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Thursday, June 9, 2011

Tasweek to woo Middle East buyers for The Haven in Ipoh

IPOH: Come September, The Haven Lakeside Residences in Tambun will be showcased internationally by Tasweek Real Estate Development and Marketing at the world’s largest property expo Global Cityscape in Dubai.

Tasweek Real Estate’s impressive portfolio includes marketing of the Burj Khalifa, the world’s tallest building in the world, and has set a record for pricing and sales of over 30,000 units including selling 1,300 units in one day during a property product launch.

Tasweek’s chief executive officer, Masood Al Awar is all excited to introduce this unique value-for-money eco-development to its wealthy clientele in the Middle East.

“We actively seek out first-mover advantage. The Haven in Ipoh is the right product in the right place at the right time. Our objective is to create wealth for our clientele.

“Seeing is believing and that’s the reason why I have insisted my chairman come for this visit,” he said.

Masood accompanied Tasweek’s Chairman, Mohamed Khalifa Ahmed M. Alfahed Almenhairi on a two-day visit to The Haven’s project site last week.

They were briefed by Superboom managing director Peter Chan on his company’s third project.

Chan said property prices at The Haven, a luxury eco-resort, were “a steal” as compared with properties in other states in Malaysia and this was part of the reasons why the project was selling well and attracting keen interest locally and internationally.

“This is the first time a project in Ipoh is on investors’ radar both locally and internationally,” he said, adding that Tasweek’s collaboration with Superboom is a strong endorsement of The Haven.

Chan said his company has started marketing the 165 units in Tower 3 where earthwork has just been completed.

He said construction work on Tower 1 is already up to the 10th floor while piling has started in Tower 2.

The alliance deal came in the wake of the appointment of Best Western International Inc, one of the world's largest hotel chains, to manage, market and lease The Haven’s condominium units internationally.Set for completion in 2013, The Haven Lakeside Residences will see its three 26-storey towers with 165 units each becoming the tallest buildings in Perak.

Reputable contractors such as China's Beijing Construction & Engineering and Bina Puri Holdings Bhd have been awarded a RM109 million contract to construct the buildings.

Superboom Projects Sdn Bhd has completed two other projects; the 576-unit Permai Lakeview Apartments in Ipoh and Subang Galaxy in Shah Alam, Selangor.

By Business Times

Dijaya to develop RM2.5b properties in Subang

KUALA LUMPUR: Dijaya Corp Bhd plans to develop properties worth RM2.5 billion after buying a 14.5ha freehold land in Subang, Selangor.

The property developer's subsidiary, Tropicana Subang Development Sdn Bhd, bought four parcels of freehold land from Chunghwa Picture Tubes (Malaysia) Sdn Bhd for RM385.5 million in an agreement signed yesterday.

Dijaya plans to transform the land located at Pekan Country Heights Selangor, on the outskirts of Subang, into a mixed residential and commercial development.

"The residential development consists of condominiums, linked houses, semi-dees and bungalows, while the commercial development will feature retail, shopping mall and office lots as well as serviced apartments," it said in a statement to Bursa Malaysia yesterday.

Dijaya said the land is strategically located in Subang, a sought-after area within the Klang Valley region for its established neighbourhood, ready amenities and facilities, added with its excellent accessibility and connectivity to many parts of Klang Valley.

"Development within the vicinity still offers an upside in terms of capital appreciation and yield due to the limited supply of a sizeable development land that would allow a developer to plan for a comprehensive development," it added.

Dijaya, known for its flagship Tropicana Golf & Country Resort and Tropicana Indah Resort Homes development in the Klang Valley, said it is on a constant lookout for investment opportunities to expand its landbank.

"We will continue to build upon the group's signature resort-living concept. By following a plan of measured and sensible growth, we can bring our brand values to a wider scope of emerging markets," group chief executive officer Tan Sri Datuk Danny Tan said.

Meanwhile, another unit of Dijaya, Tropicana Kampar Development Sdn Bhd, also bought from Chunghwa Picture Tubes and Makolin Electronics (Malaysia) Sdn Bhd three parcels of leasehold land in Kampar, Perak, for RM5.6 million.

The 5.2ha would be converted to a mixed residential and commercial development featuring five-storey apartments and four-storey shop offices.

"The estimated gross development value for this project is RM123.7 million," Dijaya said.

Kampar is currently a centre of tertiary education, with a campus in Tunku Abdul Rahman College and a campus in Universiti Tunku Abdul Rahman (UTAR).

By Business Times

CapSquare Centre to be aspires World-Class ICT mall

KUALA LUMPUR: Property developer Bandar Raya Development Bhd is positioning its retail complex, CapSquare Centre, as the information, communic ation and technology (ICT) mall following its partnership with PIKOM, the Association of the Computer and Multimedia Industry.

