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Friday, April 9, 2010

Sunway unit in jv with Monty Properties

Sunway Mas Sdn Bhd, a unit of Sunway Holdings Bhd, has formed a joint venture with Monty Properties Sdn Bhd to undertake a property development project called "Puncak Jalil".

Sunway Holdings said the project, to be carried out by the joint-venture firm Geneba Dua Sdn Bhd, is expected to have a gross development value of RM120 million on 16.88 acres of land.

In a statement to Bursa Malaysia today, Sunway Mas said it would hold 65 per cent stake in the joint venture with the remaining 35 per cent under Monty Properties.

It also said that the proposed joint venture would enable the group to increase the size of its land bank for further property development.
"The land is suitable for high-end residential development and is proposed for a property development project comprising terrace and semi-detached houses which will be launched this year," said Sunway Holdings.

"That fits into the group's strategy of focusing on niche residential projects with fast turnaround time," it said.

The land for the proposed development is strategically located in Puncak Jalil, a well-established township, and is easily accessible to the Bukit Jalil highway and Puchong via the Damansara-Puchong Expressway.

By Bernama

MRCB eyes land in Iskandar to develop property projects

JOHOR BARU: Malaysian Resources Corp Bhd (MRCB) is eyeing land in Iskandar Malaysia for its property development projects in Malaysia’s first economic growth corridor.

Executive director Datuk Ahmad Zaki Zahid told StarBiz that the company was looking to develop projects on a joint-venture basis with land owners or other parties.

Datuk Ahmad Zaki Zahid ... ‘We see Iskandar offering good prospect.’

“We see Iskandar offering good prospect in the long run in view of the commitment shown by the Federal Government and other stakeholders,” he said.

The company is now undertaking two projects in Johor Baru – the RM550mil Permai psychiatric hospital in Tampoi (to be ready by year-end) and the RM1bil Eastern Dispersal Link Expressway (EDL).

Earlier, at a press briefing, Zaki said MRCB’s wholly-owned subsidiary, MRCB Lingkaran Selatan Sdn Bhd (MLSSB), was on track to complete the EDL project by end-2011 and it would be opened to motorists by February 2012.

MLSSB was awarded the 30-year concession in June 2007, including the four-year construction period.

The 8.1km dual three-lane carriageway – 4.4km elevated and 3.7 At-Grate – is an electronic, open toll system and motorists have to pay their toll charges using the Touch & Go card only.

The expressway provides direct link between the Sultan Iskandar Customs, Immigration and Quarantine complex in Bukit Chagar and the North-South Expressway via the Pandan interchange.

“The opening of the EDL will shorten travelling time by almost 50% to most destinations in Johor Baru and improve connectivity and accessibility,” said Zaki.

He said this would help reduce daily traffic congestion at Jalan Tebrau/Pandan, Jalan Tun Razak, Jalan Skudai/Jalan Abu Bakar and Jalan Stulang Darat.

He said toll charges were only for traffic going to and fro Singapore; while local motorists could use the EDL for free. He added that Works Ministry would announce the toll rate before the opening date.

Zaki said MLSSB was the first highway concessionaire in the country to finance the land cost at RM254mil including allocating RM10mil for squatters relocation programme.

He said the EDL would also help to open up the eastern corridor of Johor Baru which has been earmarked for major development under Iskandar Malaysia.

By The Star

Rehda: Outlook for Johor property market positive

JOHOR BARU: The outlook for the Johor property market this year is expected to be positive following the economic recovery in Malaysia and Singapore.

Johor Real Estate and Housing Developers Association (Rehda) branch chairman Lee Kim Chai said it was well known that Johor and Singapore had a long history of economic interdependence.

“Johor and Singapore complement each other in economic activities so economic recovery on both sides of the Causeway will bring benefits to both,” he said in an interview with StarBiz.

Lee said the economic recovery meant that consumers’ confidence was returning after a two-year low period following the global recession sparked off by the US subprime crisis and European financial woes.

He said banks were also offering attractive interest rates to house buyers and consumers were spoilt for choice with the numerous home loan packages available in the market.

Lee said Iskandar Malaysia was another main factor that contributed to the positive growth in Johor’s property market as it helped boost demand for houses here.

Iskandar was the first economic corridor launched in the country. Covering 2,217 sq km area in the southernmost part of Johor, it has received RM55.56bil in cumulative investments, of which 60% were foreign direct investments. .

Lee said the stakeholders of Iskandar should be commended for putting in much effort in attracting both local and foreign investors.

“Iskandar is now gaining momentum with many on-going projects by both the public and the private sectors,’’ said Lee.

He said construction of new roads and upgrading of existing roads within Iskandar would improve connectivity and accessibility; benefitting developers.

However, Lee said Johor Rehda wanted the Economic Planning Unit to look into the directive in its Circular dated Jan 1, 2010, that stipulated foreigners were only allowed to buy properties worth RM500,000 each compared with RM250,000 previously. He said the threshold should only apply for properties in the Klang Valley as it could further dampen the property growth in other states such as Johor and Penang.

Lee said the Johor government had already in place for many years a quota system where foreigners could only make up 20% of buyers for double-storey and the semi-detached houses. “Most of the time, the quota is not even filled. With the RM500,000 ruling, we can imagine the situation getting worse,’’ he said.

Lee said developers taking part in the Malaysia Property Expo hoped to rake in sales of RM200mil.

The event at Danga City Mall started yesterday and ends on Sunday.

By The Star

Mulpha plans to list unit in HKSE

Mulpha International Bhd, a Malaysian property developer, said it plans to list its Manta Holdings Co unit on the Hong Kong stock exchange.

As part of the initial share sale, the Manta unit, which trades and leases construction machinery, will sell 50 million new shares or a 25 per cent stake in the company, Mulpha said in a statement today.

By Bloomberg

Sunway City: Buy, target price RM4.33

ECM Libra Investment Reach maintained its "buy" call with a target price of RM4.33 on Sunway City Bhd (SunCity) after the developer said it would be injecting eight investment properties into a property trust.

The research firm estimates the eight properties to have a value of RM2.9 billion. This would make SunCity's Real Estate Investment Trust (REIT) the largest in Malaysia upon listing.

ECM hasn't changed its earnings estimates for the developer, but said it was nevertheless positive on this latest news given that SunCity made another step towards realising its long-awaited REIT listing plan.

The eight properties are Sunway Pyramid Shopping Mall, Sunway Resort Hotel & Spa, Pyramid Tower Hotel, Menara Sunway, Sunway Carnival Mall, Sunway Hotel Seberang Jaya, Suncity Ipoh Hypermarket and Sunway Tower.
The sale consideration will be satisfied via cash or units in the proposed REIT, or both.

By Business Times