Malaysia

Investment & Market Trends, News

MKH Oil Palm Berhad Makes Successful Main Market Debut

KUALA LUMPUR: MKH Oil Palm (East Kalimantan) Berhad, known as MKHOP, has successfully entered the Main Market of Bursa Malaysia Securities Berhad. The company’s stock, categorized under the plantation sector, is listed as MKHOP with the stock code 5319. Its initial share price opened at 63 sen, reflecting a 1.6% premium over the issue price of 62 sen, with an initial trading volume of 12,134,600 shares. Tan Sri Dato’ Chen Kooi Chiew, the Non-Independent Non-Executive Chairman of MKHOP, highlighted the significance of this milestone, emphasizing the company’s commitment to long-term growth. With proceeds of RM136.4 million from the IPO, MKHOP plans to expand its plantation estates, enhance operational efficiency, diversify product offerings, and invest in sustainability initiatives, including improving living conditions for its workforce and reducing reliance on diesel generators.   Given the current El Nino dry weather conditions affecting global CPO supply and supporting CPO prices, MKHOP is focusing on improving production efficiency to capitalize on favorable market conditions. The company expresses confidence in the long-term growth prospects of the oil palm industry, driven by global population growth and increasing demand for edible oils and fats.   MKHOP’s financial performance for the first six months of 2024 remained robust, with a net profit of RM26.5 million and revenue of RM168.4 million. The company also maintained healthy cash and bank balances of RM89.6 million as of March 31, 2024.   M & A Securities Sdn Bhd acted as the Adviser, Managing Underwriter, Joint Underwriter, and Joint Placement Agent for the IPO, with Kenanga Investment Bank Berhad and AmInvestment Bank Berhad serving as Joint Underwriter, Joint Placement Agent, and Joint Placement Agent, respectively.

Investment & Market Trends, News

Farm Price Holdings Berhad’s 85.4% Potential Upside

With two decades of unwavering commitment to wholesale fresh vegetable distribution, Farm Price Holdings Bhd (FPHB) stands as a pillar of reliability in the staple food industry. Positioned within the crucial narrative of food security, analysts anticipate FPHB to ride the wave of growth in the Johor-Singapore corridor. Projections for FY24-25f showcase robust bottom-line growth of 16.6-25.1%, reaching RM10.1-12.7 million, buoyed by strategic operational expansions to meet escalating customer demands. Analysts have assigned a fair value of RM0.445 for FPHB, underpinned by a forward P/E of 15.7x aligned with peers in the Packaged Foods sub-industry. Addressing current capacity constraints, FPHB is swiftly adapting to surging demand, evident in its cold room facilities operating at over 95% capacity. Short-term measures, including increased processing shifts and flexible infrastructure utilization, will ensure timely delivery of fresh produce, translating into significant top and bottom-line growth. Expansion initiatives for exponential growth include the utilization of IPO proceeds to expand SCDC, augmenting floor space by 90% by FY26. This strategic move will bolster operational efficiency, adding 54k sqft to operational areas, enhancing cold room capacity by 35%, and accommodating up to 40k pallets annually, laying a robust foundation for sustained growth. Despite challenges in FY20-22, including margin pressure due to fixed pricing contracts amidst rising vegetable costs, FPHB anticipates stable margins akin to FY23 levels, with an optimistic outlook for normalized pricing dynamics. Leveraging its track record, FPHB enjoys a competitive edge in securing new customers, particularly in Singapore. Operating from Malaysia, FPHB leverages lower production costs and SCDC’s strategic location to ensure freshness and prompt delivery, outshining its Singaporean counterparts. Ongoing discussions with potential clients underscore FPHB’s prowess in leveraging its reputation and competitive advantages for continued market penetration in Singapore. In essence, FPHB’s journey as a staple food provider epitomizes resilience and growth potential, poised to capitalize on emerging opportunities and fortify its position in the dynamic food distribution landscape.

