Karisma Hill has all the comforts of peaceful living

Three levels: A scale model of the 3.42ha Karisma Hill, which is developed to mimic a handfan hence the villas are presented in three tiers or terraces.

If Living in a three-storey bungalow on a hilltop sounds like your ideal home then Karisma Hill in Seri Kembangan may just be what you are looking for.

Situated across the Jusco shopping centre in Bandar Putra Permai, this exclusive development gives house buyers a variety of villas to choose from.

According to Karisma Property Development Holdings Sdn Bhd general manager Sean Foong, the 3.42ha of land is developed to mimic a hand-fan, hence the villas are presented in three tiers or terraces.

“We work our villas around the natural terrain, therefore although the villas of the same type are stretched along the same road its height may differ from its neighbour,” said Foong.

Playing on the letter ‘K’, all five villa types have names beginning with the same letter, starting with the Kendra and Klarissa which have built-up area of approximately 3,948 sq ft to 4,104 sq ft.

Both types have five rooms with six bathrooms and a parking area enough to fit three cars.

Behind Kendra and Klarissa is a row of 18 three-storey courtyard villas named Kimora which comes with six rooms and six bathrooms.

Constructed to be slightly more spacious, Kimora’s built-up area is approximately 4,904 sq ft complete with a courtyard and garden area on its ground floor.

Those who want a little “cooling” down over the weekend can rejoice over their very own pool on the first floor of the unit.

“Residents can enjoy their private dip in the pool without having to drive out of their homes,” said Foong.

Exclusivity can only get better as Foong introduces the last of the three-storey courtyard villas, Kasandra and the four-storey, Kamilia.

Kasandra, which is constructed opposite Kimora, also comes with a pool but has a slightly larger built-up area of 4,931 sq ft.

“What makes Kasandra special is its levelling which can be seen from the parking area itself.

“The parking space for Kassandra is on the first floor of each unit compared with the rest which is built on the ground floor,” said Foong.

The final row of just 11 houses is Kamilia, occupying four levels of space with a built up area of 5,110 sq ft.

Each of the 75 units are designed without a fence or gate to surround it.

“We want our residents to have a better lifestyle by getting to know one another and surrounded by one big fence which is from our main entrance,” said Foong.

Although there isn’t any playground built within the gated development area, Foong said there were pocket parks, private gardens and tropical plants for one to ensure the lush natural ambience in Karisma Hill.

Streets will be filled with flowering trees and shrubs to make one’s cycling and running path friendlier.

Karisma Hill is well connected via the Damansara-Puchong Highway (LDP), Shah Alam Expressway, South Klang Valley Expressway, Maju Expressway, Serdang-Kinrara-Putrajaya Expressway

When completed in December 2015, residents do not have to worry about renovations as the developer is delivering the houses complete with a built-in lift.

“All they need to do is bring their furniture and not worry about renovation or plumbing works,” he said.

For safety measures, the neighbourhood is equipped with CCTVs and alarm system for the comfort of residents.

For details of Karisma Hill, visit their sales gallery at 32, Jalan BPP8/4,Bandar Putra Permai, Seri Kembangan,Selangor or log on to www.karismahill.com.my

By The Star

Amphill bullish on RM200m Rimbun project

The 0.44ha project located within Ampang's embassy row has 56 units of luxury condominiums, each with an average built-up of 4,000 sq ft.

BOUTIQUE developer Amphill Corp Sdn Bhd is unfazed by the global turmoil and bullish that its RM200 million Rimbun project in Kuala Lumpur will attract local and foreign investors.

Amphill CEO and director Poh Pai Kong said the company will sell the units, each priced from RM4 million, or about RM1,100 per sq ft, starting from December 15.

"We don't expect overnight sales, but are quite certain the units will be sold in a few months," Poh said yesterday at the launch of Amphill's website and unveiling of the project by Housing Minister Datuk Seri Chor Chee Heung.

"Rimbun is no ordinary condominium project, but one that provides ample of living space amid lush greenery with focus on sustainability," he added.

The project, which is under construction and slated for completion by mid 2014, was recently accorded the Green Mark (Gold Plus) certification by Singapore's Building and Construction Authority.

Photo Voltaic panels and rain water harvesting will be standard features, besides green label household fittings and appliances and smart home systems to minimise energy and water usage.

Rimbun is the first of many high-end projects that Amphill will unveil over the next few years in the Klang Valley.

The company was founded by Poh, a 35-year veteran in the property industry. He retired as group managing director of Dijaya Corp Bhd and Tropicana Golf & Country Resort Bhd in 2007 and is credited with turning Tropicana into a top brand in the country.

He also set up and led the joint venture with PKNS and developed a neighbouring 160ha land into the popular Sri Selangor Golf Course and Damansara Indah Resort Homes (now Tropicana Indah).

