By Sharen Kaur - Published in NST Property, October 29, 2021
Berjaya Corp Bhd group chief executive officer Jalil Rasheed said that the removal of RPGT will have a positive impact on the real estate sector. Courtesy image
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Berjaya Corp Bhd group chief executive officer Jalil Rasheed, has welcomed the government's decision to waive real property gains tax (RPGT) for properties sold from the sixth year onwards.
Finance Minister Tengku Zafrul Tengku Abdul Aziz announced today that the government will no longer impose the RPGT on property sales by individual citizens, permanent residents, and companies after the sixth year.
This will take effect next year as part of Budget 2022, he said.
Commenting on Budget 2022, Jalil said it is good that RPGT has been removed as this will have an impact on the property sector.
RPGT was initially implemented as a cooling measure to curb speculation during periods of high property market activity.
Jalil believes it is also positive that the government is providing some incentives for the tourism industry, which has been devastated by Covid-19.
Berjaya Corp Bhd group chief executive officer Jalil Rasheed welcomes government incentives for the tourism industry. File photo
Berjaya, he said, welcomes these initiatives because the group's hospitality division was hit hard last year.
He stated that, while there has been an increase since the Movement Control Order (MCO), the tourism sector is still extremely weak, and any assistance is critical.
"This is clearly a pandemic budget. The health and education focus is a relief as the pandemic has made very clear how these are critical sectors that can do with a lot more," he said.
Jalil was also encouraged to see some recognition for women and the role they play in the country's economy.
"The mandatory inclusion of women at board level is a start but we still have a way to go," he said.
According to Jalil, more than half of Berjaya Corp's board of directors are women.
On the digital front, Jalil stated that the Jendela initiative is critical to closing the digital divide.
"Overall, the government has made an effort to be inclusive," he said.
By Sharen Kaur - Published in NST Property, October 29, 2021
Malaysian hotels and resorts may fare better in the future. File photo of Pangkor Laut Resort
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The Malaysian Association of Hotels (MAH) welcomes the government's decision to extend the targeted wage subsidy programme, which will aid in the restart and rebuilding of the tourism industry.
According to its president, Datuk N. Subramaniam, MAH is pleased that the government has recognised the industry's needs.
"This is crucial for the industry to rehire manpower needed and ensure the needs of its people are being addressed," he said.
Among the other items requested by the industry and announced in Budget 2022 was an extension of the exemption from tourism tax and personal income tax relief for the fiscal year 2022.
An extension of the service tax exemption would add value to people's spending power at hotels and boost tourism recovery.
Subramaniam said the association hoped that the government would reconsider some other items on its wishlist that were not included in Budget 2022, such as an extension of the service tax exemption, which would add value to people's spending power at hotels and boost tourism recovery.
"Various funds announced for the maintenance and upgrade of tourism infrastructure, as well as specifically for budget hotels, are timely and would contribute to the rebuilding of the tourism industry's competitiveness," he said.
Subramaniam said the industry is also eager to learn more about the Penjana Tourism Financing and BPMB Rehabilitation Scheme funding, which could be beneficial to stakeholders if made available at low or even zero interest.
According to him, industry stakeholders are hopeful that it will provide immediate funding and cash flow.
Meanwhile, Subramaniam said that, while the general tourism marketing and operational budgets were not mentioned in the announcement, industry players hoped that the government would allocate a sufficient budget to promote and market Malaysia as a preferred destination in the face of fierce competition from neighbouring countries.
Grants and promotional funding introduced to encourage tourism, arts and culture initiatives, and tax breaks for events are welcomed, he said.
"The government has considered the entertainment tax issue raised by the industry, and the announced exemption in all federal territories will benefit not only operators, particularly theme parks, but also the people. We hope that other states will do the same," it said.
By Sharen Kaur - Published in NST Property, October 28, 2021
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Tan Sri Dr. Lim Wee Chai, founder and executive chairman of Top Glove Corp Bhd, the world's largest rubber glove manufacturer, is an advocate for smart and sustainable cities.
He recently visited the i-City Golden Triangle (i-City GT) ultrapolis in Selangor's capital city, which he described as "a good project and well-developed."
The 63-year-old physics graduate from Universiti Malaya and Tunku Abdul Rahman College alumnus who founded Top Glove in 1991 was at i-City GT to see the development and smart city features firsthand.
Lim also had a friendly meeting with Tan Sri Lim Kim Hong, the founder and group executive chairman of I-Berhad, the RM10 billion i-City GT developer.
