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Wednesday, April 28, 2010

Mutiara Goodyear to launch RM1.6b projects

KUALA LUMPUR: Property developer Mutiara Goodyear Development Bhd will launch four residential projects with a total gross development value (GDV) of RM1.6bil this year.

The development will take up about 40ha of its 404ha landbank, executive chairman Hamidon Abdullah told a press conference yesterday.

These will involve, among others, residential units in Taman Melawati with a total GDV of RM1bil, a residential project in Kajang with a GDV of RM300mil, apartments in Sunway and high-end condominiums in Bukit Gambir, Penang.

The company was also in talks to acquire more land, especially within the Klang Valley, Hamidon said.

“We are negotiating to acquire around 80ha of land.” he added.

According to him, prospects in the property sector were looking positive with demand not only from Malaysians but also overseas.

By Bernama

Sunway buys Subang land for RM37.79m

SUNWAY Holdings Bhd's wholly owned subsidiary, SunwayMas Sdn Bhd, today entered into a sale and purchase agreement with Taman Equine Riding Sdn Bhd to purchase 13.35 hectares land in the vicinity of Taman Equine in Subang Jaya, Selangor, for RM37.793 million.

In a statement, Sunway said semi-detached and bungalow villas have been planned for this land and is scheduled for launch in early 2011.

The project will have a Gross Development Value (GDV) of approximately RM250 million.

It said the land is located close to the mature townships of Puchong, Bandar Kinrara, Bandar Sunway and Petaling Jaya, and accessible via several major roads and highways including the Lebuhraya Damansara-Puchong (LDP) and Maju Expressway (MEX).
Yau Kok Seng, Managing Director of Sunway said with the acquisition, Sunway's total land bank now stood at 176 hectares with a GDV of RM2.2 billion. It expects to launch about RM800 million worth of property projects in Malaysia, Singapore and China for the rest of this year.

SunwayMas entered into a joint-venture with Monty Properties Sdn Bhd earlier this month to develop double-storey terraced and semi-detached homes on three parcels of land totalling 6.77 hectares in Puncak Jalil with a GDV of RM120 million.

It also recently acquired 39.2 hectares land with a total GDV of RM500 million near Templer Park.

Preparations are underway for the anticipated launch of both Puncak Jalil and the Templer projects later this year, it added.

Yau said impressive take-up rates for Sunway's on-going projects, including Sunway Rydgeway in Melawati as well as from its two public housing projects in Singapore, has provided it with more than RM500 million in unbilled sales to date.

By Bernama

I&P busy with RM8.8b of projects

Existing mixed development projects in the Klang Valley and Johor, worth some RM8.8 billion, will will keep the property developer busy for eight to nine years

I&P GROUP Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), has some RM8.8 billion of gross development value (GDV) at its existing mixed development projects in the Klang Valley and Johor.

This will keep the property developer busy for eight to nine years, managing director Datuk Jamaludin Osman said.

The I&P group - a combination of once listed firms of Island & Peninsular Sdn Bhd, Pelangi Sdn Bhd dan Petaling Garden Sdn Bhd - currently has a landbank of about 2,200ha in the Klang Valley and Johor.

Jamaludin said the group will focus on developing the remaining phases of its existing township projects in the two areas, instead of buying new land and developing brand new projects.
They include Bandar Kinrara, Alam Impian, Temasya Glenmarie and Alam Sari.

"These projects are still well received after all these years," Jamaludin said in an interview in conjunction with this year's Minggu Saham Amanah Malaysia (MSAM 2010) exhibition in Kuching, organised by PNB from April 20 to Monday.

I&P is one of 13 PNB companies taking part in the week-long show, aimed at increasing the people's awareness on investments in unit trust and exposing them to PNB group of companies.

Other participating firms include Malayan Banking Bhd, UMW Holdings Bhd and NCB Holdings Bhd.

In the case of the 480ha Alam Impian project in Shah Alam, Selangor, Jamaludin said the group has another eight years of development there, which has a GDV of some RM5 billion.

Launched in 2006, the township will provide 10,000 residential units with an expected household of 50,000 people once it is fully completed.

I&P - through Petaling Garden - will soon develop 31ha in Temasya Glenmarie in Shah Alam, comprising 119 units of "superlink" houses and 60 units of terrace houses that will cost at least RM800,000 each.

It will also start developing another 12ha at its existing Bandar Baru Seri Petaling township in Selangor, with commercial units costing about RM2 million each.

The Alam Sari project in Bangi, Selangor, launched in 2007, still has many more years before being fully developed with a total GDV of over RM1 billion, he said.

In Johor, I&P is developing new phases of projects in Taman Pelangi, Taman Perling, Taman Rinting and Taman Pelangi Indah.

I&P, together with its subsidiaries that also include Perumahan Kinrara Bhd, SPPK Sdn Bhd and I&P Alam Impian Sdn Bhd, boasts some 100 years of experience in the local property sector.

The group posted a pre-tax profit of RM263.4 million on revenue of RM1.07 billion last year.

By Business Times

Property market set for substantial rebound

The growth rate of Malaysia's property sector is expected to return to pre-crisis levels this year, on a growing economy and improved commodities market and exports.

"The property market this year will improve substantially against 2009. Last year, most industry players had anticipated that the market would be severely affected by the crisis, but it was 'a year that never was'," said Deputy Finance Minister Datuk Dr Awang Adek Hussin in Kuala Lumpur yesterday.

He was speaking to reporters after delivering a keynote address at the International Real Estate Research Symposium 2010.

According to the "Malaysian Property Market 2009" report released by the Valuation and Property Services Department at the Finance Ministry last week, sales in the first quarter of this year rose 52 per cent to RM25.3 billion compared with a year ago.
The recovery was supported by a positive turn in the economy and new launches during the period.

Earlier, in his speech, Awang Adek said at this recovery stage, it is important to ask what the lessons learnt from the recent crisis were.

He praised the Malaysian banking system which had a strong foundation in the run-up to the crisis, following fixes made during the 1997 Asian financial crisis which helped to mitigate the effects of the current crisis.

"The banking sector was in a stronger position due to consolidation and dealing with direct borrowers while being resilient to assets and derivatives," he said.

On the RM67 billion stimulus package, he said 33 per cent or RM22 billion has so far been spent and the remaining RM45 billion will be spent this year.

By Business Times

Ho Hup bids to declare pact void

PETALING JAYA: Ho Hup Construction Co Bhd’s board of directors has filed a suit in the Kuala Lumpur High Court in respect of the joint-development agreement entered into between its 70%-owned subsidiary, Bukit Jalil Development Sdn Bhd, and property developer Malton Bhd’s Pioneer Haven Sdn Bhd on March 17.

The board said in an announcement to Bursa Malaysia yesterday that the suit sought the High Court to declare that the agreement, power of attorney and endorsement and undertaking by Bukit Jalil Development was void.

It added that Pioneer Haven had “to account for all benefit in any form received or accrued by reason of or otherwise arising from the agreement, power of attorney or the endorsement and undertaking” and to pay or otherwise deliver all benefits within 14 days of the order.

The board also sought to have the caveat lodged by Pioneer Haven on the land expunged or removed.

In addition, It was also seeking damages from the company’s former deputy executive chairman, Datuk Vincent Lye, former group managing director Lim Ching Choy and other former members of the board as well as Pioneer Haven.

The agreement involved the 60 acres of freehold land that Ho Hup’s subsidiary, Bukit Jalil Development, still held.

By The Star