TA Global launches prospectus

The listing of TA Global Bhd on the main market of Bursa Malaysia on Nov 23, will position it as one of the largest listed property companies in Malaysia.

TA Global launched its prospectus today for an Initial Public Offering (IPO) of 460 million shares at an issue price of 50 sen per share.

The executive chairman of TA Global, Datuk Tiah Thee Kian said with the listing, the TA Group would be divided into two main business entities, namely the financial division under TA Enterprise Bhd and the property division under TA Global.

"The property division will include hotel operations, property management, property investment and property development," Tiah said.

He said TA Global which have three new Klang Valley projects with a gross development value of RM6 billion over a period of seven to 10 years and is now looking towards expansion in Australia and Canada.

By Bernama

MRCB's Shahril set for EPF job

Shahril Ridza Ridzuan, currently group managing director of property group Malaysian Resources Corp Bhd, is poised to join the Employees Provident Fund (EPF) as its new chief investment officer (CIO).

That position is now vacant after the EPF moved Johari Muid, its previous CIO, to be in charge of the pension fund's strategic planning unit early this year.

"Shahril will probably join at the end of this year or early next year," said a source, who asked not to be named because he was not authorised to speak to the media.

Shahril declined to comment when contacted.

Currently, EPF chief executive officer Tan Sri Azlan Zainol is in charge of investments while the pension fund scouts for a new CIO.
Shahril will help manage some RM354 billion at the EPF, one of the world's biggest pension funds. Last year, the fund paid out its lowest dividend in six years after the stock market fell 40 per cent as investors braced for a global recession.

Things are looking up again for the EPF this year as the stock market has fully recovered the losses of 2008. The benchmark index is up 42 per cent so far this year.

Shahril will join the EPF at a time when the fund is facing lower returns from its government bond investments, which make up about two-thirds of its portfolio. The Malaysian economy is also still weak and this could hamper dividend payouts.

The economy is officially forecast to shrink 3 per cent this year and to grow 2-3 per cent next year.

MRCB is the developer of Kuala Lumpur Sentral, a massive property project that comprises mainly office buildings, and the group is 30.97 per cent held by the EPF.

Shahril's property background could be valuable for the EPF. The fund has expressed interest to buy a large piece of prime land in Sungai Buloh, Selangor, from the government to boost its property portfolio. It also wants to buy more commercial properties in Kuala Lumpur.

By Business Times

Mah Sing clarifies

Property developer Mah Sing Group Bhd has clarified that it is buying two plots of land worth a combined RM130.65 million in Selangor, and not as reported in yesterday’s article entitled “Mah Sing buys land worth RM927m”.

The group said proceeds from the proposed private placement of up to 63 million new shares will be used for working capital.

By Business Times

SP Setia sees higher sales from abroad

Tan Sri Liew Kee Sin (second from left) exchanging documents with Hangzhou Ju Shen Construction Engineering chairman Hu Bai Fu, witnessed by Datuk Seri Kong Cho Ha (centre). With them are Setia Land (China) Ltd chairman Datuk Beh Hang Kong (left) and Hangzhou Ju Shen business development advisor Xu Yong.

SHAH ALAM: SP Setia Bhd, which has secured its first property project in Hangzhou, China, with a gross development value (GDV) of RM2bil, aims to derive 30% of its revenue and net profit from overseas projects by 2014.

Currently, overseas projects contribute less than 5% to the company’s revenue.

President and chief executive officer Tan Sri Liew Kee Sin said the China project, which comprises residential and commercial buildings including a hotel, would be developed in four phases over five years.

“The first phase, with a GDV of RM500mil, will commence early next year and should take about 2½ years to complete,” he said yesterday.

Liew said this after a joint-venture contract signing ceremony between SP Setia and Hangzhou Ju Shen Construction Engineering Ltd, its local partner in China.

Under the contract, a joint-venture company – Setia Fusheng Property Development Co Ltd – would be formed to undertake the project on 24 acres, with SP Setia having a 55% stake.

Liew said the partnership was akin to a perfect marriage, as both companies shared the same aspirations and values in terms of property development.