Investment & Market Trends, News

Kawan Renergy Berhad Set to Raise RM33.0 Million in IPO En Route to ACE Market Listing

KUALA LUMPUR: Engineering solutions provider Kawan Renergy Berhad has announced the successful launch of its prospectus, marking a significant step towards its upcoming initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia Securities Berhad. Kawan Renergy Group, comprising subsidiaries Kawan Engineering Sdn Bhd and Kawan Green Energy Sdn Bhd, specializes in designing, fabricating, installing, and commissioning industrial process equipment, process plants, and renewable energy and co-generation plants. Their solutions cater to diverse industries such as food processing, oleochemical and chemical processing, oil and gas, waste recovery, power plant, and utilities. Additionally, the Group is engaged in power generation and the sale of electricity.   Managing Director Ir. Lim Thou Lai noted that the prospectus launch is a significant milestone for Kawan Renergy as it progresses towards becoming a publicly listed entity. The IPO is integral to their long-term growth strategy, facilitating additional funding to support ongoing and future projects, and expand their power generation and electricity sales segment.   Based on an Independent Market Research Report by Smith Zander International Sdn Bhd, Malaysia’s industrial process equipment industry saw substantial growth from RM15.6 billion in 2020 to RM23.5 billion in 2023, with a compound annual growth rate (CAGR) of 14.6%. With increasing foreign direct investment (FDI) inflows, industries like power generation, oil and gas, and manufacturing are expected to expand, benefiting the industrial process equipment sector. The Group is optimistic about the industry’s prospects.   Ir. Lim outlined the Group’s plans for the IPO proceeds, which include allocating a significant portion towards supplementing working capital for ongoing and future co-generation plant projects. Additionally, investments are earmarked for constructing a new biomass power plant and enhancing the production output of the Bercham Plant, a landfill biogas power plant. A portion of the proceeds will also go towards repaying bank borrowings and defraying listing expenses.   Mr. Gary Ting, Head of Corporate Finance at M & A Securities Sdn Bhd, expressed confidence in Kawan Renergy’s capability to expand its market share with the successful listing. He highlighted the potential benefits of the listing, including enhancing the Group’s reputation, expanding visibility, and attracting talent.   The IPO exercise comprises a public issuance of new ordinary shares, representing 20.0% of its enlarged share capital, as well as an offer for sale of existing shares. A portion of the new shares will be available to the Malaysian public via balloting, with allocations for eligible Directors, employees, and contributors to the group’s success. Selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry will also have access to a portion of the shares.   Upon listing, Kawan Renergy’s market capitalization is estimated to be approximately RM165.0 million, based on the IPO price of RM0.30 per share and its enlarged issued shares. The Group has demonstrated robust financial performance, with revenue and net profit experiencing significant growth over the past three years.   Applications for the public issue are currently open and will close on 14 May 2024, with the Group scheduled to be listed on the ACE Market of Bursa Securities on 29 May 2024. M & A Securities Sdn Bhd is serving as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO exercise.

News

SC Partners IsDB to Advance Islamic Capital Market, Social Finance

RIYADH: The Securities Commission Malaysia (SC) has inked a Memorandum of Understanding (MOU) with the Islamic Development Bank (IsDB) Group, setting the stage for enhanced collaboration in the Islamic capital market (ICM) and expanding the scope of Islamic fintech and social finance, with a particular focus on waqf. The signing ceremony of this groundbreaking MOU was witnessed by the Honorable Prime Minister of Malaysia, Dato’ Seri Anwar Ibrahim, and the President and Chairman of IsDB, His Excellency Dr. Muhammad Al Jasser. This marks the inaugural agreement of its kind between Malaysia’s capital market regulator and the foremost multilateral development bank of the Global South.   Dato’ Seri Dr. Awang Adek Hussin, Chairman of SC, and Dr. Zamir Iqbal, Vice President of Finance and Chief Financial Officer of IsDB, sealed the MOU on the sidelines of the IsDB Annual General Meeting 2024 in Riyadh.   The genesis of this collaboration traces back to a meeting in March 2023 between Dato’ Seri Anwar and H.E. Dr. Muhammad Al Jasser, where they laid the groundwork for Malaysian regulators, authorities, and businesses to collaborate closely with IsDB. The envisioned areas of cooperation encompass the development and pilot testing of innovative Islamic finance products, bolstering the halal industry, and fostering support for micro, small, and medium enterprises (MSMEs).   Outlined within the MOU are several key areas of collaboration, including the facilitation of innovation in Islamic fintech, the promotion of Islamic social finance, and the encouragement of investment inflows, among others. Capacity building, knowledge sharing, and joint technical projects pertaining to ICM are also on the agenda, with the potential for mutual benefit to other IsDB member countries.   Dato’ Seri Dr. Awang Adek expressed optimism about the synergistic collaboration, heralding it as a historic milestone for both SC and IsDB. He emphasized the intent to expand Islamic fintech and explore new markets while seizing opportunities in social finance, particularly in waqf asset development, leveraging their respective expertise in capital markets and financial development.   Dr. Muhammad Al Jasser highlighted the MOU’s significance in enhancing Islamic fintech, social finance, and attracting foreign investment in private markets. This partnership, he stressed, will not only bolster Islamic capital markets in Malaysia but also across IsDB Member Countries, with a priority focus on supporting MSMEs and private markets for economic empowerment.   Aligning with the Capital Market Master Plan 3 (2021 – 2025), the MOU reflects strategic initiatives for the Malaysian ICM, including broadening its outreach to the broader economy’s stakeholders and fostering collaboration and innovation for sustainable growth.   In furtherance of these objectives, the SC, along with its affiliate Capital Markets Malaysia, has engaged with stakeholders in Abu Dhabi, Dubai, and Riyadh, advocating for the impact of ICM and bolstering Malaysia’s global thought leadership. Sharifatul Hanizah Said Ali, Executive Director of Islamic Capital Market at SC, has underscored the potential of ICM in structuring innovative financing instruments to advance social impact investing, sukuk issuances, and Islamic asset management.   In 2023, the Malaysian ICM witnessed a growth of 4.5% to RM2.4 trillion, with sukuk outstanding increasing by 7.4% and Shariah-compliant equities by 1.5%. Malaysia’s leadership in ICM, particularly in sukuk outstanding and Islamic fund management, has been consistently recognized in global indices, including the Islamic Fintech Index, the Global Islamic Economy Indicator, and the global Islamic Finance Development Indicator, for the past decade.

