tag:blogger.com,1999:blog-84215516375692926672024-03-19T12:26:38.489+08:00Malaysia Property News | Property Market In MalaysiaWelcome to Malaysia Property Blog and news website, here you can review lots of information about Malaysia property market and hot property in Malaysia and for sure it could help you gain knowledge in property investment. Our site is to help and boost up Properties in Malaysia during the economic tough time and to increase the investment rate from foreign buyer.Unknownnoreply@blogger.comBlogger7659125tag:blogger.com,1999:blog-8421551637569292667.post-18133847384791634872014-07-26T21:11:00.000+08:002014-07-28T21:13:55.804+08:00Homebuyer due diligenceA COMMERCIAL transaction normally commences with due diligence being conducted prior to much consideration being put into the written agreement. This measure has two effects – it prevents the parties from sealing a detrimental deal and also time wastage over unfruitful discussions.<br />
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Essentially, this is an important process to ensure the parties get what they exactly bargained for. The same is applicable in the purchase of new residential properties from developers.<br />
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While there have been incidents of abandoned housing projects all over Malaysia that impacted the homebuyers who spent their hard-earned money but did not get their dream home in return, generally the housing authorities had been successful in protecting the interest of house buyers.<br />
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Many of these projects were abandoned by illegal developers who did not possess any valid licences to commence the development in the first place.<br />
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The Urban Wellbeing, Housing and Local Government Ministry’s website showed there were 82 developers without licence and 116 developers who have abandoned their projects as of June 30, 2014.<br />
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The question that remains is how could the homebuying public be so ignorant that they are incapable of doing the basic due diligence when making the biggest life-long investment of buying a dream home.<br />
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Under the Housing Development (Control and Licensing) Act 1966 (HDA), any developer who constructs and sells more than four units of housing accommodation comes under the purview of the HDA.<br />
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Section 18 of the HDA states that any housing developer who carries out housing development without having been duly licensed shall be guilty of an offence and shall, on conviction, be liable to a fine which shall not be less than RM250,000 but not exceeding RM500,000 or jailed not more than five years or both.<br />
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Thus, it is compulsory for a developer, prior to developing a housing project, to fulfill the following:<br />
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·Obtain the necessary approvals from the relevant authorities such as development order and building plan;<br />
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·Apply a developer licence from the Controller of Housing whereby the Controller has the discretion to grant with or without further conditions or to refuse granting the licence;<br />
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·Deposit a sum of not less than RM200,000 with the Controller for the grant of the licence which is refundable upon the completion and expiry of the defect liability period of the project (there is an amendment to adjust the deposit sum in line with the gross development cost in 2013 but it has yet to come into force); and<br />
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·Apply for a sales and advertisement permit to start selling the units of the development.<br />
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Thus, a licensed developer would pass the first stage, with checks by the relevant authorities. A unlicensed development would mean these authorities are out of the picture and that development had not been discovered for breach yet.<br />
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As such, the next level of due diligence will be significant: the homebuyer himself.<br />
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With the advancement in wireless technology today, we “google” for everything for which we need clarification and information. The same applies for home purchasing. You will be amazed over the amount of information available online: ranging from the developer’s own website, property reviews to forums started by other homebuyers on the same development.<br />
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While it is not advisable to believe everything from the world wide web, it serves as a good starting point to know better the product you are buying before signing the sales and purchase agreement.<br />
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A minor website checklist is as follow:<br />
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·Google<br />
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·Developer’s website<br />
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·News websites<br />
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·Ministry of Urban Wellbeing, Housing and Local Government<br />
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·Real Estate and Housing Developers’ Association (Rehda) and<br />
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·National House Buyers Association.<br />
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In addition to that, you may personally pay a visit to the development itself and make your own observation. If possible, asking around for details would also build up the confidence in buying the right home.<br />
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Normally, at the entrance, there will be a white signboard feeding you details of the construction such as the details of the development, landowner, developer, contractor and completion date.<br />
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Your lawyer or banker also serve as another filter of due diligence. Before you sign any agreement, it is advisable to ask them on any doubt that you are suspicious about and to be comfortable with what you sign.<br />
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Even if you have questions on the credibility of the lawyers, the Bar Council has a website for you to do the checks or even its friendly help desk in its office.<br />
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The above due diligence process does not guarantee a 100% smooth property transaction but it minimises the risk of buying a project which could be abandoned. Besides conducting a detailed research, the purchase of a house from reputable developers may diminish your homebuying risk further.<br />
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And for any of you who think you might be a victim of unlicensed developer, it is time to call your lawyer and banker for clarification. Owning a house is a lifetime commitment; its protection starts with you.<br />
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<i>By The Star</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-26133650948960015672014-07-26T21:07:00.000+08:002014-07-28T21:10:36.207+08:00Orando sees healthy salesNEWLY-LAUNCHED property units are not flying off the booking boards in the showrooms this year, but sales are “at a healthy level”, according to Orando Holdings Sdn Bhd managing director Datuk Eng Wei Chun.<br />
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Having entered the property development scene in 2005, Orando has witnessed the peak of the Malaysian property market when launches were sold out within days or even hours as well as the softening of the market as Bank Negara tightened the reins on financing.<br />
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But Eng is not fazed.<br />
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“The current level of tightening measures to curb price speculation is just nice, any more and the property market could suffocate,” Eng says, donning his trademark accessory – the bowtie.<br />
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“If the property industry slows down too much, that would lead to an economic crisis. People have been afraid of a property bubble but the truth is, Malaysia is not small like Singapore or Hong Kong. We have a bigger property market.”<br />
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He adds that with a young and growing population, it will not be that easy for the Malaysian property market to suffer a bubble.<br />
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Earlier this month, Orando launched its sixth project Villa Crystal @ South Desa Park, in Taman Sri Sinar, Segambut, Kuala Lumpur.<br />
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The condominium project comprising 414 units on 38 storeys is already 60% sold thus far. Given the current market momentum, Eng estimates the entire project would be sold in another few weeks.<br />
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In his promise to provide “Swiss-watch quality” homes, he says the company believes in building responsibly.<br />
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“I don’t think we should talk only about returns, as businessmen. We should create something of value for society,” he tells StarBizWeek.<br />
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This year, Orando has won three awards – the European Quality Award from the European Business Assemble Oxford, UK; the Five Star Best Residential High Rise Development Award and the Safe Home Award for its Vila Vista project under the Asia Pacific Property Award 2014.<br />
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Villa Crystal is sited on 3.5 acres of freehold land a stone’s throw from Desa Park City, Taman Tun Dr Ismail and Kepong. The gross development value is RM310mil.<br />
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“There is a link currently being built from Desa Park City to this area. When completed within three years, it would take only five minutes to drive from Desa Park City to Villa Crystal,” he says, adding that the link will lead to the Damansara-Puchong Highway.<br />
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Villa Crystal units are going for around RM515 per sq ft, or between RM700,000 and RM1.2mil. The built-up ranges from 1,155 sq ft to 1,614 sq ft. The bigger units come with three parking bays while the smaller ones have two.<br />
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“We are selling at the current price, not the future price,” he says.<br />
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Its selling points are its high ceiling and a multi-purpose area taking up 10% of floor space in each unit which the home buyer can customise into anything, from a wine cellar to a personal hideout. The area also has its own entrance, therefore homeowners can divide the space for a tenant or the domestic helper.<br />
