Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Tuesday, July 29, 2008

GCorp plans niche residential project in KL

KUALA LUMPUR: General Corp Bhd (GCorp) plans to acquire a small piece of land in the Klang Valley this year for a proposed niche residential property project, says executive director Datuk Marco Low.

The company wanted to focus on small and luxury residential projects because they were in demand, he said, but declined to provide more details on the proposed land acquisition.

“However, for the broader property market, investors are more cautious due to the current economic conditions,” Low said after the company AGM yesterday. Executive director Michael Cheong said the strategy to focus on higher-end properties was necessary to contain capital expenditure, especially due to soaring building material prices.

He said the Malaysia My Second Home programme had boosted demand for high-end properties, especially from foreign buyers. GCorp is developing Panorama, a 223-unit freehold luxury condominium project at Persiaran Hampshire, close to the Kuala Lumpur City Centre.

Low said Panorama was scheduled for completion by end-2010 and the total gross development value (GDV) was about RM300mil. About 90% of the units had been sold since it was launched in April, he added.

He said GCorp was building 25 bungalows at Taman Esplanad, Bukit Jalil, with a GDV of RM40mil and, so far, 50% of the units had been sold. The company had also been busy in Singapore with two projects, Low added. Its subsidiary, Low Keng Huat (S) Ltd, is involved in the S$346mil Hard Rock Hotel at the integrated resort at Sentosa and a S$146mil job to renovate the Meritus Mandarin Hotel along Orchard Road.

“Our development projects in Singapore are contributing the bulk of our profit this and next year,” he said.

By The Star

Developer General Corp on track to maintain growth

PROPERTY developer General Corp Bhd expects to maintain the growth it enjoyed last year, bolstered by its developments in Singapore.

The company has two contracts in Singapore worth a combined S$492 million (RM1.17 billion).

The group registered net profit of RM41.3 million for the financial year ended January 31 2008, a nine per cent jump from the RM37.8 million it made the year before.

General Corp's developments in Singapore contributed 46 per cent to revenue last year.

The group recorded RM337.6 million in revenue last year.

The group's executive director Datuk Marco Low Peng Kiat said the company will not be aggressive in executing its growth plans this year, preferring to focus on completing its existing projects.


LOW: We are looking for more of pockets of land for niche development

He said the stance is in light of the current political and economic uncertainties in the country.

This does not stop the company from growing its land bank though, as it looks to grow its number of properties in the Klang Valley area.

"We are not looking for big acquisitions, more of pockets of land for niche development," Low said.

On the impact of rising raw material prices like steel and cement, he said the group has recorded a 10 per cent increase in cost due to the phenomenon.

Low said he expects a softening in demand for the property market this year especially with the uncertainty in the political scenario.

"We are fortunate that we are involved in niche developments rather than large scale developments like townships," executive director Michael Cheong Chee Leng said.

He said larger scale projects would be the ones most hit by the price increases.

By New Straits Times (by Presenna Nambiar)

Mutiara Goodyear and Kajang Heights team up

PETALING JAYA: Mutiara Goodyear Development Bhd is teaming up with Kajang Heights Development Sdn Bhd to undertake a property project with a gross development value of RM430mil.

Under the agreement signed yesterday, Mutiara unit Regal Form Sdn Bhd would build mixed commercial and residential properties on Kajang Heights’ 27.6ha site in Kajang, of which 21.5ha would be for houses and the remaining 6.1ha for shoplots.

Mutiara chief executive offer Kee Cheng Teik said in a statement the joint venture would allow both parties to combine their resources and expertise to add value to the proposed development. The completion date for project was five years.

Under the agreement, Kajang Heights would be entitled to RM50mil or 22% of the GDV, whichever was higher, from the project with initial payment of RM6mil. Its entitlement could also be satisfied via unsold units in the project based on the launch price.

By The Star

Mutiara's RM430m project in Kajang

PROPERTY developer Mutiara Good-year Development Bhd will be developing mixed commercial and residential properties in Kajang with a gross development value (GDV) of RM430 million.

Mutiara, through its wholly-owned unit, entered into a joint-venture agreement with Kajang Heights Development Sdn Bhd yesterday to develop the latter's 27.77ha (68.58 acres) land, it told Bursa Malaysia yesterday.

"Under the agreement, Kajang Heights Development is entitled to RM50 million, or 22 per cent, of GDV from the project with an initial payment of RM6 million," it said.

