IPOH: Property developer Hua Yang Bhd expects to generate a revenue of some RM872 million, which would keep them busy for the next 12 years at the 196ha site in the fast developing Bandar Universiti Seri Iskandar (BUSI).
BUSI, located at Perak Tengah district, about 30 minutes drive from here, was derived from educational institutions located in the area like Universiti Teknologi Petronas (UTP), Universiti Teknologi Mara (UiTM), Kolej Profesional Mara and others like Sekolah Menengah Teknik Seri Iskandar and National Youth Skills Training Centre.
The company has a landbank of 335.3ha, of which 110.4ha had been developed to a tune of RM200 million, while the ongoing project covers 12.4ha, which is worth RM48 million.
The latest project is the Pedestrian Mall, costing some RM12 million.
The project, which is adjacent to Tesco hypermar-ket, comprises 123 units of two- and three-storey buildings, each priced between RM598,800 and RM1.56 million.
"The retail shops at our new project site is built on a pedestrian concept," Hua Yang Perak branch manager Tony Ng said.
The ongoing new phases include Tropika double-storey terrace houses, Bandar Universiti Business Centre (BUBC) and double-storey shop offices. Other projects in the pipeline are double-storey Sierra Homes and single-storey Seri Idaman units.
The masterplan is to build an integrated lakeside township, complete with facilities, including commercial shoplots, hospitals, schools, educational centres, budget hotels, hawker centres and a clubhouse.
By Business Times
Friday, August 3, 2012
'Revamped' Oriental Village for Langkawi?
GEORGE TOWN: A revamped "Oriental Village" in Teluk Burau, with additional features like an events hall and a canopy walk, is likely to emerge as part of the Langkawi Development Authority's (Lada) efforts to boost tourism products in Langkawi.
Business Times has learnt that the existing Geopark Hotel Langkawi, which is sited in the grounds of the themed village, may also undergo a refurbishment and be turned into a boutique hotel.
"It is likely that Lada will incorporate some of the elements outlined by Syarikat Prasarana Negara Bhd in its business plan for the potential takeover of Oriental Village's operations," industry sources said.
Last year, Business Times reported that Prasarana was in talks with Lada for the proposed takeover in a bid to add value to Prasarana's cable car operations which were sited in the grounds of the Oriental Village on the resort island.
Prasarana yesterday confirmed Business Times' report on Wednesday that it had handed back the cable car operations to asset owner Lada after operating for ten years.
In a statement issued yesterday, Prasarana said the handover was formalised on Tuesday in Langkawi with Prasarana group managing director Datuk Shahril Mokhtar signing an agreement to sell off its shares in Panorama Langkawi to Lada Eco Tourism Sdn Bhd, a subsidiary of Lada to facilitate the change in ownership.
The firm was represented at the signing ceremony by its chief executive officer Tan Sri Khalid Ramli.
Prasarana was appointed by Lada to take over the operations of the Langkawi cable car services from Machinchang Skyways in November 2002, by bringing in its expertise to run the business.
A year later, Prasarana set up Panorama Langkawi as a special vehicle to manage the operations and business. The handover of the cable car services is reportedly valued at RM3 million.
"Through Panorama Langkawi, we have helped put the island and Langkawi Cable Car in particular on the world map.
"For that, I would like to congratulate my team at Prasarana and also to now my former staff at Panorama Langkawi," Shahril said in the statement.
He also expressed hope that Lada will continue Prasarana's good work and to build on the fact that the cable car services have become a tourism icon for the island.
By Business Times
Business Times has learnt that the existing Geopark Hotel Langkawi, which is sited in the grounds of the themed village, may also undergo a refurbishment and be turned into a boutique hotel.
"It is likely that Lada will incorporate some of the elements outlined by Syarikat Prasarana Negara Bhd in its business plan for the potential takeover of Oriental Village's operations," industry sources said.
Last year, Business Times reported that Prasarana was in talks with Lada for the proposed takeover in a bid to add value to Prasarana's cable car operations which were sited in the grounds of the Oriental Village on the resort island.
Prasarana yesterday confirmed Business Times' report on Wednesday that it had handed back the cable car operations to asset owner Lada after operating for ten years.
In a statement issued yesterday, Prasarana said the handover was formalised on Tuesday in Langkawi with Prasarana group managing director Datuk Shahril Mokhtar signing an agreement to sell off its shares in Panorama Langkawi to Lada Eco Tourism Sdn Bhd, a subsidiary of Lada to facilitate the change in ownership.
The firm was represented at the signing ceremony by its chief executive officer Tan Sri Khalid Ramli.
Prasarana was appointed by Lada to take over the operations of the Langkawi cable car services from Machinchang Skyways in November 2002, by bringing in its expertise to run the business.
A year later, Prasarana set up Panorama Langkawi as a special vehicle to manage the operations and business. The handover of the cable car services is reportedly valued at RM3 million.
"Through Panorama Langkawi, we have helped put the island and Langkawi Cable Car in particular on the world map.
"For that, I would like to congratulate my team at Prasarana and also to now my former staff at Panorama Langkawi," Shahril said in the statement.
He also expressed hope that Lada will continue Prasarana's good work and to build on the fact that the cable car services have become a tourism icon for the island.
By Business Times
Buy a penthouse and get a Lamborghini
Probably the first time such an offer is being made
Kuala Lumpur: Fancy a Lamborghini to go with your super penthouse?
In what could be the first time in the property industry, lifestyle developer Eastern & Oriental Bhd (E&O) has come up with the option for purchasers of its super penthouses at St Mary Residences Kuala Lumpur to own a Lamborghini Gallardo at a special price. The car costs about RM1.7mil.
E&O deputy managing director Eric Chan said this was made possible as a result of a co-branding partnership between the two companies.
“This is a market first, and another way E&O is setting benchmarks for luxury living in the city,” Chan told a press conference.
Lamborghini Kuala Lumpur chief operating officer Marcus Chye said: “The best goes with the best.”
There are only 200 units of Lamborghini in the country. On the Gallardo special edition, Chye said only 20 units were made for Malaysia. Thirteen have been sold and three out of the remaining seven have been reserved for St Mary buyers.
As for the other big-ticket item, the three remaining penthouses, with a built-up of 6,700sq ft, are priced between RM10mil and RM12.18mil each. There are 16 penthouses, but only four come with the “super” status. One of them was previously sold.