Tan Sri Dr. Lim Wee Chai, founder and executive chairman of Top Glove Corp Bhd, gives the i-City Golden Triangle scale model a thumbs up. Photo/Sharen Kaur
He saw the i-City GT scale model and then toured Sumurwang Tower, a Grade A office tower with MSC status that incorporates AI (Artificial Intelligence) and smart features, as well as the one million square ft Central i-City mall and the DoubleTree by Hilton i-City Hotel, which opens next year.
Lim (Wee Chai) told NST Property that the most appealing aspect of i-City GT was its comprehensiveness and integration.
He also called Sumurwang Tower, which will be renamed Mercu Maybank, a "smart and intelligent building."
The 33-story Sumurwang Tower, which is part of the financial district of i-City Golden Triangle, will be renamed Mercu Maybank.
The 33-story Sumurwang Tower is part of the financial district of i-City GT, which also includes the Central i-City mall, the DoubleTree by Hilton i-City Hotel, the i-City Convention Centre, and the BeCentral residences.
The financial district will be linked to the i-City LRT Station, which is set to open in 2023.
Maybank, Malaysia's largest bank in terms of assets, is relocating some of its operations at its headquarters in Kuala Lumpur to Sumurwang Tower.
Lim, a Tzu Chi Foundation commissioner and volunteer, said that i-City GT will benefit from the presence of major corporations such as Maybank, Prudential, and Flextronics at Sumurwang Tower.
He went on to say that the addition of these big names will help the overall i-City GT development.
As a permanent alternate office location, Maybank will lease 14 floors in the tower for a total of 162,000 square feet.
Around 1,400 Maybank employees will have relocated to the tower by the first half of 2022.
According to a Maybank spokesperson, the decision to secure office space in Sumurwang Tower is solely for business continuity management (BCM) and resiliency planning in order to ensure that Maybank's operations and service delivery are not disrupted.
The spokesperson said that this tower will serve as a permanent alternate office site for the group in order to accommodate new work arrangements as a result of the Covid-19 pandemic, such as hybrid and remote work considerations for the group's various functions and businesses.
Menara Maybank, located on Jalan Tun Perak in Kuala Lumpur, will remain the group's headquarters.
Sumurwang Tower is suitable as a permanent alternative office, according to Maybank, because of its premium corporate office design, security features, and Green Building Index (GBI) certification, which aligns with the group's sustainability commitments.
Negeri Sembilan Menteri Besar, Datuk Seri Aminuddin Harunn (second from left) and Datuk Azmir Merican, Sime Darby Property group managing director (second from right) at the ground breaking ceremony of Hamilton City in Nilai, Negeri Sembilan.
Sime Darby Property Bhd's strategic growth plans will be advanced by the 1,101-hectare Hamilton City industrial township in Nilai, Negeri Sembilan, which will transform the company into a real estate development group by 2025.
Hamilton City is a full-fledged industrial township in Malaysia Vision Valley 2.0 (MVV 2.0), with a focus on medium to heavy manufacturing-based industries to drive direct investment.
Sime Darby Property launched the RM3.52 billion township today to demonstrate its commitment to the development of the new growth corridor in MVV 2.0.
MVV 2.0 is an integrated economic, spurred by four economic drivers – high-technology manufacturing; wellness tourism; skill-based education and research; and specialised services.
Sime Darby Property will be embarking on key projects that will become among the principal drivers of the development.
Speaking at the launch event, Negeri Sembilan Menteri Besar, Datuk Seri Hj. Aminuddin Harun said he is confident that Sime Darby Property's projects will be catalysts to the development of MVV 2.0.
Datuk Azmir Merican, Sime Darby Property group managing director, stated in a press release that Hamilton City's strategic location in Nilai positions the industrial township as an appealing option for businesses looking for efficient production or warehousing options outside of the Klang Valley.
Azmir said that Hamilton City features convenient access to the North-South Expressway (NSE) and NSE Central Link (ELITE), as well as the Nilai-Labu Expressway (NLE) which will be opening in the future.
He said these expressways will connect Hamilton City to major logistics hubs such as the Kuala Lumpur International Airport and Port Klang, a signature of Sime Darby Property Industrial products located strategically in City of Elmina, Bandar Bukit Raja and Serenia City.
"We continue to grow the company's industrial and logistics development segment by leveraging on rising global e-commerce trends and the market's demand for better industrial warehousing products," he said.
According to Azmir, Hamilton City is now ready for the next phase, which will propel Negeri Sembilan toward becoming a sustainable city by 2045.
