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Friday, July 9, 2010

Suntrack sells 85pc of project before launch

SUNTRACK Development Sdn Bhd has sold 85 per cent of its RM115 million high-end project dubbed "SummerGlades" in Cyberjaya, Selangor, even before its launch.

The low-density development comprises 137 units of 2-storey terraced villas with a built-up of 3,000 sq ft. Each house is worth RM760,000 to RM1.2 million.

Project director James K.K.Tan said SummerGlades sold well because of the size of the houses, the layout and open space.

He said majority of the buyers are locals who work in Cyberjaya. Less than 5 per cent are investors from Indonesia.

"Cyberjaya is more vibrant now compared with five years ago. There is a lot more development here and this has improved demand for new housing.

"A house like that in SummerGlades will cost more if it is located in Kuala Lumpur. People are buying to live in Cyberjaya.

The project is located in the prestigious Perdana Lakeview West, just across the majestic 395ha Putrajaya Lake.

The layout has been conceptualised to be resort chalets cum holiday homes. There are several blocks of houses on curved streets, each with 3 or 4 units.

Each house has five bedrooms and five bathrooms. The living, dining and the bedrooms all have views of the garden and street landscape. Some houses are fronting a 2.4ha wetland park.

Tan said 40 per cent of the 9.2ha freehold project will be covered in green on flat ground, making it one of Malaysia's greenest developments around.

The guarded community is protected by 24-hour surveillance, guards and perimeter fencing.

Tan said SummerGlades will set a new standard for the property market.

The houses are designed to be green. Clay bricks are used for cooling effect. There is natural ventilation and lighting in every home.

"Our window frames are bigger performance window frames so they are more air tight. We are almost like a fashion designer so there will be very minimal post renovation work," Tan said during a media preview in Cyberjaya yesterday.

Tan said the project, which will be completed by first quarter 2012, will be submitted for the Fiabci, as well as CNBC, Bloomberg Asia and the Institute of Landscape Architects Malaysia awards.

By Business Times

SummerGlades in Cyberjaya offers affordable resort living

Property developer, Suntrack Development Sdn Bhd, has just introduced its latest residential project, SummerGlades. Located at the exclusive Perdana Lakeview West in Cyberjaya, SummerGlades’ double storey terrace villas are designed to give the feel of a resort chalet.

Suntrack Development Sdn Bhd project director James Tan presenting at the SummerGlades launch

Despite being an idyllic everyday getaway with an expansive view of the Putrajaya Lake, Summerglades is still within close proximity to Cyberjaya’s Street Mall, Equine Park Jusco and Alamanda Shopping Centre in Putrajaya. This spacious haven is a mere 25 minutes from Kuala Lumpur City Centre (KLCC) via the Maju Expressway. SummerGlades is further accessible through six other major highways.

The 23-acre development is a free-form street layout with curved streets, non-conventional grid lines, a six-acre wetland, and 10 manicured gardens. Every resident will be able enjoy the view of the gardens that surround SummerGlades from their very own living room, dining and master bedroom.

“SummerGlades is located in a prime area in Cyberjaya, which is a well-planned township with good infrastructure, and a thriving commercial centre. We saw great potential in the SummerGlades site and seized the opportunity to provide a unique residential development to cater to more discerning tastes,” explained Suntrack Development Sdn Bhd project director James Tan.

SummerGlades’ standard intermediate units are 24’ x 80’, while the standard corner lots are 34’ x 80’. Offering a variety of facades, built-up areas range from 2,945sq ft to 3,050sq ft, and units are priced from RM759, 800 to RM1.2million.

“With only six units per acre, SummerGlades is a very low density development in a class of its own. The units are also well-designed from a technical perspective. Even minor details have been taken into account to ensure aesthetic value of the units and minimum post-purchase renovations,” Tan elaborated.

Every unit in SummerGlades is equipped with glass shower screens, air conditioning points with refrigerant piping and hot water piping. To ensure residents’ safety, each unit will have an automatic gate and security alarm system. SummerGlades also boasts a garden resort theme that features scenic walking, jogging and cycling trails, playgrounds, community lawns and orchards.

Explaining SummerGlades’ concept, Tan said, “This is not just any property. SummerGlades prides itself on being different by ‘borrowing space’ from the surrounding gardens. The substantial green area makes SummerGlades the new standard in the property market. From the jetty at the wetlands, to the fruit bearing trees in the community orchard, our concept is one of a kind. SummerGlades will give residents a special lifestyle, allowing them to raise their children in a natural environment.”

With 65% already sold, the project will begin construction next month and is estimated to be completed in March 2012. SummerGlades has an estimated gross development value of RM115 million.

For more information, call Suntrack Development Sdn Bhd at 03-8318 3188/89 or visit

By The Star

Mah Sing buys land with GDV of RM1.1b

Mah Sing Group Bhd has acquired three pieces of land in the Klang Valley which have a combined gross development value (GDV) of about RM1.1 billion.