By Business Times

16 themed gardens IOI launches lifestyle homes in 16 Sierra

FOLLOWING the success of its previous launches in 16 Sierra, IOI Properties is offering another opportunity for potential housebuyers to own two or three-storey lifestyle terrace homes with upgraded finishes within a township with 16 inter-connected themed gardens.

Unlike other standard terrace homes, one of the many unique advantages of Lyden is the exceptional design versatility.

For example, the innovative open plan concept allows houseowners to pre-plan the size of their living room, dining room, dry kitchen, or even the outdoor breakfast terrace, according to their requirements.

Another significant feature is the double-volume ceiling in the living, dining or family areas.

Together with the exceptional high ceiling at ground and first floor and also the open-plan concept, spaciousness is taken to another level.

Other exclusive features designed to reflect your discerning lifestyle are large windows for ample natural lighting and ventilation, solar hot water system to reduce power consumption, home alarm system, lightly tinted glass for all windows and sliding doors with powder-coated frames, 8 ft-high main entrance door, and staircase with glass railing and wooden balustrade, three-phase wiring, and air-cond points with piping.

For some of the three-storey corner units, there is a Junior Suite with an en-suite bath and entertainment room that opens to a covered terrace attached with a powder room for outdoor entertaining.

Other corner units will have an outdoor breakfast terrace.

Lyden (two-storey intermediate with four bedrooms) is available in two lot sizes – 22’ x 75’ and 22’ x 80’ with a gross built-up of 2,466 sq ft & 2,668 sq ft respectively.

The corner units are three-storey with five bedrooms and a bigger lot size of 26 ft.

For added security, a single entry/exit point with perimetre fencing is provided, which will be complemented with a proposed guardhouse.

Like every residential precinct in 16 Sierra, Sierra 2 (where Lyden is located in) also has its own themed garden at its doorstep.

Children will enjoy playing and learning with equations, numbers and mathematical forms at the Algebra Garden.

The themed gardens are interconnected by walkways so that residents throughout the township can enjoy exploring different themed gardens.

There is also the Central Park —the largest of all themed gardens. It is designed to accommodate a series of activities for residents’ use and relaxation.

This serves as a gathering place for huge events such as family day.

It is complete with a grand lawn, amphitheatre, children’s play area, ladybirds, frog play structures, exercise station, reflexology path, jogging path, living trellis, tai chi lawn, basketball court, futsal courts and colourful gazebos for residents to spend quality family time for an enhanced lifestyle experience.

Modern township amenities in 16 Sierra include a proposed private school offering both local and international syllabi.

The units are available with a booking fee of RM30,000 and free legal fee on SPA.

For more information, contact 03-8944 9999.

By The Star

YTL may sell Orchard Boulevard project

YTL Corp may begin selling its luxury home project in downtown Singapore in the first half of 2012, more than four years after buying the site, as the Malaysian developer expands its holdings in Asia.

The project, converted from an old apartment building on Orchard Boulevard that the company purchased in 2007, will have 78 units targeting wealthy Asian buyers from countries including China, Indonesia and Malaysia, according to Kemmy Tan, the head of YTL’s real estate unit in the city-state.

YTL Managing Director Francis Yeoh has been expanding outside of Malaysia into the real estate markets in countries including Japan, China and neighboring Singapore to take advantage of Asia’s growing affluent property investors. The group also has businesses in utilities and cement. “Wealthy Asian property buyers have now gained more exposure to more sophisticated life-style and design,” said Tan, adding that she estimates buyers will probably be willing to pay a 20 per cent premium compared to regular prices for the design by a renowned architect. The project will be designed by Antonio Citterio, an Italian architect whose work includes the Bulgari Hotel in Milan and Bali and the Ermenegildo Zegna Group’s new Milan headquarters, marking his first residential project in Asia.

Record Purchase

YTL bought the original Westwood Apartments building for S$435 million (US$339 million) in 2007, a record at the time for the purchase of an existing apartment through a so-called en- bloc sale. It had since leased out the units. Tan declined to say how much YTL will sell the units for, which will have areas of between 1,000 and 3,500 square feet, adding that the average prices of luxury apartments in the area range between S$3,800 and S$5,000 a square foot. St. Regis Residences, a five-minute walk away, was last purchased at S$2,776 a square foot in September, while the Marq on Paterson Hill and Orchard Residences, about 1 kilometer (0.6 mile) away, sold homes at more than S$4,000, government data showed.

The Kuala Lumpur-based company is the biggest shareholder of Starhill Global REIT, a Singapore-based property trust that owns stakes in the city’s retail malls such as Ngee Ann City and properties in Tokyo’s Roppongi and Daikanyama shopping districts.

