MKH teams up with PR1MA for Kajang project
MKH Bhd is teaming up with PR1MA Corp Malaysia to jointly develop a freehold piece of land measuring 3.33ha in Kajang into a mixed project with a GDV of RM464 million. MKH’s unit Metro KL City Sdn Bhd has inked a joint development agreement with PR1MA Corp, the registered proprietor of the land. Metro will undertake the development of approximately 1,202 units of stratified residential units, together with a commercial area of approximately 42,000 sq ft. The project will be developed over three years. The land is situated in Kajang and strategically located near the existing Kajang commuter train station. It is also linked to the Kajang mass rapid transit station which is under construction. (The Edge Markets)
Matrix Concepts to gain from key presece in Malaysia Vision Valley
Matrix Concepts Holdings Bhd is set to reap the benefits of Malaysia Vision Valley (MVV) as additional catalyst for its future growth, as it started development projects there ahead of other developers. The MVV project, which will convert a large part of Negri Sembilan into an economic corridor, is expected to create stronger demand for Matrix’s residential and industrial projects. The MVV project, covering 108,000ha from Nilai to Port Dickson, is aimed at drawing domestic and international investments with priority for high-technology industries, private universities and research labs and tourism ventures. Matrix’s projects in Negri Sembilan include Bandar Sri Sendayan which consists of residential and commercial properties, Sendayan TechValley and Matrix Global School. Matrix is expected to launch more projects in Negri Sembilan this year. (New Straits Times Online)
Kota Tinggi new growth area will take over 20 years to complete
A new growth area in Kota Tinggi, Johor, as announced in the recent Johor Budget, will take more than 20 years to complete, said Johor Corporation (JCorp) president and chief executive, Datuk Kamaruzzaman Abu Kassim. The estimate was made based on the company’s past experiences, and it is a long-term development that requires various approvals before being implemented in phases according to market demand. JCorp has been tasked by the state government to open a new growth area covering 7,900 acres in Sungai Papan, Kota Tinggi as part of a plan to restructure residental areas and improve property development policies. (Bernama)
Chinese-made US$100bil city in Johor scaring everybody
While Chinese home buyers have sent prices soaring from Vancouver to Sydney, China’s developers are swamping the market in Malaysia, pushing prices lower with a glut of hundreds of thousands of new homes. “These Chinese players build by the thousands at one go, and they scare the hell out of everybody,” said Siva Shanker, head of investments at Axis-REIT Managers and former president of MIEA. They’re betting that the city of Johor Bahru, bordering Singapore, will eventually become the next Shenzhen. At the heart of this growing city is Country Garden’s Forest City, a US$100 billion (RM441.6 billion) city in the sea, built on four artificial islands four times the size of New York’s Central Park. It’s the biggest of about 60 projects in the Iskandar Malaysia zone around Johor Bahru that could add more than half-a-million homes. China state-owned Greenland Group is building office towers, apartments and shops on 128 acres in Tebrau, about 20 minutes from the city center, while Guangzhou R&F Properties Co. has begun construction on the first phase of Princess Cove, with about 3,000 homes. Residential sales in the state have dropped almost one-third in value last year. (Malay Mail Online)
A model of the RM441.6 billion development project is displayed at Country Garden’s show village in Forest City, Johor. — Picture by Zurairi AR/MMO
GST collection almost RM60bil since implementation
The Goods and Services Tax (GST) collection of RM32.71 billion was recorded up to Oct 31 this year while RM27,012 billion was recorded from April 1, 2015 until Oct 31, 2015. According to the Finance Ministry, all tax revenue was placed under the Consolidated Fund with direct taxes and indirect taxes collected by the federal government. The GST collection will then be refunded as allocation for the purpose of national development and public prosperity, including improving sectors on education, health, infrastructure facilities besides development needs and national economic development. (The Sun Daily)
MBO Cinemas invests RM22mil in EcoHill Walk Mall
MCAT Box Office Sdn Bhd (MBO Cinemas) is investing RM22 million in a cinema in EcoHill Walk Mall in Semenyih, which is expected to open in the first quarter of 2021. The 11-hall cinema featuring some 2,000 seats, its own Premium Large Format screen and a Kids’ Hall. The agreement will make MBO Cinemas the neighbourhood mall’s first tenant, which is part of SP Setia’s sustainable Setia EcoHill township. The development covering 7.081 hectares has an estimated gross development value of RM900 million and will take an estimated 10 years to be completed. (The Borneo Post)
Sarawak allocated RM44mil for tourism next year
The Tourism Ministry has been allocated RM44 million under the 2017 Sarawak state budget to boost the state’s tourism industry. Parts of the allocation would be used as incentives for direct charter flights into Sarawak, which he hoped would be turned into scheduled flights. The allocation would also be used for upgrading tourism infrastructure, particularly national parks. While the ministry was redeveloping city centres, it would also strive to preserve the villages or areas that had historical value, such as Kampung Darul Hana and Main Bazaar of Kuching. The master plan would include removal of slum areas, re-alignment of streets as well as the improvement of public transportation. (The Borneo Post)
Photo from KL International Airport
DCA to be known as Civil Aviation Authority of Malaysia
The Department of Civil Aviation (DCA) is set to be upgraded into a statutory body to be known as the Civil Aviation Authority of Malaysia (CAAM) through the formulation of the 2016 Civil Aviation Authority Bill. It was formulated to meet the demand of the International Civil Aviation Organisation (ICAO), which ensures the aspect of civil aviation safety would be efficiently managed. The Bill will help Malaysia ensure all businesses involving civil aviation meets ICAO standards, as well as play a role to regulate, coordinate and protect the civil aviation industry. (Malay Mail Online)