“SP Setia will provide the expertise and funds, while our China partner will inject the land,” he said, adding that this could fast track SP Setia’s expansion into the republic.

Liew said SP Setia chose Hangzhou for its first flagship project because the place had many strong points, including a population of nine million, an international airport close by and was fast growing into a commercial hub.

“This is our second venture abroad after Vietnam and SP Setia expects property projects in China to contribute significantly to its bottomline in the future,” he said.

Housing and Local Government Minister Datuk Seri Kong Cho Ha, who witnessed the ceremony, said first-time home buyers (foreign or local) were exempted from tax on capital gain if their properties were proven to be their principal home of residence under the Income Tax Law.

By The Star

SP Setia to develop RM2b mixed project in China

SP SETIA Bhd, the country's biggest property developer, will develop a RM2 billion mixed development project in XiaoShan, Hangzhou City in China, scheduled to begin in the first quarter of 2010.

This will be SP Setia's maiden project in China, in a joint venture (JV) with Chinese landowner, Hangzhou Ju Shen Construction Engineering Ltd (HJSCEL).

SP Setia, through its subsidiary Setia (Hangzhou) Development Co Ltd, holds a 55 per cent stake in the JV, while HJSCEL has a 45 per cent stake.

Work on the 10ha project will be completed in four phases over five years.
It features 11 residential towers, five office blocks, serviced apartments, a four-star hotel, a 300,000 sq ft retail mall and signature shops, said SP Setia president and chief executive officer Tan Sri Liew Kee Sin.

"We are awaiting for approvals from the Chinese authorities. We hope to get them by early 2010 and start Phase 1 of the project immediately," he said after the signing of the JV agreement with HJSCEL in Shah Alam, Selangor, yesterday.

The event was witnessed by Housing and Local Government Minister Datuk Kong Cho Ha.

"Phase 1 includes commercial properties and service apartments worth RM500 million," Liew said.

"We are not looking at borrowings as it is a self-funded project. We are developing the properties on a sell-and-build concept," he added.

However, it will retain the mall to control its tenant mix.

The service apartments will be pegged at RM400-RM500 per sq ft, while the commercial properties will go for RM500 per sq ft onwards.

"Our first income from this project will come in two years. The project will contribute positively to the future earnings and cash flow of SP Setia. It will also tell the world that we are ready to be an international property player," Liew said.

Liew said SP Setia is in talks with other landowners in China to form JVs, with priority to develop in Hangzhou.

He added that the company has a five-year plan to get 30 per cent of its net profit and revenue from overseas projects by 2014, from 2-3 per cent currently.

"We will focus on Vietnam and China for the next few years."

By Business Times (by Sharen Kaur)

Mutiara Goodyear plans to launch RM1.5b properties

Mutiara Goodyear Development Bhd, a mid-sized property developer, plans to launch RM1.5 billion worth of residential and commercial properties in the Klang Valley and Penang over the next year.

The properties will be divided into seven launches, starting from next month until the end of 2010.

"We are ready to launch the properties, but as to when, we will have to assess the market," its executive chairman Hamidon Abdullah told reporters after the company's annual general meeting and extraordinary general meeting in Kuala Lumpur yesterday.

"The approval and finances are in place," Hamidon said.
"The launches will start from next month onwards and will keep us busy until the end of next year," he added.

Its chief executive officer Kee Cheng Teik said the projects are being spread out so that the company can manage them well.

"In fact, we were ready to be put up (the properties) in the market last year, but had to delay them (due to the economic slowdown)," he said.

In its annual report 2009, Mutiara Goodyear said it plans to build 142 units of high-end bungalows and 46 units of superlink homes in Taman Melawati, Ampang.

It is also developing Mutiara Kajang project in Kajang, Selangor that features 392 units of bungalows, link houses, superlink homes and semi-detached homes.

Additionally, Mutiara Goodyear has teamed up with Tambun Indah Sdn Bhd to embark on a 101.48ha residential development project in Seberang Prai, Penang.

