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Friday, February 25, 2011

Project to unlock prime land

The clean-up of the Klang River is beyond a massive beautification job as analysts say the project was likely to unlock land potentially for commercial development in areas surrounding it particularly near the city centre of Kuala Lumpur.

PETALING JAYA: The Water of Life project to clean up the Klang River, initiated by the Government under the Economic Transformation Programme (ETP), will unlock land in strategic locations for commercial development, say analysts.

An analyst with Affin Securities said the project was likely to unlock land potentially for commercial development in areas surrounding the Klang River; particularly near the city centre of Kuala Lumpur.

“We see this (unlocking of prime land) as a real possibility,” he said, adding that it would be difficult to estimate the value because details of the project have not been released.

An analyst with a local research unit concurred that the project was beyond a massive beautification job.

“The Government cannot afford to do projects purely for aesthetics costing billions. It will have to look for ways to make the project commercially viable, while befitting the environment and community,” he said.

He also said many issues would need to be addressed quickly, if the project was to go on as scheduled.

“One of the major problems we foresee in the implementation of the project would be land acquisition besides finding the money to fund the project,” he said.

An OSK Research note dated Feb 10 said the clean-up of the Klang River project was estimated to cost between RM8bil and RM10bil with phase 1 costing between RM1bil and RM2bil.

Ekovest co-founder and executive chairman DatuK Lim Kang Hoo confirmed that the company was the lead contractor of the project and that would start this year.

“We are still at the negotiation level, especially on the scope of work,” Lim said.

He agreed that the Water of Life project could unlock valuable land for commercial development in prime locations .

However, he declined to elaborate further, while MRCB was unavailable to comment at press time.

In a filing with Bursa Malaysia on Wednesday, Ekovest announced it had been appointed by the Government as the project delivery partner.

It said in a statement that Ekovest and Malaysian Resources Corp Bhd (MRCB), under a joint venture (JV), had received a letter of intent from the Government via the Kuala Lumpur mayor.

“This intention is subject to further negotiation between Ekovest Bhd and MRCB JV and the River of Life Joint Development Committee which was set up to govern the project on behalf of the Government in relation to the scope and cost of services of the project,” said Ekovest.

Ekovest and MRCB in a joint statement to Bursa Malaysia said the Water of Life project has been identified as one of the nine entry-point projects identified in the Greater Kuala Lumpur/Klang Valley National Key Economic Area under the ETP.

Ekovest is a building construction and civil engineering works company that have carved a named in construction projects such as the Danga Bay water front and property development in Johor.

MRCB is also engaged in construction related activities, environment engineering and property development.

By The Star

Malaysian Annual Real Estate Convention 2011 (MAREC 2011) is back!

Malaysian Annual Real Estate Convention 2011 (MAREC 2011) is back! Themed “Malaysian Real Estate Profession, Glocal or Global”, MAREC convention is dubbed the annual event and the meeting place for all colleagues in real estate business to catch up on the latest happenings and updates.

MAREC 2011 is designed to welcome not only real estate agents or negotiators but also to equip property buyers, landlords or persons in sales with knowlegable tips where and when to purchase in the escalating cost of a potential property and in the fast changing property deal. As we all have seen or heard landed properties have appreciated between 20 to 30 % depending on the location.

“Our expertise will touch on commercial properties , offices, industrial and others. Therefore, members of the public and property investors will be able to learn new skills or tips from our panel of elite speakers,” explains President of MIEA Julie Wong.

Knowledgeable speakers will be sharing their thoughts and ideas on how to improve sales and listing techniques under time management, methods to achieve maximum productivity, transforming your business through virtual assistance and positive tips for increasing profit in an informative discussion and sessions. These speakers are carefully selected and come from various countries to share their thoughts and insights. They will have speakers from Singapore, Indonesia,Thailand , America and our home born expertise.

Among the speakers is the newly elected National Association of Realtors (NAR) President, Ron Phipps who will share about the Real Estate Global Market Perspective,how do we embrace globalization, new technologies and developing business at international level. NAR of America have over 1.3 million members and MIEA will be having a linkage with their website on the listing and selling of properties .

Event details as follows:

Date : March 5 & 6, 2011
Venue : Sime Darby Convention Centre, Bukit Kiara, Kuala Lumpur
Fee : RM788 (MAREC members) RM888 (non member) RM488 (Negotiators)

To register for the tour, contact MAREC at 603 – 79602577.

By The Star