2016 Strata Ownership Bill amendment will ease ownership application for old buildings
The amendment to the Strata Ownership Bill, which was approved yesterday, will ease strata ownership title applications specifically for buildings before April 2007. The process of issuing strata ownerships would be simplified with the exemption of the need to furnish certain documents for purposes of application and approval of strata ownership. As of December 2015, 1.2 million strata ownerships have been registered in Peninsula Malaysia, with 300,000 title applications yet to be registered due to legal complications. The Strata Ownership Act which was last amended in 2013 will provide a procedure for the management of strata ownership if there is land acquisition on stratified property schemes. The amendment would also enable specific actions against individuals who committed offences to be taken without involving others in the building involved. The amendment would also introduce tax collection on units in stratified property schemes and enforcement, as well as help house buyers obtain strata ownership for flats. (The Malay Mail Online)

Eco World eyes Batu Kawan land for RM6bil project
Eco World Development Group Bhd is eyeing a 300-acre leasehold plot in Batu Kawan for a RM6 billion mixed development project to be launched next year. The group could fork out up to RM700 million for the property to Batu Kawan Development Sdn Bhd, following negotiations since last year. That same piece of land was of interest to Malton Bhd a few years ago. It was supposed to be developed on a joint venture basis but there has been no update since 2014. If the acquisition is completed, the development will be a major project for Eco World in Penang next year. It is likely to be a mixed development scheme comprising largely landed properties (70%) and commercial units (30%). (The Star Online)

Ikhmas Jaya bidding for jobs worth RM8.9bil
Engineering and construction firm Ikhmas Jaya Group Bhd is bidding for RM8.9 billion worth of jobs for the Klang Valley MRT2 and highway projects such as Pan Borneo Highway Sarawak, Damansara-Shah Alam Elevated Expressway and Sungai Besi-Ulu Kelang Elevated Expressway. The group is primarily involved in piling and foundation works, bridge construction, building construction and other civil works. It hopes to get one or two packages from the tender, as well as looking to participate in the RM60 billion Bandar Malaysia project. Regarding the sluggish property market, the company is confident that its business will not be affected, given its expertise in infrastructure, bridge, foundation and piling-related works. (The Sun Daily)

KL Aeropolis plan (Image from The Star)

SIC has major plans for 260ha undeveloped land
Sepang International Circuit (SIC) has major plans for its 260ha undeveloped land, which could be one of the major drivers to boost the Malaysian economy. CEO Datuk Razlan Razali said this was in line with its goal to make SIC more than a place for motorsports activities. In addition to a theme park, the large-scale plan to transform SIC into an entertainment city will include a zone for live music, concerts and other nightlife activities. It was earlier reported that 47% of the land was earmarked for hotel development, commercial park and safe driving centre. The presence of Mitsui Outlet Park and KLIA Aeropolis, which were located at the Kuala Lumpur International Airport, Sepang — in close proximity to SIC — would complement the long-term master plan. (New Straits Times)

Mitrajaya tenders for more infrastructure jobs
Mitrajaya Holdings Bhd (Mitrajaya), which is tendering for jobs worth RM3.6 billion, is eyeing more infrastructure jobs. According to MIDF Research, out of the RM3.6 billion, RM2.2 billion is made up of infrastructure projects and the remaining RM1.4 billion are mainly jobs from developers. It main focus for infrastructure projects include the Damansara-Shah Alam Expressway (DASH), Pan Borneo Highway and Petronas’ Refinery and Petrochemical Integrated Development (RAPID) in Pengerang, Johor. The company’s ongoing projects are MACC Buildings at Precinct 7, Putrajaya (RM286 million), MK22 Condos at Mont Kiara (RM317 million) and PJ Midtown complex building and external works at Seksyen 13, Petaling Jaya (RM293 million). It plans to launch apartments and shop offices at Sungai Rengit, Pengerang this year. (The Borneo Post)

112-year-old Vivekananda Ashram officially a heritage site
One of Brickfield’s iconic buildings, the 112-year-old Vivekananda Ashram, has officially been designated a national heritage site by the National Heritage Department (JWN). It received preservation status on June 16, after the gazette was published in the Attorney-General’s Chambers website. The listing would now protect the building from future development. In February, trustees failed to convince the JWN to reconsider its proposal to gazette only the building as a heritage site. The Vivekananda Ashrama Kuala Lumpur wanted to develop the surrounding land of the building and be allowed to use the property as it deemed fit. (The Star Online)