TA Global plans to include HK or Singapore listing?

TA GLOBAL Bhd, en route to a listing on the Main Market of Bursa Malaysia, has lined up a series of plans for next year, including a possible dual listing abroad.

It is learnt that shareholders are looking to list the company either in Singapore or Hong Kong, a year after its local debut, to build up the brand internationally.

TA Global is due to list on Bursa Malaysia on the 23rd of this month.



Its parent, TA Enterprise Bhd (TAE), aims to raise RM230 million from the listing. TAE has folded all its property assets into TA Global to "unlock the hidden value".

"TA Global will be taken global. In future, it will have a presence in the US, Asia-Pacific starting with Singapore, and Europe, targeting the UK first. It will develop luxury properties and buy hotels," a source told Business Times.
At present, TA Global is focused on Malaysia, Australia and Canada.

On the home front, it has lined up some RM7 billion worth of property development projects to be launched over the next two years.

They include Dutamas in Mont'Kiara, U-Thant 28 in Ampang, Seri Suria in Sri Damansara, Nova Square and two 50-storey residences near the Petronas Twin Towers in Kuala Lumpur City Centre.

In Canada, TA Global owns Terasen Centre (a triple A office building) and the four-star Aava Whistler Hotel. In Australia, it owns the five-star Radisson Plaza in Sydney and the Westin Melbourne. It is in the process of buying the Swissotel Merchant Court hotel in Singapore for S$260 million (RM632 million).

The source also said that TA Global was poised to launch a mixed development comprising luxury apartments, office towers and a hotel in Canada in 2010/11.

TA Global director and co-founder and TAE managing director Datin Alicia Tiah confirmed the plans for Canada, but declined to elaborate.

"We are looking at it. We have the landbank ready, but we want to wait for the right time to launch," she told Business Times at TA Global's prospectus launch in Kuala Lumpur in October.

Tiah had said she was looking to build TA Global's hospitality and property investment business by taking it global.

The plan includes buying four- to six-star hotels below market value and raising the company's image.

"It is still a good time to buy as prices are low. Locally, we hope to have a hotel in Penang and Malacca. We may build the hotels on our own or take over existing buildings."

TA Global, with RM2.4 billion of assets, was also eyeing hotels in international gateway cities like London and New York, Tiah said.

By Business Times (by Sharen Kaur)

TA Ent: No 'immediate' plan for dual listing

TA Enterprise Bhd, a Malaysian brokerage and property group, said its property unit TA Global Bhd has no “immediate” plans for a dual listing in Singapore or Hong Kong within a year after its local listing.

TA Global will be listed on the Kuala Lumpur stock exchange on November 23, TA Enterprise said on October 5.

The company has lined up about RM6 billion of property development projects over 10 years, TA Enterprise said in a statement to the stock exchange.

TA Global will continue to explore options to expand its main business activities in Canada, according to the statement.

By Bloomberg

PKNS optimistic of good take-up for RM140m Shah Alam projects

Selangor State Development Corp (PKNS) will launch three new projects in Shah Alam, Selangor, worth RM140 million over the next two months.

The projects, called Ayu Qaseh and Ayu Puri, offering 170 units and 144 units of two-storey link houses respectively that are priced from RM335,000, are located in its 243ha Alam Nusantara development.

General Manager Othman Omar said he is optimistic that the properties will be taken up within three months from its launch, beginning the end of this month.

"We expect response to be overwhelming as it is the first project by PKNS with a freehold status. We are selling with the certificate of fitness (CF)," he said.

Early next month, PKNS will also launch Puncak Tropika in Kota Damansara, featuring 28 units of three-storey semi-detached houses and priced between RM1.2 million and RM1.4 million, Othman told Business Times.

The units are 80 per cent completed and their CF will be obtained in January next year.

PKNS is currently running a home ownership fair themed "Kediaman impian@PKNS" until November 25, where it will offer for sale 1,073 units of low-, medium- and high-end houses and commercial properties, priced from RM99,000 to RM1.2 million each, or a combined RM286 million.

A bulk of the properties are existing stocks in Antara Gapi, near Rawang, consisting of link houses, semi-dees and bungalows, Othman said.

Some are terraced houses in Bernam Jaya (between Sabak Bernam and Tanjung Malim), one- and two-storey shophouses and one-storey terraced homes in Kota Puteri, which is on the way to Kuala Selangor, and semi-detached houses in Cheras Jaya.

The rest include two unsold units of semi-dees in Puncak Bangi, priced from RM835,000, 111 units of medium to high-end Kasturi Idaman apartments, priced between RM205,000 and RM365,000 in Kota Damansara, and 20 units of high-end apartments, dubbed Banjaria Court, in Gombak.

"While the properties are attractive in terms of product offering, sales have been slow due to the current economic situation. We are optimistic the two units at Puncak Bangi will be taken up soon mainly because they are the last landed properties by PKNS in Bandar Baru Bangi, Othman said.

