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Property

Investment & Market Trends, Property

Iskandar Investment Bhd Partners With TM-Nxera to Drive Digital Transformation

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ISKANDAR PUTERI: Iskandar Investment Berhad (IIB), the master developer of Iskandar Puteri, via River Retreat Sdn Bhd, has entered into a strategic partnership with TM Nxera, a joint venture of TM and Singtel, to empower the digital economy and build a sustainable future for the region. The strategic partnership with TM-Nxera for the establishment of state-of-the-art sustainable, hyper-connected and AI-ready digital infrastructure in Iskandar Puteri marks a significant milestone in its journey towards the aspiration of becoming the Digital and Innovation Hub for Johor. The proposed project will entail an approximate RM9 billion investment by the parties to develop the digital infrastructure for Iskandar Puteri. IIB President and Chief Executive Officer, Dato’ Idzham Mohd Hashim said: “The decision by TM-Nxera to establish their state-of-the-art sustainable and AI-ready digital infrastructure in Iskandar Puteri is a major achievement for our community. It goes beyond mere infrastructure development; it’s about nurturing innovation and fostering growth within our region.” Meanwhile, Mr Bill Chang, CEO of Nxera and Singtel’s Digital InfraCo unit stated: “We are excited to partner with IIB to develop this critical digital infrastructure in Iskandar Puteri. This initiative aligns perfectly with our vision to empower digital economies and communities across the region, and we are confident that it will unlock immense potential for businesses in Johor and Singapore.” The collaboration aligns with Malaysia’s national agendas, including the MyDIGITAL Blueprint which emphasises the importance of digital infrastructure in driving a digitally enabled government and economy. It also supports the nation’s goal of attracting RM70 billion in investments by 2025, as outlined in the MyDIGITAL Blueprint and National Industrial Master Plan 2030. The new digital infrastructure will create numerous benefits for Iskandar Puteri, unlocking opportunities and creating value in several ways. It will increase investment opportunities by attracting new technology companies and stimulating tech-based investments. Additionally, it will upskill the workforce by providing opportunities for local talent to develop digital skills. The infrastructure will be built with a focus on sustainability, aligning with IIB’s vision for a net zero-carbon CBD in Medini. This development will enhance the business ecosystem by facilitating the growth of various technology-driven industries within Iskandar Puteri. Furthermore, it will increase subsea connectivity between Johor and Singapore, supporting the development of digital economies in both regions. With a shared commitment to progress and prosperity in the region, the strategic partnership strengthens the dynamic relationship between Johor and Singapore, underscoring initiatives that pave the way for a brighter future driven by innovation and economic growth. Both parties are confident in the partnership’s ability to not only bolster Iskandar Puteri’s digital infrastructure but also unlock exciting potential for innovations and opportunities. Together, they aim to transform Iskandar Puteri into the preferred gateway to Southeast Asia and a beacon of innovation, sustainability, and economic prosperity.

Property

Thai Condos Slump Amid Economic, Myanmar Woes

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BANGKOK: Prasert Taedulyasatit, president of the Thai Condominium Association, said on June 18, that the Myanmar government’s strict control over condominium purchases in Thailand has affected sales. Currently, Myanmar nationals are the second largest group of buyers after Chinese nationals. It is expected that this restriction will further worsen the real estate market in the second quarter and continue the negative trend from the first quarter. Foreign demand is crucial, especially when domestic purchasing power is weak due to high household debt and the continued refusal to borrow. Nevertheless, customers from Myanmar still make up a small proportion compared to Chinese buyers, who remain the largest customer group. Kajonsit Singsansern, CEO of Siamese Asset Public Company Limited, mentioned that the company has recently expanded its market to Myanmar customers, selling about 10 units priced between 5 and 10 million baht in the Rama 9 area. The main customers are still from China and Taiwan. Due to the weak domestic market, with a rejection rate of up to 50% for properties under 3 million baht, the company relies heavily on foreign buyers. “We have to admit that the Thai economy is in a bad state due to various factors. The main problem is high household debt, which affects purchasing power in all sectors, including the real estate sector. It will be a challenge for the government to achieve 3% GDP growth this year, as only the tourism sector seems to be a supporting factor. If the digital currency project is launched by the end of the year, it could help, but that is still uncertain,” Kajornsit said. Piya Prayong, CEO of Pruksa Real Estate Public Company Limited, explained that Pruksa does not yet have many customers in Myanmar as the company is just entering the market. Therefore, the company is not significantly affected and is exploring other markets such as Taiwan and China. The real estate market has seen weak purchasing power over the last five months due to the sluggish economy and the same old problems with high loan rejection rates of up to 40 percent. The government’s measures have not helped significantly, with the result that sales have fallen slightly short of expectations. “We have therefore expanded our portfolio to include high-quality properties priced between 30 and 40 million baht. For the Thai economy as a whole, the government will have to work very hard if it wants to achieve GDP growth of 3 percent, as growth in the first quarter was only 1.5 percent. More cash injections and stimulus measures are needed as exports are still not doing well. Relying on tourism alone will not be enough,” said Piya. Apisith Sunthornchukeat, Co-CEO of Origin Vertical Corporation Limited, a subsidiary of Origin Property Public Company Limited, noted that the market is still performing well overall for foreign buyers, especially as Chinese buyers continue to invest. However, the Myanmar market has slowed down due to strict control by the Myanmar government. The company has suspended its operations in Myanmar and expanded into new markets such as Taiwan, India, Europe and America, where most customers prefer condominiums in prime locations such as Thonglor, Phrom Phong and Sukhumvit.

