Hotel brand that’s syariah-compliant

By The Star

Dubai group plans 30 properties by end-2008

DUBAI: Dubai-based hospitality group Almulla has launched the world’s first syariah-compliant hotel brand portfolio to cater to demand from Muslim and non-Muslim travellers.

The hotel group plans to have 30 properties under three core brand names – Cliftonwood, Adham and Wings – by the end of 2008, with Malaysia being one of its targeted destinations.

The group’s overall strategy was to reach 150 hotels by 2013 with expected total investment of over US$2bil, it said in a statement issued in conjunction with the launch on Wednesday.

Almulla Hospitality chairman Abdulla M. Almulla said institutional investors and high net worth individuals would be the backbone for such a growth drive.

He said although there were plenty of individual syariah-compliant hotels worldwide, their positioning was usually dictated by the owner, either as an independent hotel, one within a chain or due to the syariah laws of a country where they are situated.

“Our brand proposition is so distinct that guests will be confident that our brand values have universal consistency,” he added in the statement.

Almulla said the Muslim traveller market was expanding around the world due to the increasing wealth in their communities, combined with conscious lifestyle living, and it represented 10% of the world tourism market, being one of the fastest growing segments.

Their average spending is 10% to 50% higher than that of the average leisure or business traveller.

“The bottomline is that conscious lifestyle tourism is expected to grow at a rate of 20% per annum, five times more than the average traditional market segment,” the group said.

According to the group, the specific destinations targeted are Saudi Arabia, the United Arab Emirates (UAE), Jordan, Egypt, Malaysia and Thailand.

It is also looking forward to setting up operations in Europe with 15 deluxe hotels, to be followed by 25 business hotels in “the second European wave”.

The group plans to capture the Gulf Cooperation Council travellers who contribute over US$12bil annually on leisure travel alone.

According to the World Tourism Organisation, Saudi Arabia is one of the biggest outbound travel markets in terms of average spend with tourists from the kingdom spending US$6.7bil annually on overseas travel.

The UAE travellers are close behind, at more than US$4.9mil, averaging US$1,700 per trip, which is US$500 higher than the European average.

The group also said that all properties operating under the brands would serve only halal prepared food, as interpreted by syariah laws and the syariah supervisory board. – Bernama

The Avare condominiums sold out

By The Star



The last Avare condominium unit was sold at RM2,100 per sq ft, from an average price of RM1,350 per sq ft when it was launched early last year.

PETALING JAYA: Second Board-listed Magna Prima Bhd, which is repositioning itself as a developer, announced yesterday that it had completed the sales of The Avare, a 41-storey freehold condominium development located in KLCC.

In a press release, the company said the last unit was sold at RM2,100 psf, from an average price of RM1,350 psf when it was launched early last year. The Avare comprises 78 condominiums with built-up areas of 3,800 sq ft to 7,700 sq ft. The project’s scheduled completion date is next August.

Executive director Lim Ching Choy said the successful sales of the luxury condominiums took the firm closer to realising its repositioning as a developer.

Apart from The Avare, the firm’s property development arm, which contributed over 60% of turnover, is developing Magnaville in Selayang and Dataran Automobil in Shah Alam.

Sunrise keen on overseas property jobs

By The Star

KUALA LUMPUR: Sunrise Bhd, which has made a name for itself in the development of Mont’Kiara in Kuala Lumpur, is looking at sustainable overseas property development as an option for the future as its landbank in the country depletes.

Executive chairman Tong Kooi Ong said the company had, in the middle of the year, acquired a 4.8-acre freehold site in Vancouver, Canada, for RM112mil that would be rezoned to a 700,000 sq ft net saleable strata-titled residential development with a commercial element.

“Sunrise needs to consider this as an option in the future but we don’t want to do a one-off project, it must be long term and meaningful,” Tong said after the company AGM yesterday.

Sunrise currently has 85.16 acres of undeveloped freehold land in Mont’Kiara.

Tong, who is also executive chairman of Taiga Building Products Ltd, a Canadian distributor of building products, said he hoped there would be more opportunities there but did not discount development ventures in other parts of the world.

The as-yet-unnamed development in the suburb of Richmond, Vancouver, is the second-largest development in the city, he said, adding that the more premium condominium units in the suburb were going for an average of C$500 to C$530 psf while in Vancouver, it was C$800 to C$2,000 psf. The development would be launched in two phases, in mid-2008 and mid-2009.

From left: Sunrise Bhd deputy executive chairman Datuk Allan Lim Kim Huat, Tong Kooi Ong and Sunrise managing director Datuk Michael K.C. Yam at the press conference

The Vancouver development will mark Sunrise’s maiden foray into the North American market. The company’s previous exposure to overseas property development had been small, including a joint venture in Britain and a three-acre freehold site in Sydney, Australia.

Meanwhile, Tong said there were over 6 million sq ft of net saleable area under construction in Mont’Kiara, ranging from developments that were in the beginning stages of construction to those that were just being completed. Going forward, he said, there was over 5 million sq ft of net saleable area in seven projects that would be launched in the near future.

“We’ve over RM1.3bil in unbilled sales to date and, if MK11 is included, we’ll pass the RM2bil mark once the sales and purchase agreements are signed,” Tong said.

The RM800mil MK11 comprises five 43-storey condominium tower blocks on 5.3 acres and will be launched at year-end. Unbilled sales rose 90.8% in the financial year ended June 30, 2007 (FY07) compared with FY06.

The company also plans to launch a similar mixed development project next to its Solaris Dutamas project currently under construction.

Sunrise posted a net profit of RM67.49mil on revenue of RM558.09mil in FY07.

Mah Sing plans to go green, seeks more land

By New Straits Times

PROPERTY developer Mah Sing Group Bhd plans to add energy-efficient homes into its portfolio, and buy more land to grow earnings.

Plans are also taking shape to venture into Sabah and Sarawak where Kuala Lumpur-based Mah Sing plans to replicate its existing projects.

"We would like to go green, for instance, solar energy," Mah Sing group managing director Datuk Leong Hoy Kum said after the company's shareholders meeting yesterday.

Talks are on-going between Mah Sing and Japanese solar-energy equipment makers like Hitachi and Sharp, said Leong, without specifying when the optional features will be added into its future offerings.

Early birds in the Malaysian solar-power home fraternity include SP Setia Bhd and Putrajaya Perdana Bhd.

Local real estate builders' energy-conservation efforts come at a time when global oil prices have substantially risen, thus, rendering hydrocarbon-fuel uneconomical in electricity generation.

Meanwhile, Leong said Mah Sing would like to build an estimated 200ha township within a strategic 1,200ha tract in Sungai Buloh where the Rubber Research Institute sits.

"That (200 ha) is the optimum size we can value add," said Leong. The 1,200 ha land near Petaling Jaya's Bandar Utama, and Kota Damansara enclaves, is up for sale.

In Sabah and Sarawak, it hopes to gain a foothold in Kota Kinabalu and Kuching, where the developer intends to collaborate with private landowners and local authorities.

The firm's expansion there coincides with its planned initial overseas real estate ventures, where Vietnam has been identified as its first stop.

Mah Sing, also a plastic products maker, saw its net profit rose 22 per cent to RM38.3 million, or 8.1 sen a share in the first half to June 2007, while revenue added 18 per cent to RM286.1 million.

Shares of Mah Sing dropped two per cent or four sen yesterday, valuing the firm at RM1.03 billion.

Mah Sing expects 2008 to be a good year

By The Star

KUALA LUMPUR: Mah Sing Group Bhd managing director Datuk Leong Hoy Kum is confident that 2008 will be a prosperous year for the property market and the company as well.

“We believe the property market will do well, underpinned by interest from foreigners and increased domestic demand, especially in medium to high-end residential and commercial projects,” he said.

Leong said the spillover projects from the Ninth Malaysia Plan, low unemployment and high savings rates, and the sustained economic growth momentum would all contribute to the property market's positive run.

“This would be boosted further by recent property incentives announced in the 2008 Budget, and Mah Sing will implement several complementary measures to benefit home buyers,” Leong told reporters after the company EGM yesterday.