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<b>Small operation, big ambition</b><br />
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Although Orando has a little more than a handful of projects under its brand, it has plans to venture beyond the Klang Valley... into the United Kingdom.<br />
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“When we were there to accept our award in April, we met some potential contacts for future ventures. We’re still exploring the idea of London,” he says. Eng has been in talks with a landowner in London and thinks the growth into the British market could be next year, after some feasibility studies.<br />
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For now, the company’s strategy is still to hunt for pockets of land in the Klang Valley to develop as soon as possible. Orando does not have any projects or land bank beyond this area, currently.<br />
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Eng says the group’s formula is to build one project, launch another and keep a parcel at any one time.<br />
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“Of course we would like to keep more land if possible but good land is not easy to find in the Klang Valley,” he says, “So we look for land with great logistics potential.”<br />
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Another strategy for the company is to introduce new products into the areas it ventures into, so as to not create unhealthy competition among developers providing similar products.<br />
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“When we launched the grand lobby condominiums in Cheras, there was no such development in that area then,” Eng says.<br />
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He puts it neatly: People sell apples, I sell oranges.<br />
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To come up with fresh ideas that locals of any area would be receptive to, Eng studies the society of that area in order to understand what it demands or lacks.<br />
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“You have to look at it through the local’s perspective and see what’s missing,” he says, “Like in Segambut, there is no such high rise that offers multi-purpose, dual-key units.”<br />
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He explains that Segambut and Kepong, being 40-year-old townships, have second and third generation dwellers looking to upgrade.<br />
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“The younger generation are beginning to settle down. They want to upgrade but don’t want to move too far away from their parents. And there is not many luxury condominiums in these areas,” he says.<br />
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Eng says the buyers’ profile for Villa Crystal has been largely people in their late twenties and thirties from Kepong.<br />
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Orando’s previous high rise residential projects include Vistaria and Vila Vista in Taman Pertama, Cheras.<br />
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<i>By The Star</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-40189086226603333352014-07-25T21:14:00.000+08:002014-07-28T21:14:42.856+08:00Plenitude buys Gurney Resort Hotel & Residences in PenangPETALING JAYA: Plenitude Bhd’s wholly-owned subsidiary Plenitude International Sdn Bhd has entered into a sale and purchase agreement with the Employees Provident Fund (EPF) for the proposed acquisition of a 259-suite hotel, known as the Gurney Resort Hotel & Residences in Penang, for RM160mil.<br />
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In a filing with Bursa, Plenitude said Gurney Resort Hotel formed part of Menara Gurney, which is a 37-storey building with one basement level, a hotel along with retail and office components.<br />
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The retail units are located on the ground to second floor of the retail podium. The hotel has retail units and 551 car park bays.<br />
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The hotel is located approximately 4km to the north-west of the Penang ferry terminal and 3km from the state administrative centre in Kompleks Tun Abdul Razak.<br />
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Plenitude said that the price tag of RM160mil was arrived at after taking into consideration the strategic location of the property and the market value of the hotels in the surrounding vicinity.<br />
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“The proposed acquisition represents an opportunity for the company to expand its hotel business and operations, where the group currently owns Four Points by Sheraton Penang. It is expected to contribute positively to our future earnings,” said Plenitude.<br />
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Plenitude added that the acquisition would be financed by a mix of internally generated funds and bank borrowings<br />
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Plenitude was down four sen to RM3 on volume of 510,200 shares.<br />
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The company is in a financially strong position with no debt. Its cash and cash equivalents amounted to RM386.9mil as at March 31, 2014. For the third quarter to March 31, 2014, Plenitude’s net profit was up 89.3% to RM23.14mil on the back of a 80.58% increase in revenue to RM72.7mil.<br />
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<i>By The Star</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-54627273749590930072014-07-25T21:05:00.000+08:002014-07-28T21:05:59.028+08:00Boustead buying London's Hyde Park HotelKUALA LUMPUR: Boustead Holdings Bhd has agreed to buy the Hyde Park Hotel from Pastel Estate Ltd (PEL) for RM138.98mil.<br />
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The property, which comprises the 68-room hotel as well as freehold titles, is strategically located in the Bayswater area of London and has good accessibility to major shopping and tourist attractions as well as public transportation and amenities.<br />
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“This is a strategic acquisition, with a view towards strengthening our property portfolio of investments. It also provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said in a statement.<br />
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“Given its prime location in central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally and today we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels.”<br />
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He added that the acquisition would bring significant synergies to the group for its property investments and hotel business.<br />
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The Hyde Park Hotel is currently leased to an operator and would be purchased with the lease.<br />
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As at March 31, 2014, Boustead had a paid-up capital of RM517mil while its shareholders’ funds stood at RM5.2bil. Its market capitalisation is currently more than RM5.6bil.<br />
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<i>By The Star</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-83683827618356335882014-07-25T21:01:00.001+08:002014-07-28T21:02:21.537+08:00MRCB to buy 51pc of Penang Sentral for RM50.75mKUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is buying the 51 per cent stake held by Pelaburan Hartanah Bhd in Penang Sentral Sdn Bhd for RM50.75 million.<br />
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Penang Sentral is a joint-venture company set up to implement the Penang Sentral project.<br />
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After the payment, Penang Sentral will become a wholly-owned unit of MRCB.<br />
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The acquisition will enable MRCB to better manage the operations and fast-track Penang Sentral project and improve the efficiency through single management structure.<br />
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MRCB group managing director Tan Sri Mohamad Salim said this initiative will create a clearer way for MRCB with regards to the Penang Sentral project.<br />
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“The project will also benefit in terms of the fast-tracking works that MRCB can now implement, especially in project management and coming up with a definite timeline and completion period,” he said in a statement yesterday.<br />
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Penang Sentral is an urban development with mixed components built around the largest integrated transportation hub in Malaysia’s northern region. This mixed development is poised to transform Butterworth into a modern metropolis and will house retail, commercial and residential components.<br />
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Penang Sentral is a phased development and is expected to be fully completed by 2030. <br />
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<i>By Business Times</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-2762719902472225902014-07-25T21:01:00.000+08:002014-07-28T21:01:27.335+08:00Boustead buys Hyde Park Hotel in London for RM139mKUALA LUMPUR: Boustead Holdings Bhd has expanded its properties abroad with the acquisition of Hyde Park Hotel in London for RM138.98 million.<br />
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BHB sealed a sale and purchase agreement with Pastel Estate Ltd yesterday to buy the property, which comprises a 68-room hotel as well as freehold titles.<br />
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Strategically located in the Bayswater area of London, the property has good accessibility to major shopping and tourist attractions as well as public transportation and amenities, the group said in a statement.<br />
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“This is a strategic acquisition with a view to strengthen our property portfolio. Coupled with this, it provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” group deputy chairman and managing director Tan Sri Lodin Wok Kamaruddin said.<br />
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“Given its prime location in Central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally, and today, we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels,” he added.<br />
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The Hyde Park Hotel is now leased to an operator and will be purchased with the lease.<br />
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<i>By Business Times</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-15149364753015161072014-07-24T21:03:00.000+08:002014-07-28T21:04:22.924+08:00UEM Sunrise names Anwar Syahrin as new MD and CEOKUALA LUMPUR: UEM Sunrise Bhd has picked MMC Corporation Bhd's Anwar Syahrin Abdul Ajib as its new managing director and chief executive officer with effect from Sept 1, 2014.<br />
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It said on Thursday Anwar, 41, was formerly group chief financial Officer and group head, ports & logistics Division at MMC Corp -- a position which he had assumed in 2008.<br />
