Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Thursday, June 24, 2010

Sunway REIT IPO may be fully covered

The institutional segment of the initial public offering of Malaysia’s largest real estate investment trust, Sunway REIT, has been “fully covered" at above 90 sen per unit, two sources with direct knowledge of the matter said.

But Sunway REIT may have to price its IPO at the lower end of its indicated range because of deteriorating market conditions, the sources told Reuters on Thursday.

“The book is fully covered. It’s oversubscribed by about 1.2 times now. It’s quite an achievement given the current market conditions,” said one of the sources, who asked not to be named because he is not authorised to speak to the media.

The company last week set the indicative price range for the sale of 1.6 billion units of the REIT at between 90 sen and 98 sen per unit.
This means the IPO could raise between RM1.44 billion to RM1.57 billion.

By Reuters

REIT an option for TA, says CEO

KUALA LUMPUR: TA Enterprise Bhd (TAE) is open to the idea of injecting some of its property assets into a real estate investment trust (REIT), according to managing director and chief executive officer Datin Alicia Tiah.

“I wouldn’t say no (about considering a REIT), but it is something we would consider. It’s an option opening to us,” she said after the joint AGM and EGM of both TAE and subsidiary TA Global Bhd yesterday.

She said the company was looking at prospects of expanding its property division overseas, particularly in China.

“At the AGM, our chairman announced that the company is looking at possibilities of expanding into China. However, nothing is concrete so far,” she said.

Tiah said the group was currently developing a mixed-development project in Richmond, Vancouver.

“The area we are developing is the preferred place to stay for Asian immigrants. The project will be developed on a 22-acre site but only 10.5 acres can be developed. The remaining acreage is for landscape purposes.”

Tiah said the project would be spread over the next five to seven years.

Going forward, Tiah said, the group’s property development division was expected to contribute significantly to its earnings as it had several projects in the pipeline.

According to its annual report, the group has mixed commercial developments in Sri Damansara, Bukit Bintang and the KLCC area.

It also has a boutique residential development at Jalan U-Thant in Kuala Lumpur and a condominium development at Dutamas, Mont’Kiara.

Meanwhile, shareholders yesterday approved the sale of TAE’s entire stake in Quayside Gem Ltd (QGL) to TA Global for RM651.8mil, to be satisfied via issuance of consideration shares and assumption of a loan facility.

QGL is the owner of the Swissotel Merchant Court in Singapore.

TAE said in a statement that the proposed acquisition was expected to bring synergistic benefits to it as it would further enhance the group’s hospitality operations in major cities around the world.

By The Star

PNB to study plan for redevelopment of KL's Kampung Baru

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) will conduct a study on the Government’s plan to redevelop Kampung Baru.

President and chief executive officer Tan Sri Hamad Kama Piah Che Othman said the study was to determine whether the redevelopment would yield competitive returns to PNB following the Government’s proposal to appoint PNB to undertake the redevelopment.

Two other Government-linked entities – Pilgrims Fund Board (Tabung Haji) and Pemodalan Hartanah Bhd – were also offered the job.

On Feb 6, Prime Minister Datuk Seri Najib Tun Razak announced the 122.93ha Kampung Baru would be redeveloped under a concept that would not require relocation of the residents and landowners.

He said the residents and landowners would have the right to determine the form of development to suit their requirements.

Najib had said Federal Territories and Urban Well-Being Minister Datuk Raja Nong Chik Raja Zainal Abidin had been asked to prepare a Cabinet paper on the redevelopment.

The Government also proposed to set up a special body to be run by government trustees without private sector participation to ensure Kampung Baru residents were assured of the redevelopment for their interests.

By Bernama in pact with

Malaysian Property website, Malaysia has formed a partnership with to power its property listings channel, according to a statement.

Visitors to can now view properties for sale and rent at''s store on the classifieds website.

All live property listings found on come complete with details, pictures, transport accessibility descriptions and property specifications.

According Richard Tan, Managing Director of, he was pleased to have on board as a partner.
"Forming partnerships with a clear market leader such as Malaysia, helps fuel content, that is not only relevant but of quality to our visitors," he said.

To date, has partnered with local and international giants like MSN Malaysia, Malaysiakini, and to power its property channel, with more additions in the pipeline.

By Bernama