MALAYSIAN ECONOMY GROWS 3.6% IN 2023, GDP AT RM1.6 TRILLION
The Sun, 3/7/2024 & NST, 4/7/2024
Malaysia’s economy expanded by 3.6% in 2023, registering a gross domestic product (GDP) of RM1.6 trillion. The services sector continued to be the driving force of the national economy, contributing 59.2% with growth of 5.1% last year compared with 2022. Within the same period, the manufacturing sector, holding its position as the second largest contributor to GDP, experienced modest growth of 0.7%.
At the state level, four states surpassed the national growth rate which were Selangor at 5.4%, Pahang 5.2%, Johor 4.1%, and WP Kuala Lumpur at 3.7%.
Selangor, Kuala Lumpur, Johor, Sarawak and Penang remained the primary contributors, collectively contributing 67.7% to Malaysia’s economy.
The economic performance of Selangor, Pahang, and Johor was driven by the services sector, followed by the manufacturing sector. For Selangor and Johor, the expansion of its services sector by 6.1% and 5.4% respectively was propelled by growth in utilities, transport & storage, and information & communication subsectors. Meanwhile, Pahang’s services sector grew by 6%, driven by wholesale & retail trade, food & beverages, and accommodation.
In Selangor, the manufacturing sector increased by 2%, attributed to the expansion in transport equipment, other manufacturing, and repair subsector (6.2%), as well as vegetable and animal oils & fats and food processing (10.3%). Johor’s manufacturing sector increased by 2.8%, driven by growth in electrical, electronic, and optical products (2.9%), while Pahang experienced a 6.7% growth in petroleum, chemical, rubber, and plastic products, contributing to a 2.1% increase in the manufacturing sector.
Kuala Lumpur achieved economic growth of 3.7%, largely impelled by its services sector, which serves as the backbone of the state’s economy. This sector expanded by 4.9%, supported by wholesale & retail trade, food & beverages, and accommodation.
Sabah’s economy expanded by 1.3%, driven by a 4.5% growth in the services sector (2022: 8.5%).
Sarawak remains the fourth highest contributor to the country’s GDP, registering a 1.2% growth in 2023. The services sector grew strongly by 5.4%, surpassing the national services sector’s growth rate. However, Sarawak’s manufacturing sector, the second-highest contributor to its economy, fell by 3.9%.
MITI: RM195 BILLION APPROVED INVESTMENTS FOR MANUFACTURING SECTOR FROM JANUARY 2023-MARCH 2024
The Edge, 4/7/2024
The manufacturing sector, under the purview of the Ministry of Investment, Trade and Industry (MITI) and the Malaysian Investment Development Authority (MIDA), recorded RM194.9 billion worth of approved investments from January 2023 to March 2024. This involved 1,135 projects that created 91,930 new job opportunities. Foreign investments contributed RM166.6 billion or 85.5% of the approved investments, with domestic investments contributing RM28.3 billion or 14.5%.
Five main industries in the manufacturing sector that recorded the highest foreign investment realised include electrical and electronics (RM22.5 billion), machinery and equipment (RM9.3 billion), non-metallic mineral products (RM2.9 billion), plastic products (RM1.1 billion) and fabricated metal products (RM427.5 million).
Five states with the highest realised foreign investments for the period under review are Kedah, Selangor, Penang, Johor and Melaka, totalling RM36.4 billion or 86.7% of total realised investments.
SUPER APP FOR PROPERTY INDUSTRY IN THE WORKS, SET FOR LAUNCH BY 2025
The Sun & The Star, 4/7/2024
Malaysia is developing a super app that allows potential homeowners or buyers to access data on developers and projects with the aim of enhancing ease of doing business and reducing property overhang. The system utilising big data analytics is expected to be launched by 2025 at the latest.
With the super app, potential homeowners who want to buy a house can access the big data analysis to see the developer’s track record, project details and whether there is a risk of flooding. It also allows comparison of prices and other factors.
