Government hospital in Cyberjaya by 2018
A RM500 million government hospital will be built in the vicinity of Autoville, Cyberjaya within the next 2 years. Bidding documents are currently being prepared for the project, and selection of the contractor is expected to be completed in three months’ time. The 4.86-hectare hospital will help reduce congestion at public hospitals in Putrajaya and Serdang, and benefit residents in Cyberjaya as well as those in Puchong, Dengkil and Sepang. (Bernama)
PWS to develop 5 waqf projects worth RM100mil
The Selangor Waqf Corporation (PWS) plans to develop five housing and commercial projects amounting to GDV RM100 million on waqf land in Selangor. The projects will be developed by a PWS subsidiary, Urus Maju Ehsan (M) Sdn Bhd (UME), and expected to begin middle of this year and completed by end-2018 and 2019. The proposed projects include UME Teratai Avenue, a commercial building on Jalan Teratai, Meru, Klang and four housing projects — UME Ehsan Residence in Section 30, Shah Alam; UME Impian Taman Desa Kencana and UME Idaman Taman Desa Kencana on Jalan Limau, Meru; and two-storey houses in UME Gemersik, Taman Meru Makmur on Jalan Kasban, Meru. All have a 99-year leasehold, adhere to syarah law and are open only to Muslims. The units will be priced from RM250,000 to RM650,000, about 20% lower than current market rates. (Bernama)
Dynasty Hotel building in Kuala Lumpur
Dynasty Hotel most expensive property on auction
With a reserve price of RM210 million, Dynasty Hostel Kuala Lumpur has remained the most expensive commercial property on the auction market last year, according to online auction listing platform AuctionGuru. The property had been up for auction since 2014, and up for bids at least twice in 2015. According to a valuation report in September 2013, it has a market value of RM378 million, giving the reserve price a 44.4% discount. Another hotel property that boasts one of the highest values is Empress Hotel Sepang at Bandar Baru Salak Tinggi, with a reserve price of RM61.6 million. (The Malaysian Insider)
Two Penang-based firms bid for 1MDB development in Air Itam
Two Penang-based companies have been shortlisted to buy over the development of a 94.7ha land in Air Itam from 1MDB. The two companies are a joint venture between Ideal Property and BSG groups, and a company related to Goh Choon Lye, a well-known developer in Penang. The valuation of the land tags it at over RM1.8 billion. The bids came in with initial payment of just over RM1bil, with the rest to be paid when the land was developed. The tender result is expected to be out by mid-2016. (The Star Online)
Sabah’s ITCC to be completed by year end
The International Technology and Commercial Centre (ITCC) in Penampang, Sabah is expected to be completed by the end of this year. Project developer Sabanilam Enterprise Sdn Bhd stated that although it was a local-based Bumiputera company, the company believed it would be able to provide world-class facilities, living and amenities to the Sabah market. The RM500 million development will consist of a 330-room premier hotel, 295 units of ITCC suites, 16-storey office tower, a modern four-storey shopping mall, a multi-purpose commercial centre, including a 170-table banquet hall and a modern convention centre. The ITCC Shopping Mall is 95% complete, while the Manhattan Suites made up of SoVo (small office versatile office) units are 30% completed. (Daily Express)
China developer’s Forest City development backed by Johor royalty
Despite oversupply concerns in the Malaysian property market, leading Chinese developer Country Garden is confident in its city-building plan here, backed by a deep relationship with the Johor royal family. The Guangdong-based developer plans to invest a total of 25 billion yuan over 20 years into its “Forest City” development, which is located on 14 sq km of land. The project is in partnership with Esplanade Danga 88 through a joint venture company, Country Garden Pacific View. The largest shareholder of Esplanade Danga 88 is Johor’s Sultan Ibrahim Ismail, making Forest City a joint venture between Country Garden and the Johor monarch. This relationship had helped Country Garden achieve smooth communication with governments. The Forest City project will include apartments, villas, schools, hospitals, an exhibition centre and a financial special administrative region. Country Garden said pre-sales of apartments would begin in the first half of 2016. (South China Morning Post)
Government expecting RM40bil in oil revenue loss
The government expects a revenue shortfall of RM40 billion this year due to the plunge in oil and gas income, compared to the commodity’s price from a year ago. Malaysian officials and analysts said the RM40 billion referred to the reduction in government revenue from oil and gas compared with 2014, when the average price of oil was US$100 (RM415) per barrel. (New Straits Times Online)
Data centre planned for Sedenak
The Johor government is planning to develop Sedenak, a small town outside Johor Bahru, into a thriving data centre. Mentri Besar Datuk Mohamed Khaled Nordin recently announced that about 20,000ha in Sedenak would be developed into a data centre similar to Cyberjaya in Selangor. Property developers are predicting demand for houses and commercial space for the area. The state government is currently in talks with several foreign companies on setting up their data centres in Johor. Besides property development, the proposed project would also attract new investments in technology infrastructure such as high speed internet connectivity. (The Star Online)
Youth and Sports Minister Khairy Jamaluddin
Khairy: Higher construction wages means pricier houses
Raising the wages of construction workers in order to encourage locals to take up these jobs could lead to pricier homes, said Youth and Sports Minister Khairy Jamaluddin, following Deputy PM Ahmad Zahid Hamidi’s challenge to Putrajaya to raise the minimum wage so that local people would take up the “dirty jobs” now filled by foreigners. “The wages of construction workers are said to be high in developed countries, so the locals there are willing to do it. House prices are also high, due to the high cost of labour,” Khairy tweeted. However, his claims were challenged by a Twitter follower who pointed out that Malaysian houses are still pricey despite low construction worker wages, at 15.8 times the median salary of a construction worker compared to 9.7 times in the US and 7.8 times in the UK. (MalaysiaKini)