By Bloomberg

Prime central London properties still in demand

KUALA LUMPUR: Global real estate service provider Savills said that despite a bleak economic outlook in Britain and burgeoning European woes, prime central London property will continue to be in demand and private rental expected to increase.


Barnes: ‘There are grounds for optimism because despite the bleak picture (for Britain’s economy), many people have been excluded from buying, so there is an increase for rental.

“There are grounds for optimism because despite the bleak picture (for Britain's economy), many people have been excluded from buying, so there is an increase for rental,” Savills director for research Yolande Barnes said.

Barnes said this at a talk on “Is London still a World Class City?” in Kuala Lumpur, her third stop in Asia after Hong Kong and Singapore.

She said that over a five-year period between now and 2016, rental growth was expected to be 20% compared with a five-year capital growth of about 6%.

Barnes' comments reflect a similar situation in major American cities. Bloomberg reported earlier this week that rentals are gaining ground in cities that have relatively robust job growth, such as Seattle, or pools of transient workers like in Washington, Los Angeles and Las Vegas as Americans are wary of buying a home or are unable to qualify for a mortgage.

Barnes said in the United Kingdom, lack of financing for both homebuyers and developers had affected the housing stock, the annual supply of which has over the past several years been about 25,000 units. In the 201011 period, the supply of housing stock has dropped.

“The lack of supply has put pressure on rentals so yields are expected to increase,” she said.

In the prime central London property market, the interest is mainly from foreigners, with top buyers from Russia and China.

“London is considered as a safe haven,” she said, adding that studies that compared London with other European cities showed international business people tended to prefer London.

Over a period of 18 months to June this year, overseas buyers spent 6bil in the residential market, the highest since 2007. Of this, a quarter went to newly built properties which were mainly purchased by buyers from the Asia-Pacific region.

By The Star

PKNS to raise RM700mil for some of its projects and increase land-bank

PETALING JAYA: The Selangor State Development Corp (PKNS) plans to raise RM700mil in a sukuk issuance to finance some of its projects and to purchase land.

“We recently announced over RM14bil worth of new mega projects to be implemented over the next two to five years. PKNS needs to gear up more if we were to undertake these mega projects ourselves as their gross development value ranged between RM1bil and RM3bil each,” PKNS general manager Othman Omar told StarBiz.


Othman: ‘To address the issue of insufficient financing for our projects, we are looking forward to more public-private collaborations with local and international partners, especially in building the high-profile projects.’

He said the money raised from the sukuk would allow it to probably carry out two or three projects.

“We have to be more innovative in our implementation strategy. We are evaluating an offer from a foreign investor to buy two of the towers at RM800 psf at our Datum Jelatek proposed mixed development worth about RM900mil in Kuala Lumpur, in exchange for a fixed-price construction contract,” he said.

Furthermore, he said, PKNS had received offers from investors to lease long term or to purchase en bloc its developments, thus reducing its exposure in the event that the property market slows down over the next few years.

“To address the issue of insufficient financing for our projects, we are looking forward to more public-private collaborations with local and international partners, especially in building the high-profile projects,” Othman said, adding that PKNS has zero gearing currently.

PKNS also revised the master plans for its 1,500 acre Selangor Science Park 2 in Cyberjaya and the 6,000 acre Bernam Jaya project in Selangor.

“We have spent RM1.15bil in land acquisition, earth works and infrastructure cost for the last five to 15 years, and it is time to realise part of its value,” he said.

The state development corporation had also seen a recent upgrade of its Ratings Agency Malaysia rating to P1/AA1 from P1/A1, which would translate into lower financing cost for its future developments.

“We are also setting up a special purpose acquisition company in order to retain some of the retail and office components from our projects before we can possibly inject them into a real estate investment trust (REIT).

In 2010, PKNS proposed a venture into the REIT industry with the injection of three properties Menara PKNS, Kompleks PKNS and SACC Mall with a combined value of RM270mil into AmanahRaya REIT (ARREIT) in exchange for new shares and cash, which would make PKNS the second largest shareholder of ARREIT with a 33% stake.

“We are looking forward to injecting more of our existing properties into this REIT and we are lining up potential properties from our more strategically-located redevelopment and urban regeneration projects in the Klang Valley,” he said.

Meanwhile, ARREIT yesterday announced that the two parties had mutually terminated the proposed transaction.

ARREIT told Bursa Malaysia that the conditional deal, which was entered into on Sept 2 last year, was called off in light of potential planned asset enhancements to be carried out by PKNS on the properties, which would affect their market values.

PKNS is projecting to end the year with its pre-tax profit surging to RM480mil from RM206mil in 2010.

“PKNS needs to be profit-driven in order to finance its social obligations. However, the profit is just a means to an end. If PKNS makes more profit, the money does not go to our own pockets but will be contributed back for the benefit of the five million Selangorians,” he said.