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UEM Group Bhd group managing director and CEO Datuk Izzaddin Idris said Anwar Syahrin's selection came after a comprehensive review and assessment of internal and external candidates led by a special committee set up by the board of UEM Sunrise.<br />
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Izzaddin will be redesignated a non-independent non-executive director of UEM Sunrise on Sept 1. However, in his capacity as group managing director and CEO of UEM Group, he will continue to advise and support the management team of UEM Sunrise on key strategic matters.<br />
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UEM Group has a 66% equity stake in UEM Sunrise.<br />
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Izzaddin said at a time when UEM Sunrise is facing both challenges and opportunities, Anwar will provide a unique and different perspective to the Company's operations as well as the energy to propel UEM Sunrise and its employees to future success.<br />
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Anwar has a Bachelor of Engineering degree in mechanical engineering from Imperial College, London.<br />
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He is also a qualified chartered accountant and a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) as well as a member of the Malaysian Institute of Accountants (MIA). He also holds an MBA from University of Salford, United Kingdom.<br />
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Anwar was previously employed with Arthur Andersen and Ernst & Young in Kuala Lumpur, Malaysia and Manchester in the UK.<br />
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He was formerly the chief financial officer of Port of Tanjung Pelepas and a co-owner and managing director of Business Associates Consulting Sdn Bhd, a boutique strategy and management consulting firm based in Kuala Lumpur.<br />
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Anwar started his career with Shell Malaysia Trading Sdn Bhd as a transport executive.<br />
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<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-75289142069160854902014-07-24T20:54:00.000+08:002014-07-28T20:54:30.943+08:00Moody's: Malaysia housing market may be peakingKUALA LUMPUR: Moody's Investors Service expects an uptick in non-performing loans (NPLs), particularly in the household segment, in the South-East Asian banking system.<br />
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Moody's assistant vice president and analyst Simon Chen said on Thursday that in Asean, the Malaysian and Thai banking systems were the most exposed to increased asset-quality pressure in the household segment when rates rise.<br />
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"This is primarily because the ability of households in these countries to service their debt in a rising interest-rate environment will be negatively affected by consumers' high leverage at a time when the housing market in Malaysia may be peaking and Thailand faces elevated political risk," he said in reference to Moody's just-released report "Rising household leverage poses risks to Asean banks as the economic cycle shifts".<br />
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Moody's said the long positive credit cycle that has benefited banks in Asean might be on the verge of peaking. These would pose challenges for the lenders as pockets of asset-quality risk emerge due to tighter global monetary conditions.<br />
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"Our central scenario is that banking systems in Asean will be broadly resilient to the financial impact of a shift in interest rates, but we expect an uptick in NPLs, particularly in the household segment," said Chen.<br />
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Moody's report showed household debt has risen significantly in Asean in the past several years, with growth in bank loans to households outpacing loan growth to other borrowers.<br />
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Household leverage as a percentage of GDP was at historically high levels in Malaysia (A3 positive) (87% at end-2013) and Thailand (Baa1 stable) (82% at end-2013), and close to its five-year high in Singapore (Aaa stable) (75% at end-2013).<br />
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Although household debt has also risen significantly in Indonesia (Baa3 stable) and the Philippines (Baa3 positive), the growth in these countries was from a low base.<br />
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However, the report pointed out Asean bank asset-quality risk from residential property price corrections was mitigated by legal frameworks that support bank creditors.<br />
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Unlike in the US, banks in Asean have legal recourse to the borrowers on their debt obligations, beyond the underlying property assets mortgaged to the banks.<br />
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This feature provides greater creditor protection to banks, removes the incentive for borrowers to default on their mortgage obligations, and alleviates risks that housing NPLs will spike when property prices fall significantly.<br />
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Additionally, Moody's report notes that Asean banks have responded to regulatory measures aimed at curbing further increases in excessive household leverage.<br />
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Banks in Thailand, Malaysia, and Singapore had tightened their underwriting standards on household loans, which was positive for banks' asset quality over the longer term.<br />
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The banks also have strong buffers to withstand asset-quality shocks in the household segment, Moody’s said.<br />
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<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-6473582577210594582014-07-24T19:56:00.000+08:002014-07-28T20:58:12.576+08:00Anwar to head UEM SunriseKUALA LUMPUR: UEM Sunrise Bhd has named Anwar Syahrin Abdul Ajib as its new managing director and chief executive officer (CEO), effective September 1.<br />
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Anwar was formerly MMC Corp Bhd’s chief financial officer and group head of ports and logistics, a position he assumed in 2008.<br />
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UEM Group Bhd managing director and CEO Datuk Izzaddin Idris said Anwar will provide a unique and different perspective to UEM Sunrise’s operations as well as the energy to propel UEM Sunrise and its employees to future success.<br />
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“He has the qualities we were looking for in our search and is certainly qualified to lead UEM Sunrise,” Izzaddin said in a statement.<br />
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He added that Anwar’s selection came after a comprehensive review and assessment of internal and external candidates led by a special committee set-up by the board of UEM Sunrise.<br />
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<i>By Business Times</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-70828975624339639032013-04-12T22:28:00.000+08:002013-04-12T22:29:04.613+08:00New record for KLCC property prices<div class="separator" style="clear: both; text-align: left;">
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PETALING JAYA: A new record for property prices in the heart of Kuala Lumpur is close to being set after two penthouses of the world-class Four Seasons Place were reserved at a whopping RM37mil each, sources said.<br />
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This works out to a princely price of RM3,026 per sq ft based on the 11,900 per sq ft size of each penthouse, outpacing the RM2,900 per sq fe record held by The Binjai On The Park based on a transaction last year involving 4,000 sq ft in Tower A of the development.<br />
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However, the Binjai project would still hold the record for the highest absolute price transacted for a residential property at RM38mil for one of its triplex penthouses sold in 2010.<br />
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The size of that Binjai penthouse was, incidentally, 14,300 sq ft, giving it a price of RM2,660 per sq ft.<br />
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The buyers of the two Four Seasons Place penthouses had reserved the units “a few years ago”, when the project was in its planning stage, the sources told StarBiz.<br />
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They added that when the project was launched by Prime Minister Datuk Seri Najib Tun Razak in early February, the same buyers had quickly reaffirmed their seriousness in purchasing the penthouses.<br />
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The Four Seasons Place is being developed by Venus Assets Sdn Bhd, with a gross development value of some RM2.8bil. It is a joint venture between tycoon Datuk Ong Beng Seng, the Sultan of Selangor, Tan Sri Syed Yusof Syed Nasir and Venus Assets director Datuk David Ban.<br />
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Venus Assets bought the prime 1.05ha site for RM90mil in 2003 from the estate of the late Khoo Teck Puat, the former major shareholder of Standard Chartered plc.<br />
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The sales office of the Four Seasons Place is in the process of securing the booking and down payment for these units.<br />
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The company had yet to respond to StarBiz's queries as at press time.<br />
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Situated side-by-side on the 63rd and 64th floors, the penthouses are shell units, the property lingo for units minus any developer-built fixtures.<br />
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The sources said that one of the eight duplexes in the Four Seasons Place had been sold at RM2,750 per sq ft at an absolute price of RM20.3mil. The remaining seven duplexes have all been reserved.<br />
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There are 65 storeys in the Four Seasons Place, with a “height premium” of RM25,000 to RM30,000 for every floor going up.<br />
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“Some 50% of the 242 residential units of the Four Seasons Place have been booked. They payments are coming in now, with 20% of down payments having been collected so far. It would be open to the public for sale from the third week of April,” revealed the sources.<br />
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The sources added that surprisingly, most of the buyers were well-heeled Malaysians. The smattering of foreign buyers included Japanese, Hong Kong nationals and Taiwanese.<br />