On Banjaria Court, PKNS has launched the first of four blocks. It will open for sale the remaining blocks next year, Othman said.

To boost sales, PKNS is offering RM500 downpayment and cash rebates of RM3,000 to RM8,000, including free legal fees, for all the properties.

It is also giving a RM50,000 rebate for the semidees in Cheras Jaya.

"We hope to sell 391 units worth RM55 million this month. We have achieved RM12.7 million from the sale of 48 properties since the launch," he said.

The home ownership fair also applies to Ayu Qaseh, Ayu Puri and Puncak Tropika projects.

By Business Times (by Sharen Kaur)

Iskandar Malaysia investments on track:CEO

Investment in Iskandar Malaysia remains positive despite the challenging economic environment with a total cumulative committed investment of RM50.5 billion since its launch three years ago.

Iskandar Regional Development Authority (IRDA) chief executive officer Harun Johari said the investment garnered was on track with 113 per cent targeted cumulative committed investment for 2009 achieved to date.

"Out of this amount, RM23.52 billion was for manufacturing, RM14.6 billion for property, RM6.61 billion for utilities, tourism and others, and RM6.23 billion from the government," he told Bernama.

An update of the investment in the economic region was given at the seventh IRDA members of authority meeting held in Kuala Lumpur last Thursday.
Harun said a report on the progress attained by Iskandar Malaysia and the benefits for the people was presented at the meeting which was jointly chaired by Prime Minister Datuk Seri Najib Tun Razak and Johor Menteri Besar Datuk Abdul Ghani Othman.

He said the members were updated on the progress of strategic initiatives in safety and security, public transport industry improvement, incentives and investments.

He also said that the breakdown of committed investments has remained consistent with 51 per cent local investment and 49 per cent foreign investment.

As at October 2009, 35 per cent of the cumulative committed investment of RM17.7 billion had already been spent, reflecting the actual work on the ground.

The new investment commitments for 2009 are expected to provide about 4,000 employment opportunities in Iskandar Malaysia throughout 2009 in addition to the 44,500 jobs created since the launch in 2006, Harun said.

He said in terms of safety and security development, it included the establishment of 138 community police posts and 200 trained auxiliary police personnel who will be deployed for high visibility policing work by end of 2010.

At the end of this year, up to 10 community police posts will be launched to create a visible and strong police presence in residential communities.

Also by end of 2009, a total of 200 integrated closed-circuit television (CCTV) cameras are to be installed in the five municipalities of Iskandar Malaysia, comprising Pontian, Kulai, Pasir Gudang, Johor Baharu Tengah and Johor Baharu.

This, according to Harun, is to enhance the monitoring of hot-spot areas in Iskandar Malaysia.

The members of authority meeting also discussed the implementation mechanism for the proposed preferential tax rate of 15 per cent for Malaysian and foreign knowledge workers residing in Iskandar Malaysia.

The entitlement is for those working in the qualifying industry sectors of green technology, biotechnology, educational services, healthcare services, creative services, financial advisory and consulting services, logistics services and tourism.

Another item on the agenda was the public transport industry improvement project which saw the establishment of the Iskandar Malaysia Transport Steering Committee to provide governance and the Iskandar Malaysia Public Transport Team as the implementation vehicle with the Johor Economic Planning Unit as the lead agency.

The steering committee is chaired by Johor State Secretary Datuk Abdul Latiff Yusof.

Harun said the project implementation would result in public buses servicing previously unserved routes, termed as social routes, to close the service gap for some residential areas and emerging areas in Iskandar Malaysia.

From December 2009 to end of March next year, up to 40 buses will be on the road to service the social routes, he said.

Harun said the progress achieved so far was facilitated by IRDA working closely with state and federal agencies, local councils and key players that included manufacturers, property developers and those providing logistics, educational, healthcare and tourism services.

Iskandar Malaysia, he said, has been undergoing notable redevelopment in the past three years with improved roads, highways and interchanges, cleaner rivers, treated sewerage and flood mitigation projects, better connectivity and public transport facilities that are benchmarked against the world's best.

The improvements are expected to contribute towards smoother traffic flow, reduced travelling time, minimum flash floods in the city centre and improved bus service for commuters, Harun said.

According to him, the amenities will contribute towards a livable, safe, secure and environmentally sustainable environment, abundant with employment and wealth-creation opportunities for its residents and investors.

By Business Times

Brisk sales expected at SunwayMas project

AMPANG: SunwayMas Sdn Bhd, the property arm of Sunway Holdings Bhd, is confident that its high-end residential development Sunway Rydgeway in Melawati Heights will be fully taken up within two weeks.

All 30 semi-detached homes had been sold and only six of the 40 bungalows were left since its soft launch late last year, said executive director Andy Khoo.