The three-block 28-storey development is located in the heart of the central business district in Jalan Tengah, off Jalan Sultan Ismail, and is about 10 minutes from the Kuala Lumpur City Centre area.
Two of the blocks, comprising 457 units, have all been sold except for the three super units.
The third block will be returned to the church Synod of the Diocese of West Malaysia, the previous owner of the 4.04 acre freehold land but E&O will manage the 200 units, known as E&O Residences Kuala Lumpur, for the church for 15 years, with an option to extend to another five years.
It will be the company's first serviced apartments in the city. It also owns Eastern & Oriental Hotel and Lone Pines, both in Penang.
Chan also introduced the E&O rental programme which was designed to help buyers and investors better realise their investment in St Mary Residences.
Chan said the programme would help buyers and investors to facilitate the sale or rental of their units by advising them on the rental and sub-sale rates.
He said purchasers might have an annual yield of between 5% and 7% depending on when they bought the units.
On its other projects, Chan said the company wasplanning to launch its Jalan Yap Kwan Seng development, several blocks of Penang properties and possibly Johor properties with a combined gross development value of about RM1bil in the next 12 months.
By The Star
UDA Land eyes RM2bil GDV
KUALA LUMPUR: UDA Land Sdn Bhd, a subsidiary of UDA Holdings, aims to achieve RM2bil in gross development value (GDV) from Phase 4 of the Suaindah development in Bandar Tun Hussein Onn by 2016.
Chief operating officer Mohmad Sallihhudin Barlin said the GDV would be derived from high-end properties planned to be built in the area, including bungalows, semi-detached houses, condominiums and commercials.
By Bernama
Chief operating officer Mohmad Sallihhudin Barlin said the GDV would be derived from high-end properties planned to be built in the area, including bungalows, semi-detached houses, condominiums and commercials.
By Bernama
Thursday, August 2, 2012
Amcorp Properties in joint venture to invest in real estatein London
PETALING JAYA: Amcorp Properties Bhd is the latest to venture into the London property market. The company announced that it had entered into a joint venture (JV) to acquire a freehold property in London via wholly owned subsidiary Old Burlington Ltd (OBL) with NL (Pollen) Ltd and HPL (Mayfair) Pte Ltd.
The company's investment portion would amount to a maximum of £23.75mil (RM117.6mil).
OBL, together with NL and HPL, formed a JV company to acquire the property from Standard Life Assurance Ltd for £85mil.
The JV company, Ten Acre (Mayfair) Ltd, plans to redevelop the property for residential use. A further £5mil will be considered for the conversion of the property for that purpose. In a filing with Bursa Malaysia, Amcorp Properties said Ten Acre's major shareholder was HPL, with a stake of 65%, while OBL and NL would respectively hold a 25% and 10% stake.
The property is located east of Mayfair, which boasts as a prestigious retail and residential area in London. “The property comprises a mid-terraced, Mayfair office building totalling 83,024 sq ft of commercial accommodation over basement, ground and eight upper floor levels. The ground and basement comprised restaurant and gallery tenants with office accommodation on the upper floors,” said Amcorp Properties.
Ten Acre intends to acquire and manage the property in two stages. The first of which is to secure a high quality residential led scheme. The second stage will see the development, marketing and sale of the completed units at the property.
OBL's £23.75mil investment will be funded via advances from Amcorp Properties. “Amcorp Properties intends to finance its portion of the capital contributions via internally generated funds of Amcorp Properties and its subsidiaries,” the company told Bursa.
The building was constructed in the 1930s, and was subsequently refurbished in the 1980s.
Kenanga Investment Bank head of research Chan Ken Yew said Malaysian companies were taking advantage of the weakness in the pound, coupled with the trough cycle in the London property cycle. “Additionally, London's common law is similar to our common law. Therefore, it is easier to adopt their law as compared with other countries,” he said.
In its note to Bursa, Amcorp Properties said it intended to continue the expansion of its property portfolio in central London, based on its profitability in the London property market in recent years.
In late 2010, Amcorp Properties had acquired a residential property with 10 self-contained apartments in Lexham Gardens, London via its unit Riverich Ltd for £7.3mil. The company said the rental from the property provided a sustainable recurring income. According to the company's website, the rental yield for the property is about 4%.
In a separate note, adding to the foray of local investments into the United Kingdom, Malaysian consortium consisting of SP Setia Bhd, Sime Darby Bhd and the Employees Provident Fund officials recently announced plans to develop the Battersea Power Station for £8bil.
Lembaga Tabung Haji was also said to be finalising its first commercial property acquisition in London, estimated at £165mil. The proposed acquisition is expected to be completed in September.
It is also noteworthy that Genting Malaysia Bhd is investing £120mil to develop a leisure and entertainment complex in Birmingham.
Chan added the return on investment for companies investing in the UK property market arena will bank on the economic situation. “If the economic situation is good, companies will find that it is time to harvest their investments. Now, it is time to sow them,” Chan said.
Trading of Amcorp Properties' shares on Bursa was halted from 9am to 10am following the announcement on Wednesday. The share closed 0.5 sen up to 50.5 sen at 5pm yesterday.
By The Star
Amcorp unit in pact to buy London property
KUALA LUMPUR: Amcorp Properties Bhd's wholly-owned subsidiary, Old Burlington Ltd, has entered into a shareholders' agreement with NL (Pollen) Ltd and HPL (Mayfair) Pte Ltd, to purchase a freehold property in London.
In a filing to Bursa Malaysia, Amcorp Properties said following the agreement, the maximum funding commitment to be made by Old Burlington is STG23.75 million (RM117.6 million) as its share.
"The three entities have agreed to form Ten Acre (Mayfair) Ltd, a joint-venture entity, whereby the agreed proportion of shares would be 10 per cent for NL Pollen, 65 per cent for HPL Mayfair and 25 per cent for Old Burlington.
"The property, located in central London, comprises a mid-terraced, Mayfair office building totalling 7713.18 square metres of commercial accommodation over basement, ground and eight upper floor levels," it said.
The group said the joint venture would allow it to foray into the larger property investment opportunities in prime central London, while expanding its property portfolio there.
On the source of funding, Amcorp Properties intends to finance its portion of the capital contributions internally and through its subsidiaries.
"The joint venture is expected to contribute positively to the future earnings and growth of Amcorp Properties," it added.
By Bernama
In a filing to Bursa Malaysia, Amcorp Properties said following the agreement, the maximum funding commitment to be made by Old Burlington is STG23.75 million (RM117.6 million) as its share.
