PM announces 11 projects, initiatives to turn Cyberjaya into smart city
Prime Minister Datuk Seri Najib Razak has announced 11 major projects and initiatives to turn Cyberjaya into a smart city model. These include the Cyberjaya City Centre, the Cyberjaya Innovation Fund for the Future (CIFF), the Financial Technology (FinTech) Regional Hub, the Cyberjaya Futurise Centre, the Blue Ocean Entrepreneurs Township (BOET), the Asian Big Data Centre, the Klang Valley Data Centre (KVDC), high-speed internet facilities, the Cyberjaya Hospital, the Sensor Applications Innovation Centre (SONIC), and CBJ4Annex Data Centre expansion. The creation of a conducive digital ecosystem through the smart city in Cyberjaya could help connect people through their existing infrastructure with technology that could improve the quality of life, create more efficient urban management, and improve sustainability, and simultaneously stimulate continuous innovation. (Malay Mail Online)
Malaysian developers bag four FIABCI awards
Malaysian developers won four awards – one gold and three silver – from the FIABCI World Prix d’Excellence Awards 2017 from the FIABCI World Congress 2017 held at Andorra. The Malaysian gold award winner was Bandar Rimbayu in the Master Plan Category by IJM Land Bhd while the Malaysian silver award winners were River Rehabilitation@ By The Sea in Environmental (Rehabilitation/Conservation) Category by Selangor Dredging Bhd, Hap Seng Star Mercedes-Benz Autohaus @ Balakong in Industrial Category by Hap Seng Land Sdn Bhd and Chengal House in Purpose-Built Category by Paramount Corporation Bhd. To date, Malaysian developers have won a total of 70 awards in 26 years in the FIABCI World Prix d’Excellence Awards, including this year. (The Star Online)
EPF, MRCB in RM21bil Bukit Jalil mixed development
The Employees Provident Fund (EPF) is taking an 80% stake in a JV with MRCB to develop a RM20.67bil mixed development project in Bukit Jalil, Kuala Lumpur. The land to be developed comprises the three parcels of land totalling 76.14 acres given by the government to MRCB’s subsidiary Rukun Juang Sdn Bhd for undertaking the Kuala Lumpur Sports City refurbishment and privatisation project. Rukun Juang will take a 20% stake while EPF’s unit Tanjung Wibawa Sdn Bhd will end up with 80% of the JV company, Bukit Jalil Sentral Property Sdn Bhd. The expected gross development cost, including financing cost but excluding tax, of Bukit Jalil Sentral’s project is RM14.66bil. (The Star Online)
LBS Bina: Stable outlook for property sector in 2017
Malaysia’s property sector is expected to post a stable outlook this year, driven by the better GDP which is forecast to grow between 4.3% to 4.8% for 2017. LBS Bina Group Bhd Managing Director Tan Sri Lim Hock San said the strong GDP growth of 5.6% in the first quarter of this year signalled that the economy is currently in a better position. “When market sentiment improves, people start purchasing houses and therefore, boost the property sector,” he said. Affordable housing would continue to draw strong demand in the residential segment for the next two to three years. On the Zhuhai International Circuit (ZIC) development in China, Lim said LBS is confident of securing the development approval in the next few months. (Bernama)
Mah Sing expands landbank as 1Q revenue tops RM723mil
Mah Sing Group Bhd is expanding its landbank as it plans some RM1.9 billion worth of launches in 2017, with a crucial focus on affordable housing in Malaysia. The company is targeting 73% of residential sales, priced below RM700,000. In addition to its two recent land acquisitions in the Klang Valley, the company is on the lookout for more landbanks to meet the market’s demands for affordably-priced homes in strategic locations. Mah Sing posted a net profit of RM90.42mil in 1QFY17, while revenue rose to RM723.54mil from the same quarter a year ago. (The Edge Markets)
Fajarbaru 3Q net profits surge sevenfold on property development
Fajarbaru Builder Group’s net profit in 3QFY17 surged more than seven-fold year-on-year to RM22.2mil, contributed by its property development segment. It recognised a revenue of RM138 million in its property development segment, upon completion of its maiden project in Melbourne, Australia, called Gardenhill. The company expects the construction business to remain challenging, but is optimistic that sentiment will improve in the coming quarters and is prepared to participate in any of the ongoing mega-infrastructure projects. In April, it launched its second project Paragon in Melbourne, and is set to officially launch Rica Residence Sentul in 4QFY17. (The Star Online)
Malaysia on track to become high-income economy, says trade minister
Malaysia is on track to achieve its target of becoming a high-income economy by 2020 and 3.7% growth in labour productivity on government and private sector collaboration, said International Trade and Industry Minister Datuk Seri Mustapa Mohamad. Enhanced collaboration, cooperation and communication between the private and public sectors are critical to improve the nation’s productivity implementation, enforcement and outcomes. Malaysia’s approach to productivity will shift from the primarily Government-driven initiatives at the national level to targeted actions across the public sector, industry players and individual enterprises, he said. (The Edge Markets)
