Tabung Haji will keep and develop TRX land
Lembaga Tabung Haji will not sell the TRX land it purchased from 1MDB, but will develop it instead, said chairman Datuk Seri Abdul Azeez. The 0.64ha land is now worth RM250 million, he said, and the fund’s subsidiary TH Properties would be in charge of developing a residential apartment project. The purchase by LTH raised a controversy in April last year when it bought the plot for RM188 million, which was 43 times the price 1MDB paid when it was acquired from the government four years earlier. Azeez said last year that the pilgrim’s fund would dispose of the TRX land in response to public outcry. The property’s gross development value is estimated at RM820 million, he added. (The Malaysian Insider)

Phase 1 of Johor Halal Park to be ready by year-end
United Malayan Land Bhd (UMLand) is optimistic that the first phase of the Johor Halal Park project in Pasir Gudang will be completed by year-end. The project, which was started in 2014, is already 45% completed. The first phase includes the construction of 89 factories, 36 office units and a science lab for local and foreign companies involved in the halal sector. The entire Johor Halal Park costing RM1.5 billion is being developed in 3 phases, with the second phase expected to start in the middle of this year and completed in 2018, while the third phase will take off in 2017 and be ready in 2020. (Malaysian Digest)

UMLand-UEM Sunrise JV to launch project by year end
Nusajaya Consolidated Sdn Bhd (NCSB), a joint-venture company between UMLand and UEM Sunrise Bhd, is planning to launch its mixed development, The Waves, in Puteri Harbour, Johor by the end of the year. The development with GDV over RM1 billion is set to begin groundworks in the fourth quarter pending approval of its amended masterplan, which is expected to be granted next month. The project will be launched in phases, with the first phase comprising low-rise apartment units and retail maill set to complete in 3.5 years. The Waves is a mixed development project comprising serviced apartments, a retail mall and a hotel. (The Edge Markets)

Artist’s impression of The Waves at Puteri Harbour, Nusajaya

MKH takes part in Pekeliling flats redevelopment
MKH Bhd’s indirect subsidiary Amona Metro Development Sdn Bhd is planning to acquire a 84% stake in Temara Pekeliling Sdn Bhd, which owns the 1.5-acre leasehold plot in Jalan Tun Razak, for RM5 million. The tract has a 99-year lease that expires on Dec 27, 2084. The GDV of the land is approximately RM380 million; a valuation on Feb 27, 2015 pegs the value of the land at RM78.4 million. The RM5 million purchase by Amona Metro was arrived based on the GDV and valuation. The acquisition is in line with MKH’s strategy to acquire land or companies which own strategically located land banks for the group’s future property development projects. It should be noted that property developer Mah Sing Group Bhd in August 2011 secured the development rights for a 4.08-acre plot in the same area, a niche development named M Sentral, which formerly housed the Pekeliling flats. (The Edge Markets)

Amcorp Properties 3Q net profit drops 9.4%
Amcorp Properties Bhd recorded a 9.4% drop in its third quarter (3QFY16) net profit to RM5.33 million from RM5.88 million a year earlier, which was attributed to higher cost of sales. Its revenue for the quarter, however, jumped 17.7% to RM46.64 million, contributed by Malaysian property projects and the renewable energy and contracting division. The group expects an improved performance in the current financial year ended March 31, 2016 (FY16) as compared to FY15. (The Malaysian Insider)

Putra Nilai to launch Jati Heights
Putra Nilai Development Sdn Bhd, the property arm of Nilai Resources Group Sdn Bhd, will be launching an additional residential component, Jati Heights, within its Putra Nilai township on February 20. The 6,233-acre Putra Nilai township development was started more than 20 years ago, and has an estimated GDV of RM7.7 billion. About 55% has been developed, with the remaining 45% estimated at RM4.2 billion. The new 24-acre Jati Heights will be a residential component occupying 17 acres, and consist of 2-storey terraced houses, townhouses and an 8-storey apartment block. Apart from property development, Nilai Resources’ core businesses include hospitality, education, landscaping and quarrying. (The Malaysian Insider)