To complement the Government's 50% stamp duty exemption for the purchase of homes under RM250,000, Leong said the group would be subsidising the remaining 50% stamp duty for the purchase of Mah Sing homes.

Datuk Leong Hoy Kum

The recently announced increase in the Employees Provident Fund dividend could potentially open up more than RM9bil for the property market to tap, he added.

Group chief financial officer Steven Ng Poh Seng said the local property market would be unaffected by the slowdown in the current US economy.

“The US dollar may be weakening, but our ringgit will strengthen because we have a healthy economy,” he said.

The residential and commercial developer currently has 10 ongoing projects, of which four will be launched next year, including The Icon Mont' Kiara, a commercial development cradled within Mont' Kiara and Sri Hartamas; Duta Perdana, a township in Puchong; Southbay Penang, a mix of residential and commercial components on the island;and the Southgate Commercial Centre, a medium-rise office tower block opposite the group's headquarters.

Leong said response to Southbay Penang had been overwhelming, with up to 1,500 reservations received for the commercial/residential units on offer.

He said the group was also confident of robust sales for Southgate, citing the first phase of d7, YTL Land & Development Bhd's debut commercial development in Sentul East, which sold all 100 units in just one hour.

Leong also said the group was planning to expand to east Malaysia.

“Sabah and Sarawak are states with the highest growth rates in Malaysia. Now is the right time for the cities there to upgrade. We would like to replicate and improve our current designs in east Malaysia.”

Swan Symphony entry boost for Putrajaya Perdana

The takeover will pave the way for Putrajaya to significantly increase the order book from over RM2 billion now by securing construction jobs in Malaysia and the Middle East, a source says

PUTRAJAYA Perdana Bhd is set to become a major player in the construction sector in Middle East and Malaysia after control of the company shifted to Swan Symphony Sdn Bhd (SSSB).

It is understood that a crossover of 68.6 million shares in Putrajaya Perdana from Eastern & Oriental Bhd (E&O) took place yesterday.

SSSB is 51 per cent owned by Abu Dhabi-Kuwait-Malaysia Investment Corp (ADKM) and 49 per cent by Autron Investment.

SSSB in August signed a conditional sale and purchase agreement with E&O, which held a controlling stake of 50.6 per cent in Putrajaya Perdana, to acquire its entire holdings for RM2.90 per share.

Business Times was told that Yousif Mana S. Al Otaiba, one of the major shareholders of ADKM, aims to generate more than RM4 billion in new business for Putrajaya Perdana in Abu Dhabi, Kuwait and Malaysia.

The other shareholders of ADKM are Sheikh Sabah Mohd S. Al-Sabah and Datuk Tengku Faisal Ibrahim.

"The takeover by SSSB will pave a way for Putrajaya Perdana to double its business and significantly increase the order book from over RM2 billion currently by securing major construction jobs in Malaysia and the Middle East over the next 12 months," a source said.

Putrajaya Perdana already has presence in Abu Dhabi and now intends to work with Aldar Properties for potential jobs in the region.

Aldar has appointed Putrajaya Perdana as master contractor in the Iskandar Development Region (IDR) Node-1 in South Johor.

"Putrajaya Perdana will be on the roll as several government-linked firms in Abu Dhabi have also expressed interest in engaging its services. There will be new major developments for the group in the near future," the source said.

Putrajaya Perdana is expected to also build its working relationship with Mubadala Development Co for projects in the IDR and outside Malaysia.

Mubadala's unit, Madsar, which is focused in "green projects", is building the world's first zero carbon multi-billion-ringgit city, and Putrajaya Perdana is expected to benefit by playing a key role in the development.

Putrajaya Perdana has established a leadership position in the energy-efficient building market in Malaysia, and it plans to extend the expertise overseas, particularly in the Middle East.

It is believed that going forward, SSSB will retain the management team of Putrajaya Perdana.

It also planning a special dividend to be declared within the next 12 months, proposing to increase the percentage of profit paid out as dividend to 50 per cent or more of annual profit.

There has been significant investor confidence in Putrajaya Perdana with the emergence of SSSB as the new substantial shareholder, marked by the increasing number of blue-chip institutional and retail investors.

The Employees Provident Fund, which began investing in the counter in August, currently holds just over five per cent of Putrajaya Perdana's shares.

By New Straits Times (By Sharen Kaur)

House of silver gelatin

By The Star

Moh's black and white photographs match perfectly the colour scheme of the room

FINE art photographer Alex Moh and his wife Lim Wai Leng believe that propitious renovations to their cosy home in Taman Seputeh in Kuala Lumpur, have brought them luck.

When the couple bought their three-storey link-house from the developer more than 20 years ago, they embarked on three phases of renovations.

The house was built on a plot of land spanning 22ft (6.6m) by 80ft (24m).

It was the lush greenery of the neighbourhood that influenced their decision to buy the house.

The living room on the first floor has been extended to what was once the balcony. Note the three bay windows and the shady plants

It originally cost RM190,000 and a neighbouring, dilapidated unit sold for about RM500,000 three years ago.

Lim, who is a semi-retired business consultant, has a keen sense of interior design while Moh is an avid gardener besides being passionate about photography.

Moh was involved in putting together the exhibition History and Beyond: Malaysian Photography from 1900 to the Present Dayat the National Art Gallery.

The lady of the house was the one who set about making changes to the lay-out which originally featured six rooms and four bathrooms.

The rooms were considered too “tiny” to be comfortable.

Said Lim: “Over the years, we have renovated our house three times. When we first moved in, we changed the size of the bathrooms and bedrooms by knocking down adjoining walls to create bigger rooms. We also changed the orientation of the doors.

“Later, we changed the façade. Then three years ago, we added a 'cabana' and a wet kitchen at the back of the first floor.”

“The 'cabana' is actually built on top of the darkroom on the ground floor which had been extended.

"The contractor charged us RM60,000 for the cost of renovations including a pair of timber-and-glass door.

"We provided the accessories such as decorative ornaments and brass door-handles.”

The 'cabana' with an attractive pebble-wash floor

The Mohs believe that their last renovation was done at the right time.

Explained Lim: “When we were renovating, both of us were out of jobs during the economic downturn. I was in head-hunting consultancy and many companies weren’t hiring at that time.

"But as soon as the renovations were completed and the fax machine was plugged in, we immediately received a job offer that paid for the entire renovation cost.

.Two tiny toilets were converted into a more comfortable and practical bathroom big enough to house a washing machine

"We have to attribute this to God and his blessings.”

Even from the outside, the facade stands out from the rest of the other units. The front-yard features a driveway and a small garden.

A massive traveller’s palm plus ginger plants and heliconias shade a little pool with carps swimming in it.

There is even a white rabbit scurrying around.

Moh’s green thumb extends to the backyard where there’s a herb garden.

There are two front doors. The main doors open to a reception hall which leads to a staircase.

The other front door which has been aligned at an angle opens to a studio and the darkroom at the back.

A Burmese card table in the dining room is decorated with an old glass jar. The glass doors open out to the 'cabana' shaded with water plants

The studio is where Moh teaches photography enthusiasts – mainly expatriates – the finer points of the art.

In fact, Moh is a founder-member of the Silver Gelatin photography group.

The living room, on the first floor, comprises two-thirds of the floor space.

The cosy dining room at the back opens to the cabana and wet kitchen while the dry kitchen takes up the rest of the space.

The master bedroom spans almost half of the top floor while their teenage son’s room has been turned into a library as he is studying overseas.

The maid’s room is not in use as Lim decided she can make do with part-time domestic help.

It is apparent that the couple has quite distinct artistic talents as Lim’s uncluttered interior design and Moh’s exquisite photographic works attest.

Tower REIT plans to sell properties

By New Straits Times

TOWER Real Estate Investment Trust (Tower REIT) plans to sell two of its three commercial properties, which could provide a gain equivalent to about a year in rental income.

The properties held by Tower REIT include Menara HLA on Jalan Kia Peng, HP Towers in Bukit Damansara and Menara ING on Jalan Raja Chulan Kuala Lumpur.

One source, who identified Menara HLA and HP Tower as the two properties to be sold, said that a foreign investor is likely to emerge as the new owner.

