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Wednesday, June 15, 2011

Dijaya’s Tropicana Grande named best in Asia Pacific

KUALA LUMPUR: DIJAYA CORPORATION BHD’s Tropicana Grande has been named the best residential high-rise development in Asia Pacific at the Asia Pacific Property Awards in Shanghai.

The Tropicana Grande, the golf-fronted luxury condominium, was also named the best residential high-rise development with the highest five-star rating in Malaysia in the competition held on May 31, 2011 in association with Bloomberg Television and Google.

In a statement Wednesday, June 15, Dijaya managing director Tong Kien Onn said the awards were testimony to the company’s efforts to create its Tropicana-branded products that offered buyers more than just properties, but also contemporary lifestyle living.

“We are honoured to win these awards and we attribute this success to all the employees of Dijaya for their passion, dedication and hard work as well as the trust which our customers have in our company,” he said.

The Asia Pacific Property Awards forms part of the International Property Awards which is the world’s most prestigious property competition covering residential and commercial categories and sets out to identify the very best real estate professionals across the globe.

The process involves a judging panel of over 50 experts chaired by Lord Bates of Langbaurgh and covers every aspect of the property business such as development, architecture, interior design and marketing.

By The EDGE Malaysia

CMMT buys East Coast Mall for RM310m

Kuantan attraction: CMMT’s proposed acquisition of East Coast Mall is expected to be completed by the last quarter of 2011.

PETALING JAYA: CapitaMalls Malaysia Trust (CMMT), through its trustee AMTrustee Bhd, has entered into a conditional sale-and-purchase agreement with Astral Realty Sdn Bhd for the acquisition of East Coast Mall in Kuantan for a cash consideration of RM310mil.

In an announcement to Bursa Malaysia yesterday, CIMB Investment Bank Bhd on behalf of CapitaMalls Malaysia REIT Management Sdn Bhd, the management company of CMMT, said the acquisition consisted of a four-storey shopping mall with one basement level comprising retail space on the ground, first, second and third floors, together with 1,170 car parking bays at the basement level, surface car park on the ground floor, third floor and on the rooftop.

As at May 1, CMMT was the largest “pure-play” shopping mall real estate investment trust in terms of property asset value in Malaysia, and the proposed acquisition will further strengthen this position.

“Following the completion of the proposed acquisition, CMMT's property asset value is expected to increase from approximately RM2.37bil to about RM2.7bil,” it said.

CMMT intends to fund the proposed acquisition through debt and equity to be raised via a proposed placement of up to 298.971 million new units in CMMT by way of book building, representing up to 20% of the existing units in CMMT.

Barring any unforeseen circumstances, the proposals are expected to be completed by the last quarter of 2011.

By The Star

S&P lowers China’s real estate devt to negative

KUALA LUMPUR: Standard & Poor's Ratings Services has revised its industry outlook for China’s real estate development sector to negative from stable, as credit conditions in that country have become increasingly challenging.

In a statement Wednesday, June 15, Standard & Poor's said that elsewhere in the region, the soaring market in Hong Kong may be at risk of a sharp correction.

In a report titled "Asia-Pacific Real Estate Developers: China Sector Outlook Revised to Negative on Regulatory Tightening; Other Markets Are Stable", Standard & Poor's suggested that conditions were stabilising in Japan and credit profiles were largely improving in Southeast Asia.

Standard & Poor's credit analyst Bei Fu said it was likely to see more negative rating actions among Chinese developers in the next six to 12 months because tightened onshore credit conditions and increasingly restrictive government policy have deepened the market downturn.

"Any meaningful slippage in sales will significantly weaken the developers' cash flow protection measures amid higher leverage and stiff competition,” she said.

The report noted that many developers shored up liquidity ahead of the anticipated market downturn at the expense of weakening their capital structures and increasing their refinancing risks due to the concentration of debt maturities.

A protracted negative cycle would therefore intensify the pressure on credit profiles, said the report.

"Property sales were satisfactory for many rated issuers in the first five months of this year, but we expect the sales momentum to slow as policy tightening starts to bite.