By New Straits Times

IJM calls off Sabah condo, hotel plan

IJM Corp Bhd's property unit will not develop its earlier planned condominium and boutique hotel in Kota Kinabalu, Sabah.

"IJM Properties Sdn Bhd and Suria Capital Holdings have mutually agreed not to proceed with the joint venture for the development of a 16-storey condominium and 11-storey boutique hotel," it told Bursa Malaysia yesterday.

The developments were to be housed under Zone 1 within the port area at Jalan Tanjung Lipat, Kota Kinabalu, which is being developed into a tourism-related mixed development known as the Jesselton Waterfront Project.

By New Straits Times

Phase 2 of Mines park secures sales before launch

COUNTRY Heights Holdings Bhd's second phase of Mines Waterfront Business Park has already secured sales and received enquiries from potential buyers locally and abroad, even before its launch.

Project developer, Mines Waterfront Business Park Sdn Bhd (MWBP), is expected to start the construction within the next six months.

MWBP sales and marketing head Vincent Chew said the second phase of the project, which is an extension of the current five blocks of the property, would be launched in one to two months' time.

"The yet-to-be launched Phase 2 of Mines Waterfront Business Park has already secured sales from purchasers who have heard about this sure-win investment through word-of-mouth.

"There are some enquiries from foreign and local parties who are interested to purchase en-bloc with a net lettable area of a little over 66,000 sq ft," he said in a statement.

Chew said the first phase of the project is 98 per cent tenanted with a net lettable area of 246,000 sq ft. Among the tenants are Astro, EMI, Hitachi and Mynic & Sumitomo.

The second phase comprises two blocks - Prairie and Bay - with a view of 60ha lake and 18-hole golf course and country homes.

Prairie is a 14-storey commercial block with a net lettable area of 66,000 sq ft and Bay is a 19-storey building with a net lettable area of about 106,000 sq ft.

Chew also said that it is timely for purchasers to buy the property now because if the costs of building materials keep rising, future property launches would inevitably be more expensive.

"In this scenario, property prices in general are likely to escalate soon and it is thus, timely to buy now before developers increase their prices," he said.

He said soaring material prices would result in lower supply of commercial properties as developers are more cautious in launching new projects but demand will continue to grow.

"The company (MWBP) has been closely monitoring the increase in building material prices over the past year and fortunately for us, foundation works as well as a portion of the super-structure have already been completed," he added.

By New Straits Times (by Hamisah Hamid)

Lafarge raises cement retail price

PETALING JAYA: Lafarge Malayan Cement Bhd, the country’s largest cement producer, has increased the recommended retail prices for its bagged cement products by RM1 per 50kg bag or RM20 per tonne effective Aug 1. The price increase will apply until year-end. (see table)

Lafarge’s latest move was seen by industry observers as setting the benchmark for local cement players to increase their prices “anytime” soon.

President and chief executive officer Bi Yong Chungunco told StarBiz that the company had to adjust its cement selling prices to alleviate some of the major cost increases.


Bi Yong Chungunco

The cement industry continues to face more increases in its cost of production, particularly for coal and fuel since December 2006 to June 2008.

There has been no adjustment in local cement prices since 1995. In December 2006, the Government increased the cement price by 9% but during the same period, the sector was facing cost increase of over 40%.

Following the liberalisation of the local sector last month, cement prices had increased by an average 17% to “help defray some of the cost increases that the industry has been absorbing since 1995,” Bi Yong said.

Despite the price hike in cement, diesel price shot up even higher, by 63%, while electricity cost rose 26% effective early July.

Bi Yong said: “The higher electricity tariff has an immediate impact on Lafarge’s cost of producing cement and the increase in diesel price directly impacted our inbound and outbound transportation costs.

“This also indirectly affects our other costs including overheads, contract works and capital expenditure.”

Based on the latest cement price increase effective next month, Bi Yong said cement price would have increased only three times in the past 13 years which is a total of 34%.

“This is an average of about 2.6% per annum which is much lower than the annual inflation rate while other costs have risen much higher in recent years,” she added.

Meanwhile, there was consensus that cement prices next year would depend on the prices of vital raw materials that are expected to rise in tandem with the commodity prices.

The current local cement prices range from RM250 to RM280 per tonne.

A spokesman of a major local cement group told StarBiz yesterday that coal prices had increased three-fold to US$120 this year from US$40 five years ago while cement prices increased merely 10% in the 10 years between 1995 and 2006.