News

QSR Brands to Temporarily Close Over 100 KFC Outlets Due to Challenging Conditions

KUALA LUMPUR: QSR Brands (M) Holdings Bhd, the franchisee of KFC restaurants in Malaysia, has taken proactive measures to temporarily close over 100 outlets out of 770 KFC Malaysia outlets as a means to manage increasing business costs and focus on high engagement trade zones in response to challenging economic conditions. In a statement today, QSR Brands said employees from the affected stores were offered the opportunity to relocate to operating stores as part of a tactical strategy to optimise resources in trade zones with higher customer engagement. The company said that contributing positively to the Malaysian community, preserving the brand love for KFC and protecting its employees are all priorities for the organisation. “Employees from affected outlets were offered the opportunity to relocate to busier operating stores as part of the company’s re-optimisation efforts. “As a company that has been serving Malaysians for over 50 years, the focus remains on providing quality products and services to customers, while contributing positively to the Malaysian economy through job security for 18,000 team members in Malaysia, of which 85 per cent are Muslims,” it said. QSR Brands said it continues to be among the largest taxpayers in Malaysia and takes pride in being able to give back to the community through KFC Add Hope and the Wakalah Zakat Fund. “We believe people will acknowledge our Malaysian roots, our sincerity and our hard work in contributing to the Malaysian ecosystem,” it added – BERNAMA

News

Iconic Worldwide Announces New Controlling Shareholder & Major Group Strategy Update

PENANG: Iconic Worldwide Berhad (“Iconic Worldwide” or “the Group”), a prominent player in tourism, property development, and personal protective equipment manufacturing, is undergoing a transformative phase with Dato’ Seri Tan Kean Tet emerging as the new controlling shareholder and Executive Chairman. This pivotal change heralds a strategic shift aimed at maximizing the potential of the Group’s property development and hospitality management arms. Following a highly successful corporate manoeuvre that raised RM95.6 million through a rights issue oversubscription, Dato’ Seri Tan Kean Tet’s stake in Iconic Worldwide has surged to 36.59%. As per Bursa Malaysia’s regulations, this positions him as the controlling shareholder, steering the Group into a new era of growth and innovation. Expressing optimism about the prospects in Penang’s real estate and hospitality sectors, Dato’ Seri Tan Kean Tet outlined a vision for ambitious ventures in both domains. The Group is initiating discussions with potential collaborators for large-scale township and industrial projects across Malaysia, capitalizing on the nation’s allure for foreign and domestic investments. In parallel, Iconic Worldwide is exploring substantial hospitality ventures, including resorts, villas, and theme parks, to augment Penang’s status as a premier tourist destination. Anticipating a surge in tourism fuelled by initiatives like visa-free travel for Chinese and Indian tourists and the expansion of Penang International Airport, Dato’ Seri Tan Kean Tet underscores the strategic significance of these developments. In a strategic move to fortify its presence in the hospitality sector, Iconic Worldwide is set to manage Iconic Regency, a towering, serviced apartment complex in Sungai Nibong. Comprising 268 lavish units, this venture, adjacent to the esteemed Iconic Marjorie hotel, promises to elevate the Group’s hospitality portfolio. Furthermore, the recent soft launch of Iconic Harmony in Bukit Mertajam garnered remarkable success, with a staggering 70% take-up rate within two days. This milestone underscores the Group’s trajectory towards profitability by FY25, propelled by strategic residential and commercial developments. In a bold move reflecting confidence in Penang’s real estate market, Iconic Worldwide has allocated a significant portion of its recent capital raise to acquire a prime parcel of land in Paya Terubong. The Group intends to propose a residential development project to the Penang state authorities, with a projected GDV exceeding RM300 million, showcasing its commitment to pioneering ventures in the region. Iconic Worldwide’s strategic recalibration under Dato’ Seri Tan Kean Tet’s leadership marks a defining moment in its journey, promising innovative ventures and sustainable growth in the dynamic realms of property development and hospitality management.