In a statement today, Mah Sing said the land would reinforce its strength as one of the few developers in the country to offer a complete range of properties, namely residential, commercial and industrial developments.

"These land are earmarked for projects in Mah Sing’s Residence (medium to high-end residential), commercial and i-Parc (industrial) series of property developments.

"One piece of land will be developed under the Residence series is the landed medium to high-end, gated and guarded project -- Kinrara Residence -- which will involve 50 hectares," it said.

It said due to the scarcity of land in Kinrara, its increasing popularity and burgeoning population, there was a pent-up demand for gated and guarded landed properties with good concepts and themes which provided good value.

"A portion of the land has been reserved and surrendered for building a secondary and primary school in Kinrara Residence, which will add to the overall appeal of the project.

"The development of the residential project will commence by year-end," it said.

Another project, Star Avenue, would focus on commercial development involving three-storey shops, retail lots and offices incorporating a neighbourhood lifestyle mall, it said.

Mah Sing said i-Parc 3@Bukit Jelutong would see the development of low-density semi-detached factories on 4.38ha.

It said for the first six months of this year, it has acquired new projects with a combined GDV of RM1.9 billion.

"With the healthy balance sheet, low net gearing of 0.05 time as at end-March 2010, the company will still be able to acquire more prime land," it said.

It said currently, it has projects with remaining GDV and unbilled sales of about RM7.5 billion.

By Bernama

VPC sets eyes on UK and Mideast markets

KUALA LUMPUR: VPC Asia Pacific Ltd, a regional grouping of international property consultants, is looking to expand its property valuation practices to Britain and the Middle East via its partnership with Britain-based Cluttons LLP, a leading chartered surveying firm, according to regional chairman James Wong.

James Wong (extreme left) shakes hands and exchanges documents with Bill Siegle at the signing ceremony. Looking on are Tan Sri Bernard Dompok (second from left) and Trevor Mills.

“Many Malaysian property developers, leisure and hospitality operators and manufacturers were exploring opportunities beyond borders, especially within the Middle East and Europe – regions that Cluttons has a presence in,” he said at a signing ceremony between both parties yesterday.

Witnessing the event were Plantation Industries and Commodities Minister Tan Sri Bernard Dompok and British High Commission and trade and investment director Trevor Mills.

“Our collaboration with Cluttons will facilitate exchange of knowledge and specialised skills and help us to introduce the Asia-Pacific as a property destination to British and Middle East investors,” Wong added.

Wong, who is also the managing director of VPC Alliance (M) Sdn Bhd, said the tie-up would see both parties leveraging on each other’s network of offices and experience in the respective regions.

VPC Asia Pacific currently has 40 offices throughout the Asia-Pacific.

“The Asian property market, with the exception of Japan and Hong Kong, is less mature and needs to catch up with the European markets.

“Hence, there are a lot of prospects for property investments and developments in the Asia-Pacific region to offer to Cluttons clients to invest in the region,” said Wong.

Cluttons senior partner Bill Siegle said a key strategy for Cluttons was to get more than 50% of its business from international sources.

“Asia, particularly China and India, is the growth engine of the world and is expected to have the highest economic growth rates,” he said, adding that in May, the Dow Jones classified some Asian countries, such as China, Indonesia, India, Malaysia and Thailand, as emerging markets.

By The Star

Bandar Raya takes over as UEM partner

Bandar Raya Developments Bhd, a Malaysian developer, said it will replace Dubai World’s Limitless Holdings Pte Ltd as UEM Land Bhd’s partner for a residential project in the country’s southern Johor state.

It will buy Limitless’s 60 per cent stake in Haute Property Sdn for a nominal sum and reimburse the Middle East company RM76 million, according to an exchange filing late yesterday. Haute Property is a special-purpose vehicle set up to undertake the development in Puteri Harbour, Nusajaya.

By Bloomberg

Bandar Raya takes over

BANDAR Raya Developments Bhd (BRDB) will replace Dubai’s Limitless Holdings Pte Ltd as UEM Land Bhd’s majority partner in the “Residential North” of the Puteri Harbour Development in Nusajaya, Johor.

BRDB will buy Limitless’ 60 per cent stake in Haute Property Sdn Bhd for RM76 million in assumed debt.

Limitless is owned by Limitless LLV, a global master developer based in Dubai.

Haute has the rights to undertake the development of 44.96 ha of land in Nusajaya.

By Business Times

Sunway REIT attracts huge foreign funds

KUALA LUMPUR: Sunway Real Estate Investment Trust (REIT), the largest property trust in Asia excluding Japan since 2007, has attracted a significant amount of funds from foreign institutional investors.

Tan Sri Jeffrey Cheah (right) looking at Sunway REIT’s share price after the listing ceremony. With him is Datuk Jeffrey Ng.

Sunway REIT’s initial public offering (IPO) on Bursa Malaysia Main Market yesterday raised RM1.49bil.

Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng said the property trust was 45% subscribed by foreign institutional investors.

“This (foreign stake) clearly reflects their confidence in the performance of the trust,” he said after the listing ceremony.