Sime Darby Property will build Hamilton City in four phases and it has allocated RM250 million for the development.
Phases 1, 2, and 4 will concentrate on medium and heavy industrial activities, whereas Phase 3 will be designed specifically for light industry, consisting of detached and semi-detached factories with a managed industrial park concept.
The development has commenced with the 514-acre Hamilton Industrial Park which
consists of five phases comprising industrial lots and ready-built factories.
The total gross development value of the Hamilton Industrial Park is RM835 million.
Azmir said the series of mixed-use developments will cater to various businesses, accelerating the development of thriving industry-led communities. It is also expected to create job opportunities for the 740,000 people who live in and around the township.
Sime Darby Property successfully recorded a 100 per cent take-up rate for the launch of the first product in the development, comprising industrial lots ranging in size from one to nine acres, in June this year, with 42 lots sold to local and international companies.
The industrial land plots and semi-d factories in both projects are seeing good demand due to expansion by some local manufacturers.
The Malaysia-Singapore rapid transit system link project is projected to be completed by the end of 2026. Credit: mymrt.com.my
About 70,000 residential properties in Johor are unsold, empty, or abandoned due to new homeownership rules and the suspension of Malaysia My Second Home Programme (MM2H), according to Johor Menteri Besar Datuk Hasni Mohammad.
According to a recent Bernama storey, Hasni stated that the state government of Johor will seek the best solution for the 70,000 dwellings.
Two of the measures to be made, he said, are working with the property firms involved and introducing rental programmes to the younger generation.
"We will discuss and cooperate with real estates agents who have the record of completed and unsold houses, types of units, and appropriate rental rates," he said after the key handover ceremony of Taman Setia Indah medium low-cost terraced houses and Johor Affordable Houses (RMBJ) at the Taman Ekoflora Community Center in Johor Baru.
According to statistics compiled by Henry Butcher Malaysia, the value and volume of residential property sales in Johor climbed substantially from 2017 to 2019.
The volume of transactions climbed by eight per cent in 2018 and 7.5 per cent in 2019, while the value of transactions increased by 1.5 per cent in 2018 and 15.9 per cent in 2019.
According to a report by the firm on the Malaysian Property market 2021, the enforcement of the Movement Control Order on March 18, 2020, was a significant factor in reversing the upward trend.
The MM2H scheme was a major draw for foreign buyers when apartments and condominiums were built in Johor Bahru.
The Ministry of Tourism, Arts and Culture suspended MM2H in July 2020, following the government's decision to ban foreigners from entering Malaysia following the Covid-19 outbreak.
It has been difficult for developers to sell properties and for homeowners to rent their homes due to the suspension.
The suspension had stifled demand in Johor Baru's premier residential market from Singapore, Vietnam, Indonesia, and China.
Hasni stated that for Johor Bahru to become a thriving city, the issue must be resolved quickly.
He reportedly said in August that the Johor Baru City Council would improve its role and status as a significant international land gateway when the Malaysia-Singapore rapid transit system (RTS) link project and the Gemas-Johor Baru electrified double-tracking project (EDTP) are completed.
Hasni said that the two megaprojects are the primary contributors to the state's economic recovery efforts, benefiting the people and advancing the development of Johor Baru.
According to him, completing the two projects will immediately benefit the city's Ibrahim International Business District.
The Gemas-Johor Baru EDTP, which connects the north and south of Malaysia's Peninsula, is projected to be finished in 2023.
It will complement the RTS link, a new 4km cross-border rail project that will connect Malaysia and Singapore.
Mass Rapid Transit Corp Sdn Bhd and Singapore Land Transport Authority are working on the RTS link.
The new railway line's construction began this year and is projected to be finished by the end of 2026. RTS Link's operator, RTS Operations Pte Ltd, awarded nine contracts totalling around RM1 billion in the second quarter.
The RTS rail link will have two stations, one in Johor Bahru and the other in Singapore's Woodlands. The new railway link will connect the two stations by crossing the Johor Straits on a 25-meter-high bridge.
At Bukit Chagar and Woodlands North, co-located customs, immigration, and quarantine (CIQ) facilities will be developed.
As part of the project, a maintenance facility will be erected in Wadi Hana, Johor Bahru.
With the progress of the rail development, areas surrounding Bukit Chagar and Wadi Hana and the city centre of Johor Baru would attract home buyers and investors.
By Sharen Kaur - Published in NST Property, October 26, 2021
Merdeka 118 will be the world’s second-tallest building. File image
Malaysia will set another world record when its megatall structure, Merdeka 118, is completed in the third quarter of next year at nearly 700 metres above sea level.
