KUALA LUMPUR: Daya Materials Bhd has secured a contract to undertake a property project in Penampang, Sabah with a gross development cost of RM120mil.
It said on Tuesday its unit had signed an MoU with Chang Cheng Realty Sdn Bhd to build one block of 28-storey retail service suites and also 40 blocks of four-story shop-office and eight blocks of three-story shops.
Daya Materials said the RM120mil comprised of the total construction cost and interest. However, the estimated gross development value was more than twice at RM250mil.
By The Star
Showing posts with label Sabah. Show all posts
Showing posts with label Sabah. Show all posts
Tuesday, October 23, 2012
Thursday, September 13, 2012
LBI Capital unit buys land in Sabah
KUALA LUMPUR: LBI Capital Bhd says its unit Goldmount Resources Sdn Bhd has bought four parcels of land measuring 1.44ha in Sabah from Liew Leong Lok, Liew Leong Chin and Liew Leong Ting for RM6.7 million to develop a high-end condominium project.
The 999-year leasehold land, expiring in 2909, is located at Signal Hill, on fringe of Kota Kinabalu city centre.
The planned development is expected to boost LBI’s future earnings, LBI said in a filing to Bursa Malaysia yesterday.
By Business Times
The 999-year leasehold land, expiring in 2909, is located at Signal Hill, on fringe of Kota Kinabalu city centre.
The planned development is expected to boost LBI’s future earnings, LBI said in a filing to Bursa Malaysia yesterday.
By Business Times
Wednesday, September 12, 2012
LBI to develop high-end condos
LBI Capital Bhd's wholly-owned subsidiary, Goldmount Resources Sdn Bhd, proposes to acquire four parcels of land measuring 0.9 hectare in Kota Kinabalu, Sabah, for RM6.699 million.
In a filing with Bursa Malaysia, LBI said Goldmount plans to develop high-end condominium project on the land.
The acquisition will increase the development land of the group and is expected to contribute higher earnings in the near future, it said.
By Bernama
In a filing with Bursa Malaysia, LBI said Goldmount plans to develop high-end condominium project on the land.
The acquisition will increase the development land of the group and is expected to contribute higher earnings in the near future, it said.
By Bernama
Wednesday, June 6, 2012
Karambunai to dispose land worth RM44.9mil in Sabah
KUALA LUMPUR: Karambunai Corp Bhd is selling several land parcels measuring about 94 acres in Bandar Sierra, Kota Kinabalu for RM44.9mil.
According to the company, it expected to record gain of disposal of RM22.8mil as the net book value of the plots were at RM22.1mil.
Karambunai said it had signed sale and purchase agreements to sell 33.11 and 3.27 acres of leasehold land in Bandar Sierra to Sinkong Construction Sdn Bhd for RM15.86mil and RM498,769 respectively.
The company also said it was selling 27.01 and 29.95 acres of leasehold land in Bandar Sierra to Yu Sin Kong for RM12.94mil and RM15.65mil respectively.
“The proposed disposals of these non-core assets are part of the group's streamlining exercise,” Karambunai said.
The group is primarily involved in resorts operations and development in the Karambunai Peninsular, Kota Kinabalu, Sabah.
The proceeds from the disposals would be used to repay bank borrowing and fund the group's working capital requirement.
Yu is a Malaysian citizen, residing in Kota Kinabalu.
Sinkong Construction Sdn Bhd was incorporated in Malaysia as a private limited principal activity in general civil engineering, building construction and transportation.
By The Star
According to the company, it expected to record gain of disposal of RM22.8mil as the net book value of the plots were at RM22.1mil.
Karambunai said it had signed sale and purchase agreements to sell 33.11 and 3.27 acres of leasehold land in Bandar Sierra to Sinkong Construction Sdn Bhd for RM15.86mil and RM498,769 respectively.
The company also said it was selling 27.01 and 29.95 acres of leasehold land in Bandar Sierra to Yu Sin Kong for RM12.94mil and RM15.65mil respectively.
“The proposed disposals of these non-core assets are part of the group's streamlining exercise,” Karambunai said.
The group is primarily involved in resorts operations and development in the Karambunai Peninsular, Kota Kinabalu, Sabah.
The proceeds from the disposals would be used to repay bank borrowing and fund the group's working capital requirement.
Yu is a Malaysian citizen, residing in Kota Kinabalu.
Sinkong Construction Sdn Bhd was incorporated in Malaysia as a private limited principal activity in general civil engineering, building construction and transportation.
By The Star
Tuesday, June 5, 2012
Karambunai to record RM22.8m gains from KK land sale
KUALA LUMPUR: Karambunai Corp Bhd is expected to record about RM22.81mil in net gains from the sale of several pieces of land measuring about 94 acres in Bandar Sierra, Kota Kinabalu.
It said on Tuesday the net book value was RM22.15mil while the sale consideration was RM44.96mil.
The properties were acquired in March 1997 with an original investment cost of RM19.83mil, including incidental costs incurred.
Karambunai said it had signed sale and purchase agreements to sell 33.11 acres of leasehold land in Bandar Sierra to Sinkong Construction Sdn Bhd for RM15.86mil and another 3.27 acres of leasehold land for RM498,769.
The company also said it was selling 27.01 acres of leasehold land in Bandar Sierra to Yu Sin Kong for RM12.94mil and another 29.95 acres of leasehold land for RM15.65mil.
"Karambunai said the proposed disposals were part of Karambunai group's streamlining exercise by disposing of non-core assets. KCB Group is primarily involved in resorts operations and development in the Karambunai Peninsular, Kota Kinabalu, Sabah.
The proceeds from the disposals would be used to repay bank borrowing and fund the group's working capital requirement.
By The Star
It said on Tuesday the net book value was RM22.15mil while the sale consideration was RM44.96mil.
The properties were acquired in March 1997 with an original investment cost of RM19.83mil, including incidental costs incurred.
Karambunai said it had signed sale and purchase agreements to sell 33.11 acres of leasehold land in Bandar Sierra to Sinkong Construction Sdn Bhd for RM15.86mil and another 3.27 acres of leasehold land for RM498,769.
The company also said it was selling 27.01 acres of leasehold land in Bandar Sierra to Yu Sin Kong for RM12.94mil and another 29.95 acres of leasehold land for RM15.65mil.
"Karambunai said the proposed disposals were part of Karambunai group's streamlining exercise by disposing of non-core assets. KCB Group is primarily involved in resorts operations and development in the Karambunai Peninsular, Kota Kinabalu, Sabah.
The proceeds from the disposals would be used to repay bank borrowing and fund the group's working capital requirement.
