Rapid Transport System highlight of upcoming MY-SG leaders’ retreat
The rapid transit system (RTS) will be the highlight of the Eighth Malaysia-Singapore Leaders’ Retreat, which begins on Tuesday. Prime Minister Datuk Seri Najib Tun Razak and Singaporean Prime Minister Lee Hsien Loong will witness the signing of the RTS bilateral agreement during the retreat. Both parties will look at various initiatives which have been discussed to address congestion at the Causeway and Tuas while waiting for the completion of RTS and HSR in 2024 and 2026, respectively. Among the proposals are to have dedicated walkway for pedestrians from both countries as well as increasing train and ferry frequencies. (Malay Mail Online)
Johor to have own version of Melbourne’s Victoria Market
Johor will soon have its own version of Melbourne’s famous Queen Victoria Market as Johor Corporation (JCorp) will be developing a 2.37ha land in Tampoi worth more than RM80mil. The B5 Johor Street Market project would revitalise Batu Lima town, which was previously a thriving business spot before a fire ravaged the area back in the 1990s. Now, there are commercial developments taking place within 3km, with three main shopping malls – Plaza Angsana, Paradigm Mall and Capital 21 – slated to be opened later this year. The design of the market will touch upon Johor heritage, with five main elements comprising a retail bazaar, box park, food trucks and a hub for local arts and culture. The project is expected to be completed in 2019. (The Star Online)
Melbourne’s Queen Victoria Market (Photo from Herald Sun)
Paramount buys Cyberjaya land for RM570mil GDV project
Paramount Corp Bhd is buying a piece of freehold residential land measuring approximately 41.406 acres in Cyberjaya, Selangor for RM149.7 million to embark on a property project with a GDV of RM570 million. The land has been approved for a stratified landed residential development, comprising 418 residential units. The proposed acquisition will further strengthen the group’s current total GDV of RM8.6 billion and contribute positively to its future earnings. It is expected to commence next year, while the proposed acquisition is expected to be completed within nine months from the date of the SPA. (The Sun Daily)
Titijaya Land to ink MoU with Tokyu Land for real estate collaboration
Titijaya Land Bhd said it will enter into a memorandum of understanding (MoU) with Japan-based Tokyu Land Corp (TLC) tomorrow, to create a platform for collaboration in the aspects of real estate development, by way of either equity participation, joint operations or other means of collaboration. The MoU is to establish a provisional collaboration to share and exchange their respective knowledge and expertise in the real estate industry and to collaborate for any property development projects. (The Sun Daily)
T7 Global sets up JV for infrastructure and construction projects
Offshore oilfield service provider T7 Global Bhd has established a joint venture company known as T7 China Construction Third Engineering Sdn Bhd, with China Construction Third Engineering Bureau Co Ltd (CCTE Bureau). The principal objective of the JV company is to take up infrastructure and construction projects in Malaysia. The company will work together to bid on ECRL, MRT, LRT projects and construction business. (The Star Online)
Oversupply may come to a head in 2018, warn experts
The overall property market has been depressed by shrinking demand and oversupply across the residential and commercial property sectors, said industry experts. The commercial property market was more challenging last year than the previous year with the retail property segment feeling the impact more than the office segment due to the rising cost of living and prudent spending by consumers, said Knight Frank Malaysia. Greater growth in the digital economy coupled with the rising popularity of co-working and serviced office segments augur well for the commercial office sector. (The Edge Markets)
Mofaz seeks to list construction unit in 3 years
The Mofaz group of companies has set out towards what would be its maiden listing in at least three years’ time via its property and construction business after acquiring a majority stake in a Chinese family-owned contractor. It is eyeing a possible initial public offering (IPO) that hinges on the financial performance of its new construction unit. The new construction unit would take up the conglomerate’s construction and property development projects with an overall GDV of RM2 billion. (The Edge Markets)