He said the more profit PKNS makes would mean that PKNS could contribute to building more low-cost and affordable housing, industrial and science parks to attract foreign direct investments and build more infrastructure developments for the state.

“We need to segregate between our economic and commercial projects and the social projects so as to get the best use of our land and thus optimise the return on these projects,” he said.

By The Star

AmFIRST REIT closes deals in Cyberjaya

PETALING JAYA: Am ARA REIT Managers Sdn Bhd, the manager of AmFIRST Real Estate Investment Trust (AmFIRST REIT), has completed its acquisition of Prima 9 and Prima 10 in Cyberjaya for RM133mil cash.

It told Bursa Malaysia that it was AmFIRST REIT's first investment in Cyberjaya, capitalising on the economic growth and vibrancy of Cyberjaya's commercial office segment. The properties were tenanted by multinationals secured against long leases, it said.

Before the acquisition, AmFIRST REIT had six properties, namely Bangunan AmBank Group, Menara AmBank and AmBank Group Leadership Centre in Kuala Lumpur as well as Menara AmFIRST in Petaling Jaya, Kelana Brem Towers in Kelana Jaya and The Summit Subang USJ in Subang Jaya with total net lettable area (NLA) of 2,311,489 sq ft as at Sept 30.

“The new acquisition will boost the total investment portfolio to eight properties and add a further 211,496 sq ft to the portfolio, representing an increase of 9% of the total NLA,” it said, adding that the acquisition posted remarkable growth in the assets under management of AmFIRST REIT by 13% from RM1.028bil as at Sept 30 to RM1.163bil.

and the gearing ratio would increase to 46.5%.

The group said these two new properties are expected to contribute an additional distributable income of 68 sen per unit on an annual basis.

By The Star

SP Setia proposes formalisation pact

Permodalan Nasional Bhd (PNB), SP Setia Bhd and Tan Sri Liew Kee Sin are proposing to enter into an agreement to formalise the incentives and management rights relating to the management and general conduct of the business of SP Setia group of companies.

In a filing to Bursa Malaysia today, SP Setia said Maybank Investment Bank Bhd had submitted an application for the proposed arrangement to the Securities Commission today.

It was previously reported that PNB, the major shareholder of SP Setia, proposed to take over the property developer.

The national and the largest fund manager had acquired 9,139,800 SP Setia shares in the open market for RM3.88 a share, and it also bought 1,059,300 SP Setia warrants for 89.5 sen each in the open market.

By Bernama

Third shot at UK job for SP Setia

KUALA LUMPUR: SP Setia Bhd may still have a shot at securing the project to redevelop London's Battersea Power Station. Although the developer appeared to have written off its chances last week, another window of opportunity is set to open soon, according to news reports.

The Telegraph reported Irish company Real Estate Opportunities (REO), which has a 54% stake in a vehicle that owns Battersea Power Station, as saying lenders Lloyds Banking Group and Ireland's National Asset Management Agency (NAMA) had applied to have administrators appointed to certain subsidiaries.

Once they had taken control of the sale process after appointing administrators at the end of next week, Lloyds and NAMA planned to run an open-market auction process to off-load the power station, the Financial Times reported.

This will give SP Setia a chance to put in a bid its third for the Battersea Power Station project, and this time it will be contending with other international parties for that site.

When contacted by StarBiz, the developer said: “At this point, we are unable to comment further.”

On Nov 18, SP Setia instructed its investment adviser to submit a 262mil (RM1.3bil) offer to Lloyds and NAMA to buy debt linked to the power station. The offer was rejected on Nov 23.

Last week, the developer submitted a second bid of 324mil to take control of the site and to buy up the bank debt. The Telegraph reported that this was also rejected “on the grounds that they were not satisfied with the conditions attached and also wanted a meaningful' deposit.”

In a Nov 24 announcement to Bursa Malaysia, SP Setia confirmed the rejection by the lenders but added that it believed property development prospects in London were positive.

“Accordingly, the group will continue to look out for and assess other possibilities to invest, via strategic partnerships and land-banking opportunities, in this exciting market,” it added.

Despite the bleak British economy and the overall weak sentiments swirling around in Europe, global real estate service provider Savills said London continued to put in many interested buyers from around the world.

“This is due to the cosmopolitan nature of the city. It is an old city and there is a lot of interest there. Compared to other cities like Frankfurt and Geneva, international businesses continue to view London and its real estate favourably,” said Savills director (research) Yolande Barnes. Barnes was on a speaking engagement in Kuala Lumpur.

She said the Battersea Power Station was part of a larger regeneration project that had been ongoing in London for some time. Located south of River Thames, the larger Battersea area has been promising.

