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Wednesday, October 28, 2009

KL Metro plans to launch projects worth RM300m

Boutique property developer Kuala Lumpur Metro Group will launch two resort developments and a housing project worth a combined RM300 million in Port Dickson, Bangi, and Penang, over the next eight months.

The low-profile group, which made a mark in property development when it launched its landmark project - the Legend International Water Homes in Port Dickson in 2003, is also planning to expand into China and Vietnam.

"We are looking at resort developments in China and Vietnam. We believe there is a market for resort-type products. We have identified the local partners, but plans are still preliminary," said KL Metro managing director Datuk Low Tak Fatt.

Locally, KL Metro will launch Phase 3 of the Legend Water Homes valued at RM45 million and 30 units of semi-detached houses in Bangi, worth RM25 million, by December.

By mid-2010, KL Metro will launch The Hibiscus in Penang, which features 460 units of five-star water homes at Teluk Kumbar.
The Penang development is worth some RM200 million and KL Metro is targeting buyers from Asia Pacific, Europe and the Middle East.

"Demand for water homes in Malaysia is greater than supply so we expect our projects to do very well," Low told a media briefing on the second phase of its Legend Water Homes in Kuala Lumpur yesterday.

Phase 2, which will open on November 1, offers 166 water homes, 44 garden chalets and 39 sky pool villas.

Priced from RM400,000 to RM700,000 each, some RM160 million or 99 per cent of the properties have been sold, Low said.

Majority of the buyers were from the Hong Kong, Singapore, Macau, the Middle East and some European countries, with an option to lease back at an 8 per cent gross rental income return a year.

Low said he expects 50 per cent occupancy in the first year, with average promotional room rates starting from RM550 per night to RM900.

He said KL Metro is aiming for occupancy to grow by 10 per cent per year via aggressive marketing.

"Despite the downturn of the economy and credit crunch worldwide, we still managed to complete Phase 2 three months ahead and sell all the units. We are proud of this development," Low said.

Phase 1, which has 329 units, was completed in 2006 and fully sold within two years.

The Balinese-themed resort took the "Best Architecture" and "Best Development" titles at the CNBC International Property Awards in London in 2007.

By Business Times (by Sharen Kaur)

WCT, Iskandar to develop RM600m condos

WCT Bhd and Iskandar Investment Bhd will jointly develop and co-own the 4.4-hectare 1Medini residential project in Medini Iskandar, Johor with a gross development value (GDV) of RM600 million.

The project will be developed by One Medini Sdn Bhd, a 70:30 per cent joint venture between WCT's subsidiary, WCT Land Sdn Bhd and Medini Land Sdn Bhd, a subsidiary of Iskandar Investment.

WCT chairman Datuk Captain Ahmad Sufian attributed the involvement of the company in the 1Medini project as a bonus because WCT had already awarded RM766 million worth of infrastructure works in Medini Iskandar in July this year, where works are expected to be completed by July 2011.

"We are proud indeed to be given this golden opportunity to make our first foray into the Iskandar Malaysia via the Medini Iskandar project and hope to expand our investment here," he told reporters after the signing of shareholder agreement for the development of 1Medini residence between WCT Land and MediniLand, in Putrajaya today.

Ahmad said the WCT also wanted to further grow its business in Malaysia and would continue to bid for any projects locally as well as international.

Its order book currently stands at RM3.5 billion. In 2008, local operations contributed 40 per cent to the group's revenue while the balance of 60 per cent came from the overseas market.

The construction and property development company currently has presence in United Arab Emirates, Qatar, Bahrain, Oman, India and Vietnam.

Scheduled to be fully completed by 2015, the 1,332 units of condominiums in1Medini would include a 68,800 square feet commercial area for local retail businesses.

Priced at RM350 per square feet, the first phase of the condominium is expected to be launched in early 2012.

Iskandar Investment president and chief executive officer, Arlida Ariff, meanwhile, said the strategic partnership with WCT in 1Medini project would help to meet the increasing demand for quality homes as well as to attract talented global citizens to live, work and play in Iskandar Malaysia.

There has been interest from both Indonesians and Singaporeans, she said.

According to the Iskandar Regional Development Authority (IRDA), Iskandar Malaysia has over RM47 billion in committed funds from the government bodies and international investors to date.

By Bernama

Suncity in tie-up to develop Tianjin Eco-City

PETALING JAYA: Sunway City Bhd (Suncity) has teamed up with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) for a project in Tianjin Eco-City, China, which an estimated gross development value worth more than RM2.48bil.

SSTEC is a 50:50 joint venture between a Chinese consortium led by Tianjin TEDA Investment Holding Co Ltd and a Singapore consortium led by Keppel Group.

Tan Sri Jeffrey Cheah

Sunway group chairman Tan Sri Jeffrey Cheah said a memorandum of understanding had been signed between the two parties to conduct market research and a feasibility study.

“We will decide on the feasibility of the project after we complete it in

six months,” he told reporters yesterday.

The second-phase development of the project will be a mixed-development project constituting 88% residential and 12% commercial properties, with construction expected to begin from 2011.

In a statement, Suncity said it was “optimistic that China’s property market will continue to grow at a healthy level as a result of an urbinisation process, a process that will see China’s urban population swell to approximately 850 million by 2020 or 47%.”

The project is Suncity’s biggest in China.

The Tianjin Eco-City is a landmark bilateral project between China and Singapore.

Located in the Tianjin Binhai New Area, the 30 sq km Tianjin Eco-City will be a modern township where 350,000 people will live.

Separately, Cheah said Sunway Holdings Bhd would rely on its own reserves to fund its Singapore joint-venture condo project with Hoi Hup Realty Pte Ltd.

