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Tuesday, November 2, 2010

Property demand boost in Greater KL

Greater Kuala Lumpur/Klang Valley will need to house one million new residents by 2020, says the Economic Transformation Programme report

DEMAND for medium- to high-end properties in Greater Kuala Lumpur/Klang Valley (Greater KL/KV) is expected to increase to match regional peers, the Economic Transformation Programme (ETP) report said.

Greater KL/KV will need to house one million new residents by 2020, the report added.

Currently, the population of Greater KL/KV is about six million, contributing RM263 billion or 30 per cent to the nation's Gross National Income (GNI).

Over the next decade, Greater KL/KV is targeted to grow in population by 5 per cent annually and achieve a GNI growth of 10 per cent a year.

The economic aspiration for Greater KL/KV is to grow its GNI contribution to RM650 billion by 2020, the report noted.

The economic clusters that will contribute to growth is the Sungai Buloh land development, Sime Darby Vision Valley and Matrade centre as well as the Kampung Baru, Blackwater and Batu Kantomen mixed developments.

Others include the Kuala Lumpur International Financial District, commercial projects in Pudu and Cochrane, the Sungai Besi Bandar 1Malaysia mixed development, Media City Angkasapuri and Global Healthcare Metropolis.

The Greater KL/KV has been identified as one of the 12 National Key Economic Areas (NKEA) laboratories to drive rapid growth parallel with upgrading the city's liveability.

The report said strategic redevelopments such as the old Pudu Jail site, the old KTM railway station and Chinatown has the potential to create more iconic places within Greater KL/KV, adding to its liveability.

Across the 12 NKEAs, Greater KL/KV has the largest public sector funding requirement of RM58 billion or 34 per cent of the total investment requirement.

Greater KL/KV covers 10 municipalities, each governed by local authorities - Kuala Lumpur City Council, Perbadanan Putrajaya, Shah Alam City Council, Petaling Jaya City Council, Klang Municipal Council, Selayang Municipal Council, Ampang Jaya Municipal Council and Sepang District Council.

The ETP has outlined nine entry point projects that will be pivotal towards achieving the nation's aspiration for Greater KL/KV to achieve a top 20 ranking in city economic growth by 2020.

The aim is also to attract 200 new MNCs by 2020. Attracting 100 such firms will contribute about RM40 billion in annual GNI to Greater KL/KV.

There are now 1,600 MNCs based here, compared with 17,000 in Shanghai and 6,000 in Singapore.

By Business Times

ARK in RM100m Paroi job

PETALING JAYA: ARK Resources Bhd has entered into an agreement with Prop Development Sdn Bhd to complete the construction works worth RM100mil for the development of business/commercial units and buildings in Paroi, Negri Sembilan.

In a statement to Bursa Malaysia yesterday, the group said it would undertake the main construction works under the project on a design-and-build basis, carried out in two phases and expected to be fully completed in two years.

It added that the award of the contracts for the project was conditional inter alia upon the successful completion of ARK’s corporate restructuring exercise, re-quotation of ARK’s shares on the Main Market of Bursa Malaysia and upliftment of ARK’s PN17 status within 120 days from the date of the agreement, and relevant approvals from the authorities/parties to commence the development of the project.

By The Star

Framework for disused mines

PETALING JAYA: A solid commercial framework that embraces environmental concerns is necessary to transform disused mines into useful land, said Malaysian Chamber of Mines (MCOM) president Datuk Seri Mohd Ajib Anuar.

»We are targeting to produce a blueprint on the use of ex-mining land in 12 months to be forwarded to the Government« DATUK SERI MOHD AJIB ANUAR

Mohd Ajib said there was a common perception by the public that former mines were barren and useless.

“This is not true. There is definitely life after a land is mined off its tin and other minerals.

“Ex-mining land can be used for many commercial and community-driven activities,” he told StarBiz yesterday after the launch of a coffee table book titled Tin Story: Heritage of Malaysia by MCOM.

The book was launched in conjunction with the inagural International Conference and Exhibition On the Rehabilitation, Restoration and Transformation Of Mining Land, which started yesterday and ends tomorrow.

The conference was to gather experts in various fields from 15 countries to meet, brainstorm and look at commercial as well as sustainable ways to maximise the use of former mines nationwide.

“We can learn from each other’s proven ways to commercialise idle ex-mining land to benefit people in a profitable and sustainable manner,” he said.

Mohd Ajib said MCOM, together with various parties including the Kuala Lumpur Tin Market, Ministry of Natural Resources and Environment, Department of Minerals and Geoscience as well as external parties were collaborating on two fronts.

“We are targeting to produce a blueprint on the use of ex-mining land in 12 months to be forwarded to the Government for approval and the development of a solid commercial framework for those interested in converting ex-mining land into useful land,” he said.

There are about 200,000 hectares of disused mines across the country, of which two-thirds have been used while the balance one-third remain idle.

Mohd Ajib, who is also Kuala Lumpur Tin Market chairman, said it had been proven that former mines could be used for various agricultural activities, property development and as a place to harvest renewable energy.

“We are in talks with several experts to kickstart various projects on ex-mining land and some of the projects are expected to commence once we get the nod from the authorities,” he said.

Mohd Ajib said there was also opportunity to market the talent (in the use of former mines) to other countries.

“We also believe these projects will create a lot of employment for Malaysians locally and abroad once they have developed the required skills.”

By The Star