Generally, real estate north of River Thames are viewed more favourably.

“The Battersea Power Station is a controversial site. When it was made available, it was of low value. As Battersea area begin to be regenerated the old buildings done away with and replaced by new ones its appeal began to grow. But that power station is a difficult site to develop because it is a heritage site,” she said.

The power station has four tall structures or towers. Since it is a heritage site, the authorities will probably not allow it to be demolished, although the land around that area may be developed.

“So from the point of cost it is difficult to preserve and for re-use (or redevelopment) it will be expensive for whoever owns it,” she said.

“The Battersea Power Station project is a bit like the Tate Modern gallery. That site was also formerly a power station.” The Tate Modern today houses Britain's national art collection.

By The Star

Glomac posts higher Q2 pre-tax profit

Glomac Bhd's pre-tax profit for the second quarter ended Oct 31, 2011 surged to RM34.278 million from RM32.043 million in the same quarter last year.However, revenue decreased to RM134.834 million from RM140.897 million.

In a filing to Bursa Malaysia today, the company said the fall in revenue was due to completion of two projects namely Glomac Tower and Glomac Galleria.

Nevertheless, Glomac said ongoing projects particularly Glomac Damansara, Glomac Cyberjaya, Saujana Rawang and Bandar Saujana Utama contributed stronger revenue as compared to last corresponding period.

In a statement, Group Executive Chairman Tan Sri F.D. Mansor said the company "has a strong pipeline of strategic projects with a total gross development value (GDV) of RM2.6 billion for launch beyond this year".

By Bernama

Analyst: Sime not likey to make any major changes in E&O at the moment

New members: Abdul (left) and Bakke now sit on the board of E&O.

PETALING JAYA: Sime Darby Bhd's move to appoint two of its top executives - president and group chief executive Datuk Mohd Bakke Salleh and group chief operating officer Datuk Abdul Wahab Maskan - to board positions at Eastern & Oriental Bhd (E&O) has elicited both positive and neutral responses from analysts.

E&O told Bursa Malaysia in a filing on Tuesday that it was appointing Bakke and Wahab as non-independent and non-executive directors. It also announced the resignation of non-independent and non-executive director Thomas Teo Liang Huat.

A local bank-backed analyst said it had been expected that Sime Darby would place board members at E&O following its purchase of a 30% stake in the latter in September.

“The board representation will let Sime Darby in on what's going on at E&O and learn from it, as well as work towards possible collaborations, as was previously indicated.”

The analyst added that Sime Darby was not likely to make any major changes in E&O at the moment. “There is no catalyst for that to happen.”

Another analyst said he was neutral on the news, adding: “It (the board appointments) is not surprising, what would be surprising is if they did not take board seats.”

StarBiz had previously reported that Sime Darby would appoint two people to E&O's board after it bought into the Penang-based niche property developer for RM766mil or RM2.30 per share from Tan Sri Wan Azmi Hamzah, Singapore-listed GK Goh Holdings and E&O managing director Datuk Terry Tham.

The acquisition, which sparked discontent among minority shareholders for the 60% premium-to-market price paid to the three parties for their shares, prompted a review by the Securities Commission into whether there was collusion involved in the share sale and if Sime Darby had to make a mandatory general offer for the rest of E&O's shares, but the regulator ruled otherwise.

Sime Darby, now E&O's single largest shareholder, also signed a three-year agreement with the latter to cooperate in three areas - sharing knowledge and expertise, leveraging on each other's core competencies, and jointly exploiting economic opportunities.

While Sime Darby has reiterated that it did not buy into E&O with the intent to merge, Bakke had told StarBiz that he would not rule out a general offer and might make one if it was appropriate.

Previously, the ECM Libra Financial Group Bhd, which currently has a 6.4% stake in E&O according to Bloomberg, had attempted to get two of its representatives - Mahadzir Azizan and Leong Kam Weng - to the latter's board during its AGM but failed to do so after shareholders voted in opposition.

Meanwhile, E&O has posted a 172.1% surge in net profit for its second quarter ended Sept 30 to RM13.8mil from RM5.1mil in the previous corresponding period on the back of 25.5% higher revenue to RM82.6mil from RM65.8mil.

The developer attributed its strong results to higher revenue from the Seri Tanjung Pinang project as well as the hospitality and restaurants division, but said it would adopt a “cautiously optimistic” outlook against the present economic uncertainties.

It added that earnings could be boosted by its property development projects such as the St. Mary Residences in Kuala Lumpur, Quayside Seafront Resort Condominiums at Seri Tanjung Pinang and new launches in Penang.

E&O's first board meeting with Sime Darby's representatives in attendance was held yesterday.

