BOUSTEAD Properties Bhd, the property arm of diversified group Boustead Holdings Bhd, is planning to redevelop the eCurve mall in Mutiara Damansara, Petaling Jaya, into a high-rise residential development that supports multigenerational living.
Industry estimates peg the gross development value (GDV) of the redevelopment — sited on 3.87 acres of freehold land — at between RM500 million and RM700 million. eCurve had housed mmCineplexes, Ampang Superbowl and retail outlets such as Mr DIY, Tony Roma’s and The Manhattan Fish Market before it was permanently closed in March last year for the redevelopment. eCurve is connected to The Curve, which will continue operating as the main neighbourhood mall.
“We are currently focusing on the high-rise residential development that will support multigenerational lifestyles. Upon completion, it will be a prominent new landmark and is set to raise the liveability standards in Mutiara Damansara,” Boustead Properties CEO Khairul Azizi Ismail tells The Edge.
Multigenerational-living units typically house two or three generations under one roof. A household may comprise adults living with their parents or adults bringing their parents to live with them to help with childcare. Single units are sometimes designed to offer privacy for each couple and even include separate entrances.
Boustead Properties’ new plan appears to be in line with the opinions of industry experts that a high-rise residential is the best fit for the site, based on the location as well as market sentiments.
The developer plans to apply for a higher plot ratio for the site and monetise it. “Due to the proximity to the [Surian] mass rapid transit station, the area is gazetted as a transit-oriented development (TOD). As with any other TOD, location-wise, this development will have significant potential in addition to accessibility and being surrounded by plenty of good amenities. Hence, we will be submitting for a higher plot ratio, in compliance with any requirements by the local authorities,” says Khairul.
It is learnt that the plot ratio for the site is 1:4. A source tells The Edge that Boustead Properties is likely to apply for an increase in plot ratio to at least 1:6.
As Boustead Properties is in the process of preparing the technical submissions, it has yet to submit the redevelopment plans to the Petaling Jaya City Council for approval.
Khairul says he is unable to share when the project is likely to be launched. “As we have yet to submit our plans, we will only have more visibility once such a step has been undertaken.”
On how Boustead Properties plans to finance the construction, Khairul says it will be through the sale of the residential units.
In the event the developer manages to obtain a 1:6 plot ratio and the units can be sold for prices similar to those in nearby Taman Tun Dr Ismail or Empire City Damansara, the 168,577 sq ft site could have a GDV of RM500 million to RM700 million, depending on the price of the units, a back-of-the-envelope calculation shows. Glomac Damansara in TTDI, for example, is going for RM700 to RM800 psf, while Exsim Group’s Mossaz in Empire City Damansara, which are leasehold units, are priced at around RM900 psf.
Last March, Boustead Properties had closed down the 14-year-old eCurve for the redevelopment.
In its annual report for the financial year ended Dec 31, 2020, Boustead Holdings says, “In line with the group’s Reinventing Boustead strategy, we aim to refresh our property brand and accelerate digitalisation. As part of this, we are embarking on the redevelopment of eCurve. Drawing on 14 years of success, our aim is to rejuvenate and revitalise the mall as a dynamic landmark in our Mutiara Damansara township, bringing enhanced liveability and new offerings.”
An industry source agrees that it is time for Boustead Properties to review the asset. He highlights that in comparison to some malls within the Klang Valley, eCurve is rather small. He cites Sunway Pyramid, Mid Valley Megamall/The Gardens Mall, Suria KLCC and Pavilion KL, noting that each mall offers over one million sq ft of retail space.
“These malls are vacuum cleaning the industry,” he says, referring to the bigger malls pulling crowds away from the smaller ones. “One cannot remain as a small mall anymore. Boustead Properties would have to look at the best solution for the site,” he adds.
Still, more new malls are sprouting up in the country. LaLaport Bukit Bintang City Centre opened its doors in January, while Phase 2 of IOI City Mall opened in August. Next year, The Exchange TRX, with 1.3 million sq ft of net lettable area, is slated for opening, while Pavilion Damansara Heights Mall has announced its opening in May 2023 with 533,361 sq ft of NLA in Phase 1 and another 529,353 sq ft in Phase 2. It is worth noting that in the vicinity of eCurve, apart from The Curve, there are three other popular retail malls — IKEA, IPC Shopping Centre and Lotus’s hypermarket.
eCurve, which opened in 2006, was formerly known as Cineleisure Damansara. It was a joint venture between Boustead Properties and Singapore’s Cathay Organisation Holdings Ltd. It was reported then that the mall’s NLA was 232,000 sq ft. In 2009, Boustead Properties took full ownership of the mall and renamed it eCurve. Five years later, the mall’s focus was changed to entertainment and leisure, while The Curve took over the role of the neighbourhood mall.
A source tells The Edge that once Boustead Properties had decided to shut the mall, it weighed the possibility of holding the upcoming asset as an investment or selling it. A decision was then made to monetise it.
Asked to comment by The Edge, real estate agency Rahim & Co CEO Siva Shanker says he believes that the most suitable commercial asset to be built on eCurve would be serviced apartments or condominiums with a niche.
He does not think that building a hospitality component on the site would be a good option as Boustead Properties already operates two hotels — Royale Chulan The Curve and Royale Chulan Damansara — in the vicinity. “There’s also an office space glut and people are giving up office space,” he adds.
“Based on highest and best use, serviced apartments may be the best option,” Siva says, adding that the product and timing of the launch are crucial.
“Luxury homes have a snob appeal. Many affluent empty nesters are giving up their large houses and moving into apartments. They could build something for the rich,” he says. He elaborates that these can be large units with luxury interior design.
According to Siva, small units are not selling as well anymore given the rising cost of living.
“The immediate area is well known as a thriving commercial hub with The Curve, IKEA and Lotus’s anchoring as crowd pullers. The surrounding areas in the locality of Mutiara Damansara and Kota Damansara are generally quite established and densely populated. This provides an opportunity for a mixture of nest leavers and upgraders who may be looking for suitable accommodation with features which address post-pandemic needs and demand,” ExaStrata Solution Sdn Bhd CEO and chief real estate consultant Adzman Shah Mohd Ariffin tells The Edge.
“Any mixed-use development — with residential and limited commercial components that can serve the immediate resident population would be good, and able to fill the gaps and be in line with the present trends — stands a good chance of success.”
Financing and launch Companies Commission of Malaysia (SSM) data shows that Boustead Properties made a net loss of RM334.21 million on revenue of RM370.18 million in the financial year ended Dec 31, 2020 (FY2020).
It had total liabilities of RM2.844 billion and total assets of RM4.03 billion as at end-December 2020. It had an accumulated profit of RM439.44 million. In FY2021, parent Boustead Holdings had total liabilities of RM10.98 billion, of which RM7.53 billion were current. Total assets stood at RM16.44 billion.
On the timing of the launch, Siva says given the global uncertainties, a potential risk of a global recession in 2023 and what appears to be now a two-year property cycle (2021 and 2022), “perhaps if they launch in 2024, the property market may have started to see an improvement”.
What’s next for Boustead Properties after eCurve’s transformation? Industry sources believe that the focus is likely to be on renovating and upgrading The Curve.
