Berjaya Land ends Korean JV
Berjaya Land Bhd’s proposed joint venture with South Korea’s Jeju Free International City Development Center (JDC) to build a Themed Village project has lapsed, according to a June 22 filing with Bursa Malaysia.
Berjaya said that it had decided to focus on its current joint-venture development project in Jeju with JDC. This current project is a resort-type residential and commercial complex development at Yerae-dong in Seogwipo-si, Jeju Island, that is undertaken by Berjaya Jeju Resort Ltd.
Michael Yam named new Rehda president
The Real Estate and Housing Developers’ Association (Rehda) Malaysia on June 22 elected Datuk Micheal Yam Kong Choy to be the president of Rehda’s National Council for the 2010/12 session.
Yam, who is with Serai Saujana Development Sdn Bhd, replaces immediate past president Datuk Ng Seing Liong of Kota Kelang Development Sdn Bhd.
Development of Pudu Jail site to start in 1Q2011
UDA Holdings Bhd will commence construction on the Pudu Jail site by 1Q2011, with the project built in stages over 10 years, Deputy Finance Minister Datuk Awang Adek Hussin told the Dewan Rakyat. The mixed development in Jalan Pudu in the Kuala Lumpur city centre has been divided into six phases.
Awang Adek added that the decision to stagger construction of the development, earlier named Bukit Bintang Commercial Centre, was made after considering current and projected property market positions as well as economic projections for the next 10 years.
M-Mode acquires land in Jalan Yap Kwan Seng
ACE Market-listed M-Mode Bhd is acquiring a 2,421 sq ft parcel of land in Jalan Yap Kwan Seng for RM1.27 million, according to a June 17 filing. The acquisition was made to address the space constraints currently faced by the group at its headquarters as well as to cater for its future business expansion, the company said. It added that the land would be used as office premises for M-Mode and its subsidiaries.
Laws to be amended for speedier strata titles
The Housing and Local Government Ministry will be amending current laws to allow for speedier delivery and issuance of strata titles, enabling strata titles to be obtained simultaneously with vacant possession, says Minister Datuk Wira Chor Chee Heung.
He adds that the new regulation, which is expected to be ready next year, will enable property buyers to apply for strata titles once the structure of the property is built. The proposed amendments are being drafted in cooperation with the Natural Resources and Environment Ministry as strata title applications are processed by land offices.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 812, June 28-July 4, 2010