The Haven to set benchmark

The Haven, a RM250 million lakeside residential project in Tambun, Perak, will set a benchmark for high-end developments in the state, said property developer Superboom Projects Sdn Bhd.



Its chief executive officer Peter Chan said the project, which features Perak's tallest condominium blocks when completed in early 2013, is the first of its kind in the world.

The Haven comprises three 26-storey blocks of luxury condominiums with green features.

It is aimed to be among the first development to embark on all feasible avenues of harvesting nature's renewable, sustainable resources such as wind, water, bio-gas and pro-active mechanical resources to power and maintain common areas, Chan said.
Each block will offer 165 units overlooking a 1.6ha private natural lake with running water, a 14-storey high monolithic limestone rock formation, and the existing 280 million-year-old limestone hills.

"The Haven is a distinctive development with trappings of luxury and functionality. It will be an icon for Ipoh, with a picturesque setting crafted by mother nature. No projects in the world will be able to replicate The Haven, not at least for the next three to five years as land with natural settings is scarce," Chan claims.

The Haven was unveiled yesterday at the company's showhouse in Tambun. So far, 30 per cent of the Block A units have been sold.

The units, priced from RM250,000 to RM1.4 million with sizes ranging from 958 sq ft to 4,345 sq ft, comes in 12 variations and have attracted buyers from Hong Kong, Vietnam and Singapore.

"We believe we are launching The Haven at the right time as the market for high-end products in Ipoh is picking up. There are more people from Kuala Lumpur, Penang, and foreigners looking to buy condominiums in Ipoh as a getaway," Chan said.

The developer will launch the second block when sales at Block A have reached 80 per cent, said the company's co-principle David Yam.

By Business Times (by Sharen Kaur)

SP Setia still bullish on growth in Malaysia

SP SETIA Bhd, the country's biggest property developer, says its target of RM2 billion sales this year will be driven mainly by projects on the home front.

"About RM1.9 billion will come from Malaysia and the remaining RM100 million from Vietnam," SP Setia president and chief executive officer Tan Sri Liew Kee Sin said yesterday in Kuala Lumpur.

He was speaking at a corporate luncheon on the property sector, organised by Malaysian Industrial Development Finance Bhd.

The group has already achieved RM608 million sales in its first quarter ended January 31 2010.
On average, SP Setia's annual sales of nearly RM1.2 billion come from residential projects in the country.

Some of its key developments in the Klang Valley are Setia Alam and Eco Park, which saw sales of RM238 million and RM197 million respectively in the first four months of the financial year ending October 31 2010.

Liew said that SP Setia's sales represent less than 5 per cent of the total market and he hopes to increase this share by ensuring that the group maintains its sales growth of 20 per cent a year.

He foresees the Malaysian property market being resilient despite an expected normalisation of interest rates in the next one to two years.

"Malaysia will still present growth opportunities for us for the next five years. In five years, we will be able to grow in China and Vietnam after the initial learning costs," he said.

The developer has invested some US$12 million (RM39 million) for land title rights in Vietnam and allocated US$30 million (RM99 million) for its developments in China.

While remaining focused on its projects in the Klang Valley, Johor and Penang, SP Setia also sees potential in Sabah from the Sabah Development Corridor.

In addition, the developer is hoping to launch its key catalyst, the KL Eco City development, in October. It will begin pre-launch marketing in three months.

The "green" mixed development is located opposite the Mid Valley Megamall and is a joint venture with the Kuala Lumpur City Hall (DBKL), which owns the 9.7ha leasehold land in the Kampung Haji Abdullah Hukum area.

"We will address infrastructure concerns such as traffic flow. More details will be provided in time to come," said Liew, who declined to comment further.

By Business Times (by Jeeva Arulampalam)

Talam's 4Q net profit falls 76%

KUALA LUMPUR: TALAM CORPORATION BHD 's net profit fell 76% to RM4.54 million in its fourth quarter ended Jan 31, 2010 (4QFY10) from RM19.09 million a year earlier mainly due to a reversal in its finance cost upon the completion of its restructuring and settlement of debts under a regularisation plan.

Revenue fell 49% to RM72.88 million from RM143.91 million while earnings per share (EPS) dropped to 0.23 sen from 2.97 sen.

For the full year, Talam's net profit fell 88% to RM7.09 million from RM59.11 million a year earlier. Revenue fell to RM250.98 million from RM301.28 million while EPS declined to 0.36 sen from 9.39 sen. No dividend was declared.

It said revenue had fallen on the back of lower progress billings generated from its development projects, adding it would continue to complete its outstanding developments and continue to dispose of land and properties that exceeded its requirements.

Talam also said it would apply to Bursa to lift its Practice Note 17 (PN17) status "soon" as its last few defaulted loans with its lenders had been settled.

