TSR, Globe Venture to develop RM2.3bil PD Waterfront
TSR Capital Bhd’s wholly-owned subsidiary, TSR Ocean Park Sdn Bhd, has teamed up with US-based Globe Venture Holdings Inc to jointly develop a 24.2ha waterfront project in Port Dickson, Negri Sembilan, with a GDV of RM2.3 billion. The project will consist of residential buildings, luxury hotels and water chalets, a convention centre and commercial projects focusing on the tourism and services industries. TSR, which is a construction and property firm, is master developer of the PD Waterfront – an esplanade development near Port Dickson’s town centre off Pulau Arang. PD Waterfront was launched in 2010 and estimated to be completed in stages over the next eight years. It is also part of the Malaysia Vision Valley (MVV) development. (New Straits Times Online)

Nexgram announces Seychelles firm as joint developer for Angkasa Icon City
Nexgram Holdings Bhd has appointed a little-known Seychelles-based company, ChinaAsian Capital, as the joint developer and turnkey contractor for the group’s Angkasa Icon City (AIC) project. AIC is a mixed commercial development in Cyberjaya, Selangor. The project, which is still awaiting approval from authorities, comprises one hotel, a block of small office/virtual office, and a block of service suite apartments. Nexgram Land and ChinaAsian Capital, so-called joint developer, will be responsible for designing, developing, constructing, reconstructing, carrying out and completing the project. It will also manage, market, advertise, sell, grant leases and tenancies of the properties developed on the land. (The Edge Markets)

Artist’s impression of Nexgram’s Angkasa Icon City (AIC)

Penang’s Pearl City to launch two residential projects worth RM123mil
Tambun Indah Land Bhd will launch two new landed residential property projects – Pearl Saujana (Phase 1) and Pearl 28 – with a combined DV of RM122.7 million in its Pearl City township development in Penang by mid-2017. Pearl City is located at Simpang Ampat in Seberang Prai South. Phase 1 of Pearl Saujana will comprise double-storey semi-detached and terrace houses, while Pearl 28 will consist of semi-detached houses and bungalows. (The Edge Markets)

Malaysia’s economy grows 5.6% in 1Q
Malaysia’s economy recorded a 5.6% growth in 1Q this year against the 4.1% registered in 1Q2016, boosted by strong domestic demand and private expenditure. In 1Q17, private consumption rose 6.6%, while investments grew sharply by 12.9% following continued capital spending in the services and manufacturing sectors. Malaysia’s household debt had reduced to 88.4% during the said quarter from 89% at end-2016 on the back of stable labour market conditions and adequate financial buffers. Demand for home financing remained a key contributor to the debt level. The nation is said to be on track to register higher growth of between 4.3% and 4.8% this year on anticipation of a further expansion in domestic demand, better export growth, and moderate inflation in the coming quarters. (The Sun Daily)

RM6mil for renovation of low and medium cost housing in Taman Templer
The Urban Wellbeing, Housing and Local Government Ministry has allocated RM6 million to 12 Joint Management Bodies (JMB) in the Taman Templer state constituency of Kuala Lumpur for the renovation of facilities at low and medium cost flats. RM500,000 would be channelled to each of the 12 JMB involved. The conditions of low cost flats in the Klang Valley area are noted to be “rather disappointing” and need to be improved for the comfort of residents, said minister Tan Sri Noh Omar. The ministry had also allocated RM40 million to assist in the renovation of low and medium cost flats nationwide. (Astro Awani)

HR ministry to make housing for foreign workers mandatory
The Human Resources Ministry is tabling an amendment to the Standard Minimum Housing and Amenities Act 446 (1990) to make it mandatory for employers to provide an integrated and centralised labour quarters for their foreign workers by next year. It will be part of efforts to provide better living conditions for foreign workers as well as address various social ills. At present, the existing law stipulates that only plantation companies must provide living quarters for their foreign workers. Some foreign workers in Malaysia are living either at hostels provided by their respective companies or at rented properties. (New Straits Times Online)

Malaysians turn to Australia’s booming property market
Local funds and developers are turning to the Australian commercial property market to ride on the boom Down Under and cushion the earnings fallout from the depressed local property market. The move by Malaysian investors were also due to property overhang, demand drop and moderating rental yields for commercial properties in the country. Acording to Knight Frank Malaysia Managing Director Sarkunan Subramaniam, Grade-A offices overseas, especially in Melbourne, provide better yields compared to similar offices in Malaysia, which makes sense for companies to leverage on these gains while the properties command high asset value. (The Sun Daily)

Gamuda Land Vietnam to launch apartments at Celadon City next month
Gamuda Land is planning to launch the first block of apartments in the Emerald Precinct at its township development Celadon City in Ho Chi Minh City, Vietnam by mid-June. With a GDV of over US$200 million, Emerald Precinct will comprise 2,200 apartment units in six buildings, which will be rolled out in stages from next month. The development is expected to be completed in 2019. The 82ha Celadon City has a GDV of about US$1 billion. The township comprises four precincts, namely Ruby Precinct, Emerald Precinct, Sapphire Precinct and Diamond Precinct. It also features an education centre, a cultural centre and the first Aeon Mall in Vietnam. (The Edge Markets)

Artist’s impression of Gamuda Land’s Celadon City project in Ho Chi Minh City, Vietnam (Image from Vietnam Economic Times)