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Friday, March 28, 2008

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Putra Heights’ Topaz launch today

Artist’s impression of the Topaz double-storey link homes in Putra Avenue

SIME Darby Property will be launching an additional 110 units of double-storey linked homes at its freehold, 727ha Putra Heights development today. The 22ft by 75ft Topaz homes with built-ups of between 2,080 sq ft and 2,870 sq ft are located within the Putra Avenue enclave. Prices of Topaz units start from RM378,888.

According to the developer, the launch of Topaz follows the “overwhelming response” for the 82 units of 24ft by 75ft Garnet link homes also located in Putra Avenue that was launched in January. The launch weekend saw more than 70% of the Garnet units snapped up and today, it has sold 62 units, or 80%. With built-ups from 2,160 sq ft to 3,440 sq ft, the Garnet homes are priced between RM373,888 and RM705,888.

The 30-acre Putra Avenue was launched last year and features 722 units of double-storey homes. To date, some 544 units including the Topaz homes have been launched. With a total gross development value (GDV) of over RM300 million, Putra Avenue is due for completion by mid-2010.

Sime Darby Property senior executive vice-president Datuk Abd Wahab Maskan told PropertyPlus that apart from upgraders staying in nearby areas of Subang Jaya and USJ, it is also targeting business and working professionals for the Topaz homes which have GDV of RM46.3 million.

“Apart from the large built-ups, we also have many value-added features such as the built-in security alarm system that will give our buyers added peace of mind over and above the Unit Peronda security patrol service that we provide for the residents of Putra Heights,” said Abd Wahab.

He added that the key to the success of its new launches in recent months were the homes’ spacious and practical designs, as well as the upgraded finishing and quality workmanship.

“Sales for our recent launches – Royale Palms Villas and Garnet homes – were very encouraging with 50% and 70% sold respectively,” said Abd Wahab.

The developer launched 36 units of Royale Palms Villas, which are two- and three-storey zero lot bungalows, at Putra Heights in December last year. With land areas ranging between 3,825 sq ft and 7,276 sq ft and built-ups of 4,170 sq ft to 4,900 sq ft, prices start from RM1,388, 888. More than 50% of the units have since been sold.

Meanwhile, Abd Wahab said the completion of the Putra Point shopoffices at Putra Heights would also add value and enhance the appeal of the township.

“Access to the township will be excellent with the completion of the new RM65 million interchange at the ELITE highway at the end of the year as well as the existing interchange at the LDP highway. There will be time savings of up to 15 minutes for journeys to Putrajaya and Kuala Lumpur International Airport too,” he added.

The developer has completed and handed over five of six phases of the Putra Point two- and three-storey 24ft by 80ft shopoffices totaling 324 units, all sold out. The prices ranged between RM548,888 and RM808,888.

About 10% of the businesses have moved in and they include restaurants, mini markets as well as furniture and hardware shops.

Putra Heights was first unveiled in 1999 and to date, the developer has completed about 6,000 properties including double-storey linked homes, bungalow lots, apartments as well as shopoffices. It comprises eight enclaves featuring 11,500 residential and commercial properties. It is expected to be fully completed by 2013.

Sime Darby Property has also launched the last phase of its gated RM200 million Planters’ Haven development located near Nilai in Negri Sembilan. There are 95 units of one- and two-storey bungalows left for sale. The homes come in three designs with land areas of one to 2.2 acres, and built-ups between 4,720 sq ft and 7,100 sq ft. respectively. Prices start from RM1.5 million and the maintenance fee is set at three sen psf based on the land area. About 200 people attended the launch, most of them from Kuala Lumpur.

The 270-acre freehold project comprising 158 bungalows was introduced in 1996. It is set within matured orchard land with amenities such as a recreational lake, tree house, stables, horse trail, playground, barbeque area and jogging tracks. There is also a lakeside clubhouse with swimming pool, gymnasium, multipurpose hall and a tennis court. Planters’ Haven would be completed in the next four to five years.

For more details on Sime Darby’s projects, visit its sales gallery at Wisma UEP in UEP Subang Jaya which is open daily from 9.30am to 6.30pm.

