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Monday, June 25, 2012

SP Setia sees RM500mil revenue from Penang

Rajoo showing the media a model of Setia V Residences, which is projected to contribute RM150mil in revenue for the company’s 2012 fiscal year

GEORGE TOWN: SP Setia Bhd is projecting its Penang properties would generate about 15% or about RM500mil of the company's 2012 revenue, expected to be about RM4bil.

SP Setia Property (North) general manager Datuk S. Rajoo said that the developer's key contributing projects in Penang included Setia V Residences, Setia Triangle, Pearl Villas and 11 Brook Residences.

The biggest contributor to revenue for the financial year ending Oct 31, 2012 (FY12) would be the Setia V Residences project, comprising 166 units in 43- and 48-storey towers in Kelawei Road.

“This project will generate RM150mil for the company's 2012 fiscal year. We have sold about 20% of the project to Penangites working overseas, locals and foreigners from Medan and China,” he said.

According to Rajoo, the 48-storey block would be the tallest residential tower in Penang and is built to withstand earthquake vibrations of up to 6.8 on the richter scale.

The Setia V Residences units have built-up areas of at least 2,700 sq ft and are priced from RM2.7mil onwards.

“The buyers comprised largely those who have the disposable income to upgrade their lifestyle,” he said.

The RM265mil Setia Triangle is expected to add about RM120mil to the company's FY12 revenue.

“The project, already 50% sold since the soft launch two months ago, comprises 34 units of two, three and four-storey shop-offices with built-up areas of 3,000, 4,500 and 6,000 sq ft, respectively,” he said.

The units are priced between RM1.95mil and RM3.6mil.

“There will also be a residential component comprising a 225-unit condominium, priced between RM575,000 and RM1.2mil,” he said.

The Pearl Villas bungalows and 11 Brook Residences are expected to contribute about RM150mil to the group's 2012 revenue.

“The balance will be generated by the release of bumiputra units from other projects,” he said.

By The Star

Property sector still strong, says MB

The real estate sector in the state has remained resilient despite political and economic uncertainties, said Mentri Besar Datuk Seri Dr Zambry Abdul Kadir.

“In 2011, the state recorded 54,452 property transactions with a combined value of RM9.23bil.

“This marks a 22.6% increase compared to 44,323 property transactions in 2010 totalling RM5.75bil,” Dr Zambry added.

The transactions included residential homes, commercial and industrial properties.

He was speaking to reporters after opening the Malaysia Property Expo 2012 in Ipoh, organised by the Real Estate and Housing Developers Association of Malaysia.

Dr Zambry said the occupancy rate for commercial and office space had also increased to 88.2% last year compared to 86.6% in 2010.

The state government would assist affected developers in dealing with unsold properties amounting to RM26mil.

“We will enlist the help of related government agencies such as the State Economic Development Corporation (SEDC) and Syarikat Prasarana Negara Bhd,” he added.

On another matter, Dr Zambry said issues concerning education especially religious schools, should not be politicised.

He was referring to objections to the building of a religious school in Taman Pegoh Aman in Ipoh.

“The school had obtained the necessary approval from the local authority and was already 80% complete.

“The argument that the school is blocking the view of houses hardly holds water as it only occupies a small portion of a field,” Dr Zambry said.

He also rapped the Opposition for claiming they have the people’s interest at heart.

“But here they are against a project that fulfils the people’s need for better education,” he said.

By The Star

Green townships

Green cause: Wahab (left) and Mohd Jaafar launching the T.R.E.E. programme in Denai Alam.

RESIDENTS of Sime Darby Property’s 10 townships will be seeing more greenery in their surroundings, thanks to the company’s efforts to plant endangered, rare and threatened species in their residential areas.

Spearheaded by the developer’s sustainability quality management (SQM) department, this initiative is aptly called T.R.E.E. or Together in Restoring the Earth’s Environment.

Shah Alam mayor Datuk Mohd Jaafar Mohd Atan launched the T.R.E.E programme at an event attended by nearly 250 residents of Denai Alam.

Also present were Sime Darby Property managing director Datuk Wahab Maskan, Denai Alam Residents’ Association president Datuk Aidi Ismail, Shah Alam City Council (MBSA) heads of departments and community leaders.

Mohd Jaafar, in his speech, lauded Sime Darby Property for embracing sustainability that engaged all segments of society, ranging from members of the community to local authorities.

“We hope other Malaysian corporate citizens, especially developers in Shah Alam, can spearhead more programmes such as the T.R.E.E. programme to help communities, especially children, become more conscious about conserving our natural resources and improving our environment,” he said.

Wahab said: “We are pleased to kick-start our inaugural T.R.E.E. programme in Denai Alam.

