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Wednesday, December 1, 2010

GuocoLand China wins property award

LONDON: Malaysia’s Hong Leong Group property arm, GuocoLand (China) Ltd (GLC), was voted the Best International Mixed-Use Development at the International Property Awards here over the weekend for its US$2 billion flagship project Guoson Centre.

The achievement sets an important milestone for China as it is the first time that one of its mixed-use projects has been honoured for "Best International" in 16 years since the awards’ inception, GLC said.

GLC group managing director Violet Lee said that winning the award showed that “China can actually construct quality projects that can top the world.”

“Winning the world’s best means we have reached a certain point namely world recognition of the efforts that we have put in,” she told reporters from Malaysia and Hong Kong here Sunday.

Lee said that one of the factors why GLC won the award against other nominees, which included those from the Midle East like Bahrain Bay with projects worth more than US$6 billion, was its “community angle.”

By Business Times

RM700m boost for Iskandar Malaysia

The government has agreed to allocate an additional RM700 million for rolling plans for Iskandar Malaysia over the next two years.

Johor Menteri Besar Datuk Abdul Ghani Othman said the amount is an addition to the RM339 million set aside to the southern Johor growth region during the recent tabling of Budget 2011.

"Yesterday, Prime Minister Datuk Najib Razak agreed to add funds for rolling plans with another RM700 million for Iskandar Malaysia programmes," Ghani said in his speech at the launch of the Kota Iskandar Tourism Programme and Sinar Jauhar gallery in Nusajaya yesterday.

He did not elaborate on the rolling plans. Sources said the funds may be for various infrastruture projects and new investments which have not been announced by the government.

Najib is co-chairman of the Iskandar Regional Development Authority.

On a related matter, Ghani said , Nusajaya is set attract more tourists with the new guided tours for the Sultan Ismail Building which houses the state assembly in Kota Iskandar.

"In 2009, the building attracted 8,000 tourists, and between January 2010 and now, the tourist arrivals have risen by 30 per cent.

By Business Times

New builder for major project - High-end property scheme in Batu Ferringhi to be rebranded

GEORGE TOWN: Mah Sing Group Bhd will apply for approval to take over the planning permission for the Tropika Ferringhi project given to the previous land owner.

Mah Sing said in a statement that on 22 November, the group had acquired a piece of freehold land in Batu Ferringhi which had been approved by the authorities for residential development as applied by the vendor from an earlier submission.

“The premium has been paid and a development order procured for landed development (Phase Two) for the project named Tropika Ferringhi.

Subject to authorities’ approval, Mah Sing intends to rebrand the project ‘Ferringhi Residence@Penang’ upon completion of the sales and purchase agreement.

”Mah Sing will be applying to the MPPP for approval to take over the planning permission upon completion of the land purchase,” the statement said.

Mah Sing was responding to an MPPP statement which said that the group had not submitted any application for planning or development approval for the Ferringhi Residence@Penang project.

Mah Sing had said the group would unveil its RM800mil residential project on a 61-acre site in Batu Ferringhi in the first quarter of 2011.

Group managing director and chief exe-cutive Tan Sri Leong Hoy Kum said the pro- ject would be a gated and guarded scheme, comprising property such as semi-detached and bungalow homes as well as condominiums.

By The Star

UEM Land to sell asset for RM6.5m

UEM Land Holdings Bhd is selling 8.09ha in Johor to Medini Iskandar Malaysia Sdn Bhd for RM6.53 million.

Medini plans to build water supply reservoir, suction tank, pump house and retention pond on the land.

The sale will provide a gross profit of RM2.86 million for the year ending December 31 2010, UEM Land said in a filing to Bursa Malaysia yesterday.

By Business Times

Mahajaya to buy land in Selangor

MAHAJAYA Bhd is buying 3.79ha of land in Cheras, Selangor, for RM15.52 million.

The land will be used to extend the development of its Bandar Damai Perdana, the company said in a statement yesterday.

By Business Times