E&O’s villas by the sea

The spacious and airy interior of a bedroom in the Martinique show unit

PETALING JAYA: E&O Property Development Bhd has upped the ante on its flagship project of Seri Tanjung Pinang (STP) in Penang, launching 2-and 3-storey villas priced between RM2.75 million and RM7.50 million over the weekend.

According to KC Chong, Director of Marketing & Sales for E&O Property, there was a strong positive response from both locals and foreigners to the launch. “The recent opening of our Singapore sales and marketing office has attracted more Singapore-based investors and foreigners to Penang,” he told theSun.

Called Villas By-The-Sea, there are three different types — Martinique, Abrezza and Skye – stretching over 15 acres of freehold land with a total of almost 750 m of frontage facing the vast Andaman Sea and Straits of Malacca.

A total of 40 units were launched: 20 units of Skye, 16 units of Abrezza and four units of Martinique with a gross development value of about RM120 million.

The 3-storey Skye has 5+1 rooms and has a built-up of 5,283 sq ft for corner units and 5,193 sq ft for intermediate units. The villas are standalone bungalows and by intermediate units, the developer means there are two villas on each side of the unit.

The 3-storey Abrezza offers 6+1 rooms and has a built up of 5,332 sq ft, while Martinique, the largest of the three villa types, offers 9,043 sq ft in 2-storeys and has 5+1 rooms.

The Martinique villas are located by the sea, while Abrezza and Skye are located further back. The developer says the villas are designed to offer distinct spaces within the homes to cater to the diverse lifestyle needs of their occupants. Halls, rooms and corners of different sizes and characteristics are artfully planned to offer a different escape for different activities and moods.

“The unique layouts also encourage interaction between the indoors and outdoors with generous window openings, high ceilings, spacious terraces and verandahs, ,” added Chong.

The living/dining area and dry kitchen are laid with imported Italian Botticino marble while the luxurious bedrooms and guest rooms are covered with Burmese teak flooring. All rooms come with ensuite bathrooms, with the master bathroom clad in Arabescarto marble.

The Villas By-The-Sea at Seri Tanjung Pinang is a joint venture development between E&O Property with Al Salam Bank (of Bahrain) and CIMB-Mapletree Real Estate Fund 1 Sdn Bhd (a private real estate fund managed by CIMB-Mapletree Management Sdn Bhd.

Seri Tanjung Pinang features a headland and multi-island concept spanning 980 acres.

Currently, the 240-acre Phase One introduces landscaped parks, boulevards and seafront esplanades set amidst a guarded community of terraced, semi-detached and detached homes, condominiums and service apartments, as well as commercial and retail precincts surrounding a marina. In planning, Phase Two of 740 acres will see a cluster of islands emerging offshore, linked via a series of bridges.

By theSun (by Diana Chin)

Mah Sing eyes Vietnam as possible first overseas venture

KUALA LUMPUR: Property developer Mah Sing Group Bhd will make Vietnam its first destination if it decides to venture overseas, its group managing director Datuk Seri Leong Hoy Kum says.

“Our first preference will still be Vietnam because of its compelling growth story,” he told The Edge Financial Daily recently.

Leong said he liked Vietnam as the country’s gross domestic product (GDP) over the past three years had averaged an impressive 8.1% annually, while investment grew even faster at 18.6% and export at 25.4%.

“The strong economic growth rates and continuing inflow of investments into the country are expected to support the underlying property demand,” he said.

On the kind of property project Mah Sing would prefer to embark on overseas, Leong said its property ventures overseas would likely replicate the success of its lifestyle medium to high-end residential projects and Grade A office and retail spaces in the commercial segment.

“We will bring with us our premium products which are of a global standard, lifestyle elements and designs, and efficient operations and best practices that will allow a quick turnaround,” he added.

Nonetheless, he said Mah Sing would conduct a thorough study of the property market in the host country to ensure the right product offerings.