Meanwhile, the company is looking to acquire more land to add to its existing 356ha of landbank in the Klang Valley and Penang.

For the financial year ended April 13 2009, Mutiara Goodyear posted a net profit of RM17.39 million on revenue of RM91.3 million.

By Business Times (by Kamarul Yunus)

Mutiara Goodyear lauds RPGT

KUALA LUMPUR: Mutiara Goodyear Development Bhd believes the Government’s proposal to reimpose the 5% real property gains tax (RPGT) from Jan 1 next year will give certainty and market clarity to the property industry.

Chief executive officer Kee Cheng Teik said these values were important especially for potential foreign investors.

“It (the RPGT) was temporary waived but is now going to be tabled and this will give a clear picture to potential investors. Plus, the 5% figure is not really big,” he told a press conference after the company AGM yesterday.

He also said the RPGT was not going to give much impact to the company as its buyers were mostly resident-owners rather than investors.

It was reported that under Budget 2010, the RPGT would be imposed on gains from the disposal of real property irrespective of the holding period and category of owner.

Prior to the exemption of the RPGT in April 2007, tax on gains from property sales was on a progressive basis from 0% to 30%, depending on the holding period of the property.

On the performance of the company, Kee said Mutiara would launch RM1.5bil worth of properties starting next month until the end of next year.

“The launches will be mixed developments that are mostly residential. Five projects will be in the Klang Valley and two in Penang.

However, the launching dates will depend on the timing factor and market conditions,” he said.

Kee said the company had an undeveloped land bank of about 890 acres with future gross development value of about RM4.2bil.

Executive chairman Hamidon Abdullah said it was important for the company to come up with products that really suited the demand and needs of buyers at this time of uncertainty.

The property market sentiment had started picking up again since June, he said, adding: “We hope this positive sign will continue and we at Mutiara will continue to come up with quality and affordable products that will give value for money to our buyers.”

By The Star

YTL to develop project in George Town heritage area

The heritage enclave of George Town in Penang may see a waterfront development soon.

It is learnt that YTL Corp Bhd will embark on a project, through joint-venture company PDC Heritage Hotel Sdn Bhd, to build luxurious condominiums and an eatery on a 1.4ha seafront site adjacent to the 124-year-old Eastern and Oriental (E&O) Hotel along Lebuh Farqhuar.

PDC Heritage was set up about a decade ago, with YTL Corp holding 51 per cent stake and Penang Development Corp (PDC) the remaining 49 per cent.

It is not known if PDC has since divested its interest in the joint-venture company.
According to sources, the project will feature six blocks of high-end condominiums.

A double-storey building housing food and beverage outlets will also be built on the site where two dilapidated heritage structures are currently standing.

However, the development value of the proposed project is not known.

Local authorities gave PDC Heritage approval in June this year to convert its prime seafront land from leasehold to freehold status.

The land, bordered by the E&O Hotel and St Xavier's Institution, was originally state-owned and had nine pre-war buildings.

In 1996, the land on which sat government staff quarters, the former Public Works Department district engineering office, watchman's quarters and a garage, was alienated to PDC.

In 1998, PDC came under fire from heritage activitists when it demolished the 80-year-old buildings without local council approval to make way for a five-star hotel, which was to be developed by PDC Heritage Hotel.

YTL Corp group managing director Tan Sri Francis Yeoh could not be reached for comment.

By Business Times (by Marina Emmanuel)

WCT to jointly develop 1Medini

PUTRAJAYA: WCT Bhd and Iskandar Investment Bhd (IIB) will jointly develop and own a residential project in Iskandar Malaysia, the 1Medini, with a gross development value of RM600mil.

1Medini comprises 1,332 condominiums and 68,800-sq-ft commercial space in the 2,300-acre Medini, a mixed urban development alongside Legoland Malaysia, Educity and the Iskandar financial district.

WCT chairman Datuk Capt Ahmad Sufian said a joint-venture company, One Medini Sdn Bhd, had been set up to undertake the development, which was 70% owned by WCT Land Sdn Bhd and 30% by Medini Land Sdn Bhd.