“We will absorb additional costs but there are limits to how much we can absorb. The rest we need to pass on to consumers,” he said.

He said international cement prices were 5% higher than local prices, excluding logistic and storage costs.

The recent hikes in fuel price and electricity tariff were also to be blamed for squeezing manufacturers’ operating margins, he added.

Meanwhile, Cement and Concrete Association of Malaysia executive director Grace Okuda said the 10% import duty imposed on non-Asean countries was a fair measure for all parties, including builders.

She also said Malaysian manufacturers had excess supply and there was no shortage of cement at this moment.

An analyst with OSK Research has a negative outlook on the construction industry for the second half of this year. He said construction activities had slowed down partly due to economic uncertainties and inflation.

The price of cement, an important component of concrete, jumped 22% after the ceiling price was lifted on June 5.

Coal, fuel and electricity make up more than 50% of the total raw material costs for cement products.

By The Star - StarBiz - (by Law Kai Chow)

Quill sees long-term gains in assets tenanted by blue-chip firms

PETALING JAYA: Commercial real estate investment trust Quill Capita Trust (QCT) believes that quality commercial assets tenanted by blue-chip companies not only offer a stable income stream but will also generate sustainable long-term total returns on investment despite the challenging economic climate.

Chief executive officer Chan Say Yeong said blue-chip companies usually tenanted QCT's assets on a long-term basis with step-up rental rates.

“In keeping up with the quality blue-chip tenants, we are focused on continuously improving building and tenant relations. These provide QCT with organic rental growth,” he told StarBiz yesterday.

QCT recently announced a 140.4% increase in revenue to RM13.7mil for the second quarter ended June 30 from RM5.7mil recorded in the previous corresponding quarter.

Meanwhile, net profit jumped 81.1% in the quarter to RM6.7mil from RM3.7mil previously.

Earnings per share rose to 1.73 sen from 1.54 sen.

The company attributed the better results to full revenue and income contribution from recent acquisitions, namely Wisma Technip and commercial units and car park of Plaza Mont Kiara acquired in September last year, Quill Building 5-IBM, Quill Building 8-DHL and Quill Building 10-HSBC purchased in March this year.

RHB Research in a report said that despite the jump in revenue, the company experienced about a 5% decline in net profit from the preceding quarter partly due to one-off maintenance costs.

“However, despite rising inflation, we do not expect property maintenance costs to affect the company significantly in the future as we understand that it has the rights to pass on the increase to its tenants via higher service charges,” the report added.

The company recently proposed to acquire the Tesco building in Jelutong, Penang, for RM132mil from IJM Properties Sdn Bhd.

According to Chan, upon the completion of the acquisition in the fourth quarter, QCT’s asset size would increase to RM810mil, exceeding the original forecast of RM750mil for the current financial year ending Dec 31.

New assets in the pipeline include the new HSBC headquarters and KL Sentral Lot J.

“The Kuala Lumpur office market is experiencing an upturn due to healthy demand from business expansion, especially in finance, insurance as well as the oil and gas sectors,” Chan said, adding that take-up rate was expected to remain healthy.

By The Star (by Laalitha Hunt)

Al Rajhi Bank buys property

KUALA LUMPUR: Al Rajhi Bank (Malaysia) is purchasing 36 units of i-City Cybercentre 1 office suites for RM95mil, marking its first property venture in the country.

The purchase accounted for 80% of the units completed in the first phase of i-City, a RM2bil township on 72 acres in Section 7, Shah Alam.

“The investment of Al Rajhi in i-City demonstrates its real value and increasing interest among Middle Eastern companies in our property market,” I-Bhd director Eu Hong Chew said after the parties signed a sale and purchase agreement yesterday.


I-Bhd director Eu Hong Chew (left) and Al Rajhi Bank (Malaysia) CEO Ahmed Rehman posing with the signed documents for the purchase of RM95m worth of office units in i-City, Shah Alam, by the Al Rajhi Bank.

I-Bhd is the developer of iCity.

The purchase is to be completed over the next two to three months.

The first phase of i-City comprises 44 units totalling 300,000 sq ft. I-Bhd will retain 20% of the units for local information and communications technology companies.

By Bernama

Monday, July 28, 2008

Glomac keen to build more Grade A office towers in KL

DEVELOPER Glomac Bhd may build more Grade A office towers in Kuala Lumpur after its first such project was snapped up even before it started any work.

