KUALA LUMPUR (Feb 25): Majestic Gen Sdn Bhd, formerly known as the Majestic Group, is targeting annual revenue growth of 20% in the first three years following its rebranding exercise. This will be achieved with RM3.5 billion worth of launches in 2024 and 2025.
According to CEO Datuk Hoo Kim, the rebranding exercise is a transformative journey for the company. "One of the things we want to do is to go to the market and tell people who we are and what we want to do. We want to set a new benchmark for ourselves."
Meanwhile, director Ta Wee Dher hopes to attract young, creative talent to grow the company, and who will eventually turn the company into one of the top players in the industry. "They are the assets of the company, which is important in the transformation. Now we have 40 staff and we expect to double the number by the end of this year. Also, we are becoming more active with more projects to be launched every year,” he explains, adding that the company has six upcoming launches worth RM1.87 billion this year.
Meanwhile, Master Builders Association Malaysia talks about the likelihood of recent regulations watering down the welcomed reprieve post-Covid and dashing any hope of good news for contractors in 2024 in the MySpace column.
EcoWorld Development Group Bhd is unveiling its first duduk series outside of EcoWorld’s townships, with Se.duduk D'Kajang scheduled for its soft launch in 3Q2024. The RM500 million project will occupy 6.92 acres of freehold land, offering 1,220 units in five blocks: 36-storey Towers A, B, C and D, and 35-storey Tower E. There are two types of layout: Type A (1,000 sq ft with three bedrooms and two bathrooms) and Type B (a 550 sq ft studio unit). Type A units are priced from RM400,000, while the studio units are priced at RM270,000.
JLL Malaysia talks about the role of artificial intelligence (AI) in real estate. AI is seen as a game changer by real estate professionals, but the industry’s understanding of AI is still low, as revealed by the JLL Technology Survey 2023 that involved around 1,000 respondents. JLL Malaysia chief growth officer Christophe Vicic says. "[We] found that the knowledge gap is enormous because we don’t yet know how to implement, use, develop, and work and live with artificial intelligence."
The same issue also features a summary of Henry Butcher Malaysia's latest report — HB Perspective 2024, which showed that for the first nine months of 2023, the overall volume of transactions was more or less maintained at the same level as 9M2022, while the value of transactions saw an 8.8% increase. "This indicates that the property market appears to have normalised and, although still growing positively, it no longer accelerates at the pace experienced when recovering from the low base of 2020/21. Nevertheless, the Malaysian property market will grow, but at a more gradual and sustainable pace," the report explains.
Read all about it in the Feb 26 issue of The Edge Malaysia weekly.
Save by subscribing to us for your print and/or digital copy.
P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.