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Tuesday, February 26, 2008

Berjaya Land to build financial centre in Vietnam

An artist’s impression of the proposed Vietnam Financial Centre in Ho Chi Minh City.

BERJAYA Land Bhd will start work on the multi-billion-ringgit Vietnam Financial Centre project in Ho Chi Minh City, Vietnam, later this year, after receiving the go-ahead from the licensing authorities there.

The company said in a statement yesterday that the project, to be undertaken by its wholly-owned subsidiary, Berjaya Leisure (Cayman) Ltd, is scheduled for completion in stages from 2010 to 2013.

ABOVE: Ho Chi Minh City People’s Committee chairman Le Hoang Quan (right) presents the investment certificate to Berjaya Land CEO Datuk Francis Ng. Looking on is the Malaysian ambassador to Vietnam Lim Kim Eng.

The company received the investment certificate from the licensing authority in Vietnam on Saturday.

The project located at Ba Thang Hai Street, District 10, will comprise three blocks of 48- storey grade “A” offi ce tower, a multi-storey high-end shopping mall, one tower of 48-storey five-star international hotel with ballroom and convention facilities and one tower of 48- storey luxury service suites.

Based on the latest development plans, the project will have an estimated total gross floor area of about 698,554 square metres with an estimated gross development value and costs of about US$1.3 billion (RM4.2 billion) and US$930 million (about RM3 billion) respectively.

The estimated total gross development site is 102,703 sq m, of which about 66,388 sq m will be developed.

The Vietnam National Pagoda, Hoa Binh Theatre, Youth Culture Centre and the proposed development of the Ky Hoa Hotel (to be undertaken by a third party) are located on the remaining development site measuring approximately 36,315 sq m.

BLCayman will also be overseeing the landscaping of the site, the statement added.

By theSun

Mayland plans Putrajaya office tower

PUTRAJAYA: Malaysia Land Properties Sdn Bhd (Mayland) is set to begin construction of an office tower in Putrajaya’s Precinct 3. The developer acquired the 1.56-acre tract where the commercial project will be built from landowner Putrajaya Holdings Sdn Bhd for RM23.7 million.

Mayland’s vice chairman Tan Sri David Chiu said it plans to lease out the building for long-term investment. The office tower, with a gross floor area of 420,926 sq ft, will be developed by Mayland’s wholly owned subsidiary Bliss Avenue Property Development Sdn Bhd.

Chiu (left) and Azlan had yesterday's signing ceremony

“The construction will start as soon as possible… in three to four months’ time. With a height of between eight and 14-storeys, the office block will also have a commercial element. The rental rates here are between RM4 and RM5 psf,” Chiu told reporters at a press conference after the signing ceremony between Bliss Avenue and Putrajaya Holdings yesterday.

While expressing his confidence in the demand for such commercial properties in Putrajaya, Chiu said that it had received good leasing enquiries from both the public and private sectors for Mayland’s office tower.

On the cost of the project, Chiu said that construction costs alone amounted to some RM100 million, exluding the cost of the land. The purchase is funded by the developer’s internal funds.

On the group’s landbank, Chiu said the developer has about 500 acres in Selangor, Johor Baru and Kuala Lumpur that would eventually be developed into 20,000 residential and commercial units. Chiu added that it has plans to launch properties worth some RM2.5 billion in the next 18 months.

Meanwhile, this acquisition is the third sale of commercial land in the 5,000 ha federal administrative capital. According to master developer Putrajaya Holdings, some 300 acres have been zoned as commercial land.

Putrajaya Holdings chief executive officer Azlan Abdul Karim said it has plans to sell some 10% of the commercial plots. Current market values range between RM350 psf and RM400 psf. To date, it has closed deals amounting to between RM80 million and RM90 million for about six acres of land.

“The first two commercial plots were sold to a Hong Kong international property investment group, TRW Group. They will also be offering office towers with gross built-ups of 450,000 sq ft and 600,000 sq ft respectively,” said Azlan.

According to Azlan, it is also in talks with several local and foreign parties, including from Hong Kong and the US, to sell more commercial land.