“This township is special because it was planned according to the unique “Denai” concept, which is a 4.3km continuous green trail within the township.”

The Sime Darby Property T.R.E.E programme is aligned to the MBSA’s “Trees for Life” programme.

A total of 150 endangered, rare and threatened forest trees were planted by members of the Denai Alam community.

Each tree planted carried the name of the family who planted it, and each family member will be able to see the growth of the tree just like their very own.

At the event, T.R.E.E. Pledges were presented by Wahab to head of property development Zulkifli Tahmali, head of strategic development Salem Kailany and head of commercial asset Emran Ismail, as a show of support and commitment from these townships to undertake the T.R.E.E. programme. It will be replicated in all of Sime Darby Property’s townships.

Tree saplings of hopea odorata were presented by the mayor to Daniel Hilmi and Sabrina Tan, who represented the children of Sime Darby Property employees and Denai Alam residents, respectively.

The presentation is a symbol of the significance of the T.R.E.E. programme to the future generation.

By The Star

Maybank taps Aussie property mart

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is expanding its "Overseas Mortgage Loan Scheme" for purchase of residential properties in Melbourne, Australia to tap into the growing demand of Malaysians investing in Australian properties.

In a statement it said the new scheme will finance completed or off plan residential properties developed in Melbourne by Malaysian and Australian developers in the form of term loan, overdraft or a combination of both.

Maybank deputy president and head of community financial services, Lim Hong Tat, said the right investment property in Melbourne offers great returns and exceptional growth potential.

The Australian market has not suffered a fall in median house prices, he said, adding that in fact it had grown by an average of 9.1 per cent per annum on average for the past 10 years.

"The global financial crisis in 2009 and 2010 saw property prices in markets such as the UK and US fall significantly. However, properties in Australia actually in-creased in value during this period." he said.

Under the scheme, financing will be in ringgit and other key features include competitive interest rate, high margin of financing of up to 75 per cent, flexible repayment and longer loan tenure of up to 30 years or 70 years of age, whichever is earlier.

Currently, Malaysians purchasing properties in Australia obtain financing in Australian dollars and are exposed to foreign currency exchange fluctuations when making monthly loan repayments.

Lim said the new mortgage will benefit Malaysians who are showing increasing interest in buying properties in Australia.

Given that Australia currently offers attractive advantages for property purchase to non-residents, he said Maybank has tied up with reputable international real estate agencies to assist customers, particularly on the country's regulations.

"We anticipate a take-up of RM300 million for this new facility within the next 12 months. It will also help the bank to achieve double-digit growth for our home financing,"said Lim.

Maybank first introduced the Overseas Mortgage Loan Scheme in ringgit in January to finance the purchase of London properties. As at May 2012, the bank approved new loans from this portfolio exceeding RM260 million.

By Business Times

REIT market cap to grow 30% to RM30b this yr

KUALA LUMPUR: Market capitalisation for Real Estate Investment Trust (REIT) in Malaysia is expected to grow by 30% to RM20bil this year from RM15bil last year, an industry player said.

Sunway REIT Management Sdn Bhd CEO Datuk Jeffrey Ng said the increase would come mainly from the listing of IGB Corp Bhd's REIT in the second half of this year.

"The IGB REIT listing is worth between RM3.5bil and RM4.5bil. We are confident the market value could reach RM20bil this year," he told reporters after the opening of the Real Estate Investment Trust Conference 2012 by Housing and Local Government Minister Datuk Seri Chor Chee Heung.

IGB, a general construction and real estate developer, operates through four business segments, namely property development, property investment and management, construction and hotel.

The company's initial investment portfolio on Bursa Malaysia Main Market will comprise eight-storey retail mall called "The Gardens Mall" and its five-storey retail mall "Mid Valley Megamall".

On the industry performance and outlook, Real Estate and Housing Developers' Association Malaysia president Datuk Seri Michael Yam Kong Choy said the industry has been robust in the first half of this year.

Going forward into the second half, he said, the market is expected to moderate awaiting a fresh moving factor.

Organised by the Asian Strategy and Leadership Institute, the REIT Conference 2012 brought together key decision makers, policymakers, sector players, property developers, asset managers, investors and consultants to share experience and forecast outlook and opportunities in the REIT market.

The conference will, among others, discuss new trends and the industry's development.

By Bernama

Malaysian Res Corp up on prime land deal

Malaysian Resources Corp, a property and construction group, climbed 2.2 per cent to RM1.86, bound for its highest close since April 3.

The company may win a deal to develop prime land in Kuala Lumpur, the Business Times reported, citing people it didn’t name.

Malaysian Resources Chief Executive Officer Mohamed Razeek Hussain Maricar couldn’t be reached for comment when phoned at his office today as he was in a meeting.

By Bloomberg