Pantai Sentral Park township to be completed within 15 years
Pantai Sentral Park, a 23.4-hectare township with GDV of RM2.5 billion, is expected to be completed within 10 to 15 years. Property developer IJM Land Bhd said the first two residential phases – the 38-storey Inwood Residences and the 41-storey Secoya Residences — have been launched. The entire township consists of seven residential phases and six commercial phases. The township is located at the doorstep of Bangsar South with a 80.9-hectare forest in Bukit Kerinchi as its backdrop, and poised to connect residents to Kuala Lumpur, Bangsar and Petaling Jaya. (Astro Awani)
Yong Tai eyes Bukit Bintang property via Iconic Paragon
Yong Tai Bhd is venturing into Bukit Bintang property via its proposed investment in Iconic Paragon Sdn Bhd, which is acquiring 1.08 acres of leasehold land in the area. Yong Tai last week announced it was planning to take up a 70% stake in private developer Iconic Paragon. The move will enable Yong Tai to grow its property development business segment in Kuala Lumpur. (The Star Online)
Affordable housing is the key for smaller developers
While big property developers are busy building townships beyond the Klang Valley, their “smaller” peers are more aggressive in developing affordable houses in more matured and prime areas in Kuala Lumpur and Selangor. Niche and boutique developers have started to prepare for their next projects later this year and next year to take advantage on the expected improved market. The upcoming general election will also play a crucial role in boosting the market. Affordable housing in the Klang Valley is a safer bet, where demand would increase on improved sentiment. Ideal areas are outskirts of the city centre like Puchong, Sungai Besi, Cheras or Subang where infrastructure is readily available despite high land and building costs. Small and niche developers can also look into places like Ijok, Batang Berjuntai, Nilai and Seremban. (New Straits Times Online)
DRB-Hicom takes over MRCB’s stake in Kedah ICQS complex
DRB-Hicom Bhd has taken over Malaysian Resources Corp Bhd’s stake in a joint venture firm that was set up to undertake subcontracting works for the new integrated, custom, quarantine and security (ICQS) complex at Bukit Kayu Hitam, Kedah, for RM7 million. The 51% stake buy in Dekad Kaliber will give it more control over the development of the ICQS complex. The remaining 49% in Dekad Kaliber is now under Hicom Builders Sdn Bhd, a wholly-owned subsidiary of Hicom. (The Edge Markets)
No ‘special treatment’ for fed agencies in housing, says Penang exco
Approval for affordable housing projects in Penang will be treated equally, said the Pakatan Harapan Penang state government. State exco Jagdeep Singh Deo said there was “no special treatment, not even for federal government agencies because all developers must comply with our affordable housing guidelines regardless.” Last week, Penang Federal Action Council chairman Datuk Seri Zainal Abidin Osman had asked the state to give federal agencies “fast track approvals” so that they could build more affordable housing in Penang. The state government has always given fast track approvals to affordable housing projects as long as they comply with all of the state’s guidelines. (Malay Mail Online)
New buildings required to meet green building requirements
Kota Kinabalu City Hall (DBKK) will require all new building plan submissions to incorporate energy efficient Overall Transfer Thermal Value (OTTV) and Roof Insulation codes, starting August, 2017. The Malaysian Green Building Confederation (MGBC) has been requested to formulate guidelines to be adopted by the building industry for both residential and non-residential buildings. Whilst West Malaysia amended the uniform building by-law (UBBL) and gazetted it in August last year, Singapore had made American-introduced OTTV submission mandatory for over ten years. (The Borneo Post)
UEM to develop 40 Bumi vendors in next 4 years
UEM Group has pledged to develop 40 more Bumiputera vendors between 2017 and 2020. This is part of the Bumiputera Vendors Development Programme (VDP) it signed with the International Trade and Industry Trade Ministry (MITI). More than RM5 billion worth of contracts have been awarded by UEM Group and its subsidiaries from 2011 to 2016. MITI is the anchor company entrusted with providing opportunities to develop Bumiputera vendors in the property development, expressway and facilities maintenance sectors. (New Straits Times Online)