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The Four Seasons Place in Kuala Lumpur is the first Four Seasons Place in South-East Asia. It consists of 11 storeys of hotel space, beginning from the eighth floor to the 18th floor. It also has five floors of retail outlets, three floors of serviced apartments, three floors of private carpark and four basement storeys. A 65-storey luxury hotel, residential and retail project in the vicinity of the Petronas Twin Towers in Kuala Lumpur City Centre, it will house the 231-room Four Seasons Hotel, 242 units of private residences and 300,000 sq ft of upscale retail space.<br />
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<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-65979463474499108852013-04-12T22:19:00.004+08:002013-04-12T22:29:04.611+08:00E&O sells all 73 landed units of Villas By-The-SeaGEORGE TOWN: Eastern & Oriental Bhd (E&O) has completely sold all the 73 landed properties in the RM260.6mil Villas By-The-Sea project.<br />
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The first batch of 40 two- to three-storey detached villas were sold and delivered to the purchasers in 2009, while the second batch of 33 units of three-storey detached and three-storey super-semi-detached villas were recently completed and delivered.<br />
<br />
The project was a collaboration between E&O, CIMB-Mapletree Management Sdn Bhd (CIMB-Mapletree) and the Al Salam Bank of Bahrain, the parties who had signed an agreement in 2006 to jointly-develop the villas.<br />
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A private event was held in Penang to mark the culmination of this successful collaboration.<br />
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E&O was represented by deputy managing director Eric Chan Kok Leong, while the other two parties were represented by CIMB-Mapletree chief executive officer Raja Noorma Raja Othman and Al-Salam Bank chief executive officer Yousif Taqi.<br />
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Chan said in a press release that the group's aim was to fulfil lifestyle aspirations and was grateful to its partners CIMB-Mapletree and Al-Salam for their confidence and trust in E&O.<br />
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Raja Noorma Othman said the secret to a successful joint venture lay in the insightful selection of players who would bring together a unique congruence and synergy of shared objectives and complementary capabilities.<br />
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“Leveraging on CIMB-Mapletree's unrivalled network and reach, we were able to bring together two other highly respected entities in Al Salam Bank and E&O to strike a tripartite partnership that delivers an award-winning end-product with an innovative and cross-border structure. We aim to emulate similar successes for our subsequent funds,” she added.<br />
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Yousif, meanwhile, said the joint venture with E&O and CIMB-Mapletree had been a very fruitful one for all parties.<br />
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“We couldn't have asked for better partners to collaborate with in Malaysia. The trust in the partnership was apparent from the start and grew from strength to strength,” said Yousif.<br />
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The 73 villas enjoy an excellent location in the world-class master Seri Tanjung Pinang development, which is one of Penang's most sought-after residential enclaves, a preferred address among locals and home to more than 20 nationalities of foreigners.<br />
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<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-588216687637461242012-11-24T14:17:00.000+08:002012-11-25T14:18:07.232+08:00Ipoh condo project among top SEA property award winnersSINGAPORE: A condominium development in Ipoh has been named Malaysia's Best Condominium at a property event here that gathered a host of high-flying professionals and companies from the luxury residential property sector from all over the region.<br />
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The Haven Lakeside Residencies development was among four Malaysian entries that shone at the annual South-East Asia Property Awards 2012 here on Friday night.<br />
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The project, developed by The Haven Sdn Bhd and launched in January last year, comprises three luxury condominium towers overlooking a natural lake and scenic limestone hills.<br />
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An added attraction is a limestone rock said to be 280 million years old and standing about 14 storeys high, according to The Haven Sdn Bhd chief executive officer Peter Chan.<br />
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The other Malaysian winners at the awards night were Sunway Bhd (Best Malaysian developer), The Residences, Putra Heights, developed by Sime Darby Property Bhd (Best Malaysian villa) and Savills Rahim & Co (Best Malaysian property consultancy).<br />
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More than 370 guests from around the region including Thailand, Vietnam, the Philippines, Cambodia, Indonesia and host Singapore joined the gala dinner which saw 35 awards given out for various categories, including developer, development, real estate service, architecture and interior design.<br />
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Jose E.B. Antonio, chief executive officer of Philippines-based Century Properties Group Inc took the coveted Property Report Real Estate Personality of the Year award.<br />
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Chan, in his acceptance speech on behalf of The Haven Sdn Bhd, said he was happy to receive the award for Ipoh.<br />
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“It shows Ipoh can win prestigious international awards because the city is truly attractive.<br />
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“Its potential has not been recognised and has been under-rated for too long.<br />
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“We hope with this recognition, the awareness of Ipoh will be awakened that Ipoh can produce a condo development that is recognised as the nation's best,” he said, adding that his company had won seven other awards in the past.<br />
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Event organiser Ensign Media CEO Terry Blackburn, in his congratulatory address, said: “We have seen some real world-beating developments awarded here that really represent the full gamut of what South-East Asia real estate has to offer.”<br />
<br />
Over 1,400 nominations were received, with over 300 entries in the hotly contested Best Condominium awards for Malaysia and Singapore.<br />
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<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8421551637569292667.post-49141171633748007152012-11-24T13:31:00.000+08:002012-11-25T13:42:12.777+08:00Breaking new ground with The Atmosphere<div class="separator" style="clear: both; text-align: left;">
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<b><span style="font-size: x-small;">Artist impression of an aerial view of phase 2E or Lava, of The Atmosphere in Seri Kembangan.</span></b><br />
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The Atmosphere sets a new benchmark for commercial developments in Seri Kembangan, Selangor with its unique hybrid “shopping mall” design for its 20.1-acre commercial centre, says Tempo Properties Sdn Bhd chief executive officer Khoo Boo Hian.<br />
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This commercial centre is the second phase of The Atmosphere, which aims to integrate leisure, retail and office elements in a central hub.<br />
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“They are shopoffices but the commercial centre looks and feels like a shopping mall. This hybrid design is unique in Malaysia,” says Khoo.<br />
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<b><span style="font-size: x-small;">Khoo: ‘The biggest headache for a commercial development is the car park’.</span></b><br />
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Khoo points out that the unique design of the commercial centre has resulted in “two ground floors”, with an elevated and landscaped boulevard on the second storey.<br />
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“With four-storey shopoffice blocks, usually the top two stories don't carry a lot of value. But with our boulevard level, the third level also becomes a ground floor. People come up to the boulevard level using the escalator, and they can patronise the shops.”<br />
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Beneath the boulevard level are two levels of covered car park bays, and it was this design element that led to the creation of the “two ground floors” for the centre.<br />
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“The biggest headache for a commercial development is the car park. We were toying around with the idea of a dedicated car park block, which is very inconvenient for people. So we spoke to the architects and authorities. We said ... can we have a situation where we do away with the back lane? So, we covered the back lane. That was how the boulevard level was conceptualised.”<br />
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Khoo says this also means patrons of the centre benefit from the covered car park and the open courtyard design with space for events.<br />
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Highlights of The Atmosphere's commercial centre include a 1.4-acre public park, covered walkways, public toilets, sheltered boulevards, alfresco plazas, open lawns, an open courtyard design for events, and high ceilings for retail outlets, 22 to 28-feet wide shop frontage as well as the spacious 20 to 30 feet wide walkways.<br />
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There are 1,600 covered and open-air car park bays. Areas in the commercial centre are inter-linked via covered walkways, escalators and lifts.<br />
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“You can walk from one end to the other without getting wet,” says Khoo.<br />
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The Atmosphere's commercial centre, with a gross development value (GDV) of RM370mil, was launched in 2009.<br />
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Unit prices ranged from RM1mil to RM4.5mil, and the average selling price was RM300 per sq ft.<br />
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Khoo says the 136 units in the earlier launches were sold out, and the final launch (phase 2E or Lava) has a 70% take-up rate.<br />
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“Investors have benefited in terms of capital appreciation as the units that have been handed over were sold on the secondary market with almost 100% appreciation in price.”<br />
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Phase 2E, which will consist of 54 retail and office units, is expected to be completed by end-2013.<br />
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Khoo also points out that phase 2E has a “three ground floors” concept with raised courtyard plazas.<br />
