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Friday, July 18, 2008

Pelangi sees GDV of RM55m

JOHOR BARU: Pelangi Bhd sees D'Serambi, its last residential project in Taman Perling near here generating gross development value (GDV) of RM55mil.

Chief executive officer Azmar Talib said the project comprised 116 double-storey link houses priced from RM420,000 and would be completed in the next two years.

Datuk Ahmad Zahri Jamil (left) with Azmar Talib looking at a model of the D’Serambi project in Taman Perling

He said the gated and guarded project featured homes that combined modern needs with traditional values and classic architecture.

“Taman Perling’s close proximity with Bandar Nusajaya in Iskandar Malaysia and Singapore via the second crossing are the strong selling points of the project,” Azmar said at the project launch by the Local Government, Housing, Arts, Culture and Heritage committee chairman Datuk Ahmad Zahri Jamil on Saturday.

Azmar said the modern Malayan Homes concept was chosen as it brought back the good old days of living in government quarters where residents of all races mingled freely.

D’Serambi was the first residential project in Johor to have landscaped gardens in its back lanes, he said, adding that Pelangi wanted to be at trendsetter in property development in Iskandar Malaysia.

“The construction will involve minimum cutting down of trees as we want to preserve most of the 20-year-old mahogany trees on the 3.642ha site,” said Azmar.

He said the project had received good response, mostly from existing residents of Taman Perling who wanted to upgrade to high-end properties.

He said the recent completion of the Perling Highway and the good accessibility to the Johor Baru city centre, Senai Airport, Singapore and Pasir Gudang would add to the project's attraction.

Azmar said Pelangi was also planning to redevelop Perling Mall in view of several new retail complexes opening in the nearby Bukit Indah, Taman Sutera Utama and Taman Nusa Bestari.

He said the opening of the state new administration centre, private medical centres, foreign universities, resort style living projects, waterfront development and industrial estates in Nusajaya would have a positive impact on the retail sector in the nearby areas.

By The Star (by Zazali Musa)

Boustead close to privatising property arm

BOUSTEAD Holdings Bhd (BHB) says it is on course with its plan to successfully complete its privatisation of Boustead Properties Bhd, having gained 97.4 per cent control of the property arm.

In a statement in Kuala Lumpur today, BHB said it was confident that the remaining shareholders who have yet to accept its offer under its voluntary takeover exercise of Boustead Properties will accept its attractive offer which is open until July 24.

The privatisation move is in line with the group’s efforts to streamline and drive its growth.

“The offer for shareholders to take this up is now deemed unconditional.

All shareholders will begin to receive payment for their shares or receive their BHB share entitlement over the next 21 days effective July 16,” it said.

“We have been given to understand by our advisors that the small portion of shareholders who have yet to accept this offer are in the process of doing so.

“On this premise, we would like to accommodate them to provide them with sufficient time to take up our offer,” group managing director, Tan Sri Lodin Wok Kamaruddin said.

BHB launched a voluntary take-over of Boustead Properties on June 5, where Boustead Properties shareholders were offered a premium of 31 per cent above the company’s five-day weighted average market price with a strike price of RM5.50 compared to the said market average of RM4.20.

Kamaruddin said with the take-over plan, the group was confident of growing organically and further strengthening its business.

“This will be complemented by the synergies in terms of consolidation of assets within the larger BHB group,” he said.

By Bernama

Kumpulan Hartanah agrees to sell land

KUMPULAN Hartanah Selangor Bhd (KHSB) has agreed to sell a piece of land in Pulau Indah, Selangor, to Inai Kiara Sdn Bhd for RM30.1 million cash.

The 50.2ha land at Section 11, Pulau Indah, is still undeveloped, KHSB said in a statement to Bursa Malaysia yesterday.

"The sale of the land will accelerate the development of Pulau Indah and help to enhance the economic level in Pulau Indah by providing job opportunities," KHSB said.

By New Straits Times