“We’re pretty overwhelmed with the take-up so far,” he told StarBizWeek, adding that the development was already 80% taken up before its official launch on Oct 31.

Khoo said SunwayMas also offered attractive packages such as a 5:95 financing scheme and zero interest during construction to woo buyers.

“People were quite surprised to discover a hidden gem like Sunway Rydgeway here in Melawati. The fact that it was a Sunway project also gave potential buyers the confidence to invest in the homes.”

The project is the first fully gated and guarded development in Melawati. A low-density development with only five units per acre, Sunway Rydgeway will have a gross development value (GDV) of RM180mil when completed in 2011.

Since the soft launch, the value of the homes had appreciated by 15% to 20%, said Khoo.

“The introductory prices of the semi-detached units and bungalows were RM1.9mil and RM2.8mil respectively. Today, they are fetching RM2.4mil and RM3.4mil respectively,” he said.

The semi-detached units offer a built-up area of 3,600 sq ft while the bungalows have a built-up area of between 5,039 and 5,345 sq ft.

Khoo said the homes were targeted at buyers living within the Melawati area and at the fringe of Kuala Lumpur city.

“This place is ideal for those who want to be close to Kuala Lumpur but at the same time away from the buzz of the city.”

Sunway Rydgeway also incorporates several green elements in its design, namely rainwater harvesting, solar water heaters and inverter air conditioners which help residents play a role in energy conservation.

Floor-to-ceiling glass panels provide plenty of natural sunlight while strategically-located decks, private gardens and water features allow residents to enjoy being one with nature.

Sunway Rydgeway is 20 minutes away from the Kuala Lumpur city centre via the Middle Ring Road 2, Ampang (via the Kuala Lumpur Elevated Highway and Jalan Genting-Kelang, while Mont’Kiara is only a stone’s throw away via the Duke Highway.

By The Star (by Eugene Mahalingam)

Persoft Tower to be developed into MSC Malaysia Cybercentre

PERSOFT Corp Sdn Bhd is budgeting some RM6 million to develop the recently acquired RM42 million Persoft Tower, currently known as Menara Luxor in Persiaran Tropicana, Petaling Jaya, into an MSC Malaysia Cybercentre.

Its director, Shaiful Annuar Ahmad Shaffie, said the company will use RM4.5 million to enhance the building infrastructure and the remaining RM1.5 million for the interior and exterior of the premises.

"This upgrading will be carried out in two phases. We hope to complete the first phase within six months from now and second phase between 10 and 24 months," he told reporters at a briefing on the development of Persoft Tower as an MSC Malaysia Cybercentre in Petaling Jaya yesterday.

Persoft Properties Sdn Bhd, a wholly-owned subsidiary of Persoft Corp, received approval for Persoft Tower to be developed into MSC Malaysia Cybercentre from Ministry of Science, Technology and Innovation last Monday.
On the award of the MSC Malaysia Cybercentre status to Persoft Tower, Shaiful Annuar said Persoft is the first privately-owned information technology (IT) company to be given such recognition.

On its investment so far, Shaiful Annuar said the company spent RM36 million to buy the Menara Luxor, which is current valued at RM42 million.

"We expect to register significant jump in revenue once the upgrading exercise for the MSC Malaysia Cybercentre-status for Persoft Tower completed in 2011.

"To date, our revenue stands at RM70 million. Last year, we register a revenue of RM98.2 million, but we are not expecting to exceed or record the same amount for this year and 2010," he said.

Key tenants at Persoft Tower include Affiliated Computer Services Malaysia Sdn Bhd, Motorola Electronics Sdn Bhd, My Campus (MSC) Sdn Bhd, and Persoft Services Sdn Bhd as well as two incubator tenants - Designel Media Sdn Bhd and Xanadu Solutions Sdn Bhd.

By Business Times (by Kamarul Yunus)

Laman Seri Business Park unit buyers get keys ahead of schedule

Naza TTDI Sdn Bhd has kept to its record of fast completion of its products by handing over keys to buyers of the Laman Seri Business Park units in Shah Alam ahead of schedule.

The developer started to hand over keys to buyers of the business plaza of 46 exclusive high-end units comprising six blocks of four and five-storey shops and offices from Wednesday.

"The Laman Seri Business Park heralds a new dawn for a new business lifestyle in Shah Alam.

"Our aim for this development was to create a conducive place where people can work and meet within an environmentally-friendly setting," Naza TTDI group managing director SM Faliq SM Nasimuddin said at a ceremony to hand out the keys.

Naza TTDI expects a variety of businesses including three major banks, boutiques, lifestyle spas, fitness centres, popular food and beverage outlets to occupy the Laman Seri Business Park.

Completed 18 months ahead of schedule, the development was awarded the Cityscape Asia Real Estate Awards 2008 under the Future Commercial Development category.

By Business Times

Be a discerning house buyer

As the economy picks up and developers hit the market with their different offerings, there are certain issues that house buyers should take note as they mull over their choices.

