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Monday, May 3, 2010

Magna Prima to start project in 2011

Property developer Magna Prima Bhd plans to start development work on its 6.95-acre land in Petaling Jaya by next year. To be known as Jalan Gasing project, Magna Prima has purchased the land for RM48.5 million cash from Petaling Garden Sdn Bhd.

Magna Prima Chief Executive Officer Yoong Nim Chee said the company would develop a neighbourhood type lifestyle centre consisting of commercial and retail outlets.

"The Jalan Gasing development's estimated gross development value is RM300 million," he said in a statement today.

Located at the intersection of the Jalan Gasing/Jalan Templer roundabout, it is one of the last parcels of prime freehold land in Petaling Jaya, and one of seven projects in the Klang Valley that Magna Prima will be launching over the next 18 months.
"We are looking at the possibility of commencing development by next year once the planning, zoning and other permits come through. Completion is slated to occur within four years," Yoong said.

The Jalan Gasing project is part of the RM1 billion worth of projects that Magna Prima will be launching over the next 18 months.

Yoong said Magna Prima had also secured full project financing totalling RM59 million from CIMB and EON Bank for two of its projects in Selayang and one in Bukit Jalil respectively.

By Bernama

Tap opportunities in Vietnam, developers told

Real estate adviser CB Richard Ellis (Vietnam) Co Ltd says Malaysian developers should take the opportunity to make inroads into Vietnam as the economy is improving.

Its managing director Marc Townsend said there was more affordability in the market, coupled with transparency and clearer rules regarding when a developer can sell a property and collect deposits.

But he cautioned developers that the market was still volatile and subjected to speculative swings.

Townsend said developers looking to explore Vietnam should study Ho Chi Minh City and Hanoi as there was a lot of land for development.

"Foreigners are restricted to land development in Vietnam. They should form joint ventures with the locals to enter the market," Townsend said.

He added that the focus for foreign developers in Vietnam currently was to build condominiums with "selling off" as their exit strategy.

Berjaya Land Bhd and Perdana ParkCity Sdn Bhd are looking to develop new projects in Vietnam.

Perdana ParkCity, the subsidiary of the timber-based Samling group, will launch its maiden township project in Hanoi, worth some RM6 billion by June or July this year as it is bullish on the market.

Berjaya Land, which had bought Sheraton Hanoi Hotel and Towers and InterCon Hanoi Hotel previously, will start to develop its US$6.3 billion mixed project in Dong Nai Province in two years.

Other companies that have forayed into Vietnam include SP Setia Bhd, Ireka Corp Bhd, Gamuda Bhd, Sime Darby Group and Sunrise Bhd.

"Among the developers, SP Setia has had some success in Vietnam," Townsend said.

Sunrise and Sime Darby had respectively ventured into hospitality projects in Hanoi and Vung Tau.

"Other developers have sniffed around since 2006 but did not commit as the process to identify sites, structure a joint venture, find funding and clear land for development takes a long time," Townsend said.

Department store operator Parkson Holdings Bhd owns three stores in Ho Chi Minh City, and one each in Hanoi and Hai Phong. It has talked about setting up more stores in Vietnam in the future.

By Business Times

Sepang's Sea Tropics ready for launch this year

The management of Sepang Gold Coast project in Selangor will launch the RM300 million Sea Tropics Resorts & Hotel later this year.

To be ready in end-2012, Sea Tropics will have two blocks with water features.

The management is yet to decide if it will be owned and operated by them, or sold and leased back or a combination of both.

"Sea Tropics will be our third phase and it will be on land hotels and villas. We are looking at 300 to 400 rooms and to be categorised in the four- or five-star category," general manager of Golden Palm Resort & Spa Sdn Bhd Francis Lee said.
The Sepang Gold Coast first phase is the 392-unit Golden Palm Tree Resort & Spa water villas.

The second phase is the Escapade. The Escapade, described as the epicentre for fun and entertainment at the resort, will offer water surfing, canoeing, kayaking, and archery, canopy walk and yoga gym. It will also have a large number of food and beverage outlets.

Lee, in a recent interview with Business Times, said that 80 per cent of the water villas have been sold, with studio units costing RM740,000 and a three-bedroom unit at RM3.1 million. The developer is keeping the remaning 20 per cent of the units.

Golden Palm Tree has provided an eight per cent guarantee on returns in the first two years for the first set of purchasers and a seven per cent guaranteed return over seven years for the second batch of purchasers.

The resort will be operational by the end of June and is forecasting an average occupancy of 30 per cent to 35 per cent in the first six months of operations.

Lee said that it is looking at an introductory price of RM599 per night for the six-month period, which will include five meals and alcoholic drinks.

The hotel expects customers to be mainly Malaysian (40 per cent) and Singaporeans (20 to 25 per cent). The rest are expected to be from North Asia.

Sepang Gold Cost Sdn Bhd, the project developer, is a 30-70 joint-venture between Permodalan Negeri Selangor Bhd (PNSB) and Sepang Bay Sdn Bhd.

Sepang Bay is owned by Bapak Yanki Regan, who is also the founder of CNI International.

By Business Times