Property

KUALA LUMPUR: The Aerotrain Replacement Project at Kuala Lumpur International Airport (KLIA) is slated to be completed by 31 January 2025, ahead of the project’s original planned completion date. According to Malaysia Airports Holdings Bhd (MAHB), this expedited timeline, finalised through a contract signed on 14 June 2024 between Malaysia Airports (Sepang) Sdn Bhd (MA Sepang) and a joint venture consisting of IJM Construction Sdn Bhd and Pestech Technology Sdn Bhd (IJMC-Pestech JV). MA Sepang is a wholly-owned subsidiary of MAHB and Alstom Transport System (Malaysia) Sdn Bhd (Alstom). MAHB said this advances the original completion date of 31 March 2025 by 2 months. “As the project coordination lead, Alstom will oversee the delivery of 3 new trains, the upgrading of 2 lines and the overall comprehensive testing required for safe operations,” it said in a statement. MAHB said that according to the project’s timeline, the new aerotrains are expected to arrive in Malaysia from China by the end of the third quarter of this year. “The aerotrains will then undergo commissioning and rigorous testing by the relevant authorities before official operations can commence,” it said. In March 2022, MAHB announced that it had awarded the KLIA Aerotrain Replacement Project which has a 3-year completion timeline. However, the project encountered delays which resulted in a new project award in January 2024 to a consortium comprising Alstom, the aerotrain’s original equipment manufacturer and IJMC-Pestech JV to steer the project back on track. “Despite these setbacks, MAHB and its project partners have collected effectively to achieve a completion date ahead of the original schedule by implementing innovative strategies and efficient project management,” it added. Meanwhile, MAHB acting Group Chief Executive Officer Mohamed Rastam Shahrom pointed out that the early project completion ahead of the originally planned date was a testament to the commitment to improving the passenger experience. “This advancement not only addresses immediate operational needs but also strengthens KLIA’s position as a leading transport hub in the region by providing world-class service and infrastructure to our passengers,” he added. — BERNAMA

HONG KONG: As part of its stunning transformation, the reimagined Regent Hong Kong continues to ramp up the allure with the unveiling of the Signature Suites, a trio of spectacular luxury residential retreats. Each of the residence is equipped with a private outdoor terrace and whirlpool, unrivalled views of Victoria Harbour and the dazzling Hong Kong skyline, plus a myriad of Personal Havens enhanced by bespoke service “on your terms”. Showcasing the sublime aesthetic of visionary Hong Kong-born architect and designer Chi Wing Lo, the Presidential Suite, Terrace Suite and CEO Suite are one-of-a-kind Personal Havens that elevate the Regent Hong Kong experience to new heights. Celebrating the beauty of contrasts, Lo has created timeless spaces with a serene design sensibility that stunningly juxtaposes the hotel’s spectacular vistas from a multitude of aspects, allowing guests a bespoke experience that inspires special moments. From wedding ceremonies with cocktail receptions set against the backdrop of Victoria Harbour to intimate soirées, exclusive private events, romantic getaways and family reunions, Regent Hong Kong’s signature suites set the stage for exceptional experiences. Regent Hong Kong Managing Director Michel Chertouh comments, “Each of our Signature Suites is designed to offer a highly personalised experience and the height of sophistication and discreet luxury. Guests will feel as if they are living in a luxurious contemporary residence with spaces that become their own, rather than a hotel suite.” Re-envisioning each signature suite with warm cream tones, custom furnishings in natural oak with leather detailing and artisan craftsmanship, Lo has created a tranquil ambience with understated sophistication, elevated above the bustle of the city, while overlooking it all. The three Signature Suites represent the crème de la crème of the 129 stunning suites at Regent Hong Kong amongst a total of 497 guestrooms. With a variety of categories from which guests can choose, each Regent suite is a residential-style luxury retreat with a spacious living area and Oasis bathroom. While basking in discreet luxury and elevated amenities ‘with compliments’, guests are privy to magnificent vistas in Harbourview and Seaview Suites with intimate Private Havens designed for indulgent moments.