By theSun (by Loo Pik Kwan)

New business park in Cheras

The heavy industrial area of Taman Shamelin Perkasa in Cheras is gradually evolving into a popular hub for corporate offices and light manufacturing plants. In line with the changing landscape in the area, Y&Y Group is offering its Shamelin Heights Business Park.

The group’s joint marketing and leasing consultants Dennis Yong and Billy Tan told Propertyplus that due to the area’s close proximity to the Kuala Lumpur city centre, land costs and rentals are rising rapidly making it unfeasible to house heavy industrial factories.

Yong (left) and Tan

The 12.6-acre freehold Shamelin Heights Business Park offers 30 units of 3-storey semi-detached and one 3- storey detached corporate industrial buildings with average land area of 8,500 sq ft and built-ups from 8,500 sq ft.

“The Y&Y Group would be retaining the units and managing the business park. This is perhaps the first and only built-for-lease landed business park in KL. There are others, but none of this size and by a single owner.

The project will be promoted as a single landmark, making it a desirable business address,” said Yong. He added that the Shamelin Heights Business Park has competitive rental rates.

“Rental in the surrounding locality ranges from RM1.80 to RM2.20 psf while rental at Shamelin Heights will be RM2 psf. The first phase of 15 units will be completed in May, and the remaining phases by year-end. We expect to start leasing activities in mid-April,” said Yong.

Tan said the corporate industrial buildings are suitable for use as distribution centres, product and operations hubs, corporate offices, sales and service centres, showrooms and training centres. The buildings have column-free layouts and a modern design with a contemporary outlook. It will be guarded and landscaped.

Apart from Shamelin Heights Business Park, the Y&Y Group is also developing the 1 Shamelin Shopping Mall which is just down the road from the business park. The RM408 million mall is modelled after successful shopping havens such as Bangkok’s Platinum Fashion Mall and MBK Centre, Singapore’s Bugis Junction and Taiwan’s Wu Fen Bu.

The mall is situated on a 4.5-acre plot of leasehold commercial land in between the busy intersection of Jalan 4/91 and Jalan Perdana 10/5 of Taman Shamelin Perkasa. All of the 1,167 units for sale have been taken up since the launch last November and the developer is leasing out the remaining 466,000 sq ft.

The mall will be divided into various themed zones such as Fashion & Trendy, Beauty & Pamper,
Eateries & Snack, Integrated & Cyber Lifestyle zones. It will also have food and beverage outlets and a fitness centre, along with a leisure entertainment zone housing a Cineplex, blowing alley and karaoke outlet.

The retail lots have a unique floor-to-ceiling height of 16.5ft. Standard lot sizes are of 108 sq ft and 126 sq ft with prices from RM128,000.

There will be over 1,500 parking bays. 1 Shamelin is developed by Lambang Ehsan Sdn Bhd, while Shamelin Heights is being developed by Y&Y Property Development Sdn Bhd, Both are wholly owned subsidiaries of the Y&Y Group. The mall and Shamelin Heights are accessible via a network of roads such as the Middle Ring Road 2, Jalan Cheras, Jalan Perkasa and Jalan Pandan.

Over the past 10 years, the group has developed residential and commercial projects in Cheras, Seri Kembangan, Taman Desa Aman and Taman Shamelin Perkasa, and an upcoming project would be a RM27 million boutique hotel in Tengkat Tong Shin, KL.

By theSun - Propertyplus -(by Allison Lee)

Faber has projects worth RM700 mil

FABER Development Sdn Bhd, a subsidiary of Faber Group Bhd (Faber), has RM200 million in unbilled sales from its existing property projects out of the RM700 million worth of projects under the company which will last them until the end of 2011.

“The existing unbilled projects of RM200 million are from our projects in Taman Desa and Kepong, Kuala Lumpur,” said Faber’s managing director Adnan Mohammad at the group’s Q42007 analysts and media briefing yesterday.

Besides its flagship development of Taman Desa, Faber is currently developing the 100-acre leasehold Laman Rimbunan in Kepong with a gross development value (GDV) of RM622 million.