Investment & Market Trends, Property

Crescendo’s Net Profit Soars to RM289 Mil in 1Q From Data Centre Land Sales

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KUALA LUMPUR: Crescendo Corporation Bhd’s net profit for the first quarter ended 30 April 2024 (1Q) surged to RM289.03 million from RM13.20 million in the corresponding period a year ago, due to land sales for a data centre in Nusa Cemerlang Industrial Park in Johor. Revenue also soared to a record high of RM527.27 million compared to RM58.33 million previously, largely from property development and construction operations, which contributed more than 90% in 1Q, it said in a filing to Bursa Malaysia. The group said its property development and construction division remains the major contributor to the group’s revenue and profit. Crescendo is optimistic about the property market outlook, especially in Johor, for the next few years. However, it remains cautious amidst the rapid changes in the market environment. “Fluctuation in building materials cost driven by currency depreciation and inflationary pressure pose significant challenges for property developers,” it said. Additionally, with the influx of foreign direct investments in Johor, demands for industrial properties remain strong and are expected to grow in the coming years. “The ongoing Johor Bahru-Singapore Rapid Transit System project will be a catalyst to revitalise the Johor Bahru City Centre development while property development in the vicinity of the terminal at Bukit Chagar will benefit,” it added. The group noted that the proposed Johor-Singapore Special Economic Zone in Johor is expected to foster stronger business ties and attract investments, boost the cross-border flow of goods and people and benefit the economies of both Malaysia and Singapore. — BERNAMA

Investment & Market Trends, News, Property

LBS Bina’s Unit Disposing Entire Stake in Lamdeal Investments for RMB192.18 Mil

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KUALA LUMPUR: LBS Bina Group Bhd’s (LBGB wholly-owned subsidiary in Hong Kong, Dragon Hill Corporation Ltd is disposing of its entire equity interest in Lamdeal Investments Ltd (LIL) to Huafa Urban Operation (HK) Ltd for RMB192.18 million (RM124.76 million). LBGB said under the deal, Huafa Urban shall also settle the outstanding loan owned by LIL to LBGB and its subsidiaries totalling RMB27.82 million (RM) upon the completion of the disposal and the handover of management rights to the Zhuhai International Circuit Ltd (ZICL) no later than 31 October 2024. LIL owns a 60% interest in ZICL which operates China’s first permanent motor racing circuit in Zhuhai City, Guangdong Province. LIL Group was acquired by Dragon Hill on 7 November 2013, with the original cost of investment of US$1. As of 31 December 2023, the net book value of LIL Group is approximately -RM54 million. LBGB said the disposal of LIL would provide an opportunity to monetise its investments and focus on other opportunities. :LIL Group has experienced yearly losses mainly caused by the amortisation of the land and the racing circuit has encountered increasingly tough challenges due to increasingly stringent sustainability compliance requirements. “These challenges include addressing noise-related issues where compliance with these regulations necessitates significant operational adjustments,” said LBGB. The disposal will result in a pro-forma gain of approximately RM80 million, calculated based on the group’s latest consolidated audited financial statement for the financial year ended 31 December 2023 (FY2023) thus improving its net asset by approximately 10%. “This gain is expected to be recognised in FY2024. The proposed disposal is in line with LBGB’s strategy of preserving capital value and strengthening the balance sheet via realising cash resources, which can then be deployed in other projects and investments to maximise returns or for repayment of borrowings,” it said. — BERNAMA