KUALA LUMPUR: IOI Properties Group Bhd (IOIPG) recently opened its 4.05-hectare (ha) Central Park in IOI Resort City, Putrajaya. Nestled adjacent to the Plam Garden Hotel and in close proximity to the 2.5 million sq ft IOI City Mall, this new park promises to become a vibrant hub for residents and visitors alike. IOI Resort City’s Senior General Manager (Property Management) Ho Kwok Wing described the park as a lifestyle landmark catering to families, fun-lovers and pet owners as it offers diverse sporting and waterfront amenities, including a pet-friendly zone with an obstacle course. “The Central Park is our latest offering, rounding out the recreational and leisure landscape of IOI Resort City. “We designed it to foster community interaction in a social space amid serene greenery, scenic lake views and engaging sports amenities,” he said. The park features an open lawn, playground, jungle track, floral green and various recreational spaces. Its sporting facilities encourage active lifestyles, including a skate and bike park as well as courts for basketball, badminton and futsal. Ho highlighted the park’s development aligning with IOIPG’s sustainability goals, providing ecosystem services like climate change mitigation, urban heat island reduction, flood prevention and biodiversity conservation. “In line with efforts to reduce carbon footprint and conserve existing plants, 71% of the trees in the park have been transplanted within IOI Resort City,” he said, adding that over one-third of the trees planted are vulnerable International Union for Conservation of Nature (IUCN) Red List tree species. He also noted that the park supports wildlife such as butterflies, dragonflies, reptiles, small mammals, fish, songbirds, waterbirds and raptors. “For more sustainable operations, the park uses a solar-powered light emitting diode lighting system. “IOIPG aspires to conserve the park for a long-term contribution towards United Nations Sustainable Development goals,” he said. The Central Park, managed by IOIPG is open to the public, residents and visitors without charge. IOI Resort City that spans 318.89 ha is IOI Properties Group’s flagship township development Putrajaya. Its latest residential offering, GEMS Residence, includes 676 condominium units developed with Mitsubishi Estate Residence to blend lifestyle living with community-based care. — BERNAMA

KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH Capital), through wholly-owned unit LSH BEST Builders Sdn Bhd (LSHBB) and Service Master (M) Sdn Bhd (SMMSB) will jointly undertake the operation and maintenance management of Kuala Lumpur Tower (KL Tower). LSH Capital said the joint venture (JV) received a letter from the Public-Private Partnership Unit of the Prime Minister’s Department (UKAS) on 7 June, informing that the government has agreed in principle for the JV to undertake the project. The LSHBB-SMMSB JV will hold 70% by LSHBB and the remaining 30% by SMMSB. “The combined strength and expertise of LSHBB and SMMSB will enable the joint venture to unlock value-enhancing synergies with increased efficiency, improved innovation and ability to provide enhanced solutions resulting in a stronger and more effective entity that will spearhead the revitalisation of KL Tower. “As announced by the government on 29 May, the decision to award the operation and maintenance management of KL Tower LSHBB-SMMSB JV was made through a request for proposal exercise and the concession period will be for a period of 20 years,” it said. LSH Capital is principally engaged in construction and construction-related services and solutions and property development, while SMMSB is one of the pioneers specialising in integrated facilities management services. LSH Capital Non-Executive Chairman Tan Sri Lim Keng Cheng said LSH-SMMSB JV has envisioned a KL Tower with an elevated visitor experience through modernisation and refurbishment while enhancing the true potential of KL Tower that emphasises on spaces for retail, cultural and recreational programming. — BERNAMA

KUALA LUMPUR: The Prime Global Cities index recorded an average annual growth rate of 4.1% in the first quarter of 2024 (1Q24), marking the strongest growth rate since 3Q22 before interest rates surged and monetary policies tightened. In Knight Frank’s latest edition of the Prime Global Cities Index, which tracks luxury residential prices across 44 global cities, the real estate agency said the growth represents a notable rebound from flat growth at end-2022. According to Knight Frank Property Hub Malaysia Managing Director, Enoch Khoo, the price growth also increased by 1.1% quarter-on-quarter in 1Q24, up from 0.3% increase in 4Q23. “This trend mirrors the Malaysian market, where rising prices have similarly indicated a strengthening economy,” he said. Knight Frank Global Head of Research, Liam Bailey said the 4.1% growth was a sign of the rebound in global housing markets. “Rather than heralding a return to boom conditions, the index indicates that upward price pressures are stemming from relatively healthy demand, set against continued low supply volumes. “The pivot in rates will encourage more vendors into the market, leading to a welcome return to liquidity in key global markets,” he added. — BERNAMA

KUALA LUMPUR: Aeon Co (M) Bhd will acquire 2 pieces of land in Seremban, Negeri Sembilan for RM102.89 million from Real Attraction Sdn Bhd. In a Bursa Malaysia filing, Aeon said it has entered into a sale and purchase agreement (SPA) with Real Attraction for the lands, measuring 0.96ha and 8.36 ha, respectively. “The proposed use of the lands is to construct a building-commercial shopping centre or its equivalent for operating a shopping centre with car parks and departmental stores/supermarket,” it said. Aeon also mentioned that the company will pay 10% of the purchase price upon signing the SPA and the remaining 90% of the purchase price shall be paid progressively to the vendor until the successful transfer of title in the company’s name as set out in the payment schedule agreed by both parties. “The proposed acquisition is in line with Aeon’s corporate strategy of developing its future retail business and giving the company the opportunity to expand in Seremban. “The lands are strategically located, immediately adjacent to the existing Aeon Mall Seremban 2, which would enable the company to construct a building-commercial shopping centre link to the existing mall as one of the strategic expansion plans,” it added. — BERNAMA