While three major considerations like location, reputation of developers and pricing are paramount, there are other issues that house-buyers should consider. While some may consider these issues as secondary, they nevertheless, will take their toil in the long run and may become a sore point. At worse, it may be a point of regret.

The issues can cover a broad spectrum and includes the types of trees planted, the types of locks and sanitary fittings used, sound proofing, the number of lifts provided, the width of the road in front of the house, the availability and number of visitors parking, and layout and lighting in basement parking.

A source from a security firm says Malaysians tend to opt for condominium living because they want the security.

“Are condominiums really secure? We tend to say we are safe when there is no direct physical harm against us. But security is broader than a physical attack. It includes a violation of our personal space,” he says.

Two years ago, a body was found tucked in a refrigerator in a Mont’Kiara condominium development. The buyer had bought the property in an auction and when the time came for him to inspect his purchase, he made his discovery. He will not want to buy anything from an auction again.

In another Mont’Kiara high-rise project, someone within the project went around locking people in their units by fiddling with their locks. In both of the above cases, there was no physical attack. But there was a violation of personal space.

Not all condominiums come with cameras in the public corridors. Even if they do, they need to be maintained. Which calls into question the maintenance and sinking fund and the integrity of the people involved.

Says a condominium dweller: “Malaysians tend to skip on these payments or they buy into a project with low maintenance. You pay peanuts, you get monkeys.

“On the other hand, I do not want to pay loads and not get the service or the maintenance of important equipment like cameras.”

His take: Be part of the joint management body so you know what the money is used for.

Early this year, a young man perished when the condominium he lived in caught fire. This also happened in Mont’Kiara. He lived on the 32nd floor. In another case, a young man left his high-rise unit with the kettle boiling. Passers by saw smoke billowing from his unit and alerted the management.

Says the source from the security firm: “It does not cost a lot to have smoke detectors. A hotel room comes with a sprinkler system and smoke detectors and there is no reason why this cannot be installed.”

“The same goes for fire extinguishers. But Malaysians, being so house-proud, may not keep fire extinguishers in working conditions. Or they may just throw them away. What is needed is for the authorities to make these mandatory.”

When the developer of the Mont’Kiara project was contacted, a two-liner statement was given about dog patrols in the evenings.

Developer KLCC Property Holdings Bhd claims at this point in time, the only project known to have a sprinkler system and smoke detectors installed in the condominium units is The Binjai On The Park.

His take: Install smoke detectors on the landing or outside the bedrooms on your own, but not in the kitchen. Have a fire extinguisher close at hand.

While things like this help, there is another related security feature – the lifts.

In a project in SS2, the developer provided two lifts to serve a 38-storey development with 147 units; averaging four units a floor. There is no service lift.

It does not cost a lot for a developer to install an extra lift. But once the building is completed, it is impossible to have a third lift.

With prices ranging between RM800,000 to RM1.2mil a unit, it does not seem fair to have the owner of the penthouse share the lift with so many people.

Remember, the penthouse is at the top. That seems a rather long wait. But the pent house aside, if one lift were in need of repair, that leaves one lift to serve 147 units. Imagine the peak hours! You’ll be stopping at every floor, even with two lifts.

A marketing staff says the two lifts were the minimum requirement. Our take on this: Four decent-sized lifts, big enough to fit a stretcher, are needed.

The Star Property Fair will be held at the Kuala Lumpur Convention Centre. For more information, visit the website at http://starproperty.my/

By The Star (by Thean Lee Cheng)

Safeguarding our hillslopes

The monsoon season is here again and it is raining almost everyday. The wet season also means the roads are jam most of the time as it always start to pour around the peak rush hours.

Malaysia’s heavy rainfall is both a blessing and a bane. A blessing because our dams will not be starved and we have enough clean water for our sustenance and for the many everyday uses.

Unlike many parts of the world today that have to endure long dry spells, we are lucky that we don’t have to put up with water rationing. Rain also helps to bring down the pollutants in the air.

However, the heavy rainfall has also heralded floods, soil erosion and landslides. With the heavy downpour, news of landslips and landslides are making the headlines again, with some apartment dwellers near landslide hit areas worrying that their buildings will not be safe for dwelling, and their lives may be in danger.

It is almost a year since the Bukit Antarabangsa tragedy last Dec 6 that claimed five lives and caused considerable damage to properties in the area. Many families had to be evicted from their homes.

A RM70mil fund has been set up to rehabilitate the slopes in the residential areas of Bukit Antarabangsa and remedial work is still ongoing and will take two years to complete.

There have been other recent cases of landslides in the area after heavy downpours and with so many high rise apartments there, many residents will be having sleepless nights everytime it rains heavily.

Rampant land clearing and felling of trees to make way for development have all contributed to the current deterioration in our hill slopes.

