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Saturday, March 29, 2008

PDC unit to launch condo projects in Bayan Mutiara

An Artist's impression of Mutiara Pica which is set for launch in October

PENANG Development Corp's (PDC) property arm PDC Properties Sdn Bhd (PDCP), which has built high-end homes at Bayan Mutiara on Penang island, will embark on three condominium developments with total gross development value of RM671 million.

The project, also at Bayan Mutiara, spreads out in three parcels on 7.8ha of land.

"The first condo project at Parcel 1 is called 'Mutiara Pica' and is set for launch in October," PDCP chief executive officer Osman Kallahan told Business Times.

OSMAN: Mutiara Pica will comprise of 432 mid-range condominiums

Construction of the first phase is expected to commence in January 2009 and completed in July 2011.

Osman said Mutiara Pica will comprise of 432 mid-range condominiums priced between RM260,000 and RM420,000 per unit.

The second and third parcels, which are expected to be completed by 2012 and 2013 respectively, will feature 980 units of high-end condominiums.

The Bayan Mutiara development, which is sited on a 40ha site, will boast of high-end homes, affordable housing units, schools, a mosque and a government administrative complex, including the State Legislative Assembly building, when completed.

It is also sited within the Penang Multimedia Super Corridor cybercity.

Last June, PDC sold a 0.82ha plot to the Inland Revenue Board to build a 16-storey corporate tower there.

The Marine Police department has also purchased land totalling 4ha within the development.

Other projects on the drawing board for Bayan Mutiara's residential component include the construction of affordable homes and these will comprise low-medium cost and medium- cost apartments.

"The affordable units will total 536 with a price range from RM75,000 to RM200,000.

"Both projects, which are sited on 2.2ha, carry a gross development value of RM70 million," Osman added, saying that the projects are slated to begin construction in July 2009 and be completed by December 2010.

Already under construction by PDCP are its D'Residence bungalow and courtyard homes.

By New Straits Times - Business Times - (by Marina Emmanuel)

Penang goes posh

E&O launches seaside bungalows

FOR centuries, Penang has attracted traders, seafarers and adventurers from far and wide. Today, the island is no less popular, being one of Malaysia’s front-runners in the real estate investment market after Kuala Lumpur. It is against this backdrop of sun and surf, and city living that E&O Property Development Bhd is building the largest waterfront project there.

The company laid the foundation for the Seri Tanjung Pinang community by first selling double-storey terrace and semi-detached housing. It recently took things a notch higher by launching bungalows in three designs.

Known as Skye, Abrezza and Martinique, the bungalows are set apart from other landed developments taking place on the island because of several factors.

The first is the overall ambience. Each home design draws inspiration from the different elements around the world that make living a pleasure.

Although the look, feel and design vary, a single thread binds them and the buyers who take to them – the desire for the finer things in life.

Those who have visited the show village and the show houses would probably agree that Martinique is the most spectacular of the three.

It blends classic lines with the best of materials like nyatoh balustrades, Italian marble flooring and Burmese teak.

Fronting the Straits of Malacca and enveloped by a meandering waterfront promenade, Martinique is a double-storey white sprawling mansion reminiscent of the white and beige plantation manors of the Caribbean Islands.

Much thought has gone into interior decor to give ideas and options to potential buyers. There are several living areas, depending on the purpose and degree of formality of the occasion.

The guest pavilion on one wing offers breathtaking views that sweep into the lawn, sea-front promenade and the azure blue sea. Your guest will not want to leave after this by-the-sea experience.

Depending on the land size, which varies between 11,000 and 13,000 sq ft, Martinique (built-up: 9,000sq ft) begins from RM6.7mil. There are 12 units of Martinique, of which four have been opened for sale. Of these, two have been sold.

Martinique, one of three designs of waterfront bungalows with pool fronting the Straits of Malacca by E&O Property Development in Seri Tanjung Pinang.

Abrezza is named after the sea breeze that winds through the halls and corridors of this triple-storey bungalow.

Elegant yet modern, with a whiff of British opulence, it offers great contrast in terms of colours and details.

There is a clearer definition of private and public spaces, family corners and visitor’s enclave. The developer has dressed up the show units with a lot of dark feature walls, door and window frames and balustrades to add colour and contrast.

No less exciting is the Skye series. Natural light from large windows, high ceilings and skylight give rise to its name. This collection is popular with young families.