By The Star
Wednesday, May 9, 2012
Suria plans landmark project in Sabah
KOTA KINABALU: Suria Capital Holdings Bhd's venture into property and development is now taking shape after securing 9.4ha here for a landmark project.
The group, which is involved in ports operations, bunkering services, construction and engineering, aims to have a mixed development there to complement Yayasan Sabah's proposed Sabah International Convention Centre (SICC) nearby.
Suria group chairman Tan Sri Ibrahim Menudin said it now has the land title after paying half of the RM142 million land premium.
"Before we begin the process to develop the land, the management is in discussion with some groups, which we hope to conclude before the next annual general meeting (AGM).
"This project located next to the Kota Kinabalu port and the upcoming SICC will be a new landmark in the state capital," Ibrahim said after the group's AGM at Sabah Ports Sdn Bhd office at Sapangar Bay Port here yesterday.
He said the project will involve a gross development value of RM1.8 billion, with construction spanning five to eight years.
"The mixed development will include two hotels where we are looking at 800 to 1,000 rooms, plus commercial, retail and residential lots," he added.
Ibrahim said besides the 5,000-capacity SICC, Yayasan Sabah reportedly will also build two hotels within the 10ha location.
"We are not involved in that but as of now, I think they are in the process of doing a traffic flow study there to avoid congestion."
Suria Group recorded RM276.01 million revenue last year, up eight per cent from RM254.97 million in 2010.
Its pre-tax profit dropped to RM74.35 million from RM 75.56 million previously.
By Business Times
The group, which is involved in ports operations, bunkering services, construction and engineering, aims to have a mixed development there to complement Yayasan Sabah's proposed Sabah International Convention Centre (SICC) nearby.
Suria group chairman Tan Sri Ibrahim Menudin said it now has the land title after paying half of the RM142 million land premium.
"Before we begin the process to develop the land, the management is in discussion with some groups, which we hope to conclude before the next annual general meeting (AGM).
"This project located next to the Kota Kinabalu port and the upcoming SICC will be a new landmark in the state capital," Ibrahim said after the group's AGM at Sabah Ports Sdn Bhd office at Sapangar Bay Port here yesterday.
He said the project will involve a gross development value of RM1.8 billion, with construction spanning five to eight years.
"The mixed development will include two hotels where we are looking at 800 to 1,000 rooms, plus commercial, retail and residential lots," he added.
Ibrahim said besides the 5,000-capacity SICC, Yayasan Sabah reportedly will also build two hotels within the 10ha location.
"We are not involved in that but as of now, I think they are in the process of doing a traffic flow study there to avoid congestion."
Suria Group recorded RM276.01 million revenue last year, up eight per cent from RM254.97 million in 2010.
Its pre-tax profit dropped to RM74.35 million from RM 75.56 million previously.
By Business Times
Thursday, April 12, 2012
UEM Land to showcase properties in Sabah, Sarawak
KUALA LUMPUR: UEM Land Holdings Bhd, one of Malaysia's leading property developers, will be organising several roadshows to promote its latest properties in four cities in Sabah and Sarawak.
They are Kuching, Miri, Sibu and Kota Kinabalu.
UEM Land said in a statement among the projects that will be on display at the exhibitions are Imperia Puteri Harbour, Impiana at East Ledang, Summer VOS and Symphony Hills.
The first leg of the exhibitions will be in three cities in Sarawak - Miri on April 14-15 at the Marriot Hotel, Kuching on April 21-22 at the Hilton Hotel and Sibu on April 28-29 at the RH Hotel. This will be followed by a stop in Kota Kinabalu at the Pacific Sutera Hotel on May 5-6.
"We realise that there is a growing interest for our properties in Sabah and Sarawak," said UEM Land chief marketing officer Siti Mariam Mohd Desa. "These marketing initiatives will not only serve as an excellent promotional platform but will also enable us to meet existing and potential customers to obtain a deeper understanding of their needs."
By Business Times
They are Kuching, Miri, Sibu and Kota Kinabalu.
UEM Land said in a statement among the projects that will be on display at the exhibitions are Imperia Puteri Harbour, Impiana at East Ledang, Summer VOS and Symphony Hills.
The first leg of the exhibitions will be in three cities in Sarawak - Miri on April 14-15 at the Marriot Hotel, Kuching on April 21-22 at the Hilton Hotel and Sibu on April 28-29 at the RH Hotel. This will be followed by a stop in Kota Kinabalu at the Pacific Sutera Hotel on May 5-6.
"We realise that there is a growing interest for our properties in Sabah and Sarawak," said UEM Land chief marketing officer Siti Mariam Mohd Desa. "These marketing initiatives will not only serve as an excellent promotional platform but will also enable us to meet existing and potential customers to obtain a deeper understanding of their needs."
By Business Times
Saturday, March 31, 2012
Banking on vibrant Sabah market
Mah Sing's first Sabah venture to use concepts from the group's Icon City
Property developer Mah Sing Group Bhd's managing director and chief executive Tan Sri Leong Hoy Kum is excited about the group's first property venture in Sabah.
“With our prime and very visible location in Kota Kinabalu's central business district (CBD), coupled with our planned offerings which meet market demand, we are very excited about the prospects of this new market,” he told StarBizWeek.
On March 26, Mah Sing had told Bursa Malaysia its wholly-owned subsidiary Capitol Avenue Development Sdn Bhd had entered into an agreement with Paduan Hebat Sdn Bhd for the proposed joint development of 4.26 acres of prime leasehold commercial land in the Sembulan District of Kota Kinabalu.
The land is located along the coastal highway in the CBD.
Paduan Hebat agrees with Capitol Avenue to jointly develop the land for RM39mil or about RM210 per sq ft.
Capitol Avenue was also granted an exclusive option to jointly develop with Paduan Hebat 4.408 acres at RM216 per sq ft or about RM41.5mil.
The option is exercisable by Capitol Avenue within six months.
According to Mah Sing's statement, the land is located opposite the five-star Sutera Harbour Resort and KK Times Square, and has direct road frontage to the Coastal Highway, one of Kota Kinabalu's main thoroughfares.
Other landmarks nearby include the Sabah Umno building, Ming Garden Hotel and Asia City.
The land will be the southern entry point to the CBD from the Kota Kinabalu International Airport, which is only 3.9km away.
The estimated gross development value is RM360mil for the 4.26 acres and RM470mil for the 4.408-acre option land.
Tentatively called Sutera Avenue, the proposed joint development will comprise multi-storey shop offices fronting the Coastal Highway with street mall retail lots and serviced apartments.