By The Star

SP Setia wins RM437.40mil bid for S’pore project

PETALING JAYA: SP Setia Bhd has won the bid to develop Chestnut Avenue, an 18,700 sq m parcel of land in Singapore, for a total tender sum worth RM437.40mil.

In a filing with Bursa Malaysia yesterday, the company said that its unit, SP Setia International (S) Pte Ltd, had won the bid.

SP Setia said the land tender would be granted a lease term of 99 years and was to be developed into condominium or flats.

The tender sum would be satisfied in cash via a combination of internal funds or bank borrowings and to be completed during the financial year ending Oct 31, 2012.

The land is connected to major arterial roads and expressways such as the Bukit Timah Expressway, Pan Island Expressway and Upper Bukit Timah Road.

“It is also located near the Petir LRT station as well as two future Mass Rapid Transit stations, namely Cashew and Hillview.

“These two stations are part of the future Downtown Line 2 to be completed in 2015 connecting the land to key precincts in the city centre.

“Amenities like Lot One, The Rail Mall and Bukit Timah Plaza are all located close to the land,” it said.

SP Setia said it intended to build an eco-themed development comprising residential apartments with an estimated gross development value of RM1.1bil.

It intended to launch the project in the fourth-quarter of 2012.

“The proposed project is expected to span a development period of three to five years. At this preliminary stage, the total development cost and the expected profits to be derived from the project have yet to be ascertained,” it said.

The tender represented SP Setia's second foray into the Singaporean property market following its acquisition in April this year of a freehold development along Woodsville Close.

By The Star

Redevelopment deal of Crag Hotel stalled

GEORGE TOWN: A deal for a developer to redevelop one of the state’s oldest landmarks on Penang Hill — Crag Hotel — appears to have stalled, due to an alleged exclusion of surrounding properties in the hotel’s vicinity.

Business Times has learnt that although Sri Nisuh Sdn Bhd had been initially promised several bungalows adjacent to the historic hotel when the contract was discussed, the said bungalows did not find their way into a draft agreement.

“Three bungalows adjacent to Crag Hotel were promised to be integrated into a memorandum of understanding between the Penang authorities and developer,” a source said.

“However, the said properties were excluded by the State Secretary in the draft agreement.”

In May, the state government announced that Amanresorts International Pte Ltd will run the famous Crag Hotel on Penang Hill, which was one of the earliest hilltop homes and later turned into a hotel in 1929.

The hotel has been in a neglected and derelict state since 1977 after the International School of Penang (better known as Uplands School) vacated the premises and moved to George Town.

The project was reported to have been awarded in April to Sri Nisuh Sdn Bhd and the company was said to be investing US$12 million (RM38.04 million) to finance the project, which was to be completed within 30 to 36 months.

Chief Minister Lim Guan Eng was quoted at the end of May as saying that redevelopment project will take off after an agreement is inked between the developer and the state government two weeks after he made the announcement.

He said the Aman Group would be awarded a long-term contract tenure by the state to manage the property.

Three months ago, Amanresorts’ media communications manager Anjali Nihalchand said that the firm would be forwarding its proposal to the state’s Chief Minister Incorporated on September 5 for final approval.

When contacted yesterday to enquire on the status of the approval sought from the state authorities, Anjali said in an email that there were no current updates as “this is still at its very early stage and we have not got anything further to share at the moment”.

Meanwhile, state-owned Penang Hill Corp director Datuk Lee Kah Choon did not comment on whether approval had been granted as yet to the developer of the proposed project. “This is a state project,” he said in a SMS reply, “and you may wish to check with the State Secretary’s office.”

State Seccretary Datuk Fariz Darus did not respond to an email enquiry from Business Times.

By Business Times

MPSJ to discuss revised development project in Bandar Sunway with residents

The Subang Jaya Municipal Council (MPSJ) will call for a discussion with residents to address the issue of a proposed revision for a development project in PJS 7, Bandar Sunway.

MPSJ president Datuk Asmawi Kasbi said the details of the discussion would be decided by the MPSJ’s Urban Planning Department, but it was tentatively scheduled for January next year.

“Developer Ceria Pujangga Sdn Bhd had submitted an application to revise the planning permission for the layout plan for the project,” he said.

“Their proposal is to revise the residential units from apartments to smaller sized Soho units. In principle, the MPSJ will still retain the plot ratio of five.”

The developer had submitted an application to revise the layout plan for two multi-storey blocks by increasing the number of residential units.

According to the minutes of the MPSJ’s One-Stop Centre Committee’s meeting, the proposed revision would have 629 Soho units compared with 166 service apartments at one block, and 332 service apartments compared with 166 service apartments at another block.

Councillor R. Rajiv highlighted the issue at the MPSJ full board meeting, citing residents’ concerns of the expected increase in traffic should the revised project be approved.