Sunway REIT posted a one sen discount over its offer price of 90 sen upon listing. The price opened at 89 sen and hit a high of 89.5 sen in early morning trade before closing at 88.5 sen with 72 million units changing hands.

Ng said the property trust was well subscribed by investors despite market volatility and current global economic conditions.

Upon listing, Sunway REIT had assets worth RM3.5bil and a free float of RM1.6bil.

On Sunway REIT’s yield, Ng said it was about 7.5, which was within the mean range of most REITs, and had the potential to improve over time.

Sunway Group chairman and founder Tan Sri Jeffrey Cheah said with the listing, he hoped to see more companies with deeper awareness and investments in the local REIT market.

“Hopefully, we can continue to gain positive momentum and support from investors and regulators,” he said.

Cheah said with Sunway REIT, investors could now look forward to owning properties in high-growth locations.

“We aim to provide unitholders with exposure to a diversified portfolio of authorised investments which can provide stable cash distribution and a potential for sustainable growth in terms of net asset value per unit.”

He added that Sunway REIT aimed to double its asset size in five to seven years.

The eight properties injected into the REIT are Sunway Pyramid Shopping Mall, Sunway Carnival Shopping Mall, SunCity Ipoh Hypermarket, Sunway Resort Hotel and Spa, Pyramid Tower Hotel, Sunway Hotel Seberang Jaya, Menara Sunway and Sunway Tower.

An OSK Research report said with its exposure to the retail, hospitality and office sub-sectors, Sunway REIT was a defensive trust that could offer unitholders long-term growth.

An analyst with another brokerage said Sunway REIT had a huge asset base and the trust could easily be leveraged up.

He said the trust had the capacity to get support from financial institutions to expand quickly by buying “ready” properties without reaching its internal gearing or statutory limit.

By The Star

Sunway REIT unfazed by weak debut

SHARES of Sunway real estate investment trust (REIT), Malaysia's biggest property trust, opened lower on their listing debut yesterday, but management remained unfazed by the stock market's recent weakness.

The stock opened at a 1 sen discount to its offer price of 90 sen and closed at the same price of 89 sen, although the market ended broadly higher.

Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng said he was confident the REIT would perform well despite its disappointing start.

"Nearly half of our investors are foreign investors and we are heartened to see big corporations, both overseas and domestic, investing in us despite the volatile markets of the last two months," he told reporters at a press conference after its listing in Kuala Lumpur yesterday.
The REIT also has cornerstone investors like Singapore's investment firm GIC, Great Eastern Life Assurance Malaysia Bhd, Employees Provident Fund and Permodalan Nasional Bhd.

Cornerstone investors usually join large initial public offerings IPOs and unlike institutional investors, they have a confirmed allocation.

Sunway REIT is Malaysia's largest REIT in corporate history and it is also the largest REIT IPO in Asia, excluding Japan, since 2007.

"We have started the ball rolling for other REITs and I believe they will also gain their momentum. Other new players who come in will have to match the qualities of the fundamentals and when they go out marketing," Ng said.

Sunway REIT is made up of eight Sunway City Bhd's properties in the retail and hospitality sector in Penang, Perak, Selangor and Kuala Lumpur, including the popular Sunway Pyramid shopping mall.

By Business Times

CapitaMalls offer draws strong interest

CAPITAMALLS Malaysia Trust (CMMT) received strong interest for its initial public offering (IPO) of 786.522 million units and has its institutional investors' price fixed at RM1 a unit and that for retail investors at 98 sen a unit.

CapitaMalls Malaysia REIT Management Sdn Bhd, which manages the real estate investment trust (REIT), said at RM1 unit price, institutional investors are expected to get 7.2 per cent distribution yield for 2010 and 7.5 per cent for 2011.

The institutional book for the CMMT was opened for subscription on June 25 before closing on Wednesday, while the retail offering was opened for application from June 28 to July 5, it said in a statement.

CMMT will be listed on the Main Market of Bursa Malaysia on July 16.

Chief executive officer Lim Beng Chee said the CMMT was priced at one of the tightest yields for a Malaysian REIT IPO despite the challenging market conditions.

The pricing is above Capita-Malls Asia's book value while at a discount to CapitaMalls Malaysia Trust's valuation. This creates value for CapitaMalls Asia shareholders and provides a reasonable IPO discount for new unitholders, hence creating a win-win outcome for all," he said.

Upon listing, the CMMT will be the largest 'pure-play' shopping mall REIT in Malaysia, with a market capitalisation in excess of RM1.3 billion and free float of 58 per cent, it said.

Meanwhile, the statement said CMMT has a total of 1.350 billion units in issue and under its IPO, a total of 786.522 million units were offered to institutional investors in Malaysia and overseas, and to retail investors in Malaysia only.

The retail offering in Malaysia was 67.50 million units.

The statement said the Employees Provident Fund and Great Eastern Life Assurance (Malaysia) Bhd have signed up as cornerstone investors for the share offer to subscribe for 90 million units in aggregate.

By Bernama