The company is now looking for land in prime areas like Bangsar, Sri Hartamas, Damansara and the city centre, group executive vice chairman Datuk Richard Fong said.


FONG: The company is now looking for land in prime areas like Bangsar, Sri Hartamas, Damansara and the city centre.

Glomac has sold the Glomac Tower in Kuala Lumpur, a 40-storey building next to the Petronas Twin Towers, to Prestige Scale Sdn Bhd, a company run by a local businessman for RM1,160 psf or RM577 million. The deal was done at the end of 2007.

"Glomac Tower is the first en bloc sale for us off the plans. We got an offer from Kuwait Finance House and Prestige we could not refuse as it was a good deal. We hit record price, which had set a new benchmark for Grade A office buildings for the city centre," Fong told Business Times in an interview recently.

The land was acquired last year by Glomac Al Batha Sdn Bhd for about RM1,000 psf from the Tan family of the Continental Hotel group.

Glomac Al Batha is a 51:49 joint-venture firm held by Glomac and Al Batha Group respectively, one of the largest private business concerns in the United Arab Emirates.

On the construction of Glomac Tower, foundation work will start in August and done in 12 months, followed by the main building, which will be completed by August 2011.

Fong said the project will be affected by higher raw material prices, but it has enough margins to cushion the increase in construction cost.

"We didn't anticipate the cost to go up by so much. The increase exceeded our expectations, but still we are able to make a handsome profit," he added.

Glomac Tower was initially worth RM450 million. It was revalued when the net floor area increased from below 500,000 sq ft to 550,000 sq ft, Fong said.

Glomac Tower will have 30 office floors, two retail and three sky restaurant floors including an open-air rooftop restaurant, four levels of elevated car park and four levels of basement car park.

It will be built in compliance with the requirements of the Multimedia Super Corridor (MSC) so that an application could later be made for MSC status.

By New Straits Times (by Sharen Kaur)

Reserves to help Mah Sing enter new markets

Mah Sing Group Bhd will be using its strengthening cash reserves to expand into new market frontiers in east Malaysia and Vietnam next year.

The company's cash pile of RM130.7mil as at March 31 will receive a boost with the scheduled completion of the en bloc sale of the east wing of The Icon@Tun Razak for RM236mil to Prompt Symphony Sdn Bhd by middle of next year.

Mah Sing's cash position was strengthened by a RM200mil capital raising exercise and proposed sale of two Grade A office buildings, The Icon@Tun Razak and The Icon@Mont'Kiara, for RM735mil last year.

Given the company's low gearing ratio of 0.03 times compared with the industry norm of 0.5 times, Mah Sing could also resort to bank borrowings for its regional expansion plans.


Datuk Seri Leong Hoy Kum

President and group chief executive Datuk Seri Leong Hoy Kum said the company was on track to become a regional lifestyle developer and some potential projects had been identified.

“We are in a very good position to make some opportunistic acquisitions.

“It is a good time to lock in land which have recently dropped in value and by the time the projects are launched in 2010, the regional economy should recover from the current slowdown,” Leong told StarBiz.

He said the company had been closely monitoring the situation in Vietnam and believed the country would recover from its current economic doldrums in the next six to nine months.

“There is still a severe shortage of houses for the country's 85 million people and our plans are to build landed residential projects and Grade A office buildings in high-growth cities,” he added.

Leong said Mah Sing was also looking at other strong growth countries including China, India and Indonesia.

In the next five years, the company's overseas projects will contribute 20% to 30% of group revenue.

Locally, Mah Sing is eyeing opportunities in Sabah and Sarawak to take advantage of the growth to be brought about by the Sabah and Sarawak growth corridors.

“The Sabah Development Corridor and the Sarawak Corridor of Renewable Energy have already attracted more than 30 foreign investors to each of the corridor.

“Kota Kinabalu's strong tourism sector offers big potential for the company to build its brand of themed commercial developments that include hotels, service apartments and shop offices,” he said.

Meanwhile, Mah Sing's 584 acres of undeveloped land bank have the potential to generate RM3bil in gross development value over the next five to seven years.

For the current financial year ending Dec 31, the company is looking at recording sales of RM560mil while new project launches will come up to RM706mil.

Citigroup Research, in a recent note, said that backed by high unbilled sales of RM1.1bil as at 31 March, Mah Sing could look forward to a three-year net profit compounded annual growth rate of 21%.