WCT Land and Medini Land are wholly-owned subsidiaries of WCT and IIB respectively.

“We were also awarded a RM766mil contract for infrastructure works for the whole of Medini in July,” he said after a strategic partnership signing ceremony between WCT Land and Medini Land for the 1Medini development.

The event was witnessed by Johor Mentri Besar Datuk Abdul Ghani Othman.

IIB chief executive Arlida Ariff said phase one of 1Medini was scheduled to be handed over to buyers in early 2011 and its full completion was expected in 2015.

She said that so far, the response had been quite good with interested buyers from the Middle East, Indonesia, Singapore as well as locally.

Ahmad Sufian said the Medini projects were expected to contribute positively to WCT’s earnings from the next financial year ending Dec 31, 2010 and should last for three to four years.

By The Star

Iskandar Investment, WCT in joint venture

WCT Bhd and Iskandar Investment Bhd will jointly develop and co-own the 4.4-hectare 1Medini residential project in Medini Iskandar, Johor with a gross development value (GDV) of RM600 million.

The project will be developed by One Medini Sdn Bhd, a 70:30 per cent joint venture between WCT’s subsidiary, WCT Land Sdn Bhd and Medini Land Sdn Bhd, a subsidiary of Iskandar Investment.

Scheduled to be fully completed by 2015, the 1,332 units of condominiums in 1Medini would include a 68,800 sq ft commercial area for local retail businesses.

Priced at RM350 per sq ft, the first phase of the condominium is expected to be launched in early 2012.

By Bernama

Mah Sing Q3 net profit up 42% on current projects

PETALING JAYA: Mah Sing Group Bhd posted a net profit of RM23.5mil in the third quarter ended Sept 30, a 42% improvement from the previous corresponding period.

The higher profit was contributed by its current residential and commercial projects.

However, its revenue for the quarter dropped 17.5% to RM135.14mil.

In a filing with Bursa Malaysia, Mah Sing said its plastics division also contributed to the earnings apart from property development, adding that the latter contributed more than 90% to its operating profit.

“The group’s quick turnaround business model has generated healthy profit and cashflow with about RM120.4mil cash as at Sept 30,” it said.

Mah Sing managing director-cum-group chief executive Tan Sri Leong Hoy Kum said: “We believe the property market is gaining momentum for a likely up-cycle in the second half of 2010, and have planned ahead to meet the coming demand with several land acquisitions.”

The company yesterday acquired two pieces of prime land in Selayang and Petaling Jaya that could yield an estimated total gross development value of RM1.05bil.

Its wholly-owned subsidiary, Nova Century Sdn Bhd, acquired about 26 acres of freehold development land in Selayang for RM41.65mil cash.

Meanwhile, its other wholly-owned unit, Sierra Peninsular Development Sdn Bhd, acquired about 19.6 acres in Petaling Jaya for RM89mil.

Mah Sing has also announced that it proposed to undertake a share private placement and bonus issue that could potentially raise gross proceeds of RM103mil.

The private placement involves 63 million new 50 sen shares, representing about 10% of its issued and paid-up capital.

The one-for-five proposed bonus issue involves up to 151,286,435 new shares.

The private placement and bonus issue are targeted for completion by year-end and the first quarter next year respectively.

By The Star

Mah Sing buys land worth RM927m

Refer Updated here: Mah Sing clarifies

Property developer Mah Sing Group Bhd is buying two plots of land worth a combined RM927 million in Selangor, it told Bursa Malaysia yesterday.

It plans to develop the two plots, a 10.53ha land in Selayang and a 7.938ha land in Petaling Jaya, for residential and commercial purposes respectively.

Mah Sing also proposed a private placement of up to 63 million new shares, about 10 per cent of its paid-up share capital.

The placement will be done in several tranches and the issue price will be at a discount of not more than 10 per cent based on the five-day weighted average market price of the share or the par value of 50 sen each share.

Proceeds will be used to strengthen its financial position and reduce borrowings.

The company also proposed a bonus issue of up to 151.3 million new shares on the basis of one bonus share for every five shares held.

