MRCB eyes Bandar Malaysia transportation hub project
Malaysian Resources Corp Bhd (MRCB) has entered into a non-binding MoU with Wondrous Vista Development Sdn Bhd and IWH CREC Sdn Bhd to collaborate on developing an integrated transportation terminal at Bandar Malaysia, which it hopes will lead to the acquisition, construction, development and operations of the transportation hub. The 486-acre Bandar Malaysia, located on the former Sungai Besi air force base, will house the Kuala Lumpur-Singapore high speed rail terminus and become a central transport hub with connections to the mass rapid transit lines, KTM Komuter, Express Rail Link and 12 other highways. The MoU will remain valid for 6 months or terminated at any time by mutual consent. (The Star Online)
Prasarana: LRT3 jobs out in 2 to 3 months’ time
Prasarana Malaysia Bhd is set to begin awarding packages for the 37km Bandar Utama-Klang Light Rail Transit Line 3 (LRT3) project in two to three months’ time. The first few contracts will include works on staff quarters, advance work and some work for the depot in Johan Setia. According to group president and CEO Datuk Azmi Abdul Aziz, the concept design has been completed and it is now working on the detailed design, after which it will issue out the tender in packages and subsequently award the packages. The location of all 26 stations have been confirmed, and land acquisition has already begun in phases. Prasarana had earlier announced the 24 companies that had prequalified for three LRT3 system work packages. (The Sun Daily)
Mah Sing eyeing more land, JV deals
Mah Sing Group Bhd is looking to increase its land bank and joint venture deals in Greater KL, Klang Valley, Iskandar Malaysia, Penang, and other states with strong economic prospects. Group managing director Tan Sri Leong Hoy Kum said the economic downturn was a good time to identify new opportunities, and has a cash pile of RM1.1 billion to facilitate land purchases. Mah Sing currently has 2,522 acres of landbank in the Klang Valley Iskandar Malaysia, Penang and Sabah, with a total gross development value (GDV) and unbilled sales of RM32.26 billion that could last for potentially eight to nine years. The group is on track to achieve its RM2.3 billion sales target this year with more launches in the second half of the year. It is also in discussions with the government and various land owners to strengthen its position in the mass affordable housing market. (The Sun Daily)
Furniture industry to benefit from growing property sector
The furniture industry will benefit from the rising demand for furniture in the growing domestic property sector, in addition to impressive growth in the export market, said Malaysian Furniture & Furnishings Fair (MF3) organising chairman Alfred Yow. According to the Malaysian Property Market Report 2015, a total of 362,105 units of properties have been developed, with about 75% being residential, commercial and industrial properties. Hence, there is a potential for the furniture industry to capitalise on the demand for furniture in the domestic property market, said Yow. In 2015, exports of total furniture products was valued at RM9.14bil, an increase of 14.1% compared to RM8bil in 2014. (The Star Online)
Over 5,000 housing developer complaints cases settled
A total of 5,851 cases out of 6,534 cases against housing developers who failed to abide by the sale and purchase agreement (SPA) since 2013 have been settled by the National Housing Tribunal. Urban Wellbeing, Housing and Local Government Minister Datuk Seri Abdul Rahman Dahlan said the cases involved technical claims such as defects in the workmanship or did not comply with the specifications when signing the agreement and the non-technical claims such as delays in handover to buyers. He added that a total of 302 developers including 1,255 members of the board directors of the companies who did comply with the award had been blacklisted. Those blacklisted would not be able to apply for housing license and advertisement sale permits. Buyers were advised to do a background check on developers to avoid any problems related to house purchases. (New Straits Times Online)
Astral Supreme seeks new JV partner for property project
Electronic and electrical product maker Astral Supreme Bhd is looking for a new joint venture partner for its property project, after its expression of interest for a proposed commercial development on a 6.7-acre plot in Nilai, Negeri Sembilan was cancelled by the project’s landowner, S Wira Development Sdn Bhd (SWD). The termination was carried out following SWM’s negotiations with another party, due to a delay in Astral Supreme’s cash call. The evaluation and negotiations, which have begun with a new potential joint-venture partner, will consider the use of the RM80.9 million proceeds from its proposed rights issue with warrants. Astral Supreme’s wholly-owned subsidiary Astral Supreme Development Sdn Bhd (ASDSB) had expressed its intention to commence discussion and negotiation for participation in the proposed development via the letter in the project, which carries an estimated gross development value of RM89.58 million, with a gross development cost of RM52.13 million. (The Edge Markets)
Glomac Q4 net profit falls 26%
Property developer Glomac Bhd saw its 4Q net profit fall 26% to RM21.9 million from a year ago, mainly due to lower fair value recognition for investment properties, and provisions. Its revenue for the quarter rose 1.3% to RM171.7 million, driven by steady construction progress of ongoing projects such as Puchong Lakeside Residences, Saujana Rawang, Saujana KLIA, Glomac Centro and Reflection Residences. Glomac delivered RM450 million new sales in FY16 against a backdrop of softer market conditions and the decision to hold back launches in the year. It plans to launch RM1.22 billion worth of new projects comprisong a good mix of landed and high-rise residential projects. (The Sun Daily)