He suggested that MPSJ delay the approval for the application to revise the project, pending a discussion with residents to address their concerns.

Councillor K. Arumugam, who sits in the MPSJ’s One-Stop Centre Committee, said construction for the project had commenced with one block having completed its foundation process.

Asmawi explained that the developer probably wanted to revise the project due to its proximity to Taylor’s College, hence the revision to cater to the student population.

“The MPSJ will call for a discussion with the residents and explain about the revision,” he said.

“From there, a decision will be made as to whether to allow the project to continue or bring the matter to the State Planning Committee.” On the status of approval for the project, Asmawi said it remains status quo as per the originally approved plan.

By The Star

SP Setia wins land tender in Singapore

Property developer SP Setia Bhd has won a tender bid of an 18,700sqm site along Chestnut Avenue, Singapore, for S$180 million (RM437.4 million).

"The Chestnut Avenue site has a potential development value of RM1.1 billion and a maximum allowable gross floor area of 39,270sqm," the company said in a statement today.

The land tender represents SP Setia's second foray into the Singaporean property market following its acquisition of a freehold development along Woodsville Close in April.

The group's maiden project in at Woodsville Close is expected to be launched in a few months' time followed by the proposed launch of the Chestnut Avenue site by end-2012.

In the statement, SP Setia President and Chief Executive Officer Tan Sri Liew Kee Sin said the land tender provided the group with an extremely rare and excellent opportunity to showcase its core and multiple award-winning development expertise of building eco-brand sanctuaries in a lush green neighbourhood.

"We are very excited about this site which is next to the Zhenghua Park with nearby Bukit Timah Nature Reserve and Bukit Batok Nature Park offering scenic views and recreation," he said.

By Bernama

LBS Bina reaps higher 9-month revenue

LBS Bina Group Bhd has chalked up higher revenue and pre-tax profit for the nine-month period ended Sept 30, 2011 of about RM302 million and RM46 million, respectively.

This represents 59 per cent improvement in revenue and 2113 per cent pre-tax profit in the same period last year, the company said in a statement.

For the current quarter under review, the group earned RM125 million revenue and RM16 million pre-tax profit, respectively.

"This represents a 57 per cent improvement in revenue and 230 per cent rise in pre-tax profit in the same quarter last year," it said.

The company attributed the better growth to its ongoing projects with good take-up rates such as D’Island Residence in Puchong, Topaz III, Ivory Residences I & II, Indigo Homes and Lavender II in Bandar Saujana Putra.

Other commercial and industrial projects such as the Tasik Perdana Industrial Park in Puchong and Saujana Business Park in Bandar Saujana Putra also contributed to the company's good showing in the third quarter.

By Bernama

Singapore private resale home prices remain flat

SINGAPORE: Resale prices of private homes rose a touch last month, reversing a slight dip in September, but the overall trend suggests a period of flat values.

The new Singapore Residential Price Index (SRPI) flash figures out yesterday showed that prices rose 0.9% last month, rallying from a 0.1% dip in September. The overall SRPI which tracks a basket of completed non-landed projects points to a cautious market, with monthly price movements mostly fluctuating within a range of just 1% or less this year.

Prices of centrally located homes, excluding small apartments of less than 500 sq ft, posted a gain of 1% last month compared with the 0.4% dip in September. Non-central area values rose 0.8%, building on September's 0.1% increase. Prices for small apartments inched back 0.9% after a 3.5% drop in September.

Experts offered various reasons for the trends seen in the SRPI index, which is compiled by the National University of Singapore.

DTZ head of Asia-Pacific research Chua Chor Hoon noted that the index's ups and downs could be due to its nature as a monthly snapshot, and there were fewer caveats lodged in October.

Chesterton Suntec International research head Colin Tan said the fluctuation could be due to prices reaching a turning point.

“The underlying trend is still up ever so slightly. This is to be expected as there is still positive economic growth,” he added, suggesting that there could be a to-and-fro between the HDB resale and private resale mass market segments.

By The Straits Times

Retail rents jump 32% in Melbourne

SYDNEY: Retail rents in Melbourne surged 32.3% in the year to September, the third fastest growing market behind Hong Kong and Beijing, fuelled by international tenants tapping the market, said property services firm CBRE.

Against the backdrop of its relatively healthy economy, Australia has lured a number of high-profile international retail brands.

Zara, owned by the world's biggest fashion retailer Inditex SA, opened stores in Melbourne and Sydney this year, while UK fashion retailer Topshop is opening its store in Melbourne next month.

In the third quarter this year, Sydney was the third most expensive retail market globally and Melbourne ranked eighth, while New York retained the top spot to be the world's expensive shopping destination, CBRE said.

Still, CBRE expects Australian markets to slip down the rankings next year partly due to the record levels of outbound tourism and increasing labour and utility costs.

