Australia’s Lendlease to launch retail mall at TRX
Australia‘s property group Lendlease, which was the first company to tie up with 1MDB to develop the 70-acre Tun Razak Exchange (TRX) project, is launching its showcase project in the development. It had signed an agreement to develop a retail mall, hotels and residential towers in TRX called the TRX Lifestyle Quarter, which would be unveiled in 2H this year. This will be followed by the launch of two of the six residential towers in 1H next year. Lendlease has already completed excavation of earth to make way for the basement levels of the four-storey retail mall, which will be known as The Exchange TRX. It is scheduled for completion by 2020, and will feature 500 retail lots with net lettable area of 1.35 million sq ft. Lendlease is biggest joint venture partner to develop TRX. (The Star Online)
RM55bil East Coast Rail kicks off
The East Coast Rail Line (ECRL), estimated at RM55bil and the largest ever railway project to be undertaken by the private sector, is poised to kick off. Some early specifications and breakdown of the tenders could be announced as early as next month, and construction companies are already lined up to bid for the multi-billion-ringgit project. It will be the first major domestic rail project outside the ambit of Keretapi Tanah Melayu Bhd (KTMB). With an estimated cost of RM55 billion, which includes the cost of tunneling and underground scopes, the ECRL will be the largest double-tracking rail project. (The Star Online)
MRCB potential candidate for Bandar Malaysia
RHB Research Institute is upbeat on Malaysian Resources Corporation Bhd’s (MRCB) construction division as it is a potential candidate to develop Bandar Malaysia, which will be a transit oriented development project. Besides Bandar Malaysia and the KL-SG high speed rail (HSR) projects, MRCB is also actively bidding for other infrastructure and PR1MA housing construction. Upon official signing, MRCB would likely see a significant boost in its property portfolio and construction orderbook. The setting up of Kuala Lumpur Internet City (KLIC) in Bandar Malaysia should indicate a speedy negotiations for the transport hub. (The Star Online)
Royal Institution of Surveyors Malaysia
Special unit needed to control house prices, say surveyors
The Royal Institution of Surveyors Malaysia (RISM) has proposed that a special surveillance unit be set up under the state housing and real estate board to tackle the issue of exorbitant pricing of residential properties. RISM vice-president Mohd Amin Din said the state and federal governments were unable to ensure the provision of affordable housing for those in need because developers were asking for too-high prices. Amin hoped the establishment of a special unit would enable ideas such as the Bangsa Johor Dream Homes project in Johor to catch on and be brought to life in all the states. (Free Malaysia Today)
Govt to introduce hire purchase scheme for civil servants
The government plans to introduce a Hire Purchase Scheme to help civil servants, especially new staff, to own their first home. The scheme is still being studied before submitting for proposal to the Treasury and Prime Minister. If accepted, the scheme could hopefully be implemented next year. The government had implemented the 1Malaysia Public Servants Housing (PPA1M) among others to resolve the problem of house ownership among civil servants and the Hire Purchase Scheme was the latest development in this matter. (Astro Awani)
MAHB, DRB-Hicom, LBS potential beneficiaries of DFTZ
A number of companies will directly or indirectly benefit from the development of the Digital Free Trade Zone (DFTZ), including Malaysia Airports Holdings Bhd (MAHB), DRB-Hicom Bhd, Genting Plantations Bhd and LBS Bina Group Bhd. MAHB will be a key beneficiary as it could earn additional income from the LCCT tenancy and regional hub at KLIA Aeropolis. DRB-Hicom, will be an indirect beneficiary through its 53.5% stake in Pos Malaysia Bhd. Meanwhile, GenP’s land surrounding KLIA Aeropolis will see value rising as DFTZ develops. For LBS Bina, employment arising from the operation of DFTZ could boost the demand for properties in the surrounding area. (The Star Online)
Prime Minister Najin Razak and Alibaba founder Jack Ma at the launch of the Digital Free Trade Zone (DFTZ) (Photo from Channel NewsAsia)
UEM Edgenta to raise RM1bil for expansion, capital rebalancing
UEM Edgenta Bhd has signed an agreement for the issuance of RM1 billion sukuk programme financing to rebalance its capital and general corporate expansion. “This includes capital expenditure to push forward our new strategic focus in our three key business offerings encompassing consultancy, solutions and services in four distinct core business sectors, namely healthcare, infrastructure, real estate and water,” the company said in a statement. (The Sun Daily)
One-bedroom flat in Hong Kong selling for RM6mil after discount
New World Development and Vanke Property (Overseas) have offered the last 64 units at their joint venture residential project in Tsuen Wan, Hong Kong with a one-bedroom flat costing more than HK$10mi (RM5.68mil) after discounts. The 421 sq ft, 57th floor unit with full sea view will set a record price for a one-bedroom flat in the New Territories area of Hong Kong, said agents. Meanwhile, another developer, Poly Property Group, has released 108 units ranging from 228 sq ft to 1,146 sq ft priced from HK$5.48mi (RM3.11 mil) to HK$35.59mil (RM20.24mil). (The Star Online)