Meanwhile, KUMPULAN EUROPLUS BHD (KEuro), which is 25%-owned by IJM CORPORATION BHD, posted a net loss of RM5.3 million in its 4Q versus a net profit of RM3.83 million a year earlier. IJM also has a 26.73% stake in Talam.

This came following a significantly smaller share of results of associates at RM1.05 million for FY10 from RM11.38 million.

Revenue was slightly higher at RM10.18 million from RM8.37 million a year earlier, which was offset by higher sales costs. Loss per share was 1.10 sen from 0.80 sen previously. No dividend was declared.

For the full year, KEuro posted a net loss of RM33.08 million versus a net profit of RM11.24 million in the previous year. Revenue was 5% lower at RM41.57 million from RM43.95 million previously while loss per share was seven sen from earnings per share of 2.4 sen. No dividend was declared.

It posted a pre-tax loss of RM33.72 million versus a pre-tax profit of RM10.81 million in FY09 due to exceptional impairment of leasehold land, provision for liquidated and damages claimed by clients for previous projects, and a RM19.79 million loss from its partial disposal of investment in Talam which was mitigated by a RM37.07 million gain from a debt purchase transaction.

Shares of Talam closed flat on Thursday, March 25, at 12.5 sen, while IJM closed eight sen higher at RM4.77. Meanwhile, KEuro lost 0.5 sen to close at 46 sen.

By The EDGE Malaysia

Mah Sing plans to build homes in Sabah for MM2H buyers

Mah Sing Group Bhd, the country's fifth largest property developer, is looking for land in Sabah to build residential homes and villas for foreign buyers interested in the "Malaysia My Second Home" (MM2H) programme.

Group managing director Tan Sri Leong Hoy Kum said the company was seeking land in Kota Kinabalu to develop into a mixed range of properties, including villas and residential homes.

"We want to build more houses that can be sold under the MM2H programme and are looking at buying land near the beaches or anywhere in a prime area, or with potential to become a prime area in future," he told reporters after Mah Sing's extraordinary general meeting in Kuala Lumpur yesterday.

"We decided on Sabah because we find that many foreigners are interested to buy properties there."
The group is on track to meeting its RM1 billion sales target for the year through several property developments in the Klang Valley, Penang and Johor.

"We are on track to achieving our sales target, based on our performance in the first three months of this year during which we hit RM516 million. That is three times more than the RM170 million sales achieved in the same period in 2009," Leong said.

The group also plans to acquire at least 405ha in prime areas in Selangor and Johor Baru.

"We have bought two pieces of land since the beginning of the year and are looking for more land to buy, especially in prime locations in Selangor."

Mah Sing has a gross development value and unbilled sales of RM6 billion, which provides earnings visibility for about six to eight years.

Last year, Mah Sing posted RM94.3 million net profit on revenue of RM727 million, surpassing the year's initial target of RM453 million by 1.6 times.

Leong also said that the group's shareholders had voted and approved its proposed bonus issue of up to a maximum of 151,283,858 new ordinary shares of RM0.50 each on the basis of one bonus share for every five existing ordinary shares of RM0.50 apiece.

By Business Times

Mah Sing on track to meet RM1bil sales target

PETALING JAYA: Mah Sing Group Bhd is on track to achieve its RM1bil sales target this year, having hit sales of RM516mil in the first three months.

Managing director Tan Sri Leong Hoy Kum said in a statement the achievement was three times the RM170mil sales registered in the previous corresponding period.

He said the company had gone on an acquisition trail last year to secure prime land and expected to see some results this year.

The group has landbank with a gross development value and unbilled sales of about RM6bil, which provides earnings visibility for about six to eight years.

The group plans to launch about RM1bil worth of properties this year, comprising industrial, commercial and residential projects in the Klang Valley, Penang and Johor.

The group posted a net profit of RM94.3mil last year with total sales of RM727mil.

Shareholders at its EGM yesterday approved its proposed one-for-five bonus issue of up to 151.3 million new shares.

By The Star

Investors infuse value into heritage buildings

AS PENANG'S property scene remains on the boil with developers offering newer and pricier accommodation and commercial options, a new trend in property investment is emerging, notably in George Town's heritage enclave.

In contrast to land reclamation projects, those on hillslopes and efforts in building on virtually any and every available space on the land-scarce island, a group of property investors are out to prove that "old is gold", infusing new life into heritage buildings and giving conservation an economic context.

From foreign retirees to young people who are starting off a business, the address of choice for their premises seem to be centred around the inner city, which saw a migration of its residents a decade ago.

In place of dilapidated shophouses and abandoned pre-war homes are now chic eateries, boutique residences, private dwellings and quaint shops, which make walking tours to visitors very refreshing.
Although the interest in heritage properties is not new, a spike was noted when the Rent Control Act was repealed in 2000.

"George Town has always been synonymous with its historic buildings," notes One Asia Property Consultants (Penang) Sdn Bhd chief operating officer Lim Ewe Tatt.

