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Wednesday, February 20, 2008

CP Group eyes more niche projects

PETALING JAYA: CP Group, the developer of the 22-storey CP Tower and 388-room Eastin Hotel in Section 16 will be embarking on an integrated mixed development on the fringe of Kuala
Lumpur’s city centre.

“Details for the project are still being finalised but we are hoping to launch the project by this year,” said its sales and marketing manager James Bruyns (pix), who refused to disclose further details. Initial plans include commercial and residential units as well as a hotel.

An artist's impression of CP Group's Casa Idaman development

The developer’s current development in the Klang Valley is Casa Idaman, a condominium project off Jalan Ipoh, KL. Casa Idaman offers affordable high-rise homes situated on a 5.31-acre
leasehold tract. There will be 3- and 4-bedroom units with built-ups of between 1,007 sq ft and 1,181 sq ft priced from RM200,560 to RM243,300.

The project consists of two 18-storey blocks of 304 units each with a stand-alone clubhouse situated in between. Facilities available in the development include a swimming pool, gymnasium, reflexology path, nursery and cafeteria. The maintenance fee has been fixed at about 15 sen.

Bruyns said the area of Jalan Ipoh is a popular place for families to stay from youth to old age. “It is perceived as an address where the older generation wants the younger generation to live, not far from their roots of origin,” he said.

He added that the development is targeted at those living in a 5km to 8km radius, in areas such as Kepong, Selayang, Sentul and Batu Caves. About 90% of the first block has been sold since its soft launch in the forth quarter of last year, with purchasers comprising mainly of upgrading families, young couples and first-time homebuyers. The second block is now open for sale.

“Casa Idaman offers privacy, living space, security, proximity to friends and family, a magnificent city view and the convenience that only an established community can give,” he said.

Casa Idaman is located approximately 6km from KL’s city centre with easy access via Jalan Ipoh, Jalan Kuching, Jalan Duta, Jalan Tun Razak, Penchala Link and the North Klang Valley Expressway. It is scheduled for completion in 2010 with a GDV of RM140 million.

Flagship project
The group’s flagship project is the RM3 billion Queensbay waterfront development located on a 73-acre freehold site in the southeastern corridor of Penang Island. It comprises waterfront villas, condominiums, corporate suites, corporate office towers, serviced apartments, hotels and the longest and largest shopping mall in the northern region.

Bruyns said the response for the properties in Penang has been very encouraging with almost all of the properties launched since 2005 sold. “Our latest launch, Bay Capital, comprising office suites, has also achieved a 60% take-up rate since its launch at the end of last year.

He added that properties in Queensbay have also been enjoying strong capital appreciation. “For instance, a 4,000 sq ft shop office that was purchased for RM900,000 about two years ago is now worth about RM1.6 million,” he said.

He said the group would be launching its signature Bay Villas in the first half of this year. “The 86 units of 3-storey waterfront and garden villas are targeted at the very high-end niche market as prices range from RM3.5 million to RM5 million, with builtups of between 5,000 sq ft and 5,500 sq ft.” The project is scheduled for completion in 2010 with a gross development value (GDV) of RM500 million.

Other future launches include the RM150 million Queens Wharf and a RM1 billion integrated commercial precinct. The former comprises about 150 serviced apartments with built-ups ranging from 800 sq ft to 1,500 sq ft while the latter will have retail outlets, a five-star hotel, office towers, serviced residences, F&B outlets and a waterfront promenade.

On the property market outlook for 2008, he said although people would continue buying properties, they would be generally more cautious. They would be more fussy about a project’s location and the developer’s track record.

“Areas that are enjoying good take-up rates for properties include Petaling Jaya, Kuala Lumpur’s city centre, Sri Damansara, Kepong and Selayang,” he told theSun.

He said the group will be eyeing more niche projects and concentrating on completing each one before moving to the next to ensure quality in the products. “The group is working on a project-to-project basis to remain focused and deliver what had been promised to the buyers.” CP Group previously completed 2-storey link houses in Bukit Serdang, Selangor, the upmarket Kota Villas enclave located off Jalan Duta, KL, and recently, Semenyih Impian comprising 1- storey terraces in Semenyih, Selangor.

By theSun (by Yap Yew Jin)

Profit boost for Bandar Raya, SunCity

PETALING JAYA: Bandar Raya Development Bhd and Sunway City Bhd (SunCity) yesterday reported healthy profit growth in their last financial quarters, lifted by strong demand for high-end projects.

An artist’s impression of One Menerung, a project by Bandar Raya.

The two property development companies, together with smaller-sized OSK Property Holdings Bhd, also expect better results, going forward, despite market concerns of tougher times ahead.