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The project also won the category of Best Mixed Use Development in the Asia Pacific region (including 5 stars for Malaysia) in the 2011 Asia Pacific Property Awards 2011 (in association with Bloomberg Television).<br />
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It is also the first commercial development in the South Klang Valley to be Green Mark certified by Singapore's BCA (Building and Construction Authority).<br />
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Khoo says this will translate into lower water and energy bills and maintenance cost, as well as an enhanced work environment.<br />
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“To get the Green Mark certification, we have features like heat reflective polycarbonate roofing from Korea to cover the boulevards, water and electricity saving fixtures and fittings, and reflective glass for the shop offices. Together with disabled-friendly features such as wheelchair ramps and tactile tiles, we spent an extra RM1.5mil. But we felt that it was necessary to enhance this development rather than just building another high-density commercial area.”<br />
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Khoo says the commercial centre is a strata-title development, “so investors pay some management fees but they get 24-hour security and tip-top maintenance.”<br />
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The Atmosphere has three phases of development, with the first phase being a Giant hypermarket on a nine-acre site.<br />
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“The Giant Hypermarket chain bought the land in 2008 for about RM30mil. The hypermarket opened two years ago,” says Khoo.<br />
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Another 6.1ha remains to be developed as the third phase on the 53-acre site of The Atmosphere, and Khoo says various options are being planned.<br />
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“We are looking at close to a GDV of RM1bil eventually for the 53-acre site,” says Khoo.<br />
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Khoo also points out that The Atmosphere is strategically located near to areas such as Prima Tropika, Alam Santuary, 16 Sierra, D'Alpinia, Taman Putra Permai and Taman Equine.<br />
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“We are in the heart of the Golden Triangle of South Klang Valley with Puchong, Putrajaya and Seri Kembangan forming the axis.” He says Seri Kembangan is a rapidly growing property hotspot, with high demand for commercial zones.<br />
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Khoo cites a Spectrum Research Asia report that last year said the residential population of Seri Kembangan within a 20-minute drive time zone was 1.6 million people.<br />
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The project is developed by The Atmosphere Sdn Bhd, a joint venture company that is 60% owned by Eksons Corp Bhd, with the remainder owned by Tempo Properties.<br />
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Eksons Corp, which is listed on the Main Market of Bursa Malaysia, is one of the largest manufacturers of tropical thin plywood in the Asia Pacific region.<br />
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Tempo Properties provides project management support and expertise.<br />
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<b>Being different</b><br />
<br />
Khoo says Tempo Properties is a boutique property developer that aims to create a win-win situation for investors, business owners and patrons in commercial developments such as The Atmosphere.<br />
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“We aim to provide investors with something that they don't know they want. We think differently.”<br />
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He points out that prices for units at The Atmosphere was the highest for commercial developments in the area.<br />
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“Our intention was to set ourselves apart, and come up with something that is unique.”<br />
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Tempo Properties has its roots in Yoon Hin Sdn Bhd which is a rice wholesaler in Seremban, Negeri Sembilan.<br />
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Yoon Hin diversified into property development by setting up Tempo Properties in 1995, and its first project was developing the 48-acre Taman Cenggal Utama near the Seremban International Golf Club in 1997.<br />
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Taman Cenggal Utama consisted of 492 units of residential houses and shoplots, and 179 units of low-cost flats.<br />
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It was completed at end-2003, and generated sales of RM65mil.<br />
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Meanwhile, in the heart of Seremban town, Tempo Properties recently completed the Medan Suria commercial development which consists of 34 units of three and four storey shop offices that generated RM27.5mil in sales revenue.<br />
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“With Medan Suria, we became the first developer in Seremban that does not have a back lane for our shops.”<br />
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“It took a lot of convincing to get approval from the authorities. Usually, shops have a back lane for rubbish collection. Our reasoning was - in shopping centres, you have food and beverage outlets without any issue. So, why do you need to have a back lane for shops? The project was well taken up, and the authorities were happy with the design.”<br />
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It should also be noted that The Atmosphere is adjacent to the 60-acre Taman Prima Tropika residential development, which was Tempo Properties' first foray in Selangor.<br />
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Khoo says 470 units of double-storey terrace houses and two-and-a-half storey terrace houses with a GDV of RM180mil have been built in Taman Prima Tropika.<br />
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These were launched from 2004 onwards at prices ranging from RM229,000 to RM379,000.<br />
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There are 4 ha left for development in Taman Prima Tropika.<br />
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Khoo says Eksons Corp and Tempo Properties have another joint venture company, namely Oval Rock Sdn Bhd for property acquisition and development.<br />
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Oval Rock is also 60% owned by Eksons Corp, with the balance held by Tempo Properties.<br />
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In January this year, Eksons Corp told Bursa Malaysia that Oval Rock had entered into an agreement with Azam Hartamas Sdn Bhd to acquire 22.7ha of leasehold land at Jalan Gombak, Setapak in Selangor for RM17.1mil.<br />
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“We might start a mixed development in Gombak in the third quarter of next year. We are also in discussions with a land owner in Cheras for eight acres,” says Khoo.<br />
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<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-78840062117353114922012-11-24T13:27:00.000+08:002012-11-25T13:32:57.936+08:00Stratified developments becoming a way of life<div class="separator" style="clear: both; text-align: left;">
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<b><span style="font-size: x-small;">As stratified developments become a way a life, good maintenance and management have become an issue.</span></b><br />
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EARLIER this year, a new set of property managers replaced the previous one in the condominium that Siti lives. Not having a current account, she paid her quarterly management fees in cash. She was told that the receipt would be put in her postbox. It never came and she soon discovered that the property management company had absconded with the money.<br />
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As stratified developments which include condominiums, service apartments and gated and guarded projects become a way of life, good maintenance and management have become an issue.<br />
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Good management and maintenance will improve the value of the asset. This applies to all segments of the property market, be it residential, commercial or industrial.<br />
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Hence, the third reading of the Strata Management Bill 2012 on Monday is crucial, says Assoc-Prof Ting Kien Hwa, head of Centre for Real Estate Research at Universiti Teknologi Mara.<br />
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“Currently, property management is part of a service provided by valuers, who are regulated by the Board of Valuers, Appraisers and Estate Agents.<br />
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The work of valuers can be broadly divided into three areas property management, valuation work and real estate agency work.<br />
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This means that property management is a regulated profession and delinquents risk having their licence suspended.<br />
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For the last five to six years, managing stratified properties has become an issue, he says. As more of us live in gated and guarded developments, and high rise condominium and serviced apartments, property management is evolving to become a lucrative industry.<br />
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Ting says the Board of Valuers is in the process of creating a third register to accommodate property managers. Valuers and real estate agents are governed by two registers and the Board of Valuers are working on creating a third one for property managers.<br />
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Says Ting: “This is a similar situation as in the early 1980s when there were many illegal real estate agents. They were given a one-year period to register with the board.”<br />
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Ting says the duty and responsibilities of property managers go beyond just collecting money and managing a property. The word “managing” covers a whole gamut of expertise and responsibilities. These include insurance valuation, the appropriate rate of service charges to levy on owners, managing service providers like security guards and cleaners, gardeners and managing tenants and rental rates among other duties.<br />
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Depending on whether it is a residential or commercial property, some issues may overlap.<br />
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To claim that valuers want to monopolise the property management industry is incorrect, Ting says.<br />