Investment & Market Trends, News, Property

EcoWorld Malaysia 2Q Net Profit Rises as Demand Increases

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KUALA LUMPUR: Eco World Development Group Bhd (EcoWorld Malaysia) posted a higher net profit of RM70.05 million in the second quarter ended 30 April 2024 (2Q24) from RM62.69 million in the same quarter last year. Revenue rose 32.1% to RM555.76 million from RM420.82 million due to higher contributions from active and newly launched phases of its property projects. EcoWorld Malaysia noted that Eco Botanic, Eco Spring, Eco Tropics, Eco Business Park I and Eco Sanctuary in the Klang Valley were among the projects that contributed to revenue and gross profit in 2Q24. Its President and Chief Executive Officer Datuk Chang Kim Wah said the group achieved RM2.18 billion in sales in 7 months of the 2024 financial year (FY), fuelled by robust demand for its projects in Iskandar Malaysia which contributed 61% of the group’s total year-to-date sales. “From a segmental perspective, all four of the group’s revenue pillars, including Eco Townships, Eco Rise, Eco Hubs and Eco Business Parks performed strongly. “Sales of residential homes under our Eco Townships pillar remain the largest segment with RM855 million recorded, of which 90% comprised upgrader homes priced above RM650,000,” he said. Chang also noted that as its projects mature, backed by consistently strong sales, its ability to generate cash grows. “In the first half of FY2024, the group generated RM470 million cash from operating activities, more than 3 times our net profit for the same period. “As a result, our cash balance including deposits and short-term funds rose to RM1.44 billion – its highest level to date – reducing our net gearing ratio to 0.24 times,” he added. According to EcoWorld, it is well-placed to acquire more land and is seeking, particularly under its Eco Townships, Eco Business Parks and Eco Rise pillars. It also aims to broaden its market share under every property market segment and to sustain growth. — BERNAMA

News, Property

WCT Unit Wins Expressway Lane Expansion Contract Worth RM249.74 Mil

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KUALA LUMPUR: WCT Holdings Bhd’s wholly-owned subsidiary, WCT Bhd has secured a contract to undertake works for additional lanes for the North-South Expressway expansion project from Yong Peng (North) to Senai (North) Phase 1: Senai (North) – Sedenak (Package A) worth RM249.74 million. WCT Holdings said its unit has received a letter of acceptance dated 14 June 2024 issued by Projek Lebuhraya Usahasama Bhd. The works under the contract encompass site clearance, demolition works, earthworks, drainage works, pavement works, road markings, road furniture, geotechnical works, bridge structures, environmental protection works, relocation of utilities, road lighting system and extension of vehicular box culvert. “The works under the contract are expected to be completed within 36 months from 28 June 2024, the date of commencement,” it said in a filing with Bursa Malaysia. — BERNAMA

News, Property

Genting Eyes US$8.5 Bil Revenue From Gas-Fired Power Plant Project in China

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KUALA LUMPUR: Genting Bhd is eyeing to generate about US$8.5 billion in revenue over the next 25 years from the gas-fired power plant in ZhouShan, Greater Shanghai Area in the Zhejiang Province, China, which it has proposed to acquire. Genting, through its indirect unit Genting MZW Pte Ltd, proposed to acquire a 49% equity interest in SDIC Jineng (ZhouShan) Gas Power Generation Co Ltd, which is developing a 2×745-megawatt (MW) gas-fired power plant in ZhouShan for 100 million yuan (RM64.87 million). Genting President and Chief Operating Officer Datuk Seri Tan Kong Han said the group aims to generate US$343 million annually starting in the year 2026 as the power plant is estimated to be completed by end-2025. He said the company is looking forward to investing more in the green energy sector even though the segment currently does not contribute significantly to its revenue. “If you look at our last annual report, the leisure and hospitality sectors contributed about US$4.9 billion in revenue, whereas the power as well as oil and gas divisions currently or at least at the end of last year, contributed only US$365.7 million. “So it is a small fraction of the business contribution, but just looking at the current gas prices, that could bring us around US$1.3 billion in revenue and it suddenly becomes a big number. “That is why we are excited and spending a lot of time and energy in this space,” he said. The gas-fired power plant is one of the 3 key H-class projects listed in the 14th 5-Year Plan of Zhejiang Province. “It uses an H-class gas turbine manufactured by GE Vernova Inc, which is the most efficient gas turbine in the world and the project is expected to be the first H-class unit to operate within the Zhejiang Province when it achieves commercial operation in the fourth quarter of 2025,” it added. — BERNAMA

News, Property

KLIA Aerotrain Project to be completed Ahead of Schedule, by Jan 2025

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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

News, Property

Regent Hong Kong The Signature Suite Collection Revealed

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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.

News, Property

IOI Properties Opened a 4.05ha Central Park in IOI Resort City

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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

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