He attributes George Town's conferment as a World Heritage Site by Unesco to one of the reasons why there has been a recent surge in the number of eateries and boutique accommodation.

"The need to preserve our heritage comes along with it," he said, adding that demand for heritage properties is currently centred within George Town's inner city in sites such as Lebuh Armenian, Lebuh Muntri, Lorong Stewart and other streets boasting structures with beautiful designs.

Award-winning architect Laurence Loh - who is synonymous with putting Malaysian conservation efforts on the world map with the Cheong Fatt Tze Mansion or La Maison Bleue (the blue house) - blazed a trail in architectural conservation in Malaysia, long before the issue even became trendy or understood.

He has to date, worked on some 30 conservation projects in George Town, of which about 70 per cent have been commercial in content.

Loh's first conservation job was the Cheong Fatt Tze Mansion on Lebuh Leith, which he describes as a challenging project.

"This was because in 1990, I did not have any working or hands-on knowledge and training in building conservation, nor attended a single course.

"There was no Internet, so reaching out for help and advice was difficult from a statutory point of view. The laws for protection of heritage were also non-existent," said the deputy president of Badan Warisan Malaysia.

Conceding that the World Heritage inscription has placed George Town and in turn, the whole of Penang under the microscope, Loh added: "World attention has zoomed in on us and the advantages and opportunities are beginning to be apparent."

People, Loh said, are exposed to the heritage values of the place and is a greater awareness now.

"The concept of living in the city that was formerly alien has become fashionable and stylish."

The government's property market report for 2009 showed that a total of 164 pre-war properties (totalling RM74.22 million) were transacted in Penang during the first six months.

This is in contrast with the 120 pre-war properties worth RM64.45 million transacted in the state during the corresponding period in 2008.

"Pre-war properties usually encompass several units which are sitting on one title and if you are to analyse it, it is cheaper than buying into a property with its own qualified title," said Lim.

"The price range could be from RM200 per sq ft to RM500 per sq ft, depending on the location, size, condition and other considerations."

On whether the latest wave in heritage property investments is likely to see a revival of activity in the historic enclave, Lim said: "We anticipate a revival of commercial activities in the area but we doubt it will bring back the residents.

"One of the reasons is the lack of car parking space in this area, and rentals are no longer affordable to the lower-income group who used to stay here."

Although the current trend serves as a boost for the city, Loh said that the only critical factor to it is that the authorities have to really look into managing change.

"They cannot allow market forces to dictate the direction of pace or policy," he added.

By Business Times

Govt to spend RM1b in Kota Iskandar

NUSAJAYA: The construction of six buildings expected to house more than 50 federal departments and agencies in Kota Iskandar here will commence next year.


Historical record: Ghani, State Secretary Datuk Abdul Latiff Yusoff and Ghani’s wife Datin Paduka Dr Jamillah Ariffin looking at the coffee table book in Nusajaya.

Johor Mentri Besar Datuk Abdul Ghani Othman said the buildings which cost RM1bil would be built in the northern part of Kota Iskandar, the new state administrative centre.

“The project is expected to be completed in two to three years. It is part of the Government’s expenditure under the 10th Malaysia Plan,” he told reporters after launching a coffee table book entitled Johor In the 21st Century: The Making of Kota Iskandar here recently.

Abdul Ghani said the book delved into events behind the development of Kota Iskandar.

“The state realised the need for a new administrative centre to replace Bangunan Sultan Ibrahim. The project involved Johoreans especially in the design of the buildings,” he said.

“The book sheds light on the first phase of Kota Iskandar involving the construction of the State Assembly building, the Mentri Besar’s office complex, Dataran Mahkota and other government offices in 2006.

“It illustrates how the building designs are inspired by Johor Malay history and Moorish elements,” he said.

The book which cost RM200 also served as a reference on the history of Kota Iskandar, he added.

By The Star

Samling unit in RM6b Viet project

Perdana ParkCity Sdn Bhd, a subsidiary of the timber-based Samling group, will launch its maiden RM6 billion township project in Hanoi, Vietnam by July this year.

Called ParkCity Hanoi, the project features townvillas, townhouses, semi-detached homes and bungalows, as well as condominiums and apartments, which will be built in 15 phases. It will comprise a commercial belt, a community clubhouse, a central park and international schools.



The project will be a replica of Perdana ParkCity's on-going multi-billion ringgit Desa ParkCity township development in Bukit Menjalara, Kuala Lumpur, its group chief executive officer Lee Liam Chye told Business Times in an interview.

"We didn't launch earlier because of the global financial crisis. While the property market in Vietnam (now) remains soft, we expect it to bounce back in the third quarter of this year. We are seeing pockets of recovery," Lee said.

ParkCity Hanoi will be developed by The Vietnam International Township Development JSC (VIDC), in which Perdana ParkCity has a 59 per cent stake.
Vietnam's Vinaconex-Hoang Thanh Urban Development and Investment JSC holds another 40 per cent in the joint venture, while the remaining 1 per cent is owned by a local Vietnamese businessman.