By Business Times

Mah Sing stock jumps on profit gain

Mah Sing Group Bhd, Malaysia’s fifth-biggest property developer, rose the most in almost three months after the company said third-quarter profit jumped 42 per cent and it announced land acquisitions and a bonus issue.

The shares climbed 3.4 per cent to RM1.84 ringgit at 9:56 a.m. local time, headed for their steepest gain since Aug 6. The stock is set be the best performer on the FTSE Bursa Malaysia Top 100 Index, which fell 0.8 per cent.

Fourth-quarter earnings “should be stronger due to the recognition of robust sales,” Terence Wong, an analyst at CIMB Investment Bank Bhd., said in a report today. The bonus issue was “another piece of good news” that “could help improve liquidity of the stock.”

Mah Sing is benefiting from an economic recovery spurred by the government’s RM67 billion (US$19 billion) of stimulus initiatives.
The company yesterday acquired 46 acres of land with plans to develop RM1.05 billion of homes and offices.

Profit climbed to RM23.5 million in the third quarter from RM16.5 million a year earlier, boosted by higher sales, it said. Mah Sing said it plans a one-for-five bonus share issue.

The company also proposed a private placement to raise RM103 million for working capital, it said in a statement yesterday.

It’s “perfect timing to build its land bank and war chest,” Kenanga Investment Bank Bhd said in a report today. Kenanga raised its target price on Mah Sing to RM2.36 from RM2.33 and maintained its “buy” rating.

Mah Sing has been “on a roll” in terms of buying land this year, having spent RM289 million on 180 acres, CIMB’s Wong said. The land has a combined gross development value of RM1.9 billion, he said.

By Bloomberg

Mah Sing sees RM23.1m off-market trade

Mah Sing Group Bhd, Malaysia’s fifth-biggest property developer, had 12.5 million shares worth RM23.1 million changing hands in an off-market trade.

The shares traded off-market at RM1.85 each, according to stock exchange data.

By Bloomberg

KL Metro plans to launch projects worth RM300m

Boutique property developer Kuala Lumpur Metro Group will launch two resort developments and a housing project worth a combined RM300 million in Port Dickson, Bangi, and Penang, over the next eight months.

The low-profile group, which made a mark in property development when it launched its landmark project - the Legend International Water Homes in Port Dickson in 2003, is also planning to expand into China and Vietnam.

"We are looking at resort developments in China and Vietnam. We believe there is a market for resort-type products. We have identified the local partners, but plans are still preliminary," said KL Metro managing director Datuk Low Tak Fatt.

Locally, KL Metro will launch Phase 3 of the Legend Water Homes valued at RM45 million and 30 units of semi-detached houses in Bangi, worth RM25 million, by December.

By mid-2010, KL Metro will launch The Hibiscus in Penang, which features 460 units of five-star water homes at Teluk Kumbar.
The Penang development is worth some RM200 million and KL Metro is targeting buyers from Asia Pacific, Europe and the Middle East.

"Demand for water homes in Malaysia is greater than supply so we expect our projects to do very well," Low told a media briefing on the second phase of its Legend Water Homes in Kuala Lumpur yesterday.

Phase 2, which will open on November 1, offers 166 water homes, 44 garden chalets and 39 sky pool villas.

Priced from RM400,000 to RM700,000 each, some RM160 million or 99 per cent of the properties have been sold, Low said.

Majority of the buyers were from the Hong Kong, Singapore, Macau, the Middle East and some European countries, with an option to lease back at an 8 per cent gross rental income return a year.

Low said he expects 50 per cent occupancy in the first year, with average promotional room rates starting from RM550 per night to RM900.

He said KL Metro is aiming for occupancy to grow by 10 per cent per year via aggressive marketing.

"Despite the downturn of the economy and credit crunch worldwide, we still managed to complete Phase 2 three months ahead and sell all the units. We are proud of this development," Low said.

Phase 1, which has 329 units, was completed in 2006 and fully sold within two years.

The Balinese-themed resort took the "Best Architecture" and "Best Development" titles at the CNBC International Property Awards in London in 2007.