The mall, located in the heart of town in Jalan Ampang, which has been in operation over the last three years, enjoys some 70 per cent occupancy rate and attract mostly weekday crowds from surround ing office areas.

"CapSquare is vibrant during the weekday but it is very quiet over the weekend because we rely on office workers," said head group retail operations John Sironic during a media briefing in Kuala Lumpur yesterday.

"We realize we need to be specific and attract a continuous crowd to the mall. PIKOM approached us at the right time. We aspire to be a world class ICT mall and has benchmarked ourselves to the likes of the famous Funan ICT mall in Singapore," he adds.

"ICT is a growing and vibrant market. Consumers can come and see new genuine products while at the same time enjoy the many food and beverage outlets available at CapSquare," said Sironic.

Fifty tenants including Apple, Acer, Garmin, HP, Celcom and Digi have confirmed to come on board at the four-storey mall which is scheduled to open on September 15. There will be 80,219 sq ft of retail area and 4,080 sq ft of kiosk area dedicated to PIKOM ICT mall.

PIKOM president Shaifubahrim Saleh hopes to sign- up about 300 tenants over the next two months. Rental offered for PIKOM retailers is between RM2.50 and RM7.70 per sq ft, depending on the floor.

Potential retailers can also take advantage of the growing catchment area within the integrated development with both commercial buildings like Menara Multi-Purpose, the upcoming CapSquare office tower and CapSquare residences coming into place.

"This is the first PIKOM mall that will provide genuine and quality ICT products to consumers. Due to the location, we aim to attract tourist as well. In future, we hope to have PIKOM mall nationwide," he said.

The mall will hold events like new product launches, product preview, product trainings and seminar plus special appearance by brand ambassadors as part of its promotional activities. CapSquare has also allocated RM1 million in advertising and pro motion budget to help promote PIKOM ICT mall for the first year.

By Business Times

Dijaya buys land for RM385mil

PETALING JAYA: Property developer Dijaya Corp Bhd has acquired 88.5 acres of freehold land in Pekan Country Heights, Selangor, from Chunghwa Picture Tubes (Malaysia) Sdn Bhd for RM385.46mil.

The company, which entered into a sale-and-purchase agreement with Chunghwa yesterday, said the land would be transformed into a mixed development comprising residential and commercial elements with an expected gross development value (GDV) of RM2.5bil.

Dijaya told Bursa Malaysia that the residential component would consist of condominiums, linked houses, semi-dees and bungalows.

The commercial component would feature retail, shopping mall and office lots as well as serviced apartments.

“Development within the vicinity still offers an upside in terms of capital appreciation and yield due to the limited supply of a sizeable development land that will allow a developer to plan for a comprehensive development,” it said.

By The Star

UEM Land, Iskandar Investment in RM850m Nusajaya project

KUALA LUMPUR: UEM LAND HOLDINGS BHD and Iskandar Investment are teaming up to develop retail and residential units in Nusajaya, Johor with a gross development value (GDV) of RM850 million.

Both parties signed a shareholder agreement here on Thursday, June 9. Iskandar Investment oversees the Iskandar Malaysia development.

UEM Land managing director Datuk Wan Abdullah Wan Ibrahim said Nusajaya had seen significant progress with the mixed real estate projects in Nusajaya since projects were started in 1996.

"That will lead to better profits for us going forward," Wan Abdullah said.

He also said 2012 would be a "tipping point" for its development in Nusajaya within Johor's Iskandar Malaysia growth region.

By The EDGE Malaysia

UEM Land in RM850m Nusajaya project

UEM Land Holdings Bhd, a Malaysian developer, agreed to develop retail and residential units in Nusajaya, Johor state, with Iskandar Investment Bhd that will generate RM850 million of sales, the Edge reported on its website.

The companies signed an agreement in Kuala Lumpur today, the report said.

By Bloomberg

REIT expected to buy 2 Cyberjaya buildings

AmFIRST Real Estate Investment Trust (AmFIRST) is expected to sign a deal to buy two commercial buildings in Cyberjaya with a combined estimated value of over RM130 million.

Sources said an agreement between AmFIRST and the Prima Group of companies could be entered into as early as tomorrow.

The properties, which are a couple of years old, were identified as Prima 9 and Prima 10. They are both located within the Prima Avenue II development in Cyberjaya.

The purchase will effectively increase the total assets under AmFIRST's management by 12 per cent. It currently has six assets worth RM1.02 billion.

AmFIRST's last major acquisition was in 2008 when it bought The Summit Subang in USJ Subang Jaya, Selangor.

A source told Business Times that one of the buildings is fully occupied, while the other is currently 80 per cent occupied.