Lee said Perdana ParkCity's contribution in the joint venture is to develop the properties, transfer its expertise and provide some funding.

VIDC has signed a credit agreement with Vietinbank to provide US$45.7 million (RM150.81 million) for the project's two initial development phases.

ParkCity Hanoi will cover 77.4ha at the junction of Le Van Luong and Le Trong Tan roads in Ha Dong district, about 13km from the city centre.

"Our partners will assist us in marketing the products and dealing with the authorities. They are targeting the locals and expatriates in Vietnam. We are confident the project will generate good sales," he said.

Lee added that ParkCity Hanoi will be a good platform for Perdana ParkCity to establish its brand internationally.

Vietnam is Perdana ParkCity's first overseas venture.

By Business Times

Mah Sing rewards shareholders and confident of strong growth with RM516million sales for 1st Quarter 2010

At its Extraordinary General Meeting (EGM) on 23 March 2010, Mah Sing Group Berhad’s shareholders voted unanimously to approve the bonus issue up to a maximum of 151,283,858 new ordinary shares of RM0.50 each on the basis of one Bonus share for every five existing ordinary shares of RM0.50 each.

The bonus issue serves to reward Mah Sing’s existing shareholders for their continuous support and loyalty towards the growth of the Group. With a strong track record of profitability, clear expansion plans and an attractive dividend policy, the Group has strong institutional shareholdings, with more than 50% of their shares being held by reputable institutional investors. The bonus issue will allow the Group to increase its capital base and improve its liquidity by further enlarging the market capitalisation.

Mah Sing Group’s managing director Tan Sri Dato’ Sri Leong Hoy Kum said, “We have done well, achieving compounded annual growth rate of 51% in net profit from 2002 to 2009. As such, it is timely to reward our shareholders as the marketability of Mah Sing shares on Bursa are also expected to improve further with an enlarged large capital base and with stronger growth prospects.”

The Group has landbank gross development value and unbilled sales of approximately RM6billion which provides earnings visibility for approximately 6 to 8 years. Despite the challenging economy, Mah Sing posted a RM94.3million net profit and sales of RM727million in year 2009, surpassing the initial target of RM453million by 1.6 times.

Leong said, “We went on an acquisition trail in 2009 to secure prime land and this year will see the fruition of our efforts. Of our 25 projects, we have completed 5, and our launches this year will come from our remaining 20 projects. Our sales target is RM1billion for 2010 and while this is ambitious, we believe this is achievable given our strong branding, products quality, location, concept and track record. So far, we are on track to achieve our sales target with sales achievement for the first 3 months of the year hitting RM516million. This is three times the RM170million sales achieved in the same period in 2009.”

“The sales momentum in 2010 has been boosted with the launch of new projects namely iParc@ Bukit Jelutong, iParc@Shah Alam and Perdana Residence 2 in Selayang as well as the preview for Garden Residence in Cyberjaya. The show units for Perdana Residence 2 has just been completed and unveiled to approximately 500 privileged guests on 13 March 2010. We received positive feedback on the designs, layout and finishes, and we are now eagerly looking forward to presenting the show village in Garden Residence. Comprising 10 show houses and a sales gallery, we target to open the show village to the public by the first half of 2010,” added Leong.

By The Star

Dorsett Intl may get second hotel in Johor

DORSETT International Hotels & Resorts Sdn Bhd may own and manage a second hotel in Johor in the next three years.

The proposed hotel, to be developed by a subsidiary of Malaysia Land Properties Sdn Bhd (Mayland) - Mayland Austin Sdn Bhd in Mount Austin, Johor, will however be positioned differently from the existing Dorsett Johor Hotel.



"We are looking at a second hotel in Mount Austin within the Palazio development by Mayland," Dorsett Johor's resident manager Tengku Ahmad Faizal Tengku Mohamed told Business Times in an interview.

"The hotel should be ready within the next three to four years. The positioning of the hotel has to be different, maybe only about five to 10 minutes from the existing Dorsett Johor (in Plentong)," he added.
However, details on room inventory and cost of the new development have yet to be finalised.

Dorsett International is owned by Hong Kong's Far East Consortium International Ltd (FEC).

FEC deputy chairman and chief executive officer is Tan Sri David Chiu, the founder of Mayland.

The Far East group now operates hotels in Hong Kong, China, Macau, Japan and Malaysia. It has confirmed a hotel opening in Singapore.

Dorsett is also looking at growing its hotel portfolio in Malaysia. It was reported that Dorsett has been given RM500 million to either build or buy hotels in Malaysia.

While it is eyeing to expand into the Klang Valley, it is also looking to have representations in Sabah, Pahang and Penang.