“We want to bring in the services from third-party developers to create more vibrancy and excitement in Putrajaya. Offering projects such as office towers will further boost commercial space here and attract the private sectors to set up more offices,” he said, adding that it is also open to joint ventures with the third-party developers.

To date, Putrajaya Holdings has completed 22,000 units of government quarters as well as 5,000 residential units. For the government office buildings, it has completed some gross built-up space of about 30 million sq ft as well as six commercial buildings with a gross built-up of about four million sq ft.

It is currently in talks with several local and foreign parties to sell one of these commercial buildings, the 26 Boulevard office building in Precinct 3, which has occupancy levels of about 90%.

The 12-storey building has a gross floor space of about 516,668 sq ft and is valued at more than RM200 million.

By theSun (by Loo Pik Kwan)

Bliss Avenue buys Putrajaya land for RM24m

OFFICE TOWERS: Chiu (right) pointing out certain aspects of the proposed commercial office development to Azlan after signing the sales and purchase agreement for the Putrajaya land

PUTRAJAYA Holdings Sdn Bhd, the master developer of Malaysia's administrative capital, has sold a parcel of land in Putrajaya to Bliss Avenue Property Development Sdn Bhd for RM23.7 million to develop into a business, residential and office centre.

Bliss Avenue is a wholly-owned unit of Malaysia Land Properties Sdn Bhd, which specialises in developing condominiums, service apartments and office buildings.

Malaysia Land Properties in turn is the Malaysian unit of Hong Kong Stock Exchange-listed Far East Consortium, a property developer in Hong Kong and owner of the Sheraton Subang, Sheraton Labuan, Dorsett Regency Kuala Lumpur hotels and the Hartamas shopping centre.

Malaysia Land Properties vice-chairman Tan Sri David Chiu said the company will build 14-storey office towers and commercial lots on the land with construction due to begin in four months at a construction cost of RM100 million.

Tenants include government ministries and agencies as well as private companies occupying over a gross floor area of 39,105 sq m.

"The project will be financed by internally generated cash and bank borrowings and we want to keep the project for the long term by leasing it out at RM4-RM5 per sq ft," Chiu told reporters in Putrajaya yesterday after inking the deal.

Putrajaya Holdings chief executive officer Azlan Abdul Karim said the land transaction is the third commercial land sale in Putrajaya and the first sale to a local firm.

"We need to bring in private property players to build commercial units so that Putrajaya will be evenly developed and not become a purely government project," said Azlan.

Azlan said the company cannot develop the 5,000ha Putrajaya alone and need to bring in private property developers either local or foreign and forge alliances either on a joint venture basis or a straight buy and sell agreement.

"By doing so, serious buyers can come in and we have had enquiries from US investors," said Azlan.

The land measuring 6,300 sq m is located opposite the Palace of Justice and next to the city's town council, the Putrajaya Corp, in Precint 3.

Azlan said the company has identified 121ha of land in Putrajaya which can be developed into commercial projects, but it plans to sell 10 per cent of the land gradually and in small portions and has not set any time frame in doing so.

"So far we have sold 2.4ha of land worth RM90 million and construction is on-going," said Azlan.

Since its establishment in 1995, Putrajaya has developed 70 per cent of government office buildings with a gross built-up area of almost 30 million sq ft and six commercial buildings with a gross built-up area of about four million sq ft.

Putrajaya Holdings has to date built 70 per cent of the government quarters comprising 22,000 home units.

It had just started building public and commercial units with an initial launch of 25,000 units.

Azlan said the development of Putrajaya is similar to Kuala Lumpur's, where there is no time limit for it to be fully developed and is entirely dependent on market forces.

Putrajaya Holdings' shareholders are Petroliam Nasional Bhd, Khazanah Nasional Bhd and Kumpulan Wang Amanah Negara.

Meanwhile, Chiu said Malaysia Land Properties has 10 projects under planning and construction stages in Malaysia, worth RM2.5 billion, to be carried out over the next 18 months. This involves 20,000 units of residential and retail properties.

To date, Malaysia Land Properties has a total landbank of 202.4ha most of which are located in Kuala Lumpur and Johor Baru.

On another matter, Azlan said Putrajaya Holdings has not received any letter of offer from UBG Bhd which is interested to buy Putrajaya Holdings' 20 per cent-stake in Putrajaya Perdana Bhd. Putrajaya Perdana is Putrajaya Holdings' construction arm.

