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Monday, October 29, 2007

CIMB-Mapletree buying YNH condo, say sources

By The Star

CIMB-Mapletree has agreed to purchase one block of YNH Property Bhd's Ceriaan Kiara project in Mont' Kiara, according to sources close to the deal.

The project comprises two luxurious condominium blocks, each with 119 units, located opposite the Garden International School.

StarBiz learned that the acquisition had an estimated gross sales value of over RM60mil. It is understood that there would also be other deals with CIMB-Mapletree soon.

YNH has sold over 85% of the units in the other block.

It is learnt that the capital value of similar properties in the Mont' Kiara area has risen about 20% from a year ago. At present, the selling price is RM450 to RM600 per sq ft.

The Ceriaan Kiara project, currently under construction, is about 30% completed and will be fully finished in 2009.

CIMB-Mapletree is a joint venture between CIMB Real Estate Sdn Bhd, a wholly owned subsidiary of CIMB Group, and Mapletree Capital Management Pte Ltd, a wholly owned unit of Mapletree Investments Pte Ltd.

Mapletree Investments, in turn, is wholly owned by Temasek Holdings (Private) Ltd.

Recently, YNH Property appointed Fraser Hospitality Pte Ltd to manage its RM300mil Lot 163 Suites project in Jalan Perak, Kuala Lumpur.

Fraser Hospitality, which is a wholly owned subsidiary of Fraser & Neave Ltd, is an international serviced residence management company providing consultancy and other services.

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