News

Top Glove Garners Prestigious Reader’s Digest Award for Second Year

SHAH ALAM: Top Glove Corporation Bhd, renowned as Top Glove, has once again clinched the prestigious Platinum Trusted Brand Award in the Hygiene/Disposable Gloves category at the Reader’s Digest Malaysian Trusted Brand 2024 awards. This triumph, announced at the ceremony held on April 26, 2024, at the Grand Hyatt Kuala Lumpur, marks the Company’s second consecutive win, reaffirming its stature as a frontrunner and favoured brand in the glove industry. Securing this award, determined by consumer votes, underscores the deep trust and esteem consumers hold for Top Glove. Surpassing its competitors by a significant 25% margin in total votes, the Company attained the highest average score across six pivotal attributes: trustworthiness and credibility, quality, value, understanding of customer needs, innovation, and social responsibility. This recognition serves as a testament to Top Glove’s steadfast commitment to excellence and customer satisfaction, as well as its steadfast dedication to nurturing trusted relationships with consumers.   In response to this accolade, Top Glove conveyed its gratitude, stating, “Being honoured with the Platinum Award for the second consecutive year is a significant tribute and a driving force for our team. It motivates us to uphold our quest for excellence and to continuously deliver top-notch products. We remain dedicated to innovation and quality, taking immense pride in being acknowledged as a Trusted Brand by our consumers in Malaysia.”   The Reader’s Digest Trusted Brands Award stands as a consumer-driven recognition, evaluating brands based on six fundamental attributes: trustworthiness and credibility, quality, value, understanding of customer needs, innovation, and social responsibility. Uniquely, this award is derived from a survey involving 8,000 consumers across five Asia Pacific countries, including Malaysia, Singapore, the Philippines, Hong Kong, and Taiwan. Renowned for guiding consumers toward reliable and cost-effective brands, Reader’s Digest hosts this esteemed event.