By Business Times (by Sharen Kaur)

WCT, Iskandar to develop RM600m condos

WCT Bhd and Iskandar Investment Bhd will jointly develop and co-own the 4.4-hectare 1Medini residential project in Medini Iskandar, Johor with a gross development value (GDV) of RM600 million.

The project will be developed by One Medini Sdn Bhd, a 70:30 per cent joint venture between WCT's subsidiary, WCT Land Sdn Bhd and Medini Land Sdn Bhd, a subsidiary of Iskandar Investment.

WCT chairman Datuk Captain Ahmad Sufian attributed the involvement of the company in the 1Medini project as a bonus because WCT had already awarded RM766 million worth of infrastructure works in Medini Iskandar in July this year, where works are expected to be completed by July 2011.

"We are proud indeed to be given this golden opportunity to make our first foray into the Iskandar Malaysia via the Medini Iskandar project and hope to expand our investment here," he told reporters after the signing of shareholder agreement for the development of 1Medini residence between WCT Land and MediniLand, in Putrajaya today.

Ahmad said the WCT also wanted to further grow its business in Malaysia and would continue to bid for any projects locally as well as international.

Its order book currently stands at RM3.5 billion. In 2008, local operations contributed 40 per cent to the group's revenue while the balance of 60 per cent came from the overseas market.

The construction and property development company currently has presence in United Arab Emirates, Qatar, Bahrain, Oman, India and Vietnam.

Scheduled to be fully completed by 2015, the 1,332 units of condominiums in1Medini would include a 68,800 square feet commercial area for local retail businesses.

Priced at RM350 per square feet, the first phase of the condominium is expected to be launched in early 2012.

Iskandar Investment president and chief executive officer, Arlida Ariff, meanwhile, said the strategic partnership with WCT in 1Medini project would help to meet the increasing demand for quality homes as well as to attract talented global citizens to live, work and play in Iskandar Malaysia.

There has been interest from both Indonesians and Singaporeans, she said.

According to the Iskandar Regional Development Authority (IRDA), Iskandar Malaysia has over RM47 billion in committed funds from the government bodies and international investors to date.

By Bernama

Suncity in tie-up to develop Tianjin Eco-City

PETALING JAYA: Sunway City Bhd (Suncity) has teamed up with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) for a project in Tianjin Eco-City, China, which an estimated gross development value worth more than RM2.48bil.

SSTEC is a 50:50 joint venture between a Chinese consortium led by Tianjin TEDA Investment Holding Co Ltd and a Singapore consortium led by Keppel Group.

Tan Sri Jeffrey Cheah

Sunway group chairman Tan Sri Jeffrey Cheah said a memorandum of understanding had been signed between the two parties to conduct market research and a feasibility study.

“We will decide on the feasibility of the project after we complete it in

six months,” he told reporters yesterday.

The second-phase development of the project will be a mixed-development project constituting 88% residential and 12% commercial properties, with construction expected to begin from 2011.

In a statement, Suncity said it was “optimistic that China’s property market will continue to grow at a healthy level as a result of an urbinisation process, a process that will see China’s urban population swell to approximately 850 million by 2020 or 47%.”

The project is Suncity’s biggest in China.

The Tianjin Eco-City is a landmark bilateral project between China and Singapore.

Located in the Tianjin Binhai New Area, the 30 sq km Tianjin Eco-City will be a modern township where 350,000 people will live.

Separately, Cheah said Sunway Holdings Bhd would rely on its own reserves to fund its Singapore joint-venture condo project with Hoi Hup Realty Pte Ltd.

“The company has enough funds to proceed with the 400 to 500 condo units there,” he said, adding that Sunway would have a 30% stake in the venture.

The project, which has a gross development value of S$435mil, covers 207,000 sq ft at Jalan Senang and Lengkong Tujoh off Sims Avenue.

By The Star

SunCity to take part in RM2.5b China project

The massive 3,000ha Tianjin Eco-City, which is worth several billion ringgit, will be developed in three phases from 2011.