“At The Curve, there are currently many dead corners and there are offices located on the upper floors [with no relation to retail],” an industry observer says, adding that these can be redesigned and rejuvenated to attract foot traffic. The plot ratio can be maximised too.
Experts note that with rising competition in the shopping centre market, it is time for a rejuvenation of The Curve. This is especially so since there has been an evolution in the retail industry where department stores are not performing as well as before, hypermarkets are getting smaller and there is a focus on premium grocers.
According to Boustead Properties’ Khairul, The Curve has had regular maintenance and refurbishment to ensure that it is in good condition to meet its patrons’ comfort, convenience and safety requirements. After re-strategising its tenancy mix, following the pandemic, occupancy level at The Curve is expected to rise to 93% by end-2022 from 89% now.
One of its newer tenants is the KMT Group’s flagship premium Korean grocery store. It occupies some 30,000 sq ft of prime space on the ground floor, which is about 5% of The Curve’s NLA.
Article refer from theedgemarkets.com
Mah Sing Group Bhd planned to launch M Nova mixed development in Kepong, Kuala Lumpur, with an estimated gross development value of RM790 million in the third quarter next year.
In a media statement today, the property developer announced its third land acquisition today (Nov 30), securing a piece of 8.09-acre plot with approved development order (DO) in Kepong for RM95 million.
According to the company, the land cost of RM95 million is inclusive of 50% of the relevant development charges, deposit and contribution of Improvement Service Fund (Roads & Drains) pursuant to the DO paid by the vendor to the relevant authorities.
In its preliminary plan, the development comprises serviced residences with indicative built-up sizes ranging between 700 sq ft and 1,000 sq ft (priced from RM318,000), and some retail units. This will be Mah Sing’s third project in Kepong.
Mah Sing’s Founder and group managing director Tan Sri Leong Hoy Kum said the group’s previous projects in Kepong - M Luna and Lakeville Residence, have received strong take-up rate, this showed demand for residential properties in this area remained intact, for its amenities and easy accessibility.
“We will leverage the spillover demand from M Luna as well as the catchment from the surrounding neighbourhood by putting an irresistibly affordable price tag for M Nova, complementing the well-designed features we are developing. This is in line with our efforts to continue focusing on affordable range products under M-Series, meeting the needs of the mass market,” he added.
He observed that M Nova will be able to enjoy a large captive market as the land straddles the well-established neighbourhoods of Kepong, Taman Selayang Jaya, Batu Caves, Bandar Menjalara, Segambut, Taman Seri Gombak and Sentul, and is only 12.9km away from KLCC.
On top of this, M Nova is located 6.9km from the upcoming Metro Prima MRT2 Station, and 3.1km from the Taman Wahyu KTM station.
Meanwhile, Mah Sing announced the group recorded approximately RM1.28 billion sales in the first nine months this year, this also means the group has achieved 80% of its 2021 sales target of RM1.6 billion.
In the first nine months of 2021, Mah Sing registered a 65% increase in profit before tax (PBT) of RM166.4 million on the back of revenue of RM1.2 billion as compared to PBT of RM100.6 million and revenue of RM1.1 billion in the corresponding period a year ago.
The group attributes the improved sales to its M-Series of affordable high rises in the central business district and landed properties located in strategic locations with good catchment areas.
For instance, the group’s 2-storey link homes in Johor Bahru i.e Phase 1 of Erica@Meridin was fully taken up during its launch, and Phase 2 is now open to meet the demand.
Besides, M Adora in Wangsa Melawati which was launched last year also recorded strong take-up rates of approximately 90%.
In addition, Mah Sing has received overwhelming interest for its two newly acquired lands in 2021 – M Senyum in Sepang and M Astra in Setapak, which the Group targets to launch in the first half of next year.
Including all three new lands acquired to-date - M Senyum in Sepang, M Astra in Setapak and M Nova in Kepong, Mah Sing has a remaining landbank of 2,051 acres with a remaining GDV and unbilled sales of approximately RM24.98billion.
“Encouraged by the positive track record and rapid turnaround time of our projects, we are continuously eyeing for more land with Greater Kuala Lumpur, Klang Valley, Johor and Penang being the focus areas, as well as looking at other property hotspots in Seremban, Melaka and Perak to develop affordable landed homes.” said Leong.
Refer from edgeprop.my
Paramount Corp has proposed to dispose of a 4.7ha piece of land in Pekan Hicom, Section 26, Shah Alam for RM90 million.
The land has a net book value of RM76.7 million as at Dec 31, 2020, and was acquired in 2012 for RM48.42 million, the group said in a bourse filing on Nov 29.
The independent valuation of RM90 million was appraised by Rahim & Co International Sdn Bhd, it added.
The buyer is Goodhart Management Sdn Bhd, whose directors include SKP Resources Bhd chairman and managing director Datuk Gan Kim Huat.
Paramount said RM50 million of the proceeds of the disposal will be used for the repayment of bank borrowings, while RM37.8 million will go towards working capital purposes.
“The proposed disposal is in line with Paramount’s plan to improve the operational performance of its property division by focusing on property developments that are able to generate returns within a shorter turnaround time, particularly in times of economic uncertainty.
“This plan includes monetising some of the group’s land bank that are zoned for commercial use, and utilising the cash proceeds to repay bank borrowings previously taken for the acquisition of residential land as well as to improve cash liquidity for the group’s integrated developments,” it said.
The group expects the disposal to be completed by the first quarter of 2022.
Articles is refer from edgeprop.my
AGROCHEMICAL company Hextar Global Bhd is exploring an entry into the retail scene through the acquisition of a stake in the yet-to-be-completed Empire City Damansara Mall in Petaling Jaya, Selangor, sources say.
It is understood that Hextar, in which businessman Datuk Ong Choo Meng has combined direct and indirect interests of 69.02%, could buy a “substantial stake” in the mall and that an announcement on the matter may be made soon.
The RM500 million mall is part of the larger Empire City Damansara (ECD1) project — which has a gross development value of RM5 billion — developed by Mammoth Empire Holdings Sdn Bhd (MEH). The project also comprises hotels, offices and apartments.
MEH was founded by low-profile businessman Datuk Sean Ng Yee Teck and his partner Datuk Danny Cheah. It also developed Empire Hotel and Empire Shopping Gallery in Subang Jaya.
Details of the deal remain sketchy but it is learnt that the parties have been negotiating a deal for over three months and talks are now at an advanced stage.
Empire City Damansara Mall, located along Lebuhraya Damansara-Puchong, has a net lettable area of 2.5 million sq ft. It is understood that its value now is about RM500 million. The new opening date for the partially completed mall is expected to be 2023. “The mall will be operated by MEH,” a source tells The Edge.
When contacted for confirmation, Ong, who is the executive director of Hextar, declined to comment.
This is not Ong’s first retail foray. He recently emerged as the substantial unitholder of retail asset-focused KIP Real Estate Investment Trust (KIP REIT), which owns a portfolio of seven malls and has RM808 million in assets under management. Ong has a 20.087% stake in the REIT.
Last month, The Edge reported that his entry into KIP REIT will allow him to act as a sponsor, and potentially inject his portfolio of factories and warehouses under his other businesses into the REIT. Ong’s business ventures are diversified and include glove manufacturing, furniture, and plastic and industrial products.