Investment & Market Trends, News

TTM Technologies’ First Manufacturing Facility Opens in Penang

PENANG: TTM Technologies, Inc. (NASDAQ: TTMI), a leading global provider of technology solutions encompassing mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and advanced printed circuit boards (“PCBs”), has officially inaugurated its inaugural manufacturing facility in Penang, Malaysia. With an investment totaling USD 200 million (approximately RM 958 million), the new plant signifies a strategic move to enhance the resilience of the printed circuit board supply chain and to broaden geographic operational scope. Situated across 27 acres within the Penang Science Park, the cutting-edge facility boasts highly innovative and automated PCB manufacturing capabilities. This development is a collaborative effort between TTM and its clientele, aimed at meeting the escalating demand for diversified manufacturing locations and fortified PCB supply chains. Tailored to support mass production needs across diverse commercial sectors such as networking, data center computing, medical, industrial, and instrumentation, the facility signifies a pivotal step in addressing industry requirements. YAB Tuan Chow Kon Yeow, Chief Minister of Penang, remarked, “Penang takes great pride in hosting TTM’s maiden large-scale, highly automated, and innovative PCB manufacturing plant in Southeast Asia. This choice underscores the confidence foreign investors place in Penang. Renowned for its robust industrial ecosystem, Penang is well-equipped to cater to the evolving needs of industrial players in cutting-edge technologies and growth strategies. I am optimistic about the manifold benefits TTM will derive from its Penang operations, solidifying Penang’s status as the Silicon Valley of the East.” The opening ceremony, attended by dignitaries including YAB Tuan Chow Kon Yeow, Pn. Najihah Abas of Malaysian Investment Development Authority (“MIDA”), YBhg. Dato’ Loo Lee Lian of InvestPenang, Mr. Thomas Edman, President and CEO of TTM Technologies, Inc., Mr. Philip Titterton, Executive Vice President and COO of TTM Technologies, Inc., along with senior government officials and TTM’s management, marked the inauguration of TTM’s Penang facility. The establishment of TTM’s Penang plant is projected to create approximately 1,000 employment opportunities across various sectors by 2025. Furthermore, it will foster growth opportunities for local suppliers and enhance the skills of local technical talent in advanced PCB technology solutions. TTM anticipates achieving full run rate revenue of around USD 180 million (approximately RM 855 million) by 2025, with provisions for a Phase 2 expansion, potentially resulting in a 25% capacity increase. Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, emphasized the substantial benefits of TTM Technologies’ investment for Malaysia’s electrical and electronics (“E&E”) industry, particularly within the semiconductor sector. The inauguration of TTM’s advanced facility in Penang not only reinforces Malaysia’s E&E industry but also enhances its capabilities in next-generation PCB manufacturing, aligning with the objectives of the New Industrial Master Plan (“NIMP”) 2030. Mr. Thomas Edman, President and CEO of TTM Technologies, expressed his enthusiasm for the opening of the flagship Penang plant, highlighting TTM’s commitment to delivering innovative technology solutions globally. He emphasized the significance of Penang’s industrial ecosystem, talent pool, and conducive business environment in making it an ideal location for TTM’s expansion. In addition to meeting industry demands, TTM remains dedicated to safeguarding its employees, community, customers, and the environment. The new facility is designed to minimize energy and water consumption, reducing its carbon footprint by 60% compared to traditional PCB plants, while adhering to stringent environmental standards.

The Executives

Former Tourism DG: Clamp Down on Illegal Tourism Practices In Langkawi

KUALA LUMPUR: Authorities at both state and federal levels are urged to intensify efforts to eradicate illegal tourism operations throughout Langkawi, as there is a greater need for a major clean-up to restore the island’s reputation and ensure a sustainable future for its legitimate tourism industry. Former tourism ministry director-general Datuk Seri Mirza Mohammad Taiyab Beg said there has been a surge in unlicensed hotels, motels, tour operators, and car rental services operating across Langkawi. He said these illegal operators not only compromise the quality of the tourist experience but also result in significant revenue losses for the state due to unpaid taxes. “By eliminating these illegal operators, a concerted effort must also be made to make room for licensed and legitimate operators who comply with regulatory standards and contribute positively to the local economy. “In addition to cracking down on illegal operators, there is a strong push to enhance transport links to and from Langkawi. “Proposed measures include increasing the number of ferry services from Penang and other destinations to boost accessibility to Langkawi. “This enhancement in transport facilities will attract more domestic and international tourists, thereby increasing economic input into the region,” he told The Exchange Asia. Furthermore, he said, the tourism-related authorities must implement a new programme to promote visits to the islands surrounding Langkawi. “Lower ferry fees could make these nearby islands more accessible, enriching Langkawi’s tourist offerings and spreading economic benefits widely across the region. “The government must take proactive initiatives to foster a healthier, more regulated, and economically beneficial tourism environment, ensuring that Langkawi continues to thrive as a premier island destination in Malaysia,” Mirza said. Further, Mirza urged the government at the state and federal levels to address several critical areas impacting the industry, focusing on improving facilities, accessibility, transportation, and safety and security measures vital for sustaining and growing tourism across the country. “There is a growing consensus among industry stakeholders that enhancing these aspects of tourism infrastructure is essential for maintaining Malaysia’s appeal as a top travel destination. “Specific improvements in transportation networks and the security framework are necessary to ensure a safe, accessible, and enjoyable experience for international and domestic travellers,” he said. Additionally, Mirza said there is strong advocacy to rope tourism experts to the ministry and related tourism bodies and agencies to elevate the tourism industry, as the current sentiment among industry professionals is that the sector suffers due to the appointment of individuals lacking relevant tourism knowledge and expertise. Mirza, who is also the chairman of the Association of Ex-Staff Tourism Malaysia (AESTOM), said skilled and experienced professionals must be involved in strategic planning and decision-making processes to foster innovative ideas and practical solutions that will elevate the tourism industry. “Bringing in experts is expected to lead to more informed and effective policies that can enhance the overall competitiveness of Malaysia’s tourism sector. “Bring experts from AESTOM to advise and consult the tourism ministry, agencies, and tourism professional bodies on how to elevate the Malaysian tourism industry to be on par with global standards. “This strategic shift will uplift the industry and ensure that it contributes significantly to the national economy while preserving the cultural and natural heritage that attracts millions of visitors to Malaysia each year,” he said. Mirza held the post of director general of Tourism Malaysia (2006–2018). His tenure exposed him to various assignments, from planning, development, and project management to marketing, communication, and international promotions. He was also the regional director based in Germany and Japan and the general manager of Langkawi Island Resort and Tanjung Jara Beach Hotel. He was also the deputy commissioner general for the Malaysia Pavillion at World Expo 88 in Brisbane, Australia, vice president of the Association of National Tourist Office Representatives in Japan (ANTOR) Japan, and head of the marketing task force for ASEAN National Tourism Organizations and the Organisation of Islamic Cooperation (OIC) Tourism ministers meeting. Moving on, Mirza said Langkawi, like many global tourist destinations, is still recovering from the COVID-19 pandemic and striving to regain its position as a leading island getaway. He said the government and tourism industry leaders must take crucial steps to accelerate this recovery and attract more tourists to the island. “Key among these strategies is establishing a price control mechanism to ensure affordability and prevent price gouging, which can deter tourists from considering Langkawi as a destination. “This mechanism must be aimed to standardise prices across services and amenities on the island, including accommodation, dining, and local attractions, to enhance its appeal as a value-for-money destination. “Furthermore, a significant push must be made towards a more aggressive marketing and promotional strategy to spotlight Langkawi internationally. “Authorities must consider partnerships with foreign media outlets, bloggers, and social media influencers to generate buzz and highlight the island’s unique aspects. “By showcasing the island’s natural beauty, cultural richness, and unique tourist spots, these efforts are expected to draw a wider audience and boost visitor numbers,” Mirza said. He said these combined efforts are part of a broader strategy to recover the losses incurred during the pandemic and build a more resilient and appealing tourism sector for the future. “By implementing these targeted initiatives, Langkawi will re-establish itself as a top choice for domestic and international tourists, ensuring a steady growth in tourism inflows in the post-pandemic era,” Mirza said.  