The joint development is expected to commence by the first half of 2013, and the 4.26 acres and 4.408-acre option land are expected to be developed over five years.
Mah Sing says the shop-offices with generous lot sizes will incorporate a new and unique concept (inspired by Mah Sing's 30 Jewels and Gourmet Street shops in its flagship Icon City project in Petaling Jaya) that will appeal to business owners, investors and future tenants.
The retail units will be designed for food and beverage outlets, and a street mall retail concept, in synergy with the shop-offices.
According to Mah Sing, demand for the development will result from the vibrancy of Sabah's economy which has benefited from the wealth of natural resources including oil palm, timber and oil and gas.
It also notes that there is a high population base, as Kota Kinabalu together with the surrounding towns of Penampang, Tuaran and Kota Belud has a population of about 800,000.
There is also a strong tourist trade, and Leong notes. “Kota Kinabalu is a premier tourist destination and is projecting about 2.75 million tourist arrivals in 2012, after attracting more than 2.63 million tourists in 2011. Close to 850,000 international tourists visited Sabah in 2011, with more than 300,000 from South Korea, Hong Kong, Japan, Taiwan, China, Macau and Singapore. More than half of Sabah's international tourists are repeat visitors, with close to 80% of them paying for accommodation during their travel. With their intimate knowledge of the region and frequency of their visits, we believe these tourists are also our potential investors.”
According to a report by consultancy CH Williams Talhar & Wong Sdn Bhd (WTW), major condominium developments launched in Kota Kinabalu's CBD have seen new benchmark prices.
Projects launched last year included 441 units of The Loft @ The Mall, priced from RM650 to RM820 per sq ft, and 333 units of Jesselton Residences, priced from RM630 to RM930 per sq ft.
“Also, 2011 saw the completion of condominums Alam Damai, Peak Vista and Hartamas Heights. Alam Damai, which was previously launched at RM230 to RM300 per sq ft, has reached RM400 per sq ft and above in the secondary market,” says the WTW report.
In addition to increasing land costs and scarcer choice development lands, the hype on condominiums is also spurred by the favourable economic climate backed by earnings from good palm oil prices over the last few years.
The report also notes that the existing supply of purpose-built office space in Kota Kinabalu currently enjoys high occupancy rates of 91% due to the lack of new supply and the conversion of some office buildings to hotels in the last one to two years.
Rents and values are rather stable although there are some upward movements in rents and values for prime and newer office buildings within the CBD.
“Overall, yields are estimated to be around 5%.”
“We are opened to landbanking or joint venture opportunities that fit our business model and have been scouting for land in Sabah, especially in Kota Kinabalu for some time. As an established property developer with 38 projects in Greater Kuala Lumpur, Penang, Johor Baru and now, Sabah, we have a wealth of know-how and a broad base of good consultants, both local and international, who can help to add value to the project,” says Leong.
“We want to leverage on our experience and bring in good architecture, new lifestyle concepts and design that make property management easier, thus creating value for the property.”
Leong also points out that Mah Sing Group's land consideration in the Sabah venture was quite reasonable.
“Land in nearby KK Times Square is being transacted at RM288 per sq ft. Certain suburbs have land transacted at RM150 to RM160 per sq ft on average, while current asking prices (for land in the suburbs examples like Likas and Tuaran) are touching RM200 per sq ft.”
He also points out that the land consideration is less than 10% of the gross development value of Sutera Avenue, which is estimated at a combined RM830mil.
“There is no other available land along the Coastal Highway/CBD which is so prime. All the other lands are already developed or being developed. Mah Sing will get to develop nett land as the surrounding areas are built up, and infrastructure is ready.”
(With gross land, land area has to be allocated for roads, infrastructure, open space, setbacks and land to be surrendered back to government [if required]). This means about 30% land area can be saved when the nett land is developed. In other words, the developer has 30% more saleable land area).
Leong also says the Sabah venture fits well into the company's quick turnaround strategy.
“We can launch the project quickly as the location is matured and infrastructure is ready. Mah Sing intends to start registration of interest by the third quarter of 2012.”
By The Star
Tuesday, March 27, 2012
Mah Sing enters Sabah with Sutera Avenue
KUALA LUMPUR: Mah Sing Group Bhd will enter Sabah property market with a mixed development, called Sutera Avenue with an estimated gross development value (GDV) of RM830million.
With this project, the group's landbank now stands at 490.4ha with remaining GDV and unbilled sales worth an estimated RM16.27 billion.
This provides the group with strong earnings stream for the next five to seven years, group managing director Tan Sri Leong Hoy Kum said.
Sutera Avenue will be developed on about 3.5ha of prime commercial land along the coastal highway in Kota Kinabalu's central business district.
Leong said the group is keen on Sabah market due to its vibrant economy, strong tourist trade and its population base provides a large market segment.
"Sutera Avenue is a perfect fit with our business strategy; the location is second to none, facilities and amenities abound, and we can launch the project quickly in line with our fast turnaround business strategy.
"We shall develop the project over five years, and intend to commence registration of interest by the second half of this year, as early as the third quarter," he said in a statement released yesterday.
The project is Mah Sing's second land deal in many months, as the developer has a landbanking target of acquiring new projects with potential GDV of RM5 billion in 2012.
Mah Sing's wholly owned subsidiary, Capitol Avenue Development Sdn Bhd had signed a joint development agreement with Paduan Hebat Sdn Bhd for the proposed joint development of 1.7ha for an entitlement of RM39 million or about RM210 per square foot (psf).
Capitol Avenue is also granted an option to jointly develop with Paduan Hebat another 1.76ha of adjacent site at an entitlement price of RM216 psf or abour RM41.5 million, within six months of the agreement.
In the first phase of the development, covering 1.7ha, the group plans to develop multi-storey shop offices fronting the coastal highway. This will be complemented by street mall retail lots and serviced apartments.
"These shop offices with generous lot sizes will incorporate a new and unique concept - inspired by Mah Sing's 30 Jewels and Gourmet Street shops in its flagship Icon City Petaling Jaya - appealing to both business owners, investors and future tenants.
By Business Times
With this project, the group's landbank now stands at 490.4ha with remaining GDV and unbilled sales worth an estimated RM16.27 billion.
This provides the group with strong earnings stream for the next five to seven years, group managing director Tan Sri Leong Hoy Kum said.
Sutera Avenue will be developed on about 3.5ha of prime commercial land along the coastal highway in Kota Kinabalu's central business district.
Leong said the group is keen on Sabah market due to its vibrant economy, strong tourist trade and its population base provides a large market segment.