Meanwhile, Hextar, which is involved in the entire agrochemical supply chain, from research and development to manufacturing and distribution, announced that it was also looking to establish a Syariah-compliant digital bank. In July, together with Fass Payment Solutions Sdn Bhd’s SPV Ihsan Equit Sdn Bhd, it entered into a consortium agreement with Dagang NeXchange Bhd’s major shareholder, Arcadia Acres Sdn Bhd.
In the first half ended June 30, 2021, Hextar posted a net profit of RM18 million on the back of RM213.52 million in revenue. This compares to a net profit of RM20.56 million and revenue of RM205.28 million achieved a year ago. In the financial year ended Dec 31, 2020, Hextar posted a net profit of RM44.48 million and revenue of RM418.64 million.
It is unclear how Hextar plans to finance the purchase. As at June 30, 2021, its total short- and long-term borrowings stood at RM106.07 million. It also had cash and cash equivalents of RM28.89 million as at June 30.
As for MEH, this is not the first asset it has sold in recent years. In the past, it had disposed of several of its commercial assets and land to pare down debts and for working capital. In 2017, the Empire Shopping Gallery was sold to Pelaburan Hartanah Bhd (PHB) for RM570 million cash, with a call option to buy back the mall on the fifth anniversary of the sale. MEH also has the right of first refusal should PHB decide to dispose of the asset within five years. MEH currently operates this mall.
In 2019, MEH sold the four-star Wolo Bukit Bintang in Kuala Lumpur to HYM Group for RM115 million. In the same year, the company offloaded its 61-acre tract of land in Damansara Perdana, Selangor, to Exsim Development Sdn Bhd for RM760 million. The parcel was originally earmarked for the development of ECD2. Exsim also purchased another 4.5 acres adjacent to ECD1.
Apart from the land purchase, Exsim also entered into an agreement with MEH to complete several of the outstanding developments within ECD1. MEH, which at the time had decided to wholly own and operate the mall, is now selling a portion of it to Hextar. MEH is understood to still be in control of two hospitality components — McGuffin Hotel and Autograph.
On Friday, shares of Hextar closed at RM1.25, valuing the company at RM1.6 billion.
Article Refer from www.theedgemarkets.com/article/hextar-mulls-acquisition-stake-pj-mall
东盟一直是全球供应链上重要的一环，而马来西亚凭借本国出色的工业基础和基建实力，在东盟中扮演着制造业排头兵的角色。在新冠疫情导致全球供应链紊乱，从而带来芯片荒、大宗商品涨价、海运价格暴涨的背景下，外资似乎已经提前看到了大马的优势和潜力，纷纷开始投资建厂。 大马在2021年上半年的外来直接投资表现强劲，与2020年上半年相比飙升了223.1%，这显示外国投资者对马来西亚稳定且有利的经济环境和商业生态系统充满信心。大马在制造业、服务业和初级产业取得外来直接投资和国内直接投资的批准投资总额达1075亿令吉，较去年同期大幅增长 69.8%。
除此之外，专注于高性能跑车、运动型多功能车（SUV）和轿车的德国知名汽车制造商 Porsche AG（保时捷）宣布，他们将与森那美有限公司（Sime Darby Berhad）合作在马来西亚吉打设立生产工厂。保时捷为了扩大其在亚洲的业务，该公司将在上海开设研发中心，并在马来西亚设立一座工厂。
保时捷在一份声明中表示，上海研发中心将帮助该公司更好地理解中国客户以及他们的需求，并且改进本地的产品开发。而马来西亚工厂将于2022年开始运营，保时捷将与该国贸易集团Sime Darby Berhad合作运营该工厂。新工厂将负责针对亚洲市场推出的车型的最终装配工作。
Glove maker Rubberex ventures into property investment via strategic stake in Empire City Mall in PJ
Making its first foray and diversification into property investment, glove maker Rubberex Corp (M) Bhd is undertaking a joint collaboration with Alliance Premier Sdn Bhd, EXSIM Holdings Sdn Bhd and JT Momentum Sdn Bhd (EXDJ shareholders) for the development and operation of Empire City Mall in Petaling Jaya, Selangor.
In a statement on Monday, Rubberex said the collaboration will be done via a joint venture (JV) company, Alliance Empire Sdn Bhd, with Rubberex's executive director Lim Chee Lip spearheading the project.
Rubberex on Monday entered into a subscription agreement with Alliance Empire to subscribe 200,000 new shares or a 20% equity interest in the latter for RM180 million cash. Alliance Premier will hold 60% and EXDJ shareholders the remaining 20%.
The group said the diversification exercise comes at a time when the rubber glove industry's outlook seems to be waning from its peak of supernormal profits and high average selling prices as Malaysia and the rest of the world enter the endemic phase of the Covid-19 pandemic.
Lim said Rubberex's diversification into property investment is in line with the group's long-term strategy of delivering sustainable growth, steady income and value creation to its shareholders.
Spanning 9.536ha of land, the development of the Empire City Mall is ongoing with construction works at 83% completion as at Oct 1. The registered proprietor of the Empire City Mall is Cosmopolitan Avenue Sdn Bhd, which is a wholly-owned subsidiary of Mammoth Empire Holdings Sdn Bhd -- which was founded by low-profile businessman Datuk Sean Ng Yee Teck and his partner Datuk Danny Cheah.
In a separate filing with Bursa Malaysia, Rubberex said prior to the entry of Rubberex as the shareholder of Alliance Empire, the latter will complete the acquisition of the Empire City Mall for RM480 million. It will then issue 600,000 shares and 200,000 shares in the company to Alliance Premier and EXDJ shareholders, respectively.
Empire City Mall has been independently valued at RM1 billion and the proposed subscription would enable the group to acquire a strategic foothold and participate in a sizeable completed mixed property development project within a relatively short period of two years.
"We are honoured to be collaborating with such established property players in the industry and look forward to elevating Empire City Mall to a premier retail destination when local and international borders reopen," said Rubberex's single largest shareholder Datuk Eddie Ong Choo Meng.
The Edge weekly on Oct 4 reported that Ong could buy a "substantial stake" in the mall and that an announcement on the matter may be made soon. "This is not Ong's first retail foray. He recently emerged as the substantial unitholder of retail asset-focused KIP Real Estate Investment Trust, with a 20.087% stake," the report said.
Meanwhile, Rubberex said the implementation of the proposed subscription and diversification exercises are expected to be completed by early 2022.
In the statement, EXSIM Group managing director Lim Aik Hoe said the mall is set to be one of the iconic tourism hotspots in Malaysia.
"Empire City Mall is a unique creation that would add value to the surrounding developments, with its distinctive architectural facade design," he said.
Rubberex shares fell one sen or 1.67% to close at 59 sen, giving it a market capitalisation of RM540.15 million.
Refer from www.theedgemarkets.com
HAVING struggled with the imposition of the movement control order (MCO) in 2020 more than in 2021, Penang’s housing market is poised to recover in 2022 as signs of sales picking up are getting more obvious.
This follows the adaptation of online presentations, virtual showrooms and other advanced technology with most purchasers are willing to attend online presentations and subsequently proceed with a booking.
“Developers have held firm on prices, even though activity has dropped. Rather than drastically dropping their selling prices, developers are providing all sorts of promotional packages to stimulate buyers,” observed Juwai IQI’s co-founder and group CEO Kashif Ansari.