Both Skye and Abrezza have built-ups exceeding 5,000sq ft and are priced from RM2.6mil onwards. Abrezza has six plus one rooms while Skye, five plus one. So it is really an offering that considers the needs of several generations, with luxurious ground floor rooms and pantries for higher floors.

E&O marketing and sales director K C Chong says the company is setting a new benchmark for lifestyle living on the island.

About 80% of Seri Tanjung buyers are from Penang, Ipoh, Sungai Petani and Kuala Lumpur.

For some of them, the houses in Seri Tanjung will be their holiday homes. The remaining 20% are foreigners, mostly Westerners.

Says Chong: “Penang is very popular with the expatriate community and those who are in the Malaysia My Second Home programme.”

He says the 240-acre phase one will keep the company busy for the next three to five years.

The second phase comprises two islands, which the company will reclaim from the sea and will be connected to the first phase.

“Because Penang is an island, land is scarce. And with burgeoning demand, it is only natural that prices move up,” he adds.

It is this scarcity of land and the growing popularity of Penang among foreigners, and local and foreign investors, that several developers other than E&O have gone into land reclamation. Among them are IJM Corp Bhd, Penang Development Corp and C P Land Sdn Bhd.

Says Chong: “The land component is different between Penang and Kuala Lumpur. Comparing a guarded development here and another in Kuala Lumpur, the land cost would be higher in Penang.

“At the end of the day, it is this single component that drives up our house prices.”

Cruising along Jalan Tanjung Tokong, which leads to Seri Tanjung, you can see the development that straddles the sun and surf of Batu Feringghi at one end and the city at the other.

When completed, it will be the newest address to join the international list of world-class waterfront communities including The Palms in Dubai, Australia’s Sovereign Islands and Sentosa Cove in Singapore.

Keys to its terraced housing were handed over to buyers in the first quarter of last year. Its first series of chic and elegant terraced houses set tongues wagging when it was launched at the end of 2005 at RM735,000, an unheard-of figure then for double-storey housing on the island.

In the secondary market today, intermediate units are going for about RM800,000 and corner units in the RM1mil region.

There are altogether about 260 units of terraced housing, 215 units of semi-detached, 48 plots of vacant bungalow land (all have been sold) and 73 units of bungalows, comprising Skye, Abrezza and Martinique.

The first phase of the master-planned development will also have 160 units of serviced suites facing a marina and seven condominium blocks.

The marina will be ready in 2009. Land reclamation works for its second phase will begin in three years.

Says Michael Geh, director of property consultancy at Raine & Home International Zaki + Partners: “In many ways, E&O has achieved new benchmark in terms of pricing, architecture and design. The company is giving us modern designs with a very cosmopolitan feel.

“We are seeing other developers following suit. SP Setia has started lush courtyard garden terraces, IJM is giving us Nautilas Bay by-the-sea terraces.

“Other developers must follow this new trend in Penang terraces if they are to keep up. Lifestyle and community housing is here to stay.”

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By The Star (by Thean Lee Cheng)

Glomac's Q3 earnings up 27% to RM9.53mil

Better revenue from ongoing projects boosts profit

KUALA LUMPUR: Glomac Bhd posted net profit of RM9.53mil for the third quarter ended Jan 31, 2008, up 27% from RM7.51mil a year ago, underpinned by improved revenue from its on-going projects including the high-end residential project Suria Stonor and its commercial project Plaza Glomac.

It announced yesterday revenue rose 44.4% to RM85.82mil from RM59.42mil a year ago. Earnings per share was 3.31 sen compared with 3.39 sen. It also declared a gross dividend of three sen for the current financial year ending April 30.

For the nine-month period, net profit jumped 93.9% to RM30.81mil from RM15.89mil in the previous corresponding period. Revenue rose 36.9% to RM252.29mil from RM184.29mil. EPS was 12.37 sen compared with 7.17 sen.

Group executive chairman Tan Sri Mohamed Mansor Fateh Din said in a statement the group’s healthy growth was driven by strong progress billings in its high-end residential project and commercial project.

“Group sales have also been robust. Glomac Galleria, which was launched recently through a tender process, was fully sold. The first two phases of our gated mixed development in Bandar Baru Bangi, launched in February this year, were also fully sold,” he said.