"We have not decided ... and any offer must first go to the board," said Azlan.

By New Straits Times (by Zaidi Isham Ismail)

Millionaire havens

A look at where the most expensive properties in the country were bought

Of the total 812 transactions done in Selangor during the 2005/2006 period, over 40 per cent were residential in nature, worth RM583.57 million

Where are the country’s most expensive deals being made? The answer is literally at your feet … if you happen to live in the rich, fully developed state of Selangor.

This is according to statistics gathered from the Ministry of Finance’s latest “Million Ringgit Property Deals” report covering the 2005/2006 period.

Prepared by the Valuation and Property Services Department (VPSD), it found out that 812 transactions, each worth at least RM1 million, were made in the state during the period to the tune of RM2.38 billion.

Given the fact that 2,023 big-time residential, commercial, industrial, development land and agricultural deals worth RM7 billion were signed during the two years, it means Selangor was responsible for 40 per cent of the transactions by volume and 34 per cent by value.

In second spot was Kuala Lumpur, with 442 deals worth RM1.97 billion, followed by Penang with 208 deals (RM897.67 million) and Johor with 163 deals (RM441.91 million).

The other states that also saw million-ringgit transactions were Sabah (72 deals, RM177.19 million), Kedah (66 deals, RM304.21 million), Perak (64 deals, RM282.92 million), Negeri Sembilan (59 deals, RM109.73 million), Malacca (49 deals, RM169.35 million), Sarawak (39 deals, RM59.97 million), Pahang (26 deals, RM176.96 million), Terengganu (18 deals, RM24.19 million) and Kelantan (five deals, RM13.87 million).

Commercial trades
In Selangor, change of ownership involving million-ringgit plus commercial real estate accounted for 164 units worth RM446.74 million.

According to the VPSD report, the state’s three- and four-storey shophouses were the most popular during the period under study.

Prices paid were RM1.05 million for a unit in SS22 Damansara Jaya, RM2 million for one in SS2 PJ, RM3.14 million for a unit in Kota Damansara and RM3.64 million for another in Dataran Sunway.

In Klang, a two-a-half-storey shop went for RM4.9 million while a shopping complex in Taman Selayang Utama, in the district of Batu, changed hands for RM120 million.

Development deals
Development land dealings also made up a sizeable chunk of the million-ringgit plus transactions.

By volume, Penang had the most trades with 85 during the period, including a residential site in Persiaran Kelicap, which changed hands for RM109.17 million; vacant plots in Jalan Kelawei in George Town for RM90.44 million; land in Batu Ferringhi for RM25.96 million; as well as in Jalan Rozhan in Seberang Prai Tengah for RM13.27 million.

However, with a total cumulative value of RM533.65 million, their value was lower than the 84 transactions done in KL for a total of RM679.12 million.

These were in the Jalan Bukit Setiawangsa area of Ulu Klang (RM58.51 million), Jalan Tun Razak (RM51 million), Jalan Kuching (RM28 million), Jalan Benteng (RM19.2 million) and Jalan Ampang (RM18 million).

In Selangor, 64 plots of development land were traded for a total of RM274.71 million.

Residential take-up
Selangor was the star-performer in this sector compared to the other states.

Of the total 812 transactions done during the 2005/2006 period, over 40 per cent (or 337) was residential in nature, worth RM583.57 million.

Of these, one-third (103) were in Sungai Buloh, the area where many highend housing enclaves are situated. Among them: Valencia, Sierramas West, Sierramas Resort Homes, Damansara Indah Resort Homes, Sunway Damansara, Sierra Damansara, D’Villa, Tropicana Golf and Country Resort, Mutiara Damansara, Damansara Utama Petaling, Aman Suria Damansara, SS22 and SS22A of Damansara Jaya, Taman Bukit Rahman Putra, Bandar Utama Damansara, Sunway Rahman Putra, SS2 Petaling Jaya, Ara Damansara, Damansara Idaman and Damansara Indah Country Resort.

The properties traded were mostly detached houses, two- and two-and-a-half-storey terraces and semi-dees as well as vacant bungalow plots.

