Sarawak’s Critically Delayed Projects Drop From 96 To Just Two, First Bandar PR1MA Township To Offer Over 1,000 Affordable Homes And, More
16th January – 22nd January
Sarawak saw critically delayed projects significantly declined from 96 to just two as of early this year, revealed Infrastructure and Port Development (MIPD) Minister Datuk Amar Douglas Uggah Embas.
Meanwhile, Malaysia’s first Bandar PR1MA township, which will offer more than 1,000 high-quality affordable housing units across a 57.5ha site, will be launched this year.
1. Sarawak’s critically delayed projects drop from 96 to just two
Sarawak saw critically delayed projects significantly declined from 96 to just two as of early this year, revealed Infrastructure and Port Development (MIPD) Minister Datuk Amar Douglas Uggah Embas.
The Deputy Premier noted that the 96 critically delayed projects were initially identified in 2022, when he first assumed office as minister, reported Borneo Post.
He attributed this achievement to the collaborative efforts of the Public Works Department (JKR) and the contractors.
He shared that the “One Month Rule” – which sees contractors starting work within a month of project handover – helped ensure efficient handling of projects.
“Upon failure to comply, we will take action, including the contract termination, to reach the target of zero delayed projects,” said the minister.
To ensure all issues on the ground and in the system are addressed, the ministry has also created a committee that oversees the projects’ performance.
“As the number of road user increases, so does their expectation. Therefore, it is crucial for us to be able to address challenges faced by all road users as we are the guardians of daily commutes, facilitators of trade, and responders for emergency services,” he said.
2. First Bandar PR1MA township to offer over 1,000 affordable homes
Malaysia’s first Bandar PR1MA township, which will offer more than 1,000 high-quality affordable housing units across a 57.5ha site, will be launched this year.
With an estimated gross development value of around RM800 million, the project is located near the Teluk Intan Universiti Pendidikan Sultan Idris (UPSI) campus, reported Bernama.
“The launch of this Bandar PR1MA also offers town planning that is sustainable and comfortable,” said Housing and Local Government Minister Nga Kor Ming.
In October 2023, Nga reportedly said that Bandar PR1MA will feature about 1,700 new People’s Housing Project (PPR) units worth RM100 million.
Notably, the township was among the developments presented by Nga to Sultan Nazrin Muizzuddin Shah of Perak. He also shared a report on the ministry’s achievements as well as initiatives to assist the people since the formation of the MADANI government in December 2022.
3. Property market to see more positive outcome in 2024
Despite external challenges, Malaysia’s property market is expected to see more positive outcomes this year, said Tan Kian Aun, President of the Malaysian Institute of Estate Agents (MIEA).
He commended the government’s effort to improve the investment climate, lower interest rates and adopt a more focused approach in addressing issues such as sustainable living and renewable energy, reported the New Straits Times.
“We don’t expect the government to do something drastic to change the economic landscape but rather to take a step-by-step approach because it may affect inflation, the cost of living, and the income gap of the people,” said Tan.
He noted that the property market is showing signs of recovery, with stable pricing and revival of abandoned projects indicating renewed confidence in the property sector.
He believes Malaysia remains one of the best places to invest, with national projects such as the Pan Borneo Highway, Johor Rapid Transit Link (RTS) project and the New Industrial Master Plan (NIMP) 2030 drawing investors in.
Measures such as the stamp duty exemptions for first-time homebuyers and the expanded Housing Credit Guarantee Scheme will also encourage home ownership within the country.
Meanwhile, the Malaysia My Second Home (MM2H) Visa Liberalisation Plan reflects the government’s commitment to stimulate the property market.
4. Gagasan Nadi Cergas to build 4,183 affordable homes in Kwasa Damansara
Gagasan Nadi Cergas Bhd has secured a RM1 billion contract from Kwasa Land Sdn Bhd to construct 4,183 affordable homes for the Kwasa Damansara project.
The construction firm accepted a letter of award from Kwasa Land to develop the affordable housing scheme on a 34.9acre site. Under the award, Gagasan Nadi Cergas will pay RM35.6 million for the land, reported The Sun.
A subsidiary of the Employees Provident Fund, Kwasa Land will be the project’s master developer.
The award marks the Gagasan Nadi Cergas’ second collaboration with Kwasa Land, the first involved the development of 1,669 affordable homes in Plot R4-1 of Kwasa Damansara.
“With this project in hand, our ongoing property development projects are worth RM3.6 billion in GDV that will provide earnings visibility until 2032,” said Wan Azman Wan Kamal, Managing Director of Gagasan Nadi Cergas.
“We are grateful to Kwasa Land for partnering with us for the development of this project, and we are keen to support Kwasa Land’s dynamic efforts to make Kwasa Damansara an affordable, modern, and sustainable township,” he added.
Gagasan Nadi Cergas is set to deliver up to 14,000 affordable homes in Greater Kuala Lumpur in the next eight years.
5. Repair works for damaged building in Kuchai Lama to be completed in two months
Repair works for the damaged section of Block A in Sri Desa Entrepreneurs Park in Kuchai Lama, Kuala Lumpur are set to start soon following the award of the contract.
Emily Sim, Building Manager of Block A shared that the management corporation expects the repairs on the five-storey building to be completed in two months, reported The Star.
“We have already started hacking,” said Sim. “There was a delay earlier as Kuala Lumpur City Hall (DBKL) required a forensics report on the collapse, which took some time to obtain.”
Block A was cordoned off in August last year after a beam collapsed, damaging 10 parked vehicles.
Owners and tenants on the building’s ground floor as well as levels 1 and 2 were permitted to return to work in September 2023, and the offices on level 3 were approved for use in December.
Levels 4 and 5, on the other hand, remained inaccessible.
DBKL issued standard operating procedures to be followed by the building’s tenants and owners. These include the use of emergency staircases to access the first and second floors.
6. Emerging technologies to drive Malaysian real estate
Malaysia witnessed positive growth post-COVID, with a 4% hike in gross domestic product (GDP) in 2023 and the real estate sector registering rising confidence, transaction volumes and values.
Despite concerns on the pandemic’s impact, there are signs of expansion, which include growing tourism, investments and government programmes such as the Gold and Platinum programmes for the Malaysia My Second Home (MM2H), reported the New Straits Times.
CBRE|WTW Group Managing Director Sr. Tan Ka Leong acknowledge that challenges remain, such as the effects of a weaker ringgit, higher OPR and the need for more research, open information sharing and big data analysis.
“The future of Malaysian property extends beyond regional growth. As we navigate the evolving landscape, we stand on the precipice of profound transformations driven by emerging technologies like artificial intelligence, blockchain, and virtual reality,” he said.
“Imagine the possibilities. Artificial intelligence and big data empower professionals to make data-driven decisions, predict market trends, and unlock new levels of client service,” added Tan.
He believes big data could help developers target specific audience needs better and investors in uncovering new opportunities.
Meanwhile, virtual reality tours can facilitate global property exploration and create new investment opportunities, he added.