Company officials could not be reached for comments.

Industry players were surprised by the news. The move may be good only if the company has other reinvestment plans, they said.

"Some players like Axis REIT and Atrium REIT have been accumulating properties to enhance its attractiveness and by having a sizeable portfolio they are able to entice more foreign fund managers," he said.

"There is nothing wrong if a REIT sells its property under trust if there is capital gain from the sale or as long as there is money coming in.

"However, hopefully the Tower REIT has plans in the pipeline to reinvest the money," an industry expert said.

In fact, Tower REIT, in its half-yearly report (ended June 30 2007), says that it intends to hold the properties on a medium- to long-term basis.

"In the future, where any of the properties have reached a stage of optimum growth, we may consider selling the properties and hence, realise potential capital gains and thereafter, use the proceeds for alternative investments in properties that meet Tower REIT's investment criteria to further maximise the total returns to its unitholders," Tower REIT added in the report.

On what the property will fetch in the event of a sale to a foreign investor, a property expert said: "Foreign funds are more likely to pay five per cent to 10 per cent more than the market value of the property as they are more willing to speculate on the investment".

Based on this possible upside, Menara HLA, valued at about RM240 million currently, could fetch as much as RM24 million in additional premium. HP Towers is valued at RM150 million while Menara ING is worth some RM75 million.

Assuming it gets a 10 per cent upside from the sale of its properties, this premium itself would be equivalent to a year's worth of rental income.

For example, Menara HLA makes rental of about RM10 million in six months, its half-year report shows. This probably comes up to RM20 million in a year as rental rates are stable.

Tower REIT was listed on the main board of Bursa Malaysia on April 2006. AmTrustee Bhd is acting as the trustee for the REIT.

Sycal Prop, SJK to develop Perak property project

By New Straits Times

SYCAL Ventures Bhd's subsidiary Sycal Properties Sdn Bhd (SPSB), formerly known as Cygal Properties Sdn Bhd, has entered into a joint-venture agreement to jointly develop 122 units of shoplots and 92 units of residential buildings in Perak.

In a statement to Bursa Malaysia late Monday, Sycal said the estimated gross development value and construction/development costs for the joint- venture development are RM77 million and RM61.1 million respectively.

The project, with Syarikat Juwasa Khidmat Sdn Bhd (SJK), will be located in Aulong Lama Tambahan, within a development known as Rancangan Kampung Tersusun, Aulong Lama, Mukim Assam Kumbang in the districts of Larut and Matang.

The property, covering about 10ha, is about 2.5km to the east of Taiping town.

SPSB's entitlement from the project will be 78 per cent of the gross sale revenue from the shoplot units and 80 per cent from the residential buildings, while SJK will get the remainder.

Sycal said the development will increase the landbank of the group for future development and contribute positively to its order book.

Astral Asia to start on high-tech park

By The Star

Firm hopes project will be endorsed by Federal Government

KUALA LUMPUR: Astral Asia Bhd is ready to embark on the development of its proposed Kuantan High-Tech Park after Prime Minister Datuk Seri Abdullah Ahmad Badawi launches the East Coast Economic Region (ECER) next week.

The company hoped that the project, a joint venture with a Pahang state agency, would be endorsed by the Federal Government as a component of the ECER, Astral Asia deputy executive chairman Datuk Lim Kang Poh told StarBiz yesterday.

Abdullah is expected to launch the ECER in Kelantan and Terengganu on Monday and in Pahang the next day.

The Federal Government would back projects in the ECER with tax incentives, and new or upgraded infrastructure such as highways, utilities and expansion of ports and airports costing billions of ringgit. Such stimuli would kick-start the projects.

Astral Asia is keenly awaiting the range of incentives for the ECER before it starts marketing the land in the high-tech park to manufacturing companies.

Datuk Lim Kang Poh with a map of the proposed joint-venture Kuantan High-Teck Park

The firm told Bursa Malaysia last week that its subsidiary, Syarikat Ladang LKPP Sdn Bhd (SLLKPP), had received approval in principle from Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang (LKPP) for its proposed high-tech park project. LKPP is chaired by Pahang Mentri Besar Datuk Seri Adnan Yaakob while its board comprises several senior state government officials.

Astral Asia's architect was drawing the park's layout plans for submission to the state authorities within a month, Lim said.

The company will use SLLKPP's oil palm estate to develop the proposed high-tech park in phases over the next 15 years. The estate is leased from LKPP.

Broadly speaking, the Kuantan High-Tech Park would be similar in concept to the Kulim High-Tech Park where, Lim noted, all the industrial land had been sold.

The project is particularly feasible for Astral Asia because the group already holds the land. “We don't have to go out to buy the land that can cost millions,” Lim said.

Astral Asia would be able to finance the development of the project as it had RM26mil in cash and its borrowings were less than RM600,000, he added.

The proposed high-tech park would be sited on the 1,873-acre estate in the mukim of Kuala Kuantan. “That is one of our estates. All in, Astral Asia has about 10,000 acres of oil palm plantations, and we manage further 5,000 acres on a profit-sharing basis,” Lim said.

The estate to be developed into a high-tech park was valued in the company's books at about RM20,000 per acre. When the land use is converted from agricultural to industrial, it is believed that the land value could appreciate by more than 10 times.

The project's planners have noted that Pahang has a couple of clusters of specialised activities. The Pekan area, for instance, is focused on the automotive industry and the Gebeng area concentrates on the petrochemical industry.

The planners have, therefore, proposed to attract companies in the medical and pharmaceutical equipment industry to locate their plants in the high-tech park, which would become a medical industrial hub.

They would also seek Multimedia Super Corridor status for the high-tech park as it would attract some companies in the medical industry that could qualify for the status, Lim said.

He said the high-tech park project was timely for Astral Asia as the oil palm trees on the estate involved were about 25 years old, and if the company did not convert the estate into an industrial venture, it would have to incur a lot of cost to replant the trees, Lim said.

There has been some interest in Astral Asia shares following its announcement of the high-tech park project, with its share price rising 17 sen on Tuesday and gaining a further five sen to RM1.55 yesterday.

Students check out building site

By The Star

With dark skies looming in the horizon, rain seemed imminent yet the feng shui practitioners were determined to go on with their site audit.

Armed with their notes and luopan, the 30 practitioners - all students of Feng Shui Mastery programme conducted by feng shui consultant and best-selling author Joey Yap - pressed on with the final part of their programme.

The students came form all over the world, including Poland, South Africa and Singapore, and were given about an hour to survey the landscape before returning to present their findings to Yap.

The site audit was conducted at the construction site of the semi-detached Villa Green 3A fairway villas in Damansara Indah.

The 86 units are being built on 4.05 hectares (10 acres) of land by Damansara Impian Sdn Bhd, a joint venture company between the Dijaya Group and PKNS.

Each fairway villa consists of eight rooms and bathrooms housed within three storeys and a built-up area of 540 sq m (6,000 sq ft).

According to Yap, the case study was a vital part of the programme, as external feng shui is more important than internal feng shui.

"Knowing the land contour and formation is very important in feng shui, because the feng shui within the home should be tapped to the external," said Yap.

"I always say, don't sweat the small stuff. If you get the big things right, then you don't have to worry so much about the small things; if the feng shui within is tapped to the external, then you can do anything you want inside the house."

In spite of the blazing sun which came out immediately after the rain, the students went on doggedly with their task, and were seen discussing their findings in groups.

"It's not easy, but I am very interested in feng shui and have been doing it on a part-time basis," said Sonice Chau from Singapore.

"This is our graduating class, and I am determined to succeed."

CANON EXPO 2007

Come Discover Canon City
23 October 2007 (12pm -7pm)
24-25 October 2007 (10am - 9pm)
Kuala Lumpur Convention Centre (Hall 2)
Website: www.canon.com.my

Experience Canon's range of Business and Consumer products, and witness a display of Canon prototypes from the 30s to the 70s. Also, get the attractive souvenirs and put yourself in the running for Canon digital cameras and printers, when you participate in our games and hourly lucky draws*.

There's more ! Every 1000th visitor will get a free Canon digital compact camera*.