By The Star - StarBiz - (by Angie Ng)

Colour psychology helps boost business

CRACKING your head over the choice of colour for your home, office, show unit, shopping mall, product or even brand?

Well, you may need the advice of a colour psychologist like Karen Kow, the managing director of Colours In Motion Sdn Bhd that specialises in providing colour consultation to homeowners, interior designers, renovators, property investors and commercial property owners.


Karen Kow

Kow, who set up the company early this year, believes that colour could make or break the feel and value of a property.

“Many people have difficulty picking the right colours for their home. Some have a good idea of how they would like their room to look like but they may end up with mix-match of everything,” she said.

She added that many people were not very adventurous with colours and still kept the builder's white after many years.

“Light and colour can affect your emotions. For instance, it is important to choose bedroom colours that will calm and soothe a hyperactive child. Other colours encourage appetite or study,” she said.

“Colours can be used for corporate identity or it can be used to create a better working environment,” said Kow, who has a doctorate in metaphysical psychology, master's degree in metaphysical science (both from the United States) and a bachelor's degree in psychology from Britain.

Kow said colour could also affect one's perception of a product or brand.

“If you are looking to re-brand your corporate identity, we can suggest the most appropriate colours to send out the message you intend for the public and to attract your target market for your services or product by working closely with your branding, advertising, and creative team,” she said.

The use of distinctive colours to identify products, she said, could be seen everywhere. Some products are packaged in a variety of distinct colours while others tend to be packaged in variations of the same two or three colours in different designs.

She said each colour has its own individuality, wavelength and frequency.

“All physical, mental and emotional levels respond to colours. The application and usage of colour psychology is limitless because we live in a world full of colours,” she said.

“Colours can harmonise and produce effective results when used to complement an individual's character, home, and even the working environment,” said Kow, who has given consultations to clients in the US, Britain, Malaysia, Germany, Hong Kong, Australia, China and Singapore.

Her corporate and individual clients are from the hospitality, fashion, retail, banking, and property development industries.

She said research showed that people made a subconscious judgment about a person, environment, or product within 90 seconds of initial viewing and that between 62% and 90% of that assessment was based on colour alone.

Since colours used for a product, website, business card and a logo could cause powerful reactions, choosing the right colours is critical to successful sales.

Kow, who believes in enjoying everything she does and achieving a balanced and healthy lifestyle, said most people have their own favourite colours that reflected their personality, likes and dislikes.

“I do not have any favourite colours and I hope people will also like all colours and treat them impartially,” she added.

According to a handout, she is also a master practitioner of neuro-linguistic programming and holds a certification in professional clinical hypnotherapy.

Trained and certified as a colour therapist, she understands how colours affect human behaviours, emotions and physical health.

Kow is also founder and director of Path To Excellence, a company that does corporate training, hypnotherapy, executive life coaching, stress management and neuro linguistic programming.

By The Star (by S.C.Cheah)

IJM launches welded wire mesh plant in Hyderabad

NEW DELHI: IJM Corporation commissioned a RM16 million (Rs21 crore) welded wire mesh manufacturing facility in Hyderabad yesterday.

The project undertaken through IJM’s subsidiary IJM Steel Products Private Ltd is located in Isnapur near Hyderabad, capital of Andhra Pradesh.

The Hindu Business Line reported that the facility would operate with one production line initially, with a production capacity of supplying 12,000 tonnes of welded wire mesh per annum.

“Welded wire mesh for concrete reinforcement is new to the Indian construction industry. The manufactured product comes to the site ready for immediate onsite installation, contributing to higher productivity and better quality control,” said Datuk Krishnan Tan, chief executive officer and managing director of IJM Corporation.

“We are confident that the mesh is set to revolutionise the infrastructure and the real estate industry in India, which builds close to 1.5 million housing units a year,” he told reporters in Hyderabad after launching the facility.

Tan said the company planned to double its production capacity within the next three years at the Isnapur plant and has plans to set up a similar facility in Mumbai.

“We have signed up IJM (India) Infrastructure Ltd as our first customer. We wanted to first use our welded wire mesh product at our ongoing housing projects — a 120-acre project in Vijayawada and a 42-acre residential project in Nagpur — to create confidence among the Indian customers,” he said.

“We expect the Hyderabad facility to garner revenues of Rs35 crore (RM27 million) this year,” Tan was quoted as saying.

By Bernama

Sunday, July 27, 2008

2009 launch for IJM Penang project


An artist's impression of The Light.

