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Thursday, April 24, 2008

UOA sells en bloc 3 new office towers

THE UOA Group has sold en bloc three new boutique office towers in its Bangsar South development for RM131.35 million to the Al Batha Group.

The sale was done by Paramount Properties to Bangga Istimewa Sdn Bhd and Bidang Lagenda Sdn Bhd.

"The en bloc sale of these boutique office towers reflects the confidence on UOA Group's projects due to its good track record in the commercial office market as well as the mid- to high-end residential projects," UOA said in a press release.

UOA added that there has been continued strong interest from local and foreign buyers. And judging from this sale and a few other boutique office towers under negotiations, it will be a matter of time before it launches more phases of commercial and residential projects.

Bangsar South City, a 24.3ha mixed development just off the Federal Highway and New Pantai Expressway, is planned as the new vibrant city located between Kuala Lumpur, Petaling Jaya and Bangsar.

This mixed development with a projected gross development value of some RM3.5 billion, will take between six and ten years to develop, comprising retail, residential and commercial blocks - including hotel and serviced apartments.

Bangsar South is divided into several components, starting with The Village, an ultra modern looking building that marks the entrance statement for the entire development, comprising UOA's Property Gallery that houses show units and some retail outlets.

The 12.2ha residential precinct called Park Residences has the latest in modern contemporary condominiums.

UOA intends to introduce two condominium blocks to the market very soon with residential unit sizes of between 1,300 sq ft to 2,100 sq ft. It also plans to create a centralised clubhouse with modern facilities and amenities to the Bangsar South City community.

Another 12.2ha of commercial precinct will comprise The Horizon, The Vertical and The Sphere.

The Horizon is unique 10- and 11-storey boutique office towers to be sold on en bloc basis, whereby individual owners will have the advantage of having naming rights to the building.

Each office tower has an average gross area of about 54,000 sq ft with the penthouse level fitted in with a feature pool. Construction work has already started on site and Phase 1 is expected to be completed before the end of 2009.

The Vertical, meanwhile, is 10 blocks of 20-storey office towers and The Sphere is the retail component.

By New Straits Times

Petaling Tin to launch RM37m residential properties

PETALING JAYA: Property developer Petaling Tin Bhd will be launching the subsequent phases of its housing development projects worth RM37 million in Ulu Kelang and Sungai Buloh by the second half of this year to drive future growth.

The new phases, part of its RM120 million worth of 91-ha projects in both areas, include 15 superlink houses in Taman Kelab Ukay and 126 units of double-storey developments in Sungai Buloh, said chief executive Leong Choong Wah.

“For this year, we are cautiously optimistic but we are more confident of achieving better results next year with our projects rolling out,” he told reporters after the firm’s AGM here yesterday.

Petaling Tin, with no debt and sitting on a net cash of RM17.6 million as at Oct 31, 2007, had already sold 83 units of double-storey developments worth RM20 million in Sungai Buloh in the previous phase, he added.

Leong said the firm hoped to gain more cash by unlocking the value of its projects in Ulu Kelang and Sungai Buloh within a year to prepare itself for the development of a landmark office tower project in Petaling Jaya.

The firm was planning to build a class A office tower in that area, which was still pending the approval from the Selangor state government, he said.

The 0.82-ha site, acquired from its sister company Karambunai Corp Bhd for RM12 million last December, currently has a four-storey building and factory erected on it and is tenanted by Petaling Tin and a third party.

“We hope to build a new six-storey building, or even higher. We plan to lease out more than 40% of the new building and expect more than 8% in rental yield,” he said.

Petaling Tin, 34.26% owned by Karambunai Corp’s chief executive Tan Sri Chen Lip Keong, also owns some 551.2ha of resort land in Karambunai, Sabah, which is situated behind the beachfront land owned by Karambunai Corp.

“We are not in a rush, we will wait for the right time to unlock the value of the huge landbank there,” Leong said, adding that Petaling Tin was considering to develop the land into hillside villa projects and was open to sell some parcels of the land.

For the fiscal year ended Oct 31, 2007 (FY07), the firm returned to the black with a net income of RM16.52 million, or 4.80 sen a share on revenue of RM21.18 million versus a net loss of RM6.60 million on revenue of RM20.12 million in FY06.

By The EDGE Malaysia (by

Petaling Tin plans RM1b luxury villas

PROPERTY developer Petaling Tin Bhd plans to spend some RM1 billion to build luxury villas and a boutique hotel on Karambunai Peninsular, 30km east of Kota Kinabalu in Sabah.

The company, controlled by Tan Sri Dr Chen Lip Keong who also helms Karambunai Corp Bhd (KCB), owns 524ha in Karambunai, its single biggest asset which it acquired for around RM190 million in 1998 and is now ripe for development.

Chief executive officer Leong Choong Wah said Petaling Tin will launch the first phase of the development this year.

"The villas, with large built-ups, will be an international product and we are targeting foreign buyers. KCB is building Nexus Residences Karambunai within close proximity and it will certainly boost sales and prices of new products here," Leong said at its annual general meeting in Kuala Lumpur yesterday.

Leong expects Petaling Tin's performance this year to remain flat as launches earmarked for early this year will only take place in the second half of 2008.

However, its performance is expected to improve next year.

For fiscal year ended October 31 2007, it posted a net profit of RM16.6 million on revenue of RM21.2 million.

Petaling Tin is set to launch RM100 million worth of properties in Taman Desa Bukit Indah in Sungai Buloh, Selangor and the gated Taman Kelab Ukay in Bukit Antarabangsa, Ampang, where it holds 81ha and 11ha respectively.

The company, which has net tangible assets worth RM378 million, hopes to launch 126 units of terrace houses in Sungai Buloh worth RM26 million by the third quarter of this year.