“Should we venture overseas, it is likely we will do it via a joint venture with an established local party as we need minimum capital outlay,” he said.

He noted that Mah Sing would only choose a JV partner that is reputable and have extensive knowledge of the local market. “If we can have that in place, we can concentrate on what we do best, introducing our lifestyle concepts and our branding in their market.”

Leong also said Mah Sing is less keen on China due to the tightening measures to cool the country’s overheated economy. “We are not in a hurry to venture into China, unless a good investment which meets the company’s investment evaluation comes along.”

However, sources said the property firm had begun preliminary talks with the authorities in China to develop a high-end real estate and hotel development in Haining city, Zhejiang Province.

According to the sources, Mah Sing officials had already visited the city several times to study the viability of the venture.

The property firm recently attained global recognition when its Damansara Lagenda development in Petaling Jaya won the “Best Development Malaysia” award at the CNBC-associated International Property Awards 2007.

The gated-and-guarded project, consisting of 116 semi-detached units and bungalows, was launched in 2004 and completed last year with a gross development value of RM192 million.

By The EDGE MALAYSIA (by Yantoultra Ngui Yichen)

Ekovest profits from Danga Bay in 2009

Acquisition of project will be completed by then

KUALA LUMPUR: Construction firm Ekovest Bhd says it will only see earnings from property development in the financial year ending June 30, 2009, when the acquisition of Danga Bay Sdn Bhd, the developer of Danga Bay in Johor, is completed.

Ekovest executive vice-chairman Datuk Lim Kang Hoo said the company expected to complete the acquisition of Danga Bay by the middle of next year.

“For the current financial year our earnings will still be from construction where we mostly do design and build projects for the government,” he told reporters after the company's AGM yesterday.

In July, Ekovest announced that it was acquiring Danga Bay, together with 240 acres of freehold land, for RM1.1bil from Lim, who owned the project in a personal capacity. “The land is near Johor Baru and is on the waterfront with a 3km stretch of beach,” he said.

Contribution from property development would depend on how the feasibility studies turned out and how fast the Danga Bay acquisition could be processed, Lim said.

The company's net profit for FY07 had more than doubled to RM17.42mil from FY06 due to higher turnover from its construction activities, he said. Revenue for FY07 came in at RM356.60mil.

Lim said once the acquisition was completed, there would be an initial launch, comprising serviced residences and villas. “The basic infrastructure is there, Ekovest will be taking over the project as it is,” he said.

On the company's landbank in the Klang Valley, Lim said announcements would be made when feasibility studies were completed. Ekovest has about 16 acres, both freehold and leasehold, located in various parts of the central Klang Valley. It also has 25 acres of freehold land in Pulai, near Johor Baru.

Lim said the company's current construction order book, comprising three projects, was enough to last it for three to four years. Ekovest's construction jobs in hand include the Duta Ulu Kelang Expressway, the second phase of Kolej Universiti Teknologi Tun Hussein Onn and a 60:40 joint venture with Faber Group Bhd to construct a National Institute for Natural Products, Vaccines and Biology complex in which it is the junior partner.

“We intend to bid for projects not only in the Iskandar Development Region but also elsewhere in the country. We're not interested in bidding for overseas projects unless there are very good offers,” he said, adding that the company had a highway construction project in India in 2002.

By The Star (by Fintan Ng)

75% take-up for Damansara Idaman phase 3

One of the Damansara Idaman phase 3 bungalows developed by TA Properties Sdn Bhd

PETALING JAYA: TA Enterprise Bhd has secured a 75% take-up rate for phase 3 of its Damansara Idaman residential project, said managing director and chief executive officer Datin Alicia Tiah.

Datin Alicia Tiah

“The houses are not cheap. With a starting price of RM3.2mil, the take-up has been good,” she said at a private viewing event of the phase recently.

Tiah attributed the promising take-up rate to the project's strategic location within a “mature neighbourhood with existing amenities and infrastructure''.

