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Monday, June 18, 2012

Nadayu Properties Bhd targeting 100% sales growth

KUALA LUMPUR: Nadayu Properties Bhd is targeting to achieve almost 100% sales growth to RM400 million this year, backed by upcoming several housing projects launch.

"As of to date, the company has about RM280 million unbilled sales, which will take us for the rest of the year," said Chairman Hamidon Abdullah.

For the first phase of Nadayu Melawati, it will be handed over to buyers in the second quarter of the 2012 financial year 2012 and has received favourable feedback from prospective buyers, he said.

"Our phase 1 of Nadayu 92 Kajang will also be completed according to schedule and will be handed over in the second quarter of this year," he told reporters after the company's annual general meeting today.

Hamidon said the company also received overwhelming response with about 50 per cent sales for its Nadayu 28 project to be launched in early August.

On the industry outlook due to new rules issued by Bank Negara for housing loans, Hamidon expects about 30 to 40 per cent of its sales to be cancelled as some buyers cannot honour loan requirements.

To date, the company has a total landbank of 351 hectares in the Klang Valley and Penang, with RM5 billion in total gross development (GDV), which will last until eight to 10 years.

"Of the total, about RM1.7 billion or 20 per cent GDV is part of our ongoing projects.

"Besides looking at Klang Valley and Penang for land, the company is also eyeing to acquire land in Nusajaya, Johor," he added.

By Bernama

UDA set to begin Tg Tokong job

UDA Holdings Bhd’s redevelopment project at Tanjung Tokong in Penang is expected to generate RM1.8 billion in gross development value.

Chairman Datuk Nur Jazlan Mohamed said the redevelopment project would begin once the Penang government granted it a start-work order.

The residential and commercial mixed development project, to be developed on a 9ha land, is expected to take four years to complete.

He said the commercial development would include a supermarket, a community hall and a recreational area while the residential development will comprise apartment units for 1,200 families.

Nur Jazlan said the apartment project would be developed at a cost of RM165 million, with each unit to be between 800 sq ft and 850 sq ft in size.

“The government will subsidise about RM120,000 per unit. Based on the present market rate in Penang, a similar apartment unit will cost RM300,000,” he said after flagging off a fund-raising cyclethon here, yesterday.

Prime Minister Datuk Seri Najib Razak is expected to officiate the ground-breaking ceremony of the project soon.

UDA Holdings was granted the job of redeveloping Tanjung Tokong by then prime minister Tun Abdul Razak Hussein in 1972 but the project never materialised.

Nur Jazlan, who is also the Pulai member of parliament, had said previously the pledge of new homes was a testimony of UDA’s efforts to uphold the interest of the Malays.

“Not only are the Tanjung Tokong settlers entitled to the apartment units, their children are qualified, too, based on certain criteria,” he said.

On Saturday, UDA Holdings signed a settlement agreement with the settlers and thus resolving the issue that had prolonged for 40 years.

On another note, Nur Jazlan said UDA Holdings had also offered its expertise for the redevelopment of Johor Baru city.

This, he said, could be done through collaboration between UDA Holdings and the state government or other agencies, such as the Johor Corporation.

By Business Times

Home prices fall in more than half of Chinese cities

Prices for new homes in China fell in more than half of major cities in May from April, official data showed Monday, as the government vows to maintain controls over the property market.

Out of 70 cities tracked by the government, 43 registered month-on-month falls in home prices in May, the same number as April, the National Bureau of Statistics said in a statement.

China has implemented several measures aimed at limiting runaway property prices for more than a year, including bans on buying second homes, hiking minimum down-payments and introducing property taxes in certain cities.

But the cities that recorded rises in home prices doubled to six, including Tianjin and Dalian in the north, suggesting prices have started to rebound despite controls, analysts said.Prices were unchanged in 21 cities, the bureau said.

The government has been encouraging banks to lend to first-time home buyers while at the same time seeking to clamp down on speculative demand.China cut interest rates on June 8, which analysts believe could bring new life to the market.

"The government insists that its policy controls remain in place, but they do seem to be fraying at the edges," Capital Economics said in a research report last week.

