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.

Friday, July 2, 2010

CapitaMalls Malaysia Trust to list on July 16

CapitaMalls Malaysia Trust (CMMT), the largest “pure-play” shopping mall REIT in the country, is expected to list on the Main Market of Bursa Malaysia Securities Bhd on July 16 with a market capitalisation of about RM1.4 billion.

Upon listing, CMMT will invest in a portfolio of income-producing real estate primarily used for retail purposes and located primarily in Malaysia.

Its initial portfolio which comprises of Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur, and The Mines in Selangor has a total net lettable area of approximately 1.88 million square feet.

AmTrustee Bhd, the CMMT Trustee, has conducted a valuation which valued the portfolio at RM2.13 billion.
As CapitaMalls Asia seeks to capitalise on acquisition opportunities present in Malaysia’s fragmented shopping mall market, CMMT will be the designated listed vehicle to hold its stabilised Malaysian retail assets, the company said in a statement.

CMMT will be given a right of first refusal over retail properties located in Malaysia that CapitaMalls Asia or any of its subsidiaries may identify and target for acquisition in the future, including a right of first refusal over Gurney Plaza Extension.

By Business Times

S'pore property prices jump to record high

SINGAPORE: Singapore real estate prices jumped to a record high in the second quarter as the city-state's economic recovery broadened.

Private residential property prices rose 5.2 per cent in the April-to-June period to the highest level since the government began the index in 1975, the Urban Redevelopment Authority said yesterday.

Prices leapt 5.6 per cent in the first quarter and 7.4 per cent in the fourth, bouncing back strongly after diving 25 per cent in the 12 months to mid-2009.

Singapore's low crime rate, good schools and low personal and corporate taxes have helped the island rank near the top of expatriate global quality-of-life surveys and attracted investors to the residential and office property markets. Singapore opened its first two casino-resorts this year, boosting tourist visits.
Singapore has sought to slow price gains by implementing a series of measures this year to discourage short-term speculative investment in property.

The government earlier this year imposed a 1 per cent to 3 per cent tax on residential properties sold within one year of purchase and lowered the loan-to-value limit to 80 per cent from 90 per cent on loans for private housing. Officials have also pledged to release more government land this year for real estate development to help boost housing supply.


KYM to buy Kinta land for RM12mil

PETALING JAYA: KYM Holdings Bhd had proposed to acquire 41.36 acres of leasehold land in Kinta, Perak, from Idaman Bina Makmur Sdn Bhd for RM12mil.

It told Bursa Malaysia yesterday the acquisition would be satisfied by RM100,000 cash and the balance via the issuance of 8.7 million 50 sen new ordinary shares in KYM at RM1.36 each.

The company had proposed an exemption under Practice Note of 2.9.1 of the Malaysian Code On Take-Over and Mergers, 1998 by Datuk Lim Kheng Yew and parties acting in concert with him from an obligation to do a mandatory takeover offer for the remaining KYM shares not already owned by them upon the issuance of the new shares.

In a separate announcement, KYM said it had mutually agreed to extend the cut-off date for a sale and purchase agreement (SPA) involving 13 parcels of leasehold properties with Harta Makmur Sdn Bhd and Vale Malaysia Manufacturing Sdn Bhd to July 31.

It said the properties involved had unexpired lease period of 80 years and measured about 756 acres.

It added that on March 31, KYM, Harta Makmur (a 54%-owned subsidiary of KYM) and Vale had signed a conditional SPA pursuant to the exercise of their option to purchase the properties for RM93.76mil cash.

Reports before this said KYM might venture into the processing of iron ore, banking on its relationship with one of the world’s largest diversified metals and mining companies, Brazil’s Vale SA.

KYM recently sold 488ha of land in Manjung, Perak, to Vale for RM196mil cash. The company now derives almost all its revenue from carton and paper bag-manufacturing business.

By The Star

BKP to expand land-bank in Klang Valley

BEIJING: Bukit Kiara Properties Sdn Bhd (BKP), a developer of luxury residential properties (mostly high-rise) in the Mont’Kiara neighbourhood of Kuala Lumpur, is looking to expand its land-bank in the Klang Valley.

BKP group managing director NK Tong said at a media briefing on Wednesday that the company was looking to expand land-bank in central Kuala Lumpur as well as central Klang Valley.

“We’re looking actively to acquire land, smaller plots in KL for high-rise projects and bigger parcels in the suburbs for landed and gated developments,” he said.

Tong added that the size of the land parcel in the suburbs would have to be about 20ha to 40ha and preferably freehold.

He said the possibilities for land acquisition existed in locations between KL and Putrajaya. “There’s still room to grow there.”

Currently, the company is developing the second and third phases of Verve Suites on a 2.35ha freehold land in Mont’Kiara. The first phase has been completed and sold.

The second phase, known as Vibe Tower, is fully sold while the third phase, known as Vogue tower, is nearly sold out.

The fourth and final phase, the 34-storey RM216mil Vox Tower, which was previewed in early June, has seen more than three-fourths of the 250 units sold at average prices of RM1,200 to RM1,300 per sq ft.

Tong said the company was keeping options open on the whereabout of the larger parcels to be acquired.

“We haven’t found anything just yet, but I think if we find the right place, we’ll be ready,” he said.

On Tuesday, BKP, represented by Tong and members of the management team, signed a memorandum of agreement with BSH Home Appliances Sdn Bhd, the maker of Bosch home appliances at the Shanghai World Expo.

The agreement would see BSH furnish the second through fourth phases of Verve Suites with Bosch washer cum dryer. BSH in an earlier agreement signed in 2007 with BKP is furnishing the first three phases of Verve Suites with Bosch kitchenware.

The fourth phase comes with suites sized from 462 sq ft, 926 sq ft and 1,395 sq ft, and with one to three bedrooms.

This phase would feature a sky lounge, known as theVersilica Sky Beach where residents could sunbathe or swim with a view of the KL skyline. Besides Verve Suites, BKP has two other projects in the pipeline – The Ambangan located along Persiaran Madge, consisting of 19 units in a five-storey block and Verve Suites KL, a 20-storey, 170 luxury serviced apartment units.

By The Star