Other activities


Picture: Simon Yam

• Meet-the-fan session with international superstar, Simon Yam on 23rd October at 2.00pm and 24th October at 11.30am
• Seminars by Canon Marketing Malaysia, with attractive prizes for active participants
• EOS Service Clinic
• Touch & Try Product Demo, and a chance to purchase products
• Career opportunity with Canon Marketing Malaysia

Malaysia Festive Fair 2008

The top choice for Chinese New Year shopping

Date: 10 - 13 January 2008
Mid Valley Exhibition Centre

ONLY RM1,125 perday
Retailers, Wholesalers and manufacturers call now to book your booth!
Limited Booth Available !!

Elite Expo Sdn Bhd
Tel: (603) 9058 8772
Fax: (603) 9058 8773
Email: exhibition@elite.com.my

Australian Education Fair 2007

A showcase of Australia’s prestigious institutions

Saturday, 27 October 2007 – Sunday, 28 October 2007
Kuala Lumpur Convention Centre

Conference Hall 1, 2 and 3, Level 3
12.00pm - 6.00pm daily

Free Admission

Website: www.studyinaustralia.org/malaysia

How to get there?

From the Suria KLCC shopping centre Concourse Floor, walk to the centre court looking out for the Information Counter. Walk towards KFC and you will see Guardian Pharmacy and Tower Records on your right. Walk through the tunnel between Guardian and Tower Records to the KL Convention Centre.

OR from the Suria KLCC shopping centre Ground Floor centre court, take the park exit into the KLCC Park and turn right. Follow the Esplanade towards the KL Convention Centre and Mandarin Oriental Hotel (passing by Starbucks and San Francisco Steakhouse) and enter via the Park Entrance.

S&P: AmanahRaya REIT credit rating stable

By New Straits Times

AMANAHRAYA real estate investment trust (AR-REIT) has been reaffirmed with a corporate credit rating of BBB-/Stable- by Standard & Poor's (S&P) following the authorities' approval of the second injection of five properties.

AR-REIT, which has an initial asset size of RM336 million, will become the country's second largest REIT with an asset size of RM641 million, upon the completion of the second injection.

According to S&P, the stable outlook on AR-REIT is attributable to among others, the robust rental income, its long lease maturity profile, high level of tenant security deposits, and above-average asset quality with minimal capital expenditure requirements.

"S&P factors in the Malaysian government's support and equity stake in AR-REIT, and the REIT's close links with Kumpulan Wang Bersama (KWB) - a RM6.6 billion common fund guaranteed by the Malaysian government.

"KWB has a stringent selection criteria for its property investments and currently owns 13 properties, of which seven are qualified to be injected into AR-REIT. KWB will continue to have 20 per cent of its total fund in property assets as this is one of its guidelines.

"This means that AR-REIT will have a ready pool of properties to acquire from KWB to ensure that its portfolio consists of above-average quality real estate with a sustainable income stream," S&P said in its report.

Upon completion of its second injection, AR-REIT will be made up of 13 properties from diversified sectors.

S&P reaffirms AmanahRaya REIT rating

By The Star

KUALA LUMPUR: Standard & Poor's (S&P) has reaffirmed its corporate rating of BBB-stable on AmanahRaya REIT (ARREIT).

This is following the approval of the second injection of five properties by the Securities Commission.

ARREIT said in a statement on Monday it was the only Malaysian real estate investment trust (REIT) rated by an international rating agency with an investment grade.

In a separate announcement, S&P said the key attributable factors for the ranking included robust rental income, underpinned by long lease maturity profile and a high level of tenant security deposits.

Other factors, it said, were above-average asset quality with minimal capital expenditure requirements and linkage to Government with ready pool of properties to acquire.

“The 'stable' outlook reflects the REIT's stable rental income, long lease maturity profile, and high level of tenant security deposits,” it said.

ARREIT was set up with the objective of investing in income-producing real estate and real estate-related assets.

It was listed on Bursa Malaysia in February with an initial asset size of RM336mil. – Bernama

Strong first quarter (Q1) results for Sunrise

By Thomson Financial

KUALA LUMPUR: Sunrise Bhd said yesterday net profit in the first quarter to September surged 260% from a year ago to RM75.17mil as ongoing developments continued to bring in strong sales.

Revenue stood at RM220.62mil, up 114% from a year earlier.

First-quarter net profit was also lifted by proceeds from the sale of retail units and car park lots in Plaza Mont' Kiara in Kuala Lumpur.

“The board is confident of the company's prospects in the coming financial year,” Sunrise said in notes accompanying its results.

Substantial unbilled sales and more new launches would sustain growth, it said.

The group's unbilled sales stood at RM1.3bil at end-September.

It will launch 11 Mont' Kiara, a luxurious condominium development comprising 338 units, and Residence, an exclusive bungalow development, by June next year.

UDA plans housing projects in ECER

By The Star

KUALA TERENGGANU: UDA Holdings Bhd subsidiary UDA Land (East) Sdn Bhd will invest RM200mil to develop housing projects on 60ha in the three East Coast states over five years.

UDA Land general manager Zainal Ismail said the projects would comprise low and medium-cost and luxury houses and would be developed in stages.

“With the launch of the East Coast Economic Region (ECER) at the end of this month, infrastructure like roads will be built and this will have an impact on the property sector,” Zainal said at UDA's Hari Raya do here.

“We are confident these housing projects will see good demand as the economic lot of the people improves in Kelantan, Terengganu and Pahang.”

Zainal said that as a national property development agency, UDA was prepared to work closely with the Local Governments to make ECER a success. - Bernama

BLand, Jeju to build US$500m complex

By New Straits Times

BERJAYA Land Bhd has tied up with Jeju Free International City Development Centre to develop a 74.3ha US$500 million (RM1.69 billion) resort-type residential and commercial complex in South Korea.

In a statement yesterday, Berjaya Land said its wholly-owned subsidiary Berjaya Leisure (Cayman) Ltd entered into a conditional memorandum of agreement with Jeju Free International to develop the eight million square feet of land located at Yerae-dong, Seogwipo-si, Jeju special self-governing province.

"The joint venture will allow Berjaya Land, via Berjaya Cayman, to capitalise on the expected demand for local property and leisure assets in view of the growing tourists arrivals to Jeju. The project will also capitalise on the South Korean government's packages of incentives and promotions to develop Jeju.

"In addition, the land price of about RM33 or US$10 per square foot is reasonable considering South Korea is a developed country and the directors may consider listing the joint venture company," said Berjaya Land.

Jeju is a statutory agency established within the South Korean Ministry of Construction and Transportation and has been tasked with overseeing the overall development of Jeju special self-governing province which expects 5.5 million visitors this year.

Penang 'Queens City' draws good response

By New Straits Times

AN INTEGRATED and self-contained township called "Queens City" on the southwest end of Penang island has attracted interests from Malaysian and foreign buyers.

The 6.4ha waterfront development to be undertaken by Kuala Lumpur-based CP Group is to offer retail and food and beverage outlets, fully-furnished serviced residents, office suites and a five-star hotel, its developers say.

It carries a gross development value of RM1 billion and will offer a waterfront promenade and view of the Penang Bridge.

"We are currently in talks several international hotel chains on managing the water-fronting hotel, " CP Land Sdn Bhd chief executive officer Tony Lim told Business Times.

The CP Group, which owns and manages the Eastin Hotel in Kuala Lumpur, is investing in excess of RM100 million for a business-class hotel (also under the Eastin brand) at "Queensbay" which is slated for completion by the end of 2008.

The "Queens City" project forms part of the 30ha "Queensbay" masterplan development.

Lim said the five-star hotel will boost among others a 2,000 person capacity ballroom and the "Queen City" project is expected to commence next year and is slated for completion by 2012.

"The four blocks of office suites are planned to cater for Multimedia Super Corridor-status firms," he added, "and we are currently building a back-up 33kv power substation which will be ready in two years to meet the needs of the MSC-status companies which will be operating from Queensbay".



Meanwhile, Lim also said the CP Group is exploring the Vietnam property market currently.

