Government mulls tram service in Putrajaya, Cyberjaya by 2019
The government is planning to build a tram service in Putrajaya and Cyberjaya within three years, according to ederal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor. The tram service will be an alternative to overcome traffic congestion in the two areas which have seen rapid population increase. The tram will be a cheaper solution to the abandoned monorail project, which was abandoned in 2004 due to lack of funding. Tengku Adnan expects the Economic Planning Unit (EPU) to request proposals from companies interested constructing the tram system. (The Malaysian Insider)
MK Land to launch five projects worth RM571mil by June
MK Land Holdings Bhs is planning to launch five new property projects with a total GDV of RM571 million by end-June this year. Although the property market is subdued, the group is still moving ahead with its planned launches of affordable homes for FY16. The first to be launched will be its Residensi Suasana@Damai condominium project in Damansara Damai, which has a GDV of RM400 million and will be launched in April. The group will also launch next month three affordable housing projects in Ipoh, Perak, comprising three phases within its Klebang Putra project valued at RM98 million, and the last phase within its Meru Perdana 2 development, with a GDV of RM73 million in June. It also has land bank of 3,000 acres in Lembah Beriah, Perak on which a mixed development comprising affordable housing, commercial, industrial area and an education hub is planned. (The Edge Markets)
I-Bhd eyes RM1.5bil property GDV
I-Bhd, the developer of i-City in Shah Alam, will be undertaking RM1.5 billion worth of property projects, and is optimistic about its current year financials. The group’s current project, the 50-storey 8Kia Peng residential tower near KLCC, has a RM1 billion GDV. I-Bhd is also taking on a RM500 million, 43-storey Hyde Tower residential project within i-City, which is slated for launch this week. I-Bhd’s deputy chairman said that the company was confident of doing better in 2016 due to progress in construction, as figures showed there is still strong demand for its properties despite current economy concerns. (The Edge Markets)
Central i-City shopping centre to open in October 2018
Central i-City shopping centre within the i-City development in Shah Alam is set to open in October 2018. The RM850 million mall is a joint venture project between i-Bhd and Bangkok-based property developer and investor Central Pattana Public Co Ltd (CPN). The shopping centre will be built on a piece of 1.5 million sq ft freehold land and has a nett lettable area of 940,000 sq ft comprising approximately 350 shops, carrying brands from Malaysia, Thailand and other countries. Central i-City shopping centre is CPN’s first development outside of Thailand. (The Malaysian Insider)
Artist’s impression of the Central i-City shopping centre (Image from i-City website)
Titijaya Land 2Q profit slips 2.9%
Titijaya Land Bhd’s net profit for 2QFY16 slipped 2.9% to RM17.63 million from a year ago, due to high recognition of lower profit margin projects as well as cost savings in the previous corresponding quarter. Revenue for the quarter, however, came in 59.1% higher at RM105.28 million compared to a year ago, contributed by progress from its 3Elements, Zone Innovation and Embun property projects. The group remains cautious of the industry due to various market sentiments in 2015 and 2016, but is confident that it can maintain a steady profit for FY16 with property launches worth RM396.3 million planned for 2016. (The Edge Markets)
DRB-Hicom Group Bhd’s Pahang-based University of Automotive Malaysia. — Picture courtesy of icam.edu.my
DRB-Hicom invests additional RM150mil in Univerity of Automotive Malaysia
DRB-Hicom Group Bhd has invested another RM150 million in the second and third phases of its Pahang-based Univeristy of Automotive Malaysia. Its group managing director and university chairman Tan Sri Mohd Khamil Jamil said the second phase, which is about 20 per cent complete, comprises the R&D building, a second block for the engineering faculty and housing for employees, while the third phase includes showroom facilities and practical training blocks for students. The entire complex development is expected to be completed between two and five years’ time to accommodate about 7,000 students. The group had previously invested RM350 million for the first phase of the university, which currently has about 1,000 local and foreign students enrolled, with 718 already graduated. (The Malay Mail Online)
China to limit land for homes in cities with property oversupply
China will limit or stop issuing land for new residential housing projects in areas where there is a supply glut in a series of measures aimed to clear a property oversupply in the economy. China’s land ministry will not release vacant land to commercial property developers in cities and other areas where there are large levels of unsold inventory, it was reported on Sunday. In addition to that, Land minister Jiang Daming plans to reward cities that effectively reduce their inventories by giving them permission to make new land allocations. On Feb 2, the finance ministry implemented a reduction in the minimum downpayment for first- and second-time home buyers in most cities, followed by lower transaction taxes announced on Feb 19. China has announced a string of measures to boost the housing market, as real estate investment affects more than 40 other sectors in China, from cement to furniture. (The Star Online)
Photo taken on Nov. 18, 2015 shows residential buildings under construction in Changchun, northeast. China will cut deed and business taxes for home purchases in most cities in an attempt to digest the property glut, an official statement said on Friday, Feb 19, 2016. (Xinhua/Zhang Nan)
