Noh Omar: Putrajaya to upgrade old flats using Singaporean model
The Malaysian government is planning on upgrading old flats in the country following the Selective En Bloc Redevelopment Scheme practised by neighbours Singapore, Tan Sri Noh Omar reportedly said. He claimed that older properties would undergo demolition and redevelopment. The scheme would also allow current residents to either relocate to the new development or get a compensation from the government for having to move out. Under the new scheme, squalid flats would be able to be redeveloped and meet current demands like more parking spaces. (Malay Mail Online)
Property tax hike not cause of rising living costs in Selangor
The Selangor government denied claims that a hike in property taxes contributed to the rise in the cost of living for people living in the state, saying that the rise in household expenses was caused by cuts in subsidies, the ringgit’s depreciation and the implementation of the Goods and Services Tax (GST) by the federal government. The highest number in household spending was recorded in Kuala Lumpur and Putrajaya, based on findings by the Statistics Department in the Household Income and Expenditure Survey Report 2016. (Malay Mail Online)
Auction house introduces ‘hybrid auction’ for properties
Ng Chan Mau & Co Sdn Bhd is believed to be the first to conduct a “hybrid property auction”, which combines manual bidding with online bidding of auction properties. “This is the first hybrid auction that we’ve done. Basically, there are two channels for bidders to bid — online and manual. For today’s auction carried out for our client Malayan Banking Bhd, we have 25 bidders from both online and offline. More than half of bid online especially bidders from East Malaysia,” said Ng Chan Mau & Co business director Low Chee Hian. (The Edge Markets)
Artist’s impression of Nexgram’s Angkasa Icon City (AIC)
Nexgram looking for new partner for Angkasa Icon City project
Nexgram Holdings Bhd is on the lookout for a new partner to undertake the development of Angkasa Icon City in Cyberjaya, and appears to be leaning towards companies from China that already have a presence in Malaysia. Meanwhile, the corporate offices portion of the mixed development project has been changed into that for a hotel, the design of which is in progress. On the property front, Nexgram is shifting its focus towards the affordable housing segment, whereby it is looking to develop units priced from RM300,000 to RM500,000 in the Klang Valley and other major urban areas. (The Sun Daily)
Acoustech to develop luxury hotel, affordable apartments in Melaka
Acoustech Bhd plans to develop a five-storey luxury hotel and a block of affordable serviced apartment worth a combined GDV of RM80.5 million on two pieces of land in Melaka. its wholly-owned subsidiary Teras Eco Resources Sdn Bhd will jointly develop the hotel with an expected GDV of RM40 million on 1.2 acres of CIQ land, while another JV with Goldsand JV Sdn Bhd will build 152 units of affordable serviced apartment on 3.9 acres of leasehold land in Krubong, Melaka. Dubbed “Melaka Residences”, it has an estimated GDV of RM40.5 million. Both the hotel and residences are expected to take three years to complete. (The Edge Markets)
Kimlun buys Johor land to build commercial properties
Kimlun Corp Bhd’s property arm Kimlun Land Sdn Bhd is buying two pieces of land in Johor from Mah Sing Group Bhd for a combined RM36.08 million to build commercial properties. The first plot, worth RM14.25mil, is located within the Taman Sri Pulai Perdana township. The other plot is 7.24ha of agriculture land in Plentong for RM21.83 million cash. The land, located within the Meridin East township, has been approved for commercial development. (The Edge Markets)
Karyon buys Johor factory for RM6.7mil
Karyon Industries Bhd is spending RM6.7 million to acquire a 3,842-square metre land in Plentong, Johor, along with buildings erected on it to set up additional manufacturing line in future and increase storage capacity. The freehold property consists of a single storey factory together with double storey office with a net lettable area of about 2,858.4 square metres. (The Edge Markets)
SEAL to sell Kedah land for RM30mil
A wholly-owned subsidiary of SEAL Incorporated Bhd has entered into sales and purchase agreement to dispose of 35.55ha of land to Tristar Bay Sdn Bhd for RM30mil. The parcel, known Lot No. 65140, Bandar Amanjaya, Daerah Kuala Muda in Kedah, held under HSD 127766, includes an area measuring about 1.16 ha which has to be surrendered to the relevant authorities for access road. The property was acquired in April 2013 for RM14.02mil. (The Star Online)
IFCA MSC launches RM10mil proptech accelerator programme
IFCA MSC Bhd has launched a RM10 million accelerator programme to nurture and develop local proptech (property technology) companies by providing fundraising, business networking and mentorship. The programme, which is conducted in collaboration with Google Cloud, will identify 10 companies within the proptech space and nurture them to achieve global scale. “The shortlisted companies will be able to work with IFCA MSC’s experts to fine-tune their solutions and develop new proptech solutions that will disrupt the real estate industry,” IFCA MSC said. (The Sun Daily)
HSS Engineers’s associate bags ECRL consultancy contract
HSS Engineers Bhd’s associate HSS Integrated Sdn Bhd (HSSI) has been appointed to provide supervising consultancy services for infrastructure works for the first 231.5km of the East Coast Rail Link (ECRL) project. It will be the consultant for Package 1 of the RM55bil project, which involves building a 688km electrified railway system linking the east coast states to the Klang Valley. HSS Engineers said the contract, with an estimated value of up to RM82.5mil, would kick off during the first quarter of 2018 and was expected to be completed in the second quarter of 2024. (The Star Online)
