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Tuesday, December 15, 2009

SKN Land to develop two projects in KL

KUALA LUMPUR: High-end property developer SKN Land and Development Sdn Bhd plans to develop a mixed development project in Desa Pandan and a 27-storey residential project in Jalan Yap Kwang Seng.

The Desa Pandan project will involve a gross development value (GDV) of more than RM300 million while the GDV for the Jalan Yap Kwang Seng project is about RM100 million, chairman Mohd Rosly Hussein said Tuesday.

"We have already submitted our plans to the Kuala Lumpur City Hall and are waiting for approvals," he told reporters after an agreement signing ceremony between Crest Worldwide Resources Sdn Bhd and Asian Finance Bank (AFB) here.

Crest Worldwide Resources is a member company of SKN Land.

On the agreement, Mohd Rosly said AFB has now become the global marketing representative for Crest Worldwide in promoting the Crest Jalan Sultan Ismail property.

Crest Jalan Sultan Ismail is a mixed development comprising a 44-storey luxury residence tower and a 26-storey Grade A office tower with a GDV of RM500 million.

"About 70 per cent of the Crest Jalan Sultan Ismail luxury residence tower had already been sold to elite profile buyers," he said.

AFB chief executive officer Datuk Mohamed Azahari Kamil said the bank would promote the Crest Jalan Sultan Ismail property through the bank's global network of branches and corporate offices.

The bank, he said, planned to organise roadshows starting next month to promote the property in Qatar, South Korea, Indonesia, Singapore, Australia and the Philippines.

By Bernama

IJM Land's S2 heights, an extension to Seremban 2 township

SEREMBAN: Situated on elevated land beside the developed Seremban 2 township is S2 Heights, IJM Land's latest property development in Negeri Sembilan's state capital.

S2 Heights covers 600-hectares (1,500 acres) of freehold land.

IJM Land Group Sales and Marketing Manager, Susan Teh said it is being planned as an extension to the Seremban 2 township.

"S2 Heights aims to be the new showcase for a collection of modern homes within a low density neighbourhood. The first phase development of link homes launched less than two years ago, are fully sold," she told Bernama here on Tuesday.

She said purchasers of these homes have received their keys and are are satisfied with the elevated location, breezy air, good view and wide open spaces.

Now, she highlighted, S2 Heights is offering three new residential homes.

These are the much awaited 22' x 70' single storey Lyrica link houses, the 24' x 75' double storey link homes (Symphony 2) and the Sonata double storey semi-detached accommodation.

"These homes are being built in the same tradition that has made Seremban 2 a distinctive neighbourhood, a well planned community of quality homes, extensive facilities and on time delivery.

"Showhouses for these three homes are ready and interested customers are urged to book by December 31 to avoid disappointment, as a very limited units are available at an attractive interest rate," she added.

Susan said the entire S2 Heights development has been conceived to have generous road frontage to reduce traffic congestion within the development.

"One of the many facilities available to S2 Heights residents is a 19-hectare Hill Town Park and a Chinese school. The park will serve not only the residents of the development but the total population of Seremban as well.

"After a leisurely stroll up the park, one can take full advantage of the spectacular view and surrounding greenery, all of which are rare and forgotten experiences in today's hectic lifestyle.

"Being conveniently situated beside Seremban 2, S2 Heights also takes advantage of the existing amenities and facilities provided by the established township, including schools, shopping convenience, F&B outlets, banks, government offices, a sports complex and recreational city park," Susan explained.

By Bernama

B-Land records RM112.9m pretax for Q2

BERJAYA Land Bhd has recorded a higher pre-tax profit of RM112.9 million for the second quarter ended October 2009, compared to RM49 million last year, mainly due to lower impairment loss on quoted investments and investments in associated companies as well as higher profit contribution from the property development division.

Group revenue for the current quarter was about 7 per cent lower at RM983.1 million compared to RM1.1 billion recorded last year mainly due to lower revenue from the Number Forecast Operator (NFO) business operated by Berjaya Sports Toto Bhd (BToto) which reported stronger sales in the previous year arising from several high Jackpots in the Mega 6/52 game.

The hotels and resorts division also reported lower revenue affected by the outbreak of Influenza A(H1N1) and the global economic conditions.

For the 6-month period ended 31 October 2009, the Group reported a drop in revenue of about 4 per cent to RM1.9 billion and pre-tax profit increased by about 75 per cent to RM232.8 million compared to the corresponding period last year.
The lower revenue was mainly due to lower revenue contributions from the NFO and hotels and resorts businesses in the Group.

