KUB to sell A&W, begin development on PJ land next year
Having obtained a development order, KUB Malaysia Bhd expects to finally kick-start development of its flagship commercial building — KUB Tower — in Petaling Jaya, Selangor next year on a plot of land where the landmark A&W Restaurant is sited. The tower, which has been talked about since mid-2014, will have an estimated GDV of RM245 million. Owing to local authorities’ transit-oriented development guidelines, KUB will scrap the residential component of its development on the 1.05-acre plot, and focus on office space instead. The land was last valued at RM28 million. KUB also hopes to sell off Restoran Kualiti Sdn Bhd, which owns A&W Malaysia Sdn Bhd — the sole franchiser of A&W restaurants in Peninsular Malaysia — in order to alleviate its cash flow. (The Edge Markets)

Mah Sing defers property launches until later in the year
Mah Sing Group Bhd, which plans to roll out projects carrying a combined GDV of RM2.2 billion this year, has deferred most of their launches until later in the year. Last year, the property developer launched projects with a total GDV of RM1.86 billion. The new projects will be launched across the three property hotspots namely the Klang Valley, Johor and Penang, comprising landed homes, high rise condominium units, and commercial and industrial properties. The group is maintaining its sales target of RM1.8 billion for 2018, matching last year’s sales level. Mah Sing will also make its maiden entry into the hospitality industry on July 1, with the soft opening of its Ramada Hotel in Medini, Johor. (The Edge Markets)

Crest Builder unit to dispose Mont Kiara land for RM34mil
Crest Builder Holdings Bhd’s wholly-owned subsidiary, Nepfield Sdn Bhd, had entered into a SPA with Sunrise Pioneer Sdn Bhd to dispose of a parcel of land measuring about 1.189 hectares in Mont Kiara for RM34 million. The land was originally acquired by Nepfield in 2004 for RM6.2 million, which will realise a gain of about RM15.24 million. Crest Builder said the exercise was expected to be completed by the end of the second half of this year. “The expected gross proceeds of RM34 million arising from the exercise are expected to be utilised for working capital purposes, within one year from date of completion,” it said. (NST Online)

TA Global postpones Dutamas, TA 3 & 4 launches to next year
Amid the softer and challenging property market, TA Global Bhd is delaying its Dutamas, as well as TA 3 & 4 projects to next year, as it uses the time to “retool, reprogramme and redesign” the schemes. As the company could not get the development permit in time for its Dutamas project, which is estimated to have a GDV of RM450 million, it would only launch in the first quarter of next year. TA 3 & 4, which have a combined GDV of RM2.6 billion, are expected to be launched in the third quarter of 2019, and will be completed in about four years. The first phase of its Kluang project will also be launched in 2Q2019, with an estimated GDV of RM450mil for the township. Although the company will remain focused on its current projects in the pipeline, it is open to opportunities overseas. (The Edge Markets)

Motorists in Selangor pay for parking via app from July 1
The Selangor government will officially roll out a new parking payment app across five local councils in the state on July 1 as part of its Smart Selangor initiative. Motorists will now be able to use the app to pay for parking on the street under the Shah Alam City Council as well as Ampang Jaya, Sepang, Kajang and Selayang municipal councils. The app is touted as the first stage in addressing traffic problems in the state. It was developed as an integrated parking payment system that will eventually be used across all local councils. The app allows enforcement officers to issue compounds, which users can check and pay for, also via the app. (The Star Online)