New rail lines to spur transit-oriented projects
The MRT Line 2 and LRT 3 projects are expected to unlock more transit-oriented development (TOD) opportunities that will help the government regenerate large investments made to improve urban rail services. MRT Line 1, also known as MRT SBK Line, had spurred such developments but the TODs would be more extensive for the new lines, which would extend across lesser developed parts of the Greater Kuala Lumpur/Klang Valley area. Featuring mixed-use developments, TODs will pave the way to improve livability and quality of life for city dwellers through accessible and efficient public transport facilities, medical and educational institutions, commercial areas and other lifestyle-related amenities. (New Straits Times Online)

Ascott opens 24-storey Somerset property in Damansara Uptown
CapitaLand’s serviced residence business unit, Ascott Limited (Ascott), has opened its first Somerset-branded property in Petaling Jaya’s Damansara Uptown area. The 24-storey, 211-unit Somerset Damansara Uptown marks Ascott’s continued expansion in Malaysia. The development features a choice of studio, one-bedroom or two-bedroom apartments. Each furnished unit comes with a fully equipped kitchen, a living room, a separate working and sleeping area, an en-suite bathroom and other modern amenities. (The Star Online)


Somerset Uptown Damansara (Image from The Star Online)

Possibility of new highway in Selangor
Malaysian Highway Authority (MHA) director-general Datuk Ismail Md Salleh said a company is in talks with the Selangor state government over a new highway but the project was not confirmed. It was revealed following a query if there would be a new highway project in the city after the Kinrara-Damansara Expressway (Kidex) was cancelled. (The Star Online)

Sunsuria expects boost in earnings from RM1.5bil project
Property developer Sunsuria Bhd is looking forward to an earnings boost for its current financial year ending Sept 30, 2017, with the launch of its upcoming high-rise development, The Olive. It is the first residential development of Sunsuria City, a 525-acre flagship development in Salak Tinggi, Putrajaya South. The Olive comprises three blocks with a total of 663 units. Sunsuria expects to have projects launched with a total gross development value (GDV) of RM1.55bil by 2017. The projects include The Olive condominium in Sunsuria City, Bell Suites serviced apartments opposite Xiamen University Malaysia, and a landed residential development known as Monet Residences. (The Star Online)

OCR bags RM155mil PR1MA project in Bukit Jalil
O&C Resources Bhd (OCR) has bagged an RM155 million contract to develop a project located in Jalan Alam Sutera Utama, Bukit Jalil with gross development cost of RM131.75 million. The proposed project comprises one four-level block of office shoplots with a health clinic, a 32-storey apartment block housing 320 units, a 21-storey apartment block with 140 units, four levels of podium parking, three levels of sub-basement parking, one level of multipurpose hall and one level of public facility. The project is estimated to take 36 months to complete. (The Edge Markets)

Boustead to acquire LTAT land for RM172.8mil
Boustead Holdings Bhd is planning to acquire two plots of land from the Armed Forces Fund Board (LTAT) in Bukit Jalil for RM172.78 million. The company entered into a sale and purchase agreement with LTAT to acquire land measuring 10.74 acres out of 53.39 acres in Mukim Petaling, Kuala Lumpur. The 10.74 acres consist of a parcel of vacant commercial land measuring 5.75 acres, a parcel of vacant carpark land measuring 0.96 acres and 70 parcels of vacant terraced commercial shops measuring 4.03 acres. Under the development order, the land plot in Bukit Jalil has been earmarked for a mixed development. (The Star Online)

PM: Red tape at Brunei border resolved soon
Bureaucratic red tape involving land journeys between Malaysia and Brunei will be resolved soon, said Prime Minister Datuk Seri Najib Tun Razak. The Brunei government had in principle agreed to resolve the issue along the common border with Malaysia, and had set up a technical committee for the purpose. The technical committee is looking into facilitating land journeys without the need for passport checks. Currently, Malaysians from Sabah and Sarawak and the people of Brunei have to go through eight Customs, Immigration and Quarantine (CIQ) complexes in order to get from Sabah to Sarawak and vice-versa. (Astro Awani)

Japan real estate manager Kenedix to buy 15% of AmanahRaya REIT
Japanese real estate asset manager Kenedix Inc will buy 15% of Malaysia’s AmanahRaya REIT for RM86 million ($19.21 million). Kenedix will also buy 49% of AmanahRaya REIT’s parent for RM5.1 million. AmanahRaya REIT said it expects the deals to spur growth in its portfolio through acquisitions or asset enhancement. The REIT manages 13 diversified properties in sectors including hospitality, higher education, corporate office space, industry and retail, with a total book value of over RM1 billion. (Reuters)

(Photo from Nikkei Asian Review)

(Photo from Nikkei Asian Review)