Adnan said its on-going project Casa Desa in Taman Desa, consisting of 410 units of apartments with a GDV of RM133 million, has been slightly delayed due to some site issues. It was previously targeted for completion in December last year. The handover is now expected to be in June this year.

The group has two core businesses – facilities management (healthcare and non-healthcare) and property development. Its property arm contributed 30% to the group revenue, recording an increase of 26% at RM206 million for its FY ending Dec 31, 2007 compared to RM163 million in 2006.

“It is a challenge for all developers, including us, to deliver quality goods at reasonable prices due to rising costs,” said Adnan, adding that there will be seven launches this year worth over RM450 million. The launches are four phases within Laman Rimbunan, two projects in Taman Danau Desa and an exclusive development in Kota Kinabalu.

Faber’s remaining 57-acre landbank are located in Taman Desa, Laman Rimbunan and Sabah. The developer plans to secure sizeable landbanks especially within the Klang Valley.

By theSun (by Rosalynn Poh)

SP Setia posts RM48.5m profit

PETALING JAYA: SP Setia Bhd posted net profit of RM48.52mil for the first quarter ended Jan 31, up 3.8% from RM46.76mil in the previous corresponding period, boosted by its property development in the Klang Valley, Johor Baru and Penang.

In a statement to Bursa Malaysia yesterday, the company said revenue rose 19% to RM303.65mil from RM255.21mil. Earnings per share was 4.81 sen compared with 4.56 sen before.

Apart from property development, the group’s construction and wood-based manufacturing activities contributed to its earnings.

SP Setia said its focus for the current financial year was to transform itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer.

Commenting on its first integrated commercial project, Setia Walk in Pusat Bandar Puchong, the company said sales had been encouraging.

On its overseas ventures, SP Setia said it targeted to launch its first overseas project in Vietnam by July.

Meanwhile, Reuters reported that SP Setia expects to double 2007 earnings within four years and predicts that its Vietnamese business will turn a profit by 2009.

Speaking on the sidelines of an investor conference, SP Setia chief executive officer Tan Sri Liew Kee Sin said he expected sales to rise by 56% to RM1.8bil this year from last, beating the average forecast of RM1.3bil by 14 analysts polled by Reuters Estimates.

Liew Kee Sin

“We are saying that by 2012 we will double our profit but it won’t be a smooth ride. By 2012, I want our overseas business to contribute at least 30% of profit. By 2009 Vietnam will start to contribute to profit.”

Liew, who owns 12% of the company’s shares and travels to Vietnam once a week to oversee SP Setia’s expansion there, also said its domestic business was on track and investor concern over delays of project launches was unjustified.

SP Setia shares have lost 27% of their value since the start of the year due to poor investor sentiment resulting from political uncertainty and the global financial crisis, valuing the company at US$1.2bil.

They have underperformed the stock market, which has dropped 14% in the same period.

SP Setia owns 1,900ha worth RM30bil. Less than 10% of its land is earmarked for commercial property.

By The Star

SP Setia Q1 net profit rises to RM48.5m

SP SETIA Bhd's first-quarter net profit increased 3.8 per cent to RM48.5 million against RM46.7 million previously, mainly derived from property development activities in the Klang Valley, Johor Baru and Penang.

In a filing to Bursa Malaysia Bhd yesterday, the firm said the figures for the three months ended January 31 2008 were also attributed to ongoing projects which include Setia Alam at Shah Alam, SetiaHills at Bukit Indah Ampang, Bukit Indah, Setia Indah and Setia Tropika in Johor, and Setia Pearl Island in Penang.

Revenue stood at RM303.7 million against RM255.2 million achieved for the same period last year.

Apart from property development, SP Setia said its construction and wood-based manufacturing activities also contributed to the earnings achieved.

The group's focus in the current financial year is to transform itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer.

It also targets to launch its first overseas project in Vietnam by the third quarter of the current financial year.

By New Straits Times

CapitaCommercial to pay S$1.2b for office block

SINGAPORE: CapitaCommercial Trust, one of Singapore's biggest office landlords, will buy a block in the city-state's central business district for S$1.165 billion (S$1 = RM2.32).

