DoE stops RM1.2bil “Dubai of Malaysia” project in Kedah
A RM1.2bil mixed development project in Kuala Kedah, dubbed “The Dubai of Malaysia” has been issued with an immediate stop-work order. The order against the Aman Laut project was issued by the Department of Environment (DoE) on May 15. The project has yet to obtain the approval of the DoE but workers had started reclamation work at the site. The ambitious project comprises high-end bungalows, chic condominiums, malls and luxury eateries, which will radically change the skyline beside the seafront. The project had faced protests from NGOs and fishermen, who claimed that it would destroy the area’s mangroves and threaten the coastal fishermen’s livelihoods. (The Star Online)
Artist’s rendering of the Aman Laut development in Kuala Kedah (Image from Skyscrapercity)
Tabung Haji project in TRX to boast ‘iconic and spectacular design’
Lembaga Tabung Haji’s property development in Kuala Lumpur’s new international financial district, the Tun Razak Exchange (TRX), will boast of iconic and spectacular features. TH Properties Sdn Bhd (THP), which will carry out the real estate project in TRX, confirmed that it was in the final stage of firming up the design. The development in TRX would encompass a mix of apartments, serviced apartments and other commercial developments with an estimated GDV of RM900 million. (Malay Mail Online)
Tower B of KL East’s Quarza Residence to be launched early 2018
Sime Darby Property is planning to launch the second tower of Quarza Residence at its KL East integrated development early next year. There will be a total of 254 serviced apartment units in Tower B, which has an estimated GDV of RM200 million. The facilities include a futsal court, a multi-purpose hall, a 50m wading pool and a roof top garden. KL East is a 153-acre fully integrated residential, lifestyle and commercial enclave in the eastern part of KL. is also known as an integrated transit adjacent development (TAD) due to its proximity to the Gombak Integrated Transport Terminal (GITT) comprising the Gombak LRT station, Rapid KL taxi hub, and Genting Highlands bus terminal. (The Edge Markets)
Mah Sing plans residential suites in Sentul
Mah Sing Group Bhd has acquired 78% of Cosmowealth Housing Development Sdn Bhd (Cosmowealth) for RM54.96mil, to be paid over six years. RM6.56mil was paid upon signing of the agreement, with the balance payable over a period of 72 months. Cosmowealth had earlier signed an agreement to acquire 8.5 acres of prime freehold land in Sentul for RM95mil. Mah Sing said the land would be developed into M Centura with an estimated GDV of RM1.3bil, targeting first-time home buyers and upgraders due to its value proposition of quality products at affordable pricing in Kuala Lumpur. (The Star Online)
The Majestic Hotel Kuala Lumpur
YTL REIT buys Majestic Hotel for RM380mil cash
YTL Hospitality REIT has acquired the five-star Majestic Hotel Kuala Lumpur from parent company YTL Corp Bhd for RM380mil in cash. Upon completion of the proposed acquisition, the property would be subleased to the vendor for 15 years with an option to renew a further 15 years. The arrangement will provide YTL REIT with a steady and secure income stream and is expected to be accretive to the trust’s future distributable income and distribution per unit. The property is the makeover and extension of the old Hotel Majestic, which is a national heritage site whose colonial structures were built in 1932. (The Star Online)
BNM to unveil new regulatory measures to strengthen banking system
Bank Negara Malaysia (BNM) will introduce three regulatory measures to strengthen the foundations for a strong and resilient banking system in the next seven months. The central bank would implement a mandatory employment reference check for financial industry employees which was aimed at removing employee information asymmetries during job transitions. There are also industry proposed revisions to the outsourcing policy to improve the governance and supervision of financial institutions, especially involving cross-border arrangements. A shared security operations centre for the financial industry (FINSOC) will also be established in coordination with the industry to support the continuous and proactive monitoring of cyber threats. (Malay Mail Online)
ML Global bags RM1.04bil worth of jobs
ML Global Bhd has clinched three contracts worth a total of RM1.04bil from parent company LBS Bina Group Bhd. The project management and construction firm’s unit MITC Engineering Sdn Bhd had received a letter of award to develop four Rumah Selangorku apartment blocks in Bandar Saujana Putra valued at RM168.11mil. It also received letters of intent for piling, pilecap and building works for four condominium towers in Bukit Jalil worth an estimated RM687.19mil, and for the design, feasibility study and building works for two blocks of serviced apartments in Sepang with an estimated value of RM188.81mil. (The Star Online)
Aset Kayamas to roll out more affordable homes in Klang Valley
Aset Kayamas Sdn Bhd will continue to focus on rolling out more affordable housing projects in Klang Valley. Its founder and managing director Tan Sri Chai Kin Kong said Aset Kayamas projects are known to sell out fast partly because they are competitively priced and also located strategically around Klang Valley. All 479 units of The Hamstead condominium project in Desa Tun Razak, Kuala Lumpur were snapped-up within three hours during its launch on April 8, while the launch of The Hamilton condominium in Wangsa Maju, Setapak in January saw all 435 units sold out in less than four hours. Buyers who did not manage to secure a unit at The Hampstead were invited to purchase units at The Holmes 2, Bandar Tun Razak instead. The company has decided to try and match the prices in order to help these buyers fulfil their wishes to own a home. (New Straits Times Online)
Aset Kayamas Sdn Bhd’s founder and managing director Tan Sri Chai Kin Kong and Executive Director Michael Chai looking at model houses at The Holmes, Bandar Tun Razak. (Photo by NSTP/Surianie Mohd Hanif)