KUALA LUMPUR: IJM Land Bhd's flagship development in Penang, The Light, valued at RM4.5bil, will be launched early next year.

Work on the 152-acre mixed residential and commercial development, on 338 acres of reclaimed land along the eastern coastline of Penang (near Tesco hypermarket), will begin in September and scheduled for completion in 2017.

IJM Corp Bhd deputy chief executive officer and deputy managing director Teh Kean Ming told StarBiz yesterday the development would comprise very upmarket waterfront villas, condominiums, office buildings, a hotel, shopping complex, “floating restaurant” as well as facilities for meetings, incentives, conventions and exhibitions. There will also be an amphitheatre, and an event stage on the sea, waterways and canals.

“This will be a very unique waterfront development that we plan to launch in the first quarter of next year. We may launch some low-rise condominiums and the water villas first,” he said, adding that the indicative price of the villas was about RM10mil each.

IJM Land managing director Datuk Soam Heng Choon said The Light would transform Penang into a modern and progressive state.

“The Light Waterfront is IJM Land's jewel in the crown. We are very proud of the project and are extremely excited about what it means for Penang in particular, and Malaysia as a whole,” he said.

Soam said the RM6.5bil mega project, to be developed over three phases, constituted over half the value of all properties featured at the i-Property exhibition, which opened at the KL Convention Centre yesterday.

He said the 42 acres under phase one would have six parcels of 1,186 units of high-end residential waterfront developments, while the 103-acre phase two would involve residential, commercial and retail properties.

He said that in line with the company's efforts to cut utility costs and promote green building concepts, The Light Waterfront would lead the way as Malaysia's premier eco-friendly development.

“In implementing this project, we will follow the guidelines prepared by The Leadership in Energy and Environmental Design, which will result in energy-efficient, healthier, and environmentally-sustainable buildings.

“We are committed to developing eco-friendly buildings as they will help our customers save on utility bills. This is important, especially now with rising energy costs,” he said.

Among the eco-friendly technologies are wind turbines, solar panels, a modern water management system and green roofs. The use of recycled materials in selected areas and a state-of-the-art solid waste management system are also in the cards.

Another unique “green” feature is the harvesting of coral reefs in the waterways around the residential phase.

By The Star - StarBiz - (by S.C.Cheah)

Beneton Properties to open lifestyle mall in mid-2009



BENETON Properties Sdn Bhd will open a 110,000-sq-ft lifestyle mall called Viva on Jalan Ipoh, Kuala Lumpur, in mid-2009.

Located opposite the Sentul Park, the project is scheduled to be launched this quarter and is expected to be fully occupied when it opens next year.

Viva is a mixed-development comprising a 27-storey apartment block with a retail podium. Its gross development value is estimated at RM100 million.

According to a press release by Henry Butcher Retail, the company instrumental in the planning and leasing of the mall, the annual rental collection from the retail components will be about RM2.7 million.

Beneton Properties has involved in projects like Stonor Park, 2Hampshire, Bangsar Peak and Prima Villa.

"Viva offers high quality retail facilities in a convenient shopping environment. It's set to transform the quality of retail facilities in Jalan Ipoh area from a tired neighbourhood to the latest trendy hotspot," Henry Butcher said.

The mall will adopt a main-street concept, said to be the latest and hottest retail development format in the US. This is in line with today's demand for thematic and lifestyle-oriented shopping places, it said.

The name Viva, which in Spanish means long live, cheer and lively, was chosen to represent the exciting lifestyle playground for the KLites.

The catchment for the mall includes the immediate occupants of the residential component as well as the population of around 150,000 within a 15-minute drive.

By New Straits Times

Varsity township land nearly used up

BANDAR Baru Bangi is 96% developed, and has two more years to go before its land bank is completely used, declared Selangor State Development Corporation (PKNS) development controller Siti Zubaidah Abd Jabar.

The township in Bangi is one of the new growth centres developed by the agency.

The 1,869ha township has a population target of 100,000 upon completion of all project developments.

It is developed based on the “university township” concept due to its close vicinity to 18 public and private institutions of higher learning like Universiti Kebangsaan Malaysia, Universiti Putra Malaysia, Selangor International Islamic University College, Malaysia France Institute and Universiti Tenaga Nasional.

“Bandar Baru Bangi used to be an oil palm estate before PKNS began developing the township in the mid-70s. Within 34 years, it has turned into a new growth centre and developed to almost full capacity,” said Siti Zubaidah.


