Maju Holdings: ‘No toll rate hike for next 20 years’
Maju Holdings will not raise toll rates for 20 years if its offer to take over highway operator PLUS Malaysia Bhd is successful, said founder and group executive chairman Tan Sri Abu Sahid Mohamad. “The existing concessionaire will run for the next 20 years till 2038. We will maintain the rates until the end of the concession period,” he said. UEM Group Bhd owns a 51% stake in PLUS and the Employees Provident Fund (EPF) the balance. There are 94 toll plazas on the expressways operated by PLUS, from Kedah to Johor. Maju Holdings is offering RM36 billion in cash to UEM and EPF for their stakes in PLUS. (NST Online)

TRX City garners RM4bil in sales
TRX City Sdn Bhd, the master developer of Tun Razak Exchange (TRX), has garnered more than RM4 billion in the sales of development rights to five major companies. The current development rights sales secured are from Indonesia’s leading commercial property developer Mulia Group, HSBC, Affin Holdings Bhd, WCT Holdings Bhd and Lendlease of Australia. TRX is divided into two parcels of lands comprising the Northern and Southern, spanning an area of 57-acre and 13-acre, respectively. TRX is said to have reached about 80% of the commercialisation rate for the Northern parcel. (NST Online)

HSR, ECRL to drive new investments
Malaysia’s two biggest rail projects – the Kuala Lumpur-Singapore high-speed rail (HSR) and East Coast Rail Line (ECRL) will attract foreign property investors. Orkney Investments Malaysia managing principal Rafiq Jumabhoy expects pent-up demand for apartments and condominiums in key cities like Kuala Lumpur, Johor Baru and Penang. The firm predicts improvements in Kuala Lumpur’s office market and Selangor’s industrial segment, as well as demand for shophouses and industrial properties in Johor. It also anticipates strong interest coming in from Singapore for warehousing, storage and logistics facilities. In addition, the Kuantan Port will drive new investments and demand for real estate due to lower cost of doing business. (NST Online)

Rehda targets RM300mil sales at Mapex 2017
Rehda is targeting up to RM300 million sales for its upcoming second series of Klang Valley Malaysia Property Exposition (Mapex), which will be held from Oct 13 to Oct 15. The lower targeted sales for this expo compared with the previous expo, was because of the decrease in the number of participating developers. However, a better and improved outlook is expected within the property sector for the the remaining second half of the year. (The Edge Markets)

L&G to launch RM710mil worth of projects in FY18
Property developer Land & General Bhd (L&G) plans to launch two projects with an estimated GDV of RM710 million in FY18. The group is confident the property market will show resilience and probably realise positive profit from to-be-launched projects. The launches are the first phase of the township project Sena Parc in Senawang, Seremban with estimated GDV of RM230mil, and the second phase of its Seresta condominium project at Bandar Sri Damansara in February next year. (The Edge Markets)

Sunway Construction bags RM581mil govt housing deal
Sunway Construction Group Bhd’s (SunCon) unit Sunway Construction Sdn Bhd has secured a contract worth RM581.6 million for the construction of 1Malaysia Civil Servant Housing (PPA1M) project in Kelantan. The contract is for the proposed construction and completion of six blocks of 29-storey PPA1M apartment units. The 30-month project is expected to be completed by the first quarter of 2020. (The Sun Daily)

EcoWorld hits RM3.95bil sales
The EcoWorld brand has achieved total property sales worth RM3.95bil in the first 10 months of FY17 through its offerings in both Malaysia and international markets. Of the amount, Eco World Development Group Bhd (EcoWorld Malaysia) which has a presence in the Klang Valley, Iskandar Malaysia and Penang, contributed sales of RM2.39bil while EcoWorld International Bhd, with core business involving property development outside Malaysia, chalked up sales of RM1.56bil. EcoWorld Malaysia is planning a massive four-project mega launch before the end of FY17. For the remaining two months of FY17, the group will be working towards achieving its sales target of RM4bil from Malaysian projects and RM2.5bil from international projects. (The Star Online)

Sin Hee Yang Property Group launches four new projects
Property developer Sin Hee Yang Property Group has launched four new project phases in Bandar Baru Salak Tinggi. The four projects comprise 20 units of 2-storey terraced homes, 10 units of 1-storey bungalows, 10 units of 1.5-storey bungalows and 76 units of 1-storey semi-detached houses. The projects are geared towards aspiring Bumiputera home owners who are looking for affordable landed properties. The total GDV is estimated to be RM69mil and expected to complete between December 2018 to October 2019. Sin Hee Yang Property has undeveloped landbank of more than 250 acres located in Bandar Baru Salak Tinggi, Shah Alam, Kuala Langat and Klang. (The Edge Markets)

AIA to sell of Malaysian assets worth RM100mil
AIA Bhd has placed a portfolio of 15 assets up for sale as part of its rationalisation exercise, which could fetch the country’s leading life insurer some RM100 million. The assets, which include office buildings, shop offices, condominiums and a vacant land, are spread across nine states. According to The Edge, several of the buildings were once owned by ING Group, which merged with AIA in 2012. (The Edge Markets)

Selangor Dredging to seek HQ disposal approval
Selangor Dredging Bhd will seek shareholders approval for the disposal of a piece of freehold commercial land in Kuala Lumpur for RM480 million in cash during its upcoming extraordinary general meeting. The land would be sold together with its headquarters, Wisma Selangor Dredging, comprising four commercial building blocks and two levels of basement car parks. Selangor Dredging said RM103 million from the proceeds would be used to finance its ongoing property development projects, namely The Hub, UNA and SqWhere. (NST Online)

Lendlease set to exit London’s Bluewater shopping centre
Australian property development and construction giant Lendlease is set to make its final exit from the massive Bluewater shopping centre outside London and is also looking at new development possibilities in Southeast Asia. Lendlease could reap about $1 billion from selling its 25% stake in the mall, which has been valued at £600 million. The shopping centre opened in 1999 after Lendlease developed the mall on the site of a former chalk quarry. The group previously sold a 30% stake in the centre to Land Securities Group, one of Britain’s largest property groups, for $1.26 billion in 2014. (The Australian)

Bluewater shopping centre in Kent, London (Photo from Bluewater)