PROPERTY GURU. 30TH MAY: Malaysia Pacific Corporation Bhd (MPCB) and Real Trend Development Sdn Bhd (RTDSB) will jointly develop Rumah Mampu Milik Johor (RMMJ) or Johor Affordable Housing scheme in three phases.
Meanwhile, the Selangor State Development Corporation (PKNS) expects to earn over RM300 million this year.
1) MPCB, RTDSB to jointly develop 570 affordable homes in Johor
Malaysia Pacific Corporation Bhd (MPCB), along with Real Trend Development Sdn Bhd (RTDSB), will jointly develop Rumah Mampu Milik Johor (RMMJ) or Johor Affordable Housing scheme in three phases.
With a gross development value (GDV) of RM85.5 million, the project will feature 570 affordable homes, with 242 units constructed under phase one. Another 174 units will be constructed in phase two and the final 154 units in phase three.
The Memorandum of Understanding (MoU) signed by both parties also involve an RM62.84 million commercial project comprising 100 shop office units.
Both projects will be situated in Plentong, Johor Bahru, said landowner MPCB. The parties have agreed that the proposed project’s construction cost will be borne by RTDSB.
2) PKNS expects profits of over RM300mil this year
The Selangor State Development Corporation (PKNS) expects to earn over RM300 million this year, after its profit increased to RM40 million in 2021 from a loss of nearly RM500 million in 2020.
“If in 2020 PKNS posted losses of close to RM500 million, in 2021, we recorded a profit of RM30 million to RM40 million. This year, it is expected that profit will be in the hundreds of millions, or over RM200 million to RM300 million,” said PKNS Chairman Datuk Seri Amirudin Shari.
He explained that the figure was projected after taking into account the positive development within the construction sector as well as the firm’s restructuring of investment and corporate elements.
“The profits indicate that the short- and long-term plans have progressed well,” said Amirudin.
3) Taman U-Thant residents want condo project scaled down
A development proposal for two high-rise residential blocks within Jalan Ampang Hilir, Taman U-Thant has been met with objections as homeowners within the area want the project to be scaled down.
The proposal involves the construction of a 43-storey block and a 20-storey block across a 1.45ha site.
“The new development should remain low-density to suit the rest of the neighbourhood,” said Andy Lor, President of Katana Residences Management Corporation.
He pointed out that the highest blocks within the area “are no more than 10 or 12 storeys high, which suit the existing infrastructure”.
Meanwhile, Chee Siew Pin, CEO of project developer Paramount Property, shared that it is working closely with Kuala Lumpur City Hall (DBKL) and other authorities to meet all requirements, which include the provision of infrastructure upgrades.
“For now, the Traffic Impact Assessment has been completed, including modelling traffic flow during peak hours and taking future projections into account”.
“The findings have revealed that the existing road and junction capabilities will adequately accommodate the new development.”
4) EUPE Corp acquires Kampung Attap land for RM125mil
Kedah-based EUPE Corp Bhd, via its indirect fully-owned subsidiary EUPE Belfield Sdn Bhd, has agreed to acquire a 1.95ha site along Jalan Damansara and Jalan Belfield within Kampung Attap in Kuala Lumpur for RM125 million.
It plans to develop the leasehold land into a high-rise residential project.
EUPE said the proposed acquisition is consistent with their business expansion goal as well as growth strategy of buying new suitable land.
It added that it is acquiring the land to expand the firm’s property development portfolio as well as to generate an additional income stream.
It noted that the land is a strategic location for a residential development aimed at city-dwellers given its strategic location, tranquil environment and proximity to amenities.
However, it is unable to confirm other details for the development, including the development cost, expected date of completion and funding.
5) Rio City Interchange improves access to Bandar Puteri Puchong
Getting to Bandar Puteri Puchong township is now easier with the opening of the 2.35km Rio City Interchange.
A project of IOI Properties Group Bhd, the RM90 million interchange took five-and-a-half years to complete and is situated in front of IOI Galleria @ Puchong at the intersection of Persiaran Puteri and Lebuh Puteri.
The interchange was developed in two phases, with the first phase taking place from August 2016 to September 2019 and the second phase from February to April 2022.
The first phase involved the construction of a flyover to link Lebuhraya Damansara Puchong (LDP) and Lebuh Puteri Puchong, while the second phase involved the construction of a dedicated underpass to IOI Rio, another 80m underpass beneath the interchange as well as a pedestrian bridge linking The Cube’s commercial area and Rio City.
A covered pedestrian bridge and walkway were also constructed to connect the Taman Perindustrian Puchong LRT Station and Puchong Financial Corporate Centre.
6) Public Works Institute of Malaysia to investigate retaining wall failure in Cheras
The Malaysian Institute of Public Works has been appointed to identify why a portion of the retaining wall at a project site shifted, resulting in the collapse of a nearby house.
According to Kuala Lumpur Mayor Datuk Seri Mahadi Che Ngah, the developer of the high-rise project had been ordered to stop work at the site as well as to immediately fortify the retaining wall.
“The developer is also required to review the design of the retaining wall,” he said. “They must also come out with a long-term proposal to solve the problem.”
Kuala Lumpur City Hall (DBKL) shared that the occupants of six nearby houses were also ordered to vacate. They were relocated to a nearby hotel, with the cost to be borne by the developer.