"But neither property prices nor real estate investment are likely to experience a sharp rebound," it said. "Prices are likely to remain subdued.

"One Chinese analyst said a slowdown in property investment had limited supply, causing prices to edge higher."In general, home prices will maintain a trend of stable increases in future," Li Huiyong, a Shanghai-based economic analyst at Shenyin Wanguo Securities, told AFP.

Most Shanghai-listed property developers gained in morning trade Monday, with Guangzhou Donghua Enterprise jumping 3.85 percent to 6.48 yuan ($1.02) and Beijing Vantone Real Estate rising 1.50 percent to 4.05 yuan.


China May home prices fall

BEIJING: Average home prices in China's 70 major cities fell 1.5 percent in May from a year earlier, Reuters calculations based on official data published on Monday showed, and the pace of decline picked up in major cities such as Shanghai.

It was the third straight monthly decline on a year-on-year basis since the government imposed strict curbs on property speculation more than two years ago, with the price decline deepening from a fall of 1.2 percent in April.

In month-on-month terms, home prices fell 0.1 percent, the eighth straight decline since the Reuters weighted index was launched in January 2011.

The National Bureau of Statistics said new home prices fell 1.2 percent in Beijing in May from a year earlier and were down 1.6 percent in Shanghai.

Month-on-month, they remained unchanged in Beijing and were down 0.1 percent in Shanghai.

Many Chinese buyers worry about a rebound in property prices as the government loosens monetary policy to spur a slowing economy, although Beijing has retained its administrative curbs on the real estate market, local media reported on Monday.

"It seems home prices and tightening policies have reached their bottom so quite a few home buyers are starting to panic again," the People's Daily, the mouthpiece of China's ruling Communist Party, said in an analytical report. This is reminiscent of 2009 when prices doubled in several months after Beijing rolled out a 4 trillion yuan ($628.43 billion) stimulus package, the newspaper said.

China has relaxed monetary and fiscal policies after a more than two-year long tightening campaign to cool the country's red-hot property market as the euro zone debt crisis hit global financial markets and braked domestic growth.

The central bank cut interest rates on June 7, the first such move in more than three years, after it lowered banks' reserve requirement ratio three times since November.

"Although these measures are not aimed at salvaging the property market, they are a shot in the arm for the cash-strapped real estate market," the People's Daily added.

Meanwhile, many Chinese cities have relaxed policies, although the central government has maintained its curbs against speculators.

These measures have changed market sentiment and property sales have shown signs of a recovery since March.

The semi-official China Securities Journal reported on Monday that transactions of new and existing homes combined rose 46.5 percent in Beijing in the first half of June as compared with the same period last year, citing data from the local housing bureau website.

The newspaper also cited local consultancy Home Link as saying that 21 of the 76 new property projects that hit the market so far this year saw a rise in transaction prices.

However, high inventories will cap any quick rebound in home prices in the near term, it cited Home Link analyst Chen Xue as saying.

Vanke <000002.SZ>, China's largest developer by sales, said earlier this month it would take about 11 months to sell down unsold stocks in key cities such as Beijing, Shanghai and Shenzhen.

The company's sales rose 19 percent in May from the previous month to 10.72 billion yuan ($1.68 billion), reversing a decline in April.

($1 = 6.3651 Chinese yuan)

By Reuters

Ireka Engr wins RM269m UEM Land job

Ireka Engineering and Construction Sdn Bhd, a unit of Ireka Corp Bhd, has received a RM268.6 million contract from UEM Land Bhd to build a 35-storey, 246-unit serviced apartments and a 16-storey office tower.

In a statement today, Ireka Corp said the project in Puteri Harbour, an integrated waterfront and marina development in Nusajaya, Iskandar Johor, included retail space, car parks and recreational facilities.

"The project will commence on Aug 1, 2012 and is expected to be completed in 24 months. It will bring Ireka Corp's current order book to about RM1.6 billion, of which approximately RM500 million remains outstanding," it said.

Its group managing director, Lai Siew Wah, said Ireka Corp would continue to pursue more new opportunities, capitalising on its experience and expertise in infrastructure, building and civil engineering works going forward.

By Bernama