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Property

Energy & Technology, Property

Mah Sing Partners With Bridge Data Centres to Launch Mah Sing DC Hub

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KUALA LUMPUR: Mah Sing Group Bhd makes its maiden entry into the data centre sector with the launch of Mah Sing DC Hub@Southville City in partnership with Bridge Data Centres (BDC). The two companies have signed a landmark collaboration agreement, witnessed by Deputy Prime Minister cum Minister of Energy Transition and Water Transformation Datuk Seri Fadillah Yusof. Mah Sing allocated 60.70ha of landbank at Southville City for further expansion into a leading Data Centre Hub with a planned capacity of up to 500 megawatts (MW). “While this is Mah Sing’s initial venture into the data centre sector, the collaboration with BDC on the initial 7.10ha land for a data centre with a planned capacity of up to 100MW is just the beginning. “We envision Mah Sing DC Hub@Southville City to be a holistic digital infrastructure ecosystem, meticulously designed to accommodate the demands of artificial intelligence (AI), hyperscale, retail and enterprise service providers,” the property developer said in a joint statement. The state-of-the-art facility is specifically engineered to support cutting-edge applications like AI computation and large-scale data storage. “Consequently, Mah Sing DC Hub is poised to attract a diverse clientele, including leading technology corporations, telco giants and prominent financial institutions. “This strategic move underscores Mah Sing’s commitment to enhancing Malaysia’s digital infrastructure, further driving technological innovation and economic growth in the region,” it added. Strategically located 19km from Kuala Lumpur City Centre, Southville City is a mature township equipped with the essential infrastructure to support this major development. “Within the proximity of Telekom Malaysia’s (TM) upcoming new cable landing station in Morib, Selangor, Mah Sing DC Hub will be able to provide a dark fibre network for the hub. “Expected to be completed in the first quarter of 2025, TM’s Morib landing station will be a key landing site for Malaysia,” it continued. — BERNAMA

Investment & Market Trends, News, Property

Gamuda Secures RM1.74 Bil Contracts for SDP’s Hyperscale Data Centre

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KUALA LUMPUR: Gamuda Bhd’s wholly-owned unit Gamuda Engineering Sdn Bhd bagged 2 contracts worth a combined value of RM1.74 billion for the development of a hyperscale data centre at Sime Darby Property Bhd’s (SDP) Elmina Business Park. Gamuda said the project consists of 2 key phases, namely the construction phase, which has a contract value of RM815 million and the mechanical phase that is worth RM928.6 million. For the construction phase, it said Gamuda Engineering will be responsible for the construction, completion, testing and commissioning of the hyperscale data centre and associated ancillary facilities. “It is scheduled to begin on 27 May 2024, with a target completion date of 27 February 2026,” Gamuda said in a statement. For the mechanical phase, Gamuda said the contract covers the fit-out testing and commissioning of the data centre’s mechanical, electrical and plumbing systems in Elmina Business Park 1A. “This phase is expected to commence on 1 July 2025 and be completed by 9 September 2026,” it said. To meet the rising demand for data centre construction, Gamuda plans to ramp up its next-gen digital industrial building system (IBS) production capacity for data centre materials. “This strategic move positions Gamuda to capitalise on the significant opportunities,” it added. Sime Darby Property Shares Rise Sime Darby Property Bhd’s shares jumped by 7 sen to RM1.15 with 25.53 million shares traded at noon of 23 May 2024, following its announcement of doubled net profit for the first quarter ended 31 March 2024 (1Q24). The property company reported a net profit of RM123.58 million in 1Q24, up from RM60.67 million in the same quarter a year ago. Revenue also increased by 42.8% to RM978.69 million from RM685.33 million previously, with all segments contributing to the growth. RHB Investment Bank Bhd said the company is likely to exceed its RM3 billion sales target by year-end, as current bookings have already reached RM2.4 billion. “We like its strategic exposure to the industrial segment and strong earnings should continue to drive the re-rating of the stock,” it said in a note. The research firm has upheld its ‘buy’ recommendation, raising its 2024 and 2025 forecasts by 13-15% and setting a new target price of RM1.42 (up from RM1.05). — BERNAMA