"The three entities have agreed to form Ten Acre (Mayfair) Ltd, a joint-venture entity, whereby the agreed proportion of shares would be 10 per cent for NL Pollen, 65 per cent for HPL Mayfair and 25 per cent for Old Burlington.
"The property, located in central London, comprises a mid-terraced, Mayfair office building totalling 7713.18 square metres of commercial accommodation over basement, ground and eight upper floor levels," it said.
The group said the joint venture would allow it to foray into the larger property investment opportunities in prime central London, while expanding its property portfolio there.
On the source of funding, Amcorp Properties intends to finance its portion of the capital contributions internally and through its subsidiaries.
"The joint venture is expected to contribute positively to the future earnings and growth of Amcorp Properties," it added.
By Bernama
CapitaLand sees China home sales improving
SINGAPORE: CapitaLand Ltd sees residential sales in China improving for the rest of the year, helped by expectations of a turnaround in the world’s second-largest economy.
CapitaLand, about 40 per cent owned by Singapore state investor Temasek, said the number of homes it sold in China in the second quarter more than tripled to 812 units from the previous three months, boosted by a rebound in buyers’ sentiment.
“We’re seeing a lot of pent up demand and seeing a lot of people committed to buying properties now, having stayed away for the last one and a half years,” Jason Leow, CEO of CapitaLand’s China unit, told a briefing of media and analysts.
By Reuters
CapitaLand, about 40 per cent owned by Singapore state investor Temasek, said the number of homes it sold in China in the second quarter more than tripled to 812 units from the previous three months, boosted by a rebound in buyers’ sentiment.
“We’re seeing a lot of pent up demand and seeing a lot of people committed to buying properties now, having stayed away for the last one and a half years,” Jason Leow, CEO of CapitaLand’s China unit, told a briefing of media and analysts.
By Reuters
Irda plans more theme parks in Iskandar Malaysia
JOHOR BARU: Iskandar Regional Development Authority (Irda) is looking at having more theme parks in Iskandar Malaysia.
Chief executive officer Datuk Ismail Ibrahim said the development of the new theme parks could be at other zones in Iskandar and not necessarily in Nusajaya.
“It will be better to have different theme parks to cater to different segments of visitors rather than just having one or two in our development,'' he said.
Ismail was speaking at a briefing on the RM115mil Puteri Harbour Indoor Theme Park@Nusajaya.
Nusajaya is one of the five flagship development zones in Iskandar's 2,217-sq-km region the others are JB City Centre, Eastern Gate Development Zone, Western Gate Development Zone and Senai-Kulai.
Also present at the event were the theme park operator Theme Attractions and Resorts Sdn Bhd (TAR) managing director and chief executive officer Tunku Datuk Ahmad Burhanuddin, chief development officer Muhammad Zainal Ashikin and famous cartoonist Datuk Mohd Nor Khalid, better known as Lat.
TAR is a wholly-owned subsidiary of Khazanah Nasional Bhd formed in June 2009 to develop, manage and operate theme parks and attractions in Malaysia.
“Florida in the United States is the best example where there is a collection of several theme parks attracting different sets of visitors,'' Ismail said.
He said while Legoland Malaysia Theme Park and Puteri Harbour Theme Park catered for children, it would be good to have a theme park that catered for adults.
Ismail said the existing and the new theme parks in Iskandar should offer a wholesome fun and entertainment for the whole family.
The RM750mil Legoland Malaysia is the first Legoland in Asia. Built on a 23ha site in Medini, Nusajaya, it is a joint venture between Merlin Entertainment Groups and Khazanah's 60%-owned Iskandar Investment Bhd.
Legoland Malaysia will open its doors to visitors on Sept 15 while Puteri Harbour Theme Park in November.
By The Star
Penang BN wants state govt to come clean on low, medium-cost housing
GEORGE TOWN: Penang Barisan Nasional wants the state government to reveal the facts and myths on low and low-medium cost houses constructed since 2008.
Its publicity bureau chief Tan Cheng Liang said the state government was diverting the Taman Manggis land sale issue and confusing the people.
She said Chief Minister Lim Guan Eng was explanation on the Taman Manggis land sale because he had made a blunder by saying the land was too small for housing development.
She said Penangites were still in doubt about the Taman Manggis land sale.
"He has not answered the questions raised on the issue until today," she said, here.
Barisan coordinators for the Batu Lancang, Sungai Puyu and Komtar state constituencies and Bayan Baru parliamentary seat on Thursday also joined hands to brush off Guan Eng's claim of Barisan not building low-cost houses when it was in power in Penang.
Guan Eng was quoted by Chinese newspapers as questioning why Barisan raised the issue on low-cost housing since it did not undertake the initiative when in power.
Batu Lancang Barisan constituency coordinator, Lee Boon Ten said the statement was incorrect because Barisan had constructed 35,761 units of low and low-medium cost houses from 1990 to 2008.
"During that period too, BN provided 4,615 units of low-cost flats under the rent-and-purchase scheme for needy families. It also approved 33,514 low-cost houses for construction in Penang from 2004 to 2008," he said.
Lee said Barisan, if returned to power in the general election, would be committed to building 20,000 units of low cost-flats and implementing the rent-and-buy scheme within a period of five years at a cost of RM1.5bil to alleviate low-cost housing woes in Penang.
He said according to the 2010 Auditor-General's Report, the Pakatan Rakyat government did not implement any new low-cost housing project between 2008 and 2010 despite receiving 152,702 applications.
By The Star
Its publicity bureau chief Tan Cheng Liang said the state government was diverting the Taman Manggis land sale issue and confusing the people.
She said Chief Minister Lim Guan Eng was explanation on the Taman Manggis land sale because he had made a blunder by saying the land was too small for housing development.
She said Penangites were still in doubt about the Taman Manggis land sale.
"He has not answered the questions raised on the issue until today," she said, here.
Barisan coordinators for the Batu Lancang, Sungai Puyu and Komtar state constituencies and Bayan Baru parliamentary seat on Thursday also joined hands to brush off Guan Eng's claim of Barisan not building low-cost houses when it was in power in Penang.
Guan Eng was quoted by Chinese newspapers as questioning why Barisan raised the issue on low-cost housing since it did not undertake the initiative when in power.
Batu Lancang Barisan constituency coordinator, Lee Boon Ten said the statement was incorrect because Barisan had constructed 35,761 units of low and low-medium cost houses from 1990 to 2008.