The trust will buy the 23-storey One George Street building from its biggest shareholder, Singapore's CapitaLand Ltd, said in a statement to the Singapore's stock exchange yesterday.

CapitaLand, Southeast Asia's largest developer, guaranteed a minimum annual net property income of S$49.5 million for five years after completion of the purchase, the trust said.

CapitaCommercial, is adding to its 2 million sq ft of office space in Singapore after rentals in the city rose to a record last year, driven by demand from financial institutions such as Standard Chartered Plc and UBS AG. The purchase will boost CapitaCommercial's rental income and increase assets that totaled S$5.3 billion as of December 31, it said.

"Rents are still on the uptrend, and will continue to be on the uptrend for the next 12 to 18 months, but not as rapidly as in 2007," said Donald Han, managing director of real estate firm Cushman & Wakefield in Singapore. "The rate of expansion by multinational companies, particularly financial institutions, has started to stabilise."

Han estimates One George Street's monthly rents at S$18 a sq ft, which would give CapitaCommercial a "pretty decent yield".

By Bloomberg

YTL eyes utilities, infrastructure buys

MALAYSIAN power-to-property firm YTL Corp has a US$2.2 billion war chest to fund acquisitions in the utilities and infrastructure sectors, its chief said today.

“A lot of opportunities are being thrown at our door already today, mainly because people know we have got a huge war chest, so we are looking at deals,” YTL managing director Francis Yeoh said in an interview.

YTL, which has RM7 billion (US$2.2 billion) in cash and earns 70 per cent of revenues overseas, is sizing up possibilities, but has not zeroed in on a target yet, he said.

“From a financial point of view, it’s not reached a salivating stage yet,” Yeoh said. “I would say we have a window of a year or so to pick the cherries.”

The firm, which gave a dividend payout of 25 Malaysian cents per share for the financial year to June 30, 2007, aims to stick to its dividend policy, Yeoh added. It has paid two interim dividends amounting to 15 cents per share in 2007/08 so far.

“We are not only going to stick to our dividend policy, we are going to stick (to it) for a long, long time to come,” Yeoh said.

Shares of YTL Corp have risen five per cent over the last year, outperforming a 0.3 per cent fall in the benchmark index and giving the firm a market value of RM12.4 billion (US$3.9 billion).

YTL Corp is a conglomerate whose assets include British utility Wessex Water and Australian power firm ElectraNet. It is also a developer and wants to build a US$2.3 billion bullet train between the Malaysian capital and neighbouring Singapore.

By Reuters

IJM may make 50 sen-a-share capital payout

IJM Corp Bhd, the country's second biggest builder, may soon declare a capital repayment, while its property unit is close to finalising as many as two en-bloc sales that could help boost profits, UBS Investment Research says in a report.

"We estimate a pending capital repayment of 50 sen a share and a recurring dividend of 15 sen a share," the investment house said, without disclosing the basis of its estimate.

In 2007, IJM paid a dividend of 15 sen a share, of which five sen a share was in the form of a special cash payment.

UBS also believes there is potential earnings upside from en-bloc property transactions from IJM's 65 per cent-owned property unit, IJM Land.

"According to management, it is finalising two en-bloc commercial transactions worth RM400 million. Our earnings estimates do not assume any en-bloc transactions.

"We estimate these two transactions could add RM70 to RM80 million to our financial year 2009 net profit forecast of RM446 million, if they go through," the UBS report said.

For the year ended March 31 2007, IJM recorded revenue of RM2.31 billion, a 39 per cent jump from before. Net income was up 21 per cent to RM194.3 million.

UBS' recommendation for IJM is unchanged, with a buy target up to RM10, but the company overall has received a mixed reaction from analysts this month.

From seven major research houses' reports, apart from UBS and Amresearch Sdn Bhd which have buy recommendations on the stock, JP Morgan, CLSA Asia Pacific, CIMB, RHB Research and Aseambankers are less optimistic on the outlook of the company.

However, apart from CLSA, which has a target price of RM5 a share for the counter, the rest of the research houses' targets vary from RM6.05 to RM10 a piece.

By New Straits Times (by Francis Fernandez)