Construction of Forest City phase 2 to start this month
The second phase of construction of the Forest City project on an 800-ha site near Gelang Patah will start this month. It will include three international standard 18-hole golf courses, luxury hotels, and low-density residential buildings. The first of the golf courses is set to be completed at the end of this year. The details and development value of the second phase would be revealed at a press briefing at the end of this month. Forest City is a mega mixed-development project built across four reclaimed islands in Johor, developed by China-based Country Garden Holdings Co Ltd and Kumpulan Prasarana Rakyat Johor. (The Star Online)

Scientex to raise RM362mil for manufacturing, property business
Scientex Bhd is planning a private placement of up to 10% of its issued shares to third-party investors to raise as much as RM361.58 million for property development, land bank expansion and as working capital for its manufacturing business. RM180 million will go to existing and future development projects as well as for land bank expansion, RM100 million is for working capital, while RM81.58 million has been earmarked for expansion of the packaging segment. The proposed private placement is expected to be completed by 2Q 2017. (The Edge Markets)

M101 eyeing Rawang, Semenyih land for purchase
Property developer M101 Sdn Bhd is eyeing Rawang and Semenyih for potential land acquisition. It is looking at building high-residential integrated developments in the city and townships in suburban areas, as well as joint-venture opportunities. M101 is the developer of three integrated projects in Klang Valley, namely M101 Bukit Bintang, M101 Dang Wangi and M101 Skywheel. (New Straits Times Online)

(Photo from Terminal Bersepadu Selatan)

CIMB, Maybank offer 0% interest housing loans for staff
CIMB Group Holdings Bhd and Malayan Banking Bhd have introduced special interest rate housing loans for selected categories of their staff. CIMB is offering 0% interest rate on housing loans not exceeding RM250,000 for a maximum of five years, which is open to staff earning not more than RM3,500 per month. Financial assistance will also be provided to staff who are eligible. Meanwhile, Maybank will be offering 0% interest for the first RM100,000 on staff housing loans for selected categories to enhance staff benefits and further assist employees who require financial aid. The offer, effective July 1, will be applicable for new and existing loans of Maybank Group employees in Malaysia who have a basic salary of up to RM3,000 per month. (The Edge Markets)

Sunway REIT on track to RM10bil property value
Sunway REIT says it is on track to achieve its RM10 billion property value target by the financial year ending June 30, 2020 (FY20) via both asset enhancement initiatives and acquisitions of new strategic assets. As at 1QFY17, the REIT’s property value was at RM6.46 billion with 14 assets, comprising four retail malls, five hotels, four offices and a medical centre. It is acquiring it’s first industrial asset in Shah Alam for RM91.5mil, and is seeking to acquire other assets such as logistic warehouses, industrial assets, data centres and education assets. (The Edge Markets)

Bandar Malaysia a catalyst for future economic growth
The Bandar Malaysia project, which will be developed under the public-private partnership (PPP) model with an estimated GDV of RM150 billion, has the potential to be a catalyst for future economic growth, said master developer, TRX City Sdn Bhd. Besides offering business and investment opportunities, the development will also generate skilled employment opportunities, as it will be the primary digital hub for the Digital Free Trade Zone (DFTZ). Bandar Malaysia would become a transit oriented development, anchored on the maximum use of public transport with the government setting it as a terminus for the Kuala Lumpur-Singapore high-speed rail project. (The Sun Daily)

Johor govt to help developers sell up unsold Bumiputera properties
The Johor state government will come up with a solution to help property developers sell off unsold Bumiputera lots across the state. A suitable mechanism would be drawn up after developers have failed to sell about 88,000 Bumiputera property lots in the state, which include bungalows, shophouses, factories, service apartments and others. These properties could not sell because the prices are too high. It was established under the housing policy that developers must allocate a certain percentage for Bumiputeras. (Malay Mail Online)