"During that period too, BN provided 4,615 units of low-cost flats under the rent-and-purchase scheme for needy families. It also approved 33,514 low-cost houses for construction in Penang from 2004 to 2008," he said.
Lee said Barisan, if returned to power in the general election, would be committed to building 20,000 units of low cost-flats and implementing the rent-and-buy scheme within a period of five years at a cost of RM1.5bil to alleviate low-cost housing woes in Penang.
He said according to the 2010 Auditor-General's Report, the Pakatan Rakyat government did not implement any new low-cost housing project between 2008 and 2010 despite receiving 152,702 applications.
By The Star
Aussie house prices enjoy surprise rise
SYDNEY: House prices in Australia's major cities recorded a surprise increase last quarter, the first in more than a year and perhaps an early sign that recent cuts in interest rates are stabilising demand in what has been a very subdued market.
Yesterday's figures from the government showed prices for established houses in the major cities rose 0.5% in the second quarter, beating forecasts of a 0.5% fall. The first quarter was also revised to show a slight 0.1% dip, compared with an initial 1.1% drop.
Prices were still down 2.1% on the same quarter of 2011, but that was the slowest pace of decline in more than a year. The index of house prices was also just 4.7% below the all-time peak hit in 2010, a far smaller drop than suffered in say the United States or Britain.
By Reuters
Yesterday's figures from the government showed prices for established houses in the major cities rose 0.5% in the second quarter, beating forecasts of a 0.5% fall. The first quarter was also revised to show a slight 0.1% dip, compared with an initial 1.1% drop.
Prices were still down 2.1% on the same quarter of 2011, but that was the slowest pace of decline in more than a year. The index of house prices was also just 4.7% below the all-time peak hit in 2010, a far smaller drop than suffered in say the United States or Britain.
By Reuters
Wednesday, August 1, 2012
Real estate back in favour
It’s in demand again with signs of US housing market bottoming out
LONDON: Treated by many as a pariah after the US subprime collapse triggered the 2007 global financial crisis, real estate is increasingly bouncing back with insurance, pension and sovereign wealth funds.
The evaporation of interest rates on high-quality government bonds is encouraging asset managers to look again at prime real estate properties and stocks, where they find returns far outshooting socalled “safe” sovereigns.
Sovereign wealth funds are a US$4 trillion business and pension funds cover more than US$30 trillion, so even a small shift could move billions away from lower-yielding and more volatile assets.
Top-of-the-crop commercial and residential properties from London to Bangkok are in demand and there are signs of a bottoming out in the US housing market, prompting major investors to buy foreclosed homes to rent.
A sign of increasing interest in the sector can be seen in real estate funds, which have attracted more fresh money than other sectors this year, according to fundtracker EPFR Global.
Andrew Economos, head of sovereign and institutional strategy for JP Morgan Asset Management in Asia, says sovereign wealth funds are particularly active.
“Sovereign wealth funds are looking for positive yields and they are finding anywhere between 5% and 7% in real estate. They are getting yield on purchase as well as capital appreciation,” he said.
“They are diversifying across real estate into commercial, trophy properties as well as REITs (real estate investment trusts),” he said. REITs are securities sold like a stock and which invest in real estate properties or mortgages.
In one of the most recent high-end deals, Norway's sovereign wealth fund teamed up last month with Italian insurance giant Assicurazioni Generali to manage prime office and retail properties worth 550 million euros in central Paris.
Norway's sovereign wealth fund NBIM, which holds assets worth about 3.6 trillion Norwegian crowns (US$598.93bil), plans to raise real estate assets to as much as 5% of its overall portfolio from 0.3% at the end of March.
China's US$482bil sovereign wealth fund Investment Corp said on Wednesday this was one of the sectors it was now focusing on.
One way that investors are tapping the real estate market is through stocks and real estate investment trusts, which offer substantially higher dividend yields than sovereigns in areas spanning from Europe and the United States to Japan.
Dividend yields for stocks listed on the MSCI real estate index for the eurozone reach nearly 7%, according to Thomson Reuters Data-Stream, which beats by far negative or near zero yields for government bonds in core countries Germany or France. This is also higher than other sought-after assets including corporate bonds, which offer an overall yield of 3.24% on the iBoxx index.
The MSCI real estate eurozone index is up 13.1% since the beginning of the year compared with 2% for the overall MSCI index for the region, Data-Stream shows.
Yields on prime commercial or real estate housing the actual property rather than stocks vary widely but analysts give estimates of an average 35% for the best property in Europe.
“Certainly the work that we have done on an advisory basis to clients in the past three to four months has highlighted the importance of property in their portfolios,” said Ken Adams, global strategist at Scottish Widows Investment Partnership.
That market is highly polarised, however, with anything less than outstanding properties offering long leases with financially sound tenants in sought-after areas being spurned by investors put off by recession and the euro debt crisis and prices for these more secondary assets falling.
Commercial real estate, which had widely collapsed in the wake of the subprime crisis, was competing with other high-yield assets such as emerging market bonds and must offer the safety of a high-quality bond with better yields to attract investors such as pension funds, said John Danes, property research director at UK fund manager Aberdeen Asset Management.
“The return has to be very financially secure, with long leases and if there is some kind of inflation link as well, all the better,” said Danes, adding that he had seen increased interest across sectors, from long-let retail and offices to British supermarkets, which he said offer financially solid tenants and yields of 4.55%.
In the birthplace of the subprime crisis, in the United States, a number of investors are focusing on the opportunities that have been created in housing.
Blackstone Group LP has spent more than US$300mil to purchase over 2,000 foreclosed homes to rent and bet on a recovery of the US housing market, the firm said in mid-July.
Although analysts forecast any growth in the US housing market would be sluggish and it could take 10 years or more to go back to 2006 peak levels, commercial housing had seen nine consecutive quarters of uninterrupted improvement with vacancies down and rents up, said Citi analyst Jeff Berenbaum.
“Yields are in the high 3% to low 4% range for the strongest properties,” he said.
“For a risky market like commercial housing that's pretty historically low but if you compare with treasury yields, it's still a pretty wide spread.”
On the housing front globally, prime property in major cities has seen its strongest growth since 2010 in the second quarter, with a 1.3% growth in the year to June, according to Knight Frank's prime global cities index, which tracks the top 5% of mainstream markets.