It has confirmed of opening two hotels in the Klang Valley, one a 200-room business boutique hotel in Sri Hartamas, for an estimated RM100 million, and a three-star 300-room one in Cheras for between RM60 million and RM70 million.

Apart from Dorsett Johor, the group owns and operates four other hotels in Malaysia, namely the Grand Dorsett Subang, the Dorsett Regency in Kuala Lumpur, the Grand Dorsett Labuan and the Maytower Hotel and Serviced Residences.

By Business Times (by Vasantha Ganesan)

Dorsett Johor -- 3-star rating but 5-star service

DORSETT Johor Hotel may be a three-star property, but everything else, from its service culture to room facilities, would earn it an additional star or even two.

The hotel is in fact comparable to other five-star properties in Kuala Lumpur.

How so? For a start, the rooms are new and modern and its service standards impeccable.

This 252-room hotel has a very lean staff to room ratio of 0.35, which is an enviable one, as every employee not only executes his or her job efficiently but also multitasks.
Its 95 employees play their role in helping the hotel chalk-up a gross operating profit (GOP) of some 40-odd per cent.

GOP is gross revenue from rooms, food and beverage, laundry or business centre minus cost of operations like wages, electricity and amenities.

"We need quality staff and not an army," the hotel's, resident manager Tengku Ahmad Faizal Tengku Mohamed told Business Times when asked about its performance.

This two-and-a-half-year-old hotel located in Plentong, Johor, expects a GOP of 43 per cent in the year ending March 2011, as it hits an average occupancy of 75 per cent and an average room revenue (ARR) of RM130.

The jump in guest arrivals, from 65 per cent now, will be a result of an improving economy and the opening of the neighbouring Singapore casinos.

By March 31, the company's GOP is expected to touch 40 per cent.

"The economy has stabilised. Without a doubt, we can achieve 75 per cent occupancy," Tengku Ahmad said.

"We plan to tap into the opening of the casinos in Singapore from those who want to gamble but prefer to stay here," he said, quoting tourists from Thailand as an example.

He also expects Internet bookings to grow this year by up to a quarter of its bookings from about an eighth now.

Accordingly, Tengku Ahmad is hopeful that the hotel will be able see the return on investment within seven years.

The RM80 million hotel is owned by Hong Kong's Far East Consortium International Ltd. The hotel was originally part of an 11-block apartment called Prima Regency. One block comprising 47 units were converted into the hotel.

The hotel's guests are two-thirds corporate-based and predominantly from Malaysia and Singapore. It also gets a good response from the US, Europe and Australia.

It has some 50 rooms, which are on long-term lease and has a good 35 per cent of repeat guests.

Tengku Ahmad's winning formula also comes from his principle of "One should sell what the guests/customers want and not sell what the vendor or the hotel wants to sell".

Meanwhile, the hotel, which now shares the swimming pool with the apartment block, will have its own swimming pool within the next six months. It also plans to open a high-end spa.

Dorsett Johor had two weeks ago won the Gems Awards for Best Three-Star Hotel in Johor, which was awarded by the Johor state government.

By Business Times (By Vasantha Ganesan)

LFE unit sells land for RM4.9mil

KUALA LUMPUR: LFE Corp Bhd’s 51%-owned subsidiary Bestgate Development Sdn Bhd (BDSB) has entered into a sale and purchase agreement with Adept Development Sdn Bhd for the disposal of 116 pieces of freehold land for RM4.9mil cash.

LFE Corp told Bursa Malaysia yesterday that the land was currently charged to AmBank (M) Bhd as security for the banking facilities granted to BDSB.

“The land (prior to subdivision) was acquired on Jan 10, 2005 at an aggregate original investment cost of RM3.71mil,” it said in a statement.

“As per the latest consolidated audited accounts dated March 31, 2009, the net book value of the land was RM5.72mil attributed to the additional sum of RM2mil incurred in the development of the land and maintenance thereof since the date of acquisition.”

LFE Corp said the price was arrived at a willing buyer willing seller basis after taking into account the current prevailing market value based on another earlier lower offer on the land and the valuation on the land carried out by Messrs One Asia Property Consultants (PG) Sdn Bhd which valued the land at RM5mil.

By The Star

OilCorp’s D’Tiara sells property arm

OILCORP Bhd’s unit D’Tiara Corp Sdn Bhd has agreed to sell property arm Magic Coast Sdn Bhd to Amanahraya Development Sdn Bhd for RM29 million.

The sale was necessary to ensure that the joint-venture project, Amanahraya Corporate Tower & D’Tiara Hotel Suites, continues since Oilcorp would have difficulty in procuring end-financing due to its Practice Note 17 status.

The project development cost is RM374.4 million and is expected to be completed by the end of this year.

By Business Times

Talam unit sells land for RM35mil

KUALA LUMPUR: Talam Corp Bhd subsidiary Galian Juta Sdn Bhd has entered into two sale and purchase agreements with Malaysian Allied Health Sciences Academy Sdn Bhd to dispose of two pieces of land for RM35.4mil.