PKNS project: One of the link houses at D’Cempaka in Section 9, Bandar Baru Bangi, which is installed with its own water harvesting system.

PKNS has allocated 20% of land use in the township for housing projects, 15% for recreational projects and 24% for institutional projects.

Industrial projects make up 11%, business 6% and infrastructure 24%.

“An issue of concern is the lack of public transportation, but the bus services are picking up,” she said.

“PKNS presently has eight ongoing projects in Bandar Baru Bangi that are worth over RM100 million. All these projects are done under the ‘Build & Sell’ concept.”

The eight projects are:

·46 units of two-and-a-half storey twin houses in Puncak Bangi (Phase 1a - sold out)

·48 units of two-and-a-half storey twin houses in Puncak Bangi (Phase 1b - under construction; about 40% completed)

·106 units of two-storey link houses and 20 units of two-storey twin houses at D’Cempaka, Section 9 (sold out)

·14 units of two-storey twin houses at Damai Suria, Section 3 (sold out)

·26 units of one-and-a-half storey twin factories at Taman IKS, Section 9 (sold out)

·210 units of apartments at Bangi Idaman, Section 5 (about 60% units sold so far)

·157 units of apartments at Cempaka Sari, Section 9 (unit sales to launch in Aug)

·22 units of two-storey twin houses at Villa Seroja, Section 7 (sold out)

Siti Zubaidah is particularly proud of the D’Cempaka housing project, the only PKNS development in Bandar Baru Bangi with a water harvesting system that is used for flushing the water cistern.


New technology: The individual water harvesting system installed at the houses at D’Cempaka.

“This is a new technology employed by PKNS to make use of natural resources. It costs RM5,000 for each house to have its own water harvesting system,” she explained.

PKNS’ remaining projects for the township include the construction of town houses/service apartments, office shops, a business complex and a convention centre.

Siti Zubaidah added: “Our future plan is to have social programmes for the residents to integrate and develop a relationship within the community.

“We’re working closely with the Bandar Baru Bangi Residents Committee to organise several programmes, like a weekly aerobics and kite-flying session, as well as activities for the upcoming National Day celebrations.

“The Selangor Mentri Besar (Tan Sri Khalid Ibrahim) has proposed the idea of having a book street at Taman Tasik Cempaka, which will feature a street selling knowledge-building materials like books and arts and crafts items.”

By The Star (by Jade Chan)

Stem rising building material prices, Govt urged

PROJECTS under the Ninth Malaysia Plan (9MP) will come to a stop if the government does not act immediately to stem the rising prices of building materials, construction industry bodies said.

They added that contractors could no longer absorb the rising cost of materials and were facing cash-flow problems although the market for steel bars and cement had been liberalised.

"Although these essential building materials have been liberalised, prices continue to soar to an all-time high," Master Builders Association Malaysia, Real Estate Housing and Developers Association of Malaysia, Persatuan Kontraktor Melayu Malaysia and Persatuan Kontraktor India Malaysia said in a joint statement yesterday.

The associations said that contractors may be forced to stop work, delay, or even abandon projects as a result of the costlier building materials.

"This will cause a lot of hardship to many people - clients, designers, suppliers, sub-contractors, and 140 other related industries, including the financial system," they added.

The associations said prices of steel bars and cement had gone of control since 2006, even with the Price Control Act.

In the case of steel bars, although liberalised last May, the process has not been well implemented and it has been difficult to import steel bars.

The associations said the liberalisation of steel bars and cement saw an immediate price increase by millers of 12 per cent for steel bars and 22 per cent for cement.

The higher cement price caused concrete price to rise 23 per cent, and there is a possibility it may increase further next month, they added.

The associations also want the government to undertake a quick study on the need to provide funds to stabilise prices and counter artificial shortages.

By New Straits Times

MRCB confident on sales of property projects

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) is confident its property projects will continue to enjoy good sales and tenancy despite the more challenging economic conditions.

Group managing director Shahril Ridza Ridzuan said that location and accessibility would always play a big part in the sale or rental of property, even during a downturn.

“Even during the Asian financial crisis, certain locations in Kuala Lumpur continued to register strong interest and secondary market transactions,” he said on the sidelines of the StarBiz -Institute of Corporate Responsibility Malaysia forum yesterday.