S P SETIA TO LAUNCH CARABELLA SEMIDEE HOMES IN SETIA ALAMSARI, KAJANG IN AUGUST 2024
Edgeprop.my, 3/7/2024, The Edge & The Star, 4/7/2024
S P Setia Bhd will unveil the Carabella double-storey linked semi-detached homes in Setia Alamsari, Kajang on Aug 3, 2024. The 72 units of freehold homes will be surrounded by Moroccan-inspired gardens landscapes and patterns. Set for completion by 3Q26, Carabella forms part of the township’s CASA Collection. Ranging between 1,986 to 2,026 sq. ft. with land sizes of 2,080 sq. ft., the units will be priced from RM960,000 to RM1.2 million. Previous launches Phase 1 and Phase 2, which featured the Caressa and Caralyn units are fully sold, while its Phase 3, Candella, is currently 85% taken up.
Apart from its distinctive designs, Carabella will have a north-south orientation. The units will also be equipped with Setia e-Green living features such as the smart digital locksets for the main doors, electric vehicle charging power points, green switches and a solar photovoltaic system.
Setia Alamsari’s previous launch; ANDRA Collection’s Aderyn (Phase 1) is 90% taken-up, with its Phase 2 now open for sales.
SIME DARBY PROPERTY’S ELMINA RIDGE 1 LANDED HOMES IN CITY OF ELMINA 98% TAKEN UP
The Edge, 4/7/2024
Sime Darby Property Bhd’s Elmina Ridge 1 has been 98% taken up following the launch of its first phase on May 25, 2024, and second phase on June 22, 2024. Elmina Ridge 1 spans about 31.7 acres with the first phase, comprising 122 superlink, cluster and semi-detached units with built ups from 2,265 sq. ft. to 3,237 sq. ft., and priced from RM1.17 million, has been fully sold. The second phase offers 106 superlink and semi-detached units with built ups from 2,265 sq. ft. to 3,237 sq. ft. and priced from RM1.16 million.
Elmina Ridge 1 will have a modern biophilic concept homes with an indoor skylight planting area and will be equipped with sustainable features such as readily fitted solar panels and batteries, electric vehicle (EV) isolator point, as well as thermal roof insulation. Elmina Ridge 1 is accessible via the Guthrie Corridor Expressway and proposed future connectivity to the Damansara–Shah Alam Elevated Expressway.
The community in the City of Elmina will be able to enjoy lifestyle amenities in the upcoming Elmina City Centre and the Elmina Lakeside Mall at the heart of the township. Elmina Lakeside Mall is expected to be open to the public in August 2024, having already achieved 97% tenancy. Some tenants include Jaya Grocer, Harvey Norman and various food and beverage (F&B) tenants, such as Kenny Hills Bakers, Sushi Zanmai, Dolly Dim Sum, CHAGEE and Inside Scoop. Visitors of the mall will also have direct access to the township’s 35-acre urban park.
ALUDRA RESIDENSI A REFRESHING TOWNHOUSE DEVELOPMENT IN CYBERJAYA
Starproperty.my, 5/7/2024
The State Development Corporation of Selangor (PKNS) is unveiling Aludra Residensi, a townhouse development located in the precinct of Selangor Cyber Valley. With 218 units spanning on 11-acre land, Aludra Residensi’s townhouses come with sizes ranging from 35 ft. by 55 ft. for intermediate units, 37 ft. by 55 ft. for Type A end lot units, and 35 ft. by 55 ft. for Type B end lot units. The built-up area ranges from 1,035 sq. ft. to 1,072 sq. ft and all units provide for three-bedroom and two-bathroom.
Aludra Residensi will feature a clubhouse with sporting facilities, an outdoor playground as well as a surau. It is in proximity to several institutions of higher education, D’Pulze Shopping Centre, hospitals, restaurants and cafes and commercial districts with banking facilities.
SOUTHERN SCORE GETS RM315 MILLION RESIDENTIAL HI-RISE DEVELOPMENT CONTRACT
The Edge, 1/7/2024 & The Star, 2/7/2024
Southern Score Builders Bhd (SSBB) has received a letter of award from Smart Advance Resources Sdn Bhd to serve as the turnkey contractor for the proposed development of three residential apartment blocks in Setapak, Kuala Lumpur, worth RM315 million.
