World Bank: Positive outlook for Malaysian economy in 2017
There is ‘continued light’ at the end of 2017 for the Malaysian economy, which is expected to grow by 4.9% – above the official projection of 4.3-4.8%, says the World Bank. However, Malaysia must watch out for global risks such as increased protectionism, uncertainties about global policies on trade and interest rates, and the evolution of commodity prices. “The best bet is to maintain a solid macroeconomic framework and focus on structural reforms to re-ignite productivity, innovation and a workforce with 21st century skills,” said Dr Ulrich Zachau, country director for Southeast Asia. The Malaysian economy recorded a robust 5.6 per cent annualised growth in the first quarter of 2017. (NST Online)

IOI Properties, Hongkong Land to jointly develop Singapore land
IOI Properties Group Bhd and Hongkong Land have signed a memorandum of agreement to jointly develop and manage 1.1 hectares of a prime land in Singapore. The site, which was awarded to IOI Properties following a tender in November 2016, is strategically located within Marina Bay and the Central Business District of Singapore. The proposed development will comprise two office towers and a small retail podium. IOI Properties will hold 67% of the joint-venture company and Hongkong Land 33%. (Malay Mail Online)

Affordable service apartments in TRX City
Service apartment units at Razak City Residences are now open for sale. Unlike the PR1MA and Rumawip affordable housing schemes, this development in the upcoming TRX City does not require buyers to meet any criteria or comply with certain rules and regulations to secure a unit. The project offers two built-ups (800 sq ft and 1,045 sq ft) and facilities include an infinity pool, swimming pool, gymnasium, playground, multi-purpose hall and carpark. Razak City Residences is located within walking distance to LRT, KTM and MRT stations, as well as accessible to three major highways and various shopping malls in the city. (The Star Online)

Location of the Razak City Residences (Image from PTLM)

UMLand to launch D’Lagoon luxury serviced apartments at more affordable prices
United Malayan Land Bhd (UMLand) will be launching its D’Lagoon serviced apartment project in Taman Seri Austin, Johor Bahru on June 17 with adjusted price points. Introduced two years ago, the 6.56-acre project has a GDV of RM162 million, comprising 204 luxury serviced apartment units in two 20-storey towers, and 58 units of landed strata homes. The developer has adjusted the pricing to make it “more affordable to a wider segment of the market”. It is slated for completion by 2021, and facilities include jogging tracks, swimming pool, sky garden, sky lounge, multi-purpose hall and playground. (The Edge Markets)

RM300mil for PPR maintenance in Kuala Lumpur
About RM300 million has been allocated for the maintenance and upgrading of about 75,000 People’s Housing Project (PPR) and low-cost apartments in Kuala Lumpur. The maintenance cost also includes repair and upgrading of flats and apartments under Kuala Lumpur City Hall (DBKL). Maintenance work has been done in PPR in Wangsa Maju, Lembah Pantai and Setiawangsa since the beginning of this year. (Malay Mail Online)

Vivocom bags RM195mil job PPA1M condominium job
Vivocom International Holdings Bhd has bagged a RM195.23 million contract from SBA Property Management Sdn Bhd to construct four blocks of 1,200 condominium units for the 1Malaysia Civil Servants’ Housing Programme (PPA1M) in Manjung, Perak. The project will be completed within 42 months from the date of commencement. (The Edge Markets)

PRG ventures into affordable housing
PRG Holdings Bhd is exploring joint venture opportunities with Syarikat Perumahan Negara Bhd (SPNB) and Mimbar Nusantara Sdn Bhd on affordable housing projects nationwide with combined GDV of RM5 billion. The projects will be focused in Klang Valley, Johor, and possibly East Malaysia. Under the joint venture, PRG will be involved in the construction and development of housing projects, while Mimba Nusantara will focus on project coordination and consultation. The collaboration is in line with PRG’s strategy to venture into more affordable housing. (The Edge Markets)

Malaysia to increase investments in Indonesia
Malaysian companies will continue to make investments in Indonesia, spurred partly by the latter’s strong economy and its initiatives in combating red tape for investors. The strong participation of Malaysian companies signaled Malaysia’s keen interest to continue investing in Indonesia, which is underpinned by the confidence in Indonesia’s economic trajectory and reforms. Over the past decade, Malaysian companies have established a strong presence in Indonesia including in key sectors such as banking, plantation, construction, toll-road, energy as well as telecommunications. Total trade between the two nations stood at US$13.8bil in 2016. (The Star Online)

Six more months of upgrading works at Section 17
Residents and business owners at Petaling Jaya’s Section 17 commercial square will have to bear with the disruption caused by construction work for another six months. Roads in the area are partially being closed for the construction of covered monsoon drains, new walkways and road widening for an ongoing mixed development project comprising serviced apartments and retail lots. Some traders at the morning market had decided to close shop as business had dwindled, while food stall operators had to throw away more food than initially sold due to the drop in customers as parking spaces had become scarce. (The Star Online)