DBKL: Development delays due to site complications
Delays on four development projects by DBKL were due to site problems, according to Kuala Lumpur mayor Datuk Seri Mohd Amin Nordin Abd Aziz. Among the complications that led to the delays were underground cables, logistics and design issues. The four projects, noted as the Entry Point Project 7 under the National Key Economic Areas (NKEA) of Greater Kuala Lumpur and Klang Valley, involved beautification of Medan Pasar and Dataran Merdeka, Heritage Trail 1 (HT1), Heritage Trail 3 (HT3) and the Countdown Clock (CDC). Among reasons for the time extensions highlighted in audit findings were on-site flood and weather issues, frequency of design changes and incompetent contractors. The “Creating Iconic Attractions” (MTTI) project is one of 12 NKEA under the Economic Transformation Programme to spur economic growth and encourage economic progress of the country by 2020. (The Star Online)
PNB unveils six-year plan to increase assets to RM350bil
Permodalan Nasional Bhd (PNB) has unveiled a six-year strategic plan to maintain its sustainable performance from 2017 to 2022. Under the plan, the largest fund management company in Malaysia plans to increase its asset under management (AUM) to RM350 billion by 2022. The company has invested nearly RM260 billion to date, 98% of which are in the local market and 2% overseas. The group plans to increase its global investment portfolio, but only when the Ringgit is stable. PNB’s six-year strategic plan comprises three pillars, namely enhancing sustainable returns, effective investment management and driving operational excellence. (New Straits Times Online)
AirAsia plans IPO of ASEAN airline holding company
Asia’s biggest low-cost airline, AirAsia Bhd, is planning an initial public offering (IPO) of a holding company that will house all its ASEAN operations, group CEO Tony Fernandes said on Thursday. ASEAN Holding Co will be listed in Hong Kong, and AirAsia will also list its flight crew training centre in Kuala Lumpur. Fernandes did not mention a timeline or how much the IPOs will raise. The plan is to list Indonesia and Philippines first by next year, before looking at listing ASEAN Holding Co, he said. AirAsia is also looking to divest some of its non-core businesses. It already has its aircraft leasing arm on the market and aims to complete the sale in early 2017. (Reuters)
IJM to launch Waterside Residence in Penang
IJM Land Bhd will be launching the Waterside Residence at The Light, Penang in December. It is the first residential tower of The Light Waterfront phase 2, with an estimated (GDV) of RM240 million. Situated on a 4.27-acre freehold site, the Waterside Residence comprises three residential blocks of 17, 25 and 33 storeys, housing 256 units. With a GDV of RM6.5 billion, the 103-acre phase 2 of The Light Waterfront also features a mall with a gross retail space of 1.5 million sq ft, thematic shops, a convention centre, two hotels and an office tower. The development is expected to complete by 2020. (The Edge)
Sarawak govt urged to address poor housing in Singai, Jagoi
The Sarawak state government has been urged to address the poor housing situation in Singai and Jagoi, Bau. These two areas had many dilapidated houses whereby the occupants were unable to rebuild or repair the houses nor could they afford to build new ones. “The problem of dilapidated housing is serious in areas like Singai which has no oil palm plantations to talk about while Jagoi only has few such plantations, said MP Datuk Henry Harry Jinep, who had requested for a better minor rural project (MRP) fund for his constituency to enable him to address the issue promptly. (The Borneo Post)
Three prime apartment buildings near Orchard Rd sold for S$190.5mil
Three residential buildings near Orchard Road have been sold to three different developers for a total of $190.5 million. The tenders for the freehold properties in Grange Road, Cuscaden Walk and Hullet Road were launched in October with a total guide price of $185 million. A consortium led by Sustained Land is paying $103.8 million for 3 Cuscaden Walk – comprising 11 large four-bedroom apartment units. A unit of Singapore-listed property and hospitality group Roxy-Pacific Holdings bought 120 Grange Road, an 11-storey block of 18 flats, for $48.5 million. The smallest of the three properties, 8 Hullet Road, was sold for $38.2 million to Hullet Development. The sales reflect “confidence in the stability of the high-end residential market which, prior to this year, saw a steady decline in values over the preceding four years”. (The Straits Times)
The three properties near Orchard Road sold for $190.5 million. (Image from CBRE)