By Reuters
Pension fund raises stake in KLCC Property
Although KLCC Property has yet to provide further details on the REIT venture, analysts remained positive on the idea.
KUALA LUMPUR: The Employees Provident Fund (EPF) has been increasing its exposure in KLCC Property Holdings Bhd this month, where the pension fund has spent over RM10 million to buy more than two million shares in the property investment company.
While the net acquisition may not be significant, it may be a sign that EPF likes KLCC Property's idea on exploring the possibility of a real estate investment (REIT) structure as a move to further unlock value gains in the property market.
In a HwangDBS Vickers Research report, it explored two possible scenarios for a REIT structure (a pure retail REIT and a mixed REIT) where asset sale proceeds could touch RM4.8 billion and RM13.6 billion, respectively, based on cap rates of six per cent for retail, six to seven per cent for offices and eight per cents for hotels.
"While the timing remains uncertain, this is a positive step to help unlock value and allow non-corporate shareholders to benefit from REIT distribution's lower tax rates.
"We do not discount the possibility of the RCULS (redeemable convertible unsecured loan stocks) overhang being addressed as well.
"Petronas can convert RM714 million RCULS anytime as they are in the money (RM1.98 conversion price, 2014 mandatory conversion), raising its stake in KLCC Property to 66 per cent from 51 per cent," said the report.
By Business Times
KUALA LUMPUR: The Employees Provident Fund (EPF) has been increasing its exposure in KLCC Property Holdings Bhd this month, where the pension fund has spent over RM10 million to buy more than two million shares in the property investment company.
While the net acquisition may not be significant, it may be a sign that EPF likes KLCC Property's idea on exploring the possibility of a real estate investment (REIT) structure as a move to further unlock value gains in the property market.
In a HwangDBS Vickers Research report, it explored two possible scenarios for a REIT structure (a pure retail REIT and a mixed REIT) where asset sale proceeds could touch RM4.8 billion and RM13.6 billion, respectively, based on cap rates of six per cent for retail, six to seven per cent for offices and eight per cents for hotels.
"While the timing remains uncertain, this is a positive step to help unlock value and allow non-corporate shareholders to benefit from REIT distribution's lower tax rates.
"We do not discount the possibility of the RCULS (redeemable convertible unsecured loan stocks) overhang being addressed as well.
"Petronas can convert RM714 million RCULS anytime as they are in the money (RM1.98 conversion price, 2014 mandatory conversion), raising its stake in KLCC Property to 66 per cent from 51 per cent," said the report.
By Business Times
AmMutual open to more REIT buys
KUALA LUMPUR: AmMutual, which is positive on the Asia-Pacific real estate investment trusts (REITs) market, is keeping its options open on buying more REITs in the region, but much will depend, among others, on the liberalisation of a country's REITs regulation.
Its chief investment officer for equities Andrew Wong said the company would buy properties for REITs investment in any country in the region where REITS regulations were liberal, adding that this was one of the important considerations in the REITs business.
Wong says AmMutual will focus on the Asia-Pacific market in the next 12 months.
AmMutual is the conventional unit trust brand that is managed by the AmBank Group.
Besides this, he said the company would also look into countries where the demand for property REITs exceeded its supply, as well as the liquidity requirement in terms of liquidity risk when it exits certain properties in the region.
He was speaking at a media briefing on investments in Asia-Pacific REITs.
Currently AmMutual, via its wholly managed property fund - AmAsia Pacific REITs - has property REITs, in Australia, Singapore, Japan, Thailand, Hong Kong and Malaysia, among other countries.
It is also looking to buy REITS in countries in the region where the economy is starting to thrive.
Wong said the company's exposure to Malaysian REITs at present was about 7% and that it would consider buying others if the price was right, noting that it was also eyeing the soon to be listed IGB REITs.
For the next 12 months, he said the focus would still be on the Asia-Pacific region.
On the type of Malaysia REITS, he said the company was comfortable and keen on retail REITs, neutral on office REITs, partly due to the over-supply situation and mindful on logistics because of the liquidity of its REITs universe.
For the liquidity level of the REITs stocks, he said the company's cut-off point was preferably those with a minimum RM1.5bil in market capitalisation.
AmAsia Pacific REITs has raked in total returns of 20.8% to date since its inception on July 18 last year.
The property REITs fund also has an annual average dividend yield of about 6% and is the only fund in Malaysia to solely invest in the Asia-Pacific REITs.
On the challenges of REITs, Wong said this would be closely linked to the state of the economy and foreign direct investments.
Apart from this, the demographics of a particular country, for example its immigration laws, are important as this would entice people and investments into the country.
By The Star
Its chief investment officer for equities Andrew Wong said the company would buy properties for REITs investment in any country in the region where REITS regulations were liberal, adding that this was one of the important considerations in the REITs business.
AmMutual is the conventional unit trust brand that is managed by the AmBank Group.
Besides this, he said the company would also look into countries where the demand for property REITs exceeded its supply, as well as the liquidity requirement in terms of liquidity risk when it exits certain properties in the region.
He was speaking at a media briefing on investments in Asia-Pacific REITs.
Currently AmMutual, via its wholly managed property fund - AmAsia Pacific REITs - has property REITs, in Australia, Singapore, Japan, Thailand, Hong Kong and Malaysia, among other countries.
It is also looking to buy REITS in countries in the region where the economy is starting to thrive.
Wong said the company's exposure to Malaysian REITs at present was about 7% and that it would consider buying others if the price was right, noting that it was also eyeing the soon to be listed IGB REITs.
For the next 12 months, he said the focus would still be on the Asia-Pacific region.
On the type of Malaysia REITS, he said the company was comfortable and keen on retail REITs, neutral on office REITs, partly due to the over-supply situation and mindful on logistics because of the liquidity of its REITs universe.
For the liquidity level of the REITs stocks, he said the company's cut-off point was preferably those with a minimum RM1.5bil in market capitalisation.
AmAsia Pacific REITs has raked in total returns of 20.8% to date since its inception on July 18 last year.
The property REITs fund also has an annual average dividend yield of about 6% and is the only fund in Malaysia to solely invest in the Asia-Pacific REITs.
On the challenges of REITs, Wong said this would be closely linked to the state of the economy and foreign direct investments.
Apart from this, the demographics of a particular country, for example its immigration laws, are important as this would entice people and investments into the country.
By The Star
Tuesday, July 31, 2012
Bidding process for RRI land to start by year-end
The source said EPF would call for the prequalification bids as soon as it gets the government's nod for the proposed development of the land.