“The company has enough funds to proceed with the 400 to 500 condo units there,” he said, adding that Sunway would have a 30% stake in the venture.

The project, which has a gross development value of S$435mil, covers 207,000 sq ft at Jalan Senang and Lengkong Tujoh off Sims Avenue.

By The Star

SunCity to take part in RM2.5b China project

The massive 3,000ha Tianjin Eco-City, which is worth several billion ringgit, will be developed in three phases from 2011.

Sunway City Bhd (SunCity) has signed a joint-venture agreement with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) to undertake a RM2.5 billion mixed development in Tianjin, China.

However, implementation of the project is subject to a feasibility study.

The massive 3,000ha Tianjin Eco-City, which is worth several billion ringgit, will be developed in three phases from 2011.

SunCity will develop part of the second phase, covering 41ha, with SSTEC.
Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah said that a joint-venture company, led by SunCity, will be set up after the study is completed.

The joint-venture company will build bungalows, villas, semi-detached and terraced houses, high-rise residences and commercial properties, including a shopping mall, on less than 20ha. The rest will be kept green.

"We are very confident of this project as it is driven by the Chinese and Singaporean government. SSTEC has attracted the largest and best eco-developers in Asia. This proves the project will happen," said Cheah.

He was speaking at a press conference yesterday in Bandar Sunway, Selangor, after inking an agreement with SSTEC to carry out the study and market research, and to come up with a sustainable business model for the project within six months.

The developers include China's Shimao Group, Japan's Mitsui Fudosan and Taiwan's Farglory Group, which are involved in the first phase of Tianjin Eco-City.

"The main thing is to get the right product so the development can run. The next six months is very crucial. We will plan the 41ha properly to come up with a sustainable, workable and viable development," Cheah said.

He added that the project will be funded by equity and bridging finance.

Part of the funding will also come from a real estate investment trust (REIT) that SunCity is planning to launch in the next one to two years.

SSTEC is the master developer of Tianjin Eco-City. It is a 50:50 joint venture between the Chinese consortium led by Tianjin TEDA Investment Holding Co Ltd and the Singapore consortium led by the Keppel group.

Tianjin Eco-City is a landmark bilateral project between China and Singapore with private-sector investment and development. When completed, it will have 26,500 households.

SSTEC chief executive officer Goh Chye Boon said it was targeting reputable developers from the project to work with when it embarks on new projects in China.

"We want to make sure Tianjin Eco-City is sustainable so we can replicate the development in other parts of China. We are looking for bigger land now," Goh said, adding that SunCity may be given more jobs in Tianjin Eco-City.

He said SunCity may also be roped in to work on other projects that the Chinese and Singaporean consortiums are eyeing in China, Indonesia, Vietnam and India.

By Business Times (by Sharen Kaur)

Sunway City rises to 9-day high

Sunway City Bhd, a Malaysian property developer, rose to a nine-day high after the company said it plans to collaborate with a Chinese company and a Singapore consortium led by Keppel Group to develop a housing and office project in China.

The stock climbed 1.3 per cent to RM3.23 at 9:11 am local time in Kuala Lumpur, set for the highest level since October 19.

By Bloomberg

Empire Shopping Gallery operational by Q1 2010

SUBANG JAYA: The Empire Shopping Gallery, which is expected to be fully operational by the first quarter next year, has already leased out 70% of its lettable units.

Owned by Couture Homes Sdn Bhd, the five-level lifestyle neighbourhood shopping gallery has a gross built-up area of 600,000 sq ft with 180 stores.

It will offer among others, international and domestic brands, food and beverage outlets, and a gourmet supermarket.

Couture Homes managing director Datuk Sean Ng said Empire Shopping Gallery was designed to be a lifestyle and contemporary centre that Subang Jaya would be proud to call its own.

“We believe we are the only shopping gallery to dedicate an entire floor to children called the Empire Junior Floor,” he said in a statement.

He added that the gallery’s primary focus was edutainment, featuring a centre for the learning arts such as ballet, drama, linguistics, information technology and a host of creative arts in addition to toy stores.

The company yesterday help a topping-off ceremony to symbolise the completion of the the gallery’s construction.

The Empire Shopping Gallery is part of the freehold Empire Subang commercial development that comprises three additional elements – Empire SoHo, Empire Tower and a boutique hotel.

Empire SoHo offers 210 home offices. The Empire Tower is a 12-storey office block while the 13-storey Empire Hotel is destined to be the latest stylish gateway for business and leisure travellers.

Couture is a member of the Mammoth Empire Group of Companies.

By The Star

SP Setia in China JV project

KUALA LUMPUR: SP SETIA BHD's subsidiary is teaming up with China's Hangzhou Ju Shen Construction Engineering Ltd to undertake a mixed real property development project in XiaoShan, Hangzhou.

It said on Wednesday, Oct 28 its subsidiary, Setia (Hangzhou) Development Co. Ltd and Hangzhou Ju Shen would set up a limited liability joint-venture company to undertake the project on 25 acres of land there, of which five acres would initially be developed under the first phase.

"The management of SP Setia is of the view that the JV Contract will further drive the Group on its way towards achieving its overseas expansion ambitions supported by the success and awareness generated through its maiden international, integrated commercial and luxury high-rise development projects," it said.

SP Setia said the JV contract also provided an important opportunity for the group to start off with a small presence in the fast-growing Hangzhou property market and progress from there to the larger China market.

In view of the above, the JV contract augurs well for the company and is expected to contribute positively to the future earnings and cash flow of SP Setia.

By The EDGE Malaysia (Joseph Chin)