"Sutera Avenue is a perfect fit with our business strategy; the location is second to none, facilities and amenities abound, and we can launch the project quickly in line with our fast turnaround business strategy.
"We shall develop the project over five years, and intend to commence registration of interest by the second half of this year, as early as the third quarter," he said in a statement released yesterday.
The project is Mah Sing's second land deal in many months, as the developer has a landbanking target of acquiring new projects with potential GDV of RM5 billion in 2012.
Mah Sing's wholly owned subsidiary, Capitol Avenue Development Sdn Bhd had signed a joint development agreement with Paduan Hebat Sdn Bhd for the proposed joint development of 1.7ha for an entitlement of RM39 million or about RM210 per square foot (psf).
Capitol Avenue is also granted an option to jointly develop with Paduan Hebat another 1.76ha of adjacent site at an entitlement price of RM216 psf or abour RM41.5 million, within six months of the agreement.
In the first phase of the development, covering 1.7ha, the group plans to develop multi-storey shop offices fronting the coastal highway. This will be complemented by street mall retail lots and serviced apartments.
"These shop offices with generous lot sizes will incorporate a new and unique concept - inspired by Mah Sing's 30 Jewels and Gourmet Street shops in its flagship Icon City Petaling Jaya - appealing to both business owners, investors and future tenants.
By Business Times
Friday, March 9, 2012
Private investors to develop Sabah resort
PETALING JAYA: Three private investors from Sabah and Peninsular Malaysia have grouped together to develop Sabah's first over-water resort development comprising 88 villas and a restaurant 12 metres underwater located off the coast of Semporna.
Known as Alorie Lepa Lepa, the villas, ranging from 2,200 sq ft to 5,500sq ft, are being sold for between RM2.8mil and RM5.5mil each with a minimum 7% annual returns for the first five years.
There would be a 10% compounded interest every five years, which meant that from the sixth to the 10th year, the owner would receive a 7.7% annual return, its managing director Louise Lang said.
The gross development value is RM280mil.
On how the private investors were able to form a company and to build on the sea off Mabul Island, Lang said the company had “acquired the submerged land title from the Sabah state government to build on the site.
“The buyers will receive master titles to the villas,” she added.
By The Star
Known as Alorie Lepa Lepa, the villas, ranging from 2,200 sq ft to 5,500sq ft, are being sold for between RM2.8mil and RM5.5mil each with a minimum 7% annual returns for the first five years.
There would be a 10% compounded interest every five years, which meant that from the sixth to the 10th year, the owner would receive a 7.7% annual return, its managing director Louise Lang said.
The gross development value is RM280mil.
On how the private investors were able to form a company and to build on the sea off Mabul Island, Lang said the company had “acquired the submerged land title from the Sabah state government to build on the site.
“The buyers will receive master titles to the villas,” she added.
By The Star
Monday, February 27, 2012
SP Setia’s Aeropod will feature hotels, residential units and railway headquarters
KOTA KINABALU: Chief Minister Datuk Musa Aman boarded a train for a ride from the Tanjung Aru railway station to a marquee to launch a redevelopment of the facility existing since for more than a century.
Accompanying him on the five minute ride on Saturday was SP Setia group president and chief executive Tan Sri Liew Kee Sin whose company is making its first foray into Sabah with the RM2bil project called Aeropod.
That ride, Liew later said, symbolised the journey that Sabah was undertaking from the past to the future with the train station being transformed into a transportation hub and more.
Liew says Aeropod modelled after SP Setia’s successful SetiaWalk in Puchong
The project for SP Setia, that has been described as Malaysia's top property developer, is by any measure a massive undertaking.
To be implemented over five phases in a span of about eight to 10 years, Aeropod would ultimately become a place that people would want to go to, said Liew.
When fully completed, Aeropod being built on a 24ha site, would feature three hotels, nearly 28,000 sq m of retail space, some 5,000 residential units as well as the new Sabah Railway Department headquarters.
He said SP Setia's inaugural Sabah venture began in 2008 when the firm worked closely with the Sabah government for the redevelopment and modernisation of the Tanjung Aru railway station to become a state-of-the art transportation hub.
Thus the Aeropod would not only serve as a railway station but would also be geared for the future by being built to accommodate mass rapid transit (MRT) or monorail services.
“Our agreement with the Sabah government sees us redeveloping this transport terminal in return for the rights to build a mixed commercial project on the surrounding land,” said Liew.
He said Aeropod was modelled after SP Setia's successful SetiaWalk in Puchong and conceptualised along with the group's development philosophy of Live, Learn, Work and Play.
“Our award-winning approach of building well-planned developments with great accessibility and extensive amenities within a single location will see to it that Aeropod becomes a hot spot in the state,” Liew added.
He said Aeropod would feature boutique retail lots, office blocks, a shopping mall, hotels and serviced apartments.
“For investors looking to capitalise on Sabah's rising economic potential to families planning an enjoyable outing, Aeropod will have something to offer everyone,” Liew added.
The first phase of the project, according to Liew, would see SP Setia investing some RM235mil covering an area of some 11ha for the construction of among others 28 units of shop lots which have been sold out.
That phase would also see the realignment of rail tracks and the construction of the Sabah Railway headquarters and train station apart from building replacement quarters for department staff at Kinarut.
“Our pledge that despite the ongoing work at the railway station, there will be no disruption of train services,” Liew added.
He said other components of the first phase include the Galleria - a public area featuring among others a huge aquarium showcasing Sabah's diverse marine life as well as a railway museum.
He said the first phase would also see the construction of two ramps or flyover for easier vehicle traffic access between Aeropod and the nearby Jalan Kepayan.
Liew said SP Setia had also committed to preserving the Kepayan Ridge hills just behind the project site and instead landscape it to become a park.
By The Star
Accompanying him on the five minute ride on Saturday was SP Setia group president and chief executive Tan Sri Liew Kee Sin whose company is making its first foray into Sabah with the RM2bil project called Aeropod.
That ride, Liew later said, symbolised the journey that Sabah was undertaking from the past to the future with the train station being transformed into a transportation hub and more.
The project for SP Setia, that has been described as Malaysia's top property developer, is by any measure a massive undertaking.
To be implemented over five phases in a span of about eight to 10 years, Aeropod would ultimately become a place that people would want to go to, said Liew.
When fully completed, Aeropod being built on a 24ha site, would feature three hotels, nearly 28,000 sq m of retail space, some 5,000 residential units as well as the new Sabah Railway Department headquarters.
