YTL Corp’s hospitality arm YTL Hotels and Properties Sdn Bhd (YTL Hotels) said it had signed two management contracts with Marriott International to develop the two new hotels, which will feature the renowned hallmarks of The Ritz-Carlton.

Sitting on a 12.38-acre parcel in Taman Wahyu, Jalan Ipoh, Lakeville Residence has a gross development value (GDV) of RM1.5 billion, and is scheduled to be completed in 2018.

“The Johor Bahru store will be ready in 2017, while the Penang one will be in 2018,” said Ikea Malaysia, Singapore and Thailand retail director Mike King yesterday.

Located diagonally opposite Sunway Velocity, the final parcel of the KLCV project is jointly developed by Warisan Tradisi Sdn Bhd, Brunsfield International Group and Dewan Bandaraya Kuala Lumpur.

Penduline, which will eventually comprise a total of 625 units, is part of the 1,879-acre, RM11 billion Bandar Rimbayu township located next to Kota Kemuning, in Telok Panglima Garang, Klang.

Sold for: RM670,000 or RM541 psf, Concluded by: K Y Kwek of Hartamas Real Estate (OUG) (019-659 2782), When: September, 2015

Looking forward, Paramount expects the property market to remain subdued due to the prevailing cautious spending sentiment and tighter lending policies.

The projects — Ferringhi Residence Two, condominium blocks at South Bay City in Batu Maung and Pykett, Jalan Burmah on the island — are expected to contribute about 10% to 12% to the group's sales.

The public started queuing for the opening as early as 5.30am to enjoy the special promotions in conjunction with the store’s opening.

Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow said SPAD would provide technical advice and procedures for approval of projects such as the LRT and tram services.