Pre-qualification bids would be opened to developers who meet the requirements, he said.
"EPF will pen out the requirements and post them on its website soon. Among the criteria are strong financing, expertise, reputation and innovation," the source said.
EPF is the land owner and master developer of the project.
It is buying 890ha of the available 1,215ha RRI agricultural land from the Federal Government for over RM2 billion.
The pension fund is expected to carve out the land in parcels of 20ha to 200ha each, depending on the use of it. The idea is to build low-end to luxury housing and commercial properties.
The balance of the RRI land is to house the Malaysian Rubber Board hub (217ha) and the My Rapid Transit (MRT) Sungai Buloh depot (72ha).
The master planning for the land development is being carried out by EPF's wholly-owned unit, Kwasa Land Sdn Bhd.
An official from the EPF said Malaysian Resources Corp Bhd (MRCB) was not involved in the master planning.
"MRCB's involvement in the project is on an arm's length basis. Like other developers, they will also have to bid for the land parcels," the official told Business Times.
EPF has a controlling stake in MRCB, the master developer of the KL Sentral project in Brickfields, Kuala Lumpur.
It is understood that several property players like Glomac Bhd, Mah Sing Group Bhd and Gadang Holdings Bhd have presented their ideas to the EPF.
The redevelopment of the RRI land forms part of the greater Kuala Lumpur Strategic Development initiative, a project under the 10th Malaysia Plan.
The southern portion of the RRI land, which includes parcels bordering the Tropicana Golf & Country Resort, falls under the jurisdiction of the Petaling Jaya City Council.
The northern portion, which houses the MRT depot, comes under the purview of the Shah Alam City Council.
By Business Times
Monday, July 30, 2012
MRCB advances on property acquisition news
KUALA LUMPUR: Shares of Malaysian Resources Corp Bhd (MRCB) rose to a high of RM1.78 in late morning on Monday on news that it was on the lookout to acquire property and that it could clinch contracts under the KL Mass Rapid Transit (KL MRT).
At 11.02am, it was up five sen to RM1.78. There were 2.31 million shares done at prices ranging from RM1.75 to RM1.78.
The FBM KLCI was down 0.11 of a point to 1,624.83. Turnover was 284.77 million shares valued at RM250.53mil. There were 278 gainers, 190 losers and 277 counters unchanged.
CIMB Equities Research said on Monday it was maintaining a Trading Buy on MRCB with a price target of RM2.02 on news that MRCB was reportedly looking to acquire property developer Nusa Gapurna.
"While talks are still preliminary, this is a positive surprise and will renew sentiment on the stock. The injection of the 60-acre land bank locks-in a new earnings stream after KL Sentral," said the research house.
CIMB Research said its target price is still pegged to a 30% discount to RNAV.
UOB Kay Hian Malaysia Research had a Buy on MRCB with a target price of RM2.03.
It said that there was a possibility of MRCB acquiring other developers in the near to medium term, given that MRCB's prime landbank is running low (KL Sentral is at maturity stage).
"If so, we believe MRCB will "marry" a partner with sufficient prime landbank (preferably in the Klang Valley), good track record and most importantly, the partner should have good working relationship with the Employees Provident Fund (EPF)," it said. The EPF owns 42% of MRCB.
"Our preliminary analysis focuses solely on Gapurna's three main projects on hand - the PJ Sentral Garden City, Seputeh land and Subang land, which collectively offers a projected gross development value (GDV) of RM12bil spanning over 15 years," it said.
UOB Kay Hian Research said the largest was PJ Sentral Garden City situated on a 40-acre land parcel in Section 52, Petaling Jaya, and construction was expected to commence in the first quarter of 2013.
"Assuming an average take-up rate of 75% and a net margin of 15% (after imputing finance cost from the acquisition), the NPV enhancement is RM725mil or 52 sen a share," it said.
A local newspaper said MRCB was expected to win a contract worth about RM1bil this week for the Sungai Buloh-Kajang (SBK) MY Rapid Transit (MRT) line.
If awarded, this will be the first railway-related job for MRCB this year.
The report said MRCB also won a RM1.33bil contract for the Ampang light rail transit (LRT) extension project in August 2011. The MRT contract is expected to boost MRCB's existing order book to more than RM2.5bil.
By The Star
At 11.02am, it was up five sen to RM1.78. There were 2.31 million shares done at prices ranging from RM1.75 to RM1.78.
The FBM KLCI was down 0.11 of a point to 1,624.83. Turnover was 284.77 million shares valued at RM250.53mil. There were 278 gainers, 190 losers and 277 counters unchanged.
CIMB Equities Research said on Monday it was maintaining a Trading Buy on MRCB with a price target of RM2.02 on news that MRCB was reportedly looking to acquire property developer Nusa Gapurna.
"While talks are still preliminary, this is a positive surprise and will renew sentiment on the stock. The injection of the 60-acre land bank locks-in a new earnings stream after KL Sentral," said the research house.
CIMB Research said its target price is still pegged to a 30% discount to RNAV.
UOB Kay Hian Malaysia Research had a Buy on MRCB with a target price of RM2.03.
It said that there was a possibility of MRCB acquiring other developers in the near to medium term, given that MRCB's prime landbank is running low (KL Sentral is at maturity stage).
"If so, we believe MRCB will "marry" a partner with sufficient prime landbank (preferably in the Klang Valley), good track record and most importantly, the partner should have good working relationship with the Employees Provident Fund (EPF)," it said. The EPF owns 42% of MRCB.
"Our preliminary analysis focuses solely on Gapurna's three main projects on hand - the PJ Sentral Garden City, Seputeh land and Subang land, which collectively offers a projected gross development value (GDV) of RM12bil spanning over 15 years," it said.
UOB Kay Hian Research said the largest was PJ Sentral Garden City situated on a 40-acre land parcel in Section 52, Petaling Jaya, and construction was expected to commence in the first quarter of 2013.
"Assuming an average take-up rate of 75% and a net margin of 15% (after imputing finance cost from the acquisition), the NPV enhancement is RM725mil or 52 sen a share," it said.
A local newspaper said MRCB was expected to win a contract worth about RM1bil this week for the Sungai Buloh-Kajang (SBK) MY Rapid Transit (MRT) line.
If awarded, this will be the first railway-related job for MRCB this year.
