PNB: Mega tower will not create office space glut
Permodalan Nasional Bhd (PNB) does not expect its Merdeka PNB118 mega tower to create an office space glut in the KL city centre, given sufficient demand once it is completed. Group chairman Tan Sri Abdul Wahid Omar said only 20% of the tower space would be marketed, representing about half a million square feet, “so it is not a very big area”. The remaining 60 floors of the tower will be occupied by the PNB group of companies, and 20 floors reserved for a hotel. It is touted to be the fifth-largest building in the world and the tallest building in Malaysia upon completion. The mega-tower, formerly known as Menara Warisan Merdeka or KL118, is planned to be more than 500m tall and will surpass the 452m Petronas Twin Towers. (The Star Online)
TAHPS to launch new latest project in Bukit Puchong since 2014
TAHPS Group Bhd will be unveiling 140 units of 2- and 3-storey link villas dubbed Andira Park at its Bukit Puchong township development in Puchong, Selangor this weekend. The project has a GDV of about RM100mil, and is a a gated-and-guarded stratified development covering 8.33 acres on a freehold site. It is the first project launch for TAHPS since the developer launched Epic Residence – a serviced apartment project in the township in April 2014. the design of the Andira Park link villas is unique as each is a hybrid between a traditional town villa and a traditional landed house. (The Edge Markets)
Artist impression of Andira Park (Image from Bukit Puchong)
MRCB secures RM369mil DASH highway contract
MRCB has bagged a RM369mil contract for the construction and other associate works under the Damansara-Shah Alam Elevated Highway (DASH) project. The contract involves the construction of the mainline and other associated works under the privatisation project. The works are anticipated to commence by end August 2017 and will be completed by October 2019, MRCB said in a statement. The DASH highway is a 20.1 km, three-lane, dual carriageway expressway that will start at the Puncak Perdana, Shah Alam intersection and is expected to cover Shah Alam, Subang, Kota Damansara and Damansara areas. (The Star Online)
DASH highway alignment (Image from Prolintas)
AISB acquires Parkwood to develop Kayu Ara residential project
Amalgamated Industrial Steel Bhd (AISB) is acquiring Parkwood Sdn Bhd for RM709,435 cash and settle its debt of RM17.75 million, as part of its strategic plan to venture into property development. Parkwood owns two parcels of leasehold land in Kampung Sungai Kayu Ara, Petaling Jaya, with a total combined land area of 1.82 acres. AISB, which is involved in the business of mild steel pipes, plans to undertake a residential development on the land, upon completion of the proposed acquisition. (The Sun Daily)
UEM Sunrise targets RM300mil sales from Signature Selection campaign
Property developer UEM Sunrise Bhd has launched the third installation of its Signature Selection home ownership campaign, and aims to achieve at least RM300 million sales from the ‘Signature Selection: Road to Russia 2018’ campaign. Its previous installation ‘Signature Selection: Rendezvous in France’ had achieved RM250 million sales. It will run from Aug 15 to Nov 30 this year, and home buyers will be in the running to win trips to Moscow, Russia to watch the Fifa World Cup 2018, among other prizes. (The Edge Markets)
YFG bags RM235mil apartment job but loses PR1MA project
YFG Bhd has bagged a RM235 million contract to build apartments in Kajang, Selangor but lost the RM245 million subcontract for PR1MA homes in Pedas, Rembau, Negeri Sembilan. The PR1MA project was terminated due to unforeseen reasons. Meanwhile, the Kajang apartment project, which involves the building, and infrastructure and landscaping works for the proposed development, is expected to contribute positively to its revenue and earnings for FY18 and beyond. (The Edge Markets)
DBKL to act against former tenants owing rent
DBKL is demanding that former tenants of PPR, public housing projects (PA), and DBKL markets settle the few million ringgits owed in unpaid rent. The enforcement department would be tracking down former tenants, and those who have fees that remain unpaid would be blacklisted or legal action taken against them. They have been given one month from Aug 15, 2017 to clear their debt. DBKL’s emphasis on collecting debt stems from the need to use funds that are redistributed to facilitate maintenance costs on public facilities. (The Star Online)
Malaysia targets 700,000 tourists for SEA Games 2017
Malaysia expects about 700,000 foreign tourists to arrive in the country in conjunction with the Kuala Lumpur SEA Games 2017. The Tourism and Culture Ministry is confident of achieving the target with the country playing host to the regional sport event, due to Malaysia’s location in the centre, making it easier for them to come “either by land, sea or air”. The SEA Games 2017, to be held from Aug 19 to 31, is the sixth SEA Games to be hosted by Malaysia. (Astro Awani)
Grab, Uber now regulated after public transport bills passed
The Land Public Transport (Amendment) Bill 2017 and the Commercial Vehicles Licensing Board (Amendment) Bill 2017 were among three bills that were passed in Dewan Negara, which will allow the government to regulate e-hailing companies such as Uber and Grab. E-hailing companies will have to submit drivers’ identification to the Land Public Transport Commission (SPAD) to facilitate criminal checks to be carried out before these drivers are hired, even temporary partners. The bill will also make it compulsory for e-hailing companies to have an intermediation business license and comply with conditions set by the Commercial Vehicles Licensing Board. (NST Online)