“Is this a good time to buy? Very much so. With lower interest rates, developer incentives, and the ongoing Home Ownership Campaign (HOC), this is perhaps the best time to purchase in several years. The HOC has already been extended twice and may be discontinued after December.”
When economic growth climbs next year, Kashif expects property buyers to face more competition with rising construction costs which also suggests further rises in property prices.
“In 2022, we expect residential real estate in Penang to bounce back more quickly than in any other part of Malaysia except Johor,” he projected.
“By 2Q 2022, we expect borders to fully reopen and international visitor numbers to be trending towards pre-pandemic levels. Economic growth, employment, foreign investment, and tourism will recover. These trends will support further recovery in transaction volumes and prices.”
As one of the smallest and most developed states with a prominent international reputation, Penang is one of the best-positioned states for the post-pandemic recovery, according to Kashif.
“The pandemic is an external shock, and the subsequent drop in transactions and prices does not reflect any inherent weakness in the market,” he reckoned. “With the support of government initiatives and positive economic trends, the property market will recover along with the economy.”
Moreover, the price of luxury condominium in Penang are lower than in competitor cities like Singapore, Bangkok and Jakarta where comparable residences there can be five-times more expensive.
“As for the foreign buyer market, it will take time to gain back their full confidence. However, Penang’s high-tech manufacturing and unique tourism assets make it desirable for second homes, retirement, and investment. We expect foreign buying to come back to prior levels in time,” added Kashif. – Sept 30, 2021
The government will focus on several sectors which are badly affected by the Covid-19 pandemic, including tourism, retail, and small and medium enterprise (SME), in Budget 2022 to be tabled later this month, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said the government is optimistic that the country’s economy will recover next year in line with the positive growth projections made by the International Monetary Fund (IMF) and World Bank for 2022.
Tengku Zafrul said this can be achieved through the government’s high commitment to revive all pandemic-affected sectors.
However, he said, the recovery period may differ depending on economic sector.
“In the budget, we will give attention and assistance to all sectors including the most badly affected sectors, which are tourism, retail and SME.
"This year, Malaysia’s Gross Domestic Product is expected to grow between three and four per cent, while the IMF and World Bank are forecasting a five to six per cent growth for 2022. This shows that our economy will recover next year,” he told reporters after a working visit to the Orang Asli settlement in Kampung Limbahan/ Jeti Sudin near Tasik Bera on Saturday (Oct 2).
Also present were Deputy Finance Minister I Mohd Shahar Abdullah and Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail.
Tengku Zafrul added that the country’s latest economic growth forecast would be announced during the tabling of Budget 2022 on Oct 29, along with positive signs that could be seen following the government’s focus on reviving the economy.
Refer from www.edgeprop.my
Construction “giants” are said to be forming consortiums and JVs to prepare for the “eventual” construction tenders for the Klang Valley Mass Rapid Transit Line 3 (MRT3), The Edge Malaysia reported in its latest issue.
“YTL Corp is said to be partnering with Siemens and a bumiputera company, while SunCon [Sunway Construction Group] and IJM Corp are in a JV together.
“This is, of course, in addition to MMC Corp Bhd and Gamuda Bhd coming together again to bid for the project,” wrote the weekly.
MMC and Gamuda were the project delivery partners for the Sungai Buloh-Kajang Line (MRT1) and the turnkey contractor for the Sungai Buloh-Serdang-Putrajaya Line (SSP or MRT2).
“Everybody is gunning for it. The big guns are preparing for it,” a source told The Edge.
MRT3 will link the MRT1 and MRT2 lines as it will go around Kuala Lumpur city. Earlier reports have revealed that the line will have 30 stations, with 10 being interchange stations and other MRT, light rail transit and KTM Komuter lines.
In April, MRT Corp CEO Mohd Zarif Mohd Hashim said the entire alignment will be about 50km, of which 40% will be underground. The project will take about a decade to be completed (initial plans said that it was seven years).
A CGS-CIMB Research report has stated that the MRT3 project is estimated to cost between RM27 billion and RM32 billion.
Under the 12th Malaysian Plan (12MP), ceiling prices for affordable housing will be introduced in the resale market in order to control house prices, especially in the urban areas, MalaysiaKini reported today.
The move is to ensure that housing remains affordable for the selected target groups. It is understood from the report that regulation will also be introduced to limit the purchase of affordable housing to only one for an eligible citizen, to increase the supply of affordable housing.
The 12MP was tabled by Prime Minister Ismail Sabri Yaakob in the Dewan Rakyat today.
“A comprehensive database of affordable homeowners will be established to monitor homeownership while the existing housing financing schemes will be improved to assist the B40 and M40 households to own houses,” the 12MP report read.
The report also highlighted that the government will continue to prioritise providing better access to affordable housing to the rakyat by increasing access to house financing as well while existing housing financing schemes will be improved to assist the B40 and M40 households to own houses.
Meanwhile, it also added that the rent-to-own programme will be expanded to cover houses priced up to RM500,000, with an option to purchase the property within five years of renting it.
As for first house purchases, the Fund for Affordable Homes and Youth Housing Scheme will continue to be provided for financing.
As for households that own land, they can be assisted by the Housing Loan Scheme in order to build affordable houses, the report noted.
Article refer from www.edgeprop.my
EXSIM is Expanding outside of Klang Valley starting with Penang. Follow by Perak, Sabah, Johor, and Kelantan.
EXSIM Group plans to set foot in Penang with the launch of 22 Macalisterz, a serviced apartment project located on 0.45 hectares along Jalan Macalister this year.
This will be the first property project for the developer outside of Klang Valley.
Established in 2008, EXSIM has launched 28 property projects with a total gross development value of RM12 billion, with another RM18 billion in the pipeline. The majority of the projects are located in Bukit Jalil and Petaling Jaya.
EXSIM head of corporate communications Michelle Siew told NST Property that EXSIM is looking to make its mark in major states across the country in a drive to expand the group's portfolio.
According to her, besides the Penang market, EXSIM is looking at development projects in Perak, Sabah, Johor, and Kelantan.
Siew said EXSIM plans to utilise part of the funds from the group's RM2 billion sukuk musharakah programme for the next level of growth into other states.
"Penang is our first target and we plan to strengthen our foothold there with more development projects in the future. We are looking for land and development partners for our expansion," she said.
22 Macalisterz comprises 418 units of serviced apartments, selling from RM491,900 to RM744,000.
Siew said the project is targeted to launch in the current quarter.
On the outlook, she believes that the market will recover in the next two years.
"Of course when we reach herd immunity, the market will be bouncing back but not as pre-pandemic level. Hopefully, in the next two years, the market will be back to normal, which is why we are planning our expansion outside of Klang Valley now. We want to be ready when the market recovers with new launches.
"We believe more and more people will be looking to buy properties with different concepts and within an affordable range in Penang, Perak, Sabah, Johor, and Kelantan," she said.
Meanwhile, EXSIM managing director Lim Aik Hoe said the second tranche of its RM2 billion sukuk programme will provide liquidity for future development projects and help it achieve the next level of growth.
Lim said the latest issuance of Islamic Medium Term Notes (IMTN) by UOB Malaysia will help EXSIM to sustain the capital expenditure and working capital requirements of the group's new and existing real estate development projects.