"We expect meaningful price adjustments in the second half of 2011. If sales volumes remain sluggish, developers' liquidity will quickly dry up, suggesting sporadic price discounting will likely intensify,” said Fu.

By The EDGE Malaysia

Agreements inked to develop Sungai Besi airport land into Bandar Malaysia

KUALA LUMPUR: Several agreements were inked Wednesday, paving the way for the old Sungai Besi airport land to be transformed into Bandar Malaysia a strategic development for long-term national growth.

Bandar Malaysia will have several attractive elements to further strengthen Kuala Lumpur's global competitiveness as cities compete to attract international investors and businesses, a statement on the 1Malaysia Development Berhad (1MDB) website said.

1MDB, the master developer for Bandar Malaysia, signed, among others:

* Sale and purchase agreements with Federal Land Commissioner for the transfer of 495 acres of Sungai Besi airport land to 1MDB;

* Sale and purchase agreement with the Mentri Besar Incorporated of Negri Sembilan for the purchase of 750 acres in Sendayan, which is the replacement site for the Royal Malaysian Air Force (RMAF);

* A master relocation agreement with the Defence Ministry and Home Ministry to develop eight replacement sites.

Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop witnessed the signing at the Economic Planning Unit of the Prime Minister's Department here.

Bandar Malaysia aims to promote livability as a distinctive character of Greater Kuala Lumpur. It will be a mixed development filled with livable space for work/life balance, such as open green space and people's avenue as well as higher learning institutions, the statement said.

This is the third game-changing use of the historical site. In 1956, it served as the first international airport, opening up the aviation, travel, tourism and hospitality industries.

It was also the birthplace of the RMAF from where it grew to become an ultra modern air force.

By The Star

1MDB inks deal to redevelope Sungai Besi airport

1Malaysia Development Bhd, a sovereign fund, signed agreements today to transform Kuala Lumpur’s former Sungai Besi military airport into a township development.

The Federal Land Commissioner will transfer 495 acres of land to 1MDB, as the fund is known, according to a statement on its website. 1MDB will be master-planner for the project which will be known as Bandar Malaysia, it said.

The Royal Malaysian Air Force signed a separate agreement for a replacement site in Sendayan, it said.

By Bloomberg

MRCB poised to clinch RM800m LRT contract

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is poised to secure soon a contract worth as much as RM800 million from Syarikat Prasarana Negara Bhd, people familiar with the matter said yesterday.

The contract is for civil works for phase two of the Ampang light rail transit (LRT) extension line linking Putra Heights to Shah Alam, Selangor.

Other parties which had tendered for the job include Sunway Holdings Bhd.

Prasarana, a unit of the Ministry of Finance Inc, is the asset-owner and operator of the Ampang and Kelana Jaya LRT lines.

It is further understood that Prasarana will award a similar contract to TRC Synergies Bhd for phase two of the Kelana Jaya LRT extension, also linking Putra Heights to Shah Alam.

In addition to that, Prasarana will also award by this week a RM850 million contract to a consortium comprising Hartasuma Sdn Bhd, Bombardier Inc and SNC Lavalin.

The contract is for the electro-mechanical (E&M) system for the Kelana Jaya LRT extension.

The consortium has edged out CMC Engineering Sdn Bhd-Colas and Ingress Corp Bhd-Balfour Beatty Rail Sdn Bhd to secure the contract.

It is learnt that CMC-Colas and Ingress-Balfour Beatty had submitted a bid worth RM750 million and RM650 million, respectively but did not meet the technical requirements.

This are the first LRT-related contracts Prasarana is farming out this year. Last November, Prasarana gave out two civil contracts worth as much as RM1.6 billion of the RM7 billion Kelana Jaya and Ampang LRT extension project.

It had appointed TRC as the main contractor for phase one of the 17km extension of the Kelana Jaya Line from Kelana Jaya to Putra Heights. The contract value is RM950 million.

It had also appointed Bina Puri-Tim Sekata JV as the main contractor to implement the first phase of the 17.7km extension for the Ampang LRT line between Sri Petaling to Putra Heights. The contract value is RM634.64 million.

By Business Times