Immediate action must be taken to ensure the safety of all residents in the area and those who bought into the promises of unobstructed hill and city views.

While slope stabilisation measures are important to strengthen these slopes, it is crucial to have holistic hill slope management guidelines for all the various stakeholders to know their responsibilities.

Before planning any hill slope development, developers should conform to the specifications on hill slope development.

Hillslopes are classified according to their varying gradients. Class 1 is for gradients of less than 15 degrees; Class 2 (between 15 and 25 degrees); Class 3 (between 25 and 35 degrees); and Class 4 (over 35 degrees).

Under new federal Guidelines for Hillside and Highland Areas Development Planning, development on all Class IV slopes is banned.

Development on Class III slopes that have signs of erosion, land instability or sensitive geological conditions, is also banned.

Malaysia has vast tracts of hilly terrains and these hillslopes should not be left unattended.

We certainly need top-notch hillslope management expertise and guidelines to ensure they are properly managed and are sustainably maintained.

Prudent hillslope management measures that include proper slope-safety management and warning system will ensure all the land owners, residents, developers and the local authorities will be proactive and take it as their joint responsibilities to safeguard the hillslopes.

Unsafe slopes must be rectified on a timely and regular basis.

Setting up a dedicated federal agency to issue and enforce guidelines and standards for hillslope management, approve hillside development and monitor slopes will be a good start.

It is high time the authorities and the people inculcate a culture of strong maintenance and safety as a way of life. Otherwise, there will be many more sleepless nights for many high-rise dwellers near slopy areas.

Deputy news editor Angie Ng hopes more developers will adopt holistic environment-friendly industry practices as part of their corporate responsibilities and uphold safety above all else.

By The Star (by Angie Ng)

Loan facilities for UEM Land unit

PETALING JAYA: UEM Land Holdings Bhd unit UEM Land Bhd has accepted a bridging loan of up to RM177mil and a bank guarantee facility of up to RM30mil from Malayan Banking Bhd.

The term-loan facility had a tenure of five years and would be used to part-finance its property development projects at Nusajaya in Johor, UEM said in a filing with Bursa Malaysia.

Spanning 9,550ha, Nusajaya is slated to become one of the largest and most prestigious integrated urban developments in South-East Asia.

By The Star

Two-year review bodes well for construction, says MBAM

PETALING JAYA: The push by the Government under the 10th Malaysia Plan to monitor and review the construction industry’s performance over two years, instead of the full five years under the plan, augurs well for the industry, said Master Builders Association Malaysia (MBAM) president Ng Kee Leen.

Ng said MBAM supported the approach as it would be more “current” for planning and allowed for better monitoring, thus increasing the prospects of the proposed projects being achieved.

“We observe that sometimes during a five-year plan, projects that are not completed or undertaken will be brought forward to the next national plan,” he said in a statement.

Ng said it is hoped that with a shorter timeframe, the construction industry would be able to deliver its role more efficiently, cost effectively and on time.

He said as the Government was pushing the private sector to be the engine of growth, the authorities should have a more efficient delivery system and adminstrative structure that allowed the private sector to operate in a business-friendly environment with reduced bureaucracy.

“In this respect, we are thankful for the special taskforce to facilitate business (Pemudah) for its various efforts to harness the strength of the private and public sectors to resolve construction industry issues for the benefit of the country,” he noted.

Ng said what was clearly needed in the local construction industry was speedy approvals by the various authorities to ensure project delivery.

When contacted, Ng told StarBizWeek that MBAM was encouraged by the Government’s recent announcement of having greater public-private partnership.

“This will not only promote healthy competition but also ensure a larger group of industry players will particpate in (Government) projects,” he said.

Annually, the local construction industry handles RM60bil worth of projects, of which about 50% is undertaken by the private sector while the balance 50% is by the Government, which takes on infrastructure works.

On financing, Ng said MBAM hoped local banks could consider setting higher loan quota for the construction sector to enable the industry to continue playing its role as a key economic growth driver.

“MBAM would like to actively participate in dialogues with the relevant agencies in formulating and providing input to assist the Government in instituting necessary measures and initiatives to help reduce costs and ultimately enhance efficiency and competitiveness of the construction industry,” Ng said.

By The Star (by Danny Yap)

Naza TTDI business park ready ahead of schedule

Laman Seri Business Park’s piazza by night

SHAH ALAM: Naza TTDI Sdn Bhd completed its commercial development, the Laman Seri Business Park, 18 months ahead of schedule.

The business park boasts 46 exclusive high-end units comprising six blocks of four and five-storey shops and offices.

The developer expects a variety of businesses, including three major banks, boutiques, lifestyle spas, fitness centres, popular food and beverage outlets, to occupy the commercial centre.

“We are pleased to once again maintain our track record of delivering our prduct ahead of schedule,” said group managing director S.M. Faliq S.M. Nasimuddin in a statement in conjunction with the key handover ceremony yesterday.

