Titijaya Land and CREC collaborate on Sabah project
Titijaya Land Bhd and China Railway Engineering Corporation (CREC) Development (M) Sdn Bhd are collaborating on a mixed-use commercial hub located in Kota Kinabalu‘s city centre. The project, known as ‘The Shore”, has a GDV of RM575 million. The project is expected to take four years to complete, and construction is set to begin this year. This is the second collaboration for Titijaya and CREC, after their first project at Embassy Row in Kuala Lumpur was inked late last year. (New Straits Times Online)
Penang govt urged to review locations of proposed LRT stations
The Penang state government has been urged to review the proposed LRT stations under the Penang Transport Master Plan (PTMP) for it to be sustainable in the long term. The Federation of Malaysia Manufacturers Penang branch said that stations need to be strategically located at a highly populated and common public areas to make them more accessible and convenient for commuters. More car parks also needed to be built closer to the LRT stations. The RM46 billion PTMP is the Penang government’s mega transport project encompassing highways and a rail network, as well as the development of three artificial islands south of Penang. (Bernama)
Mah Sing to use cash pile for landbank, joint ventures
Mah Sing Group Bhd plans to use its RM923.8mil cash pile and healthy balance sheet to invest in new landbank acquisitions and joint venture opportunities. Its focus is Greater Kuala Lumpur, but will also be open to other high growth locations in Malaysia. This is the first time Mah Sing is looking to replenish their landbank since 2015. It currently has about 2,492 acres of undeveloped land with GDV worth about RM27.5bil. In 2017, the group will continue to deliver easily accessible, well planned projects with good concepts in strategic locations to meet market demand. (The Star Online)
Matrix Concepts on track for RM1bil new sales in 2017
Negeri Sembilan property developer Matrix Concepts Holdings Bhd is on track to reach the RM1bil mark in new property sales in the current financial year ending March 31, 2017. The results are backed by resilient demand for affordable housing at its Bandar Sri Sendayan (BSS) and Bandar Seri Impian (BSI) townships. The new sales were mainly residential and commercial properties in BSS and BSI, as well as industrial properties in Sendayan TechValley in BSS. As at end of 2016, the group has RM2.1bil in ongoing projects in Negeri Sembilan and Johor, as well as Melbourne, Australia. (The Star Online)
Developer’s association calls for stamp duty waiver
The Real Estate and Housing Developers Association (Rehda) has urged the government to waive the stamp duty on properties. The stamp duty waiver was on the top of Rehda’s “wish list”, which is submitted yearly and suggests ways the government can further support the real estate industry. The rationale was that developers were already affected by the GST and the expected increase in stamp duty on properties priced at over RM1 million from 3% to 4% will further affect sale of properties. Although residential properties are GST-exempt, developers are still affected by the 6% GST on building materials and services. (Free Malaysia Today)
Commercial property glut to worsen in 2018, warns think tank
Think tank Socio-Economic Research Centre (SERC) has warned of the potential impact of the oversupply of commercial properties which it says will worsen in 2018. There had already been an oversupply of office and retail space in 2015, and according to Bank Negara, by 2018, another 4.9 million sq ft of office space would be built in the Klang Valley alone. The oversupply of commercial properties would put pressure on owners and mall operators, given increasing operating costs and lower demand. It would take years to adjust the oversupply of commercial properties, and that the oversupply would drive down property values. (Free Malaysia Today)
Shamelin Star by Enra
Enra profit doubles to RM11mil on Cheras property project
Enra Group Bhd’s net profit doubled in the third quarter ended Dec 31, 2016 to RM10.9mil from RM5.06mil the year before, thanks to its property development project in Cheras. The project, known as Shamelin Star, was completed and recorded a 41% growth in revenue to RM111.5mil. It has an estimated GDV of RM341mil and comprises 630 apartment units and a retail podium, with about 95% of the residential units already sold. Enra is completing its maiden residential project in London with estimated GDV of £10mil (RM57mil). (The Star Online)
Sabah tourists encouraged to join MM2H scheme
Tourists and regular visitors to Sabah are encouraged to take up the “Malaysia My Second Home” (MM2H) programme. Chief Minister Datuk Seri Musa Aman said other than having relatively cheaper property prices in the region, the state has so much more to offer to outsiders. He noted that Sabah, particularly its capital Kota Kinabalu, has seen so much growth over the years, thus pushing the demand for properties. Sabah is a thriving market and there is increasing demand for properties. (Daily Express)
