Heavy vehicle traffic to move to Second Link
Johor’s State Public Works, Rural and Regional Development Committee chairman Datuk Hasni Mohammad said that heavy vehicle traffic will be shifted from the Johor Causeway to the Malaysia-Singapore Second Link (Linkedua) Expressway starting end of next March, in an effort to overcome congestion at the causeway. The route change initiative was carried out after the Johor state government saw the serious traffic congestion at the Johor Causeway, especially for heavy vehicles. The diversion to Linkedua is expected to be completed in 2017. (Bernama)

Iskandar Waterfront sells land to state for RM170mil
Iskandar Waterfront City Bhd (IWCity) has received a notice from Pentadbir Tanah Johor Baru for the compulsory acquisition of two parcels of land by the state government for RM170.1 million. IWCity’s wholly-owned subsidiary, Tebrau Bay Sdn Bhd, has accepted the offer for the two parcels in Plentong, Johor which measure a total of 92.83 acres. The company said that the disposal would result in a profit of about RM69.3 million for the IWCity Group. (The Malaysian Insider)

MKH, Panasonic partner for construction works in Malaysia
Property developer MKH Bhd has partnered with Japanese company PanaHome Corp, the housing subsidiary of Panasonic Corp, to undertake design and building construction works in Malaysia. A joint venture company, PanaHome MKH Malaysia Sdn Bhd, will be established by the end of December, with PanaHome’s local subsidiary taking up 51% and MKH’s subsidiary holding the remaining 49%. The JV will focus on conducting building contract works for various residential development projects undertaken by MKH. MKH chairman Tan Sri Alex Chen Kooi Chiew said the JVco will offer solutions and proposals for housing in Malaysia by combining MKH’s know-how in the real estate development business with PanaHome’s technology, construction expertise, and ideas for quality living. (The Edge Markets)

UEM Sunrise, WCT take on RM3bil mixed development project
UEM Sunrise Bhd and WCT Holdings Bhd are planning to undertake a RM3 billion mixed development project in Serendah, Selangor under an equally-owned joint venture to develop a piece of freehold land measuring 243ha. UEM Sunrise has proposed to buy a 50% stake in Jubilant Courtyard Sdn Bhd (JCSB), which owns the land and is a wholly-owned subsidiary of WCT, for RM214.88 million. The 10-phase project is scheduled for launch in the fourth quarter of 2017. (The Malaysian Insider)

Iris bags RM622.7mil Putrajaya mixed development job
Digital identification solutions provider Iris Corp Bhd has been awarded a mixed development contract in Putrajaya with an estimated GDV of RM622.73 million, following its venture into property development early this year. The company will undertake the proposed development of Perumahan Penjawat Awam 1Malaysia (PPA1M) and a mixed development at Presint 19 on a tract measuring 16.2 acres. The job will involve construction of 1,928 units of residential houses under PPA1M, with 508 residential units and 22 commercial units for open sale, and is expected to be completed in 30 months. (The Edge Markets)

Malaysia plans to raise legal drinking age
In a filing to the World Trade Organisation (WTO) yesterday, Malaysia plans to raise the minimum age for alcohol consumption from 18 to 21. There was no mention of when the change would take place, but said it was part of a strategy to prevent underage drinking and limit the accessibility of alcohol to high risk groups. There are also plans for additional labelling requirements for alcohol products to warn about their health risks. Despite having one of Asia’s highest excise taxes on alcohol, its consumption has been relatively steady. Alcohol is widely available and consumed by an estimated 3.5 million of the nearly 30 million population, according to the Confederation of Malaysian Brewers Berhad. (The Malaysian Insider)

Saudi developer secures funding to complete world’s tallest tower
The Jeddah Economic Company and Alinma Investment, established by Alinma Bank, have signed a SAR8.4 billion ($2.2 billion) finance deal with a Saudi Arabian developer, backed by billionaire Prince Alwaleed Bin Talal, to finish construction on what is set to be the world’s tallest building. The $1.2 billion Jeddah Tower, also known as the Kingdom Tower, is set to rise 1km or higher, surpassing Dubai’s Burj Khalifa as the tallest building in the world upon its completion. Construction work is already underway, with 26 floors completed. (ME Construction News)