Najib: Budget 2018 to be tabled Oct 27
Budget 2018 will be tabled in Parliament on October 27, said Prime Minister Datuk Seri Najib Razak. The government will hold sessions to gather views and feedback from various stakeholders in drafting the federal spending plan for 2018. Affordable housing projects, managing the cost of living and certain initiatives to supplement the people’s income will be given a high priority. The government will continue to embark on “people-centric” projects such as public transportation. (Malay Mail Online)
HSBC to build RM1bil HQ at TRX
HSBC is investing US$250mil (RM1.06bil) to build its future headquarter office in the Tun Razak Exchange (TRX) under its commitment to develop Malaysia as a financial hub in Asean. It has signed a sale-and-purchase agreement with TRX City Sdn Bhd for the development of its future headquarters at the international financial district, marking the first phase of the land acquisition. The investment for the future HSBC Malaysia TRX headquarters, which would have a minimum office space of 568,000 square feet, makes HSBC the first foreign bank to invest in the TRX development. (The Sun Daily)
EcoWorld’s new property sales hit RM1.71bil
Eco World Development Group Bhd (EcoWorld) reported new property sales of RM1.71bil for the seven months ended May 31, 2017, up 30% from a year earlier. EcoWorld said its sales from six projects in Klang Valley amounted to RM1.329 billion, seven projects in Iskandar Malaysia contributed RM331 million and the current two projects in Penang contributed RM45 million. 2HFY17 will see the launch of three new projects, namely Eco Forest and Eco Business Park V in Klang Valley, as well as Eco Horizon in Penang. The company is confident of achieving its FY17 property sales target of RM4 billion based on sales secured so far. (The Edge Markets)
MRCB buys land from DBKL for RM335.5mil
Malaysian Resources Corp Bhd’s (MRCB) indirect subsidiary unit, Metro Spectacular Sdn Bhd, is buying three parcels of land from Kuala Lumpur City Hall (DBKL) for RM335.5 million cash. The three plots of land, situated along Jalan Putra approximately 4km from North KL, collectively measure approximately 40,720.5 square metres. The proposed land acquisition is in line with the group’s growth strategy to “increase its landbank with suitable land” in order to sustain its core business as a property development, engineering and construction company. (The Edge Markets)
IWC shares climb on positive vibe over new Bandar Malaysia deal
Iskandar Waterfront City Bhd (IWC) shares gained 3.77% after hitting a 10-year high in May, following speculations among investors over its probable win of the new Bandar Malaysia deal. Last month, the government opened up a second tender for parties to bid for the project, with a deadline set on June 30 and the decision to be announced by July 14. There is speculation that IWC has a good chance of getting the new tender for Bandar Malaysia following the merger of Iskandar Waterfront Holdings Sdn Bhd (IWH) and IWC. (The Edge Markets)
LBS Bina MD: Affordable housing sector to sustain market for next 3 years
Malaysia’s property market is expected to be sustained by the affordable housing sector for at least the next three years as long as the economy continues to grow, said LBS Bina managing director Tan Sri Lim Hock San. The prices of affordable units depend a lot on location, but can generally be priced around RM500,000. However, it would be difficult to predict the property market outlook beyond the three-year point. (The Edge Markets)
Protasco unit wins RM174.4mil project
Protasco Bhd’s unit, KPS-HCM Sdn Bhd, has secured a project from Hartanah Selangor Bhd’s Central Spectrum (M) Sdn Bhd worth RM174.4 million. The project was for infrastructure works for the development of Phase 3C, Lot 74079, Pulau Indah Industrial Park in Klang, Selangor, and set to complete by January 2019. Meanwhile, Protasco has begun work on its RM315.8 million package of the Sungai Besi-Ulu Kelang Elevated Highway. (Malay Mail Online)
Premium Outlet opens in Genting Highlands
Genting Highlands Premium Outlets opened its doors to the public yesterday, making it Malaysia’s second premium outlet after Johor Premium Outlets. It is also South-East Asia’s first hilltop Premium Outlet Center. It was developed at a cost of RM200mil on over 55,000 sq m of land, and features more than 150 designers and brand name stores. It is a joint venture between Genting Plantations Bhd and Premium Outlets, the outlet division of Simon Property Group. Serving the Central-Eastern Malaysian market, the Premium Outlets’ strategic location within Genting Highlands enhances Genting Highlands’ attraction as a major tourist and holiday destination. (The Star Online)
Genting Highlands Premium Outlets (Photo from Places And Foods)
Singapore home sales fell 34% in May as fewer projects launched
Singapore home sales fell 34% in May as fewer new projects were launched. A total of 339 new properties were offered, down from 1,616 in April, according to data from the Urban Redevelopment Authority. Property prices fell 3% last year and have dropped for 14 straight quarters, the longest slide since the data were first published in 1975. (The Edge Markets Singapore)
