DBKL plans buildings without parking spaces after completion of MRT
DBKL is planning to erect buildings without parking spaces around Kuala Lumpur once the MRT Line 2 is completed and operational. The measure is to reduce traffic congestion and encourage more people to use public transportation services around the city. Upon completion of the MRT project, it will not be necessary to have many parking bays because an increasing number of people will be using public transportation. As rapid urbanisation had changed the pattern and intensity of land use in the city, project developers too must adapt to commercial property development style in making full use of available space. (Astro Awani)
Developers urge govt for dialogue before IBS implementation
Property developers have called on the government to engage in dialogue with them before the adoption of the industrialised building system (IBS) is made mandatory for all players in the construction industry. The plan was proposed with the hope that it would be implemented within the next three years. Property developers are calling for the opportunity to sit down and assess whether making IBS mandatory would cause more problems, or whether there would be other effective alternatives. The IBS is a pre-fabricated construction technique where components are manufactured in a controlled environment and assembled into construction works. (The Edge Markets)
RM49.6mil gold and jewellery cluster at Batu Kawan Industrial Park
Five goldsmith and jewellery manufacturing firms will invest RM49.6 million to start a Gold and Jewellery Cluster at the Batu Kawan Industrial Park. The five companies that are part of the Penang Goldsmith Association will take up 4.2 acres of land at the industrial park on the mainland. Penang is the main contributor to the Malaysian gold and jewellery industry, accounting for 85% of the RM7.2 billion in exports. Construction is set to start either in the second half of this year or the first half of next year, pending relevant approvals from the authorities. (Malay Mail Online)
Artist’s impression of the Four Seasons Place Residences Kuala Lumpur (Image from 2luxury2)
No shortage of luxury developments coming to Malaysia
Global research firm Oxford Business Group estimates that Kuala Lumpur will have an excess of approximately 50,000 high-end condominium units by July 2017. And while demand for such properties has faltered over the last few years, all signs point to the early phases of growth. There is no lack of demand for very high-end branded properties, with big international brand names and serviced residences becoming increasingly popular due to the weak ringgit. Some top-end offerings, like the Four Seasons Place Residences, set to open at the beginning of 2018, have reportedly sold at record-high prices, including a duplex for an estimated MYR 21 million. (Mansion Global)
Jcorp’s IIBD key infrastructure developments launched
Johor Corp (JCorp) has announced the commencement of key infrastructure developments for the Ibrahim International Business District (IIBD) in Johor Bahru. The public infrastructure projects include a flyover, a link bridge and the Persada Annexe, all of which are part of the fulfilment of the IIBD Blueprint for Integrated Connectivity Plan to improve the accessibility for both vehicular and foot traffic, as well as the provision of retail space within the business district. It was also announced that a Facilitation Fund of RM250 million will be allocated by the federal government to drive the development of the infrastructure projects. (The Edge Markets)
UEM Sunrise expects lower sales of RM1.2bil this year
Property developer UEM Sunrise Bhd is expecting to secure lower sales of RM1.2 billion this year, compared to the RM1.4 billion recorded last year. The group had exceeded its sales target of RM1bil last year, but remains cautious on 2017’s market outlook. The group is planning to launch five property projects in Johor, Klang Valley and Melbourne — worth a total of RM1.7 billion — starting from the second half of this year. The company would also be looking to expand its land bank this year to increase its presence in Klang Valley. (The Edge Markets)
SP Setia eyes higher contribution from overseas projects
SP Setia is aiming to increase contribution from overseas projects to 20% of revenue this year, up from 8% last year. The revenue would come from its Australian projects, namely a mixed development with A$478mil (RM1.54bil) GDV at Exhibition Street in Melbourne’s central business district, and the A$38mil (RM122.3mil) residential project in Prahran, Melbourne. Both are expected to launch by July. (The Star Online)
Construction and timber manufacturer exploring property development
Construction and timber products manufacturing firm Anzo Holdings Bhd is exploring opportunities in property development after swinging back to the black in Q4. Anzo announced last month that it received a letter of intent from KL Northgate Sdn Bhd to award it, alongside MCC Oversea (M) Sdn Bhd, with a RM1.21 billion job for a mixed development in Gombak, Selangor. Anzo managing director Datuk Eddie Chai Woon Chet is a major shareholder in KL Northgate, a property development and construction company. (The Sun Daily)
IJM Corp to invest in India property project
IJM Corp Bhd is set to take part in a property development project in Nagpur, the third biggest city in the Maharashtra state of India. It has incorporated IJM Realty (Mauritius) Ltd (IJMRM) as a wholly-owned subsidiary of IJM Investments (M) Ltd, a wholly-owned unit of IJM. IJMRM, in turn, will be investing up to 100% in Nagpur Integrated Township Private Ltd, a special purpose vehicle undertaking the project. No further details of the development were provided in the announcement. According to reports, Nagpur is set to become the next logistics hub in India. (The Edge Markets)
Indonesia promises neighbours a haze-free year
Indonesia has promised its neighbours of a haze-free year, saying new measures to combat forest fires should stop the polluting smoke wafting across Southeast Asia. In past years, from June until October, Indonesia is often shrouded in a haze caused by smouldering fires, many set deliberately to clear land for pulp and paper and palm oil plantations on Sumatra and Borneo islands. Indonesia has been regularly criticised by neighbours and environmental groups for failing to end the annual fires, which not only cause transboundary haze with Malaysia and Singapore, but also afflicted its citizens with respiratory ailments. (The Edge Markets)