He said SP Setia's inaugural Sabah venture began in 2008 when the firm worked closely with the Sabah government for the redevelopment and modernisation of the Tanjung Aru railway station to become a state-of-the art transportation hub.
Thus the Aeropod would not only serve as a railway station but would also be geared for the future by being built to accommodate mass rapid transit (MRT) or monorail services.
“Our agreement with the Sabah government sees us redeveloping this transport terminal in return for the rights to build a mixed commercial project on the surrounding land,” said Liew.
He said Aeropod was modelled after SP Setia's successful SetiaWalk in Puchong and conceptualised along with the group's development philosophy of Live, Learn, Work and Play.
“Our award-winning approach of building well-planned developments with great accessibility and extensive amenities within a single location will see to it that Aeropod becomes a hot spot in the state,” Liew added.
He said Aeropod would feature boutique retail lots, office blocks, a shopping mall, hotels and serviced apartments.
“For investors looking to capitalise on Sabah's rising economic potential to families planning an enjoyable outing, Aeropod will have something to offer everyone,” Liew added.
The first phase of the project, according to Liew, would see SP Setia investing some RM235mil covering an area of some 11ha for the construction of among others 28 units of shop lots which have been sold out.
That phase would also see the realignment of rail tracks and the construction of the Sabah Railway headquarters and train station apart from building replacement quarters for department staff at Kinarut.
“Our pledge that despite the ongoing work at the railway station, there will be no disruption of train services,” Liew added.
He said other components of the first phase include the Galleria - a public area featuring among others a huge aquarium showcasing Sabah's diverse marine life as well as a railway museum.
He said the first phase would also see the construction of two ramps or flyover for easier vehicle traffic access between Aeropod and the nearby Jalan Kepayan.
Liew said SP Setia had also committed to preserving the Kepayan Ridge hills just behind the project site and instead landscape it to become a park.
By The Star
Monday, October 17, 2011
Breathing new life into Sandakan
KUALA LUMPUR: The multi-million ringgit Sandakan Harbour Square is set to transform Sandakan from a sleepy town mostly known for its orang utan sanctuary and natural attractions into a modern, dynamic city on the east coast of Sabah.
The seafront urban renewal project, comprising commercial shops and offices, an international hotel and shopping mall, as well as a new city square and waterfront esplanade, will provide ample business opportunities, jobs and space for recreational and social functions.
Ireka Development Management Sdn Bhd (IDM) president and chief executive officer, Lai Voon Hon, said the project aims to rejuvenate the central business district (CBD) of Sandakan.
"The general topography of Sandakan is limited by the sea and hill at the front and back of the town, leaving limited suitable land for town development. This has resulted in almost no new property development projects in the CBD in the last 20 years," he told Business Times.
The project, managed by IDM and supported by the Sabah government and Sandakan Municipal Council (MPK), covers 4.8ha land, including land reclamation.
Lai said the project is IDM's flagship project in East Malaysia.
IDM, a wholly-owned subsidiary of Ireka Corporation Bhd, is the development manager for London-listed Aseana Properties Ltd. Aseana, which has property developments in other parts of Malaysia and Vietnam, is an associate company of the Ireka Group.
Lai said as an urban redevelopment project, "the Sandakan Harbour Square will be a catalyst for the modernisation of the town, with the aim of turning it into a tourist destination and a bustling commercial centre".
He said the third and the final phases of the project, comprising Harbour Mall Sandakan and Four Points by Sheraton Hotel, will be completed by year-end and early next year.
Between 3,000 and 4,000 jobs are expected to be generated by the mall and hotel, which has gross development value of RM510 million.
Among the confirmed tenants for the mall are Parkwell Departmental Store & Supermarket, Tomei, Bata, SoxWorld, GNC, Levi's, The Body Shop, Jeff Eyewear Space and Gintell.
Lai said the whole project blends well with Sandakan's development plan.
"Sabah Chief Minister Datuk Seri Musa Aman's vision is to turn Sandakan into an education hub."
At the same ceremony, MPK president Datuk James Wong said the education hub, which covers 600ha land, will be home to 15,000 people.
He said the new shopping mall will cater to the needs of the student population.
Wong believes that the project will attract more tourists to Sandakan.
By Business Times
Friday, August 19, 2011
Hua Yang plans to expand into Sabah, Sarawak
MAIN Market-listed Hua Yang Bhd plans to introduce its affordable housing to Sabah and Sarawak.
The company is currently talking to landowners to acquire land near city centres there.
"Sabah and Sarawak are our next market. We've done a lot of study and we believe the population and economic growth there will generate strong demand for our houses," chief executive officer Ho Wen Yan said.
Currently, Hua Yang's property projects are concentrated namely in Klang Valley, Johor and Perak.
The company, which was incorporated some 33 years ago in Ipoh, has no plans for now to go abroad.
Ho said the market is still big in Malaysia and the company wants to grow its market share here.
However, he said Hua Yang may bring its affordable housing model abroad, probably into Asian market in the next three to five years' time.
Merger and acquisition (M&A) is also not the company's way of expanding.
"We want to build a sustainable business over the long term ... We don't want to overborrow and we want to grow organically so that we can handle the growth," he said.
By Business Times
The company is currently talking to landowners to acquire land near city centres there.
"Sabah and Sarawak are our next market. We've done a lot of study and we believe the population and economic growth there will generate strong demand for our houses," chief executive officer Ho Wen Yan said.
Currently, Hua Yang's property projects are concentrated namely in Klang Valley, Johor and Perak.
The company, which was incorporated some 33 years ago in Ipoh, has no plans for now to go abroad.
Ho said the market is still big in Malaysia and the company wants to grow its market share here.
However, he said Hua Yang may bring its affordable housing model abroad, probably into Asian market in the next three to five years' time.
Merger and acquisition (M&A) is also not the company's way of expanding.
"We want to build a sustainable business over the long term ... We don't want to overborrow and we want to grow organically so that we can handle the growth," he said.
By Business Times
Wednesday, July 27, 2011
Sandakan Harbour Square ready by Dec
SANDAKAN: The third and the final phases of a RM510 million Sandakan Harbour Square, comprising a shopping mall and an international hotel, are on track to be completed by year-end.
According to project manager Ireka Development Management Sdn Bhd, Sandakan Harbour Mall is scheduled to open by end of the year, while the opening of Four Points by Sheraton Hotel is sche-duled for early next year.
Ireka president and chief executive officer (CEO) Lai Voon Hon said both buildings are currently about 80 per cent completed.