Merdeka 118's current architectural height is about 644 metres, measured from the ground all the way to the top.
The true height of the 118-floor megatall structure in Kuala Lumpur is expected to be revealed next year when it is fully completed.
When the final spire is added, the tower's final height is expected to be around 700 metres, according to those involved in its construction.
"The spire is currently being built. It will be installed at the highest point of the tower within the next few months, increasing the tower's height," according to sources.
An aerial shot of the ongoing construction of Merdeka 118.
Even at 644 metres, Merdeka 118 is set to be the world's second-tallest structure.
It will be listed along with some of the world's tallest buildings like Burj Khalifa in Dubai, UAE, the world's tallest tower with a height of 828 metres, and the Shanghai Tower in China, which currently is the second tallest tower in the world, with a height of 632 metres
Within a few years, the list of the world's top five buildings will be Kingdom Tower in Jeddah, Saudi Arabia with a height of 1008 metres, Burj Khalifa (828 metres), Merdeka 118 (almost 700 metres), Wuhan Greenland Center in Wuhan, China with a height of 636 metres, and Shanghai Tower (632 metres).
Merdeka 118 is an RM5 billion development that is being developed in three phases on a 19-acre site in downtown Kuala Lumpur's historical enclave.
PNB Merdeka Ventures Sdn Bhd (PMVSB), a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB) is developing it.
Despite the ongoing pandemic, PMVSB reached a major milestone in the construction of this much-anticipated development by topping out in June of this year.
The topping out marked the completion of the final roof slab, allowing the building to safely reach its peak at level 118 and become Malaysia's tallest building.
The tower overlooks two national historical landmarks, Stadium Merdeka and Stadium Negara, exemplifying the precinct's extraordinary fusion of historic and contemporary architecture.
PNB, as the sole custodian of the two stadiums, has taken meticulous care in maintaining and preserving the nation's historic heritage, resulting in a harmonious representation of Malaysia's rich history, evolution, and future.
According to reports, PNB will keep the project's development costs at RM5 billion.
In November 2015, PNB awarded the main contract worth RM3.4 billion to a joint venture comprised of Samsung C&T and UEM Group Bhd from South Korea.
Eversendai Corp Bhd, which has a contract for connection design, material supply, fabrication, and installation of steel structures, is also involved in this development.
Turner Construction is managing the construction of the tower, as well as providing project management services for the multilevel retail mall and infrastructure portions of the development.
The first phase of the project, which began in 2014, involved the construction of the 118-story tower and a seven-storey shopping mall.
The tower will have 83 floors of Grade A office space, 60 of which will house PNB's headquarters. The upper floors will have 12 stories of hotel rooms and five floors of hotel residences. Park Hyatt will manage the hotel.
The second and third phases consist of several residential towers.
The overall development is expected to be completed by 2025/2026.
From a tourism standpoint, Merdeka 118, like its predecessors, Menara KL and the Petronas Twin Towers, will redefine Kuala Lumpur's skyline. The upper levels of Merdeka 118 will include the highest observation deck in South East Asia. It will also feature a sky lobby, restaurants, and breathtaking views of Kuala Lumpur.
The elevators, another specialised feature, will provide a true one-of-a-kind experience. Visitors will be able to see the Kuala Lumpur skyline expand as they ascend the glass and steel structure.
PNB has said the Merdeka 118 precinct will also feature a textile museum with a focus on Malay-world textile, a purpose-built childcare centre for children under the age of seven, and Masjid Merdeka.
By Sharen Kaur -
Published in NST Business, October 26, 2021
The
spokesperson told the New Straits Times that the tower will serve as an
additional permanent alternate office site for the group to accommodate
new work arrangements resulting from the Covid-19 pandemic, such as
hybrid and remote work considerations for the group's various functions
and businesses.
sharen@nst.com.my
KUALA LUMPUR: Malayan Banking Bhd (Maybank), Malaysia's largest
bank by assets, is relocating a portion of its operations to Sumurwang
Tower at i-City Golden Triangle (i-City GT) in Selangor's capital city.
Maybank will lease 14 floors of the tower in Shah Alam, totaling
162,000 square feet, as a permanent alternate office location for the
group.
The decision to secure office space in Sumurwang Tower is solely for
business continuity management (BCM) and resiliency planning to ensure
Maybank's operations and service delivery are not disrupted, according
to a spokesperson from Maybank.