News, Property

Serenia City’s First Commercial Hub ‘The Corak’ Reflects Sime Darby Property Allure with 100% Take-up Rate

ARA DAMANSARA: Sime Darby Property Berhad (“Sime Darby Property” or “Company”) celebrates a stellar 100% take-up rate for The Corak, a commercial space nestled within the vibrant Serenia City. Retail owners and smart investors jumped at the opportunity to be part of the township’s first freehold commercial hub scheduled for completion in 2027. Slated to become Serenia City’s maiden hangout spot, The Corak boasts a Gross Development Value (“GDV”) of RM186 million and is expected to elevate the township to become livelier and more convenient for its residents. In addition, the business hub is also projected to create ample job opportunities, contributing to the socio-economic developments of Serenia City. The Corak is in the heart of Serenia City, fronting the 32-acre Serenia City Central Park. The development offers 98 units of 2-storey shop offices and one drive-thru with built-ups spanning from 3,358 sq. ft. to 5,233 sq. ft. and selling prices ranging from RM1.7 million to RM3.3 million. It features a modern design with strategic signage placements, tall windows for cafe spaces, wide walkways for al-fresco dining, high ceilings for an inviting atmosphere, and 830 parking bays for patrons’ convenience. Sime Darby Property’s Chief Marketing and Sales Officer, Datuk Lai Shu Wei said that The Corak is designed to reshape the business landscape in Serenia City by providing retailers with efficient, tailored environments that directly support their business objectives. “The robust take-up rate reflects retailers’ confidence in Sime Darby Property, underscoring The Corak’s appeal as a prime destination catering to the needs of a growing cityscape,” he said. Datuk Lai added: “The business community trusts our dedication to creating a space specifically designed to meet their evolving needs. This commitment seamlessly aligns with Company’s Purpose to be a Value Multiplier for People, Businesses, Economies, and the Planet, and cultivating vibrant and enduring communities for generations.” Leveraging the business hub’s appeal to a dynamic demographic, business owners at The Corak can benefit from the population catchment of up to 500,000 within a 20-minute drive. The Corak is also conveniently located along Serenia City’s main road with three distributed access points for easy connectivity and can be reached via ELITE Highway, North-South Expressway (“NSE”) and Maju Expressway (“MEX”). For more information, please visit https://www.simedarbyproperty.com/serenia-city/the-corak/ or drop by Serenia City Sales Gallery.

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