Eastern & Oriental Bhd, a Malaysian property developer, rose the most in three weeks in Kuala Lumpur trading after winning state approval for the second phase of a development in Penang.
The stock gained 2.6 per cent to RM1.20 at 9:11 a.m. local time, set for its biggest increase since March 23. — Bloomberg
SOURCE: Business Times
TWO underpasses and two flyovers will soon be constructed along Jalan Masjid Negeri in Penang under a RM60mil project to relieve traffic congestions on the island’s main artery.
The underpasses will enable road users to turn right into Jalan Delima and Jalan Besi under phase two of the Traffic Improvement Plan of Jalan Masjid Negeri.
A one-lane flyover will also be constructed over the existing autopont flyover along Jalan Masjid Negeri linking Lebuhraya Batu Lanchang to Jalan Masjid Negeri for traffic heading towards the State Mosque.
Another flyover will connect Jalan Scotland to Jalan Batu Gantung.
This was revealed by PINTAR Jurutera Perunding which has been appointed as the consulting firm for the phase one and phase two projects by the Penang Municipal Council.
Its consulting engineer Hew Yoon Leong provided the details during a local government forum ‘De-Congesting Jalan Masjid Negeri’ at the Caring Society Complex yesterday.
Also present at the briefing were state Local Government and Traffic Management Committee chairman Chow Kon Yeow, Penang Municipal Council president Patahiyah Ismail and Seberang Prai Municipal Council president Maimunah Mohd Sharif and representatives from non-governmental organisations.
Hew said the first phase of the project would entail the upgrading of Lorong Batu Lanchang and Lebuhraya Thean Teik intersection by providing a free-flow left-turn for traffic from Lorong Batu Lanchang to Lebuhraya Thean Teik.
He said the single lane next to the State Mosque interchange would be upgraded into two lanes.
“We are going to shift the concrete perimeter fence of the State Mosque to construct the additional lane to enable motorists using Jalan Masjid Negeri to turn left into Jalan Air Itam,” he said.
Hew said the other projects in phase one are the upgrading of the Jalan Tengku Kudin roundabout to provide free-flow ‘U’ turn for traffic heading back to the State Mosque direction.
Over at Jalan Bagan Jermal an additional lane would be constructed on both sides of the road to cater for heavy traffic flow especially during school dismissal time.
He said a bicycle lane would be constructed along Gottlieb Road from the Jalan Kebun Bunga intersection to the Jalan Burma intersection.
“Phase one of the project will take about 16 months. Phase two will begin after that,” he said.
Hew said tender for the first phase costing RM25mil was called several months ago.
“The successful bidder will be announced soon,” he said.
Source: The Star
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KLANG: Sagajuta (Sabah) Sdn Bhd, a pioneer developer in Sabah is launching four commercial projects worth almost RM2 billion this year, as demand for the properties increases, its chief said.
They include the abandoned commercial project in Selangor, called 1Gateway Klang, which its unit, Lagenda Erajuta Sdn Bhd, has taken over and is reviving this month.
The three new projects are located in Kota Kinabalu, Bukit Mertajam in Penang and Johor Baru, launching in phases from the end of this year.
The projects will comprise modern shoplots, office towers, street mall and leisure facilities.
Sagajuta managing director and executive chairman Datuk Raymond Chan Boon Siew said the projects will be carried out without bridging loans.
"We expect the projects to be self-funded and sustainable," Chan told Business Times recently.
Chan said he is bullish that the projects will be successful during the launches because of the concept.
He said the current trend shows that buyers and investors are looking for commercial properties with lifestyle and leisure facilities and a conducive work environment.
"While it takes a bit of work to plan the developments, we try to build iconic projects that change the landscape so it pays off well for us and the buyers," Chan said.
Sagajuta is known for its landmark project, the RM1.2 billion 1-Borneo mall, the largest in Sabah, which has four international and regional chain hotels, condominiums, lifestyle and leisure properties.
On 1Gateway (previously, Intania), Chan said he is confident that the project, which will be re-launched soon, will be sold within the next six to 12 months.
The revival plan includes injecting the 4-star Novotel hotel, a hypermarket, duplex shops, Soho and a food hub into the project to enhance its appeal. This is on top of the original plan to have a 31-storey office tower and shoplots.
Chan said he may plan to take over other abandoned buildings in the Klang Valley, if viable.
Intania, a joint venture between Port Klang Authority and Dermaga Suasa Sdn Bhd, controlled by Tan Sri Megat Najmuddin Megat Khas, stopped in 2006 following a dispute between both parties on privatisation matters.
Dubbed the white knight, Lagenda Erajuta took over the project from Dermaga. This is the first abandoned project taken over by Chan.
SOURCE: Business Times
According to reliable sources, Carrefour has acquired Krico Superstore business operation in Bukit Minyak. Stay tuned for the official announcement soon.
Krico will be closed on 16 May to facilitate the transition and renovation work. Carrefour will start their operation some time in August 2011.