“The group looks forward to a (financial) year (ending Dec 31) of strong growth, driven by the positive momentum in its property division,'' Bandar Raya told Bursa Malaysia yesterday.

Bandar Raya is the developer of The Troika and One Menerung in Kuala Lumpur. It has unbilled sales in excess of RM1bil, with some RM2bil of new projects to be launched.

The company made a net profit of RM69.6mil, or 14.6 sen per share, for the financial year ended Dec 31 (FY07) against RM1.18mil, or 0.25 sen per share, in FY06.

“Accounting for almost the entire group profit, the property division enjoyed a good year with robust demand for its premium properties in good locations,'' it said.

Bandar Raya owns a 56.8% stake in Mieco Chipboard Bhd, which reported a net profit of RM2.3mil, or 1.1 sen per share, for the year just ended.

Shares in Bandar Raya fell 6 sen yesterday to RM2.06 – the lowest level since March last year.

Meanwhile, SunCity, said performance for its second quarter ended Dec 31 was lifted by the revaluation of Sunway Pyramid shopping mall.

Excluding the fair value gain of RM315.7mil, the company said its second-quarter pre-tax profit of RM101mil was 33% better than the RM63.7mil achieved in the previous corresponding period.

SunCity's six-month net profit stood at RM214.7mil, or 46 sen per share, versus RM62.1mil, or 15 sen per share, in the previous corresponding period.

“The board maintains its positive outlook for the year ending June 30, backed by record unbilled sales of RM964mil as at end-December and RM219mil for the en bloc sales of Palazzio Condominium signed last month,'' it told Bursa yesterday.

The stock fell 8 sen yesterday to RM3.56, its lowest since March 2007.

Shares in both SunCity and Bandar Raya are down by more than 30% from their recent peaks in October last year.

OSK Property also sees a better financial year ending Dec 31 (FY08). The company reported a big improvement in profits in the last quarter ended Dec 31, boosted by sales of “higher margin products''.

“The group will continue to improve sales launching and marketing efforts for its ongoing and upcoming projects in the Klang Valley,'' it said yesterday.

OSK Property posted a net profit of RM4.44mil, or 3.66 sen per share, for FY07 against RM3.06mil, or 3.28 sen per share, in FY06.

Penang-based Hunza Properties Bhd is expected to release its second-quarter results today.

By The Star (by Izwan Idris)

YTL Land target price revised downward

GOOD LOCATION: One of YTL Land's projects in Sentul

DBS VICKERS Research has cut its target price on shares of YTL Land Bhd by 18 per cent, citing a delay in project launch.

The research house has revised its target price to RM2.70 from RM3.30 previously.

"Project launches at Pantai Peak are likely to be postponed to second half 2008 due to slower-than-expected approval from the authorities.

"We understand that the relocation of the current access to the development is slowing the speed of the approval," DBS Vickers said in a report yesterday.

However, it believes that a new traffic plan has been submitted and the project would be launched this year.

"We adjust our earnings estimates due to the timing differences of the project launches. We have revised our FY2008 and FY2009 net profit to RM31 million (from RM55 million) and RM88 million (from RM148 million)," said DBS Vickers.

The Pantai Peak project is expected to have a gross development value of RM800 million.

DBS Vickers also thinks that YTL's Sentul and Pantai Peak projects would take a longer time to be developed.

"However, we believe YTL Land's good location, accessibility and product differentiation should transform Sentul into a sought after address in Kuala Lumpur.

"The strong take-up and price appreciation in Mont' Kiara/Dutamas and KLCC area are strong indicators that there is demand for quality luxury condominiums," it said.

By New Straits Times

Liziz sees brisk sales at Kota Baru Waterfront

KOTA BARU: Liziz Standaco Sdn Bhd, which is developing Kelantan’s biggest property project – the RM2bil Kota Baru Waterfront – is confident of securing impressive sales for its second phase.

The second phase involves the construction of 2,000 shoplots and to date, there has been encouraging response from local buyers.

An artist’s impression of the Kota Baru Waterfront project

Kelantan has a unique regulation where only local-born residents have a right to purchase properties in the state.

Liziz managing director Datuk Guok Nguong Peng said the second phase would take off upon completion of the first phase early next year.

The project is sited on 202ha reclaimed land next to the Sungai Kelantan artery and the Sultan Yahya Petra Bridge.

An international mall, the biggest reputably in the east coast, an international-class hotel and a 4km esplanade, were expected be ready this year, Guok said after the unveiling of the Tesco hypermarket here recently.

Guok said the fact that he was creating the state’s first township above the flood-level, was testament to his firm’s confidence that the project had good long-term viable prospects.

“Buoyed by the commitment from the state government as main landowner and market demand, there is confidence that the project would be a resounding success,” he said.