News, Property

Govt to Introduce New Property Act Next Year for Peninsular Malaysia

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KUALA LUMPUR: The Real Property Development Bill for Peninsular Malaysia is expected to be tabled in Parliament in 2025. Housing and Local Government Minister Nga Kor Ming mooted the idea of establishing the Act and said that considering the modern trend of living in a mixed development of retail, commercial, small office home office (SOHO) and medical residence, it is timely for the government to look into establishing the Act which would be more comprehensive, transparent and accountable. “Since 1966, there has been the Housing Development Licensing Act, which only covers residential properties. With the new Act, the interests of purchasers, developers and landowners will be protected. “This can drive the local economy and create job opportunities, even buyers of units at TRX Residences come from more than 25 countries including Dubai, China, Hong Kong, Singapore and so on,” he added. Nga also pointed out that the TRX Residences project developer managed to obtain the strata titles 2 months ahead of its Certificate of Completion and Compliance (CCC). Commenting on the idea of exploring rental housing options for people who can’t afford to buy a home, the minister said the government needs to take a fair and balanced approach on the matter where all parties, including developers have a role to play for the nation. “While making profits, developers must also have a sense of corporate social responsibility to the people. Through strategic collaborations with the private sector, we hope the government will be able to provide 500,00 affordable homes by the end of the 12th Malaysian Plan,” Nga added. — BERNAMA

Investment & Market Trends, Property

MIDF Amanah Stays Positive on Malaysia’s Construction Sector Due to Upcoming Projects

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KUALA LUMPUR: MIDF Amanah Investment Bank Bhd has maintained a ‘positive’ call on the construction sector in view of an expected strong pipeline of civil and private jobs in the second half of 2024 (2H24). The investment bank said the industry would see the expected implementation of government projects in 2H24 in tandem with the allocation under Budget 2024, which allocated RM90 billion for development expenditure (DE). “From 24 January to 24 April, RM54.22 billion worth of projects have been awarded a 33,1% increase over the same period last year,” it said. MIDF Amanah said Deputy Works Minister Datuk Seri Ahmad Maslan’s expectations of more civil job flows starting the middle of this year further reinforced its conviction that contractors would be kept busy over the next few years, with rising demand for industrial buildings, such as data centres, warehouses and semiconductor foundries, further boosting sentiments. “The deputy minister estimated that about 40% (RM36 billion) of the DE is expected to be rolled out by mid-2024. “He also said there were an estimated RM180 billion worth of jobs in the pipeline, comprising RM90 billion from the government’s DE and RM90 billion from the private sector,” it stated. Citing his statement, MIDF said that among the expected projects in 2H24 is the Kuala Lumpur Sentral redevelopment, estimated to cost over RM1 billion and be undertaken by Malaysian Resources Corporation Bhd. Another project, the Mutiara Light Transit Line in Penang with RM10 billion allocation under Budget 2024 is anticipated to begin in 4Q24 and to be completed by 2030. The bank said that other notable projects include the Sabah-Sarawak Link Road (Phase 2) project with RM7.4 billion allocation under Budget 2024 and the Mass Rapid Transit 3 Circle Line project with tenders likely to be awarded by end-2024. MIDF Amanah posited that its top picks are Gamuda with a ‘buy’ call and a target price (TP) of RM5.98, IJM Corp (‘buy’, TP RM2.57) and Malayan Cement (‘buy’, TP RM5.33) “The construction sector had been among the best performing year-to-date which has seen the Bursa’s construction index rising 18.2%,” it added. — BERNAMA

News, Property

Times Square 2 to Sell Out By Year-End With GDV of RM625 Mil

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KUALA LUMPUR: Berjaya Times Square Sdn Bhd (BTS) is confident that its newly launched Times Square 2 residential project will be sold out by year-end. Its executive director Syed Ali Shahul Hameed state that the project, valued at RM625 million, will sell quickly due to its prime location, modern amenities, attractive pricing and exceptional connectivity. Located on Jalan Imbi, adjacent to Berjaya Times Square mall and Bukit Bintang City Centre, the project features 629 services residences on a 41-storey tower. Units range from 488 sq ft 1-bedrooms to 1,356 sq ft 3-bedrooms with prices going from RM688,000 to RM2.65 million. Meanwhile, BTS Executive Director Tan Tee Ming added that Times Square 2 offers facilities designed for urban dwellers seeking capital gains and practical layouts. “Options include hackable walls for combining units, dual-key designs for rental flexibility and ensuite bathrooms to prevent morning rushes,” he explained. Apart from having a GreenRE Gold Rating Certification, the development is also pet-friendly. — BERNAMA