In Taman Kelab Ukay, it plans to launch 15 units of three-storey superlink homes worth RM11.3 million by June this year.

"We will be launching RM66 million worth of new properties in Taman Kelab Ukay by year-end after getting the state government's approval," said Leong.

He added that the strategy is to unlock value for a profit margin to build a new corporate office on a 0.83ha site in Section 19, Petaling Jaya, which now houses a four-storey office block with an annexed single-storey warehouse.

Petaling Tin plans to redevelop this into a high-rise Grade-A commercial office tower with minimal retail lots for more than RM100 million, and lease half the units for investment purposes.

However, this plan is pending the local authorities' decision to re-zone Section 19 and new guidelines by the Selangor state government.

By New Straits Times (by Sharen Kaur)

DNP JV to buy condo project in KL for RM207m

DNP Holdings Bhd yesterday formed a joint venture with its Hongkong-listed sister company USI Holdings Ltd to buy a condominium project situated in the golden triangle of Kuala Lumpur for RM207 million cash.

DNP and USI will each hold 50% of the JV entity, Kuality Gold Sdn Bhd, which will acquire a 43 storey-115 unit condominium project together with the accompanying 115 car-parking bays en bloc basis, for RM207 million.

DNP and USI share a common major shareholder in Wing Tai Holdings Ltd, which owns 55.26% of DNP and 33.63% of USI.

Upon the completion of the project, Kuality Gold will operate the condominiums as service apartments for recurring income.

By The EDGE Malaysia (by )

Pelangi keen to revive project in Philippines

PELANGI Bhd, a unit of state-owned fund manager Permodalan Nasional Bhd (PNB), is keen to revive a stalled residential project in the Philippines with the Kuok Group, a top official said.

The Johor-based developer ventured there in 1993 when Tan Sri Robert Kuok Hock Nien, Malaysia's richest man, was a director.

Pelangi, buoyed by the Philippines' surging demand for housing in the 1990s, had planned to put up a 1,400ha residential complex near Makati, the country's "Wall Street".

That project would would have been Pelangi's initial foray overseas.

Pelangi has a 40 per cent stake in it while publicly-traded Kuok Philippines Properties Inc (KPPI) holds the rest.

Despite Kuok's exit from Pelangi in 2005 when he sold the company to PNB, the partnership remains, chief executive officer Azmar Talib told Business Times in an interview recently.

"The project was put on hold because of poor projections and investment decisions" told Azmar Talib Chief Executive Officer Pelangi Bhd

Azmar said the project was put on hold because of poor projections and investment decisions. "We will protect the value of the project and unlock it when the time is suitable."

Pelangi is sponsoring a double-storey house worth RM308,000 for this year's Unit Trust Week, which is being held in Ayer Keroh, Malacca, until April 28.

"We are showing our support in ensuring the success of the event," Azmar said, adding that this is the third time it is participating in the event.

The theme this year is "Human Capital Development", which means that visitors can get information about career development strategies and contributions by PNB and its subsidiaries.

"Before the takeover by PNB, Pelangi was running like an entrepreneur. Now we want to incorporate best practice values so everyone would have a role to play in its development, with focus on our key performance indicators (KPIs)," he said.

Azmar said Pelangi has always given emphasis to staff development and training, believing that they are its greatest asset.

"We have been a developer for 35 years and always strive to produce quality products with better designs so they are accepted by people.

"These can be achieved with the skills and talents of the staff. Skills to develop KPIs are essential in reaching your organisational goals," Azmar added.

By New Straits Times (by Sharen Kaur)

YTL Corp still keen on bullet train project

KUALA LUMPUR: YTL Corporation Bhd (YTL Corp) has not given up hope on getting the authorities’ approval for its proposed multi-billion ringgit Kuala Lumpur-Singapore bullet train project, which has been shot down by the Economic Planning Unit (EPU) on Monday.

While the conglomerate accepts the government’s decision, it believes the project is economically viable.

In an email reply to The Edge Financial Daily yesterday, YTL Corp managing director Tan Sri Francis Yeoh said: “We accept the government’s decision to shelve the bullet train project, but remain convinced that the project will bring significant economic benefits to our country and will consider investing again when the opportunity arises.”

The EPU decided to shelve the project because the government would have to bear “significant costs” under the proposed financial model.

YTL Corp had said the bullet train would cut travelling time between the two cities to only 90 minutes, which would boost socio-economic growth of both countries.

By The EDGE Malaysia

Resorts World awards S$1b building job

SINGAPORE: Resorts World at Sentosa has announced the award of its largest building contract to date worth S$1.05 billion to a joint venture between major Japanese contractor Kajima Overseas Asia (Pte) Ltd and local player Tiong Seng Contractors (Pte) Ltd.

The award marked a milestone for the S$6 billion integrated resort slated for completion in early 2010 and tallied the total building contracts awarded so far to a value of over S$2 billion, the company said in a statement.

Kajima-Tiong Seng (KTS) which has a reputable building track record such as the recently completed St Regis Singapore hotel, would construct three of the six hotels in Sentosa and the resort’s main shopping, eating and entertainment thoroughfare, it said.

The contract also included the construction of the 15,000-square metre casino which would feature exclusive gaming rooms, suites and lounges, Resorts World said.

The three hotels — Festive Hotel (400 rooms), Hotel Michael (470 rooms) and Maxim Residences (130 suites) — together offer some 1,000 suites and rooms, out of the 1,800 to be found throughout the Sentosa island resort, the company said.

The joint venture company would also build the dual purpose 1,600-seat showroom which doubles as a plenary hall in Festive Hotel, it added.

By Bernama