"This transaction, which is part of an innovative sukuk programme, will also enable us to deliver more value to our stakeholders," he said in a statement.
The RM2 billion sukuk programme monetises future earnings of two of EXSIM's sustainable residential developments in the Klang Valley.
This is not the first time that UOB Malaysia is supporting EXSIM with the sukuk programme.
Last year, UOB Malaysia supported EXSIM's sukuk programmes totaling RM3 billion, secured against the future earnings of Scarletz Suites in Kuala Lumpur, the group's commercial real estate development.
UOB Malaysia has priced and placed out the issuance of four-year RM323 million IMTN by EXSIM at a fixed profit rate of 4.5 per cent per annum.
The IMTN issuance will be secured against and backed by the executed sales and purchase agreements of EXSIM's two residential development projects namely D'Quince Residences and D'Vervain Residences.
D'Quince Residences is a leasehold apartment project located in Central Park Damansara, Damansara Perdana. There are 1,310 units available in this project with built-up from 550 sq ft to 1,100 sq ft.
The project was launched about a year ago and is currently selling from RM270,000 to RM694,000, or at about RM490 per square ft (psf).
According to Siew, the sales rate for D'Quince Residences is close to 98 per cent. The project is expected to be completed in the second quarter of 2024 (2Q2024).
D'Vervain Residences is another leasehold condominium located in Central Park Damansara and it has a total of 1,066 units with built-up from 550 sq ft to 1,100 sq ft.
The units are selling from RM270,000 to RM678,900 with a median price of RM490 psf.
Siew said D'Vervain Residences has achieved a 99 per cent sales rate and the project is expected to be completed in 2Q 2024.
Above Refer from www.nst.com.my
Private players interested in part-funding MRT3 Circle Line, MRT Corp now reviewing several PFI proposals
MRT Corp has issued updates on the MRT3 Circle Line project, which is in the process of being revived to complete the Klang Valley’s rail network. The loop line was given the green light to proceed in April, with the government looking at private sector participation and financing in a “hybrid” system.
Following the briefing session on the project in April, MRT Corp has received several Private Funding Initiative (PFI) propositions for MRT3. MRT Corp CEO Datuk Mohd Zarif Hashim says it is still evaluating the merits of the PFI scheme.
“In view of this, MRT Corp needs to adjust the timeline for the tender process for the first package of the project. MRT Corp will announce the new date for the calling of the tender in the future,” he said. It was earlier said that the tender process will start in August.
Zarif added that the Request For Information (RFI) exercise that started on April 9 has been completed. Over 40 submissions by “major players of the construction industry in Malaysia” were received when the submission period ended on May 25.
“We have engaged the players who participated in the RFI and we have provided them with feedback on the information given,” the MRT Corp chief said, explaining that the RFI exercise was to enable MRT Corp to gauge the interest, capacity and capability of local players of construction industry in relation to the project. The info will also help MRT Corp in establishing the best structure for the MRT3 project.
It was revealed in April that MRT Corp is looking at 30 stations for the Circle Line, including some 10 interchanges with existing rail lines. Some of the proposed stations are Bukit Kiara, INTAN (National Institute of Public Administration), Sri Hartamas, Mont Kiara, Jalan Duta, Matrade, Jalan Kuching, Sentul West, Sentul East, Ayer Panas, Semarak, Setiawangsa, Ampang Point, Desa Pandan, Pandan Indah, Taman Perdana, Taman Midah, Hospital Canselor Tuanku Muhriz UKM (previously known as HUKM), Kuchai Lama, Old Klang Road and Pantai Dalam.
The proposed line will be around 50 km long, and 40% of it will be underground. The project will be built in five phases over 10 years, but each completed phase will be able to operate independently, as the Circle Line links other stations/lines together.
Zarif said in April that MRT Corp aims to use the project as a catalyst to spur the local supply chain and construction players through an “industry development” tender system.
He added that contracts will be awarded based on technological adoption, among others, including the use of the Industrialised Building System (IBS) and Building Information Modelling, modern construction methods that are faster and more sustainable. IBS might reduce foreign worker dependency, as it makes construction easier and safer by being off-site. It’s hoped that this might attract more locals.
MRT3 is for the future, but the MRT Putrajaya Line – formerly known as the Sungai Buloh-Serdang-Putrajaya (SSP) Line – is just around the corner now. The second MRT line will open in November 2021, a three-month delay from its original target of August due to an extension of trial operations as a result of the MCO.
Articles refer from paultan.org
Followed with our FB live session, we advice for those who really in need for survival to take Moratorium. Those who can afford, best dont take the moratorium as it will prolong the tenure longer and pay more interest in the end.
During these EMCO (MCO 3.0), If you not sure on how to apply for a moratorium for 6 months?
Discover 3 ️channels to get it easy and quick:
1. Web Forms
3. Phone call
Applications is open on tomorrow (July 7th).
For financial and guidance advice, contact Agensi Kaunseling dan Pengurusan Kredit (AKPK) via https://services.akpk.org.my
Visit bnm.gov.my/RA for more information.
Having issues with application or contact bank? Let us know via bnm.my/RAsurvey.
Here is the list of all other moratorium link:
1. Moratorium Maybank
2. Moratorium Bank Rakyat
3. Moratorium Bank Islam
4. Moratorium CIMB
5. Moratorium BSN
6. Moratorium Public Bank
7. Moratorium Ambank
8. Moratorium RHB
9. Moratorium Affin Bank
10. Moratorium MBSB
11. Moratorium Bank Muamalat
12. Moratorium Kuwait Bank
13. Moratorium CitiBank
14. Moratorium Alliance Bank
15. Moratorium AgroBank
16. Moratorium Hong Leong Bank
17. Moratorium SME Bank
18. Moratorium Standard Chartered Bank
19. Moratorium Al Rajhi Bank
20. Moratorium UOB Bank
21. Moratorium OCBC Bank
22. Moratorium PTPTN
If the link is not workig, just visit their official home page to look for more update link
Hotel Istana Kuala Lumpur will cease operations on September 1, according to a circular from its management. The June 30 circular, was signed by general manager Nooradzzudin Omar who explained that a voluntary separation scheme would be offered to affected workers.
Hotel Istana Kuala Lumpur will be ceasing operations from Sept 1, says general manager Noorazuddin Omar. "We have arrived at this decision after considering the present circumstances and all available options. We are left with little choice other than to proceed with this closure," he said.
In a statement on Thursday (July 1), Noorazuddin said that the Covid-19 pandemic has had a significant impact on the hotel’s business, rates, returns and occupancy.
“Many of you will be aware that our competitive advantage has declined over a period of time in the face of stringent competition from our neighbouring hotels and service apartments. The situation has now been aggravated by the Covid-19 pandemic which has and continues to impact our industry and its ability to achieve normality.
“This has impacted our business, rates, returns and occupancy despite our best efforts. Even as a quarantine hotel, we are incurring monthly operational losses. As such after a proper evaluation of the hotel and its viability, we have decided to cease operations.’’
The hotel and tourism industry has been among the hardest hit by the government’s measures to try and contain the Covid-19 pandemic.
Last month, the Malaysian Association of Hotels issued a desperate plea for assistance by saying many of its members would be forced to close as a result of the 80 per cent decline in revenue since March last year.
