Property

PUNCAK ALAM: The transformation into a thriving township from a quiet area is a testament to IJM Land’s well-honed expertise, cultivated over two decades since 2001. The masterfully developed Alam Suria by IJM Land, spanning 1,163 acres, showcases a vibrant mix of residential and commercial projects. This prime location offers a serene environment while being close to essential amenities, making it highly attractive. It has already attracted around 28,000 residents, with more soon to join the Alam Suria community. Surrounded by nature, Alam Suria offers a peaceful retreat with refreshing breezes and tranquil tree-lined lanes. The entrance, adorned with the Gerbera Flower and the tagline ‘Bringing It All Together’. The township epitomises a comprehensive, holistic, and comfortable lifestyle. People from all walks of life can expect a complete township with a wide range of amenities, providing all the required elements for a comfortable lifestyle and more. Residents enjoy comfort, assured that Alam Suria is their long-term home where they can find daily revitalisation in the lush surroundings and retail options, fostering connections within the community and reconnecting with loved ones and friends in the nearby park. Capitalising on a key driver of exponential growth is the soon-to-be-completed East Coast Rail Link (ECRL), located at Puncak Alam, approximately 2km from Alam Suria city center. This will enhance convenience and connectivity for residents, serving as a catalyst to boost market growth and make it an increasingly appealing place to live and invest in the future.  The East Coast Rail Link (ECRL) project is a transformative 665 km-long railway that will connect several regions across Malaysia’s east and west coasts. It is scheduled for completion by the end of 2026 and full operational readiness by January 2027, significantly reducing travel time between Kota Bharu and Kuala Lumpur to just four hours. This improvement will enhance connectivity and accessibility along this stretch of the Peninsula. Within this network, the ECRL Puncak Alam Passenger Station is strategically positioned within Alam Suria as a vital hub. Located near Jalan Ambang Suria 17/2/1, the station is just 1.3km from the Suria Square commercial centre, 1.5km from Daffodil Residency, and 1 km from the highly anticipated Suria Hill, scheduled for launch in 4Q 2024. Building on the success of previous developments, Alam Suria is also set to launch Suria Hill, a low-density hilltop double-storey terrace house development spread across a 170-acre site. Comprising 918 units and consisting of five main phases, Suria Hill also features Suria Park, a 4.42-acre area of lush greenery with facilities suitable for all ages to have fun and enjoy. The Parcel 1—Type E homes, with a land area of 20’x’60’ and each measuring 1,606 sq ft, will be launched in Q4 2024. This new phase promises to offer residents modern landed living spaces in a thriving community, with each unit designed with a focus on utility, spaciousness, and comfort, catering to residents who desire a high quality of life. The launch of Suria Hill represents the next step in IJM Land’s ongoing commitment to creating well-rounded and vibrant living environments. “The ECRL and WCE will attract businesses and investors, spurring economic activity and creating job opportunities in the area. This seamless connectivity enhances accessibility and significantly boosts the value of Alam Suria as a prime living location. With improved public transportation infrastructure and better connectivity within the states, property prices in the region are expected to increase, paving the way for Alam Suria’s accelerated development and future growth,” said IJM Land Senior General Manager, Chai Kian Soon. With its blend of modern living spaces, strategic location, and upcoming transportation links, Alam Suria is set to reap the dual benefits of improved connectivity and enhanced public transport infrastructure to become a thriving and desirable community in the very near future.

KUALA LUMPUR: Mah Sing Properties Sdn Bhd has entered into a conditional sale and purchase agreement with Datuk Bandar Kuala Lumpur (DBKL) for a 2.50-hectare parcel of prime land in Taman Desa for RM108 million. Meanwhile, Mah Sing Group said the proposed development on the land is expected to have an estimated gross development value (GDV) of RM1.01 billion, which will proceed in 2 phases. The project, named M Aspira, will comprise approximately 1,600 residential units across 1.50 hectares and an additional 800 units of Residensi Madani on a one-hectare site within Taman Desa, located off Jalan Klang Lama and the East-West Link Expressway. Mah Sing Group also said in a statement that the acquisition is not expected to materially impact the group’s earnings for the fiscal year ending 31 December 2024, but it is anticipated to contribute positively in the future, pending completion in the first half of 2025 (1H25). Additionally, Mah Sing Founder and Group Managing Director, Tan Sri Leong Hoy Kum highlighted the development’s appeal to urbanites, first-time homebuyers and international investors – blending urban vibrancy with suburban tranquility. “This is one of the last pieces of development land in this mature location in Kuala Lumpur and we believe there is strong pent-up demand for the products that we have planned. “The surrounding neighbourhoods have mainly older residential projects and it is timely for us to offer well-designed homes with a good concept and facilities for the upgraders as well as first-time homebuyers from the surrounding established townships,” he added. — BERNAMA