Investment & Market Trends, News, Property

Sunway REIT Posts Lower Net Profit in 1Q24, Expert Expresses Cautious Optimism

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KUALA LUMPUR: Sunway Real Estate Investment Trust (REIT) reported a decline in net profit to RM86.98 million in the first quarter ended 31 March 2024 (1Q24) compared to RM96. 46 million last year. Revenue also decreased by 2% to RM178.59 million from RM182.80 million previously. In a separate statement, Sunway REIT attributed the revenue contraction primarily to a lower contribution from the services segment following the cessation of rental income from Sunway Medical Centre (Tower A and B), which was disposed of in 3Q23. However, this decline was offset by improved performance in the hotel, office, industrial and other segments. SunReit Management Sdn Bhd Chief Executive Officer Clement Chen said the acquisition of 6 hypermarkets, 5 within Klang Valley and one in Johor, for RM520 million which was completed on 30 April 2024. “Based on the initial yield of approximately 8% from the purchase consideration, the rental income will more than compensate for the void in earnings resulting from the disposal of Sunway Medical Centre (Tower A and B), thereby boosting property income (NPI) for the remaining year,” he said. With this acquisition, Sunway REIT expanded its asset portfolio to 25 properties, including an inaugural property in Johor and now manages assets worth RM9.5 billion. “This solidifies our position as the 2nd largest REIT in Malaysia, measured by assets under management,” he added. Looking ahead, Chen expressed cautious optimism for 2024, citing the resilient performance of the retail segment and the steady recovery of tourist arrivals. “Furthermore, we anticipate unlocking additional NPI potential upon the completion of our proposed acquisitions and ongoing asset enhancement initiatives in Sunway Pyramid Mall, scheduled for completion in the 2nd half of 2024,” he commented. — BERNAMA

Energy & Technology, News, Property

NSG BioLabs Partners With EnterpriseSG and Merck to Fuel Biotech Innovation

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SINGAPORE: NSG BioLabs announces partnerships with Enterprise Singapore (EnterpriseSG), the Singapore government agency championing enterprise development, and Merck, a leading science and technology company, to bolster the biotech landscape by providing needed resources such as funding, expertise and networks to advance startup research and development. Being Singapore’s largest provider of biotech co-working laboratory and office space, the company also successfully concluded a US$14.5 million (RM68.6 million) financing round led by Celadon Partners, an Asian private equity firm, and ClavystBio, a life science investor and venture builder set up by Temasek to accelerate the commercialisation of breakthrough ideas to health impact. With these fresh funds, NSG BioLabs intends to enhance its products and services and introduce additional facilities to meet the growing demands of biotech startups and multinational companies in Singapore and Southeast Asia. These achievements reaffirm NSG BioLabs’ strength and expertise in providing high-quality, well-managed, and turnkey Biosafety Level 2 (BSL-2) certified laboratory and office spaces. Since 2019, NSG BioLabs has been assisting innovators in creating impactful solutions in the health, biomedical, agrifood, and industrial biotechnology sectors, working in areas such as precision medicine, nucleic acids, AI-enabled drug discovery, and synthetic biology. With the largest co-working biotech laboratory and office footprint in Singapore, coupled with extensive networks with partners, suppliers and industry experts, NSG BioLabs has helped over 40 companies as residents. The company’s residents include several multi-billion-dollar multinationals as well as many promising startups that have achieved key milestones. The startup residents alone have successfully raised nearly US$400 million (RM1.89 billion) in funding and supported hundreds of jobs. “Our partnerships with EnterpriseSG and Merck signify the importance of a collaborative spirit, and we hope to spur greater collaboration among other stakeholders to benefit the biotech industry in Singapore and the Asia Pacific region,” NSG BioLabs CEO and Founder Daphne Teo. NSG BioLabs’ renewed partnership with EnterpriseSG aims to invest in and nurture more high-potential biotech startups, in particular, expanding support for those with promising innovations in fields such as precision medicine, with the aim of fast-tracking the development and commercialisation of such deep tech solutions. “Singapore’s biotech landscape has evolved significantly, with a burgeoning community of global startups and doubled healthtech deals in 2023. EnterpriseSG will continue to work with industry partners like NSG BioLabs to drive the development of new deep tech innovations such as AI-enabled platforms and targeted therapies by providing patient capital, infrastructure and expertise. This will strengthen Singapore’s edge in precision medicine and revolutionise healthcare delivery,” said EnterpriseSG Director of Healthcare and Biomedical Dr Clarice Chen. “As the Southeast Asia biotech sector experiences tremendous growth driven by healthcare needs, we are confident that NSG BioLabs’ innovative co-working model can offer compelling solutions for biotech startups and companies across the region. NSG BioLabs’ dedication to empowering companies to fast-track their research and development efforts is commendable,” said Donald Tang, Managing Partner at Celadon Partners. To further enable its residents to develop, grow and scale-up, NSG BioLabs has secured a partnership with Merck to provide its residents with special terms for Merck’s reagents, and equipment in life sciences. The partnership also includes preferential access to biopharma processing expertise and consultation for scaling-up production.

