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Tuesday, January 3, 2012

LBS Bina eyes RM1bil in sales

PETALING JAYA, Jan 3: Property developer, LBS Bina Group Bhd, aims to achieve sales of RM1 billion in two years in view of the strong demand despite cautious market sentiment, says managing director Datuk Lim Hock San.

He said the company aimed to achieve RM800 million in sales this year backed by 16 new launches and 21 ongoing projects and RM950 million in 2013.

"Currently, we have some 920-hectare land bank with an estimated gross development value (GDV) of RM9.1 billion to keep us busy for the next few years," he told reporters after the company's annual general meeting here today.

Lim said the company would launch 16 projects, comprising 2,426 units with a GDV of RM1.5 billion, together with some 21 ongoing projects with a value of RM665 million.

"These include projects in D'Island Residence, Bandar Saujana Putra, Taman Golden Hills in Cameron Highlands and Bandar Putera Indah in Batu Pahat, Johor," he said.

By Bernama

Naim launches first phase of Riveria Bay apartments

KUCHING: Sarawak leading property developer Naim Holdings Bhd, through wholly-owned subsidiary Khimat Mantap Sdn Bhd, today launched the first phase of its Riveria Bay project here.

Located near a river confluence at the boundary of Kuching City and Kota Samarahan, it features three-storey walk-up apartments priced between RM262,888 and RM379,888. Each of the 66 units of two-bedroom and three-bedroom apartments measures between 86sqm and 119sqm.

Naim Holdings Senior General Manager (Public Relations, Sales and Marketing, and Product Development) Alaric Soh said the apartments would be ready by mid-2013 and become part of an exclusive residential area equipped with 24-hour security service and ample recreational facilities.

"We also offer a 24-month warranty, 99-year land lease, free legal fee for sales and purchase agreement and memorandum of transfer, and free kitchen cabinet and bedroom wardrobe," he said.

Deputy Works Minister and Stampin Member of Parliament Datuk Yong Khoon Seng was on hand to officiate the sales launch.

By Bernama

US is top 2012 property investment pick

NEW YORK: The United States will remain the top choice of most global commercial real estate investors in 2012, but the country has lost ground to Brazil which ranked No. 2 this year, according to a survey.

While the United States offers the most stable and secure option in commercial real estate, investors said improvement in rent and occupancy growth and the repeal of a 1980 foreign investment tax would have the strongest impact on their investment decisions, according to the 20th annual survey of Association of Foreign Investors in Real Estate (AFIRE) members.

For about the past year or so, investors in US commercial real estate have focused on gateway cities such as New York, Washington, Boston, San Francisco and Los Angeles, driving prices up and yields down.

Meanwhile, commercial property in Brazil, with its bubbling economy and safer investment environment, has become a hot spot for global investors. Sao Paulo, Brazil's largest city, jumped to the fourth best city for real estate investment dollars in 2012, up from 26th place last year.

The United States is still very desirable and was second behind the UK in attracting cross border investment in 2011, according to Real Capital Analytics preliminary figures.

“The negative is it doesn't promise a whole lot of capital appreciation because the prime markets are already fully priced,” AFIRE chief executive officer James Fetgatter said. “By no means will Brazil replace the United States, at least not in the forseeable future. Brazil is considered now a much safer place to invest and a place where you can get capital appreciation and good yield.”

AFIRE'S survey respondents hold more than US$874bil of real estate globally, including US$338bil in the United States.

About 60% of respondents said they planned to increase their investment in US real estate in 2012, down from a record 72% last year, according to the 20th annual survey.

Some 42.2% said they believed the United States in 2012 would offer the best opportunity for the price of their commercial real estate investments to increase, down from 64.7% last year's survey.

By Reuters

Hong Kong firm forms joint venture with Mayland

Hong Kong-listed Country Garden will have a 55 per cent stake in the property venture, with Mayland holding the remaining 45 per cent.

KUALA LUMPUR: Hong Kong-listed Country Garden Holdings Co Ltd has formed a joint venture with Malaysia Land Properties Sdn Bhd (Mayland), a property developer, to explore the potential of property markets in Malaysia.

Country Garden recently announced that the company had sealed an agreement with Mayland to set up a joint-venture company to develop property in Malaysia and Southeast Asia.

"Upon completion (of the deal), Country Garden will have a 55 per cent stake in the venture, with Mayland holding the remaining 45 per cent," the company said in its filing to the stock exchange of Hong Kong.

The joint-venture company, known as Wealthy Signet Sdn Bhd, will be principally engaged in acquiring land use rights over the development land and its development into residential and ancillary commercial properties.

"The development land consists of parcels of lands located in Selangor. It is intended that the development land will be developed into residential and ancillary commercial properties," Country Garden said.

Country Garden said it is optimistic about the property market in Malaysia and considers that the acquisition of the development land will broaden and strengthen the existing investment portfolio of the group.

"The board further believes that the formation of the joint venture company will allow the group to co-operate with a well-known property developer in Malaysia and that the joint development of the development land with Mayland will allow the leverage of expertise and resources of both parties.

Country Garden is an investment holding company and its subsidiaries are principally engaged in property development in China, including property development, construction, fitting and decoration, property management and hotel operation.

Mayland is primarily engaged in property development and property investment in residential and commercial properties in Malaysia.

Mayland's completed premium property developments include Royal Domain, Sri Putramas, Waldorf & Windsor, Maytower, Austin Boulevard, Prima regency, Parkview, Plaza Damas I and II, Menara Hartamas, and Puncak Prima.

The company's newly launched condominium and serviced apartments included The Royal Regent, The Elements. Regalia and Plaza Damas 3 in Kuala Lumpur and Palazio serviced apartments in Johor Baru.

By Business Times