KUALA LUMPUR: Agrobank has allocated RM200 million for a financing scheme to help eligible Federal Land Development Authority (Felda) settlers own their first homes under the Affordable Homes Programme-i. In a statement, the bank said the scheme is a testament to Agrobank’s dedication to empowering the settler community. President and Chief Executive Officer Datuk Tengku Ahmad Badli Shah Raja Hussin said applications for the financing facility have been promising, totalling RM137 million to date. “Agrobank has approved around RM59 million, proving our commitment to helping Felda settlers to own a home,” he said. The strategic collaboration between Agrobank and Felda began in 2020 with positive results in empowering the well-being of settlers. Through the Felda New Generation Housing Financing Programme, Agrobank not only provides a large allocation for the Affordable Housing Programme-1 but also improvises its financing terms for eligible applicants. The collaboration was further strengthened in 2021 with the RM100 million Settler Development Programme (PPP) that aims to improve the socio-economic status of settlers holistically. — BERNAMA

KUALA LUMPUR: Southern Score Builders Bhd’s subsidiary, Southern Score Sdn Bhd (SSSB), specialising in construction management for high-rise residential buildings and civil infrastructure, has secured a significant RM315 million contract from Smart Advance Resources Sdn Bhd (SARSB). This contract appoints SSSB as the turnkey contractor for the development of three residential apartment blocks in Mukim Setapak, Kuala Lumpur. The project includes: – Block A: 198 free-cost residential units spanning levels 8 to 36 – Block B: 358 free-cost residential units spanning levels 8 to 37 – Block C: 238 affordable housing units spanning levels 8 to 37 – Facilities on level 8: 1 facility floor and a swimming pool – Podium car park: 8 floors – Other features: 1 guard house and 1 Tenaga Nasional Berhad Stesen Suis Utama 11kV. SSBB Executive Director and CEO, Gan Yee Hin, expressed optimism about the project, stating, “This RM315 million contract marks our second win this year, adding to a total of RM933.2 million secured in 2024. With our outstanding order book standing at RM1.4 billion, SSBB anticipates robust earnings over the next few financial years. Our active participation in tenders, both in public and private sectors, underscores our confidence in future growth opportunities.”

KELANTAN: The progress status of the East Coast Rail Link (ECRL) project in Kelantan has reached 79.81% as of May 2024. According to the Ministry of Transport, the progress of the work involved the bridge structures where 428 out of 468 beam launching spans had been installed on the main line and construction work for both stations in Kelantan had also started. “In addition, track installation work in Kelantan is expected to begin in the fourth quarter of 2024 (4Q2024) using a track laying machine,” the ministry said in response to a query regarding the state of Kelantan and the plans of ensuring the positive impact of the project to provide an economic spillover to the local population when operations begin. The 665km ECRL project is a rail infrastructure development that will connect the states of the East Coast with the West Coast of Peninsular Malaysia, namely Kelantan, Terengganu, Pahang and Selangor. The ministry also mentioned that PLANMalaysia, through the East Coast Rail Line Integrated Land Use Master Plan (PeGTaECRL), will map out the land use development along the ECRL alignment and around the station including the development of the Economic Accelerator Project (EAP) investment. “The detailed proposed plan in the PeGTaECRL for Kelantan involves 2 ECRL stations, namely the Kota Bharu and Pasir Puteh stations. “Among the main proposals for the ECRL stations in Kelantan are the development of Bandar Baru Tunjong which is a new township for the Ketereh area, while in Pasir Puteh is the proposed development of logistics hub as well as the proposed land port in Bandar Baru Tok Bali, which will strengthen the Pasir Puteh station as a cargo hub for Kelantan and northern Terengganu,” the ministry added. — BERNAMA

KUALA LUMPUR: Sunway Malls is forecasting a 6.5% growth in sales performance for the first half of 2024 (1H24) year-on-year (YoY), buoyed by robust growth in the first quarter of this year. The mall operator said better than expected performance from Sunway Carnival, resilient food and beverage (F&B) performance and double-digit growth in jewellery and health and personal care sub-sectors were among the key drivers that shored up the mall’s overall sales performance. Sunway Malls and Theme Parks Chief Executive Officer, HC Chan said the group’s strategy focusing on the northern region apart from its traditional stronghold of the central region is paying off and that the expansion of Sunway Carnival in 2023 paved the way for better contribution in terms of sales growth. “Sunway Carnival topped the sales performance among Sunway malls during the last Raya festive period. We foresee even more upside with better yield from a refreshed tenant mix once the refurbishment of 500,000 square feet (sq ft) of existing space is completed,” Chan said in a statement. Additionally, Sunway Malls noted that its F&B performance also proved robust as indicators showed 6% growth. The jewellery segment grew 14% growth YoY as strong demand for gold pushed sales up while its health and personal care segment registered the highest growth year-to-date with 25% growth YoY. For the longer term and broader outlook, Sunway Malls is expected to grow its portfolio of malls through both pipeline developments and acquisitions with 1.5 million sq ft net lettable area, respectively, following Sunway Real Estate Investment Trust’s (Sunway REIT) recent acquisition announcements. “In the pipeline, Sunway is also building three malls – Sunway Square with a retail space of 300,000 sq ft in Sunway City Kuala Lumpur; Sunway Pier with a retail space of 350,000 sq ft in Port Klang; and Sunway Ipoh Mall with a retail space of 1 million sq ft in Sunway City Ipoh. “Sunway Square is expected to complete in 2025 whereas Sunway Pier and Sunway lpoh Mall are expected to complete in 2027,” Sunway Malls noted. Including pipeline developments and acquired assets, Sunway Malls’ portfolio will grow from seven retail developments to 17. — BERNAMA