In a filing yesterday, Talam said the original cost of investment of the land was RM34.7mil.

It added that the sale proceeds from the proposed disposal would be utilised to pare down the interest and principal to the entire loan facility granted by EON Bank Bhd to Galian Juta and the balance for its infrastructure cost and working capital.

By The Star

GTower expected to be 75pc occupied by Jan

GOLDIS Bhd, a private equity investment company, expects three-quarters of its GTower building in Jalan Tun Razak, Kuala Lumpur, to be occupied by January 2011.

The 30-storey office building, which comprises offices, a 180-room business hotel and a club that caters to its guests and tenants, has a built-up of 1.4 million sq ft and over 800,000 sq ft in nett lettable area.



"We have confirmed occupancy of 48 per cent," Goldis' head of corporate investments Colin Ng said.

The tenants, mostly from the oil and gas and Multimedia Super Corridor (MSC)-status companies, moved into the building in late January this year.
The rental at GTower including service charge is RM7.50 per sq ft. The tower has also allocated 0.4ha for a food court, which is scheduled to open in September. It was reported that construction of the food court will cost some RM470 million.

Ng, who expects return on investment to take between seven years and eight years, said that among GTower's pull factor is the leasing flexibility which enables tenants to rent for short or long term.

GTower, the first international green rated office building in Malaysia, has 10 units of cube, which measure between 120 sq ft and 280 sq ft per unit. It accommodates one to three persons.

"It is suitable for start-ups and for short-term use," GTower Sdn Bhd manager of business offices operations, Lucia Micheal said.

The building also has nine units of flexible offices measuring between 1,250 and 2500 sq ft. These units are fully fitted and suitable for short-term use and projects, particularly those who do not want to invest much to fit out an office. It can comfortably accomodate 20 people.

GTower also has duplex units which are designed to allow maximum amount of light to filter in.

Other pull factors include its MSC-status. Its provisional MSC status will soon be converted to a full MSC.

"The building has been designed efficiently in terms of size and tenancy terms. We can allow the tenants to expand and provide contracts according to their needs," Micheal said.

Its green building initiative also enables it to save as much as 23 per cent in electricity.

The hotel, to be called The G City Club Hotel, occupies three floors of the building. Scheduled to open in May 2010, it expects an average room rate of RM400 and an occupancy of 75 per cent in the first year of operations.

The Club, which is scheduled to open at the same time as the hotel, measures 10,000 sq ft. All hotel guests and chief executive officers of companies located in the building will receive club membership.

"It will be run like a business club," Micheal said.

The building also features two salt water swimming pools.

By Business Times

Home expo: There'll be something for everyone

The 10th edition of the Modern Home and Lifestyle Fair to be held at the Mid Valley Exhibition Centre, Kuala Lumpur, from Friday to Sunday, will showcase more than 300 booths by 100 exhibitors.

BW Cyans Advertising Sdn Bhd project director Charles Yong said the consumer fair promises to be a wholesome event for all home owners, featuring things from kitchen appliances to landscapes designs.

"We have something for everyone. Everyone who owns a home should come and visit this fair," Yong told the Business Times recently.

The fair will have a wide variety of latest brandname products on display such as Alfo, Benova, Ogawa, Turn Design, Mormarks, Luzzone Gallery, Kenwood, Elegant Concept and Mattressworld.
"We expect close to 80,000 visitors and a sales target of RM15 million this year," he said.

Besides the latest on home appliances, those wishing to renovate, refurnish or decorate their homes are urged to visit the fair.

"We will also have interior designers at the exhibition, who will give free consultation for the first 20 minutes.

Consumers are advised to bring their floor or building plan over if they want to get expert advice from these interior designers," he said.

Yong said the fair will also have a host of exhibitors ranging from furnishings to fittings, kitchen and bathroom, door and window, home entertainment and home and decoration.

Shoppers who purchase over RM200 and above in a single receipt will be eligible to participate the spin the wheel contest for a share of over RM120,000 worth of prizes including 32" branded LCD TV's, folding bicycles, imported table lamps, designer umbrellas and much more.

Entry is free and the fair will be open from 11am to 9pm.

By Business Times

Sepang Gold Coast sees RM30m from resort

Sepang Gold Coast Sdn Bhd (SGC) is optimistic of generating a revenue of between RM20 million and RM30 million from the operation of its Golden Palm Tree Resort.

The RM300 million resort, which will open for business in Bagan Lalang, Sepang, end-June, is 80 per cent sold to European and Middle East buyers.

"We expect to chalk up a revenue of between RM20 million and RM30 million in the first six months to a year of operations.
"The work progress is in the final stage. About 90 per cent is complete. We will hold a soft launch soon to give an opportunity to the public to view the resort, said SGC General Manager Francis Lee in an interview with Bernama recently.