"There is no breakdown of the costs of the mall and the hotel but the gross development value of the mall and hotel, which are in phases three and four, is RM200 million," Lai told a news conference after the topping up ceremony yesterday.
The ceremony also saw the signing of agreement between Ireka and the mall's anchor tenant, Parkwell Departmental Store and Supermarket, owned by Evergreen (1979) Trading Sdn Bhd.
Also present at the ceremony, witnessed by Sandakan Municipal Council (MPK) president Datuk James Wong, were Starwood Asia Pacific Hotels & Resorts regional vice president (Southeast Asia) Chuck Abbott, CB Richard Ellis (Malaysia) managing director Allan Soo and Evergreen Trading managing director Lai Kock Poh.
Sandakan Harbour Square, a seafront urban renewal project, is developed by ICSD Ventures Sdn Bhd, a wholly-owned subsidiary of London-listed Asean Properties Ltd, together with MPK as its joint-venture partner.
The integrated commercial development on reclaimed land overlooking the Sulu Sea, received the Asia Pacific Property Awards in 2009 in the commercial redeve-lopment category.
Lai said the project, which started in 2003 and spans over 30ha of land, blends well with Sandakan's development plan as Sabah's education hub.
He said the five-storey mall, with 200,000 sq ft of retail space, is targeted at local and international tourists as well as youngsters.
Abott said the 26-storey, 300-room Four Points by Sheraton hotel tower is targeted at business and leisure travellers.
Starwood manages eight hotels in Malaysia, including a Four Points by Sheraton hotel in Kuching, he added.
MPK's Wong said the Sandakan Harbour Mall development will contribute significantly to tourism activities in Sandakan, which has a population of about 500,000 people.
"The mall and the hotel are expected to generate between 3,000 and 4,000 job opportunities for the locals," he said.
By Business Times
Tuesday, April 12, 2011
Sagajuta to unveil RM2b projects
KLANG: Sagajuta (Sabah) Sdn Bhd, a pioneer developer in Sabah is launching four commercial projects worth almost RM2 billion this year, as demand for the properties increases, its chief said.
They include the abandoned commercial project in Selangor, called 1Gateway Klang, which its unit, Lagenda Erajuta Sdn Bhd, has taken over and is reviving this month.
The three new projects are located in Kota Kinabalu, Bukit Mertajam in Penang and Johor Baru, launching in phases from the end of this year.
The projects will comprise modern shoplots, office towers, street mall and leisure facilities.
Sagajuta managing director and executive chairman Datuk Raymond Chan Boon Siew said the projects will be carried out without bridging loans.
"We expect the projects to be self-funded and sustainable," Chan told Business Times recently.
Chan said he is bullish that the projects will be successful during the launches because of the concept.
He said the current trend shows that buyers and investors are looking for commercial properties with lifestyle and leisure facilities and a conducive work environment.
"While it takes a bit of work to plan the developments, we try to build iconic projects that change the landscape so it pays off well for us and the buyers," Chan said.
Sagajuta is known for its landmark project, the RM1.2 billion 1-Borneo mall, the largest in Sabah, which has four international and regional chain hotels, condominiums, lifestyle and leisure properties.
On 1Gateway (previously, Intania), Chan said he is confident that the project, which will be re-launched soon, will be sold within the next six to 12 months.
The revival plan includes injecting the 4-star Novotel hotel, a hypermarket, duplex shops, Soho and a food hub into the project to enhance its appeal. This is on top of the original plan to have a 31-storey office tower and shoplots.
Chan said he may plan to take over other abandoned buildings in the Klang Valley, if viable.
Intania, a joint venture between Port Klang Authority and Dermaga Suasa Sdn Bhd, controlled by Tan Sri Megat Najmuddin Megat Khas, stopped in 2006 following a dispute between both parties on privatisation matters.
Dubbed the white knight, Lagenda Erajuta took over the project from Dermaga. This is the first abandoned project taken over by Chan.
By Business Times
They include the abandoned commercial project in Selangor, called 1Gateway Klang, which its unit, Lagenda Erajuta Sdn Bhd, has taken over and is reviving this month.
The three new projects are located in Kota Kinabalu, Bukit Mertajam in Penang and Johor Baru, launching in phases from the end of this year.
The projects will comprise modern shoplots, office towers, street mall and leisure facilities.
Sagajuta managing director and executive chairman Datuk Raymond Chan Boon Siew said the projects will be carried out without bridging loans.
"We expect the projects to be self-funded and sustainable," Chan told Business Times recently.
Chan said he is bullish that the projects will be successful during the launches because of the concept.
He said the current trend shows that buyers and investors are looking for commercial properties with lifestyle and leisure facilities and a conducive work environment.
"While it takes a bit of work to plan the developments, we try to build iconic projects that change the landscape so it pays off well for us and the buyers," Chan said.
Sagajuta is known for its landmark project, the RM1.2 billion 1-Borneo mall, the largest in Sabah, which has four international and regional chain hotels, condominiums, lifestyle and leisure properties.
On 1Gateway (previously, Intania), Chan said he is confident that the project, which will be re-launched soon, will be sold within the next six to 12 months.
The revival plan includes injecting the 4-star Novotel hotel, a hypermarket, duplex shops, Soho and a food hub into the project to enhance its appeal. This is on top of the original plan to have a 31-storey office tower and shoplots.
Chan said he may plan to take over other abandoned buildings in the Klang Valley, if viable.
Intania, a joint venture between Port Klang Authority and Dermaga Suasa Sdn Bhd, controlled by Tan Sri Megat Najmuddin Megat Khas, stopped in 2006 following a dispute between both parties on privatisation matters.
Dubbed the white knight, Lagenda Erajuta took over the project from Dermaga. This is the first abandoned project taken over by Chan.
By Business Times
Tuesday, April 5, 2011
New Age buys land in Kuantan from EPF for RM12m
KUALA LUMPUR: Boutique developer New Age Portfolio Sdn Bhd is buying a piece of land in Kuantan, Pahang, from the Employees Provident Fund (EPF), which has potential to generate RM120 million in gross development value.
New Age is buying the 10.4ha land for RM12 million, said its chief executive officer Lai Yeng Fock.
The land is part of the 200ha Indera Mahkota 2 township, in which Pasdec Holdings Bhd is one of the major developers.
"We are negotiating the terms of the sales and purchase agreement with the EPF. We hope to start building the houses by the third quarter of this year," Lai told Business Times in an interview recently.
According to Lai, the project will be undertaken by a new company called Armada Bayumas Sdn Bhd, controlled by him and two other property investors.
Lai said he is also talking to a land owner in Klang, Selangor, for a big project.
