CCCC-George Kent JV wins RM1.01bil MRT package
The China Communications Construction Company Ltd (CCCC) and George Kent joint venture has been awarded a RM1.01 billion work package for the MRT Sungai Buloh-Serdang-Putrajaya (SSP) Line by MRT Corp. The package is for engineering, procurement, construction, testing and commissioning of trackworks, maintenance vehicles and works trains. MRT Corp chief executive officer Datuk Sri Shahril Mokhtar said this work package was one of the major ones for the construction of the SSP Line. (New Straits Times Online)
Sime Darby Property to launch RM800mil Senada Residences in Sept
Sime Darby Property Bhd will be launching Senada Residences, which is part of the GDV RM8 billion Alya Kuala Lumpur development, in September. Senada, which will be the first launch for Alya KL, is located next to Sime Darby Convention Centre. The project will comprise four retail podium blocks, two residential towers with 429 units of serviced apartments and suites, and an office complex. (The Edge Markets)
KLGCC has been renamed Tournament Players Club KL (TPCKL) – Photo from Asian Development Tour
KLGCC rebranded as Tournament Players Club KL
The Kuala Lumpur Golf and Country Club (KLGCC) has been renamed and will be known as the Tournament Players Club Kuala Lumpur (TPCKL). The rebranding follows its successful acquisition of the licensing rights as Southeast Asia’s first golf facility to join the Professional Golf Association (PGA) tour’s tournament. The rebranding of KLGCC comes after the recent news of Sime Darby Property’s concurrent rebranding of KLGCC Resort to Alya Kuala Lumpur, the new master brand for the upcoming property development projects within the 61 acre land surrounding the iconic world class golf course. (Malaysia Digest)
Mah Sing still looking to acquire more land
Mah Sing Group Bhd is looking to continue acquiring land, or seeking joint ventures, to develop more homes in the future, despite having 2,492 acres of land already in hand. Mah Sing held RM895.3 million cash as at June 30, and improved its net gearing ratio further to 0.06 times, making it well placed to lock in land acquisition and JV opportunities. The group is open to potential lands with key focus area at Greater Kuala Lumpur and new growth corridors of Iskandar Johor and Penang. Mah Sing expects revenue and profit contribution from Southville City @ KL South, Lakeville Residence in Taman Wahyu, and D’sara Sentral in Sungai Buloh to pick up momentum as construction work progresses. (The Edge Markets)
Coca-Cola Malaysia eyes more land to expand business
Coca-Cola Bottlers (Malaysia) Sdn Bhd is planning to acquire a 10-acre piece of land in Malaysia to grow its production output to cater for the region. The soft drink manufacturer said the expansion plan will also accommodate further warehousing needs to complement its existing manufacturing facility in Nilai, Negeri Sembilan. Tts Nilai plant already serves as the halal production hub for the Malaysia, Singapore and Brunei markets, while producing specialty products for some other Asean markets. The group will continue to actively invest locally in communities on a variety of water stewardship, recycling, youth development and women entrepreneurship programmes. (The Edge Markets)
WCT disposals to raise RM500mil, delays placement exercise
WCT Bhd is delaying its private placement exercise in favour of disposing key property assets to reduce its debts. The group’s management felt that a placement would not justify the subsequent earnings dilution, particularly given its depressed share price. Instead, it hopes to raise about RM500 million from the disposal of The Ascent, a 32-storey Class-A office tower worth RM380mil within the Paradigm development in Petaling Jaya, as well as an adjacent service apartment block within the same development, and a commercial building in Pandan Indah. The company has plans to monetise its cash flow generating retail assets via a real estate investment trust (REIT). However, the listing of the RM1.2bil REIT may only happen by the second quarter of 2017. (The Star Online)
Photo from The Star
Mydin to invest RM500mil in 5 new outlets
Mydin Mohamed Holdings Bhd, which owns Mydin, the country’s largest hypermarket chain, is planning to invest RM500mil to open five new hypermarkets in Malaysia. The five new outlets will include three in Kuching and one each in Malacca and Kedah. The company has invested RM25mil to open its 25th outlet in CityOne Megamall Kuching, which will be ready by December. It stated that it was also keen to spread its wings to other towns in Sarawak such as Sibu, Bintulu and Miri. (The Star Online)
