Building Investment (Mar - Apr 2015).pdf
As our magazine grows to become more of a regional publication, we will be bringing you even more news from around the region and beyond. e biggest change in Malaysia was the implementation of Goods and Services Tax on 1 April 2015 which impacted on property prices, raising costs by up to 2.6 per cent. As an oil-exporter, it is likely to see slower growth due to low oil prices and GST dampening private consumption. Singapore will continue to see property prices falling due to government cooling measures while both Indonesia and Philippines are expected to show strong growth even as China slows its pace to 6.7 per cent growth (World Bank). Overall, growth outlook for the region is expected to hover at 6.4 per cent for 2015 (Asian Development Bank). As we approach the second quarter of 2015, we will continue to work even harder to ensure that our magazine reaches a wider audience as we explore the various distribution channels for the electronic version of our magazine – more on these will be announced in later issues. Meanwhile in this issue, we highlight projects like the futuristic development called Harbour City in the historic city of Melaka (front cover feature); Sherwood Kinrara South residential project in Selangor; Epic Suites also in Selangor; and developer SP Setia’s new corporate headquarters in Shah Alam. In our features section, we report on Malaysian Timber Industry Board’s initiative to promote Malaysian-designed furniture; and market reports from some of the expert analysts like WTW and REHDA. Elsewhere in the magazine, we bring you a roundup on market news and updates on products and services while in the Design Feature section, you can read about some of the exciting designs from US and Canada. If you have suggestions to oer or events that you would like us to cover, please feel free to drop us a note.
As our magazine grows to become more of a regional publication, we will be bringing you even more news from around the region and beyond. e biggest change in Malaysia was the implementation of Goods
and Services Tax on 1 April 2015 which impacted on property prices, raising costs by up to 2.6 per cent. As an oil-exporter, it is likely to see slower growth due to low oil prices and GST dampening private consumption.
Singapore will continue to see property prices falling due to government cooling measures while both Indonesia and Philippines are expected to show strong growth even as China slows its pace to 6.7 per cent growth (World
Bank). Overall, growth outlook for the region is expected to hover at 6.4 per cent for 2015 (Asian Development Bank).
As we approach the second quarter of 2015, we will continue to work even harder to ensure that our magazine reaches a wider audience as we explore the various distribution channels for the electronic version of our magazine
– more on these will be announced in later issues.
Meanwhile in this issue, we highlight projects like the futuristic development called Harbour City in the historic city of Melaka (front cover feature); Sherwood Kinrara South residential project in Selangor; Epic Suites also in
Selangor; and developer SP Setia’s new corporate headquarters in Shah Alam.
In our features section, we report on Malaysian Timber Industry Board’s initiative to promote Malaysian-designed furniture; and market reports from some of the expert analysts like WTW and REHDA. Elsewhere in the magazine,
we bring you a roundup on market news and updates on products and services while in the Design Feature section, you can read about some of the exciting designs from US and Canada.
If you have suggestions to oer or events that you would like us to cover, please feel free to drop us a note.
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News & EventsTwin milestones for Acmar’sD’Rapport ResidencesAppointment of China Railway Engineering Corporation and Bismark Construction &Engineering Services as main contractor; signing of RM476 million loan facilities.WITH AS MUCH protocol as the occasion would allow, there wasmuch ado at the two separate milestone events to kick off ACMAR’sD’Rapport Residences, the more auspicious being the signingceremonies for: (1) appointment by Perspektif Masa Sdn Bhd(member of the ACMAR Group) of China Railway EngineeringCorporation (M) Sdn Bhd (CREC) and Bismark Construction andEngineering Services Sdn Bhd (BCES) as the main contractor for theproject. Valued at RM1.065 billion and a gross development area inexcess of 4.0 million sq ft, the contract is for the development of aprestigious low-density, state-of-the-art residential development,i.e., five blocks of 38-storey condominiums with a podium forrecreational and sports facilities, communal amenities and all theconveniences and features of a modern integrated township; and, (2)signing of the agreement for RM476 million construction IslamicFinancing facility between CREC and Malaysian <strong>Building</strong> SocietyBerhad (MBSB), which sum will be paid to CREC and Bismark viaa Financial Guarantee issued by Sabah Development Bank Berhad(SBDB) and payable upon the issuance of Certificate of PracticalCompletion (CPC) - balance of RM589 million will be paid via unitsin the project.YAB Dato’ Menteri Besar Selangor, Tuan Mohamed Azmin Ali andHis Excellency Huang Huikang, Ambassador of the People’s Republicof China to Malaysia witnessed the signings - other dignitariespresent included ACMAR Founder Mr Teh Leh Teck, ACMAR GroupChairman and Board of Directors, and the hierarchy from BCES,Permodalan Negeri Selangor Berhad, MBSB and SBDB.Managing Director of CREC Mr Cai Zemin (left) exchanging documentswith Chairman of SBDB Mr Peter Siau Wui Kee (right) witnessed by AcmarGroup Chairman Datuk Samad Abdul Maharuddin (back left), SelangorDato’ Menteri Besar Azmin Ali (centre) and Ambassador of The People’sRepublic of China HE Huang Huikang (back right).Laying of Foundation StoneA day later, in a related event of no less significance, followed thelaying of the foundation stone with the project site, in the heart of thenation’s capital, as its backdrop. With lion dances heading the agenda,Economic Counsellor at the Embassy of The People’s Republic ofChina to Malaysia, Mr Wu Zhengping did the honours of signinga plaque to commemorate the occasion and, more importantly, to“In line with ACMAR’s Mission of Forging WorldClass Business Partnership, we have accomplished thistoday with the appointment of CREC and Bismark….our selection of CREC based on its strength of being asubsidiary of China Railway Group listed in the Shanghai& Hong Kong Stock Exchanges and a Fortune 500company.”…YBhg Dato’ Abd Samad Maharudin, DSSA, KMN, AMS,AMN, PJK, JPACMAR Group Chairmanmark the Commencement of Work on D’Rapport Residences byChina Railway Engineering Corporation (M) Bhd and BismarkConstruction & Engineering Sdn Bhd. 38 <strong>Building</strong> & <strong>Investment</strong> | www.b-i.biz
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