Eco World, Cascara to build RM8.5bil Eco Ardence township
Eco World Development Group Bhd has entered a joint venture with Cascara Sdn Bhd to develop 216ha of freehold land next to Setia Alam into a mixed residential and commercial township. The project, called Eco Ardence, is expected to have a GDV of RM8.58 billion. An Eco World subsidiary is proposing the acquisition of 50% shares in Jendela Himat Sdn Bhd, the joint venture company for the project, for RM303.5 million. The project is expected to be launched in the first quarter of next year in 10 phases within eight years, and comprise a good mix of luxury and affordable homes for upgraders, as well as commercial units that will suit the lifestyle needs of younger homeowners. It will also complement the Eco Gardens township located nearby, which is targeted at the first-time homeowners market. (New Straits Times Online)

I-Bhd looking to expand landbank
Property developer I-Bhd is planning to expand its landbank for its next phase of development, as its existing land in i-City Shah Alam is down to 40%. Deputy chairman Datuk Eu Hong Chew said that i-City has used up 20% of its land while another 40% is still being developed. The group is planning to develop 20.2ha to 28.3ha with a GDV of up to RM7 billion for urban projects, while for townships, it is looking at 202ha to 242ha with the same amount. I-Bhd currently has RM743mil in unbilled sales at the end of 2015 and is building the Central i-City, which is a 1mil-sq-ft mall, in collaboration with the Central Pattana Group of Thailand. It is also set to develop a four-star Double Tree Hilton hotel in the 29.1ha freehold ultrapolis township. (The Star Online)

LBS Bina to launch more landed properties
Property developer LBS Bina Bhd says there is still strong demand for landed properties, and the company plans to launch more such properties next year. Managing director Tan Sri Lim Hock San said that despite the challenging property outlook, demand is still good for landed units and projects at strategic locations. He said the company is able to launch more landed properties as it has 2,500 acres of landbank that were mostly acquired at reasonable prices, which are mainly located in the Klang Valley, Pahang and Johor. Although the current sales for LBS is about RM320mil, Lim is confident that the company would be able to meet its RM1.2 billion sales target for this year, and plans to launch new projects with a total GDV of RM1.5 billion. (The Star Online)

Hektar REIT buys 1Segamat mall from EcoFirst for RM104mil
Hektar REIT, which includes Subang Parade and Mahkota Parade in its portfolio, is acquiring 1Segamat Shopping Centre from EcoFirst Consolidated Bhd’s unit, Tashima Development Sdn Bhd, for RM104 million. The mall, which opened in August 2013, has net lettable area of 223,439 sq ft and enjoys an occupancy rate of 96.35%. (The Star Online)

New fencing for public housing projects in KL
Seven Public Housing (PA) and People’s Housing (PPR) projects in Kuala Lumpur will have new perimeter fencing this year, in an effort to curb vehicle theft incidents, according to DBKL. New fencing would be installed at Muhibbah PPR, Kampung Limau PPR, Intan Baiduri PPR, Beringin PPR, Batu Muda PPR and the Youth Complex in Cheras, while the perimeter fencing at the Pudu Ulu PPR would be repaired immediately. The absence of perimeter fencing had made it convenient for outsiders to gain access and commit vehicle theft, vandalism, drug related and other offences in the housing areas. The use of other security features such as closed-circuit television (CCTV) cameras would also be introduced in phases at all PPR and PA to reduce the incidence of vehicle thefts. (Free Malaysia Today)

Ringgit opens lower against US dollar on oil, Brexit risk
The ringgit traded lower against the US dollar at 4.1040 this morning on lack of buying appetite. The downtrend in the local bourse also weighed on the local currency, dealers said. The ringgit also traded lower against other major currencies: 3.0212 to the Singapore dollar, 3.8550 to the Japanese yen, 4.6137 to the euro and 6.8310 to the British pound (Friday). (New Straits Times Online)

Singapore’s Terratech to buy Malaysian developer
Singapore’s marble miner Terratech Group is diversifying into the property development business by acquiring Malaysian builder Capital City Property for S$300 million, in what is essentially a reverse takeover deal. Terratech will pay for the acquisition by issuing 4.29 billion new shares to Capital City, which will result in Capital City taking up an 81% stake in Terratech. Capital City is owned by the brothers behind Malaysia’s Hatten Group. Capital City Property will complete its first development in 2018, called Capital City, which is located in Tampoi, Johor Baru and comprises two hotel and service suites towers and three towers of served apartments above a mega mall. (The Straits Times)

Artist's impression of the Capital City development

Artist’s impression of the Capital City development