"I want to be a long-term player in property development and some day develop a township that I can be proud off. My initial target is Klang Valley," Lai said.
Lai has over 20 years of experience in property development, starting with Talam Corp Bhd in 1986 and Brisdale Holdings Bhd. His final post was at WCT Land Bhd as its executive director.
At WCT, Lai was involved in key projects such as Bandar Bukit Tinggi in Klang, d'Banyan Residency @ Sutera Harbour, Sabah, and The Platinum Plaza in Vietnam.
He left WCT in 2008 to set up New Age with four partners, all businessmen. Its first project was Kinrara Hills in Puchong, Selangor, featuring 50 units of semi-detached houses that were fully sold.
"My selling point is extending the defect liability to 36 months from 24 months and offering three-year after sale service," Lai said.
New Age is planning a luxury condominium project in Kota Kinabalu due for launch this year, via its associate, Laser Plus Sdn Bhd.
Lai expects New Age to generate revenue of RM40 million in the current financial year to December 31, with two-digit growth year-on-year.
By Business Times (by Sharen Kaur)
New Age is buying the 10.4ha land for RM12 million, said its chief executive officer Lai Yeng Fock.
The land is part of the 200ha Indera Mahkota 2 township, in which Pasdec Holdings Bhd is one of the major developers.
"We are negotiating the terms of the sales and purchase agreement with the EPF. We hope to start building the houses by the third quarter of this year," Lai told Business Times in an interview recently.
According to Lai, the project will be undertaken by a new company called Armada Bayumas Sdn Bhd, controlled by him and two other property investors.
Lai said he is also talking to a land owner in Klang, Selangor, for a big project.
"I want to be a long-term player in property development and some day develop a township that I can be proud off. My initial target is Klang Valley," Lai said.
Lai has over 20 years of experience in property development, starting with Talam Corp Bhd in 1986 and Brisdale Holdings Bhd. His final post was at WCT Land Bhd as its executive director.
At WCT, Lai was involved in key projects such as Bandar Bukit Tinggi in Klang, d'Banyan Residency @ Sutera Harbour, Sabah, and The Platinum Plaza in Vietnam.
He left WCT in 2008 to set up New Age with four partners, all businessmen. Its first project was Kinrara Hills in Puchong, Selangor, featuring 50 units of semi-detached houses that were fully sold.
"My selling point is extending the defect liability to 36 months from 24 months and offering three-year after sale service," Lai said.
New Age is planning a luxury condominium project in Kota Kinabalu due for launch this year, via its associate, Laser Plus Sdn Bhd.
Lai expects New Age to generate revenue of RM40 million in the current financial year to December 31, with two-digit growth year-on-year.
By Business Times (by Sharen Kaur)
Tuesday, March 29, 2011
RM300m centre to transform KK suburbs
AN INTERNATIONAL technology and commercial centre (ITCC) is being developed in Penampang that will transform the economy of the town in the suburb of Kota Kinabalu.
Built with a capital investment of RM300 million, the ITCC is undertaken by Bumiputera-owned Sabanilam Enterprise Sdn Bhd, a subsidiary of Malakun Holdings owned by Datuk Seri Clarence Bongkos Malakun.
The project will include the development of a business hotel, an office tower hotel, a modern shopping mall with hi-fi facilities, theatre and science and technology exhibition area.
Officiating at the ground-breaking ceremony of the project, Chief Minister Datuk Seri Musa Aman said the ITCC is listed as a private sector initiative project by the Sabah Economic Development and Investment Authority (Sedia), the one-stop authority for the Sabah Development Corridor (SDC).
Musa said the ITTC reflects the capabilities of Bumiputera company to undertake big projects.
"Both the state and federal government are continuously encouraging Bumiputera entrepreneurs to initiate and participate in projects that could help spur economic growth in Sabah," he said.
Malakun said site preparation for the ITCC project located at Jalan Pintas in Kampung Hungab, Penampang, has been completed and that piling works would begin soon.
"We expect the project to be completed in 40 months," he said.
By Business Times
Built with a capital investment of RM300 million, the ITCC is undertaken by Bumiputera-owned Sabanilam Enterprise Sdn Bhd, a subsidiary of Malakun Holdings owned by Datuk Seri Clarence Bongkos Malakun.
The project will include the development of a business hotel, an office tower hotel, a modern shopping mall with hi-fi facilities, theatre and science and technology exhibition area.
Officiating at the ground-breaking ceremony of the project, Chief Minister Datuk Seri Musa Aman said the ITCC is listed as a private sector initiative project by the Sabah Economic Development and Investment Authority (Sedia), the one-stop authority for the Sabah Development Corridor (SDC).
Musa said the ITTC reflects the capabilities of Bumiputera company to undertake big projects.
"Both the state and federal government are continuously encouraging Bumiputera entrepreneurs to initiate and participate in projects that could help spur economic growth in Sabah," he said.
Malakun said site preparation for the ITCC project located at Jalan Pintas in Kampung Hungab, Penampang, has been completed and that piling works would begin soon.
"We expect the project to be completed in 40 months," he said.
By Business Times
Friday, March 18, 2011
Karambunai unit inks agreement with China Central Asia
PETALING JAYA: Karambunai Corp Bhd's wholly-owned subsidiary, Karambunai Resorts Sdn Bhd, has signed a joint venture agreement with China Central Asia Group Co Ltd (CCAG) to develop the RM1bil first phase of the Karambunai Integrated Resort City (KIRC) in Kota Kinabalu.
Karambunai Corp told Bursa Malaysia yesterday that CCAG would inject a seed capital of US$100mil as a revolving fund to develop about 3,000 units of low and medium high rise residential buildings. The fund also covers the development of a commercial beachfront centre on 75 acres owned by Karambunai Resorts.
A subsidiary to be incorporated later by Karambunai Resorts will be entitled to 50% of the net profit while CCAG will take the rest.
KIRC, which will include tourism, health and eco-nature edu-tainment recreation facilities, is to be developed over eight years starting from next year.
By The Star
Karambunai Corp told Bursa Malaysia yesterday that CCAG would inject a seed capital of US$100mil as a revolving fund to develop about 3,000 units of low and medium high rise residential buildings. The fund also covers the development of a commercial beachfront centre on 75 acres owned by Karambunai Resorts.
A subsidiary to be incorporated later by Karambunai Resorts will be entitled to 50% of the net profit while CCAG will take the rest.
KIRC, which will include tourism, health and eco-nature edu-tainment recreation facilities, is to be developed over eight years starting from next year.