The spokesperson told the New Straits Times that the tower will
serve as an additional permanent alternate office site for the group to
accommodate new work arrangements resulting from the Covid-19 pandemic,
such as hybrid and remote work considerations for the group's various
functions and businesses.
The office space in Sumurwang Tower will be able to accommodate roughly 1,400 Maybank employees by the first half of 2022.
According to the spokesperson, Sumurwang Tower will be renamed Mercu
Maybank after receiving approval from the Shah Alam City Council and
will feature Maybank signage on the building's rooftop.
Maybank will provide staff with access to parking lots, shuttle services and public transportation to make commuting easier.
"Given our experience with the Covid-19 pandemic and its prolonged
impact, we have taken into consideration under our BCM processes the
need for a permanent alternate office site to carry out business as
usual operations as part of risk management.
"This is meant to help ensure business continuity of Maybank's
operations in any event and facilitate the quick activation of BCM
protocol when the need arises," the spokesperson said.
According to the spokesperson, no branches or offices in the Klang Valley will be closed as a result of this decision.
Menara Maybank, located on Jalan Tun Perak here, will remain the group's headquarters.
The spokesperson said that keeping a safe distance from Menara
Maybank was an important factor in locating a suitable permanent
alternate office location.
"This building (Sumurwang Tower) is also deemed suitable given its
premium corporate office design, its security features, and Green
Building Index (GBI) certification, which bodes well with the group's
sustainability commitments.
"Moreover, it has the required space to accommodate the Maybank
workforce that will need to be relocated for business continuity
purposes," said the spokesperson.
Sumurwang Tower is a Grade A office tower with MSC status that incorporates Artificial Intelligence and smart features.
The 33-story tower is a key component of i-City GT's financial hub,
which also includes the Central i-City mall, DoubleTree by Hilton i-City
Hotel, and i-City Convention Centre.
The financial hub will be linked to the i-City LRT Station, which is set to open in 2023.
By Sharen Kaur - Published in NST Business, October 25, 2021
YTL
Power International Bhd’s wholly-owned YTL PowerSeraya Ltd has secured a
two-year trial project to import 100 megawatts of electricity from
Malaysia into Singapore via existing interconnectors.
KUALA
LUMPUR: YTL Power International Bhd's wholly-owned YTL PowerSeraya Ltd,
has secured a two-year trial project to import 100 megawatts of
electricity from Malaysia into Singapore via existing interconnectors.
The appointment follows a request for proposal in March by
Singapore's Energy Market Authority (EMA), according to a statement
released today in Singapore by YTL PowerSeraya.
According to reports, YTL PowerSeraya is the only party in Singapore to have traded across the interconnector.
Its chief executive officer John Ng described the project as a
"important initiative" in the development of Singapore's energy story.
According to Ng, the appointment is a significant step toward the
success of an Asean power grid, where electricity imports may eventually
play a key role in Singapore's energy mix.
He stated that the organisation will collaborate closely with YTL Power to import electricity into Singapore.
"We look forward to working closely with EMA to refine all technical
settings and regulatory arrangements under the Electricity Import
Framework during this two-year trial, which is expected to commence in
early 2022.
"YTL PowerSeraya and YTL Power International are honoured to have been selected for this important initiative," he said.
YTL PowerSeraya is one of the leading power generators and electricity retailers in Singapore.
It has two subsidiaries namely a retail arm under the Geneco brand
providing electricity to homes and businesses, and PetroSeraya, the
group's fuel management arm.
By Sharen Kaur - Published in NST Property, October 19, 2021
I-Berhad has guided the i-City Golden Triangle in the right direction from the beginning, ensuring that it becomes the nucleus of telecommunications companies, financial institutions, and high-tech firms, including global organisations. File Photo
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i-City Golden Triangle (i-City GT) has been envisioned as an integrated tech-centric ultrapolis since its inception, setting it in the firm direction as a smart city.
With the idea developing and the appropriate DNA in place, the developer I-Berhad has inevitably steered the project in the proper path from the start.
i-City GT has become a vital hub for local and international connections and the nucleus of telecommunications organisations, financial institutions, and high-technology firms, including multinational corporations (MNCs).
The city is underpinned by a 400G-capable connectivity network, Tier-3 data centre, Artificial Intelligence (AI) features, smart security, and SuperApp.
Sumurwang Tower, i-first City's Grade-A Green Building Index (GBI) office tower, is expected to become the satellite headquarters of a financial organisation early next year, with others to follow.