"Nothing is firmed up as yet, but we are looking into an integrated property project in Hanoi," he added.

Fraser Hospitality to manage YNH project

By The Star

PENANG: YNH Property Bhd has engaged Fraser Hospitality Pte Ltd, a wholly-owned subsidiary of Fraser & Neave Ltd, to manage its RM300mil Lot 163 Suites project at Jalan Perak, Kuala Lumpur.

Fraser Hospitality is an international branded serviced residence management company providing consultancy and other services in relation to Gold Standard residences in key gateway cities of the world.

YNH corporate services head Daniel Chan said a memorandum of understanding was signed with Fraser Hospitality last month.

The five-year contract would start at end-2008 upon completion of the 217-unit project, which is 95% sold to date, he said, adding that most of the buyers were keen to let Fraser Hospitality manage and lease their properties

“Under our profit sharing agreement with Fraser Hospitality, it will get 3% of the annual gross operating revenue from rentals, which is about RM20mil a year.

“Fraser Hospitality will also get an incentive fee, which is 4% of the yearly gross operating revenue for the first year. The incentive fee will increase to 5% of the yearly gross operating revenue in the second year and 7% in the third,” he told StarBiz.

Chan added that there was an option to renew the contract for another five years.

Chan said the capital value of Lot 163 Suites, previously named 163 Residence, had appreciated between 30% and 40% since their launch in 2005.

“When they were first launched, the selling price was about RM800 per sq ft. It is now between RM1,000 and RM1,200 per sq ft,” he said.

On the group’s RM1.2bil Menara YNH project, Chan said the local authorities had last month approved the construction of the iconic 35-storey office tower, Menara YNH , in Jalan Sultan Ismail.

“Negotiations are progressing well and we will soon enter a second round of meetings with the prospective joint-venture partners.

“They are very keen to undertake the development of Menara YNH as soon as possible in view of the lack of premium commercial spaces in Kuala Lumpur. We intend to start construction work for the tower by end-2007,” he said.

BLand plans US$500mil project in South Korea

By The Star

KUALA LUMPUR: Berjaya Land Bhd (BLand) is planning a mixed residential and commercial development valued at about US$500mil in South Korea's Jeju Island.

The company said it would form a joint venture with South Korea's Jeju Free International City Development Centre (JDC) to build a resort-type residential and commercial complex.

JDC is a government agency tasked with overseeing the overall development of the Jeju Special Self-Governing Province in South Korea.

The planned development would comprise up to 1,500 housing units, a 500-room hotel, a full-fledged casino, a commercial complex and a medical centre, BLand said.

BLand would own 81% of the joint venture company which will be the master developer of the project. – AFX-Asia

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Lien Hoe buys 13m Perduren shares for RM11.7m

KUALA LUMPUR: Lien Hoe Corporation Bhd has acquired an additional 13 million shares in Perduren (M) Bhd for RM11.7 million or 90 sen each.

Lien Hoe said yesterday the acquisition raised its stake in Perduren to 20.56% or 28 million shares, making the latter an associated company. This enabled Lien Hoe to equity account the financial results of Perduren in its books.

Lien Hoe said the accumulated cost and book value of its investment in Perduren amounted to RM26.5 million which represented 14.51% of the company’s latest audited consolidated net assets as at Dec 31, 2006.

“The market value of these Perduren shares based on the last traded market price of 78 sen on Oct 22, 2007 is RM21.7 million,” it said. Lien Hoe had emerged as a substantial shareholder in Perduren in August 2007. It said the decision to invest in Perduren was based on the attractive valuation of the shares.

It added Perduren was expected to see further earnings growth from its intended venture into property development, where it had strategically located assets that will provide a steady stream of recurring income.

By The EDGE

Cinta Sayang set to bloom

By theSun

SUNGAI PETANI: Eupe Corporation Bhd (Eupe), a developer with over 20 years experience in property development is planning to launch its Cinta Sayang Resort Homes by the end of this month or early November.



The landed residential project will offer residents the option to enjoy resort facilities as it is located next to the Cinta Sayang Golf and Country Resort and the Carnival Water Theme Park.

"The Malaysian property market has come a long way from 10 years ago. Development work of merely building houses is no longer sufficient to meet market needs," says Eupe's managing director Beh Huck Lee.

Traditionally, property developers used to purchase large tracts of land for massive developments, with the main aim of reaping capital appreciation. Today, integration of services is an important factor in many projects and this will be Eupe's key focus in all its upcoming developments, Beh tells theSun.

The developer is convinced that such services will increase in importance as the thinking of property buyers mature. "This is why landscaped parks, jogging trails, as well as amenities such as markets and commercial lots are becoming more integral to property developments," says Beh adding that Cinta Sayang has all these elements.
There is a market and commercial area just outside the development called Ria Jaya.

The gated and guarded project has a gross development value of RM235 million and will comprise 190 semi-detached and 165 terraced houses (pic shown) on a 155-acre site.

The semidees have a built-up area of 2,900 sq ft wih a price tag of RM338,000, while the terraced houses have a built up area of 2,800 sq ft and are priced from RM228,000 onwards.

Beh is confident the houses will be well received by the public as the project is the only residential development in Sungai Petani located next to a golf course and water park.

Higher living in Cheras

By The Star

THE Peak @ Bukit Prima is poised to become one of the most elegant and exclusive gated and guarded residential enclaves in Cheras.

Many people who have seen the show houses have snapped up the lovely superlink and semi-detached houses. The superlink boasts of two master bedrooms, 3,734 sq ft built-up area and 15ft high ceiling for the living room.

To-date the developer Yuk Tung Development Sdn Bhd (formerly known as Desa Kipcity Sdn Bhd) has achieved RM100mil sales out of a gross development value of about RM260mil. The 54-acre, low-density freehold development is managed by the HR United Group.

Two more show houses shall be completed in time for the Nov 3 launch of 30 more units of three-storey semi-detached houses. They are the 12 units of the 40ft x 80ft types with 4,300 sq ft built-up area and 18 units of the 40ft x 90ft type with 4,500 sq ft built-up area. Both types are priced from RM1.3mil to RM2.6mil.

He said 20 units of 24ft x 85ft superlink houses priced from RM730,000 to RM1.4mil will also be launched simultaneously.

The two show houses are of the 40ft x 80ft semi-detached and the 24ft x 85ft superlink.

An artist’s impression of the three-storey semi-D

“The third show house for the 40ft x 90ft semi-detached type will only be ready by the middle of November. We are spending over RM3mil on the interior decoration alone for the three show houses. We are using quality finishes such as porcelain tiles for living and dining areas and laminated timber for bedrooms,” said HR United Group managing director Gary Tan You Hock.

Tan said the house designs were not only innovative but the group was also daring enough to be a price leader, setting a premium price in the area.

“Those who have bought our houses at a lower price earlier are happy to see that their properties have appreciated in value and also proud about their wise investments in our properties,” he said.

The initial superlink price was about RM480,000 (now RM730,000 for the 3-storey) while the semi-detached price has risen from RM780,000 to RM1.3mil (3-storey).

“We feel that the middle market segment is saturated, therefore, our group's direction is to go into the expensive and quality type of residential developments as we are positive about the high end market segment,” he added.

Tan said buyers of the Phase 1 superlink houses would get their vacant possession by April next year and this would be followed by delivery of the semi-detached homes next August.

“We have put in a lot of efforts and money into making this development stand out from the rest so that we can win the confidence of our purchasers and also establish a brand name for ourselves in the upmarket property industry in the Klang Valley,” he said.

An artist’s impression of the clubhouse and entrance statement

Residents of The Peak have their own exclusive modern, five-storey clubhouse complete with well-equipped fitness centre, a swimming pool, sauna and restaurants among others.

Tan said another 96 units of 22ft x 75ft superlinks under Phase 3 would be launched early next year. The whole project would be completed in two years.

The Peak @ Bukit Prima will have a total of 360 units comprising 142 units of 3-storey terrace houses (superlinks) under Phase 1, 122 units of 2 and 3-storey semi-detached houses under Phase 2 and 96 units of 3-storey terrace houses (superlinks) under Phase 3.