Malaysia is currently in Phase One of the National Recovery Plan in which only approved essential services were allowed.
Hotel Istana is a five-star accommodation located in Kuala Lumpur’s golden triangle and has been in operation since 1992 when it was launched by the prime minister at the time, Tun Dr Mahathir Mohamad.
The approximately 500-room hotel is currently owned by the Tradewind Corporations.
Below is Some Image Referred from Hotel Istana Websites
An aid package worth RM150bil has been unveiled to help the people, businesses, as well as those vaccinated under Phase One of the National Recovery Plan to curb the spread of Covid-19.
The government will also provide a total amount of RM10bil direct fiscal injection.
In a special address, Prime Minister Tan Sri Muhyiddin Yassin on Monday (June 28) listed a number of initiatives under the package known as the "Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (Pemulih)”.
Here are the highlights:
- The government will add up to RM500 for the Bantuan Prihatin Rakyat (BPR) for the month of July with payments to be made from June 29.
The third phase of the BPR between RM100 and RM1, 400 will be paid in September.
Payments for those who succeeded in the BPR appeals will also be paid out in September. Altogether, a total of RM4.9bil will be paid out for the BPR initiative.
- Government to expand job seekers' allowance to Social Security Organisation (Socso) non-contributors especially to new graduates and informal sectors.
They can register at MYFutureJobs and will receive an allowance of at least RM300.
- Bantuan Khas Covid-19 (BKC) initiative for several categories. They are:
1) Households of hardcore poor will receive RM500 in August, RM500 in November, and RM300 in December. Singles from this category will receive RM200 in August and RM300 in November.
2) B40 households will receive RM500 in August and RM300 in December. Singles from this category will receive RM200 in August.
3) M40 households will receive RM250 while singles in this category will receive RM100 in August.
The BKC is expected to benefit more than 11 million households and elderly as well as singles with an allocation of RM4.6bil.
- The government will allocate a total amount of RM10mil to implement the food basket initiative especially for the Orang Asli
- Government to allocate another RM1bil to ensure that the 1kg pollybag of cooking oil remains at RM2.50.
- RM15mil will be allocated to non-governmental organisations to help out in social issues such as mental health, homelessness, and other issues.
- To address the issue of cost of living, the government will maintain the retail price for RON95 petrol, diesel, and LPG, which is expected to involve a subsidy worth RM6bil this year.
- The government will also implement a price control programme based on the threshold value of crude palm oil to control the price of one kilogramme to five kilogramme of cooking oil bottles.
- A discount on electricity bills between 5% and 40% up to a maximum usage of 900kilowatt hours a month will be given. This includes a 40% discount for usage that is below 200kilowatt hours, and 15% discount for usage that is between 201kilowatt hours and 300kilowatt hours. All in, the rakyat is expected to save up to RM346mil in electricity bills for three months from July.
- Economic sectors that have been badly hit, particularly hotel operators, theme park operators, convention centres, shopping malls, and tour operators will get a three month extension of electricity bills of 10% from October to December.
- Telecommunications companies have agreed to extend the 1GB of daily free data until the end of the year. This initiative is estimated to be worth RM500mil and will benefit 44 million registered customers all over the country.
- Additional RM500 to eligible recipients under the Prihatin Special Grant (GKP) 3.0 initiative, with payment expected to be made by mid-July this year.
In total, the government had allocated a total of RM5.1bil via the GKP initiative.
- Understanding the struggle of the SMEs, the government announced an additional payment of RM500 under GKP 4.0 to eligible recipients which will be paid in September and another RM500 in November this year.
- The government will allocate RM18mil for local banks to provide about 30 units of mobile banks in Peninsular Malaysia, Sabah and Sarawak, which are expected to cover 250 rural localities.
Through this initiative, various banking services including opening of accounts; savings, withdrawal and transfer of money; bill payments as well as digital banking can be accessed.
- Government will continue Wage Subsidy Scheme for the fourth time with an allocation of RM3.8bil, expected to benefit more than 2.5 million workers. Through this scheme, the government will support up to 500 workers per employer with assistance of RM600 per worker for four months. This will be two months for every sector in the second phase of the National Recovery Plan, and another two months for the sectors categorised as negative in the third phase of the NRP.
There are no salary limit conditions, and this means that employers can apply for the scheme even if their employers earn more than RM, 4000 a month.
- Government will automatically exempt payments for the HRD levy for two months to employers who are not able to operate during the lockdown.
- Employers from new sectors as a result of the expansion of the Human Resources Development Fund Act 2001 will be given a levy extension under Dec 2021. This initiative is estimated to be worth RM425mil.
- Government agrees to extend the PenjanaKerjaya programme that is due to end in June with several improvements. This includes reducing the salary eligibility limit from RM1, 500 to RM1, 200 ringgit for the “Malaysianisation” programme to give more incentives to employers to replace foreign workers with local workers. The employment contract period will also be reduced from 12 months to six months for employees aged 50 and above, the disabled and ex-prisoners.
Loan Assistance for Those Affected by Lockdown. Govt to announce assistance, including moratorium and i-Sinar soon
The government is expected to announce appropriate assistance, including on moratorium and the i-Sinar facility to alleviate the burden of the people affected by Covid-19 soon.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the matter was discussed with Prime Minister Tan Sri Muhyiddin Yassin and the relevant agencies.
"The government is listening to its people, as such appropriate assistance will be announced soon," he said in a Facebook post today.
Yesterday, Tengku Zafrul in a Facebook post said the government will consider all proposals and solutions submitted by all parties to ease the burden of the people.
"This is for Phase 1 and the next phases under the National Recovery Plan."
Tengku Zafrul said among the requests often received by the ministry was on the extension of the i-Sinar and i-Lestari facilities.
Previously, various parties had asked the government to implement an unconditional moratorium, as well as to extend the i-Sinar facility to help those affected by the implementation of the Movement Control Order to curb the spread of Covid-19.
In earlier of the month, in a special message announcement on PKP 3.0 Assistance, under the assistance of the Strategic Program for Empowering the People and Additional Economy (Pemerkasa PLUS), the government has agreed to grant a loan repayment assistance to individuals who have lost their jobs, B40 recipients of BSH/BPR, SMEs and Microenterprises that are not allowed to operate during the MCO.
Those affected will be given the option to get the approval of the - moratorium automatically for 3 months or- get a reduction in repayment in instalments of 50 percent for 6 months.
Although it is announced that the moratorium will be given automatically, borrowers would still need to contact their respective banks to opt-in for this benefit.
M40 and T20 borrowers who have experienced a reduction in income (including salary, allowances, commissions and household income) are also encouraged to apply for the loan repayment assistance. All you need to do is request a reduction in monthly instalments according to the reduced income. Providing relevant documents may further help with obtaining the assistance.
This initiative will be implemented immediately in June and is expected to benefit more than 5 million borrowers. All you need to do is contact your respective bank to apply for this automatic moratorium as each bank has different terms and flexibility. These include moratoriums on home loans and car loans.
Another important note is that borrowers’ CCRIS report will not be affected for selections made in 2021 so choose wisely and make the most out of this loan repayment assistance. Just contact your banks and choose.