The major tenant of Prima 9, a seven-storey office building with two basement car parks, is EDS MSC Sdn Bhd. It has a total net lettable area of 110,000 sq ft is. The major tenant at Prima 10, with 100,000 sq ft of space, is RBC Dexia.

However, it is understood that upon completion of the purchase, expectedly in September 2011, both buildings will enjoy full occupancy.

According to Prima Avenue's website, the Prima Avenue I and II are integrated office developments, owned and managed by Prima Properties.

Prima Properties has to date designed and built over 3.8 million sq ft of commercial space in Cyberjaya.

An official from AmFIRST, contacted by Business Times declined to comment when asked about the acquisitions.

Its assets now include Menara AmBank, Bangunan AmBank Group and the AmBank Leadership Centre in Kuala Lumpur.

Apart from The Summit, its properties in Petaling Jaya include Menara Merais and Kelana Brem Towers.

In the financial year ended March 31 2011, AmFIRST revenue slipped 9.8 per cent to RM88.54 million from RM98.19 million.

Net profit declined by 12.35 per cent to RM10.57 million from RM12.60 million in the year ended March 31 2010.

The decrease was attributed to the reduction in occupancy rates in Kelana Brem Towers and cessation of an guaranteed minimum income for Summit Subang.

Nevertheless, AmFIRST declared a dividend of 9.75 sen, which is the same as in the previous year.

By Business Times

Another accolade for Tune Hotels

An honour: Tune Hotels in Bali was cited for its innovativeness in serving tourists by giving them the best value.

PETALING JAYA: Despite having only two hotels in Bali, Tune Hotels was named among the Top 20 Indonesia Innovative Brands 2011 by the country's marketing communications magazine, MIX, in its May issue.

Ranked at No. 9, Tune Hotels was the only brand orignating from Malaysia on the list which included BlackBerry, Tupperware, Nissan, 7-Eleven and Pizza Hut as well as Indonesian giants such as the BCA Bank, Bank Danamon and cement maker PT Holcim Indonesia.

In its review, MIX attributed Tune Hotels' innovativeness to its ability to serve tourists by giving them the best value.

“Apart from affordable room rates, Tune Hotels also accommodates tourists who just need a room to sleep and go',” said the magazine. Launched in Kuala Lumpur in 2007, Tune Hotels, which is part of Tune Group, is a limited service hotel brand that uses a self-service online booking system.

The company presently has 12 operating hotels consisting of nine in Malaysia that are located in Kuala Lumpur, the Low-Cost Carrier Terminal, Kota Damansara, Penang, Johor Baru, Kuching, Bintulu, Kota Kinabalu and Kota Baru, two in Bali and one in London.

This was the second accolade for Tune Hotels this year after its Westminster hotel in London was awarded a Certificate of Excellence from the world's largest travel website TripAdvisor last month, as a “result of consistently great feedback” from hotel guests.

“To be ranked ninth in the largest market in South-East Asia certainly speaks volumes of Tune Hotels' service proposition and quality,” said group chief executive officer Mark Lankester in a statement yesterday.

Lankester said the company would be opening hotels in Jakarta, Pekanbaru, Makassar, Surabaya and Palembang next year.

By The Star

UOA makes fair debut Firm plans green building

Proud day: UOA chairman Tan Sri Alwi Jantan (right) and other board members at the listing.

KUALA LUMPUR: UOA Development Bhd closed at RM2.59, one sen lower than its reference price of RM2.60 per share, after the stock made its debut on the Main Market of Bursa Malaysia yesterday.

The counter opened at RM2.60 with 9.328 million shares traded.

Based on its institutional price of RM2.60, the property developer currently has a market capitalisation of RM3.1bil.

Speaking at a briefing after its listing ceremony yesterday, chief operating officer (development division) David Khor said UOA would work towards integrating more green building components in its commercial development.

On its recent acquisition of a RM50mil land in Sri Petaling, Khor said the company planned to build high-end condominiums there but the details had yet to be finalised.

“The company has about RM8.6bil worth of properties to be launched over the next seven to 10 years,” he said.

Khor said about 70% of the properties developed by UOA were for commercial purposes while the rest were residentials.

“We hope the ratio will change in two years, with residential projects contributing more (to the volume),” he said.

By The Star

Minho subsidiary to buy land in Klang

MINHO (M) Bhd’s 51 per cent owned subsidiary, My Squares Development Sdn Bhd (MSDSB), has agreed to buy a plot of freehold industrial land in Klang, Selangor, from a related party, Minho Kilning (Klang) Sdn Bhd, for RM13.4 million.

MSDSB wants to develop the land with its 49 per cent major shareholder, Pembinaan Infra E&J Sdn Bhd (E&J), which will be the main contractor for the project.

By Business Times