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Tuesday, August 3, 2010

Dijaya, IWSB in Danga Bay venture

Property developers Dijaya Corp Bhd and Iskandar Water Front Sdn Bhd (IWSB) will jointly develop two parcels of prime waterfront land at Danga Bay, Johor Baru, into a mixed development project that carries a gross value of RM3.8 billion over the next 12 years.

Goldhill Quest Sdn Bhd - a 60:40 joint-venture between Nagasari Cerdas Sdn Bhd (a wholly-owned subsidiary of Dijaya Corp) and Global Corporate Development Bhd, which is wholly-owned by IWSB - yesterday sealed the deal to purchase the land for the project from Danga Bay Sdn Bhd for RM308 million or RM190 per sq ft.

Johor Menteri Besar Datuk Abdul Ghani Othman witnessed the signing of the sale and purchase agreements for the two parcels of land totalling 14.8ha in Johor Baru.

It is one of the biggest private land deals since the inception of Iskandar Malaysia in 2006, where it is located.

Dijaya was represented at the signing ceremony by its chairman Datuk Rohana Mahmood and managing director Datuk Tong Kien Onn, and IWSB by its chairman Johar Salim Yahya and chief executive officer Datuk Lim Kang Hoo.

Also present was Dijaya group chief executive officer Tan Sri Danny Tan Chee Sing.

Dijaya is planning an integrated development in Danga Bay, featuring prestigious commercial, residential and leisure properties.

The group is known for its flagship Tropicana Golf and Country Resort development in Petaling Jaya.

Abdul Ghani said the initiation of the project is a milestone in the development of Iskandar Malaysia as it represents the first major interest among local investors in the development corridor.

"It's an interesting investment trend as we at Iskandar Malaysia had started with those from the Middle East and Europe and countries such as South Korea.

"Now there seems to be a flurry of investment enquiries among the local companies. We are now looking at a potentially good mix of foreign and local investments in Iskandar Malaysia."

Abdul Ghani attributed the growing interest among local investors towards the development corridor to the level of commitment by the government and agencies tasked with making it a success, as well as the practicality of the area as the best choice of investment in the region.

By Business Times

Dijaya banking on Iskandar’s attraction

Tan Sri Danny Tan Chee Seng (left) and Iskandar Waterfront Sdn Bhd chairman Johar Salim Yahaya at the signing of agreements between their companies yesterday

JOHOR BARU: Dijaya Corp Bhd is banking on the long-term sustainable development of Iskandar Malaysia as the main attraction for its Danga Bay project here.

Group chief executive officer Tan Sri Danny Tan Chee Sing said apart from the project’s location on the prime waterfront land, Johor’s close proximity to Singapore would also be another selling point.

“The time is right for us to come to Iskandar in view of the good progress in the economic growth corridor since its launch,” he said at a press conference at the signing of the sales and purchase agreements for two parcels of land, totalling about 14.97ha in Danga Bay, for RM308mil.

The land is being acquired by Goldhill Quest Sdn Bhd – a 60:40 joint-venture between Nagasari Cerdas Sdn Bhd (a wholly-owned subsidiary of Dijaya Corp) and Global Corporate Development Sdn Bhd, which is 100% owned by Iskandar Waterfront Sdn Bhd.

Tan said Goldhill Quest would develop the project, which has a total gross development value of RM3.8bil, over the next 12 years.

Components of the integrated waterfront development project would include a stand-alone retail mall, four- and five-star hotel towers and serviced apartments blocks, he said.

“The project is likely to be known as Tropicana @ Danga Bay, after our flagship Tropicana Golf & Country Resort in Petaling Jaya,” Tan said.

Meanwhile, Johor Mentri Besar Datuk Abdul Ghani Othman said demand for high-end properties in Iskandar was on the upward trend and Singaporeans would be the major buyers for these properties.

He also said Khazanah Nasional Bhd and Temasek Holdings Ltd’s proposed joint-venture iconic wellness township project in Danga Bay augured well for Iskandar.

By The Star

KYM, Vale agree to extend deadline for property sale

PETALING JAYA: KYM Holdings Bhd has mutually agreed with Harta Makmur Sdn Bhd and Vale Malaysia Manufacturing Sdn Bhd to extend the cut-off date for a sale and purchase agreement (SPA) involving 13 parcels of leasehold properties to Aug 31.

In a filing with Bursa Malaysia yesterday, KYM said the parties had signed a conditional SPA on March 31 pursuant to Vale exercising its option to purchase the properties, totalling 305.94ha, from KYM’s 54%-owned unit Harta Makmur for RM93.76mil cash.

Harta Makmur last year sold 485.6ha of leasehold land in Teluk Rubiah to Vale for RM195.7mil.year.

In a separate statement, KYM said its wholly-owned unit KYM Built Sdn Bhd had on July 29 accepted a contract from Vale Malaysia for the refurbishment of a building for the use as a site office and upgrading of the main entrance at Teluk Rubiah, Perak for RM300,265.

“The contract is expected to commence next week and will be completed within a month.

“None of the directors or major shareholders or persons connected to the directors or major shareholders of KYM has any direct or indirect interest in the award of contract,” it said.

By The Star

HK property prices set to rise another 15pc

HONG KONG: Hong Kong home prices will rise another 15 per cent in the next 12 months as limited supply forces buyers to pay more for property that’s already expensive, CLSA Ltd’s Nicole Wong said.

Prices will increase because the city’s promising job market and growing wealth will help drive demand for real estate while supply doesn’t increase much, Wong, the regional head of property research for CLSA, said at a media briefing yesterday .

“Is Hong Kong real estate too expensive? Definitely,” Wong said.

By Bloomberg