SP Setia wins RM620mil land tender
SP Setia Bhd has won the tender to purchase a 1,675-acre piece of land in Seberang Perai Utara, Penang for RM620 million. The group plans to develop the land over 15 to 20 years into an eco-themed mixed-development township that has a potential gross development value of RM9.6 billion. The land represents S P Setia’s maiden entry into mainland Penang and it is located within the Butterworth-Sungai Petani growth corridor, with good accessibility from the North-South Highway via the Bertam Interchange. The land is approximately 18km away from Butterworth and 32km away from Penang Bridge. (The Edge Markets)
Protasco to launch RM600mil affordable homes at De Centrum by 2Q17
Protasco Bhd will be launching affordable homes with a GDV of RM600 million at its De Centrum City township in Kajang by the second quarter of 2017, as the group capitalises on the strong demand for this segment amid a subdued property market. The dampened market has impacted its Rimbawan project at De Centrum, and in order to buck the trend, the group will concentrate more on affordable housing. It is looking to launch the affordable houses in two phases, each valued at RM300 million on an 8-acre land within the township. (The Edge Markets)
Sarawak developing cities of international standard
Sarawak is embarking on the development of international standard cities, said Sarawak deputy chief minister Datuk Amar Abang Johari Tun Openg. Abang Johari, who is also Sarawak Housing, Urbanisation, Tourism, Culture and Heritage Minister, said the state government is planning major town extension projects in Sarawak. Among the major development projects planned are the Darul Hana, a redevelopment of the Malay villages along the Kuching Waterfront); extension of Serian town as a new divisional headquarters; development of Kampung Datuk Baharu and Kampung Nangka Baharu in Sibu and the Pujut area in Miri. The cumulative cost of the housing and infrastructure development phase for the Darul Hana project is approximately RM230 million and will link with all the historical and heritage places in Kuching City. (The Malaysian Times)
MAIPP should act aggressively in developing wakaf land
The Malay community’s interest would be upheld if aggressive effort is underway to develop wakaf (endowment) land in Penang, said Penang Malay Association (Pemenang) president Tan Sri Mohd Yussof Latiff. Failure to properly manage the 12 hectares of wakaf land in the city was a loss for the Muslims in Penang as most of the land is located in prime areas which come with a high real estate value. Among the constraints to develop the wakaf land includes the refusal from squatters living on the land to move out. (New Straits Times Online)
Forbes: Quek family is Asia’s 7th richest family
Malaysia and Singapore’s Kwek/Quek family of the Hong Leong Group is Asia’s seventh richest family, with a combined wealth of US$18.5 billion (RM77.7 billion), down from the sixth spot last year, according to the 2016 Forbes list of Asia’s Riches Families. They have more than 15 family members controlling the Hong Leong Group, and the family’s fortune can be traced back to 1941 when Kwek Hong Png founded the company with three members. Leading the list for the second year in a row is South Korea’s Lee family behind Samsung Group, with a combined wealth of US$29.6 billion, up from US$26.6 billion last year. (The Edge Markets)