For further information, visit bnm.gov.my/RA
Contact Agensi Kaunseling dan Pengurusan Kredit (AKPK) for advice and guidance at https://services.akpk.org.my/
The nationwide full lockdown will be extended for another two weeks starting June 15.
Senior Minister Datuk Seri Ismail Sabri Yaakob said the decision was made after considering the high number of daily cases reported.
He said the National Security Council’s special meeting chaired by the Prime Minister yesterday heard a report and proposal presented by the Health Ministry.
“It has been decided that the lockdown will be extended for two weeks, taking effect from June 15 to 28, ” he said in a statement.
The lists of positive and negative activities as well as standard operating procedure for manufacturing businesses and industries remain unchanged.
“Since the dos and don’ts list as well as SOP are unchanged, I hope there will be no confusion in enforcing the SOP.
“I do not want the public to be affected by the wrong interpretation of SOP by enforcement bodies, ” said Ismail Sabri.
Sources said those who attended the meeting agreed that the lockdown should be extended.
“After listening to the (Health) ministry’s presentation, everyone shared the same view that there is a need for (the lockdown) to continue for another two weeks to see if the number of daily cases can be brought down, ” said a source.
On May 28, the Prime Minister announced that the country would go into a full lockdown for 14 days from June 1, with only essential economic and service sectors allowed to operate.
At the time, the healthcare system was thought to be near breaking point as the number of Covid-19 cases had breached the 8, 000 mark and new variants had emerged.
Tan Sri Muhyiddin Yassin had said then that should the first phase of lockdown succeed in reducing the number of daily cases, the government would move to a second phase of four weeks with certain economic sectors to open, provided no large gatherings are involved and physical distancing is practised.
“After that, Phase Three would start with the implementation of a movement control order where no social activities are allowed, ” he had added.
Refer from thestar.com.my
Despite the challenges of Covid-19, Kuala Lumpur-headquartered real estate technology company Juwai IQI reports that Malaysian residential real estate sales in specific market segments are growing quickly.
The company transacted 293% more new project sales in 2021 to date, compared to the same period of 2020. The 2021 sales are 247% higher than during the corresponding period in 2019.
The latest coronavirus restrictions have not caused sales to drop.
Juwai IQI Group Co-Founder and CEO Kashif Ansari said: "The MCO (movement control order) didn't hurt Juwai IQI's sales in Malaysia as one might have expected. On the contrary, our sales went up during that period.
"This is because our technology platform made it possible for us to continue to serve buyers despite the MCO. Since then, we have continued to invest in technology and are building a 1000-person global technology and data team here in Kuala Lumpur.
"Paradoxically, it is because of Covid that many people believe this is a good time to purchase homes. Malaysians have been spending less due to the pandemic-related restrictions. As a result, they have built up more savings and want to put that money to good use by buying a stake in the property market."
Ansari said their recent consumer survey found that 70% of Malaysians have neither lost a job nor had to close a business during the pandemic.
"Most Malaysians are still earning their income but are not spending as much as before the pandemic. Many are using the money for down payments on property instead.
"What many see as the upcoming property boom is another reason people are buying property today. Observers expect that economic, employment and income growth should increase more rapidly in the post-pandemic rebound than the pre-Covid rate," he said.
These conditions tend to coincide with rising property demand and prices, said Ansari, adding that the demand was fuelled by the low interest rates, reintroduction of the Home Ownership Campaign and other property-related initiatives introduced in Budget 2021.
"We foresee a robust market post-pandemic, in which the best positioned and best-designed properties will sell more rapidly and at higher prices. Less attractive homes will also benefit to some degree from the rising demand.
MCT Bhd is looking to launch seven new developments, worth RM2.2 billion in total, this year. These launches comprise residential units and commercial projects.
These seven launches include Aetas Damansara in Tropicana Golf & Country Resort, Damansara; Alira in Metropark, Subang as well as Sanderling Lakefront Residences in Cyberjaya. Other projects include a boutique commercial centre at Lakefront Cyberjaya; the maiden phase of Cybersouth Town Centre in Dengkil as well as new residential developments in USJ Subang and Cybersouth, respectively.
CEO Teh Heng Chong expects the property market to continue its path towards recovery as the global economy is gaining steady progress following the recent Covid-19 vaccine roll-out. The low interest rate environment and reintroduction of the Home Ownership Campaign, he said, present good buying opportunities, and more homebuyers are searching for their dream homes.
“Recognising the prevailing uncertainties in the environment, we have quickly pivoted to broaden our product offerings to support future growth and build business resiliency. Over the past few years, we have been growing our presence in the southern region of the Klang Valley, focusing on residential developments in Cyberjaya and our first township development in Cybersouth,” he said in a press release.
“Moving forward, we aim to expand our development footprint, targeting prime areas within the Klang Valley, in order to reach out to various market segments. We are also actively pursuing joint venture and land acquisition opportunities to fuel future growth.”
MCT currently has an undeveloped land bank of 289.5 acres with a total gross development value (GDV) of about RM11.4 billion.
Aetas Damansara will be officially launched this month, offering 226 condominium units priced from RM1.97 million. The RM564 million project spans 1.76 acres in Tropicana Golf & Country Resort. The developer’s maiden luxury residential project is also a joint development with Ayala Land, Inc.
Teh explained that Aetas Damansara echoes MCT’s new vision to set a new benchmark of living spaces anchored on three key elements — bespoke design, efficient space planning and best-in-class fittings. Each unit has an exclusive private lift lobby, which is further enhanced with a multi-tier security system.
Also, phase one of Alira in Metropark Subang is targeted for launch in the first quarter. With a GDV of RM316 million, it consists of 492 apartment units, with built-up areas from 695 to 1,048 sq ft.
Sanderling Lakefront Residences will have 606 units of condominiums priced from RM475,000. To be launched in the second quarter, the development is surrounded by universities and technology-related workplaces.
In 2020, the group has handed over 3,053 units to homeowners of Selangorku PR1MA Lakefront Homes, Lakefront Residence (Phase Two) in Lakefront Cyberjaya as well as Casa Bluebell and Casawood landed residential developments in Cybersouth township.
There is a crane incident at The Exchange TRX. The good news is there is no one injured in the incident.
"No one was injured in a crane incident at The Exchange TRX project site yesterday", said property developer Lendlease.
A heavy storm started at approximately 6pm and it has been established that the crane jib had come down during this storm event. No one was injured during this incident," said the group said in a statement.
“A team has been assembled to manage the situation and we are working closely with the relevant authorities. The team is unable to provide further details, as investigations are ongoing.
“The safety and well-being of our workers onsite remain our top priority,” added Lendlease.
The Exchange TRX, formerly known as the Lifestyle Quarter, is located within the 70-acre Tun Razak Exchange (TRX) development. The retail component will offer 1.3 million sq ft of net lettable area.
Developed and managed by LQ Retail Sdn Bhd, The Exchange TRX is a joint venture between international property and infrastructure group Lendlease (60%) and TRX City Sdn Bhd (40%), the master developer of TRX. TRX City is wholly owned by the Ministry of Finance.
CapitaLand Malaysia, a unit of Singapore-listed CapitaLand Ltd, said it is the first mall operator in Malaysia to onboard seven malls within its portfolio onto Grab's Malls by GrabMart platform.
