Samsung-UEM confirmed to build Malaysia’s tallest tower
Permodalan Nasional Bhd (PNB) has confirmed that South Korea’s Samsung C&T Corp will partner local firm UEM Group Bhd to build the RM3.4 billion tower, dubbed KL118, which will be the tallest building in Malaysia upon its completion in 2019. The 118-storey tower will be built in the area of the historic Stadium Merdeka and Stadium Negara, and is expected to eclipse the iconic 452-metre Petronas Twin Towers. The site was formerly known as Menara Warisan, and the project had faced opposition and controversy in the past. The KL118 project has an expected GDV of over RM6 billion over five years, and have about 150,000 sq m worth of net lettable office space. 20 floors are expected to be occupied by a luxury hotel with 250 rooms. (The Malay Mail Online)

KL-SG high-speed rail attracts global interest
Malaysia and Singapore’s land-transport regulators said they have received 98 submissions in response to the request-for-information exercise for the proposed Kuala Lumpur-Singapore High Speed Rail (HSR) project. Malaysia’s Land Public Transport Commission (SPAD) and Singapore’s Land Transport Authority (LTA) said the submissions came from companies and consortia across the HSR value chain, including entities from Malaysia, Singapore, the Asia-Pacific, Europe, the Middle East, and North America. Both governments are expected to finalise the commercial model and procurement approach of the project by next year. (The Edge Markets)

Japanese investment in Malaysia expected to remain encouraging
Japanese investment in Malaysia is expected to remain strong, with good prospects in the market for halal products, internet and nursing care for elderly people thanks to close relations between the two countries, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Under the second wave of the Look East Policy, focus areas of collaboration with Japan include cutting-edge technologies, new innovations and high-tech skills development. In 2014, Japan was Malaysia’s third largest trading partner and third largest export destination, with over 1,400 companies including giants such as Toyota and NEC Corporation. (The Malay Mail Online)

penang-timesquareIvory targets completion of Penang Times Square by 2020
Ivory Properties Group Bhd is targeting the completion of all five phases of Penang Times Square by 2020. It is currently waiting for the approval to begin phases four and five by year-end, which include business hotels, serviced suites and retail outlets, and hopes to commence work by the first quarter of next year. The company is in talks with interested parties who want to buy the hotels, said group COO Goh Chin Heng. (Malaysia Chronicle)

Ivory gets green light for RM150mil land sale
Ivory Properties Group Bhd (IPGB) has obtained shareholders’ approval for the disposal of a plot of land worth RM150 million. The transaction for the 21.77 hectare plot of freehold land in George Town (off Jalan Kebun Bunga) was finalised in January between Ivory Indah Sdn Bhd, a wholly-owned subsidiary f IPGB and Jesselton Peak Sdn Bhd. The group said the sale would enable it to realise and unlock the value of the property, which was not currently generating any income. (New Straits Times Online)

I-Bhd unbilled property sales up to RM680mil
I-Bhd reported an increase in unbilled property sales to RM679.2 million as at end Sept this year, up from RM453.4mil in the same period last year. The rise is attributed to strong demand at on-going projects, and is expected to translate into higher revenue for the group when construction progresses further. I-Bhd saw its net profit for the third quarter drop 40% from the same period a year ago, while revenue fell 28.5% from a year ago. Occupancy growth of Best Western i-City Hotel and the new attractions at Leisure Park @ i-City will drive growth of its leisure segment, while its 2015 contributions were mainly from i-SOHO, i-Suites, Liberty and Parisien towers which are ongoing developments. (The Star Online)