With the launch of the DoubleTree by Hilton i-City Hotel, the second hotel in i-City GT, and the delivery of the upmarket Hill10 Residence to purchasers, 2022 will be a momentous year for I-Berhad.
The hotel's debut coincides with the Hilton Hotels and Resorts Group's expansion plans in Malaysia. It is expected to be a game-changer, setting a new standard for luxury hotels and transforming Malaysia's MICE (meeting, incentive, convention, and exhibition) industry.
A 43-story building will house the 300-room DoubleTree by Hilton i-City Hotel. It will have two speciality restaurants, Makan Kitchen and Tosca, a 1,000-seat grand ballroom and a corporate networking space called the Axis Lounge.
Members of the Hilton HONORS programme can enjoy a contactless arrival experience by checking in with their smartphones and receiving access to their rooms via a 'digital key' created.
Hill10 Residence is located from Level 24 to 42 and has a double-volume lobby on the main floor and a cantilever rooftop infinity pool on Level 43. There are 200 apartment suites available, and buyers will receive their keys shortly after the hotel opens the mid-next year.
The hotel and the residences are part of the i-City financial centre, which the 33-story Sumurwang Tower anchors. It's also only three minutes from Thailand's Central Group's Central i-City mall and the i-City convention centre.
Be Central, located close to Sumurwang Tower, offers serviced apartments beginning at RM495,000.
"The entire development of i-City GT has been meticulously planned. The developer, Tan Sri Lim Kim Hong, had placed a strong focus on intelligent planning from the beginning. He could see what the future would be like 15 years ago, and he did it correctly.
"I-City GT is now a world-class ultrapolis. It's a smart city with world-class amenities that attracts big corporations from around the world. It's completely integrated with corporate, leisure, and residential options. The towering skyscrapers dominate the city's skylines and have been a gamechanger for Selangor's capital city," said a senior officer at an international consulting firm.
i-City is also an MSC Malaysia Cybercentre-certified development, a world reference site for Cisco's Smart+Connected Communities, and a tourism destination supported by the Selangor state government and the Ministry of Tourism and Culture.
Invest Selangor Berhad, a beacon for investors, has stepped foot in i-City GT, demonstrating the push to attract investments worldwide. SIDEC, the incubator for e-commerce, start-ups, and entrepreneurs, is also part of the ecosystem that supports the digital economy.
Another initiative is developing additional data centres, following i-City GT's first Tier-3 data centre operating since 2008. The upcoming Data Centre 2 and 3, which will span 200,000 sq ft, will serve its community by 2025. It will feature dual-source power, as well as direct fibre connectivity to the existing Tier-3 data centre.
Rich knowledge-based workers will support the data centre as the local hub for international business operations.
By 2025, i-City GT will be home to an iconic tower, the 78-story IGT Tower, which will provide panoramic views of the city. The building is intended to serve as a hub for technology and innovation and a home for global technology firms.
Smart City Framework
Building on its DNA - re-define, re-think, re-imagine, re-invent (4Rs)
By riding on its DNA, the "4Rs," and Smart City Framework, i-City GT is determined to empower enterprises and organisations across many industries by altering the route to the new normal in novel ways.
To remain an appealing and competitive destination for business and investment, it must ensure that its economy supports high-value-added industries such as IT and finance.
Knowledge-based workers in the city are expected to gain from higher-quality and higher-paying job possibilities.
Attracting investment in high-value-added industries is one of the planned initiatives. By the end of 2021, the existing Grade A GBI Tower will have an 80 per cent occupancy rate.
Reimagining quality of life post-Covid-19
To make i-City GT Malaysia's No. 1 Technology City – the most liveable, smart, and sustainable city in the country – the developer will focus on increasing quality of life, stimulating economic growth, and assuring more efficient city management practice.
Through improved mobility inside this transit-oriented development, i-City GT promotes sustainable development by reducing its carbon footprint.
i-City GT is promoting electric vehicles to provide last-mile connectivity to the LRT3 i-City station at Central Walk, hence improving connectivity within the property. File Photo
It is promoting electric vehicles (EVs) to provide last-mile connectivity to the LRT3 i-City station at Central Walk, hence improving connectivity within the property.
There has been a low acceptance rate amongst Malaysians to adopt the use of hybrid or EVs, not only because of its high cost but also for the lack of supporting infrastructure. Hence, more stations would be set up at i-City GT to support the revolution.
More than just a concrete city, i-City GT prioritises improving the liveability within the city and protecting the environment by planting more greens, plants and trees. The aim is also to drive carbon reduction, enhance environmental sustainability and urban farming.
