Desa Kudalari condo may make history again
Desa Kudalari condominium – Malaysia’s first condominium when it was completed over 30 years ago – may once again break new ground, by becoming the first strata property to be sold en masse in Malaysia. The 2.97-ha free hold development is expected to fetch RM2,000 to RM2,500 psf. Located in a prime location within the Kuala Lumpur City Centre, it is one of the flagship developments of Tan & Tan Development Bhd, symbolising the company’s good foresight in predicting the market’s trend towards high-rise properties. The condominium was named “Kudalari” as it offered views of the Royal Selangor Golf Course and Turf Club, which has now been replaced with the KLCC Park and the Petronas Twin Towers. The term en masse was used as there is currently no legal provision for en bloc sale in Malaysia, and the sale will take at least a year to complete due to lengthy processes such as transfers of titles. (The Edge Markets)
Most SEA stocks up; Singapore rebounds on property stocks
Most South-east Asian stock markets rose yesterday, in line with other Asian indexes after better-than-expected US payroll data soothed investor risk sentiment. Singapore’s Strait Times index rose 0.7%, with property developers the biggest gainers. Malaysia and the Philippines each gained 0.5%. Singapore home prices fell at a lower-than-expected rate, indicating resilience in the property market. (The Malay Mail Online)
First integrated project in Cameron Highlands to open next year
Cameron Highlands is set to have a new landmark when the Cameron Fair opens early next year. It will be the highland’s first integrated development, comprising shopping, dining and entertainment outlets located on a 0.63-ha plot in Tanah Rata. It will also house the Avillion Cameron Highlands, a 100-suite hotel with 55 studio and 45 two-bedroom units. Apart from Avillion Cameron Highlands, Cameron Fair would house 180 retail lots with a built-up area of between 130sq ft and 1,300 sq ft. A tower with 75 residential units would also be built. The development would be located within walking distance from Tanah Rata’s main bus terminal, hospital and government departments. (The Star Online)
Cameron Fair is scheduled to be opened early next year (Photo from The Star)
Genting Highlands aims for 50% rise in visitors by 2020
Genting Malaysia Bhd is targeting a 50% rise in visitors to its hill top resort in Genting Highlands by 2020, driven by an increase in gaming capacity and 20th Century Fox World theme park. The group expects Resorts World Genting (RWG) to record 30 million visitors annually by 2020, due to the company’s RM10 billion transformation initiative. Its Malaysian operations generate the highest earnings before interest, taxes, depreciation and amortisation (EBITDA) margin and benefit from higher gaming volumes. The aggressive target is likely within reach, as crowds will be attracted by the world’s first 20th Century Fox World theme park as well as a shopping haven, which will include Sky Avenue (positioned as a lifestyle mall) and Genting Premium Outlets (GPO). (The Star Online)
Vivocom unit bags RM37.5mil worth of projects
Neata Aluminium (M) Sdn Bhd, a subsidiary of construction, telecommunications and manufacturing conglomerate Vivocom Intl Holdings Bhd, has been awarded RM37.5 million worth of contracts yesterday. The projects include RM22.5 million for Third Avenue Cyberjaya, and RM15 million from Kemensah Development for the supply and installation of aluminium works. The two awards are the latest in a series of solid wins for Neata following its acquisition by Vivocom last year. Other contracts it has bagged include those from projects such as Third Avenue, Eclipse Residence and KL Gateway. (The Borneo Post)
Malaysia to host maiden Asean Editors Summit Conference
Malaysia will be the first country to host the inaugural Asean Editors Summit Conference for two days starting today. The conference, themed ‘Connecting Asean Community Through the Media’, will be officiated by Communications and Multimedia Minister Datuk Seri Dr Salleh Said Keruak. The conference is a collaboration between Bernama, the Communications and Multimedia Ministry and the Asean Secretariat, with about 200 media industry players from Asean countries expected to participate. The summit will be a unifying platform for media industry players from Asean member countries to share information, expertise and research, besides targeting future media planning to ensure success in terms of economy, culture, social and communication. (The Star Online)