The business park, launched in March last year, was developed to create a conducive place for people to work and meet within an environment-friendly setting.

This is manifested in the generous provision of public spaces, lush green landscaping completed with synchronised fountains and water-scape and koi pond, wide footpaths and five-foot ways and public utilities.

By The Star

UEM Land lines up property launches for next year

SUBANG: UEM Land Holdings Bhd has a slew of property launches for 2010, primarily within the Nusajaya (Johor) and Klang Valley areas, said managing director and chief executive officer Wan Abdullah Wan Ibrahim.

“We have many more projects in Johor and we hope to seal some deals in Kuala Lumpur and Selangor. “In Nusajaya, we have a lot more on our plate,” he told StarBiz after a signing ceremony yesterday with REAL Education Group Sdn Bhd, an education services provider. Wan Abdullah said the projects in the pipeline comprised affordable, medium and high-end developments.

He was also optimistic about UEM Land’s business prospects for 2010.

“Looking at our results (for the financial year ending Dec 31, 2009), we suffered in the first quarter, recovered in the second and improved in the third.

“The fact that our results are improving consistently tells you that we are on the right path,” Wan Abdullah said, adding that the launches it had slated for next year would boost the company’s performance.

UEM Land’s net profit for the third quarter ended Sept 30 surged to RM7.54mil from RM1.11mil in the previous corresponding period despite revenue dipping to RM72.79mil from RM78.37mil previously.

The company yesterday signed a sale and purchase agreement with REAL for the latter’s purchase of 0.4ha of land to establish a kindergarten in East Ledang, Nusajaya.

REAL group chief executive officer Sim Quan Seng said the land and the construction of the kindergarten could cost as much as RM4mil.

A residential enclave set amidst gardens and ornamental waterways in an area spanning 110ha, East Ledang will be developed in seven phases with a gross development value of RM1.4bil.

Nusajaya, spanning 9,550ha, is slated to become one of the largest and most prestigious integrated urban developments in South-East Asia.

Wan Abdullah said UEM Land was in talks with parties to develop projects in Nusajaya.

“We are always on the search for strategic partners. Because of the size of Nusajaya, it is impossible for us to develop projects ourselves. In most instances, it would be a joint-venture initiative,” he said.

By The Star (by Eugene Mahalingam)

SP Setia expands landbank in Penang

Property developer SP Setia Bhd has expanded its Penang landbank with the purchase of two plots of land on the island which are being earmarked for residential development.

SP Setia property division (north) general manager S. Rajoo said two parcels of land - one in Sg Ara and the other in the affluent Jesselton neighbourhood - have been acquired for a total of RM87 million.

The Sg Ara plot, totalling 12ha, is made up of half hill and half level ground, is being planned for a mixed development project of terraced houses, semi-detached units, bungalows and condominiums.

"We have also acquired slightly more than 0.8ha of land right next to the Penang Turf Club along Jalan Brook for RM24 million," Rajoo told Business Times.
He said low-density high-end bungalows are being planned in the prestigious neighbourhood and the company plans to build 11 low-density bungalows which are priced at RM5 million each.

"We are also actively talking to landowners to enter into either joint-ventures or outright purchase of their land," Rajoo added.

SP Setia's maiden entry into Penang more than three years ago was via the Setia Pearl Island development which is sprawled on a 45ha site and carries a development value of RM1.2 billion.

To be developed over the next five to six years, the project comprises three-storey terraced homes, semi-detached units and commercial lots, and is located between 4km and 5km from the proposed site of the second Penang bridge at Batu Maung, 10km from the Penang Bridge and 20km from George Town.

By Business Times (by Marina Emmanuel)

Stylish living at the Star Property Fair

To provide industry players a platform to showcase their developments, The Star Media Group will be organising the first Star Property Fair in Kuala Lumpur from Nov 27 to 29.

Themed Stylish Living, the fair will be held at the KL Convention Centre Halls 4 and 5, where visitors get to view the latest offerings by renowned local developers from medium to high-range residences, bungalows, condominiums and commercial projects.

Nothing but the best: Chow (left) and Tan say guests will get to experience luxurious living through Kenny Heights development

Taking centre stage throughout the three-day event is the Star Property Fair VIP Lounge by Kenny Heights. Kenny Heights is a project developed by KH Land Sdn Bhd, which is a subsidiary of Dutaland Berhad.

Kenny Heights head of marketing Jennifer Chow said Kenny Heights is an 35.7ha integrated mid-town development around the neighbourhoods of Sri Hartamas, Mont Kiara, Damansara Heights and Kenny Hills, targeted at affluent home owners and investors.

“This entire development comprises nine parcels to be developed over 15 years,” said Chow during an interview at Menara Star.

“The first parcel is called the Kenny Heights Estate consisting of 49 town villas, designed by world-renowned architect Kengo Kuma which was launched last year and have sold 75% so far.”

