3 theme parks worth RM8bil planned for Johor to rival Singapore
Johor will have three major entertainment parks worth almost RM8 billion in the near future, said Mentri Besar Datuk Seri Mohamed Khaled Nordin. “We want to be the new economic power house in the region and make Johor a competitor to all, including our close neighbour Singapore,” he said. As the state Barisan Nasional chairman, he pointed out under the BN manifesto, dubbed Johor Hi-5, there were five key points. Among the projects include a tourism centre at the Desaru coast (RM4.5bil), the world’s first science fiction theme park near Legoland, and a RM2.7 billion eco-entertainment park near the Yayasan Pelajaran Johor campus in Kota Tinggi. (The Straits Times)
UEM Sunrise to undertake RM15bil GDV mixed project
UEM Sunrise Bhd has acquired 72 acres of land near a lake garden in Kepong to undertake a mixed commercial development, with an estimated GDV of RM15 billion. The development — on the land located adjacent to the Kepong Metropolitan Park (popularly known as Taman Layang-layang) — will include service apartments and commercial offerings. The development, to be carried out over 15 years, is expected to contribute positively to the group’s future earnings. It intends to replicate the success of Solaris Dutamas and Mont’ Kiara as a reputable community builder. (The Edge)
China buyers eyeing Penang property
Penang has recently come under the radar of investors from China, who were interested in high-rise properties near the sea priced at around RM1mil to RM2mil. Property Talk principal Steven Cheah that house buyers were now more selective due to higher interest rates. “Most of them will be paying attention to the new launches in the southwest district and in Seberang Prai, where it is still possible to find properties priced below RM500,000,” he said. With the right location, good road connectivity, product type and concept, demand for properties in Penang would still be strong. (The Star Online)
Sungei Wang Plaza to get ‘glistening gold’ look
Capitaland Malaysia Mall Trust’s (CMMT) 62%-owned Sungei Wang Plaza, which is undergoing an asset enhancement initiative (AEI) is set to transform its current façade to “glistening gold” by mid-2019. Besides the gold cladding, the main facade will also feature a 3D screen that will orchestrate a play on lights both day and night. The façade upgrading works will begin in the next few months. This is the third major refurbishment and reconfiguration of interior retail space of the 41-year-old mall since 2013, and is expected to cost about RM61 million in total. The management corporation plans to use another RM20 million later to upgrade the hardware, such as escalators. (The Edge)
Artist’s impression of the new facade for Sungei Wang Plaza
MCT to develop 1,400 serviced apartment units in Petaling district
MCT Bhd plans to build some 1,400 serviced apartments on a 9.13 acre plot of land in the district of Petaling, acquired for RM143 million cash from Tropicana Corporation Bhd. MCT expects to commence building in 2019 and complete by 2024. It is already in the “initial planning stage” for the project, which has an estimated development cost of RM570 million, and from which it expects a gross profit of RM280 million. (The Edge Markets)
Berjaya Land targets RM1bil sales annually
Berjaya Land Bhd is eyeing approximately RM1 billion in annual property sales for the next two years at least, following a restructuring of its internal sales machinery. Much of that sales target will come from clearing its existing inventory of properties. If achieved, that would be a sizeable jump from RM350 million in revenue the property unit achieved in 2017. As at Dec 31, 2017, the developer had RM1.3 billion in unbilled sales. The developer is looking to leverage more on social media and create a value proposition for its properties. Upcoming launches include The Botanika, a four-tower condominium in Bukit Jalil with GDV of RM1 billion, and Timur Bayu, a RM650 million development comprising park villas and condominiums in Shah Alam. (The Edge)
Sabahans can expect more PR1MA homes
The Sabah state government will build more PR1MA homes throughout Sabah to ensure people from the lower income group can own their own home. Chief Minister Tan Sri Musa Aman said this will be carried out through several projects in cooperation with local developers. The PR1MA Modern Housing Project in Woodford estate was launched recently, comprising 300 single-storey and 320 two-storey houses on a 26-hectare land. (Daily Express)
Iskandar set to become metropolis
Development in Iskandar Malaysia will be the catalyst for turning the region into an international metropolis. Since its establishment in 2006, Iskandar Regional Development Authority (IRDA) has been committed to making this a reality, based on the Comprehensive Development Plan (CDP) 2006-2025. IRDA has created five flagship zones in the region, which have seen rapid growth and development. The completed projects involve RM140 billion worth of investments, which are part of committed investments of RM253 billion. IRDA is optimistic that it can achieve RM300 billion in investments this year from sectors such as services, manufacturing and property. (NST Online)
