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Thursday, February 16, 2012

Property prices spike in Shah Alam

PROPERTY prices in Shah Alam have climbed steadily over the last five years due to a combination of factors, including highway accessibility, said a real estate expert.

Azmi & Co director T Nagalingam said Shah Alam is experiencing spillover effects from the rise of property prices in areas like Subang Jaya, Glenmarie, Bukit Jelutong and Kota Kemuning.

He told Business Times that prices for double-storey terraced houses and condominiums have increased by 50 per cent and about 20-30 per cent respectively, in the last five to six years.

"Traditionally, Shah Alam was occupied by PKNS townships. Now, more players have emerged in Shah Alam such as Glomac Bhd, Naza and I-Berhad lifting up the area," he said.

Nagalingam said the New Klang Valley Expressway, Guthrie Corridor Expressway and the widening of roads have contributed to population growth and the price increases.

I-Berhad is developing i-City in Section 7, Shah Alam, sprawled over 30 hectares.

The 10-year development will feature some 12 million sq ft of gross lettable area for a total gross development value of RM4.5 billion.

Some 35 per cent of i-City will comprise residences. The rest will be offices, commercial and retail space, hotel, convention centre and a technology hub.

Since the project started about four years ago, some 500,000 sq ft, or 366 offices suites, and a 70,000 sq ft data centre have been completed.

To date, 20 per cent of the land area has been developed and it has been successful being an MSC Cybercity with complete information communications technology infrastructure.

The development is provided with dual source power supply, multi-telco environment and super broadband accessibility of 200mbps.

By Business Times

Asia-Pac firms keen on lMalaysian properties

PETALING JAYA: The bulk of the interest in Malaysian properties will be from the companies in the Asia-Pacific region, said Malaysia Property Inc (MPI) chief executive officer Kumar Tharmalingam.

“The interest will be mainly from China, Japan, South Korea, Indonesia and Singapore,” he said.

Kumar: ‘MPI will be an extension of three government agencies and a ministry.’

MPI, which comes under the Economic Planning Unit, was set up in 2008 as a public private initiative (PPI) with a government grant of RM25mil. Another RM25mil is expected to come from the private sector.

MPI aims to raise RM10mil from the private sector this year.

“In our objective to promote Malaysian real estate, MPI will somewhat be an extension of three government agencies and a ministry, but with the specialised role of taking care of all real estate matters.

These are national trade promotion agency Matrade, International Trade and Industry Ministry and Malaysian Investment Development Authority,” he told StarBiz in an e-mail interview.

“When a foreign investment is approved by the government, there will be a need for land or office space, or even accommodation for staff. Or it could be a joint venture with our local property boys. This is where we come in.”

He said MPI's role could be match-making investors with local real estate players for joint-venture partnerships, helping foreign investors to look for land or office space and to seek business-to-business opportunities in the real estate sector.

Wide though the spectrum may be, Kumar said MPI's role to promote Malaysian real estate was “doable”.

Kumar said: “We have two core objectives; to create international awareness and to establish connections between foreign interests and Malaysian real estate industry players. The ultimate goal will be to contribute to real estate investments here.”

He said so far, the Japanese, Chinese, South Korean and Indonesian investors had shown quite a bit of interest in the Government's Economic Transformation Programmes. “Much of the Greater KL initiative is driven by property investments and we have been putting interest foreign parties with local players. Our work right now is still very much work-in-progress.”

He expects the Mass Rapid Transit project to generate a lot of interest in Malaysian real estate as there will be an influx of foreigners into the country who will need office space and accommodate.

By The Star

Gefung may be injected with properties or plantations

PETALING JAYA: Gefung Holdings Bhd, a company that saw Datuk Allan Lim Kim Huat surface as its largest shareholder back in 2009, may see the injection of new assets in the form of properties or plantations, according to industry sources.

Although details are sketchy at the moment, the announcement for the asset injection is likely to happen within one month.

Gefung, which is involved in the processing of marble and granite products, is a loss-making entity.

In its most recent quarter, the company reported a net loss of RM5mil on revenue of RM6.7mil.

Lim had bought a 25.19% stake in Gefung in 2009 from former managing director and major shareholder Seo Aik Leong.

The businessman, who has extensive experience in industries like property development, manufacturing, trading, leisure, entertainment and food services, was consequently appointed managing director of the firm.

Industry observers say he is the brother-in-law of Dijaya Corp Bhd group chief executive Tan Sri Danny Tan Chee Sing and had worked alongside Sunrise Bhd's Tong Kooi Onn.

According to information on Gefung's website, the company which was listed in 2006 has operations in Malaysia, China and the Middle East.

While it is building its presence in the Middle East, Gefung said it was one of the top 10 marble and granite importers in China and one of the top 3 players in Shanghai where its plant is located.

Its decrease in earnings for its most recent quarter was mainly due to lower revenue generated from its Malaysia segment and delayed commencement of certain projects in China, it said.

At the close, Gefung shares finished flat at 16.5 sen after touching a one-month high of 19.5 sen on Feb 9.

By The Star