The township is located close to business and commercial centres such as the Kelana Business Centre and shopping malls that include 1 Utama, Centrepoint, The Curve and Ikano Power Centre and colleges such as Kolej Bandar Utama and Kolej Damansara Utama.

Damansara Idaman is also accessible through the NKVE, Bandar Utama, via the old Subang Airport road and Mutiara Damansara.

Tiah also said that the high-end township was targeted at the discerning, affluent market.

Damansara Idaman phase 3, launched in January, has a gross development value of RM110mil. It comprises 36 double-storey luxury bungalows with built-up of 5,435 to 6,123 sq ft.

The entire project is part of a four-phase housing development that would comprise a total of 136 bungalow houses on 42.8 acres of freehold land.

The project is being developed by TA subsidiary, TA Properties Sdn Bhd.

Tiah said that the group had already received bookings for phase 4, which was targeted for launch in the third quarter of 2008.

“Half of the lots of our phase 4 project has already been booked,” she said, adding that the houses would have a starting price of RM4mil.

By The Star (by Eugene Mahalingam)

Kuala Lumpur to become ' wireless city' from mid-2008

KUALA Lumpur is set to be a “wireless city” with free wireless Internet coverage for two years from the middle of next year, Datuk Bandar Datuk Abdul Hakim Borhan said today.

The WiFi facility, which laptops can readily access, will make it possible for 80 per cent of the federal capital’s 1.5 million residents to access the Internet via broadband, he added.

“This project is aimed at increasing broadband coverage in the Klang Valley to 90 per cent of the population by 2010,” he told reporters after signing a memorandum of understanding (MoU) on the KL Wireless Metropolitan project.

The MoU is between Kuala Lumpur City Hall (DBKL), Malaysian Communications & Multimedia Commission (MCMC) and Packet One Networks (Malaysia) Sdn Bhd.

MCMC chairman Datuk Halim Shafie and Packet One Networks chief executive officer Michael Lai were the other signatories.

Abdul Hakim said the three-phased project will be completed in 2010, with the first phase, costing RM60 million, to be carried out between January and September next year.

He did not mention the overall cost.

Phase One will see 1,500 WiFi zones being created, covering commercial centres, office buildings, public housing areas, community centres and public areas.

To be included will be the Golden Triangle and the Kuala Lumpur Convention Centre which will be the venue for the World Congress on Information Technology 2008 (WCIT 2008) in May, which will have 200 access points.

“This project will raise the quality of City Hall’s service delivery, reduce installation costs, help automate and coordinate in a systematic manner the work processes, improve productivity and overall, propel the e-government initiative,” Abdul Hakim said.

Earlier, he had read out the speech of the Federal Territories Minister at the function, in which Datuk Seri Zulhasnan Rafique expressed confidence the project will benefit the lower and middle income groups by providing them with unlimited access to ICT besides narrowing the IT gap among the city folks.

“This project will also contribute towards generating economic growth in the country and in the tourism industry besides creating job openings,” he added.

By Bernama

EPF announces details for housing loan monthly instalment withdrawal

KUALA LUMPUR: The Employees Provident Fund (EPF) on Dec 14 laid out details for the housing loan instalment monthly withdrawal that was first announced by Prime Minister Datuk Seri Abdullah Ahmad Badawi in Budget 2008 last September.

Effective Jan 1 next year, EPF contributors can withdraw from their Account II to finance home purchases, it said in a statement.

It said EPF contributors with a minimum balance of RM600 in their Account II could withdraw their savings to make monthly payments towards their housing loans, adding that the minimum monthly withdrawal is RM100 for a period of not less than six months, whilst the maximum amount for monthly withdrawal should not exceed the total monthly housing instalment

It said the savings in Account II allocated for this withdrawal cannot be used for other withdrawals. Members must also be below the age of 55, and do not have any housing loan arrears.

The EPF said the payments will be made directly to members’ personal bank accounts on monthly basis.