Besides developing a working city that is genuinely livable by prioritizing the environment and walkability, i-City also emphasized creating meaningful and exciting events and activities that could bring life to the city, which improves the quality of life and work simultaneously through events, conferences, and entertainment.
Many corporations and organisations have faced new obstacles due to the Covid-19 outbreak, including the need to decentralise their offices and workplaces to control risk by having multiple sites.
Large organisations are looking for a new strategic prime business site outside Kuala Lumpur with equivalent business amenities to serve their needs.
However, many businesses and organisations face the challenge of choosing the ideal business site that addresses the issue of decentralisation.
i-City GT, located 40 kilometres from the city centre of Kuala Lumpur, is a perfect strategic position in Selangor's capital city, given that similar infrastructures such as technology, economics, and connection are already in place, allowing enterprises to relocate and function seamlessly.
Working, thinking, and living in i-City GT and the activities and objectives of buildings and offices may help organisations and companies adopt the new normal and create a safe, productive, and efficient work environment.
In meeting the decentralisation needs of different businesses across various industries, i-City GT's masterpiece offers several commercial components. They include Grade A (GBI) office towers, hotels, regional shopping malls, convention centres, and data centres, home to many established international business leaders, including Central Pattana Group, Hilton Worldwide, and BestWestern International.
The relocation of one of the country's leading banks to i-City GT is a testament to the success and the growing importance of decentralisation for business operations.
The expanded i-City GT will focus on re-inventing the future through encouraging enterprise digitalisation. An intelligent approach to economic operations will boost productivity and economic output by increasing efficiency and opening new markets. Digitalisation may benefit both businesses and consumers in terms of expanding labour capacity and offering a better customer experience.
Digitalisation plans include increasing e-payments in essential company processes via SuperApp and offering effective public communication via giant digital billboards.
SuperApp, the one-for-all app, allows users to do various transactions digitally with just one click. The plan is to develop it as one of the significant e-wallet payment systems by 2025, akin to other successful e-payment platforms such as GrabPay, TnG e-wallet, and Boost e-wallet, in line with the MBSA Local Plan Draft 2035.
The MBSA Plan outlines proposed developments surrounding six critical projects in Selangor. The plan will widen the footprint for i-City from a 72-acre ultrapolis to a 1,766-acre economic zone. With this, the SuperApp e-wallet will be extended out of i-City GT to benefit users in Shah Alam.
With the revolutionary 10-year development plan for the i-City GT masterpiece, many banks, hedge funds, private equity firms, fintech firms, global companies, and technology firms will soon call the i-City GT marvel home. NSTP/Photo
Redefine placemaking
i-City GT is developing the ideal venue for businesses to satisfy all business demands inside this premium location in Selangor's Golden Triangle by using the foundations of smart city planning and the latest technologies.
Essential building pieces such as the Smart Commercial Hub, Smart Financial Hub, and Smart Tourism Hub are developed by i-City GT.
These three elements form the foundation of i-City GT's masterpiece.
With the revolutionary 10-year development plan for the i-City GT masterpiece, many banks, insurance companies, asset management businesses, hedge funds, private equity firms, fintech firms, global companies, and technology firms will soon call the i-City GT marvel home.
By Sharen Kaur - Published in NST Property, October 18, 2021
The Battersea Power Station regeneration project in the United Kingdom. Courtesy image
sharen@nst.com.my
The Battersea Power Station regeneration project in the United Kingdom, owned by a consortium of Malaysian firms, is gathering traction.
Not only did the Northern Line extension (NLE) open last month, the second phase of Battersea Power Station in Central London will welcome visitors next year, according to Battersea Power Station Development Company Ltd (BPSDC).
United Kingdom's (UK) Trade Envoy to Malaysia Richard Graham said it had been a long journey for the Malaysian investors and the Battersea Power Station team.
"There's now masses of light in the tunnel, and we can all see this will be Europe's most exciting new urban destination. The big opening in Jubilee Year 2022 will be a great moment for the UK and Malaysia to celebrate together," he said in a statement issued by Sime Darby Bhd.
Graham said his hope now is to form similarly successful project partnerships in Malaysia.
Sime Darby (40 per cent) is part of the consortium, also comprising S P Setia Bhd (40 per cent) and the Employees Provident Fund (20 per cent), redeveloping the Battersea Power Station, which is estimated to have a gross development value of £9 billion.
After being decommissioned in 1983, the former coal-fired Power Station sat idle for decades. In 2012, the Malaysian group won a competitive bid to redevelop the 15-hectare site for £400 million, making it the UK's largest property purchase.