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“Some parties say they want to liberalise' the profession. Just as engineers and architects are regulated by the Institute of Engineers and Pertubuhan Akitek Malaysia respectively, so property managers are regulated by the Board of Valuers because property management is part of the work of valuers. This is the situation in the United States, Britain and Australia. Shall we then liberalise' the achitecture and engineering profession by allowing more people who are untrained to practise as architects and engineers because architects and engineers are monopolising' the industry?” Ting asks.<br />
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Ting says this argument to liberalise the profession and cut out the monopoly does not hold water at all.<br />
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He says there are currently 8,000 trained property managers in the country and every year, 450 more graduates enter the job market.<br />
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The local public universities provided courses in property management in the late 1960s because they knew there would be a need for this.<br />
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Malaysian Institute of Professional Property Managers president Ishak Ismail says: “The Government was visionary enough to foresee a time when stratified housing will become part of the Malaysian property landscape. The first condominium was Desa Kuda Lari in the KLCC area.<br />
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“Today about four million people live in stratified projects. About 80% of all the stratified projects are managed by joint management bodies and management committees. About 20% are outsourced and of this about 58% are managed by illegal property managers.”<br />
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Ishak said over and above the various issues that fall under property management, two sets of skills are needed the hard skills in managing the property and the soft skills in people management.<br />
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He says there is a need to put in the proper regulations to regulate property managers in order to improve the value of our property assets. There must be no conflict of interest because it involves public money, be it house owners or tenants of commercial properties, he says.<br />
<br />
<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-66112928769043403782012-11-24T13:22:00.000+08:002012-11-25T13:32:57.935+08:00Global launch of Battersea project in JanSHAH ALAM: SP Setia Bhd will kick off the worldwide launch for the first phase of its Battersea Power Station project in January next year, said its top executive.<br />
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"It will be a worldwide launch stretching over a six-month period," SP Setia president and chief executive officer Tan Sri Liew Kee Si told pressmen after the company's extraordinary general meeting here yesterday.<br />
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The launch series of the iconic development project in London would start in Malaysia followed by Singapore, Hong Kong, Brunei and Indonesia. It would then move to Europe and possibly to the Middle East before returning to Kuala Lumpur once again.<br />
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The project's show village and office overlooking the River Thames would be ready by April 2013.<br />
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The first phase will consist of 800 apartments above a commercial podium with an estimated gross development value (GDV) of STG1 billion (RM5 billion).<br />
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The ground-breaking ceremony for the project is expected to be between July to September next year.<br />
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Liew expects a strong take-up rate, given SP Setia's pool of Malaysian and international buyers.<br />
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He said the Battersea development will be projected as an international enclave to ensure value appreciation.<br />
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According to him, Malaysians would hold not more than 50 per cent of the properties in the project.<br />
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"It would not be a kampung Malaysia," he said.<br />
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Yesterday, shareholders approved the company's plans to pursue equity funding with a proposed placement of new shares of up to 15 per cent of its share capital to institutional investors, which will be identified via a book-building exercise.<br />
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The company could potentially raise about RM1 billion from the placement of new shares.<br />
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Liew said the proposed placement would enable the company to raise the necessary funds to part-finance the Battersea Power Station project, as well as be used to fund the development of St Kilda project in Melbourne and the Qinzhou Industrial Park in China.<br />
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He also revealed that the company would decide in two months whether to undertake an employees share option scheme or Long Tern Incentive Plan.<br />
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<i>By Business Times</i><br />
<i><br />
</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-18207951386300954342012-11-24T13:21:00.000+08:002012-11-25T13:32:57.931+08:00Banks should do their part to help aggrieved buyersIt was reported in the news media last month that some house-buyers were conned into buying housing projects that do not exist. If it does not cause revulsion and anger, it must at least be shocking to know that individuals and groups were allowed to sell and build houses without the basic requirement of the law, that is, a developer licence from the Housing and Local Government Ministry.<br />
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A slew of professionals from bankers to architects and from lawyers to engineers and the related local councils allowed dozens of unlicensed developers to sell and build houses to the unwary public. At last count, there were 195 abandoned projects undertaken by such “developers” some of whom had built on land which had not been zoned for housing but was still “agriculture” status.<br />
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These startling facts were revealed at a high-powered meeting on abandoned housing projects chaired by the then Chief Secretary to the Government, Tan Sri Mohd Sidek Hassan in April this year.<br />
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What is more disgusting is that at every step of the way, such a serious breach of the law could have been prevented. Even before the first blade of grass was cut to make way for housing, the flaws were staring in the face of the approving or financing authorities.<br />
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Because of the shortcomings of most of them, thousands of innocent and unwary buyers have been left in the lurch. They not only parted with their hard-earned money as downpayment but are also compelled to service their loans for what would have been a roof over their heads.<br />
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Lawyers for the deceitful developers prepared those contracts that were not the mandatory sale and purchase agreements regulated by the housing legislation.<br />
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Today, they are left in the quandary. Some continue to pay for their rented premises and continue to make monthly payments for their loans with no sight of their dream homes. HBA has been inundated with calls from victims of those ill-fated projects and crying for the Government, Bank Negara and professional boards intervention.<br />
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This whole episode yet again reflects the manner in which the laws of the land are not respected and upheld.<br />
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Banks and financial institutions (FIs) are so eager for business that they are indifferent to legalities. Their sales and marketing team has a pre-imposed target to meet until loans are disbursed recklessly. The banks implicated should have, as a matter of course, troubled themselves to find out if their transactions are tainted or not.<br />
<br />
Saying that only some banks and FIs are involved does not exculpate other member banks and FIs; it is in fact an admission of culpability. Affected banks and FIs should let the public and the affected buyers of unlicensed housing projects know what they propose to do in the dilemma.<br />
<br />
Renouncing your security interests in such cases and withdrawing all impending court cases against them would be a good start.<br />
<br />
The Association of Bank Malaysia (ABM) should get its members to cooperate with the purchasers to release their security interest on purchaser's property where the purchaser has paid in full. Truth is they don't care that the purchaser has paid if the developer has not with their arguments of “no legal obligations”.<br />
<br />
It is surprising that the alarm bells were not triggered when those developers did not produce evidence of the vital Housing Development Project Account (HDA) as required under the law?<br />
<br />
It is therefore astonishing to note that those member banks did not do any additional security checks other than to rely on the sales and purchase agreements. Even for projects that are not within the Housing Development Act, the developer must obtain the requisite approvals and licences before being allowed to commence work.<br />
<br />
Thus, the banks must surely have their strict criteria to abide by unless the new breed of bankers are not in the know. The issue of breach of fiduciary duty of care (to customer) will surely arise.<br />
<br />
Perhaps, the banks should observe a moratorium on interest and instalment owed by nave and innocent victims till the project is revived.<br />
<br />
Banks should take a proactive role to make their utmost efforts to revive such projects. Attempts should be made to delist those purchasers/borrowers who are now blacklisted by the banks and may never qualify for another loan! Not even to buy a second hand motor car.<br />
<br />
Perhaps, the affected member banks should exercise their corporate social responsibilities (CSR) in this instance far deserving than others. These affected buyers must be assisted in tangible deeds and not merely words.<br />
<br />
<i>Chang Kim Loong is the honorary secretary-general of The National House Buyers Association, a non-profit, non-governmental, non-political organisation manned by volunteers. For more information, click www.hba.org.my or e-mail info@hba.org.my</i><br />
<br />
<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-58269783558363052922012-11-24T13:20:00.000+08:002012-11-25T13:32:57.934+08:00Zelan's share price falls 8.9pcKUALA LUMPUR: Builder Zelan Bhd's share price fell by as much as 8.9 per cent a day after it said its contract in the UAE for a RM771 million property project was terminated.<br />
<br />
The shares, which sunk to an intra-day low of 30.5 sen, closed 2 sen or six per cent lower than the previous day to 31.5 sen.<br />
<br />
