Najib launches River of Life, Blue Pool projects
Prime Minister Datuk Seri Najib Razak has launched the first phase of River of Life (RoL) project and Blue Pool Project (Kolam Biru) at Masjid Jamek Sultan Abdul Samad. The beautification project, covers the river stretch around Masjid Jamek – Daya Bumi. Situated at the convergence point of the Klang and Gombak rivers, the Blue Pool is designed to visually transform the rivers into a stunning, sensory experience. There are three major components to the RM4.4 billion RoL project — river cleaning; river master planning and beautification; and river development. As of August, 80% of the RoL project has been completed. (NST Online)
M’sia, S’pore on track to call for AssetsCo tender by year-end
Malaysia and Singapore are on track to call for tender by year-end to set up a privately-financed asset company (AssetsCo) for the Kuala Lumpur-Singapore High-Speed Rail project. The first industry briefing was jointly conducted by Malaysia and Singapore on July 5. A second Industry Briefing will be held in London on Sept 26 to continue the market engagement process for the HSR project. The AssetsCo will be responsible for the design, build, finance and maintain rolling stock and to design, build, finance, operate and maintain rail assets such as track-work, power, signalling and telecommunications. (The Star Online)
MRT Corp bags international awards for SSP line engineering design
MRT Corp has won two awards, recognising the company for adopting the latest technology in engineering design and geographical information system (GIS) for the construction of the MRT Sungai Buloh-Serdang-Putrajaya (SSP) Line. The awards were presented during the Asia Geospatial Excellence Awards 2017 in Putrajaya. “We are one of the first in the region and among very few in the world to implement building information modelling (BIM) Level 2 and GIS for an infrastructure project of this scale and complexity,” said MRT Corp CEO Datuk Seri Shahril Mokhtar. MRT Corp won in the Transport Infrastructure category for its BIM Level 2 implementation throughout the design and construction of the SSP Line, while the second award was in the Digital Engineering category for the use of GIS for the construction of the SSP Line. (The Star Online)
Kota Kinabalu hit by oversupply in retail space
Sabah’s capital city has begun to experience an oversupply in retail space caused by high property prices and stringent loan application requirements imposed by banks, property experts warned. Kota Kinabalu already has some 6.2 million sq ft of retail space with another 1.1 million sq ft to be made available in the next two years. Several shopping malls, especially in the city centre, are already seeing increasingly unoccupied space. (Free Malaysia Today)
Eco Galleria phase 1 retail units at Eco Botanic 70% sold
Eco World Development Group Bhd’s high-street mall Eco Galleria at Eco Botanic in Johor Bahru has recorded a 70% take-up for phase 1. It is one of the components of EcoWorld’s 270-acre Eco Botanic township, which has an estimated GDV of RM578mil and is slated for completion by 2020. The high street mall will comprise 645 retail units upon completion, including hotels and boutique offices. Phase 1 consists of 240 units. Eco Galleria features British colonial-themed architecture inspired by Singapore’s legendary Raffles Hotel and shopping arcade as well as the grandeur of the Taj Mahal Palace. (The Edge Markets)
Scale model of Eco Galleria (Photo from e-Nan Yang)
Mah Sing 2Q net profit up 1.8%, achieves RM819mil 1H property sales
Mah Sing Group Bhd’s net profit rose 1.8% to RM90.39 million in 2QFY17. Quarterly revenue, however, fell 6% to RM727.14 million from the same period last year. The group achieved property sales of RM819.3 million in 1HFY17 and was looking to launch more properties below RM500,000 in 2HFY17 to meet current market demand. It is targeting sales of at least RM1.8 billion for 2017. (The Edge Markets)
SHL eyes Myanmar’s affordable housing market
SHL Consolidated Bhd’s joint-venture company (JVco) with Japan-based Marubeni Corp is looking to tap into the Myanmar affordable housing market, in line with their Asean business venture initiative. The JVco plans to leverage on areas where Marubeni has strong presence in, and Myanmar is a potential starting point as Marubeni is already involved in industrial projects there. HL is currently on the lookout for suitable land banks, mainly in the Klang Valley, Penang and Melaka. (The Edge Markets)