Investment & Market Trends, Property

AME Elite to Sell 11 Freehold Johor Lands for RM209.84 Mil

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KUALA LUMPUR: AME Elite Consortium Bhd proposes selling 11 industrial land plots in i-TechValley, Iskandar Puteri, Johor, to Digital Hyperspace Malaysia Sdn Bhd (DHM) for a combined RM209.84 million in cash. The real estate services group stated that its subsidiary, Pentagon Land Sdn Bhd, plans to dispose of seven freehold plots totalling 9.07ha to DHM for RM134.79 million. Another subsidiary, Greenhill SILC Sdn Bhd intends to sell 4 similar plots measuring 5.05ha to DHM for RM75.05 million. The proposed sales aim to unlock the full value of the lands, resulting in an estimated net pro forma gain of RM85.13 million and generating gross cash proceeds of RM209.84 million. “This will allow the group to partially fund its ongoing industrial property development project, i-TechValley and strengthen the group’s financial position for future endeavours,” it said. The estimated timeframe for utilisation is within 36 months following the completion of the proposed sales and it is expected to be completed by the first quarter of 2025. — BERNAMA

Property

Over 400 units of Sunway Velocity 3 Homes Sold on Opening Weekend

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PETALING JAYA: Sunway Property’s latest venture, Sunway Velocity 3 in Kuala Lumpur, saw an impressive 60% take-up rate during its inaugural weekend on May 4, with 400 out of 695 units swiftly finding buyers. Sunway Property attributed this success to the track record set by its predecessors, Sunway Velocity (2011) and Sunway Velocity TWO (2018), both of which saw rapid sales of residential units and fully occupied commercial spaces. The initial phase of Sunway Velocity 3 comprises two blocks of serviced residences sprawled across 3.43 acres of prime real estate, boasting an estimated gross development value of RM 1.28 billion. This residential enclave is seamlessly integrated with Sunway Velocity Mall. Chong Sau Min, CEO of Sunway Property’s northern and central regions, as well as Sunway Property and Facility Management, noted the diverse profile of buyers drawn to Sunway Velocity 3, ranging from professionals and commuters to small families, first-time homebuyers, and astute investors. Buyers were particularly drawn to the development’s unparalleled connectivity to an array of lifestyle amenities within the vibrant Sunway Velocity integrated city. Additionally, they expressed confidence in the project’s appreciation potential, buoyed by Sunway’s substantial ownership and management stake in over 50% of the Sunway Velocity project, ensuring perpetual and robust management. Furthermore, the inclusion of home maintenance services through the Care+ offering was well-received by buyers, with plans underway to introduce tenancy management services under Rent+ to further enhance the value of their investments. Strategically located just one station away from the TRX Financial Hub, Sunway Velocity 3 offers direct access to Sunway Velocity Mall and Sunway Velocity TWO via a convenient link bridge, enhancing its appeal to residents and investors alike.

News, Property

Penang unveils plan for Integrated Circuit Design and Digital Park

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GEORGE TOWN: The Penang state government has unveiled its plan to establish an Integrated Circuit (IC) Design and Digital Park, which offers a total of 1.0 million square feet (sq ft) of premium office space to attract and house high-impact projects. Penang Chief Minister Chow Kon Yeow said these developments will further solidify Penang’s position as the preferred investment destination for businesses and entrepreneurs in these sectors. He said the development of the park consists of two phases, involving 42.5 hectares in the Bayan Lepas Industrial Park. “The first phase which began in January last year involves the construction of two office buildings, namely the Global Business Services (GBS) By The Sea and the GBS TechSpace, with a total cost of RM347 million. “(The first phase) is set to be completed by the fourth quarter of this year, providing approximately 350,000 sq ft of premium office space, equipped with high-spec building features, cutting-edge engineering lab facilities and parking accommodations,” he said during a press conference here, today. Chow said the second phase involves the construction of GBS@Technoplex, which will cost approximately RM308 million, scheduled for completion by 2027.He highlighted that in the past, the state has established its own GBS buildings which are the first of their kind in Malaysia, namely GBS@Mayang and GBS@Mahsuri, signifying the state’s commitment towards a robust ecosystem for digital innovation. Chow said the second phase involves the construction of GBS@Technoplex, which will cost approximately RM308 million, scheduled for completion by 2027. He highlighted that in the past, the state has established its own GBS buildings which are the first of their kind in Malaysia, namely GBS@Mayang and GBS@Mahsuri, signifying the state’s commitment towards a robust ecosystem for digital innovation. He noted that Penang currently hosts 200 Malaysia Digital-status companies, predominantly from foreign direct investments, showcasing the state’s attractiveness in this sector. “To further promote IC design, the state is introducing subsidised rental rates for office spaces. “Additionally, we are in the process of applying to the Federal Government for incentives and grants to enhance the ecosystem. These initiatives will be incorporated into the forthcoming incentive package,” he said. Chow also said that the state is committed to providing exceptional infrastructure, conducive facilities, and attractive amenities to strengthen Penang’s pioneer position in the IC design and digital industries. Over the past 30 years, Penang has been home to over 20 global IC Design companies, including Intel, Motorola, AMD, Microchip, UST Global, Siemens, Zebra, Lattice, and Synopsys, as well as several homegrown IC design corporations such as SkyeChip, Oppstar Technology and Infinecs Systems. — BERNAMA

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