The report said MRCB also won a RM1.33bil contract for the Ampang light rail transit (LRT) extension project in August 2011. The MRT contract is expected to boost MRCB's existing order book to more than RM2.5bil.
By The Star
Friday, July 27, 2012
Mapex to offer RM500m properties
PETALING JAYA: Some RM500mil worth of properties from both local and foreign developers will be up for sale at the Malaysia Property Expo (Mapex) in October.
Mapex committee chairman Datuk Ng Seing Liong said over 50 developers had registered to take up 145 exhibition booths at the event where 227 booths were expected to be set up.
“Alhough we have not finalised the total number of foreign participants attending this year’s Mapex, we expect properties on sale to be around RM500mil,” he told reporters.
Mapex, a property exhibition, is hosted by Real Estate and Housing Developers’ Association (Rehda).
This year’s three-day Mapex will be held at Mid Valley Convention Centre from October 19.
Ng said Rehda was expecting at least 50,000 visitors to the exposition, which would also feature several talks by experts in the property investment and legal fields.
“Mapex is an ideal platform for gathering of property developers, financiers, legal experts and also property consultants – all under one roof to assist the home-buying public in making informed decision in their property investment,” he said.
He said that over the years, Mapex had grown to become the signature property event of the country, receiving an average participation of about 80 developers in each exposition.
“Firmly established as the leading property exhibition in Malaysia since its inception in 2000, the latest edition of Mapex brings together property developers from all over Malaysia to offer a wide range of properties to prospective buyers and investors,” he said.
Developers that have confirmed their participation include SP Setia Bhd, Sime Darby Properties, Selangor State Development Corp, IJM Properties Sdn Bhd, Berjaya Land Bhd, I&P Group Sdn Bhd, Lebar Daun Sdn Bhd and Sunway Integrated Properties.
By Bernama
Mapex committee chairman Datuk Ng Seing Liong said over 50 developers had registered to take up 145 exhibition booths at the event where 227 booths were expected to be set up.
“Alhough we have not finalised the total number of foreign participants attending this year’s Mapex, we expect properties on sale to be around RM500mil,” he told reporters.
Mapex, a property exhibition, is hosted by Real Estate and Housing Developers’ Association (Rehda).
This year’s three-day Mapex will be held at Mid Valley Convention Centre from October 19.
Ng said Rehda was expecting at least 50,000 visitors to the exposition, which would also feature several talks by experts in the property investment and legal fields.
“Mapex is an ideal platform for gathering of property developers, financiers, legal experts and also property consultants – all under one roof to assist the home-buying public in making informed decision in their property investment,” he said.
He said that over the years, Mapex had grown to become the signature property event of the country, receiving an average participation of about 80 developers in each exposition.
“Firmly established as the leading property exhibition in Malaysia since its inception in 2000, the latest edition of Mapex brings together property developers from all over Malaysia to offer a wide range of properties to prospective buyers and investors,” he said.
Developers that have confirmed their participation include SP Setia Bhd, Sime Darby Properties, Selangor State Development Corp, IJM Properties Sdn Bhd, Berjaya Land Bhd, I&P Group Sdn Bhd, Lebar Daun Sdn Bhd and Sunway Integrated Properties.
By Bernama
Thursday, July 26, 2012
Sunway's earnings sustainable, says MIDF
KUALA LUMPUR: Sunway Bhd's earnings will be sustainable despite the deterioration in the property market, said MIDF Research.
In a note today, it said Sunway will be helped by the higher construction orderbook replenishment as well as consistent earnings from the property investment segment.
"Construction earnings contribution will improve substantially in financial year 2013 as the light rail transit and My Rapid Transit (MRT) move into a more advanced stage of construction," it said.
MIDF said construction orderbook replenishment of Sunway has exceeded its initial target of RM1.5 billion and year-to-date, the company has secured RM1.6 billion worth of construction works which also included some internal jobs.
"The MRT package V4 from Section 17 to Semantan accounted for 73 per cent of year-to-date replenishment," it said.
It said Sunway's property investment segment will continue to receive consistent earnings distribution and real estate investment trust (REIT) management fees from Sunway REIT
MIDF Research has maintained its 'buy' call on Sunway with an unchanged target price of RM2.60.
By Bernama
In a note today, it said Sunway will be helped by the higher construction orderbook replenishment as well as consistent earnings from the property investment segment.
"Construction earnings contribution will improve substantially in financial year 2013 as the light rail transit and My Rapid Transit (MRT) move into a more advanced stage of construction," it said.
MIDF said construction orderbook replenishment of Sunway has exceeded its initial target of RM1.5 billion and year-to-date, the company has secured RM1.6 billion worth of construction works which also included some internal jobs.
"The MRT package V4 from Section 17 to Semantan accounted for 73 per cent of year-to-date replenishment," it said.
It said Sunway's property investment segment will continue to receive consistent earnings distribution and real estate investment trust (REIT) management fees from Sunway REIT
MIDF Research has maintained its 'buy' call on Sunway with an unchanged target price of RM2.60.
By Bernama
Wednesday, July 25, 2012
Axis REIT: High KL property prices driving investors away
KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) Managers Bhd views the property market in the Klang Valley as “saturated” and high land prices are driving potential investments away into fairly newer but cheaper areas.
Impressive: Labrooy shows his company’s second-quarter results, with net profit surging 23%.
Its chief executive officer and executive director, Stewart LaBrooy, cited examples in Shah Alam where companies were selling their land and moving their factories away to other areas such as Nilai.
“The Klang Valley is now too expensive for a lot of investments (such as) in Shah Alam. Land prices for industrials in Shah Alam for recent transactions are now about RM120 per sq ft (psf) compared with Petaling Jaya 10 years ago at RM90 psf. It is getting to a point where Shah Alam will not be able to have price points to support industries per se,” LaBrooy told a media briefing on the company's second quarter ended June 30 earnings.
“So you are finding industries now moving out to areas (such as) Nilai which is where we are (also) buying now. They are selling their land for high prices and moving their factories out because it is just getting too expensive or the value is too good to ignore as they can build brand new facilities and do just as well.
“House prices seem to be rising so rapidly in the Klang Valley so a lot of the engineers, workers and all are also moving outside the Klang Valley. Industries today are lacking a good pool of labour who are close to the source.”
The office market in Kuala Lumpur was “just too expensive” and not feasible to be bought due to the ample amount of supply, he said, aadding that the outlook would be challenging moving forward.