By The Star
Monday, March 14, 2011
New Age to launch Kota Kinabalu project by June
Boutique developer New Age Portfolio Sdn Bhd, expects to launch its second housing project, the RM350 million Celebrity Residence project, by the middle of this year.
Set up two years ago, the company will launch the project in Kota Kinabalu, Sabah, via its associate, Laser Plus Sdn Bhd.
New Age and Laser Plus have common shareholders, which include Lai Yeng Fock, formerly the executive director for WCT Land Bhd. The rest are private investors.
Lai said New Age will use its internally-generated funds and loans for the development.
He said after the successful sale of its maiden project in Puchong, Selangor, it is geared up financially to launch a new product.
The project in Puchong comprises 50 high-end three-storey semi-dees worth more than RM1.3 million each, or a combined RM77 million. New Age sold the units, which will be built by June, in less than two months last year by word of mouth.
"Our selling point was to extend the defect liability to 36 months and offer a three-year customer care service where buyers can call us during the period for minor repairs to their homes without a fee.
"While it is an extra cost for us, we are going to work on these two areas for all our future projects," Lai said in an interview.
As for Celebrity Residence, it will comprise three 24-storey blocks with 432 luxury condominium units on a 6.25-acre leasehold tract, which the company bought in 2009 for RM13 million.
Lai said the units, with an average build-up of 1,600 sq ft, will be priced from RM600,000 onwards. New Age is targeting expatriates and Sabahans.
By Business Times
Set up two years ago, the company will launch the project in Kota Kinabalu, Sabah, via its associate, Laser Plus Sdn Bhd.
New Age and Laser Plus have common shareholders, which include Lai Yeng Fock, formerly the executive director for WCT Land Bhd. The rest are private investors.
Lai said New Age will use its internally-generated funds and loans for the development.
He said after the successful sale of its maiden project in Puchong, Selangor, it is geared up financially to launch a new product.
The project in Puchong comprises 50 high-end three-storey semi-dees worth more than RM1.3 million each, or a combined RM77 million. New Age sold the units, which will be built by June, in less than two months last year by word of mouth.
"Our selling point was to extend the defect liability to 36 months and offer a three-year customer care service where buyers can call us during the period for minor repairs to their homes without a fee.
"While it is an extra cost for us, we are going to work on these two areas for all our future projects," Lai said in an interview.
As for Celebrity Residence, it will comprise three 24-storey blocks with 432 luxury condominium units on a 6.25-acre leasehold tract, which the company bought in 2009 for RM13 million.
Lai said the units, with an average build-up of 1,600 sq ft, will be priced from RM600,000 onwards. New Age is targeting expatriates and Sabahans.
By Business Times
Monday, February 28, 2011
Ireka positive Aseana Properties will start to contribute in next two to three years
Ireka is involved in the construction of phases three and four of Sandakan Harbour Square in Sabah
KUALA LUMPUR: Ireka Corp Bhd is confident its 23%-owned associate company, Aseana Properties Ltd, which has been weighing down on the company's financial performance with its losses, will be able to contribute positively to the group in the next two to three years.
Ireka group executive director Lai Voon Hon said Aseana's portfolio included seven development projects in Malaysia and three projects in Vietnam. It also has a 16.4% equity investment in Ho Chi Minh City-based Nam Long Corp.
“Most of the projects in Aseana are only kicking off from this year and we see Aseana contributing positively to Ireka from financial year 2012 onwards.
“Going forward, the number of projects that will be able to contribute to Aseana's bottomline will increase.
“We are confident that beyond 2012, there will be quite a bit of profits coming in from Aseana,” Lai told StarBiz.
For the nine-month period ended December 31, 2010, Ireka recorded a pre-tax loss of RM10.26mil, compared with a pre-tax profit of RM8.16mil in the preceding year. Revenue was 7% higher at RM308.8mil.
The loss was in part attributable to a share of loss in Aseana Properties of RM7.5mil and a mark-to-market loss for share investment in Kinh Bac City Development Shareholding Corporation of RM1.6mil.
According to Lai, having Aseana as the property fund arm of Ireka is a good business model.
As the exclusive development manager of the fund, Ireka earns a fixed annual management fee and a performance fee from Aseana.
The fund holds all of Ireka's earlier ongoing property projects in Malaysia, leaving the parent company, which is also involved in construction, with an asset-light balance sheet.
“Aseana gives Ireka the platform to expand its expertise to emerging markets such as Vietnam and for the group to undertake more development projects as compared to Ireka undertaking the projects on its own.
“Listed on the London Stock Exchange, Aseana has a larger capital base and the ability to own more development assets or investments.
“Ireka currently manages a portfolio of current and upcoming projects with a total estimated gross development value (GDV) in excess of US$2bil,” Lai added.
He said with Aseana more mature now, Ireka was looking to beef up its property development division and was actively scouting for land in prime areas in Malaysia and Vietnam. It is also looking for joint venture opportunities with land owners.
Together with Aseana Properties, Ireka will soon commence on a number of new development projects, including a residential project in Jalan Kia Peng, Kuala Lumpur.
According to Lai, the plan is to raise the ratio of earnings contribution between the property and construction divisions to 50:50 over the next five years from 5:95 now.
As at Dec 31, 2010, Ireka's construction order book amounted to RM1.003bil with approximately RM430mil still outstanding.
Over the last nine months, the group has tendered for jobs totalling over RM1bil and has successfully secured three projects with total contract sum of about RM297mil.
Its local construction portfolio include SENI Mont' Kiara, a high end condominium project in Mont' Kiara; an integrated hotel cum office towers project at KL Sentral and the Kulai-Second Link Expressway Interchange.
It is also involved in the construction of phases three and four of Sandakan Harbour Square in Sabah, comprising a modern lifestyle mall and a hotel.
Lai said Ireka, which had been active in Vietnam's property market over the past four years, was ready to export its construction expertise there.
The group is confident Vietnam's property and construction markets would bounce back strongly in a year or two's time.
Lai said the construction industry in Vietnam was growing in tandem with the economic development of the country and demand for expertise in the infrastructure, commercial and residential segments would continue to rise.
Earlier this month, Ireka Engineering and Construction Vietnam Company Ltd (IECVCL), a wholly-owned subsidiary of Ireka Corp Bhd, secured a construction package to build a general hospital at the International Hi-Tech Healthcare Park (IHHP) in Binh Tan District, Ho Chi Minh City, in Vietnam.
The contract, valued at RM27.58mil, comprises the construction of a reinforced concrete structure and related ancillary works for the general hospital.
By The Star (by Angie Ng)
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