Globally, total retail rents edged down 0.6% quarter-on-quarter in the third quarter, with rents in the Americas dropping 2% while those in the Asia-Pacific, Europe, the Middle East and Africa regions remained flat, according to CBRE.

By Reuters

HK plans to get tough with errant developers

HONG KONG: Hong Kong has proposed a new law that will slap fines and jail terms on developers that mislead buyers of new homes.

The government yesterday kicked off a two-month consultation period on the new law, which it hopes to introduce to the Legislative Council in the first quarter of next year.

“There are consumer protections in other areas, and there should be similar protections on selling properties,” Eva Cheng, the secretary for transport and housing, said as she called for improved transparency, as she unveiled the proposed law. “It has to be done, and there is never a better time.”

Cheng said the current slump in property prices in Hong Kong did not affect the government's motivation to put new rules in place. A steering committee has been working on the rule changes over the past year. The new law would govern all first-hand projects, whether completed or sold off-plan.

The maximum penalty for misleading the public would be a fine of HK$5mil and seven years in prison. Minor breaches would be punished by a fine of around HK$100,000.

Under the proposed rules, developers would have to make a sales brochure on each property available at least seven days before sales begin. The brochure would list the property's address and the neighbourhood it is in. The brochure would also have to provide the saleable area of the property, and would not be allowed to contain artist's impressions of the development.

Residential property in Hong Kong has traditionally been priced and promoted based on gross floor area, not the net area. But consumers have complained about misleading practices from developers, who often include an apportionment of public areas such as lift lobbies, electricity plants and clubhouses in the gross floor area of a flat.

Cheng admitted that current legislation on new-home sales was insufficient.

“We agree the current measures are not sufficient,” she said, adding that the new rules were a top priority for her bureau in the coming year.

“The public is rightly concerned about the sale of first-hand properties,” Cheng said.

The saleable area is the floor area of the residential property itself, including any verandah or utility platform, but excluding bay windows and public parts of a development.

Developers would also be required to provide a price list for the development at least three calendar days before it goes on sale. With the government cracking down on property speculation in Hong Kong, transactions have stalled and prices weakened.

Edward Farrelly, the director of research for Hong Kong, Macau and Taiwan at brokerage CBRE, expects residential prices to fall 20% over the next year.

The new rules would have an impact, he said. “I think there's a lot of good in getting more transparency into the market,” he said. “It remains to be seen how the secondary market responds.”

New home prices would likely rise as a result of developers building extra costs into their baseline price, Farrelly said. But they may not be able to push through that kind of increase in the current market.

“Developers will try to resist a major hit on their margin,” Farrelly said. “However, if the market is faced with a downturn, they may have to accept lower margins.”

Andrew Lawrence, the Hong Kong property analyst at Barclays Capital, has forecast a decline of 25% to 30% in Hong Kong property prices, assuming the former British colony pulls off a soft landing. The drop would rise to 35% to 45% in case of a hard landing, Lawrence predicts.

His favorite pick in the sector is Cheung Kong, run by Hong Kong tycoon Li Ka-shing, since the company has been deleveraging its balance sheet over the past 24 months.

That should allow it to buy assets at the bottom of the cycle, Lawrence said. Cheung Kong is Hong Kong's second largest developer by market capitalisation, behind Sun Hung Kai Properties.

By contrast, Sun Hung Kai, the world's second biggest developer by market capitalisation, was relatively highly geared, Lawrence said. It and Henderson Land had the potential to need to issue fresh equity in the future, he said.

By Reuters

Atria SOFO Suites popular with buyers

Bustling: The special preview and launch of Atria SOFO suites attracted a lot of buyers.

DEVELOPER of the Atria@Damansara, OSK Property Holdings Bhd, hit the ground running when its Atria SOFO Suites were sold out just after its launch recently.

The 392 SOFO (small office flexible office) units are part of the 2.23ha freehold mixed development project replacing the Atria shopping centre.

Scheduled to complete in 2014, the project also features a shopping gallery and entertainment facilities.

Housed in two 16-storey towers above the retail floors, its built-up size ranges from 488 sq ft to 1,343 sq ft. Depending on the size, each unit is priced from RM360,800 to RM1mil.

Some of the unique selling points of the SOFO units are their modular design for better space planning, high ceilings at approximately 2.8m, vertical void for better ventilation and garden terraces on selected floors.

Company director Ong Ju Xing said the development complemented the mature neighbourhood very well as it catered to the middle and upper class segments.

He added that tenants from the former Atria shopping centre had also expressed interest in the new shopping gallery.

“We believe the development project will cater and complement the mature and affluent township of Damansara Jaya,” he said during the launch.

The project has a gross development value of close to RM1bil.

For details, visit www.atria.com.my

By The Star