In terms of prices paid, the VPSD report noted that it was between RM1.15 million for a semi-detached unit in Valencia to RM3.38 million for a detached house in Tropicana Golf and Country Resort.

The Damansara district also saw a significant 53 deals, with detached houses transacted at RM1.18 million in SS3 PJ, RM1.75 million in Subang Saujana, RM2.15 million in SS19 Subang Jaya and RM2.2 million in SS1 PJ.

Other districts that recorded residential deals worth at least RM1 million each were Ampang, Ulu Klang, Shah Alam, Petaling, Cheras, Batu, Putrajaya, Klang and Kajang.

In KL, detached houses in Damansara Heights were transacted at between RM3 million and RM13.96 million, while those in Pantai Hills went for between RM2.5 million and RM4.5 million.

In Ampang, the range was from RM1.6 million to RM4 million and in Taman Tun Dr Ismail, from RM1.83 million to RM2.68 million.

KL’s terrace houses also found their way into sevenfigure territory, with two- and two-and-a-half-storey types in Desa ParkCity going for between RM1 million and RM1.33 million while units in Bangsar Baru found new owners for between RM1.04 million and RM1.66 million.

In the condominium category, units in Mont’ Kiara Damai went from RM1.16 million to RM4.75 million, while in Bukit Bandar Raya’s Sri Penaga project, it was from RM1 million to RM1.65 million.

Near the Petronas Twin Towers in the city centre, units at Hampshire Park were traded at between RM1.12 million and RM1.27 million.

By New Straits Times (by Zoe Phoon)

Plenitude launches Tebrau City Residences

MIXED development firm Plenitude Bhd has launched Tebrau City Residences, the first serviced apartments project in Johor Baru, which is integrated in a "city within a city" concept at Tebrau City.

Tebrau City Residences, comprising 1,088 units, is designed for modern city living adjacent to three international retail malls - AEON Jusco mall and the upcoming Tesco and IKEA outlets.

The company said in a statement that the launch is for the first parcel with 472 units and the rental yield is projected at 8 per cent, according to executive chairman Chua Elsie.

She said it is expected to continue to increase in value due to land appreciation in the area and within the Iskandar Development Region.

By Bernama

Bio Big Valley set for second phase

RM10bil development to be ready by 2013

KUALA LUMPUR: Bio Big Valley Lojing, a mega development in Gua Musang, is gearing towards its second phase, which would involve a development cost of about RM10bil.

This phase, due to be completed by 2013, will be undertaken jointly by a local consortium comprising Mofaz group of companies, Solarin Holdings (M) Sdn Bhd and Telemont Sdn Bhd.

Mofaz group president Mohamed Fauzy Abdul Hamid said the development was the first in the region to adopt the carbonless and total renewable energy concept.

Mohamed Fauzy Abdul Hamid

“We are building a green city adapting wind turbine technology, which could generate up to eight megawatts of power and supplemented by solar energy, together with high-tech waste management for zero emission,” he told reporters after signing a memorandum of understanding with Solarin president and group executive chairman Datuk Naser Ismail and Telemont chief executive officer Kho Ah Tee.

Lojing, located along the Kg Raja-Gua Musang highway with altitudes ranging from 300m to 1,800m above sea level, is ideal for all kinds of hot and temperate crops, and livestock, plantation, medical services, agro- and eco-tourism related activities.

“At present, the ongoing activities are reforestation for sustainable forest development, large-scale integrated organic farming, husbandry of Dorper sheep, and planting of fruits and herbs,” Fauzy said, adding that the second phase on 1,800 acres would comprise a medical health resort, indoor winter resort, golf course, racing circuit, water sports club, residential properties and a five-star hotel.

According to Kho, the consortium would implement the same development concept in China and the Middle East by June.

“We are planning for the development to be near China’s Guangzhou, together with a Chinese partner, “ Kho told StarBiz, but declined to elaborate.

The development, which is expected to create about 150,000 jobs, would be partly funded by the United Nations’ (UN) human development division.

Naser said UN would provide the project funding of about RM2bil over the next two years but added that the funding mechanism, be it in the form of a loan or grant, was being finalised.

By The Star (by