Malaysia’s economy resilient to external headwinds
Malaysia’s economy remains resilient to external headwinds, with gross domestic product (GDP) growth projected around 4.2% in 2016 and 4.3% in 2017, according to the World Bank. The outlook reflects a slowdown in the growth of consumer spending and investment, as global economic growth and commodity prices remain subdued. The World Bank’s Malaysia Economic Monitor notes that the Malaysian economy faces risks stemming mostly from external developments, such as uncertainties due to China’s rebalancing economy, decline in oil and other Malaysian export commodities, US economic policies, energy prices, and exchange rates. Rising productivity will become the main engine of economic and income growth in Malaysia in the future, as traditional drivers of growth are expected to moderate. In addition, rising female labour force participation and increasing human capital through skills upgrading was also noted chas key drivers of future growth. (The Sun Daily)

Rapid Transit System to boost Johor property market
News that Singapore and Malaysia are expected to ink an agreement for the Rapid Transit System (RTS) next year will likely boost Johor’s real estate sector. The system promises an easier time crossing borders, and will connect Woodlands North station on the Thomson-East Coast Line to Bukit Chagar in Johor. No firm timeline has been set by Singapore and Malaysian officials on when the system will commence. (Channel NewsAsia)

IGB, EcoFirst team up fo RM400mil condo
IGB Corp Bhd is set to team up with EcoFirst Consolidated Bhd to carry out a RM400 million high-end condominium project in Kuala Lumpur next year. The two will form a 50:50 joint-venture (JV) company to jointly develop a parcel of land measuring four acres (1.62ha) in Jalan Batai, Damansara Heights over the next three years. The all-residential project, designed by a local award-winning architect, will have no more than 150 units of luxury condominium of 3,000 sq ft each, expected to be priced above RM3 million per unit. The target market for the project are existing bungalow owners in Damansara Heights and Bangsar, considering that the bungalows in the area are mostly around 30 years old. (The Edge Markets)

Bukit Jalil City by Malton is a mixed development project. (Image from Bukit Jalil City)

Bukit Jalil City by Malton is a mixed development project. (Image from Bukit Jalil City)

Boustead plans RM333mil mixed development near Bukit Jalil City
Boustead Holdings Bhd is buying multiple pieces of leasehold commercial land measuring a collective 10.74 acres adjacent to Bukit Jalil City to develop a mixed development project with estimated GDV of RM333 million. The development is expected to begin construction in 4Q of 2017, and implemented over three years. The project is estimated to have a GDV of RM297 million. Mudajaya will develop the lands into a commercial hub comprising 70 units of shop offices and a retail centre with a dedicated car park area, which will complement surrounding commercial developments, including the proposed Pavilion Bukit Jalil and Bukit Jalil City condominiums. (The Edge Markets)

AmanahRaya REIT to double fund size to RM2bil over next three to five years
Amanah Raya Bhd is planning to double its AmanahRaya REIT’s fund size to RM2 billion over the next three to five years, and would continue to eye assets acquisition to achieve the target, said group MD Adenan Md Yusof. Amanah Raya sealed two deals with Kenedix on Monday for the acquisition of its REITS worth RM91 million. (Astro Awani)

Mudajaya wins RM558mil MRT Line 2 job
Construction company Mudajaya Group Bhd has been awarded a contract to build a viaduct gateway and other associated works worth RM558.64mil for the Klang Valley MRT Line 2 project. It involves construction works from Universiti Putra Malaysia to Taman Pinggiran Putra in Putrajaya, and the construction period will be 56 months from the date of the notice. The project is expected to contribute positively to the company’s earnings for the financial year ending 2017 onwards. (The Star Online)

Berjaya Land posts RM180mil net profit in Q2
Berjaya Land Bhd reported a drop in net profit to RM180.47 million for the second quarter ended Oct 31, 2016 compared to RM208.3 million in the previous corresponding period. The drop was attributed to higher prize payout and operating expenses reported by Sports Toto Malaysia Sdn Bhd, lower profit contribution from the property development and investment business, the amortisation of gaming rights allocated to the Philippines leasing of online lottery equipment business segment and lower investment related income. The performance of its hotels and resorts business is expected to remain satisfactory whilst the property market outlook is expected to remain lukewarm. (The Sun Daily)

Century-old Penang market to get RM5mil facelift
The Campbell Street market in George Town, Penang is set to undergo a major upgrade next year. The century-old market, located at the junction of Campbell Street and Carnavon Street, has experienced a drop in business in recent years as the building’s structure deteriorated over the years. The Penang Island City Council has finalised a plan for the market, in which about RM5 million will be allocated for the upgrading and restoration works of the market where new elements will be introduced to inject new life into it. Work on the exterior will begin in the middle of next year, and upgrading works will be conducted phase by phase so as not to affect the daily business of traders. (Malay Mail Online)

The old Campbell Street Market will be given a facelift. — Pictures by Opalyn Mok/MMO

The old Campbell Street Market will be given a facelift. — Picture by Opalyn Mok/MMO