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Sunday, April 27, 2008

Sarawak’s first ICT mall to open soon

OneTJ ground floor unit of 735sq ft costs RM560,000. Rent at RM6psf inclusive of service charge (60 sen psf). Check out details in this portal under "Events"

OneTJ, Sarawak’s first shopping mall dedicated to ICT products and services, is set to open by the third quarter of this year.

Construction of the RM20mil mall in Jalan Stutong, Kuching, started in March last year and is expected to be completed in August.

Developed by Kenbest Sdn Bhd, the mall has a total area of 100,000 sq feet and net lettable area of 65,000 sq ft.

It comprises 80 shoplots over four floors with 20 on each floor, Kenbest managing director Stephen Long said.

“The average area for each shop on level one is 735 sq ft while the units on the upper levels are larger, averaging 850 sq ft,” he said in an interview recently.

Describing OneTJ as Kuching’s Low Yat Plaza, he said it had attracted over 40 computer and mobile phone retailers. “This mall is purpose-built for ICT products and services. At present, we have sold about 90% of the shop lots,” he said.

He added that the mall would also have a hair salon, bookshop, fashion outlets, eateries and a food court on the top floor.

The food court will provide free wi-fi service to patrons as well as blogger stations where groups of bloggers can meet.

Other noticeable features include plasma screens, which will be placed on each floor for infotainment and advertisements, 24-hour security with CCTV and subsidised bus service to nearby institutions of higher learning and surrounding areas.

Long said that OneTJ aimed to become the preferred venue for ICT-related events upon its completion.

Several activities have been lined up, including a computer game competition, technical seminar on networking security and new product launches.

For more information on the mall visit its website

By The Star on 26 April'07 (by Sharon Ling)

Tan & Tan plans RM500m condo sale

TAN & Tan Developments Bhd, the property arm of IGB Corp Bhd, is in talks for an en-bloc sale of its high-end condominium called 6 Stonor in Kuala Lumpur for RM500 million.

Tan & Tan's executive director Teh Boon Ghee said that discussions were ongoing to sell the 106 condominium units which will tentatively be launched next year.

"We are looking for en-bloc sales (for 6 Stonor) as there are many foreign investors interested in properties here today," Teh said.

The building will be on 0.58ha of freehold land and its development is currently under building plan.

In an interview with Business Times recently, Teh said that IGB's focus over the next few years will be the Klang Valley.

"Kuala Lumpur will remain the focal point of real estate development, where the rate of appreciation in capital value has been faster than most other second-tier cities in Malaysia," Teh said.

Tan & Tan, whose forte is in condominiums and gated housing, also plans to channel more resources into property development this year.

"For the past two to three years we have been concentrating on The Gardens project and lending our support to it, (so) other property development projects slowed down a little. Now that it has finished, we will furnish a larger percentage of our resources on property development," said IGB's executive director Tan Boon Lee.

"We hope to regain lost opportunity over the past year," Tan said.

IGB's revenue from property development fell 32 per cent to RM262 million in the year to December 31, 2007.

The decline was due to fewer launches as the group focused on completing The Gardens project in Mid Valley.

This year, it plans to launch properties with an estimated gross development value (GDV) of RM350 million and RM2.25 billion in 2009.

At the same time, it also has ongoing projects worth some RM700 million.

It has identified areas surrounding KLCC, Ampang Hilir, Wangsa Maju, Desa Pandan, Mid Valley and Sungai Buloh for projects given the infrastructure support there.

Projects planned for launch this year include 40 units of luxury condos in Ampang Hilir (GDV RM80 million), 218 units of serviced residences and 15 units of shop offices in Desa Pandan (GDV RM116 million), 66 units of Sierramas Hillside Villas (GDV92 million) and 17 units of villas in Sierramas Mews (GDV RM32 million).

Tan & Tan has some 81ha in the Klang Valley, of which 52.5ha is in Wangsa Maju. This project, with a GDV of RM1.2 billion, will be developed over seven years.

The group has over 500ha in Negri Sembilan, Pahang and in Pangkor.

By New Straits Times (by Vasantha Ganesan)

I&P wants PNB as partner for property trust

PROPERTY developer Island & Peninsular Bhd (I&P) said it will collaborate with state-owned fund manager Permodalan Nasional Bhd (PNB) to launch a real estate investment trust (REIT).

However, no firm plans have been made as it wants to focus on its ongoing developments.

"Any REIT that we introduce will be in collaboration with PNB. We have several profitable assets that are good for a REIT, but we would like to develop them first," group managing director Datuk Jamaludin Osman told Business Times in an interview.

I&P is developing seven residential and commercial projects. It also has several assets under management, namely Plaza Damansara 1 & 2, Chef & Brew, Bangunan Setiawan and Bangunan SPPK in Damansara, the Tesco hypermarket in Kajang, Impian Morib Hotel in Morib and Putri Nursing College in Nilai.

It has a landbank of 5,670ha, which it plans to develop over time to generate higher value.

Jamaludin said I&P plans to dispose of part of its landbank to unlock value under an ongoing strategy.

"We are always working to build the company's profile through various means and by offering quality products. We do place emphasis on human capital development in meeting our objectives," he said.

The company spends some RM1 million to train and educate its staff on human capital development and corporate social responsibility.