Sunway City Bhd (SunCity) has signed a joint-venture agreement with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) to undertake a RM2.5 billion mixed development in Tianjin, China.

However, implementation of the project is subject to a feasibility study.

The massive 3,000ha Tianjin Eco-City, which is worth several billion ringgit, will be developed in three phases from 2011.

SunCity will develop part of the second phase, covering 41ha, with SSTEC.
Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah said that a joint-venture company, led by SunCity, will be set up after the study is completed.

The joint-venture company will build bungalows, villas, semi-detached and terraced houses, high-rise residences and commercial properties, including a shopping mall, on less than 20ha. The rest will be kept green.

"We are very confident of this project as it is driven by the Chinese and Singaporean government. SSTEC has attracted the largest and best eco-developers in Asia. This proves the project will happen," said Cheah.

He was speaking at a press conference yesterday in Bandar Sunway, Selangor, after inking an agreement with SSTEC to carry out the study and market research, and to come up with a sustainable business model for the project within six months.

The developers include China's Shimao Group, Japan's Mitsui Fudosan and Taiwan's Farglory Group, which are involved in the first phase of Tianjin Eco-City.

"The main thing is to get the right product so the development can run. The next six months is very crucial. We will plan the 41ha properly to come up with a sustainable, workable and viable development," Cheah said.

He added that the project will be funded by equity and bridging finance.

Part of the funding will also come from a real estate investment trust (REIT) that SunCity is planning to launch in the next one to two years.

SSTEC is the master developer of Tianjin Eco-City. It is a 50:50 joint venture between the Chinese consortium led by Tianjin TEDA Investment Holding Co Ltd and the Singapore consortium led by the Keppel group.

Tianjin Eco-City is a landmark bilateral project between China and Singapore with private-sector investment and development. When completed, it will have 26,500 households.

SSTEC chief executive officer Goh Chye Boon said it was targeting reputable developers from the project to work with when it embarks on new projects in China.

"We want to make sure Tianjin Eco-City is sustainable so we can replicate the development in other parts of China. We are looking for bigger land now," Goh said, adding that SunCity may be given more jobs in Tianjin Eco-City.

He said SunCity may also be roped in to work on other projects that the Chinese and Singaporean consortiums are eyeing in China, Indonesia, Vietnam and India.

By Business Times (by Sharen Kaur)

Sunway City rises to 9-day high

Sunway City Bhd, a Malaysian property developer, rose to a nine-day high after the company said it plans to collaborate with a Chinese company and a Singapore consortium led by Keppel Group to develop a housing and office project in China.

The stock climbed 1.3 per cent to RM3.23 at 9:11 am local time in Kuala Lumpur, set for the highest level since October 19.

By Bloomberg

Empire Shopping Gallery operational by Q1 2010

SUBANG JAYA: The Empire Shopping Gallery, which is expected to be fully operational by the first quarter next year, has already leased out 70% of its lettable units.

Owned by Couture Homes Sdn Bhd, the five-level lifestyle neighbourhood shopping gallery has a gross built-up area of 600,000 sq ft with 180 stores.

It will offer among others, international and domestic brands, food and beverage outlets, and a gourmet supermarket.

Couture Homes managing director Datuk Sean Ng said Empire Shopping Gallery was designed to be a lifestyle and contemporary centre that Subang Jaya would be proud to call its own.

“We believe we are the only shopping gallery to dedicate an entire floor to children called the Empire Junior Floor,” he said in a statement.

He added that the gallery’s primary focus was edutainment, featuring a centre for the learning arts such as ballet, drama, linguistics, information technology and a host of creative arts in addition to toy stores.

The company yesterday help a topping-off ceremony to symbolise the completion of the the gallery’s construction.

The Empire Shopping Gallery is part of the freehold Empire Subang commercial development that comprises three additional elements – Empire SoHo, Empire Tower and a boutique hotel.

Empire SoHo offers 210 home offices. The Empire Tower is a 12-storey office block while the 13-storey Empire Hotel is destined to be the latest stylish gateway for business and leisure travellers.

Couture is a member of the Mammoth Empire Group of Companies.

By The Star