The project comprises 198 free cost residential units from level eight to level 36 (Block A); 358 free cost residential units from level eight to level 37 (Block B) and 238 affordable housing units from level eight to level 37 (Block C). The proposed development will also consist of one facility floor and swimming pool, eight floors of podium car park, a guard house and an 11 kV Tenaga Nasional Bhd main switch station. The completion date of the project is expected to be 54 months from the date of commencement, or within such extended date as the form of contract provides.
MAH SING TOPS OUT M ARISA IN SENTUL
The Edge, 1/7/2024
Mah Sing Group Bhd topped out both towers of M Arisa. The project is slated to be completed by 4Q24 with construction currently around 85% completed. Sitting on a 3.31-acre parcel in Sentul, M consists of two 55-storey towers with 1,598 units. The built up area of the units ranges from 550 to 1,025 sq. ft. for one- to four-bedroom units. As of July 2024, all units are 100% sold.
MAH SING PLANS RM1 BILLION PROJECT ON TAMAN DESA LAND IT BUYS FOR RM108 MILLION
The Edge, 3/7/2024 & The Star, 4/7/2024
Mah Sing Group Bhd is acquiring land in Taman Desa, Kuala Lumpur for RM108 million which will be developed into serviced apartments and affordable housing units. Mah Sing plans to develop the land in two phases, the first being 1,600 serviced apartments spread over 3.7 acres dubbed as M Aspira and the second phase, Residensi Madani, under the affordable housing programme, will offer around 800 units on a 2.47-acre plot.
M Aspira, which will have three different layouts, is targeted to open for registration in 3Q24 and is indicatively priced at RM448,800. The acquisition marks Mah Sing’s third land deal in 2024, after it acquired the Sepang land for RM100.72 million and Pulai land for RM103.7 million.
SCANWOLF UNIT TO DEVELOP RM135 MILLION GDV OFFICE BUILDING PROJECT IN SUNGAI BULOH
Edgeprop.my, 1/7/2024
Scanwolf Corporation Bhd’s wholly owned subsidiary, Scanwolf Properties Sdn Bhd, will undertake an office building project with an estimated gross development value of RM135 million. Scanwolf Properties and the landowner, Ratna Bina Sdn Bhd, have entered into a joint venture (JV) agreement for the proposed development, located on leasehold land in Sungai Buloh, Selangor. The time frame to complete the project is valid for 54 months from the date Scanwolf Properties obtained a full approval of the development order.
TROPICANA CORP UNVEILS KEY TENANTS FOR SOUTHPLACE SHOPPES & RESIDENCES AT TROPICANA METROPARK, SUBANG JAYA
The Edge, 2/7/2024
Property developer Tropicana Corp Bhd unveiled its six key tenants for its SouthPlace Shoppes & Residences development. The six key tenants are Mercato (anchor tenant), Anytime Fitness, Health Lane Family Pharmacy, myNEWS, Swimology and Hattitude Salon. With a gross development value (GDV) of approximately RM142 million, the 69-unit SouthPlace Shoppes is the first commercial hub in Tropicana Metropark, an 88-acre freehold township in Subang Jaya. It is about 95% taken up to date and set to be completed by this month, July 2024.
The SouthPlace Residences, the 656-unit serviced residence, is expected to be handed over to buyers by 3Q24. Other developments in the pipeline include phase 2 of the project — SouthPlace 2 Shoppes & Residences (45% take-up rate for the retail component) with the tenant mix — will be unveiled at a later date.
MAH SING JOBS AT RM2.829 BILLION THIS YEAR
The Star, 1/7/2024
Mah Sing Group Bhd will launch properties in Malaysia with a total gross development value (GDV) of about RM2.829 billion this year. These properties, which are primarily residential homes, are mainly located in the central and southern regions.
In 2H24, Klang Valley would see the development of Mah Sing’s projects such as M Zenya with a GDV of RM307 million in Kepong, M Azura (RM255 million) in Setapak, M Terra (RM472 million) in Puchong, M Legasi (RM63 million) in sem*nyih and MSS Business Park (RM69 million) in Sepang.
