Marubeni Participates in Housing Development Project in Malaysia

Source: www.gulfoilandgas.com 5/17/2017, Location: Asia

Marubeni Corporation (“Marubeni”) is pleased to announce its plan to implement a housing development and sales project (“the project”) through a company established with SHL Consolidated Bhd. (“SHL”), a local listed developer, in the Sungai Long area of the Greater Kuala Lumpur area, Malaysia.

SHL and Marubeni have conducted more than 8,000 units of housing development and sales, as well as the operation of a golf resort, mainly in the Greater Kuala Lumpur area, during the 1990s-2000s. In the project, located in the well-known area of “Bandar Sungai Long” which SHL and Marubeni developed and SHL continues to work on, SHL and Marubeni will develop and sell a total of 568 units of nine-storey condominiums in eight blocks.

Bandar Sungai Long area is approximately 15 km southeast of the Kuala Lumpur City Centre. The area has now become an integrated residential district with a population of over 50,000 and has commercial facilities, a hospital and a university.Along with several shopping malls located around the area, the new MRT (Mass Rapid transit) connecting the district, and the Kuala Lumpur City Centre planned to be launched in July 2017, the area is expected to attract homebuyers as a mature residential zone with convenience both for living and commuting.

Malaysia was successfully industrialized early among ASEAN countries, beginning in the 1980s, and has a relatively high economic level with a large middle class. While strong demand for housing is expected based on its economic and population growth, the lack of supply has resulted in a chronic housing shortage. Starting with the project, Marubeni aims to expand the housing development business with SHL by utilizing its know-how of housing development management and planning acquired through projects around the world to contribute to improving living conditions in Malaysia.

Also, with an emphasis on its overseas housing development business, especially in rapidly growing China and ASEAN regions, Marubeni has produced approximately 7,000 units in China. Based on its experience in Japan and China, Marubeni aims to expand its development and sales business focused on housing in major cities in ASEAN in which the continuing expansion of the middle classes is expected based on economic growth.


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