It said that the EPF will revoke this monthly instalment withdrawal and members will not be eligible to apply for a similar withdrawal in the future in the event of the following:

• Members have a non-performing loan with a financial institution.
• Loans have been revoked/redeemed.
• The house has been sold/auctioned/transferred to another party.
• Members who are convicted of cheating by submitting fraudulent documents/information for this withdrawal.

Currently, members are allowed to withdraw from their Account II for the purpose of building or purchasing a house and settling their housing loan.

EPF said the conditions for the withdrawal are as follows:

• Members must either be the purchaser or builder and the borrower as well as owner of the house or shop house with a dwelling unit.
• Members should have an existing housing loan from an approved financial institution.
• The house has been mortgaged and fully disbursed by the financial institution.
• Withdrawals are applicable for any houses subject to one house for each member, and it is not limited to the same house from previous withdrawals. However, subsequent withdrawals are only allowed for the same house.
• Other forms of refinancing besides housing are not allowed for this withdrawal.

“Members intending to withdraw for the first time are required to complete EPF 9P (AHL) form and provide certified true copies of their identity card with either their bank books or account statements which are still active, confirmation letter on balance of housing loan, sales and purchase or house construction agreement, housing loan approval letter, mortgage form and title deed or deed of assignment."

“For subsequent withdrawals, members need only complete the EPF 9P (AHL) form and submit copies of their identity card together with their bank books or account statements which are still active, and also the latest confirmation letter on balance of housing loan,” it said.

For more information, visit the EPF website at www.kwsp.gov.my.

By The EDGE MALAYSIA

Naim Cendera wins contractor award

PROPERTY developer Naim Cendera Holdings Bhd took home the "Contractor Award: Grade G7" at the recent Malaysian Construction Industry Excellence Award 2007 (MCIEA 2007).

Naim group chairman Datuk Abdul Hamed Sepawi and group chief executive officer and managing director Datuk Hasmi Hasnan received the award from Works Minister Datuk Seri S. Samy Vellu at the event in Kuala Lumpur on Sunday.

In a statement issued yesterday, Naim said it won the contractor award for successfully completing a bridge over Batang Balingian and its approaches in Mukah, Sarawak.

Built at a cost of RM22.6 million for the Sarawak State Government under the supervision of the state Works Department, the bridge provides the only link between Balingian and Kuala Balingian.

It was handed over to the government in May this year, 13 months ahead of schedule with cost savings, zero defects and numerous innovative design features.

MCIEA 2007's panel of judges was nominated by the various government departments, professional associations and the private sector representing the Malaysian construction industry.

By New Straits Times

Public Mutual launches Asia real estate fund

PUBLIC Mutual Bhd has launched its first Asia real estate fund, which invests in the region's property sector and real estate investment trusts (REITs).

The "PB Asia Real Estate Income Fund (PBAREIF)" has an initial fund size of RM450 million comprising 1.5 billion units of 25 sen each.

"PBAREIF is ideal for medium- to long-term investors as it enables them to invest in a diversified manner across the different types of properties and across multiple markets and economies in Asia," Public Mutual chairman Tan Sri Teh Hong Piow said in a statement yesterday.

He added that the property markets in Asia are supported by sustained economic growth, higher disposable income, stable interest rates and increasing liberalisation of foreign ownership regulations.

Up to 60 per cent of the new fund's net asset value (NAV) can be invested in selected regional markets, including Japan, Australia, South Korea, Taiwan, China, Hong Kong, New Zealand, Singapore, Thailand, the Philippines and Indonesia.

"The balance of the fund's NAV will be invested in domestic fixed income securities such as sovereign bonds, corporate debt and money market instruments," Teh said.

During the 21-day initial offer period between today and January 7 next year, the issue price/NAV of PBAREIF is 25 sen per unit with a promotional service charge of 5.45 per cent of NAV per unit.

By New Straits Times