In Johor, the group is set to develop the M Sinar project with a GDV of RM167 million and the M Tiara project with a GDV of RM396 million. Mah Sing is also scheduling multiple launches in the southern region, focusing on luxury residential complexes and innovative commercial hubs.
The group also acknowledged the significant potential and demand in Penang. The Southbay City project will benefit significantly from the Penang Transport Master Plan, given that it is less than five km from the Bayan Lepas LRT Station and the proposed Silicon Island. Mah Sing still has some 51 acres of landbank in Penang, mainly in the Southbay City project.
MALTON BUYING LAND IN GENTING HIGHLANDS TO BUILD APARTMENTS, LUXURY VILLAS
The Edge, 2/7/2024 & The Star, 3/7/2024
Malton Bhd is acquiring 30.17 acres of freehold land in Genting Highlands from property developer Global Oriental Bhd for RM65 million to build serviced apartments and luxury villas. The development is expected to generate an estimated gross development value of RM1.29 billion. The sale is expected to be completed by 4Q24.
VITROX TO BEGIN CONSTRUCTION OF TRAINING AND INDUSTRIAL RESEARCH CENTER AFTER RM46 MILLION CONTRACT AWARD TO SIB
The Edge, 1/7/2024
ViTrox Corp Bhd will begin construction of the first block of its planned five-block ViTrox Institute of Technology (VIT) on July 8, 2024, after it had appointed South Island Building Sdn Bhd (SIB) as the contractor for the project in a deal worth RM45.99 million. The proposed construction is expected to be completed within 18 months, which is by Jan 7, 2026.
Vitrox via its wholly owned subsidiary ViTrox Technologies Sdn Bhd had awarded the contract to SIB for the earthwork, piling and main building works for the construction of a five-storey training and industrial research center. The facility will have a floor area of 166,300 sq. ft. and will be located beside the current ViTrox Campus 3.0 in Batu Kawan Industrial Park (BKIP), Penang, and is on part of the 21-acre piece of land acquired by the company in June 2021.
FACELIFT FOR IPOH’S HERITAGE SITES
The Star, 4/7/2024
Perak’s capital city is set to become a favourite with travellers once more as Ipoh City Council (MBI) and Railway Asset Corporation (RAC) undertake upgrades at Ipoh Railway Station. The upgrading would start at the end of this year as the project contractor will be appointed in August. Renovations will involve basic facilities as well as the Majestic Hotel that has been abandoned for 13 years.
ROYAL KICK-OFF FOR SUBANG HOTEL WITH SPORTS THEME
The Star, 4/7/2024
The first-ever sports-themed hotel in Malaysia was launched in 3K Complex, Subang Jaya. Tanjong Subang Jaya hotel is part of the Football Association of Selangor’s (FAS) Tanjong hospitality network. The hotel’s opening marked a new milestone for the association and hospitality industry. The hotel has 40 rooms, gymnasium and cafeteria, and the football association’s new office is located in the hotel.
Tanjong Subang Jaya said RM2.5 million was spent to upgrade the hotel at the building owned by Subang Jaya City Council (MBSJ). Its name is inspired by Selangor’s official flower “Bunga Tanjong Pecah Sembilan” or Spanish cherry. Hotel facilities include Chak’z 1964 restaurant serving local and Western fares. The Red Giant Physio Centre, which provides industry-level physiotherapy services, is also located within the hotel.
UDA AIMS TO SELL MORE ARECA TERRACE UNITS
The Edge, 29/6/2024 & The Star, 1/7/2024
UDA Holdings Bhd (UDA) aims to sell 100 units of its Areca Terrace phase 4B, a two-storey residential project in Bandar UDA Utama, Johor Bahru. The development which offers 325 units, marks the final phase of the two-storey terrace project in Bandar UDA Utama.
HAILY BAGS RM54 MILLION RESIDENTIAL CONSTRUCTION JOB IN JOHOR
Edgeprop.my, 1/7/2024
Builder Haily Group Bhd has secured a RM53.72 million contract from Venice View Development Sdn Bhd to build 221 units of two-storey houses, three units of Tenaga Nasional Bhd (TNB) sub-stations and a TNB main switch station in Pulai, Johor. The project is slated to be completed within 15 months from the date of commencement.