Permodalan Nasional Bhd (PNB) has strategic investments in Sime Darby and S P Setia.
The business assets within the Power Station building are owned directly by PNB and the Employees Provident Fund.
Some 3.5 million square feet of mixed commercial space and 4,239 new dwellings, and 19 acres of public space will be created as part of the redevelopment project.
Datuk Seri Dr Wee Ka Siong, Malaysia's Transport Minister, recently visited the site and saw how the Malaysia-owned regeneration project had been transformed into a new, dynamic neighbourhood with a fully integrated public transport network.
The Battersea Power Station project, according to Wee, is an example of Malaysian companies' ability to produce and add value in regions outside of Malaysia, even bringing regeneration to zones that have been abandoned for decades while also being a good investment.
"As part of our tour, we were shown the project's impressive integration into public transport networks which we should look to emulate back home to help enhance accessibility and value for our key stakeholders," he said in the statement.
(L-R): Transport Minister Datuk Seri Dr. Wee Ka Siong, UK Prime Minister’s Trade Envoy Richard Graham and Chairman of Battersea Project Holding Company Datuk Jagan Sabapathy on the Battersea Power Station river bus pier. Photo credit: Charlie Round-Turner
Wee was joined by Graham and welcomed by Battersea Project Holding Company (BPHC) chairman Datuk Jagan Sabapathy and BPSDC chief executive officer Simon Murphy.
He took the NLE and arrived at the complex via the brand-new Zone 1 Battersea Power Station underground station, which, according to BPSDC, got £300 million in developer contributions.
BPSDC claimed that the much-needed new public transportation infrastructure would benefit the entire community, including inhabitants, local companies, and the expected tens of millions of visitors.
"The enhanced transport links, which consist of a new Tube station, river bus service, buses and bikes, have not only unlocked accessibility for this part of London but also enabled socio-economic improvement opportunities for the community," it said.
By Sharen Kaur - Published in NST Property, October 15, 2021
File photo
sharen@nst.com.my
Major property developers are hoping for good news in Budget 2022 regarding developing the Kuala Lumpur-Singapore High-Speed Rail (HSR) and other railway infrastructure projects.
They're counting on the HSR project's progress to boost residential and commercial property sales in some of the primary catchment areas, as well as the country's economy.
"Many developers bought sizeable land and property in advance of the HSR's construction. However, they lost a lot of money in terms of holding costs and human resources when the project was shelved. Some attempted to sell the land but were unable to do so due to the pandemic. The land price fell slightly after the HSR project was cancelled.
"We are hoping for good news on new railway developments in Budget 2022. It will drive real estate developments in the country and attract foreign investors," one of the country's major developers told NST Property.
Mega developments like the Tun Razak Exchange and Bandar Malaysia in Kuala Lumpur will benefit from the HSR, including projects in Melaka and Iskandar Puteri, Johor.
The government is looking at alternatives and plans for the HSR, according to Economic Affairs Minister Datuk Seri Mustapa Mohamed.
The aim is to make a final stop in Iskandar Puteri rather than continuing from Kuala Lumpur to Singapore.
The government is also considering constructing a high-speed rail line from Kuala Lumpur to the country's northern regions, including a stop in Bangkok, Thailand.
Mustapa stated that research on the proposed high-speed rail link between Kuala Lumpur and Iskandar Puteri has been completed and presented to the Cabinet.
In a question-and-answer session chaired by Bursa Malaysia Bhd chairman Wahid Omar at Invest Malaysia 2021 yesterday, he reportedly said the idea to link the HSR to Bangkok was at a "very early" stage.
Putrajaya had also received proposals and presentations on the MRT3 project, according to Mustapa.
He said that the MRT3 was needed but that the model would have to be examined.
"What's important is the amount of money the government has got to put in to make the project successful. In terms of help from the government, under the present circumstances, we'll have to look at the financial implications. But when the economic situation improves and government coffers have been boosted, then we can revisit some of these projects," he said.
Malaysia intends to have a public transportation usage rate of 40 per cent or 50 per cent. It was at a low of 20 per cent currently.
Former Prime Minister Datuk Seri Najib Razak first announced the HSR in September 2010, with the infrastructure project set to be completed in 2026.
The project's expected construction cost was last estimated to be around RM60 billion, down from RM110 billion when it was first announced.
The HSR project was terminated after Malaysia and Singapore failed to agree on revisions requested by Malaysia before the project agreement expired on December 31, 2020.
