Federal gov to take over ‘problematic’ PPR flats
The Housing, Urban Well-Being and Local Government Ministry will take over ‘problematic’ People’s Housing Projects (PPR) from the state government following several reports of serious drugs activities and poorly- maintained facilities. The first PPR to be affected is Lembah Subang 1. Last week, it was reported that of the 27 PPR flats within Klang Valley, more than 80% have been found to be used as drug dens. This social problem, mostly affecting teens, had been attributed to the flats being a very high-density area. (Astro Awani)
Malaysian developers, Pt Hanson sign MoU for RM3.5bil Indonesian project
Three Malaysian property developers, namely Sime Darby Bhd, I and P Group Sdn Bhd, and SP Setia (Indonesia) Sdn Bhd, have signed a MoU with Indonesia’s PT Hanson International Tbk to jointly develop an affordable housing project in Indonesia. It has a GDV of RM3.5 billion on a 500-hectare land located in Maja, Tangerang, about 80km from Jakarta. PT Hanson is one of Indonesias largest property developers by landbank, owning more than 3,500 hectares in greater Jakarta. Under the JV, the Malaysian entities will have an equity interest of 20% each, while PT Hanson holds the rest. (The Star Online)
Sunway plans projects worth RM5bil in Penang
Sunway Bhd is planning to launch RM5 billion worth of properties in Penang over the next eight years, of which 40% would be long-term investment projects such as hospitals, colleges and hotels. It is submitting plans for a RM2.3 billion integrated project on a 23-acre site in Paya Terubong on the island, and construction is scheduled to begin in 3Q next year. It is also adding another 500,000 sq ft to the Sunway Carnival Mall and a 150-bedroom hospital. The group will be focusing its plans on the Klang Valley, Johor Baru and Penang. (The Star Online)
Malaysia ranks 28th globally in consumer confidence
Malaysian consumer confidence showed improvement in the second quarter, climbing eight spots to make Malaysia the 28th most confident in a Nielsen poll with 63 countries. The latest Nielsen Global Survey of Consumer Confidence and Spending Intentions found that Malaysian consumer confidence, whose index score hovered at the 78-80 level in the preceding three quarters, shot up eight points to 87 in Q2. While the economy and job security remain the top two key concerns among Malaysian consumers, more than a third of Malaysian consumers are also feeling positive about the local job prospects over the next 12 months. Singapore’s consumer confidence level held steady at 88 points, and the republic is ranked 25th overall. (The Star Online)
Artist’s impression of Urbana Residences Ara Damansara
New project worth RM1.2bil in Cheras proposed by Weida
Sarawak-based Weida Bhd is proposing a third development project in Peninsular Malaysia. It involves the development of two parcels of land in Cheras, Kuala Lumpur and is currently in the planning stage. The proposed development would be carried out on a joint-venture basis with Mutiara Sdn Bhd, with an estimated initial GDV of RM1.2 billion. Weida’s maiden project, Urbana Residences, a 15-storey high-end serviced apartment in Ara Damansara, is on track for completion and handover by October, while its second property project – the RM360mil Ardena in Mont’ Kiara – has its planning and design works completed. The company is waiting for a suitable time to launch both projects, in light of the quiet property market. (The Star Online)
MRT Corp: Public not involved in MRT trial run
MRT Corp has announced that no members of the public will be involved in the 3-month trial run of Phase 1 of the MRT Sungai Buloh-Kajang Line (MRT Line 1) that is slated to begin on Oct 1. “The tests and trial runs will not involve members of the public as we have to be absolutely sure that everything works fine before we open the line to the public,” said MRT Corp CEO Datuk Seri Shahril Mokhtar. Phase 1 is expected to be completed by end-2016, while Phase 2 of the MRT Line 1 will be ready for operations in July 2017. (The Edge Markets)