By The Star (by

SP Setia’s Eco Gardens rakes in RM23m sales

ECOLOGICALLY FRIENDLY: Liew (third form left) and Topasia projects Sdn Bhd director Gan Cheong Or (third from right) launching Setia Eco Gardens

SP SETIA Bhd, a property developer, has sold houses worth some RM23 million in the maiden launch of its latest township project in Johor.

Setia Eco Gardens, sprawled across 380ha, is an eight-year project located next to the Johor state's new administration centre in Bandar Nusajaya within the heart of the Iskandar Development Region.

It will have some 10,000 houses. The initial sales were from two types of single-storey homes, namely Messius and Sotira, with a starting price of RM185,800. Also, SP Setia sold two models of double-storey houses, comprising Norbana and Visellia, priced at RM249,800 onwards.

"We are very excited to expand the reach of our ecologically friendly development concept to housebuyers in Johor," Tan Sri Liew Kee Sin, group managing director of SP Setia, said in a statement.

The township is adjacent to a secondary forest reserve and it has a natural stream that runs across the site.

By New Straits Times

Good start for SP Setia project

Developer posts RM23mil sales during maiden launch of Setia Eco Gardens

PETALING JAYA: SP Setia Bhd's Setia Eco Gardens project in Pulai, Johor Baru, garnered RM23mil sales at its maiden launch last Sunday.

The sales were derived from two types of single-storey homes – Messius and Sotira – with starting price of RM185,800 and two models of double-storey houses, Norbana and Visellia, priced from RM249,800, SP Setia said in a statement.

Group managing director and chief executive officer Tan Sri Liew Kee Sin said: “We are excited to expand the reach of our ecologically-friendly development concept to house buyers in Johor.

“We believe this unique model, which strikes a fine balance between nature and the built environment, will capture the interest of the increasingly eco-conscious public.”

Setia Eco Gardens is a “forward-thinking futuristic” township modelled after SP Setia’s award-winning brand of “Eco” themed developments.

The 949-acre project is set to have 10,000 properties on completion in about eight years.

By The Star

RM1b GDV for East Ledang

UEM Land to launch project on Saturday

NUSAJAYA: UEM Land Sdn Bhd expects to generate RM1bil in gross development value (GDV) from its latest property project, East Ledang, here.

Director for strategic marketing and corporate communications Zulkifli Tahmali said the project, which would be launched on Saturday, would take five to seven years to complete.

He said phase one, comprising 139 units of link duplexes priced from RM500,000 and twin villas costing at least RM850,000, was expected to be ready by mid-2009.

“East Ledang is the first resort residential development to take place within the Iskandar Development Region (IDR),” he told a media tour yesterday.

Upon completion, the project – on 111.28ha of freehold land – would have 861 units of high-end residential properties, Zulkifli said, adding that it would cater for local upgraders, new residents of the IDR, Singaporeans and expatriates based in the republic.

He said UEM Land was banking on the project’s location, which was easily accessible from Singapore via the Second Link crossing, generous space and pricing to attract foreign buyers.

Other projects coming up in Nusajaya include Medical City, EduCity, an international destination resort, Johor State New Administrative Centre and Puteri Harbour.

Zulkifli said the spiralling prices of private homes in Singapore would push professionals and expatriates there to start looking elsewhere.

“Johor is obviously the best choice for them,” he said, adding that UEM Land had recently arranged private viewing for potential buyers from both sides of the causeway.

He said the company would take part in the City Scape Asia exhibition in Singapore in April and the Dubai City Scape expo in October to woo foreign buyers.

By The Star (by Zazali Musa)

Limitless wins deal to build halal park in Selangor

DUBAI-BASED real estate developer Limitless LLC said it has won a project to develop the Malaysia International Halal Park, the world's first Halal centre.

MIHAP, a 1,115 hectare mixed development project, Limitless' second project in Malaysia, will be located in Selangor.

From the total, about 800 hectares will be used to build residential units for about 200,000 people. The rest of the land will be used for food manufacturing plants, training and research centres, offices, entertainment and retail facilities, as well as parks and water features.

Construction will start by the end of this year and it should be done in eight years.

"MIHAP is a major milestone for Limitless and another golden opportunity for us to demonstrate our core skills of master planning and executing distinctive, large-scale projects.

"MIHAP is the result of extensive research and development work by our teams in Southeast Asia, who have worked closely with the Malaysian government from the beginning," said Limitless chief executive officer Saeed Ahmed Saeed.

MIHAP is an 80-20 joint venture between Limitless and a local investment company comprised Mihap Holdings and Perbadanan Kemajuan Pertanian Selangor.

By New Straits Times