On this saturated market backdrop, Axis REIT would now focus on the property markets in Penang and Johor Baru and adjust the strategy accordingly.
The company had just completed the purchase of two properties named 1 Logistics DC in Bayan Lepas and Prai, Penang, this year and it is also eyeing another two properties in Johor.
“We are also buying two properties in Petaling Jaya but this came about basically because it is owned by our promoters of the REIT. One of the directors owns the building so we can get it at a very good price. We got that at a big discount and we're going to redevelop it and enhance the asset so that we can get a much better return for our shareholders,” he said.
Meanwhile, LaBrooy pointed out that the fall in yield differentials between Malaysian and Singapore REITs showed that the market was very bullish on the growth of Malaysian REITs.
Axis REIT is presently in negotiations to acquire several properties mainly located in the Port of Tanjung Pelepas in Johor and could purchase up to seven additional properties by the end of this year compared with five acquisitions last year.
“It is quite challenging but we find it very rewarding to find good assets to put into the REIT,” he said, adding that in general, the managers would always maintain gearing levels below 40%.
Axis REIT reported second-quarter net profit surging 23% to RM19.45mil with revenues rising to RM32.88mil from RM28.44mil in the same period a year ago.
By The Star
Its chief executive officer and executive director, Stewart LaBrooy, cited examples in Shah Alam where companies were selling their land and moving their factories away to other areas such as Nilai.
“The Klang Valley is now too expensive for a lot of investments (such as) in Shah Alam. Land prices for industrials in Shah Alam for recent transactions are now about RM120 per sq ft (psf) compared with Petaling Jaya 10 years ago at RM90 psf. It is getting to a point where Shah Alam will not be able to have price points to support industries per se,” LaBrooy told a media briefing on the company's second quarter ended June 30 earnings.
“So you are finding industries now moving out to areas (such as) Nilai which is where we are (also) buying now. They are selling their land for high prices and moving their factories out because it is just getting too expensive or the value is too good to ignore as they can build brand new facilities and do just as well.
“House prices seem to be rising so rapidly in the Klang Valley so a lot of the engineers, workers and all are also moving outside the Klang Valley. Industries today are lacking a good pool of labour who are close to the source.”
The office market in Kuala Lumpur was “just too expensive” and not feasible to be bought due to the ample amount of supply, he said, aadding that the outlook would be challenging moving forward.
On this saturated market backdrop, Axis REIT would now focus on the property markets in Penang and Johor Baru and adjust the strategy accordingly.
The company had just completed the purchase of two properties named 1 Logistics DC in Bayan Lepas and Prai, Penang, this year and it is also eyeing another two properties in Johor.
“We are also buying two properties in Petaling Jaya but this came about basically because it is owned by our promoters of the REIT. One of the directors owns the building so we can get it at a very good price. We got that at a big discount and we're going to redevelop it and enhance the asset so that we can get a much better return for our shareholders,” he said.
Meanwhile, LaBrooy pointed out that the fall in yield differentials between Malaysian and Singapore REITs showed that the market was very bullish on the growth of Malaysian REITs.
Axis REIT is presently in negotiations to acquire several properties mainly located in the Port of Tanjung Pelepas in Johor and could purchase up to seven additional properties by the end of this year compared with five acquisitions last year.
“It is quite challenging but we find it very rewarding to find good assets to put into the REIT,” he said, adding that in general, the managers would always maintain gearing levels below 40%.
Axis REIT reported second-quarter net profit surging 23% to RM19.45mil with revenues rising to RM32.88mil from RM28.44mil in the same period a year ago.
By The Star
MK Land to build more affordable housing, hopes to counter recession
IPOH: MK Land Holdings Bhd will build more affordable housing next year to counter the potential recession, its chairman Tan Sri Mustapha Kamal Abu Bakar said.
He said affordable housing was particularly saleable during recession and that the company would concentrate its projects in Selangor, Perak and Kedah.
"We have gone through three recessions since we started 28 years ago and we are still around. The secret is to have a basket of projects," he said.
Speaking to reporters after handing over keys to house owners at Meru Perdana here yesterday, Mustapha Kamal said the company would not concentrate on upmarket or commercial development next year. Although the focus is on affordable housing, the company will not compromise on structural integrity, sound proofing, termite resistance and quick completion.
"I am not worried," he said when asked on how the company would face a possible recession. He added that only when the market recovers, the company would build more upmarket projects.
"We own large land bank which allows us to build 114,000 units of various types of projects," he said, adding that critical mass was created from building affordable housing.
"We get our profits from shop lots that are built near affordable housing projects," he said.
By Business Times
He said affordable housing was particularly saleable during recession and that the company would concentrate its projects in Selangor, Perak and Kedah.
"We have gone through three recessions since we started 28 years ago and we are still around. The secret is to have a basket of projects," he said.
Speaking to reporters after handing over keys to house owners at Meru Perdana here yesterday, Mustapha Kamal said the company would not concentrate on upmarket or commercial development next year. Although the focus is on affordable housing, the company will not compromise on structural integrity, sound proofing, termite resistance and quick completion.
"I am not worried," he said when asked on how the company would face a possible recession. He added that only when the market recovers, the company would build more upmarket projects.
"We own large land bank which allows us to build 114,000 units of various types of projects," he said, adding that critical mass was created from building affordable housing.
"We get our profits from shop lots that are built near affordable housing projects," he said.
By Business Times
Tanco subsidiary sells PD land
PETALING JAYA: Tanco Holdings Bhd told Bursa Malaysia that its wholly-owned subsidiary, Palm Springs Development Sdn Bhd, had entered a sale and purchase agreement with Nouvelle Hotel Sdn Bhd for the proposed disposal of 24 pieces of freehold and vacant land.
Under the agreement, Palm Springs Development will sell the approximately 4,814 sq m of land in Mukim Pasir Panjang, Port Dickson, for a cash consideration of RM3mil only.
Tanco and its subsidiaries are principally engaged in investment holding, provision of management services, properties development, management and operation of resorts, vacation ownership schemes and point-based schemes and investments properties.
By The Star
Under the agreement, Palm Springs Development will sell the approximately 4,814 sq m of land in Mukim Pasir Panjang, Port Dickson, for a cash consideration of RM3mil only.
Tanco and its subsidiaries are principally engaged in investment holding, provision of management services, properties development, management and operation of resorts, vacation ownership schemes and point-based schemes and investments properties.
By The Star
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