Golden Palm Tree (GPT) water villa is the first phase out of the three-phased Sepang Gold Coast city development project, the longest paradise in Asia.

The coastal city development by SGC is a joint venture between Permodalan Negeri Selangor Berhad (PNSB) and Sepang Bay Sdn Bhd, a private investment holding company.

The GPT resort is made up of 393 water villas, built in the shape of a palm tree, stretching 1.2 kilometres into the Straits of Malacca. Lee said buyers were guaranteed a seven per cent return on the net purchase price per annum for seven years.

"At the beginning, SGC is looking at a 30 to 35 per cent occupancy rate. Overall, we expect an annual increase of between five and 10 per cent with locals and Singaporeans making up 50 per cent of the patrons to the resort," he said.

The second phase of the Sepang Gold Coast project called Escapade will consist of activity areas, restaurants and clubs that will kick off for construction next month and be completed by end-September.

Meanwhile, work on the third phase of the sea tropics project resort, costing RM300 million, will begin in September.
Lee said it was very challenging to promote a place like Bagan Lalang as it was not well-known even among Malaysians.

"So, we are putting a lot of effort to promote the resort through local and foreign travel agents besides traveling to other countries to participate in related events to establish the name," he said.

Although SGC was still new and in the process of penetrating the market for recognition, Lee was confident the entire project when completed in 2012, would be another landmark for Malaysia after the Petronas Twin Tower.

"Bagan Lalang is a quiet place but it will develop rapidly as the momentum pick ups once the GPT resort is open.

"Although the GPT resort caters for the high-end market we are confident this project will be a great success for SGC and Malaysia," he reiterated.

By Bernama

Heritage boost for Penang

PENANG’S UNESCO world heritage site will soon boast of having the country’s first ‘cultural hotel’.

Property owner K.H. Seah said three pre-war houses along Jalan Pintal Tali would be restored and re-opened as a high-end hotel to be named ‘1881 Chong Tian Cultural Hotel’.

“These triple storey buildings, which have been around for over a century, is located in where I hope to develop as Penang’s Chinatown.

“We want to revive that area and make sure that it becomes a living heritage,” he said in an interview yesterday.

Seah, who owns a stretch of 13 other heritage houses in the area, said he would refurbish the other premises which he planned to rejuvenate and promote as Chinatown.

“We have Little India and the Malay Kapitan heritage enclaves here but no Chinatown.

“This cultural hotel will be a start for us to create a specific area where everyone can come and learn about Chinese culture,” he said.

Work on the cultural hotel will start at the end of the month and is expected to complete by the end of the year.

Seah said he was hoping to get the Unesco Conservation Award for his efforts, adding that the uniqueness of the cultural hotel was that it would have a library, mini cafe and museum featuring extensive antique collections dating back to the 18th century.

“I am an antique collector and have received many pledges from other collectors to help stock up the library and museum.

“The library resources and exhibition area will be free for everyone because one of our main objectives is to propagate the Chinese culture brought here by our ancestors,” he said.

Seah and his partners have invested RM2mil to purchase the three lots and will need another RM1.5mil to refurbish the place in accordance to heritage guidelines.

“The interior is termite-infested and there are trees growing within the building causing the structure to crack.

“Think City Sdn Bhd, a subsidiary of Khazanah Holdings (a federal investment arm), has agreed to assist with the funding,” he said.

“They will meet on Wednesday to decide on how much allocation the project will receive,” he said.

Cultural Heritage Advisory Group member and project consultant Tan Yeow Wooi said the 19th century buildings had many unique features including Venetian windows and intricate Chinese motifs of peonies, dragons and cockerels on the facade.

“There is also a very nice Cantonese-style sliding door with intricate carvings,” he said.

By The Star — Christina Chin

7 on shortlist to build hospital in Desa ParkCity

PERDANA ParkCity Sdn Bhd, a subsidiary of the timber-based Samling group, has shortlisted seven companies, including one from Japan, to build a RM250 million hospital in Desa ParkCity in Bukit Menjalara, Kuala Lumpur.

They are Sunway Construction Sdn Bhd, Crest Builder Holdings Bhd, Putra Perdana Construction Sdn Bhd, UEM Construction Sdn Bhd, Bina Puri Construction Sdn Bhd, Ahmad Zaki Construction Sdn Bhd and Japanese construction giant Obayashi Corp.

Sources familiar with the plan told Business Times that tenders for the 10-storey, 300-bed hospital, to be known as Sime Darby Medical Desa ParkCity, will close this Friday.

"Perdana ParkCity will award the contract in April or May based on merits, technical expertise and track record. Construction will start by May or June, and be completed in 2012," one source said.
Perdana ParkCity group chief executive officer Lee Liam Chye declined to comment when contacted.

It is understood that the proposed hospital will be built on a design, build and lease concept. It is expected to begin operations by early 2013, a year later than initially planned.