Pre-tax profit was much higher due to substantial write-back of impairments in value of investments in associated companies and quoted investments and gain on capital distribution by an associated company.

In the previous year, the Group incurred substantial impairments in value of investments in associated companies and quoted investments due to the then poor stock market performance.

"Given the uncertain global economic conditions, the Directors envisaged that the property market will be soft and the operating performance of the hotels and resorts and business may also continue to be affected by the outbreak of Influenza A(H1N1). However, the NFO business under BToto is expected to remain resilient," the company said in a statement.

With this backdrop and barring unforeseen circumstances, the the Group’s operating performance for the remaining quarters of the financial year ending 30 April 2010 are expected to remain satisfactory, it added.

By Business Times

CEO: PNB may list property assets

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) is seeking ways to “maximise” returns on its newly-merged property unit, including a possible initial share sale.

“We will have to look at what’s the best for us,” chief executive officer Tan Sri Hamad Kama Piah Che Othman said yesterday. “It’s a matter of opportunity,” he said.

“It depends on the market conditions and the value that we create.”

Companies have been taking advantage of a resurgent stock market to list, with Maxis Bhd raising a record US$3.3bil last month.

JCY International Bhd, a hard disk drive components maker, also plans to sell shares, according to a draft prospectus filed with the Securities Commission on Dec 9.

PNB, which manages more than RM100bil of assets, has completed the merger of its three property companies – Island & Peninsular Bhd (I&P), Pelangi Bhd and Petaling Garden Bhd – after taking them private, Hamad Kama Piah said.

The asset manager bought I&P for RM670.5mil and Petaling Garden for RM477mil in 2007. It took over Pelangi two years earlier.

On the Government’s push to trim stakes in state-linked companies to bolster liquidity, Hamad Kama Piah said: “You can sell, but returns must be good for the unit holders.”

PNB “hopes” for the Malaysian stock market to do better next year as the Government pushed through efforts to revive the economy, he said.

The asset manager was studying ways to develop land surrounding two stadiums in the nation’s capital, he said without elaborating.

By Bloomberg

PNB studying skyscraper project

Permodalan Nasional Bhd (PNB) has said that it will study the viability of building a 100-storey skyscraper in the vicinity of Stadium Merdeka.

"We are still studying the matter," chief executive officer Tan Sri Hamad Kama Piah Che Othman said when asked about the project.

The New Straits Times had reported that three sites in Kuala Lumpur city had been identified for the development of iconic structures to spur growth in the economy.

One of them is the area surrounding Stadium Merdeka owned by PNB's subsidiary company.
"We need to bring this to the board to discuss further," Hamad Kama Piah said after the announcement of Amanah Saham Bumiputera's income distribution in Kuala Lumpur yesterday.

He did not indicate when the board meeting would take place, but said there would be an announcement as soon as a decision was made.

"We are not sure when the announcement will be made, but it will be soon," Hamad Kama Piah said, adding that the site concerned was owned by one of its subsidiary companies.

He declined to name the company or share details of the proposed development.

By Business Times (by June Ramlee)

Singapore Islamic REIT plans

SINGAPORE: ARA Asset Management and Qatar's Regency Group plan to launch the first real estate investment trust (REIT) here that will comply with Islamic principles as investor interest returns to REITs.

The proposed Islamic, or syariah-compliant, REIT will comprise hotels and serviced apartments in Qatar with an initial portfolio of around 164,000 sq m of gross floor area, said ARA, which is part-owned by Hong Kong property giant Cheung Kong.

ARA hopes to list the proposed REIT in the second half of next year. It declined to give an estimated value for the properties, which belong to Regency, a large Qatari developer which also owns car rental and travel agencies.

Singapore's REIT sector is the third largest in Asia, after Japan and Australia.
Unlike their regional counterparts which stay closer to home, the city-state's REITs invest across Asia and currently own around US$34 billion (US$1 = RM3.41) worth of properties ranging from industrial parks in India to malls in China.

Interest in Singapore REITs has picked up in the past month, with several trusts raising new equity or announcing acquisitions as confidence in Asian commercial property markets returns.

Suntec Real Estate Investment Trust, a REIT managed by ARA,last week raised S$152.9 million (S$1 = RM2.45) by selling new units through a private placement that was more than five times oversubscribed.

DBS Group is the financial adviser for the proposed ARA REIT.

By Reuters