Low Thiam Herr (left) and Lim Kim Chai showing the scaled-down model of The Peak

The 40ft x110ft three-storey semi-detached houses are open for preview on Nov 3.

He said there would be two main access roads into The Peak: via Alam Damai (the road was opened three months ago) and a proposed flyover from Jalan Cheras into Taman Connaught to be opened next year.

On its KinraraMas @ Bukit Jalil (off Jalan Puchong and next to Bandar Kinrara), Tan said the first 18-storey apartment block is about 90% sold. The second 18-storey block was launched over the weekend. Both blocks have a total of 569 units. All 56 terraced houses in this project have been sold.

“This project is very near the new Giant hypermarket which is about two minutes drive away. The response have been very good as people like our designs and each unit comes with two car park bays,” he added.

Yuk Tung group keen to do more projects

By The Star

THE Yuk Tung Group is a reputable investment holding company well known in Macau and Hong Kong.

Under the leadership of its founder Low Thiam Herr and co-founder Lim Kim Chai, the group will be involved in more high-end property developments in Malaysia.

Low and Lim, who are also the chairman and deputy chairman of HR United Group respectively, are shareholders of several international investment firms in Hong Kong, Macau, Singapore and China.

They are keen to be involved in property developments in Malaysia and together with the HR United Group will undertake various projects in the Klang Valley. The HR United Group has eight ongoing and proposed projects with a gross development value of RM1bil.

Low Thiam Herr (left) and Lim Kim Chai showing the scaled-down model of The Peak

They are looking for more prime land particularly in the Klang Valley to do upmarket projects.

In the pipeline is a 160-unit upmarket condominium in Mont'Kiara, Kuala Lumpur. It will be the group's maiden project in the exclusive expatriate enclave and is expected to be launched end of this year.

Yuk Tung has also bought a piece of land very near the prestigious Kuala Lumpur City Centre (KLCC) development where it also proposes to build a high-end condominium.

Low, 47, a Singaporean has vast experience in international networking and has over 20 years business experience and in depth knowledge in trading, investments, operation of entertainment and tourism related businesses while Lim, 40, has been active in the investment industry and has extensive experience in manufacturing and international businesses.

“The group remains positive about the property market in Malaysia and will maintain its focus on the core business of property investment and development. The challenge for the future is to build, utilise and most of all maintain its corporate resources to support its core business goals,” said Low.

“We feel that the Malaysian government's austerity measures for the property sector over the past years and the strong commitment from all levels of our management team will ensure delivery of quality property and excellent customer service. With the strong support from our business associates as well as financial institutions, the group's prospects will continue to be bright,” he added.

While the Yuk Tung Group has established itself overseas, the HR United Group is more popular in Malaysia having done several successful projects in this country.

These include completed projects such as a mixed residential project in Seremban, terrace factories and single storey houses in Negri Sembilan.

It has also built 380 apartments with condominium facilities in Bandar Country Homes, Rawang and Taman Dagang and Sri Ampang, both in Kuala Lumpur.

Its current projects are the Suria Mas @ Bandar Sunway (three blocks of 16-storey apartments with condo facilities), Madu Mas @ Setapak (a nine-storey apartment and townhouses), Pangsapuri Persanda in Shah Alam, Kinrara Mas in Puchong (three-storey terrace houses and apartments), Vista Emas in Bangi (double-storey terrace houses) and the Peak in Cheras (freehold, low-density urban villas).

Its corporate office is at Wisma HR in Pusat Bandar Country Homes, Rawang. There are plans for both groups to have a new corporate office.

Partnering with Twins

By The Star

TWINS Realty believes its business model of focusing on real estate project marketing makes it a choice partner for property developers looking to raise higher awareness for their projects.

The company's 60-strong team of real estate agents focus on project sales and marketing for a number of property companies in the Klang Valley, Johor, Melaka and Sabah.

According to Twins Realty principal Wincent Saw, the outsourcing of project marketing was set to gain popularity and the onus was on industry players to form effective partnerships with their clients.

“Twins Realty aims to be a one-stop centre for property developers by being a reliable partner and getting involve with them from the project planning stage, which usually starts six months to a year before a project's launch.

“The task begins the moment a developer secures a landbank until the successful launch and sale of the project,” Saw told StarBiz.

The range of services includes identifying the right product type, concept, price and promotional strategies.

It also offers advice on optimal space utilisation through practical floor layout, market trend analysis as well as cost effective and efficient marketing strategies.

With more Malaysian developers venturing overseas, Saw said Twins Realty has plans to set up representative offices in Bangkok and Ho Chi Minh City in the first quarter next year.

The company is ISO9001:2000 certified in project sales and marketing, the first in the Klang Valley to be certified in 2003.

One of the company's strengths is its strong research and development team which keeps a close tab on all new project launches and their take up rates as well as projects under planning and under construction.

“We are very committed to ensure the success of the projects we undertake. All the agency's sales consultants have to undergo 36 hours of sales training every year,” Saw said.

The company's customer relationship management record has a database of 50,000 for future follow up for launches and research.

“Twins Realty has so far worked with 20 developers and undertaken more than 50 property projects of which 80% have achieved their sales target.

“On a yearly basis, the agency sells between 1,000 and 1,500 units of property worth some RM200mil while its gross income averages around RM4mil to RM5mil a year,” added Saw.

Most of the property products transacted by Twins Realty are in the price range of RM200,000 to over RM1mil.

In keeping with it's belief to constantly develop and pioneer new ideas for project marketing, Twins Realty has recently introduced the Twins Mobile - a mobile project display unit that was converted from a Renault Kangoo car.

The mobile unit functions as information provider on new project launches targeted at selected market areas. The mobile unit is driven to places where crowds gather, including markets and night markets.

“Through our mobile sales office, we aim to deliver property buying opportunities right to the buyers' door steps.

“The mobile unit has proven to be an effective way to maximise the advertising expenses for our clients as it is able to travel far and wide to reach out to the target market.”

Encouraged by the success so far, plans are afoot to expand the mobile fleet to three by next year.

How to sell a property development

By The Star

PROPERTY developers must conceptualise their projects into attractive developments so that they can have a special edge, according to Twins Realty senior partners Wilson Saw.

“The property market is a blend of science and art and having the right products and strategic marketing techniques will work wonders to ensure a project's success,” Saw said, adding that modern and contemporary designs were in vogue these days.

With its team of experienced professionals and strategic alliances that include town planners, architect, interior designers, advertising agency, scale model makers and perspective artists, Twins Realty has improved on the designs, concepts and marketability of its clients' projects, he said.

The company is partnering with TSI Sdn Bhd to market City Tower, which is phase 2 of D’ Alamanda in Pudu Impian, Kuala Lumpur.

The RM180mil, 4.69-acre project comprises 710 serviced condominiums with built-up from 682 sq ft to 1,483 sq ft and priced from RM138,000 to RM350,000. All the units in phase one have been sold while phase two has achieved a take up of more than 80% .

In Melaka, Twins Realty has been engage by Asiatic Land Development as the exclusive marketing agent cum consultant for the Asiatic Cheng Perdana project.

The contract involves project pre-planning that covers market feasibility studies, planning product differentiation, market studies and surveys, product pricing and packaging.

The development comprises single- and double-storey terrace houses, semi detached houses and bungalows.

The project is in its last two phases with 70% of the units launched so far sold.

Twins Realty is also the project consultant and marketing agent for Bina Puri Holdings' Jesselton Condominiums.

Located just five minutes drive to the Kota Kinabalu central business district, the RM67mil, 15-storey, 133-unit high-end condominium is located on a hillock overlooking the Likas Bay and the Sabah Golf & Country Club.

With built-up from 1,527 sq ft to 4,950 sq ft, the residences are priced from RM350,000 to RM1.3mil. Some 90% of the units have been sold.

Projects that will be exclusively marketed by Twins these two years include Asiatic Pura Kencana by Asiatic Land Development Sdn Bhd and two condominium projects in Kuala Lumpur.

Phase 1A of Asiatic Pura Kencana comprising 122 double-storey shops has achieved sales of 77% since its launch early this year. Phase 1B offering single- and double-storey terrace and semi-detached houses will be launch at the end of this year.

