SP Setia targets RM5bil property sales this year
SP Setia Bhd expects a slightly better outlook this year as it plans to launch projects worth RM7.07 billion and sets a sales target of RM5 billion. SP Setia achieved total sales of RM4.06 billion in 2017, surpassing the sales target of RM4 billion. Local projects contributed RM2.55 billion or 63% of the total sales while international projects contributed 37% of total sales. The developer has set a sales target that is RM1 billion higher than last year’s on slightly better outlook. The better outlook is underpinned by an unbilled sales of RM7.72 billion, 44 ongoing projects and effective remaining land bank of 384.24ha with a GDV of RM128.37 billion, as at December 2017. (NST Online)
Sime Darby Property in talks with potential partners for Malaysia Vision Valley
Sime Darby Property Bhd (Sime Prop) is currently in talks with one or two partners to develop the Malaysia Vision Valley (MVV). However, it did not elaborate on the matter, only saying that announcements would be made when details are finalised. Sime Prop currently has about 3,196 acres of land for the MVV development, and has the option to acquire another approximately 8,793 acres of land from Sime Darby Bhd and Sime Darby Plantation Bhd. (The Edge Markets)
‘1MDB to be shut down once all debts paid’
1Malaysia Development Bhd (1MDB) will be shut down once the strategic investment company settles all its debts. 1MDB chairman Tan Sri Dr Mohd Irwan Serigar Abdullah said he was confident the company would be able to repay all its debts through the ongoing rationalisation plan. The debts would be paid from the revenue the government’s mega projects such as the development of the Tun Razak Exchange (TRX), slated to be the tallest building in the country and region upon completion, the East Coast Rail Link (ECRL) and the second Mass Rapid Transit (MRT) project. 1MDB has to pay about US $ 600 million (RM2.43 billion) to IPIC as part of a settlement agreement agreed in April last year. (NST Online)
Hua Yang unveils new flagship development in Klang Valley
Hua Yang Bhd has unveiled Aviary Residence, the first phase of its Puchong Horizon flagship development in the Klang Valley. Situated on a 6.14-acre leasehold plot, Aviary Residence comprises 902 serviced apartments across two towers of 36 and 37 storeys each, with an estimated GDV of RM505.2 million. It is Hua Yang’s first launch in 2018; the soft launch will be in March while the official launch will be in April. The developer has another ongoing development in the Klang Valley — Astetica Residences in Seri Kembangan. (The Edge Markets)
SunCon appointed as project delivery partner in RM274mil Penang project
Sunway Construction Group Bhd (SunCon)’s unit has been appointed as the project delivery partner for the proposed expansion of a nine-storey commercial development to an existing mall in Penang for a total contract sum of RM274 million. Sunway Construction Sdn Bhd (SCSB) is tasked to plan, coordinate, build and complete the development to the existing Sunway Carnival Mall in Seberang Jaya within the project period of 32 months from March this year till November 2020. (The Edge Markets)
Park Hyatt Kuala Lumpur at PNB 118 will be the first Park Hyatt branded hotel in Malaysia (Photo from The Sun)
Park Hyatt to take up residence at PNB 118
PNB Merdeka Ventures Sdn Bhd, a wholly owned subsidiary of Permodalan Nasional Bhd (PNB) and Hyatt Hotels & Resorts are bringing the Park Hyatt brand to Kuala Lumpur’s RM7 billion Merdeka 118 development. Set to welcome guests in 2021, the luxury hotel will take residence in the top 17 floors of PNB 118, an 118-storey tower. Upon completion in 2020, PNB 118 will become the tallest building in Southeast Asia and the third tallest in the world. Park Hyatt Kuala Lumpur will be the first Park Hyatt branded hotel in Malaysia and will feature 232 guestrooms, which includes 28 suites and 30 serviced apartments. (The Sun Daily)
I-Bhd’s 4Q net profit up 25% on property development and leisure gains
I-Bhd’s 4QFY17 net profit climbed 24.76% year-on-year (y-o-y) to RM17.66 million due to more contribution from its property development and leisure segments. Revenue rose 25.51%y-o-y to RM129.11 million. I-Bhd said both revenue and profit before tax for the property development segment were higher because of further sales from both the existing and recently launched projects in i-City, and construction progress. Its projects — Liberty, Parisien, and Hyde towers — would be completed and handed over in the third quarter of 2018. It is confident that the continuous sale of 8 Kia Peng and other ongoing projects would contribute positively towards the unbilled sales in FY18. (The Edge Markets)
‘China a partner in Malaysia’s growth’
China’s business community is one of Malaysia’s partners in developing Malaysia into a high-income and skilled nation, said Prime Minister Datuk Seri Najib Razak. He said the strong Malaysia-China ties had contributed to an impressive bilateral trade of US$96.3 billion (RM376.63 billion) last year. Malaysia stood to benefit from Xi’s Belt and Road Initiative (BRI). A key component of President Xi’s BRI is that Malaysia stands to reap in opportunities as it has the potential to create the world’s largest platform for economic cooperation. (NST Online)
JB to emulate Muar to become cleanest city in Malaysia
Johor Baru City Council will make Muar its role model in diversifying efforts to achieve the target of becoming the cleanest city in the country. Muar was recently tagged as one of the “Cleanest Tourist Cities” at the Asean Tourism Forum 2018 held in Chiang Mai, Thailand. This process will take some time because we need to create a high level of awareness among the public to maintain cleanliness, said mayor Amran A. Rahman. The council is working with various parties, including the Iskandar Regional Development Authority and Think City Sdn Bhd, to implement certain projects such as the beautification of Johor Baru. Earlier, the council launched the Clean Zone, which covers a 600m radius from the Johor Baru Urban Transformation Centre. (The Star Online)
Mindef targets more housing for military men by 2030
The Defence Ministry (Mindef) will make housing and welfare facilities for armed forces personnel a priority in addition to asset preparation, defence diplomacy and security infrastructure upgrades. Defence Minister Datuk Seri Hishammuddin Hussein said providing more housing for the troops would be one of the main pillars for his ministry this year, with the expected launch of the Housing Blueprint soon. It will include the current construction of 9,000 military family housing units (RKAT), with remaining 31,531 RKAT units to be developed in phases and is expected to be completed by 2030. (Malay Mail Online)
