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Tuesday, April 29, 2008

TTDI Harta wins estate award

Datuk Johan Ariffin (second from left) with (from left) Naza TTDI senior manager of marketing and sales SM Faliq SM Nasimuddin, planning, contracts and quality assurance MD Myrzela Sabtu and finance senior MD Tan Poh Hock.

PETALING JAYA: TTDI Harta Sdn Bhd, a subsidiary of Naza TTDI, won the Cityscape Asia Real Estate Awards 2008 under the Future Commercial Development category for its Laman Seri Business Park, Shah Alam.

The awards ceremony in Singapore was attended by over 300 industry leaders and was held in conjunction with the Cityscape Asia exhibition at the Suntec Conference and Exhibition Centre from April 15 to 17.

A panel of international judges rated each project on its contribution to world architecture, culture invention and imagination, respect for the people and environmental awareness and appropriateness in the emerging and recently developing countries in the Asian region with winners recognised in 12 categories.

TTDI group managing director Datuk Johan Ariffin said the award testified to TTDI’s goal of making the business park the best commercial development in Shah Alam.

The 8.245-acre Laman Seri Business Park has six blocks of four- and five-storey shop offices that will feature modern contemporary fa├žade, dual frontage and wide pedestrian walkways. There are 900 parking bays at basement and surface level.

There will also be a 37,000 sq ft central events piazza for alfresco dining and water features such as ponds, a creek and synchronised water fountains with fibre optic lighting.

To date, more than 30% of the 46 units had been sold.

The expected yields are around 8.3% per annum or RM18,000 per month for a four-storey shop office. Each strata floor is priced from RM403,000.

By The Star

HeiTech to sell Menara Heitech to PNB

HEITECH Padu Bhd plans to sell a piece of freehold land and office building, Menara HeiTech Village, in UEP Subang Jaya to Permodalan Nasional Bhd (PNB) for RM65 million.

HeiTech Padu and PNB yesterday entered into a sale and purchase agreement (SPA) for the sale of the property, HeiTech said in a filing to Bursa Malaysia yesterday.

Concurrently, HeiTech Padu and PNB had also entered into an agreement for the leaseback by HeiTech of the property for a fixed term of 10 years from the completion date of the SPA.

The lease agreement is renewable at HeiTech Padus option at a revised monthly rental rate to be mutually agreed upon.

By Bernama

BLand gets Viet cert for project

BERJAYA Land Bhd (BLand) said yesterday that it has received the investment certificate from Vietnam's licensing authority for its Bien Hoa project.

A joint venture between BLand and Industrial Urban Development Joint Stock Company No 2 will build offices and houses, among others, under the project.

Its estimated gross development value is US$230 million (RM726.8 million) while development cost is US$180 million (RM568.8 million).

Work is due to start later this year and is scheduled for completion in stages from between 2010 and 2011, BLand told Bursa Malaysia.

By New Straits Times

Tasek to become regional player in RM751mil deal

PETALING JAYA: The Hong Leong group is restructuring its building materials division, Tasek Corp Bhd, to transform the cement producer into a regional integrated building materials supplier. It is also rewarding Tasek shareholders with a dividend of 54 sen per share totalling RM99.6mil.

In a statement to Bursa Malaysia yesterday, Tasek said it had entered into a sale and purchase agreement with Singapore-listed Hong Leong Asia Ltd (HLA) to acquire the latter’s building materials business for S$323.5mil (RM751.36mil).

To finance the acquisition, Tasek would issue 212.25 million new Tasek shares at RM3.54 each.

The board also approved the special net interim dividend of 54 sen per share, which is conditional upon completion of the proposed acquisition.

Tasek said the issue price of RM3.54 per share was based on the volume weighted average price of the shares for the five market days up to and including April 23 of RM4.08 after deducting the 54 sen dividend.

After the completion of the proposed acquisitions, HLA’s total stake in Tasek would increase to 68.34% from 31.92%.

However, HLA and its parties acting in concert are seeking the approval of the Securities Commission and other Tasek shareholders for an exemption from undertaking a mandatory offer for the remaining shares.

To facilitate the proposed acquisition, Tasek has proposed to increase its authorised share capital from RM300mil now to RM1bil.

The unaudited proforma consolidated results of HLA’s building materials business showed a net profit of S$8.77mil (RM20.37mil) on revenue of S$210.91mil for the financial year ended Dec 31, 2006. For 2007, the proforma net profit stood at S$28.90mil and revenue at S$341.68mil.

“Through the proposed acquisition, Tasek shareholders will have an opportunity to participate in the performance of the building materials business and the resultant enlarged and diversified earnings base,” the statement said.

As a regional integrated building materials player, Tasek said its scale of operations would increase in regional markets like Singapore, Malaysia and Indonesia.

“The transformation is also expected to enhance the profile and market position of Tasek.

“Further, with an enlarged capital base, Tasek will be better positioned to pursue other acquisition opportunities for further growth as and when such opportunities arise,” it added.

Tasek said the board was positive about the prospects of the construction industry in Malaysia (especially in the development of Iskandar Malaysia) and Singapore due to the strong spending in private and public projects, including infrastructure.

This would translate into higher demand for building materials, it said.

By The Star

International quality homes

Westwood Green town houses start from RM3mil

About an hour's drive away from the Raffles City mall in downtown Shanghai, is CapitaLand's impressive Westwood Green Project, a gated and guarded residential development.

Located south-west of Shanghai in Huacao town in the Minhang District, the special features of Westwood Green include its location within the Jin Feng international community. In fact, it is just across the road from the Shanghai American School.

Surrounded by some of Shanghai's premium villa projects and high-end residential apartments, the existence of a multinational community is by no means due to luck.

Everything is nice about the project, from the landscaped grounds and club house facilities to the designs of the low-rise condominium units and town houses.

Apparently, American architect Benjamin Wood was hired to design these homes for contemporary living with the focus on privacy and spacious layouts.

Spacious layout and landscaped grounds offer residents a great home

According to Westwood Green Project representative Wang Yao Dong, the total development area spans 153,000sq m.

Launched in November 2005 and expected to be completed by December this year, the project comprises 280 town houses and 140 condominium units.

Built-up space of the town houses range from 235sq m to 300sq m with an extra 80sq m of basement space. Condominium units are between 140sq m and 250sq m.

The town houses cost RMB14,000 to RMB27,000 persquare metre while the condominium units cost RMB13,000 to RMB18,000 per square metre.

This means that a typical town house unit will cost RMB6mil (240sq m x RMB25,000 per sq m) or about RM3mil. But such a unit will come with furnishings.

To date, the 80% of the town houses have been sold and 50% of the condominium units have been taken up.

Due to the size of the development, the residential units are categorised under the "western" and "eastern" flanks.

Apparently, the "Western side" appeals more to foreigners who make up 90% of the purchasers while 10% are local buyers. Buyers who opt for the eastern side appear to be 50% foreigners and 50% locals.

Overseas buyers are mainly Asians from Hong Kong, Taiwan, Singapore, Indonesia and even Malaysia.

Ten minutes away by car from the Westwood Green Project is the Hongqiao Transportation Hub which will eventually include high-speed train service (expected to be completed within 10 years) to Beijing and metro train lines linking downtown Shanghai.

By The Star