It will cater for the Desa ParkCity township and nearby areas such as Kota Damansara, Damansara Perdana, Bandar Sri Damansara, Mutiara Damansara, Bandar Utama, Taman Tun Dr Ismail, Sri Hartamas, Mont'Kiara and Bukit Damansara.

The source said the new hospital, which will have 60 specialist clinics and six operating theatres, will be leased to the country's largest conglomerate, Sime Darby Bhd, for 20 years.

It will be the third full-fledged hospital operated by the Sime Darby group, which is looking to grow its healthcare business to ride on the recession-proof medical industry.

The group currently owns and operates the 393-bed Sime Darby Medical Centre (previously known as the Subang Jaya Medical Centre) in Subang Jaya and the Sime Darby Specialist Centre Megah in Petaling Jaya.

It also owns and operates the Sime Darby Nursing Health and Sciences College managed by Sime Darby Healthcare.

Perdana ParkCity is the master developer of the 192ha Desa ParkCity township, which will have some 7,300 residents when completed by 2015.

By Business Times

SoHo is the way to go

Courtyard view of CENTRIO project by YTL Land & Development.

The Small Office/Home Office (SoHo) segment is slowly but surely, becoming a growing trend in the market, especially among those looking for flexibility in their daily working schedules.

The modern concept of SoHo refers to the category of business, which involves from one to 10 workers. The concept also applies to people who convert part of their home into an office.


James Wong says the SoHo concept is a growing trend with sole proprietors or small partnerships.

Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS) president James Wong foresees a growing SoHo demand.

“High office rental costs and traffic congestion are among some of the reasons why more people are going for this (SoHo) concept,” he tells StarBizweek.

He adds that the growth in information technology (IT) today provided the flexibility to individuals from virtually anywhere.

Wong says some banks were already outsourcing their marketing teams, for instance, because such departments could function elsewhere.

“There are also backroom departments like support services, and human resources don’t need to face the public or clients everyday. Soon, it won’t be necessary to have a full-fledged office.”

Wong says the SoHo concept was a growing trend with sole proprietors or small partnerships, such as lawyers and even real estate agents.

CB Richard Ellis Malaysia Sdn Bhd managing director Allan Soo says the typical SoHo buyer are mostly independent individuals rather than professionals.

“This can be advertising agencies or those within the IT industry.”

Soo says the location of the SoHo is critical.

“It definitely makes sense to work in the city within a business environment and having your business partners nearby. If it’s going to be a hassle for your clients to come to you, than it does not make sense.”

Zerin Properties chief executive officer Previndran Singhe concurs that the location of the SoHo is very important.

“You need to be around amenities. Otherwise it’s going to be tough! But ultimately, it all depends on both the product and the location of the property.”

Wong, however, reckons that a SoHo buyer would be more comfortable working outside of the city centre.

“The whole idea of living and working in the same environment is so that you can avoid the hassle of getting stuck in traffic jams when travelling to your place of work.

“People who operate out of a SoHo would most likely prefer a quiet environment rather than to be smack in the middle of the city centre and dealing with the noise. The ideal location would be the outskirts of the city, near a park or commuter train station.”

A search on iproperty.com, the country’s top property portal, reveals four SoHo developments that are currently in the pipeline.

They are the Selangor State Development Corp’s (PKNS) Kasturi Idaman in Kota Damansara, HR United Group’s SB1 and Persanda 2 in Sungai Besi and Shah Alam, respectively and Ong Chong Realty Sdn Bhd’s PJ5 SoHo in Kelana Jaya.

Previndran says there is a growing market for SoHo developments and cited YTL Land & Development Bhd’s CENTRIO at Pantai Hill Park in Bukit Kerinchi, Kuala Lumpur.

According to reports, 70% of the development (at CENTRIO) have been sold. It opened for sales in 2006.

Akashdeep Singh, a 30-something freelance film editor, says working from a SoHo provided him with great flexibility.

“Some people enjoy this lifestyle – working late and sleeping overnight. It can lead to a lot of office romances,” he says, laughing.

Akashdeep, who was going to India for a month that same day, says: “And in cases of emergencies, like if you need to take a sabbatical, you can avoid the hassle of giving notice. In a normal working environment, it’s hard to do this.”

Former lawyer Melissa Ram used to work out of her home and relished the fact that she could completely avoid traffic jams.

“There’s a lot of flexibility, plus there’s no overhead cost or rentals to worry about. With the internet, you can work from virtually anywhere.”

Melissa, however, adds that there were also drawbacks when working from home.

“Sometimes when you need to meet with clients, having them over in your house isn’t appropriate and in such situations, having an office would be better. In such situations, you would have to go out of your way to meet your client rather than to have the convenience of them coming to you.”

She adds, however, that if given a choice, she would still prefer to work from home.

“While working you could still manage the house and do the cooking. Plus, you could work till midnight and not have to worry about security issues.”

By The Star (by Eugene Mahalingam)