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Wednesday, December 31, 2008

Putrajaya Holdings optimistic

Putrajaya Holdings Sdn Bhd, the master developer of the country's federal administrative centre, is confident of the continued appeal of any new property launches it may have in the pipeline, despite the global economic slowdown.

"We believe genuine buyers with the capacity to buy will still buy," its chief executive officer Azlan Abdul Karim said.

"Speculators may have reservations about buying new units, but genuine buyers keen to live in Putrajaya will buy ... and here, people who have bought their units are genuine buyers," he said in Putrajaya yesterday.

According to Azlan, all of Putrajaya Holdings' residential and commercial units launched last year have been sold, including 500 residential units, 200 shop-lots and 37 light industrial units.

Next year, 23 semi-detached residential units will be launched, with prices starting from RM1.7 million per unit.

"We have not advertised, but based on registrations the response has been good."

"Uniquely designed" apartment units will also be launched next year, he said.

Replying to a question, he said that prices of properties in Putrajaya rose last year in line with the increase in prices of raw materials.

"But now, with the (raw material) prices going down, we may lower our prices.

Earlier, Azlan attended the groundbreaking ceremony for the new Election Commission (EC) headquarters in Precint 2, officiated by outgoing EC chairman Tan Sri Ab Rashid Ab Rahman.

He said that tenders for the 10-storey building will open in one to two months.

The building, estimated to cost between RM70 million and RM80 million, will have a total gross floor area of about 22,400 sq m. It is expected to be completed by mid-2011.

By Business Times (by Roziana Hamsawi)

HICOM Properties buying Benua Kurnia and Neraca Prisma for RM722mil

KUALA LUMPUR: HICOM Properties Sdn Bhd will acquire the entire equity interest in both Benua Kurnia Sdn Bhd and Neraca Prisma Sdn Bhd for a total purchase consideration of RM722.463mil.

In a filing to Bursa Malaysia, DRB-HICOM said its wholly-owned subsidiary signed an agreement with vendors Datuk Ahmad Abdullah and Mohd Nazree Abu Kassim to acquire the stakes.

Benua Kurnia and Neraca Prisma own three parcels of freehold land spanning 606.8ha in Johor Baru.

DRB-HICOM said it would dispose five pieces of its plantation land at RM341.74mil to the vendors and the issuance of bank guarantee facility amounting to RM238.95mil to satisfy the purchase consideration.

The balance of RM141.77mil would be paid by cash, it added.

The proposed acquisition of the development land would enable the group to immediately replenish the diminishing landbank for its future business growth and sustainable earnings, DRB-HICOM said.

The land had good development potential, being located in a prime location surrounded by matured potential development, the group said.

In addition, the land is located within the Economic Zone E Senai-Skudai of Iskandar Malaysia.

The proposed acquisition was in line with the group’s core business competencies and is a significant step towards ensuring future sustainable growth for its property development division, DRB-HICOM said.

It is expected to be completed after the financial year ending March 31, 2009.

By Bernama

KC eyes abandoned projects outside Sabah

LABUAN: KC Project Management Services Sdn Bhd that has been rehabilitating abandoned housing projects in Sabah wants to use its expertise to help resolve similar “problems” in other states.

“It would be a pity if the experience and knowledge gained by KC is not fully made use of and extended to peninsular Malaysia and Sarawak,” chief executive Dr Robert K.C. Chin said in an interview.

Chin said his company had been appointed by Sabah’s Minister of Local Government and Housing to manage, assume control and complete abandoned housing projects in the state since 1987.

He said KC had been instrumental in setting up a special-purpose vehicle to rehabilitate and complete all abandoned housing projects in Sabah.

To help revive such projects, Chin said the Sabah government had also set up KKTP Sdn Bhd to provide funding and register and transfer land titles to genuine house buyers.

By Bernama