The Glomac Galleria comprised of 20 units of 4 ½ storey shop offices in Sri Hartamas, with a gross development value (GDV) of RM85mil. The Sri Bangi project in Bandar Baru Bangi had an estimated GDV of RM120mil.

He added the group recently completed the sale of Glomac Tower for RM577mil and this would be a significant contributor to our earnings from the next financial year.

“The group’s prospect remains promising. Our unbilled sales of RM346mil at January 2008 is yet another record high, and this does not include the recent sale of Glomac Tower,” he said.

Mansor said Glomac would be launching the first phase of Glomac Damansara in the second half of this year. The mixed development project along Jalan Damansara would comprise of shop offices, office suites and serviced apartments and would have an estimated GDV of RM600mil.

By The Star (by

Glomac 9-month net profit up 94pc

GLOMAC Bhd's nine-month net profit jumped 94 per cent to RM31.6 million on the back of RM252.3 million revenue, driven by strong progress billings of ongoing development projects.

The group said it has launched close to RM1 billion worth of new projects this year, and will have more than twelve projects ongoing concurrently.

By New Straits Times

Metrojaya to invest RM10mil in second JB store

JOHOR BARU: Metrojaya Bhd will invest RM10mil to set up its second department store here after its Plaza Pelangi outlet.

Chairman Datuk Ahmad Khairummuzammil Mohd Yusof said the outlet at Danga City Mall at Jalan Tun Razak would start operation this July.

Danga City Mall director Gary Lee (left) exchanging documents with Datuk Ahmad Khairummuzammil Mohd Yusof. With them are Danga Bay Sdn Bhd CEO Datuk Lim Kang Hoo (second from left) and Johor Mentri Besar Datuk Abdul Ghani Othman

He said the 11,000 sq m outlet would be the biggest department store in Johor Baru and was Metrojaya’s sixth in the country.

Other stores are located at Kuala Lumpur’s Mid Valley Megamall, Berjaya Times Square and Bukit Bintang Plaza, and Island Plaza Penang.

“We are confident that the retail sector in the Iskandar Development Region (IDR) will flourish with the influx of local and foreign investors,” Khairummuzammil said at the tenancy agreement signing between Metrojaya wholly-owned unit MJ Department Stores Sdn Bhd and Danga City Mall Sdn Bhd yesterday.

The RM240mil mall was originally known as Best World Plaza which was forced to close two years after its opening in 1996 during the Asian financial crisis.

Danga City Mall acquired the property for RM50mil from Pengurusan Danaharta Nasional Bhd and spent another RM50mil to give a complete makeover.

Khairummuzammil said the company was confident that it would be able to attract shoppers to the mall with the opening of the store.

“Our main targets are locals. Singaporean shoppers will be an added bonus and we believe we have our own strengths and niche,” he added.

He said the IDR was expected to attract an influx of foreign residents who would need places to dine and shop, and Metrojaya wanted to bank on this development.

He said the company would probably look at Nusajaya where the new Johor State Administrative Centre would be located for a future store within the IDR.

By The Star (by Zazali Musa)

Developer goes ahead with project

Green lung: A file picture of the PJ side of Bukit Gasing.

DESPITE the on-going legal battle on the long-standing Bukit Gasing issue, the developer has gone ahead with construction work at the Kuala Lumpur side of the hill.

Residents received letters dated March 24 notifying them that work would be going on and the developer has begun felling trees and clearing the hill.

In the letters, the developer makes reference to approval letters by Kuala Lumpur City Hall dated October and November.

“City Hall refuses to show us the approval letters and it is very frustrating for the residents.

“I’m urging that City Hall issue a stop-work permit until the legal matter is resolved,” said the residents’ legal advisor R.S. Sivarasa, who is also Subang MP.

“Even though the development is on the Kuala Lumpur side of the hill, the effects are detrimental to residents in Selangor as well.

“We are not denying development but we are for preserving the environment because there are not many green areas left in the city,” Bukit Gasing assemblyman Edward Lee said.

“The judge in this case has given directives that residents can apply for a court order to stop work if construction begins while she is on leave until she comes back to deliver the judgement,” he added.

“We urge the Federal Territory MPs to fight for the interests of the residents. Bukit Lanjan assemblyman Elizabeth Wong will be meeting Lembah Pantai MP Nurul Izzah to discuss the matter as well,” Lee said.

He added that the piece of land must be preserved even if the government had to buy it back at an appropriate price.

By The Star