Anggun set to captivate

By The Star

The Anggun @ Kota Emerald in Rawang that was launched recently will further enhance the image of the neighbourhood.

This is one freehold housing project that will add value not only to the purchasers but also reflect the growing affluence of Rawang.

Currently several projects in the vicinity such as the Emerald Rawang, Greenwood Park in Bandar Country Homes, Saujana Rawang and Bandar Tasik Puteri (where 100 villas would be built for its golf resort end of the year) would all help to transform this part of Rawang into a nice neighbourhood.

Anggun is the first phase of 500 acres owned by Pura Development Sdn Bhd, a wholly owned subsidiary of Hong Bee Land Sdn Bhd (HBL), in Rawang. It is a mere 2km from the Rawang toll.

Founded in 1933, Hong Bee Group Malaysia is an established company with a commendable track record in the textile business.

Established in 1994, HBL is an investment holding company with a land bank of about 2,900 acres in Malaysia (1,600 acres in Rawang and 1,300 acres in Pulai, Johor), which was acquired in the early days by the Gan family.

HBL is targeting a gross development value (GDV) of RM100mil for its first phase of 30 acres of residential development, with future plans for a self-contained township comprising a commercial centre, hypermarket and another 40 acres for residential units.

Anggun's entrance statement with its water features.

Anggun, HBL's maiden project, is an exclusive, freehold resort-like development where its houses are planned with a North-South orientation. Prices range from as low as RM368,000 for cluster semi-detached and from RM418,000 for semi-detached houses.

Purchasers were offered an early bird discount of RM15,000 for semi-detached bookings and RM10,000 for cluster semi-detached houses. Other attractive promotions announced during the launch included the Wheel of Fortune for confirmed buyers on Sept 23, with a grand price of RM20,000 worth of travel vouchers.

Hong Bee Property Management Sdn Bhd (project manager) managing director Tan Ming Huat said Anggun Phase 1 would have 78 semi-detached units, 20 cluster semi-detached units and five bungalows with RM46.5mil GDV while Phase 2 would comprise 60 semi-detached units, 56 cluster semi-detached units and six bungalows with RM52.6mil GDV.

“We achieved RM22.5mil sales from our sales launch in just two weeks which translates to 48% of our Phase 1 total sales. We are very pleased with the result and are overwhelmed by this response,” he said.

“We are bringing to Rawang what many reputable developers are giving in Shah Alam, KL and PJ, such as gated and guarded community living, a grand and imposing entrance statement with water features surrounding it, green street concept and lush greeneries.”

“We feel that Rawang is ready for this kind of development. Gated and guarded community living is here to stay as more and more people are looking forward to come home to a secured environment,” he added.

Tan said HBL envisioned bringing a different kind of lifestyle for the Rawang community and developing Anggun into a New Rawang 2 complete with good facilities and amenities.

He said Rawang was becoming more accessible through the linking of the North South Expressway and the Outer Ring Road. It is also the northern gateway of Klang Valley.

Hong Bee Group has two joint ventures with GuocoLand (M) Bhd and SP Setia Bhd. The on-going joint venture with GuocoLand with a RM1.5bil GDV, is on 1,000 acres of mixed development in Emerald Enclave at Kota Emerald.

The partnership with SP Setia is within the Iskandar Development Region in Johor Baru, and promises to produce an RM2bil eco-themed township, known as Setia Eco Gardens.

Meanwhile property prices in Emerald Rawang have risen although those in the nearby 17-year-old Bandar Country Homes are still quite flat despite the township having a new RM5.1mil market, a big mosque and a shopping mall in the pipeline.

Many houses in Bandar Country Homes are being renovated and extended as new owners attracted by the affordable prices snap up the bungalows there.

However, some residents of Bandar Country Homes are optimistic that given the many amenities in their township, property prices would eventually rise.

A recent uproar is by residents of Jalan Desa 3/7 who have protested against being asked to pay 20% of a proposed RM3.2mil slope mitigation work behind their houses arguing that the slope is not part of their bungalow land.

“The Selayang Municipal Council should do more for this township like widening the Jalan Batang Berjuntai and preventing flooding there instead of asking us the victims of the landslide to foot the bill which is exorbitant and unfair,” said an irate resident.

Bolton set to regain its former glory

By The Star

Bolton Bhd is targeting to achieve total gross development value (GDV) of RM5bil (GDV) in the next two years, via land acquisitions and joint ventures.

Currently the property developer has on going projects worth GDV RM674mil.

Executive chairman Datuk Mohamed Azman Yahya said Bolton expects to build up its GDV by another RM2.345bil in the next 24 months.

“We are ready to move into fifth gear as a full-fledged property developer,” he told StarBiz recently.

In 2005, the former head of national asset management company Danaharta Nasional Bhd, accepted the invitation of the Lim family (then Bolton's majority shareholder) to consolidate Bolton's resources and to impact the company positively in the interest of stakeholders.

As a result, Azman emerged as Bolton's executive chairman and the single largest individual shareholder with a 16.3% equity stake.

Under his stewardship, Bolton had embarked on a course to reposition the company back to its former glory as a premier property developer in Malaysia.

Azman said for the past 1½ years Bolton had been adhering to an execution map, which entailed:

Chan Wing Kwong (left) and Datuk Mohamed Azman Yahya

• Cleaning up the balance sheet and reducing gearing
• Setting up a more efficient resource and capital management system
• Disposing non-core assets
• Increasing the number of proposed projects.
• Streamlining Bolton's board and making it more professionally run
• Improving investor relations

The results of Bolton's efforts can be seen in the company's latest audited financial report.

For Bolton's financial year ended March 31, 2007 (FY07) the company posted RM63.62 mil net profit compared with a net loss of RM216.3mil previously.

In the process of consolidating the company it generated RM133mil cash from its operating and investment activities, which included the disposal of some properties that were non-core and low yielding assets worth RM318.5mil

Some of the assets disposed were Hotel Midah (RM26mil), Prince Kaswira (RM2.5mil), D'Mayang (3.5mil), Rampai-Niaga (RM80mil) and M-Plant shares (RM79.7mil).

The company also conducted several share-buy-back exercises since FY04 including one in Sept 30, FY07 for 13.376 million shares at 87 sen and made an unrealised gain of RM4.7mil (based on closing price RM1.23).

Moreover, Bolton pared down its borrowings from a high of RM523mil in September 2006 to RM289mil in March this year.

Azman said the restructuring exercise was at the tail end and the company was ready to be more aggressive in the market again.

There are still some assets to be disposed off such as Symphony House Bhd, Langkawi Fair and Campbell Complex, which was one of Bolton's earlier properties.

“Some people might be sentimental about selling assets like Campbell Complex but I'm not,” he said, adding that it was important to remain focussed and objective in the interest of shareholder value creation.

Azman said Bolton now had a decent land bank of about 900 acres and a good team that could deliver the targets set.

Asked what were Bolton's plans going forward, he said the company would initially look at developing several high-end projects using its existing land sited mainly in the Klang Valley.

“There's still a lot that we can do to enhance our existing and on-going properties projects,” he said, adding that the company also wanted to have more projects.

Bolton chief operating officer Chan Wing Kwong said some of the on-going projects were Tijani in Bukit Tinggi, Taman Tasik Prima in Puchong under a joint venture, and mixed development projects Lavender Heights in Senawang, and Bandar Amanjaya in Sungai Petani.

He said other upcoming property development projects include Mayang near KLCC (GDV RM1bil), The Surin in Penang (GDV RM150mil) and Bolton Court in Kuala Lumpur (GDV RM85mil).

Chan pointed out that Bolton's turnaround phase was almost completed and the company planned to focus purely on property development.

Asked if Bolton would stick solely to property development in Malaysia, he said while the bulk of property development projects were still in the country the company would want to look at those within the region and beyond.

“We feel there are still opportunities here for good property developers but Bolton would not want to depend on one market. But we are constantly on the look out for commercially viable property projects overseas,” he said.

On Dubai Investment Group's (DIG) recent acquisition of 20 million shares for a 6.5% stake in Bolton, Chan said it reflected DIG’s confidence that Bolton would be a strong property developer in time.

