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Wednesday, September 15, 2010

Buyers returning to property mart: IJM

Property developer, IJM Land Bhd (IJM Land), believes the recent launch of 116 units of double-storey terrace houses called "Serena" will be a hit among housebuyers who want modern-concept houses at attractive prices, says sales and marketing manager Susan Teh.

Moreover, she said, this was the right time to buy houses as the financing cost was at the lowest. "Of late, we can see a renewed buyers' interest to buy houses. They have started to return to the property market," she said.

The Serena is among new housing projects being developed by IJM Land at S2 Heights in Seremban 2. The houses, measuring 2,269 square feet a unit, are being built on a 607-hectare site.

Susan said 30 per cent of the houses have been booked since the project launch. The houses, costing RM326,800 a unit, are slated for completion at end-2011.

By Bernama

Ivory Properties plans condo, shopping complex of RM368m GDV in Penang

KUALA LUMPUR: Ivory Properties Group Bhd plans to build residential condominiums and commercial complex with a with an estimated gross development value (GDV) of RM368 million on a proposed site in Tanjong Tokong, Penang island

Ivory said on Wednesday, Sept 15 this project followed its proposal to acquire an additional 847,059 shares representing 94.12% of Tanjong Tokong Garden Development Sdn Bhd (TTGD) for RM37.64 million.

Ivory said it currently owns 52,941 shares or about 5.88% in TTGD. The 94.12% stake would be acquired from the shareholders of TTGD.

TTG, it said, was the registered and beneficial owner of all several pieces of land in Bandar Tanjong Tokong. The land was about 600 ft from the main road and opposite Island Plaza shopping complex.

“The land offers a high potential development in light of its strategic location with roads and other infrastructure in place,” it said.

Ivory said it intended to develop the land under a proposed project named “City Mall” consisting of approximately 175 units residential condominiums and commercial shopping complex with an estimated GDV of RM368 million and estimated gross development cost of RM173 million.

“The expected profit before tax to be derived from the development is RM154 million,” it said.

Ivory added that it had submitted plans to the relevant authority to develop the land and application for planning permission has been approved by the relevant authority.

The proposed development is expected to start in 2011 and complete in 2014.

By The EDGE Malaysia

Bina Puri order book swells to RM2.57b with RM95.9m Kuching project

KUALA LUMPUR: BINA PURI HOLDINGS BHD’s order book swelled to RM2.57 billion to date after it secured a contract to build the proposed 13-storey Plaza Merdeka commercial complex/hotel along Pearl Street, Kuching for RM95.69 million.

It said on Wednesday, Sept 15 that its unit Bina Puri Construction Sdn Bhd had accepted a letter of award from Rakyat Elite Sdn Bhd for the project.

Bina Puri said the project was expected to be completed within 19 months.

“With the award, the group’s current book order stands at RM2.57 billion as at to date. The group had managed to secure new projects worth RM1.62 billion in 2010,” it said.

Bina Puri said the contract was expected to contribute positively to its earnings for the financial year ending Dec 31, 2010.

By The EDGE Malaysia