"Our contribution to national economic development is straightforward. We turn undeveloped spaces into thriving townships and communities. We go the extra mile by providing everything that is needed for the people living in various communities," he said.

I&P, which is participating in the Minggu Saham Amanah Malaysia (MSAM) 2008 in Ayer Keroh, Malacca, is helping to improve the educational performance of children of low-income groups.

It is one of 17 government-linked companies (GLCs) participating in Pintar, a programme led by the Putrajaya Committee on GLC High Performance.

Under the programme, I&P has adopted two primary schools namely Sekolah Kebangsaan Sg Nibong and Sekolah Kebangsaan Bukit Gelugor in Penang, and has provided books and financial assistance for students from poor families.

In addition, I&P has extended assistance to the underprivileged through the National Cancer Council, the Malaysian Medical Relief Society and the Persatuan Orang Cacat Malaysia as well as to disaster relief efforts.

"We are participating in MSAM in tandem with our parent (PNB) to give knowledge to the public of business activities carried out by the group and exposing our development," Jamaludin said.

Themed "Human Capital Development" this year, MSAM provides a platform for visitors to get information regarding human capital development strategies and contributions implemented by PNB and its subsidiaries.

By New Straits Times (by Sharen Kaur)

Saujana Consolidated gets takeover offer

PETALING JAYA: Peremba Panorama Sdn Bhd and parties acting in concert are proposing to acquire the entire stake of hotel and property group Saujana Consolidated Bhd.

It plans to do so upon completion of a proposed acquisition of a 29.19% stake in the company for RM32.13mil cash.

Saujana Consolidated said in a statement yesterday that Peremba Panorama had entered into an agreement with Right-Soft Resources Sdn Bhd, Nik Sufian Mohd Zain, Ekuiti Mantap Sdn Bhd and Rewardwize Sdn Bhd.

The agreement is to acquire 27.13 million shares, representing 24.65% of the issued and paid-up capital of Saujana Consolidated, for RM27.13mil.

It said Peremba Panorama had also entered into an agreement with vendors to acquire Endau Klasik Sdn Bhd's five million shares, or 4.54%, in Saujana Consolidated for RM5mil.

Saujana Consolidated said upon completion of the exercise, Peremba Panorama and parties acting in concert with it would have shareholdings, both direct and indirect, of more than 33%, thereby triggering a mandatory general offer.

The company said Peremba Panorama intended to make a takeover offer for the remaining shares in Saujana Consolidated that it and the parties acting in concert did not already own for RM1 per share.

It added that Peremba Panorama intended to make a takeover offer for Saujana Resort (M) Bhd, a 77.95% subsidiary of Saujana Consolidated.

This will be done via an offer for the remaining Class A shares in Saujana Resort at RM2,500 per share and Class B shares at RM25,500 per share it did not already own.

According to Saujana Consolidated, the shareholders of Peremba Panorama as at April 3 were Peremba Holdings Sdn Bhd, Peremba (M) Sdn Bhd, Tan Sri Mohd Razali Abdul Rahman, Datuk Hassan Abas and Datuk Abu Bakar Mohd Nor.

Mohd Razali is the chairman of Saujana Resort, according to its website. He is also executive chairman of Peremba (M) and sits on the board of PECD Bhd. Abu Bakar is Saujana Consolidated managing director.

According to the latest annual report of construction, energy and property group PECD, Peremba (M) had a 1.33% equity stake in the company, while Saujana Consolidated shareholder Rewardwize had a 1.01% stake, as at May 3 last year.

By The Star

Gefung mulls Mideast listing

SECOND Board's Gefung Holdings Bhd is thinking of a dual listing in the Middle East within the next five years, to help raise cash for its international expansion.

Chief financial officer Chan Ying Wei said this would be a strategic move for the company to capitalise on the robust economic growth taking place in the Gulf and Arab countries, which is estimated to grow 10-15 per cent annually.

He said the listing plan would also increase the company's profile and enable it to secure more projects in the Middle East and North Africa.

"These are some of the long-term plans we have in the pipeline. Nevertheless, it is still at preliminary stage. We are also looking at other options to raise cash for our future expansion, including raising capital from the debt market," he told reporters after Gefung's extraordinary general meeting in Petaling Jaya yesterday.

On current overseas ventures, chief executive officer Jeffrey Seo said Gefung is optimistic of clinching a RM50 million deal to supply marbles for a luxury property project in Abu Dhabi.

He said this is because it is the only company that can supply the type of marble required by the developer. "Unless they decide to use other types of marbles, we are confident of being able to secure the deal," he added.

Meanwhile, the company has obtained the nod from its shareholders to set up a joint-venture company in the Middle East with Saudi-based partner Tawjeeh Services and Commercial Investments Ltd.

Gefung will hold 50.01 per cent in the venture and will also buy all of Montana Madencilik Insaat Sanayi Ve Ticaret Ltd (Montana) from Syarikat Bukit Granite Sdn Bhd, a wholly-owned subsidiary of Gefung.

Montana, which is based in Turkey, was bought by Gefung in July last year and it has the 30-year extraction right of a marble quarry in Turkey.

With the new joint venture, the two parties will set up another similar factory in Turkey, three times bigger on an 80ha site, with an estimated investment of between US$7 million and US$8 million ((RM22.05 million and RM25.2 million).

By New Straits Times (by Anna Maria Samsudin)