MRCB has been active in the property development scene in Kuala Lumpur while it entered the Penang property market just last year. The company is developing, on a joint-venture basis, office towers, hotels and serviced residences on 72 acres in KL Sentral. The project has an expected gross development value of about RM2bil.

Shahril said the broadband infrastructure and multimedia supercorridor status of KL Sentral was an added attraction for those thinking of relocating there for business purposes.

The company has about 100 acres in Penang and recently acquired a 3.34-acre freehold parcel in Batu Ferringhi from MBSB Development Sdn Bhd for RM26mil where there are plans for a high-end serviced apartment project.

Last June, Pelaburan Hartanah Bumiputera Bhd awarded a contract worth RM500mil in Penang to MRCB for the construction of landed and high-rise residential properties.

It is also developing the RM2bil Penang Sentral, a similar transportation hub on the island which, when completed, would connect the northern and southern halves of the peninsula. The project is a joint venture with Pelaburan Hartanah.

“Our Penang and KL Sentral property projects have a potential gross development value of RM5bil,” Shahril said, adding that property development contributed 65% to revenue, with the bulk currently coming from KL Sentral.

He said the company's bid for the RM350mil Kompleks Kerjaya 2, in Jalan Sultan Salahuddin, was still ongoing. Its construction arm's order book stood at RM2bil, he added.

By The Star (by Fintan Ng)

Friday, July 25, 2008

Mediterranean concepts that spell indulgence


Indulgence best describes Santorini’s latest 2008 collection, which exudes luxury with a contemporary touch.

Throughout the years, Santorini has designed furniture for some of the most prestigious hotels in the world.

Conceptualised by Spanish and Italian designers, the sleek clean-cut curves and bold lines create breathtaking furniture.

The Romera series is the main attraction in the 2008 collection. The unique cut and materials used, such as mahogany and leather, exude a warm and highly sophisticated feel.

The latest lounge set series – the Artalda, uses fabric fashioned in Spain and is waterproof and scratchproof for maximum protection.

With state-of-the-art technology from Germany, the lounge mechanism offers four different sitting positions for the headrest and armrest.

By The Star

Penang 2nd bridge project already generating spin-offs

The Penang Second Crossing Bridge (P2X) project, which is scheduled to open to the public by 2011, has already started generating value-added and positive spin-offs, UEM Group Bhd managing director and chief executive officer Datuk Ahmad Pardas Senin said.


PARDAS: To date, the company has extended opportunities to more than 40 subcontractors

He said work had actually commenced from the day Prime Minister Datuk Seri Abdullah Ahmad Badawi laid the first piling during the ground breaking ceremony in November 2006, and had not stopped since then.

"To date, we have extended opportunities to more than 40 subcontractors to participate in various preparatory works at this early phase. Some 30 consultants have already started working on the project.

"As the project progresses forward, we will definitely engage more local contractors to participate in this prestigious project," he said in a statement.

Pardas said P2X will increase job opportunities for locals, as well as contribute towards upgrading knowledge and skills of students in local tertiary institutions so that they can be hired and given choice incentives to work in the high-tech project.

UEM signed memorandums of understanding with the Ministry of Higher Education to assist in upgrading community colleges, especially in Penang - as a major initiative to develop knowledge workers and also develop human capital.

The group also provides training and guidance to local vendors so that they will have the required knowledge and skills to undertake projects of such magnitude.

"Via our UEM Young Executive Scheme (UEM YES), 200 young engineers and technical professionals will be selected to work on this project," Pardas added.

He said the group has outlined many corporate social responsibility initiatives including partnerships with local schools. So far it has adopted eight schools in Penang under the Pintar Programme, six via UEM Builders and two via Time Engineering.

UEM Group has already committed more than RM200 million for the P2X project. The total cost of the project has escalated to RM4.5 billion due to the increasing price of materials and fuel. Construction on sea is expected to start in the fourth quarter of 2008.

"We have made significant progress by completing soil investigation (on land and sea), pile testing and the construction of the Batu Kawan site office.

"The casting yard, located in Batu Kawan, is in the advanced stage of completion and will be used to produce segment box girders which is the most critical component of the bridge," he said.

Pardas said the project is one of the main catalysts for the development of the Northern Corridor Economic Region that encompasses Perlis, Kedah, Penang and Northern Perak.

"It will help spur socio-economic activities, contribute towards bridging island and mainland communities, and of course solve traffic congestion on the existing Penang Bridge," he said.

By New Straits Times (by Lokman Mansor)