Titijaya Land and Tokyu Land to develop RM1.5b project in Brickfields
Titijaya Land Bhd (TLB) has inked a second collaboration with Japan’s Tokyu Land Corp (TLC) to develop the RM1.5 billion Riveria City project in Brickfields, Kuala Lumpur. The deal entails TLC’s unit Tokyu Land Asia Pte Ltd (TLA) investing RM80 million in Riveria City Sdn Bhd (RCSB), whereby RM40 million is equity participation while RM40 million is for project financing. Under the TLB–TLA collaboration, an office suites tower and two towers of serviced apartments on top of a car park/lobby/shop podium will be developed across a 3.05-acre leasehold land in Brickfields. The Riveria City is currently under construction, comprising 784 office suites, 1,398 serviced apartments, 24 shop lots and 2,246 vehicle parking lots, with the total built-up area of approximately 2,921,984 sq ft. (NST Online)
EcoWorld, PDT to jointly develop land in Iskandar Puteri
Eco World Development Group Bhd’s (EWDG) unit Melia Spring Sdn Bhd is partnering Permodalan Darul Ta’zim Sdn Bhd (PDT) to embark on mixed-used development suitable for both first-time home buyers and the M40 group. EWDG has entered into a SPA with River Retreat Sdn Bhd (RRSB) to purchase land in Iskandar Puteri for RM304.92 million. Under the development agreement, EWDG and PDT agreed to nominate Melia Spring to purchase land in Iskandar Puteri from RRSB and for Melia Spring to develop the land. The land is located in Iskandar Puteri next to EWDG’s Eco Botanic township. The land will be developed into a mixed residential and commercial township, with a preliminary estimated gross development value of RM1.67 billion. (NST Online)
Selangor International Furniture City ready by 2022
The Selangor International Furniture City (SIFC), which is in the midst of getting a development order from the government, is seen as a major catalyst to level up the industry in 2022 when the furniture hub is expected to be completed. Kuala Lumpur & Selangor Furniture Association (KSFA) president Datuk Eric Lee said the SIFC, located in Sungai Buaya, Rawang, Selangor has a gross area of 700 acres (283.3ha). About 400 acres cater to 379 industrial land lots with the rest reserved for amenities, including affordable homes, an electrical substation and an access road. The total gross development value of the entire site is estimated at RM4 billion. (The Edge)
DBKL allocates RM2.9b under Budget 2020
Kuala Lumpur City Hall (DBKL) has allocated RM2.972 billion for its Budget 2020 for the implementation of various initiatives for the well-being and prosperity of the city dwellers. Kuala Lumpur Mayor Datuk Nor Hisham Ahmad Dahlan said through the budget, themed ‘Cheerful City, and Shared Prosperity’, RM1.826 billion (61.5%) had been set aside for operating expenditure and RM1.146 billion (38.5%) for development. The allocations will be used on road and drainage, GoKL free bus service, police and traffic monitoring, installation of LED lighting at public parks, upgrading of heritage buildings, network libraries, public housing, and more. (Malay Mail)
543 from NSTP to lose jobs in retrenchment exercise
Some 543 employees from the New Straits Times Press (NSTP) will lose their jobs following a retrenchment exercise by parent company Media Prima Bhd. These will include personnel from the New Straits Times, Berita Harian and Harian Metro. Bureaus nationwide would be trimmed to five from the previous 14, with departments in the east coast (Pahang, Kelantan and Terengganu), north (Penang, Kedah, Ipoh and Perlis) and south (Johor, Negeri Sembilan and Melaka) to be merged. The Shah Alam and Putrajaya bureaus will also be merged, while Sabah and Sarawak will have a bureau each. Those who lose their jobs would have no choice or option to appeal when termination letters are served to them. The retrenchments come amid a spate of media company shutdowns and downsizing exercises in an industry which has seen thousands lose their jobs over the last three years. (The Edge)