Zelan on Thursday said the owner of its Meena Plaza mixed development project in Abu Dhabi - Meena Holdings LLC - had given it 14 days' notice of its plan to end the contract via a letter on November 21.<br />
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Zelan, which had secured the project in 2008, is taking legal action to challenge the termination.<br />
<br />
Zelan, which has been leveraging successfully on its ability to work as a consortium partner to other international players, also has a significant presence in the infrastructure construction sector in the Gulf region.<br />
<br />
The Meena Plaza was to be the third building construction project for Zelan in the region.<br />
<br />
<i>By Bernama</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-63739112785530735432012-11-23T14:07:00.000+08:002012-11-25T14:10:04.867+08:00Largest Mitsui Outlet Park to be built in KLIAMALAYSIA Airports Holdings Bhd (MAHB) and Mitsui Fudosan Co Ltd will build the first upscale Japan factory outlet in Southeast Asia at the Kuala Lumpur International Airport in Sepang.<br />
<br />
To be known as Mitsui Outlet Park KLIA, it will be built on a 20.25ha site, complete with F&B and entertainment facilities as its complementary components are based on strong themed attractions such as Knowledge and Attractions, Prime Time Complex and World Food Expo. <br />
<br />
The park, the first Mitsui Outlet Park in Southeast Asia and 14th for Mitsui, will be developed over three phases at an estimated gross development cost of about RM335 million. <br />
<br />
It will boast a total lettable area of about 47,000 square meters upon full completion, thus positioning the outlet park as the largest within Mitsui's stable of outlet parks. <br />
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The first phase of development is expected to begin within the first quarter of next year and is expected to open its doors to the public by end of 2014. <br />
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"The outlet park will offer a wide selection of leading brands including luxury brands, popular select shops, high grade and top Asian fashion, sports and outdoor items, fashion accessories and gifts at prices that are guaranteed to be below their recommended retail prices," MAHB said yesterday.<br />
<br />
More than 240 famous international designer brands will be invited based on their presence in existing Mitsui Outlet Parks in Japan and China. <br />
<br />
It will also offer top Asian fashion from Japan, South Korea, Hong Kong and Malaysia, thus setting it apart from the other retail centres in Malaysia in terms of breadth of brand diversity, it added.<br />
<br />
Mitsui, a leading real estate developer in Japan, has been established since 1941 with global operations in the US, UK, Singapore and China.<br />
<br />
It is mainly engaged in the development of shopping centres, hotels and office complexes.<br />
<br />
The two companies signed a memorandum of understanding on the project yetserday.<br />
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"One of the most important benefits from this project is the opportunity to further expand our non-aeronautical or commercial revenue base, in line with our '2010-2014 Business Direction: Runway to Success'," MAHB managing director Tan Sri Bashir Ahmad said.<br />
<br />
<i>By Business Times</i><br />
<i><br />
</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-40381578936646510592012-11-23T13:39:00.000+08:002012-11-25T13:39:47.395+08:00Sunway REIT gets award for excellencePETALING JAYA: Sunway Real Estate Investment Trust (Sunway REIT) has been awarded the National Annual Corporate Report Awards (NACRA) under the category of Excellence Awards for REITs and Closed-End Funds.<br />
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NACRA is a joint effort between Bursa Malaysia Bhd, Malaysian Institute of Accountants and The Malaysian Institute of Certified Public Accountants.<br />
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The objective of the award is to promote greater and more effective communication by organisations through the publication of timely, informative, factual, reader-friendly annual reports and promote higher standards of corporate governance.<br />
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Sunway REIT Management Sdn Bhd is the manager of Sunway REIT.<br />
<br />
Sunway REIT Management chief executive officer Datuk Jeffrey Ng said: “It is Sunway REIT’s management culture to practice high level of transparency reporting and strong corporate governance in communication with stakeholders.<br />
<br />
“We recognise that annual report is a powerful platform of communication with stakeholders.<br />
<br />
“In view of that, we have made deliberate endeavour to embed strong corporate governance practices and quality disclosure in the annual report for the best interest of all stakeholders.”<br />
<br />
<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-90126942027300463372012-11-23T13:34:00.000+08:002012-11-25T13:39:47.396+08:00Property division helps I-Bhd swing to the blackPETALING JAYA: I-Bhd posted a turnaround in net profits in the third quarter ended Sept 30 of RM3.95mil from a net loss of RM1.28mil a year earlier.<br />
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In its filing with Bursa Malaysia, the developer of iconic i-City said the vast improvement in profit was due to mainly a higher profit recognition from the property development division.<br />
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Revenue for the quarter was 204% higher at RM16.32mil against RM5.36mil previously. The increase in revenue was on profit recognition from on-going projects from the property development division as well as contribution from the new theme park under the leisure division.<br />
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To reward its shareholders, I-Bhd is distributing a special share dividend of one treasury share for every 14 shares held.<br />
<br />
Executive chairman Tan Sri Lim Kim Hong said: “By giving our shareholders these treasury shares, the total value of their holdings will increase as there is no dilution in share value at all.”<br />
<br />
The entitlement for the dividends will be on Dec 12.<br />
<br />
Lim added that i-City had now evolved into a RM5bil urban cyber centre township, which has been designed as an “international business hub by day” and “lifestyle haven by night”, with residential, commercial and leisure components.<br />
<br />
Moving forward, he said profitability would continue to grow with income streams from the property and leisure divisions.<br />
<br />
Earlier in May, the group launched high-rise condominiums i-Residence, which has a gross development value (GDV) of RM232mil. All the 173 units available in the west wing of the development have been sold out.<br />
<br />
An equally promising take-up rate was shown by the higher-end units the east wing as well as the 20 villas which opened for sale in August, Lim added.<br />
<br />
All 220 small office versatile office units with a GDV of RM64mil have been fully booked at the launch in August.<br />
<br />
The company expects to launch the first phase of the 12-acre small office home office development, which consists of 956 units with a GDV of RM317mil in December. The entire projects will be launched in three phases from 2012 to 2014.<br />
<br />
<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-38770277292428126162012-11-22T15:32:00.000+08:002012-11-25T15:34:32.972+08:00Bolton aims to achieve RM1b in sales by 2014SUBANG JAYA: Property developer Bolton Bhd aims to achieve RM1 billion in sales by 2014 from RM600 million currently, said executive chairman Tan Sri Azman Yahya.<br />
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"Currently the company has RM619 million gross development value (GDV) of on-going projects and RM3.5 billion GDV of upcoming sales," he told reporters after signing an agreement to raise RM370 million and seal a joint venture development in Kota Kinabalu with Mobuild Sdn Bhd.<br />
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The fund raising agreement comprises RM230 million sukuk, managed by Affin Investment Bank and guaranteed by Danajamin Nasional, and a RM140 million five-year revolving loan by Affin Bank Bhd.<br />
<br />
Azman said the money will be used for working capital and to acquire strategic landbanks.<br />
<br />
"With this new fund raising exercise, we are now poised to embark on a landbank acquisition exercise to sustain the growth of the company for the next 10 years and beyond," he said.<br />
<br />
Meanwhile, the 50:50 partnership with Mobuild will see Bolton entering Sabah to build 500 units of luxury condominiums and landed villas with a GDV of RM480 million in Kota Kinabalu. The project, on a 4.2ha plot, is expected to be launched in the first half of 2013.<br />
<br />
Going forward, Azman said Bolton is vying for strategic land deals in Penang and Kota Baru to develop high-rise residentials.<br />
<br />
Currently, Bolton's real estate landbank spreads across 404.7ha in the Klang Valley, Kedah and Penang.<br />
<br />
<i>By Business Times</i><br />
<i><br />
</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-30836808718951761192012-11-22T15:16:00.000+08:002012-11-25T15:34:32.971+08:00UM Land to undertake RM1.4b GDV projectKUALA LUMPUR: Property developer, United Malayan Land Bhd (UM Land) is set to develop a mixed commercial and residential project in Medini, Iskandar Malaysia with a gross development value of RM1.4bil.<br />
<br />
The proposed development in the southern development region will include townhouses, apartments, service apartments/small office house office (SOHO), hotels, retail promenade with food and beverages outlets and a specialty retail centre.<br />
<br />
“The project is still in planning stage and it is expected to commence in the third or fourth quarter next year,” group CEO Charlie Chia tolf reporters after the signing ceremony for a lease purchase agreement between UM Land and Iskandar Investment Bhd (IIB) here yesterday.<br />
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The development will be implemented in four phases and would take six to 10 years to complete, Chia said, adding that the project will be located on the land UM Land acquired from IIB today.<br />
<br />
Worth RM83mil, the 5.35 hectare land acquisition was entered through UM Land’ wholly-owned subsidiary, Lextrend Sdn Bhd, and IIB’s wholly-owned subsidiary Medini Development Sdn Bhd.<br />
<br />
Also present at today’s event was IIB President and CEO Datuk Syed Mohamed Syed Ibrahim.<br />
<br />
<i>By Bernama</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-40002444513305581362012-11-22T15:14:00.000+08:002012-11-25T15:34:32.973+08:00UMLand expects foreigners to snap up its Medini unitsKUALA LUMPUR: UMLand Bhd is confident that its soon-to-be-launched project in Medini Iskandar will be snapped up by foreign buyers.<br />
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Its group chief executive officer, Charlie Chia, said 70 per cent of its boutique service residences known as Somerset Puteri Harbour apartments had been bought by foreigners including Japanese and Singaporeans.<br />
