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Kerjaya Prospek bags RM28m construction contract for new serviced apartment at STP2

stp2

Artist’s impression of STP2

Kerjaya Prospek (M) Sdn Bhd, a wholly-owned subsidiary of Kerjaya Prospek Group Bhd (Kerjaya), has bagged a RM28.4 million contract from Persada Mentari Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd.

The group said the contract entails the execution and completion of site works and earthworks; foundation piling system and pile caps construction; basement construction and all associated works for the proposed construction of two 35-storey serviced apartment blocks and one level basement in Seri Tanjung Pinang, Penang.

“The contract shall commence on May 18, 2021, to be completed within 12 months from the commencement date,” it said in a filing with Bursa Malaysia today.

The group said the contract would bring its year-to-date contract replenishment for 2021 to RM384.5 million and was expected to provide an additional revenue stream for the group for the next one year.

Kerjaya executive chairman Datuk Tee Eng Ho said the contract was the third job win for the group this year, adding that the contracts were expected to contribute positively to the group’s earnings and net assets per share for the financial years 2021 and 2022.

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Source: Bernama

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SITE PROGRESS: M Vista @ Southbay (May 2021)

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About M Vista @ Southbay

A low density residential development by Mah Sing Group, part of the company’s Southbay township development at Batu Maung. It is located just a stone’s throw away from Free Trade Zone, less than 5 minutes drive to Penang Second Bridge.

This development features 237 residential units with built-up size ranges from 534 sq.ft. to 1,201 sq.ft.

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BNM likely to maintain OPR at 1.75%

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HSBC Global Research expects Bank Negara Malaysia (BNM) to keep the Overnight Policy Rate at 1.75% at its third Monetary Policy Committee meeting on Thursday.

In a research note yesterday, its chief economist for ASEAN, Joseph Incalcaterra, said despite downside risks to BNM’s economic growth forecast, there was a high bar for further monetary policy accommodation.

“BNM can count on manufacturing growth to provide support to the economy and employment.

“The government has also secured enough vaccine doses to enable the country to achieve some form of herd immunity by end-2021, despite supply challenges and signs of vaccine hesitancy in the short term,” he added.

He pointed out that despite a slow start to vaccinations, Malaysia was one of only a few Asian economies that might reach herd immunity this year.

Incalcaterra said HSBC Global Research expected the upward momentum for export to be sustained after the country recorded a 31% year-on-year increase in March, which was driven by a 47.1% jump in electronics exports.

He added that activity in Malaysia’s manufacturing and export sectors continued to roar, in line with the expectation that export growth would accelerate due to soaring demand for Malaysia’s semiconductor exports.

He attributed this in part to a large share of automotive chip production, coupled with higher commodity export volumes.

Moreover, Incalcaterra said headline inflation was likely to continue rising in 2021 due to base effects and higher energy prices.

“While BNM can look through this volatility, it would reduce the likelihood of further easing as the real policy rate buffer evaporates.

“BNM also remains focused on elevated household debt growth and can rely on still-expansionary fiscal policy to provide targeted support to the economy,” he added.

He noted that Malaysia appeared to be in the midst of a worrying fourth wave of Covid-19 infections, with daily new cases now exceeding 3,000 and hospital occupancy rates around Kuala Lumpur being alarmingly high.

“Some degree of further restrictions appears likely, and mobility and consumer spending may soften further in the coming weeks.

“This could significantly derail the pace of the recovery in the second quarter,” said Incalcaterra.

Source: Bernama

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SITE PROGRESS: The Stone (May 2021)

the-stone-site-progress-may2021-1

 

About The Stone

An affordable housing development by PLB Land in Paya Terubong, Penang. It is located immediately opposite Majestic Heights, only 1km away from EcoTerrace condominium by EcoWorld. Featuring 1,000 units of affordable houses, with a standard built-up size of 1,000 sq.ft.

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Proposal on affordable homes for B40 submitted to government – Vincent Tan

tan-sri-v-tan-affordable

The Better Malaysia Foundation (BMF) submitted its proposal to the government earlier this month on affordable homes for low-income earners in Malaysia, namely those from the B40 group.

BMF founder Tan Sri Vincent Tan told a press conference here today that the government was studying the proposal.

“(The proposal) was sent to the government. So I leave it to the government,” he said, although he declined to say who or which ministry in the government the proposal was submitted to.

Tan also said he was positive about the government accepting BMF’s proposal, although he was aware that there are a lot of technical matters that need to be sorted out.

He said the proposal, among others, included recommendations for the government to guarantee loans (for the B40 to own houses), 100 percent financing as well as longer tenure of up to 60 years for the housing loans.

900sf five-bedroom, four-bathroom show apartment

900sf five-bedroom, four-bathroom show apartment

If banks agree to provide loans to the B40, a lot of housing developers will build affordable homes and that will be good for the country, Tan said.

Before the press conference, media representatives were given the opportunity to tour the show unit of 900 square feet five-bedroom, four-bathroom houses designed by the BMF for the B40 group.

The BMF recently launched a new social enterprise programme to assist the government in addressing home ownership aspirations of low-income Malaysians or the B40 households.

The social enterprise would facilitate the construction of properties with a low monthly cost of ownership, carefully designed for families to grow and prosper.

bmf-affordable-home-900-dk

Not actual product. This is only meant to show how a 900 sqft 5R4B layout could work. (Source: Berjaya’s BMF website)

Source: Bernama

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