Mitsui Fudosan to open RM1.6bil shopping mall in BBCC
Bukit Bintang City Centre Development Sdn Bhd has entered into a joint venture (JV) with Mitsui Fudosan Asia for the development of the Mitsui Shopping Park Lalaport retail mall at Bukit Bintang City Centre (BBCC). The 1.4 million sq ft mall will have a GDV of RM1.6 billion, and will be part of the RM8.7bil BBCC on the 19.4-acre former Pudu Prison site. Mitsui will own 50% of the JV company, while the other 50% will be owned by shareholders of BBCC Development, namely UDA Holdings Bhd, Eco World Development Group Bhd and the EPF Board. The mall is expected to be launched in January next year. (The Star Online)
Pantai Sentral Park interchange to enhance access to Pantai Dalam
IJM Corp Bhd’s property development arm IJM Land Bhd, together with its JV partnet Amona Development Sdn Bhd, initiated its groundbreaking last week for the construction of the 2.8km Pantai Sentral Park Interchange. The interchange, which will link the Pantai Sentral Park mixed-use development and the Pantai Dalam–Kerinchi area with the New Pantai Express Way (NPE), will be constructed at an estimated cost of RM52 million over 18 months. IJM Corp chairman Tan Sri Abdul Halim Ali said the interchange will improve traffic flow in the vicinity of Pantai Sentral Park and “create development prospects for the group to consider future development needs through an integrated planning process”. (The Edge Markets)
Image from The Edge
DRealty in JV with China’s Country Garden for 53-acre township
Damansara Realty (DRealty) is teaming up with Country Garden Holdings Co Ltd, one of China’s largest property developers, to develop a 53.08-acre freehold land in Johor Bahru into an integrated township known as Central Park. The joint venture will be called DAC Properties Sdn Bhd in which DRealty’s indirect wholly-owned subsidiary will own 30% while the remaining 70% will be held by Country Garden’s wholly owned unit Country Garden Management Sdn Bhd (CGM). The township will be developed over a six to eight-year period starting from Q4 of 2016, and will include residential units, commercial shop spaces and various amenities. Central Park will be located in Tebrau, 5km northwest of Johor Bahru city centre, and targeted at young homebuyers in Malaysia. (The Edge Markets)
UDA to build 1,500 PR1MA homes in Kuala Pahang
UDA Holdings Bhd is planning to build 1,500 units of affordable homes through the PR1MA project in Kuala Pahang in Pekan, Pahang. The 58.6-hectare project will be mixed development, and is UDA’s contribution to assist residents in Pekan, said UDA chairman Datuk Dr Mohd Shafei Abdullah. The development is expected to benefit and improve the economy of residents in Pekan and create employment opportunities. (Malay Mail Online)
Photo from The Star
AlloyMtd to launch RM2.6bil UK property project
Malaysian conglomerate AlloyMtd Group, via its wholly-owned subsidiary MTD Capital Bhd, will launch its One Crown Place mixed development project in London next year, despite uncertainties due to Brexit. The project marks the group’s re-entry into the London real estate market. Branded as Ardeir, meaning ‘to glow’, the project comprises a boutique hotel, offices with 246 units of private apartments in two tower blocks above the office podium and some leisure and restaurant space. Ardeir, which has a gross development value of about £500mil (RM2.57bil), is expected to be completed in 2020. (The Star Online)
Lee Rubber puts up Jalan Raja Chulan land for sale
Singapore-based Lee Rubber Co (Pte) Ltd has put out a request for bids for a 1.81-acre parcel in Jalan Raja Chulan. It is the third piece of land in the prime area to be put up for sale in the past seven months. The parcel, which faces both Jalan Raja Chulan and Jalan Ceylon, comprises four contiguous plots measuring a total of 78,798 sq ft and could fetch as much as RM250 million, according to industry estimates. Three of the four plots are freehold, while the fourth is under leasehold and expiring in 2060. Industry estimates put the price range at RM2,700 to RM3,200 per sq ft and is suitable for a mixed-use commercial development. (The Edge)
Use GST to lower cost of living, says consumer association
The Federation of Malaysian Consumer Associations (Fomca) said people should be able to experience the benefits of paying GST, which could be done by providing affordable housing, proper bus connectivity, proper healthcare, subsidies for childcare and through financial education to youths and young families. RM27 billion in GST was collected last year, and RM39 billion is expected to be collected this year. Fomca CEO Paul Selvaraj said the taxes should be used towards building affordable housing for young families, as the gap between incomes and house prices is too big. The second area that needs attention is connectivity through buses from new housing areas to the cities, and the third concern is healthcare. (Free Malaysia Today)