SUNWAY SELLS JOHOR LAND TO SINGAPOREAN FIRM EQUALBASE FOR OVER RM380 MILLION
The Edge, 2/7/2024 & The Star, 3/7/2024
Sunway Group is selling two parcels of land measuring 64 acres in Sunway City Iskandar Puteri (SCIP), Johor, in a deal worth over RM380 million for data centre development to a Singapore-based Equalbase Pte Ltd, which designs, develops, invests in and manages essential areas such as clean energy production, battery storage systems and innovative water solutions.
SCIP is strategically located just 5 km from the Second Link, allowing it to leverage its close proximity to Singapore.
SIAB HOLDINGS BAGS RM176 MILLION CONSTRUCTION JOB IN PENANG
The Edge, 3/7/2024 & The Star, 4/7/2024
Construction outfit Siab Holdings Bhd has bagged a RM176.18 million contract from property developer Exsim Noordin Sdn Bhd to build a heritage building and a 29-storey serviced apartment building in George Town, Penang. The 30-month projects entails the addition of seven units to the existing four of a two-storey heritage building, and the conversion of two units from residential to commercial, as well as the construction of a 29-storey serviced apartment building in George Town, Penang.
MARRIOTT INTERNATIONAL PARTNERS IDEAL PROPERTY TO OPEN HOTEL AND RESIDENCES IN PENANG BY 2029
Edgeprop.my, 3/7/2024
Marriott International Inc and Ideal Property Group will team up to open the second 'Marriott' brand hotel and residences in Penang by 2029, namely, the Penang Marriott Hotel Queens Waterfront and Marriott Residences Queens Waterfront in Bayan Lepas. Ideal Property Group would be the developer while Marriott International would be the operator. The 28-storey hotel offers 262 luxurious hotel rooms complete with top tier amenities while the 19-storey branded residences provide 228 residential units with exclusive facilities and premium amenities, including sophisticated recreational areas and wellness spaces, ensuring a lifestyle of comfort, convenience and luxury.
The first 'Marriott' brand to open its doors in the island was the Penang Marriott Hotel which opened in April 2024, while the Penang Marriott Executive Apartments would be opened later this year. The Penang Marriott Hotel Queens Waterfront and Marriott Residences Queens Waterfront are part of Phase 4 in the Queens Waterfront master plan.
SABAH’S TRADE WITH CHINA IN 2023 REACHES RM10.7 BILLION
The Sun, 4/7/2024
China is Sabah’s largest trading partner, with bilateral trade valued at RM10.7 billion last year. The state’s economic ties with China were driven by strong trade, investment and collaborative projects across sectors. For the manufacturing sector, Sabah has received RM3.07 billion in investments from China to date, creating 3,086 jobs. These investments involved solar glass manufacturing, silica and processing, food manufacturing, rubber products, wood-based products, and plastic products. China was also the largest source of foreign tourists to Sabah, accounting for 135,855 of the 396,564 international arrivals for the first four months of this year.
SABAH-MM2H PROGRAMME STARTS ACCEPTING APPLICATIONS
Edgeprop.my, 1/7/2024
The Sabah state cabinet has approved the Sabah-Malaysia My Second Home (Sabah-MM2H) programme, and it will begin accepting applications from participants starting from July 1, 2024.
The Sabah-MM2H programme has also received approval from the Federal government and the Ministry of Tourism, Arts, and Culture (MOTAC), with an expected approval timeline of around eight to ten weeks. The Sabah-MM2H programme is applicable only within the state, emphasising that participants are prohibited from using the permit to work in Malaysia. The requirements state that applicants must be at least 30 years old, come from countries with diplomatic relations with Malaysia, meet fixed deposit and financial prerequisites, and are restricted to purchasing high-rise properties valued at least RM600,000.
The Sabah-MM2H programme is not only a means to attract individuals to establish Sabah as their second home but also as a catalyst for cultural exchange, economic vitality, and sustainable community development. Participants will also have the opportunity to own property in Sabah, access quality healthcare services, and enroll their children in reputable educational institutions, among other benefits.
