JMR will soon launch RM2.2bil Marvel City and Marvel View
JMR Conglomeration Bhd is redesigning its Marvel City and Marvel View projects, which have an estimated GDV of RM2.2bil, for launch before 2020. JMR had originally planned to launch the projects last year, but had to change the plans due to market conditions. We are now replanning the schemes to suit the needs and conditions of the market. The RM1.5bil Marvel City is a mixed-development project on 22.2ha in Juru, Penang which will be developed over five to six years, while Marvel View is a RM70mil commercial project in Butterworth, located near the ferry terminal. (The Star Online)
PPB Group to launch RM500mil mixed development in PJ in 4Q
PPB Group, Malaysia’s flour-to-property conglomerate, plans to launch a RM500mil mixed development project in the fourth quarter of 2017. The new project situated at Taman Megah, Petaling Jaya will feature 228 units of residential units and a retail podium, and will be priced at the “affordable” range. The company expects its new project, to be completed in four years, to start contributing to revenue in the second half of next year. (Nikkei Asian Review)
(Source: Wikimedia Commons)
WCT Holdings bags RM840mil LRT3 works
WCT Holdings Bhd has bagged a contract worth RM840 million for the construction and completion works relating to the light rail transit Line 3 (LRT3) from Bandar Utama to Johan Setia. The construction firm has also entered into an agreement to jointly develop the tract in the Tun Razak Exchange (TRX) it bought in October 2015. The works are expected to be completed within 33 months from the date of the letter of acceptance (LoA). WCT will be partnering with Singapore’s CCCG Overseas Real Estate Pte Ltd (CORE) to develop the land in the TRX that it bought for RM223 million. For 2017, JMR plans to launch residential projects with an estimated GDV of RM30mil in Simpang Ampat for its Taman Perdana project before the end of the year. (The Edge Markets)
TTDI residents get legal okay to challenge DBKL’s mega project
The Taman Tun Dr Ismail (TTDI) community has obtained permission from the High Court to pursue a judicial review against DBKL to build a high-rise high-density project that would allegedly eat take up nearly half of the Taman Rimba Kiara park. Among the requests made in the judicial review was to set aside the development order granted by DBKL to developer Memang Perkasa. The proposed development, which is said to take up 47.5% of the existing footprint of the park, involves the construction of eight blocks serviced apartments and 350 units of affordable housing for the current residents of the longhouses in the area. (Malay Mail Online)
Multi-phase development without subdividing land could be big issue for owners
Property buyers of a multi-phase development need to be aware of whether the property they purchased is built on a subdivided land. Property buyers are advised to confirm with the developer regarding this issue to avoid future conflict, if the Joint Management Body (JMB) of the previous phase development refused to include all the development phases under one JMB. For example, there was a case in Cheras where the JMB of the phase 1 development was reluctant to accept the other phases under the same JMB due to different property type. The project comprises around 600 residential units, including terraced houses and condominiums. The JMB, which was formed by the terraced houses owners, did not intend to include the future condominium owners under the same JMB. However, the condominium owners could not form their own JMB as the development land is not subdivided, thus only one JMB was allowed for that development. The problem could not be resolved unless the developer subdivides the land according to different phases. (The Edge Markets)
MRCB’s Q2 revenue almost doubles to RM756mil
Malaysian Resources Corp Bhd (MRCB) saw its revenue jumped 94.4% from RM389.19 million to RM756.52 million for the second quarter ended June 30, 2017, underpinned by several ongoing property projects. However, its Q2 net profit fell 48.6% to RM23.37 million, dragged down by higher expenses. its property development division will focus on marketing its new residential development projects, including Sentral Suites in KL Sentral. Meanwhile, its construction, engineering and environment division continues to actively tender for more contracting projects to replenish its order book. The group has recently gained RM409 million worth of new contract wins, increasing its current external client order book to RM6.3 billion. (The Sun Daily)
Fitters bags RM81.5mil terraced house construction job
Fitters Diversified Bhd has clinched an RM81.5 million contract to build two and three-storey terraced houses in Rawang. Of the contract amount, preliminary pre-construction works accounts for RM1.8 million, followed by earthworks and retaining walls (RM5.98 million), foundation works (RM5.1 million), main building and compound infra works (RM59.62 million) and upgrading of existing main infra works (RM9 million). (The Edge Markets)
The Kaaba at Mecca
Mecca National TH Complex in the pipeline to house Malaysian pilgrims
The top management of Tabung Haji (TH) has visited potential sites for a proposed National TH Complex in Mecca, which would house all Malaysian pilgrims under one roof. Currently, accommodation for Malaysian pilgrims in Mecca is spread across 24 buildings, located 650m-950m from the Grand Mosque. It is understood that centralised accommodation for Malaysian haj pilgrims could potentially lead to better management and services for the pilgrims. (NST Online)