She said the VIP Lounge, to be set up between Hall 4 and 5, would showcase the living lounge of the first Conran branded residence in Asia via its Kenny Heights Sanctuary condominiums, whereby the first tower of Phase One would be soft launched at the fair.

“The lifestyle residence offers holistic experience of the Conran hallmark, with six thematic designer gardens so residents will feel like its their own private sanctuary.”

Chow said she hoped the VIP Lounge would enable people to experience what Kenny Heights aspired for in its developments, which is about quality of life and where breathing space is emphasised.

She said while guests were mostly by-invitation, the walk-in public needed only to register with the counter in order get their access into the Lounge.

Star Publications (M) Bhd marketing services general manager Iris Tan said: This is the first time The Star is organising the property fair in Kuala Lumpur, having organised past annual fairs in Penang for the last eight years.

“We hope this will allow property developers and prospective buyers to conveniently meet and shop under one roof. A number of banks and insurance companies have also confirmed their participation,” said Tan.

She hoped the property sector would support the fair as this was an event for them.

Visitors will also have the opportunity to obtain advice on financing options from participating financial institutions, and attend talks and forums by industry experts on property investment, feng shui and home aspirations.

Other highlights are auctions by CIMB Property Mart and a contest for visitors to the fair with prizes worth over RM20,000 to be won.

Housing and Local Government Minister Datuk Seri Kong Cho Ha is expected to launch the fair.

The fair is open from 11am to 8pm and admission is free.

For enquiries, call Kenny Thong or Ian Qua at 03-7967 1692 ext 1165.

By The Star (by Lim Chia Ying)

A sweet victory for YTL Land

PETALING JAYA: Winning a prestigious accolade like the International Real Estate Federation (Fiabci) Malaysia Property Award (MPA) is a fantastic achievement for any developer, especially when the project that won faced tough odds.

Datuk Yeoh Seok Kian ... ‘Winning an award like Fiabci’s also makes our marketing initiatives much easier.’

When YTL Land & Development Bhd embarked on its high-rise residential project, The Maple at Sentul West in Kuala Lumpur, it chose a site that posed significant challenges, said executive director Datuk Yeoh Seok Kian.

“We did not start with the best location in hand. Sentul was regarded by many as a forgotten railway town that was not immediately perceived as a desirable place for home or work.

“Based on location and product type, the challenge was made tougher, as Sentul was placed in direct comparison with the more affluent and established KLCC and Mont’ Kiara areas,” he told StarBiz in an e-mail.

Rather than go head-to-head with the competition, YTL Land decided to create an entirely different living concept in which a former nine-hole golf course was turned into a private park for the sole use of the community, said Yeoh.

“The intent behind creating a new green lung for KL and the city’s first private park homes, was to develop unprecedented living values for city dwellers not found in the growing concrete jungle,” he said.

The Maple, comprising two 30-storey towers with 159 units each that come with three bedrooms and a utility room, sits on 2.2ha, of which 60% has been dedicated to landscaping.

The winner of the MPA 2008 (Residential High Rise category) and second runner-up at the Fiabci Prix d’Excellence Award 2009, The Maple is the only residence in KL with a private gated park.

The units come in three built-up sizes from 1,535 to 1,707 sq ft. It was launched in 2003 at a starting price of RM250 per sq ft. Foreigners make up 30% of its residents.

“The Maple is currently valued at an average price of RM500 per sq ft, which translates to 100% appreciation since its launch in 2003,” said Yeoh.

On YTL Land having won (multiple) Fiabci awards in the past, Yeoh said: “Naturally, winning Fiabci awards is important for us. It’s the industry’s highest recognition among our peers and the industry’s thought leaders, not only in Malaysia but internationally as well.

“Winning an award like Fiabci’s also makes our marketing initiatives much easier. Instantly, the award speaks volumes about the quality of our projects to potential buyers.”

Fiabci Malaysia will be organising the 2009 MPA on Nov 16 in Kuala Lumpur, with Malayan Banking Bhd as the official sponsor. The emphasis for this year’s award is Intrinsic Value in Holistic Living.

The categories that will be contested are: Property CEO of the Year, Master Plan, Residential Development (low rise and high rise), Retail Development, Office Development and Purpose-Built Project. The event will be graced by the Sultan of Selangor.

Winners of the MPA in their relevant categories will represent Malaysia the following year at the International Prix d’Excellence, an annual competition that honours the world’s best property projects.

By The Star (by Eugene Mahalingam)

MRCB: RM6b new projects at KL Sentral in the pipeline

MALAYSIAN Resources Corp Bhd (MRCB) has new projects worth some RM6 billion to launch at Kuala Lumpur Sentral (KL Sentral), the integrated transport hub in Brickfields, before the end of the development in 2015/ 2016.