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UMLand's subsidiary Lextrend Sdn Bhd signed a lease purchase agreement with Iskandar Investment Bhd yesterday for 5.2ha of prime development land in Zone B of Medini at RM82.49 million.<br />
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Strategically located at the junction of the gateway to Medini and near Legoland, the land will be developed into a mixed commercial and residential project comprising business and lifestyle components with an expected gross development value of about RM1.4 billion.<br />
<br />
"This real estate jewel is expected to be launched in the second quarter of 2013," Chia said at a media briefing yesterday.<br />
<br />
UMLand is also working with UEM Land to develop a mixed development project at its second parcel of land.<br />
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"With its strategic location neighbouring Singapore as well as its range of attractive fiscal and non-fiscal incentives, Medini@Iskandar Malaysia is poised to attract a growing influx of foreign and high level corporate investments."<br />
<br />
UMLand has projects in four out of five flagship zones of Iskandar Malaysia and they include Bandar Seri Alam, Taman Seri Austin, Somerset Puteri Harbour and the forthcoming JB City Centre.<br />
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Iskandar Investment president Datuk Syed Mohamed Syed Ibrahim said the Lextrend projects will be implemented in four phases and are scheduled for completion in the next three to five years.<br />
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Iskandar Malaysia wants to create an eco-system of a modern metropolis and a liveable city but its ultimate objective is to nudge capital appreciation for the real estate properties in Johor.<br />
<br />
<i>By Business Times</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-56211691986376075622012-11-22T15:13:00.000+08:002012-11-25T15:34:32.975+08:00Reorganisation will unlock value of WCT Land, says group executive director<div class="separator" style="clear: both; text-align: left;">
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<b><span style="font-size: x-small;">Goh (left) says WCT intends to increase the operating profit contribution of property development. With him is chairman Datuk Capt Ahmad Sufian</span></b><br />
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PETALING JAYA: WCT Bhd, which has proposed an internal reorganisation to separate its construction and property divisions, is aiming to grow its property business to be as signficant as its mainstay construction arm within five years.<br />
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The group's executive director Choe Kai Keong told StarBiz that post-reorganisation, shareholders and warrant holders of WCT would benefit in terms of efficiency, as the move would unlock the value of subsidiary WCT Land.<br />
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“This move is to streamline the business, and also to unlock the value of WCT Land. We are in a very exciting time for the property business, which will be as big as our construction arm in the next five years,” Choe said.<br />
<br />
Choe pointed out that there were plans for two more malls, located in the Overseas Union Garden (OUG) area in Kuala Lumpur and Johor Baru, to be completed by mid-2015.<br />
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They are in addition to the group's Gateway @ Klia2, due to be opened in May 2013, as well as Aeon Bukit Tinggi Shopping Centre in Klang, and Paradigm Mall in Petaling Jaya.<br />
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Choe said except for the Aeon Bukit Tinggi Shopping Centre, which is leased to retailer Aeon Co Bhd, the other malls were managed by WCT.<br />
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The five malls would have a combined net lettable area (NLA) of 3.8 million sq ft.<br />
<br />
There are also plans for four-star hotels and serviced apartments to be built at the mall sites in the OUG area, Johor Baru and Paradigm Mall in Petaling Jaya.<br />
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WCT currently owns and operates the four-star, 250-room Premiere Hotel in Klang South.<br />
<br />
“So, five malls and four hotels with a combined 1,430 rooms within the next five years, as well as serviced apartments in mixed commercial developments. This is the direction we are heading in,” Choe said.<br />
<br />
Last month, WCT had proposed an internal restructuring where a new investment holding company WCT Holdings Bhd, will assume the listed status of WCT.<br />
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The exercise will also include the transfer of WCT's entire shareholding in WCT Land Sdn Bhd, the group's property development arm, to WCT Holdings.<br />
<br />
The effective holding of WCT shareholders would be unchanged before and after the proposals.<br />
<br />
The proposed internal restructuring is expected to be completed by the second quarter of 2013.<br />
<br />
Meanwhile, the group is on track to hit its property sales target of RM700mil this year, after achieving RM500mil as at end-October.<br />
<br />
WCT Land general manager of sales and marketing Stewart Tew said that the 1Medini condominium in Johor had contributed about RM300mil in sales this year, with the balance coming from property launches in Bandar Bukit Tinggi townships in Klang.<br />
<br />
“We have sold about 90% of the 644 units at 1Medini, which has a gross development value (GDV) of RM400mil,”<br />
<br />
Tew also said the 1Medini strong sales was helped by the completion of the catalytic projects such as Legoland, Newcastle University of Medicine, Family Indoor Theme Park and the Medini area's exemption from restrictions for foreign buyers, such as the minimum floor price of RM500,000 for a residential property bought by foreigners.<br />
<br />
“About 40% of 1Medini buyers are from countries such as Singapore, Japan and Indonesia.”<br />
<br />
Tew said the recent launch of The Landmark retail offices (GDV RM180mil), which is next to the Aeon Bukit Tinggi Shopping Centre in Klang, would also drive WCT's property sales this year.<br />
<br />
On WCT's construction arm, Choe said year-to-date, WCT's engineering and construction arm had clinched RM1.9bil of new contracts.<br />
<br />
They incuded a RM1bil deal in Oman to build the Batinah Expressway (package two), in a joint venture with Oman Roads Engineering Co LLC., WCT has a 80% stake in the venture.<br />
<br />
“Our outstanding order book is RM4.1bil, which will keep us busy for the next three years. About half of this is in Oman and Qatar.”<br />
<br />
Choe also said the company had tendered for RM3bil projects, consisting of close to RM2bil in Malaysia, and the balance in the Middle East.<br />
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Meanwhile, at an EGM yesterday, deputy managing director Goh Chin Liong said WCT intended to increase its recurring income from property development and investments.<br />
<br />
“In our five-year business development plan, we intend to increase the operating profit contribution of the property development segment to 30% (in 2016) from 21% (in 2011),” he said.<br />
<br />
In 2016, WCT hopes to increase its operating profit contribution from property investment to 25% and that from construction reduced to about 45%.<br />
<br />
As of 2011, the earnings base of the construction segment stood at 64%. The property development segment contributes 21% to operating profit, and the investment and management segment contributes 15%.<br />
<br />
At the EGM, WCT shareholders approved the proposed bonus issue and free warrants.<br />
<br />
WCT has proposed to give three bonus shares for every 20 shares held, which will involve the issuance of up to 180.26 million new shares. Shareholders will also receive one free warrant for every five WCT shares held. Up to 240.34 million warrants would be issued.<br />
<br />
The bonus issue will increase WCT's authorised capital to a minimum of RM1.1bil, comprising two billion ordinary shares of 50 sen each and one billion preference shares of 10 sen each. WCT's current authorised capital is RM800mil.<br />
<br />
For the third quarter ended Sept 30, WCT posted a marginally higher net profit of RM40.3mil, or 4.91 sen per share, against RM39.2mil, or 4.87 sen per share, a year earlier. Revenue for the quarter stood at RM441.7mil.<br />
<br />
For the first nine months to Sept 30, WCT's net profit rose to RM119.8mil on revenue of RM1.18bil.<br />
<br />
<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8421551637569292667.post-75167251778909856302012-11-22T15:08:00.000+08:002012-11-25T15:34:32.976+08:00State aims to revive abandoned low-cost project in Kg Sungai YuIt May be an end to a long wait for buyers of a low-cost housing project in Taman Sungai Yu Indah, Kampung Sungai Yu, Tanjong Karang, as the project will be revived and expected to be completed in March 2014.<br />
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State Housing, Building Development and Squatters Committee chairman Iskandar Abdul Samad said there were around 300 units of low-cost houses.<br />
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“It was a joint venture between Permodalan Negeri Selangor Bhd (PNSB) and a private company.<br />
<br />
“I have received many complaints from buyers. They have to pay their loans to the bank and rent a house while waiting for the project to be completed and it is a burden to them,” he said.<br />
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Iskandar was responding to a question by Sulaiman Abdul Razak (BN - Permatang) who asked for the latest updates of the progress and when could the buyers move in.<br />
<br />
Iskandar added that he had raised the issue several times at the state assembly meetings.<br />
<br />
“I was told by the Kuala Selangor District Council that the project was to be revived and completed by 2010. But till now, it is still an abandoned project,” he said.<br />
<br />
Iskandar said that one of the ways to revive the project was to convert it partially to medium-cost houses.<br />
<br />
“One of the reasons that the project was abandoned is because the developers did not have the approval from the Selangor Land and Mineral Department,” he said.<br />
<br />
Sulaiman said this was not a valid reason as the department was under the state government.<br />
<br />
“How can it be converted to medium-cost houses when the structures have been built?” he asked.<br />
<br />
Islander clarified that only some, of the structures were built, hence the remaining ones will be converted to medium-cost houses.<br />
<br />
“It is up to PNSB to decide how many will be converted,” he said.<br />
<br />
Lee Kim Sin (PR-Kajang) asked what action would be taken against developers that fail to deliver on time.<br />
<br />
Iskandar replied that directors of those companies would be black-listed.<br />
<br />
“It is insufficient to just blacklist the companies as each project is undertaken by different companies.<br />
<br />
“Even then, some people use proxies and register the company under their spouse’s name,” he said.<br />
<br />
<i>By The Star</i><br />
<i><br /></i>Unknownnoreply@blogger.com0