The seven malls comprise Queensbay Mall in Penang, Melawati Mall in Taman Melawati and five owned by CapitaLand Malaysia Mall Trust (CMMT) — Gurney Plaza (pictured) in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, 3 Damansara in Petaling Jaya, The Mines in Seri Kembangan and East Coast Mall in Kuantan.
In a press release, CapitaLand Malaysia’s head of retail Eddie Lim said an omnichannel strategy to support shoppers and retailers was catalysed by the greater adoption of digitalisation in the retail sector during the Covid-19 pandemic. Consumers opted to stay at home as movement restriction orders were in place, leaving a significant impact on many businesses.
Shoppers can now enjoy the convenience of shopping at CapitaLand malls within a digital space in the comfort of their homes. With more than 50 CapitaLand tenants listed on Malls by GrabMart, shoppers can mix and match their orders from different stores in the same mall and have the orders delivered, and pay only one delivery fee.
Grab Malaysia head of commercials JJ Tan said: “With popular household brands under CapitaLand’s list of merchants on Malls by GrabMart, we are confident that shoppers will find it more convenient to shop online from these merchants and have their purchases delivered right to their doorstep in a single order with one delivery fee. This would definitely be a much safer and cost-efficient way to purchase a variety of items from different shops from the same shopping mall.”
CMMT is listed on Bursa Malaysia and has a market capitalisation of RM1.46 billion.
The article is refer from edgeprop.my
Penang is honorably being ranked No.3 in Global for being 2021 BEST Islands in the World to Retire On. Wow what an honor for us. Its not just the heaven for great food but its heaven for retiree to retire in.
International Living listed Penang as the 3rd best island in the world to retire in, after Malta and Mallorca, Spain. International Living consists of “in-the-know professionals” who have been covering overseas retirement trends for over 40 years.
The list listed Top 15 Islands in the World to Retire On. The criteria for the list include “the ability to live a simpler, more peaceful life without breaking the bank”. George Town, Penang is “home to eclectic architecture, a vibrant art scene, and the best street food in the world”.
There are 3 other Asian countries that made the list as well, aside from Penang, Malaysia. They are Bali (9th place), Koh Samui, Thailand (10th place), and Phu Quoc, Vietnam at 15th place.
Here's the Full List of Top 15 Island in the World to Retire On:
Great news that MRT 3 is reviving and MRT 2 is completing soon and operating in August 2021. That will make our public transportation coverage much wider and much further. Thus this will further benefit Malaysians where our Public Transport system is much better than ever.
Back to 7th November 2020, Malaysia government had announced in Budget 2021 that they are reviving the multi-billion ringgit Mass Rapid Transit Line 3 (MRT 3) under the Budget 2021.
"Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz says the government has allocated RM15bil for transport infrastructure projects for 2021 as part of the government’s commitments that will benefit the people. Aside the MRT 3 project, the government will fund projects like Pan Borneo Highway, Rapid Transit System Johor–Singapore, first phase of Klang Valley Double Track (KVDT) and Gemas-Johor double tracking."
Today, it is announce by Transport Minister Datuk Seri Dr Wee Ka Siong that the construction of the Mass Rapid Transit Line 3 (MRT3) project, which was suspended by the previous government, will begin in the second half of this year. Transport Minister Datuk Seri Dr Wee Ka Siong said as such, the ministry had given Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) three months to update the studies conducted previously on the implementation of the project, to be presented to the Cabinet.
“In the recent cabinet meeting, the government agreed to go ahead with the MRT3 Circle Line and MRT Corp was given three months to update the studies which include the cost of this project,” he told reporters here today.
He said this after inspecting the operational availability of the first phase of the Putrajaya MRT Line from the Sri Damansara Sentral MRT Station to the Kampung Batu MRT Station, Kuala Lumpur.
On the Putrajaya MRT Line, Wee said the project had reached 97% in construction progress, and is expected to begin operations in August.
He said the remaining 3% of the 17.5km MRT line project only involves testing and commissioning of mechanical and electrical systems as well as trial operations.
Wee said the second phase of the project from Kampung Batu to Putrajaya, which had recorded an overall progress of 87%, is scheduled to start operations in January 2023.
The total construction cost of the Putrajaya line is RM30.53 billion.
Bank Negara Malaysia has maintained the Overnight Policy Rate (OPR) at 1.75 per cent at its second Monetary Policy Committee (MPC) meeting today.
The central bank’s MPC considers the stance of monetary policy to be appropriate and accommodative.
“Given the uncertainties surrounding the pandemic, the stance of monetary policy going forward will continue to be determined by new data and information, and their implications on the overall outlook for inflation and domestic growth.
“The bank remains committed to utilising its policy levers as appropriate to foster enabling conditions for a sustainable economic recovery,” it said in a statement
BNM said, domestically, the latest indicators point to improvements in external demand and continued consumer spending.
The reimposition of containment measures will affect growth in the first quarter but the impact is expected to be less severe than that experienced in the second quarter of 2020.
“Going forward, growth is projected to improve from the second quarter onwards, driven by the recovery in global demand, increased public and private sector expenditure amid continued support from policy measures and more targeted containment measures,” the central bank said.
The growth will also be supported by higher production from existing and new manufacturing facilities, particularly in the electrical and electronic and primary-related sub-sectors, as well as oil and gas facilities.
“The rollout of the domestic Covid-19 vaccine programme will also lift sentiments and economic activity.
“The growth outlook, however, remains subject to downside risks, stemming mainly from ongoing uncertainties in developments related to the pandemic, and potential challenges that might affect the rollout of vaccines both globally and domestically,” it noted.
Meanwhile, the headline inflation in 2021 is projected to average higher, primarily due to higher global oil prices. In terms of trajectory, headline inflation is anticipated to temporarily spike in the second quarter of this year due to the lower base from the low domestic retail fuel prices in the corresponding quarter of 2020, before moderating thereafter.
Underlying inflation is expected to remain subdued amid continued spare capacity in the economy, it said, adding that the outlook, however, is subject to global oil and commodity price developments.
BNM said the global economic recovery, while uneven, is gaining momentum, supported by steady improvements in manufacturing and trade activity.
The ongoing rollout of vaccination programmes in many economies, together with policy support, will further facilitate an improvement in private demand and labour market conditions.
“While financial markets have experienced bouts of volatility, financial conditions remain supportive of economic activity.
“Risks to the growth outlook have abated slightly, but remain tilted to the downside, primarily due to uncertainty over the path of the Covid-19 pandemic and effectiveness of the vaccination programmes,” it added.
As from the declaration from KWSP in their website www.kwsp.gov.my on 24th Feb 2021, the EPF Dividend Rate for 2020 will be 5.20%. This for the first time EPF had outperformed PNB's benchmark Amanah Saham Bumiputera (ASB). Permodalan Nasional Bhd’s (PNB) dividend for 2020 is declare at 4.25%.
One of the main factor is that EPF's asset are in Bonds and Overseas investment, unlike PNB portfolios. The highest payout of EPF is declare at 6.9% dated in 2017. Last month, PNB announced a distribution payout of 4.25 sen per unit plus an “Ehsan” payment of 0.75 sen for the first 30,000 units for its flagship fixed-price unit trust fund ASB for the financial year ending Dec 31, 2020
In this section we will be sharing on articles & news update related real estate and some other interesting topics.