DIG, which has extended its scope of business from managing infrastructure and capital projects within Dubai to investing in international stocks and real estate, is the financial and global real estate arm of conglomerate Dubai Holding.

“We are please that DIG can see the value in Bolton,” he said, adding that the strategic alliance could bring about other opportunities.

Bolton would like to have more quality institutional investors like DIG to further strengthen the company as a leading property developer locally and possibly abroad in time.

Projects in the pipeline

• Kejora Harta Bhd privatisation

• A 688-acre high-end residential project on 4.3 acre freehold near Jalan Mayang near KLCC in Kuala Lumpur

• Redevelopment of 100 high rise condominium units (Bolton Court) on one acre freehold land in Jalan Ceylon in Kuala Lumpur

• Buyout of minority shareholders in BCom Holdings Bhd and Kenneison Brothers Sdn Bhd

• Acquisition of 3.4 acres of ready development land in Tanjung Bungah, Penang (The Surin) for the development of 396 units of sea-view condos.
  

Tapping into style

By New Straits Times

Taps as dispensers of design? Why not indeed. Italian company Faucet Ritmonio certainly has no qualms about wearing its heart on its sleeve, judging from its range of innovative products that is bound to strike a chord with design enthusiasts everywhere.

"Taps don't only have to dispense water," said its senior export manager Antonella Bicelli. "They can also discharge emotion... that's what makes our creations so different."

Bicelli was in town recently to unveil the brand, which is carried exclusively in Malaysia by DeBath Sdn Bhd.

"The popularity of Ritmonio taps," she elaborated, "comes from the fact that people not only like the story behind its creation, but also the forms."

In the case of the Paolo e Francesca collection designed by Alberto Rizzi and Rossano Didaglio, she said it expresses "the meeting of two bodies" and that the materials and technology behind it allow the designs to be shaped into "curved profiles with sections that are elliptical and rectangular" and either "united or suspended".

Another range called Serif resonates to a different tune and finds expression through the outline of letters.

"Inspired by the curves of the Times New Roman lettering, this range designed by Peter Jamieson speaks the language of sophistication," said Bicelli.

"It marries classic lines with contemporary styles to such an extent that it can suit either traditional or modern settings and even become a furniture element."

For a thoroughly avantgarde look, she pointed to the Waterblade collection, also designed by Jamieson.

"Its rectangular design in stainless steel exalts the natural movement of the water," Bicelli gushed, adding that this piece won the Good Design 2005 award given by The Chicago Athenaeum Museum of Architecture and Design.

Ritmonio also has designs that play with fantasy, one which is its Bianconiglio Espositore - or white rabbit - collection.

Inspired from the tale of Alice in Wonderland, Bicelli said "just as the rabbit brought Alice into Wonderland, what this range does is introduce users to a whole new way of thinking about the world of taps".

Its uniqueness, she said, is that hot and cold water are channelled into a box and then mixed to the desired temperature via a touchscreen control.

Touch sensors are also deployed in the o.o.t.d. (One of These Days) range of mixers as well as the Di.Ta. (Digital Tap), which comes with volume and temperature controls to help monitor water and energy costs.

Other Ritmonio pieces carried by DeBath include the quirky "Dumbo steel" collection; the Frame bath tap collection; and the Diametrotrentacinque range for bath and shower areas.

DeBath general manager and in-house designer Jimmy Wong said all the Ritmonio taps were created by designers, architects, interior designers and engineers, and that the company's Kota Damansara showroom in Petaling Jaya, Selangor, will carry the complete array, including fittings, faucets, shower mixers as well as new bathroom systems.

"Ritmonio taps are out of the ordinary and can amaze people by their designs," he said.

In the DeBath showroom, many of the fittings can be put to the test, including showers, mixers, taps and water closets.

"We feel the time has come for Malaysians to take their bathroom design to the next level," said Wong.

"We're confident our products will be wellreceived by high-end developers as well as those building their own homes.

"We're unique in the world of taps as we not only supply, but also provide consultancy to customers and designers on what is best suited for their bathrooms."

Environmentally friendly buildings

By THE EDGE

The current buzzword in the industry is sustainable architecture, also referred to as the concept of green buildings. More design firms are practising this type of architecture, championing the cause of greater environmental awareness.

What exactly is sustainable architecture? Speak to different people and you will get different responses. While some generalise sustainable architecture as any design that is driven by environmental goals, others argue that sustainable architecture is merely a focus on construction. Then there are critics who accuse practitioners of being opportunists preying on environmental concerns to gain profits.

David Nelson, partner and head of design of world-renowned architectural firm Foster & Partners, admits there is confusion and uncertainty when it comes to defining sustainable architecture. So, what is his definition? "Many people string a lot of words together and come up with descriptions," he says. "However, no matter how the concept is described, the only way to get to its core is to understand the reasons for sustainable architecture."

Nelson says that former US vice-president Al Gore's movie An Inconvenient Truth, on climate change and global warming, made people aware of the pressing environmental problems.

"Thus, from this aspect, sustainable architecture should be seen as a way to play down the negative impacts that a building can have on its landscape. To do so, it would require all parties involved to ensure that, above all, the building is energy efficient and uses environmental-friendly materials," says Nelson, who has over 30 years of experience with Foster & Partners.

Among the projects in Nelson's portfolio are The Sainsbury Centre for Visual Arts (UK), Century Tower (Tokyo), the New German Parliament in the Reichstag (Berlin) and Canary Wharf Underground station in London. Eco-friendly buildings designed by Foster & Partners include the Commerzbank headquarters in Germany, the Masdar Initiative's maiden project of the world's first zero carbon, zero waste city in Abu Dhabi, Free University Berlin, Germany, and wind turbines developed by German power company Enercon.

On the local front, Foster & Partners is involved in Bandaraya Development Bhd's The Troika. Together with GDP Architects, Foster & Partners designed Perak's Universiti Teknologi Petronas, which was among the nine winners of the latest Aga Khan Award for Architecture. The award was established in 1977 by Aga Khan, the 49th hereditary Imam of the Shia Ismaili Muslims, to enhance the understanding and appreciation of Islamic culture as expressed through architecture.

Nelson was in town recently to participate as a judge in YTL Land & Development Bhd's Bird Island Green Homes Competition. The winners (each firm can submit up to two entries) will get to design and build six villas on Bird Island, a feature of YTL's freehold 35-acre Sentul Park in Sentul. The six homes, each comprising three bedrooms, will sit on plots ranging from 4,144 sq ft to 5,554 sq ft. These will not be for sale.

Each of the firms will receive a US$20,000 (approximately RM67,511) participation fee and the construction budget of each home is capped at US$200,000 (approximately RM675,138).

The competition has attracted entries from eight international architectural, environmental engineering and landscape design firms. These are: UK's atelier ten, Grant Associates and Plasma Studio; Germany's GRAFT, Australia's innovarchi, Hong Kong's KplusK associates, China's MAD and America's Zoka Zula.

Designs are judged on their architectural vision, which covers innovation, new approaches to material and sustainability and also contemporary design in a sustainable community and landscape.

The competition, to promote the importance of green architecture, was launched in July.

It was held in association with Stephen Pimbley of SMC Alsop, one of UK's leading architectural firms and Australian-based Paul Sloman, principal of ARUP, a leading consulting firm providing engineering, design, planning and corporate advisory services.

The winning designs will be announced early December. Construction will start next year with completion slated within a year.

Besides Nelson, the other judges were YTL Land managing director Tan Sri Francis Yeoh, YTL Land executive director Datuk Victor Yeoh, Pimbley, Sloman, Institute of Architects Malaysia past president Tan Eng Keong, Tange Associates president Paul Tange and Seksan Design principal Ng Sek San.

On the competition, Nelson says: "It was a daunting task deciding the best entries and we spent the day looking at things from a number of different standpoints as the judging panel comprises architects and engineers. We had to take into consideration how the designs work as a house in this tropical landscape."

He notes that the US$200,000 construction budget given was a fair amount. "We cannot throw in a huge amount of money for green housing. How can it be sustainable when no one can afford it?"