Group managing director Shahril Ridza Ridzuan said MRCB, one of the country's biggest office space providers, will launch three million sq ft of space next year.

These would include room for two luxury serviced apartment towers, an office building, and the 6-star 200-room St Regis Hotel.

Shahril said the construction for St Regis will start by mid-2010, followed by the office building.
He said the two serviced apartments towers, worth almost RM900 million, will be launched towards the end of next year.

"We have land fronting Jalan Tun Sambanthan, which we are reserving for the final phase of the KL Sentral development. We are in the midst of deciding what we want to build on the land. A decision would be made around 2012," Shahril said in an interview with Business Times in Kuala Lumpur recently.

Currently, there are RM7 billion worth of on-going projects at KL Sentral, which would be completed between 2011 and 2012.

These includes Nu Sentral Mall, a business class hotel, three office towers, an office block for CIMB Investment Group, the KL Sentral park featuring low-rise high-end offices, and 348 Sentral, comprising a 33-storey office tower and 21-storey serviced residence.

Shahril said MRCB is in talks with international operators to manage the business class hotel.

On the three office towers, Shahril said one building with 27 floors will be taken up by Pelaburan Hartanah Bhd.

The two remaining towers will have Korean interest. They will provide capital under the Daol Trust & Fund Co Ltd (Daol Fund), he said. Daol Fund is Korea's first specialised real estate fund investment and management company.

"The structure will be similar to a real estate investment trust (REIT) where the Koreans will invests in the towers, and we would manage it for them for a few years."

On replicating KL Sentral, Shahril said while it would be difficult to do that in Kuala Lumpur due to scarcity of land, there is no doubt the development would be taken international.

He said MRCB is in talks with potential parties to replicate KL Sentral in the Middle East and Asia Pacific, including in China and India.

By Business Times (by Sharen Kaur)

MRCB mega project on drawing board

Malaysian Resources Corp Bhd (MRCB) plans to undertake its biggest development project ever in the Klang Valley by as early as next year.

The planned project is expected to dwarf MRCB's flagship Kuala Lumpur Sentral (KL Sentral) transport hub in Brickfields.

Group managing director Shahril Ridza Ridzuan said MRCB will use part of the RM566 million raised from a rights issue to buy land for the development.

"We are planning the next big thing after KL Sentral. It would be something more exciting and bigger than any of our existing projects," Shahril said.

KL Sentral is due to complete by 2015/2016.
"We are looking at a few plots of land. Depending on the land size and location, we will decide on the best development to do," Shahril said in an interview with Business Times in Kuala Lumpur recently.

He said the group is also buying land for new commercial and residential projects in 2010.

MRCB, which has RM7 billion worth of construction jobs in hand, has proposed to offer up to 483 million new shares at an issue price of RM1.172 each.

The fund-raising exercise is targeted for completion in the first quarter of next year.

MRCB will use some of the proceeds to fund the RM800 million

Nu Mall project at KL Sentral and expand its environmental engineering and infrastructure business.

For infrastructure development, Shahril said MRCB will bid for the RM7 billion Klang Valley Light Rail Transit (LRT) extension project.

He said tenders for pre-qualification will be out soon.

"We will bid for the project either as a whole package, or in smaller packages. It would depend on what the government wants," Shahril said.

MRCB is also trying to build up its asset portfolio.

It now manages three office towers at KL Sentral and one in Shah Alam. By 2011, it would manage four new towers at KL Sentral, currently under construction.

Shahril ruled out injecting the properties into a real estate investment trust (REIT).

"We are already doing a similar structure and concept as a REIT. We are managing properties for investors for a management fee. We like what we are doing and would build on that," he said.

By Business Times (by Sharen Kaur)

UEM Land posts higher Q3 net profit

UEM Land Holdings Bhd's group net profit was higher at RM7.54 million in the third quarter ended September 30 2009 compared to RM1.11 million a year ago, due to lower cost of sales and higher other income and results from associates.

However, revenue in the third quarter slipped 7.1 per cent to RM72.79 million from RM78.37 million due to lower strategic land sales. This was however, mitigated by overall higher property development sales.

In the first nine month ended September 2030 2009, UEM made a net profit of RM10.68 million on the back of a RM197.99 million revenue.

This compares to a net profit of RM65.55 million and a revenue of RM329.67 million achieved in the first nine months of 2008.

As the group performance continues to be affected by the global economic uncertainties, the company does not expect to achieve its KPI targets of 20 per cent in revenue growth and a 6 per cent return on equity in the year ending December 31 2009.

By Business Times

Melati to buy land

MELATI Ehsan Holdings Bhd plans to buy four pieces of land measuring 109,743 sq m in Pekan Padamaran in Klang, Selangor, from TPPT Sdn Bhd for RM15.5 million.

The purchase is part of the group’s plan to acquire strategic land bank for residential and commercial property development at the Southern Klang corridor.

By Business Times