian construction order, sourced from a company statement by Samsung C&T. The KL118 Tower will be Malaysia’s tallest building and is slated to be ready by 2019. It is planned to be over 500m tall and will surpass the 452m Petronas Twin Towers. (The Star Online)
IGB REIT net property income up 6.3% in 3Q
IGB Real Estate Investment Trust (IGB REIT) reported a 6.3% increase in its net property income for the third quarter (3Q), driven by higher total rental income. The manager of the Mid Valley Megamall and The Gardens Mall said its revenue for the quarter increased 7.5% to RM121 million from RM112.6 million, due to the same reason. Revenue for the period gained 7.5% to RM367.8 million versus RM342.2 million last year. Going forward, IGB REIT said the retail sector is facing a challenging business environment. (The Edge Markets)
IOI Properties looking to increase land bank
IOI Properties Group Bhd is planning to take advantage of the poor current market sentiment to increase its land bank, as a lot of companies are looking to sell their property or land, said executive chairman Tan Sri Lee Shin Cheng. Currently, IOI Properties’ land bank stands at about 10,000ha, spread out in Malaysia, Singapore and China. (The Malaysian Insider)
Yong Tai buys land, signs JV for RM5.5b Melaka, KL projects
Garment manufacturer and retailer Yong Tai Bhd has entered into a RM37 million conditional SPA to acquire a 17-acre seafacing tract in Melaka, dubbed ‘Impression Land’, where it will develop a mixed project to stage the ‘Impression Melaka’ stage performance for 30 years. It is also buying the entire stake for the company holding the licence to produce and stage the performance for RM3 million. The performance will be part of its eight-year master development on 100 acres adjacent to the Impresion Land, which has an estimated total GDV of RM5.4 billion and estimated gross development cost of RM3.8 billion. Yong Tai has also entered into a JV agreement to develop a RM168 million luxury service apartment project at Jalan U-Thant, Kuala Lumpur. The proposed Melaka and KL projects carry a combined GDV of about RM5.57 billion. (The Edge Markets)
Bina Puri bags PR1MA housing project in Johor
Bina Puri Holdings Bhd has been selected to build 994 units of apartments under the PR1MA affordable housing scheme in Johor Baru for a contract sum of RM230 million. The project also includes 20 shop units which are expected to positively contribute to the net assets and earnings of the group for FY16. The project will be located on a 18.23 acre freehold site in Plentong, Masai and estimated to be completed in 3 years. (The Malaysian Insider)
Obama to visit Malaysia in November
President Barack Obama will stop by Malaysia for the US-ASEAN and East Asia summits, following the G20 summit in Turkey and the Asia Pacific Economic Cooperation Summit in the Philippines next month. During the foreign travels from Nov 14-22, Obama will also “emphasize the importance of reaching an ambitious and durable global climate change agreement in Paris.” (The Star Online)
