The Perfect Home Living 2012 will be the perfect place to source for any home or commercial building improvement items and fixtures.
To be held at Stadium Indera Mulia from July 12 to 15, the exposition would showcase anything from furniture to furnishings, decorative items to home entertainment systems.
Perfect Home Living Sdn Bhd executive director Karen Law said visitors would be spoilt for choices with 100 exhibitors taking up 365 booths covering up to 8,000 sqm of exhibition space.
“Visitors will get to choose from a diverse range of quality products and services at affordable prices.
“We are targeting 80,000 visitors throughout the four-day event,” said Law.
The exposition opens from 10am to 10pm daily. Admission is free.
For details, visit www.perfecthomeliving.com.my or call 019-5260187.
By The Star
Thursday, June 14, 2012
Wednesday, June 13, 2012
i-City to earn more from properties
SHAH ALAM: I-Bhd, the developer of i-City, expects to see its property development segment accounting for 50% of its net profit in two to three years.
“The bulk of it will still be from property development. As for the leisure, we see a contribution of 30% to our net profits in two to three years' time, while the balance will be from the property investment segment,” group chief executive officer Datuk Eu Hong Chew said.
The leisure business posted 43% to profit margin last year. Since the launch of i-City's “City of Digital Lights,” revenue from the segment has grown from RM2.8mil in 2010 to RM17mil last year.
i-City will be investing another RM25mil to build a children's gym and a water theme park. The 10,000 sq ft gym will be opened in August 2012 while the 4-acre water theme park will be opened in November.
Upcoming developments in i-City include the one million-sq-ft shopping mall known as CityMall. The mall will be built on a 14-acre lot and will comprise a five-storey podium block and four towers for a hotel and three serviced residences. The gross development cost, which is the total cost incurred from initiation to implementation is between RM600mil and RM700mil.
Eu said the company was currently looking for a joint-venture (JV) partner with shopping mall development expertise to help build and manage the mall.
“We expect to have a minority stake of between 30% and 40%. We will let the experts manage it. The mall will be funded by the partner,” he said.
He added I-Bhd had not signed any deals for the development of the mall. However, he expects the construction for the mall to start before year-end. “We are in the building plan stage now, and expect the mall to be complete in 2015,” Eu said.
CityMall will be the only other mall to have direct access from the Federal Highway apart from Mid Valley Megamall.
A direct flyover from the Federal Highway costing RM58mil is currently under construction and will be completed in September. The project was undertaken by the Mentri Besar Inc to ease traffic flow to and from the area.
By The Star
I-Berhad to launch first KL project next year
LUXURY CONDOMINIUMS: Grand i-Residence is expected to generate RM500 million gross development value
I-BERHAD plans to launch Grand i-Residence next year, its maiden property project in Kuala Lumpur that will generate RM500 million gross development value, its chief says.
Grand i-Residence is a luxury condominium project, located on 0.43ha along Jalan Changkat Kia Peng, nearby Traders Hotel.
It was originally slated for launch at the end of 2008 and called The Peak@KLCC, but was postponed due to unforeseen circumstances.
Now that the company is bullish on the real estate market, it will proceed to develop it in a joint venture with land owner, Sumurwang Sdn Bhd.
Sumurwang is the majority shareholder of I-Berhad, controlled and founded by Tan Sri Lim Kim Hong.
Lim, via Sumurwang, bought the land at KLCC in 1993 for RM280 per sq ft.
I-Berhad is the master developer of the RM4 billion i-City here, its flagship project and only ongoing development.
"We have the development order ready but there are some adjustments, like increasing the height of the building from 41 to 50 floors, with smaller units.
"We hope to get the approval this year and launch it in 2013," I-Berhad chief executive officer Datuk Eu Hong Chew said at a media and analysts briefing yesterday.
Grand i-Residence will comprise about 450 Soho (single office/home office) units.
Meanwhile, Eu said I-Berhad is talking to international mall operators to help fund and operate the one-million-sq-ft shopping complex at i-City.
Eu hopes to ink a deal by year-end and start construction immediately, for completion in 2015.
The four-storey mall will be developed on 5.85ha, with a hotel and three residential towers sitting on top. Building construction for the four towers will commence from 2015.
Eu estimates the development cost for the mall and the four towers to be around RM700 million.
I-Berhad will also be investing RM100 million over the next five years, including RM25 million to set up a children's gymnasium and a water- theme park this year.
By Business Times
I-BERHAD plans to launch Grand i-Residence next year, its maiden property project in Kuala Lumpur that will generate RM500 million gross development value, its chief says.
It was originally slated for launch at the end of 2008 and called The Peak@KLCC, but was postponed due to unforeseen circumstances.
Now that the company is bullish on the real estate market, it will proceed to develop it in a joint venture with land owner, Sumurwang Sdn Bhd.
Sumurwang is the majority shareholder of I-Berhad, controlled and founded by Tan Sri Lim Kim Hong.
Lim, via Sumurwang, bought the land at KLCC in 1993 for RM280 per sq ft.
I-Berhad is the master developer of the RM4 billion i-City here, its flagship project and only ongoing development.
"We have the development order ready but there are some adjustments, like increasing the height of the building from 41 to 50 floors, with smaller units.
"We hope to get the approval this year and launch it in 2013," I-Berhad chief executive officer Datuk Eu Hong Chew said at a media and analysts briefing yesterday.
Grand i-Residence will comprise about 450 Soho (single office/home office) units.
Meanwhile, Eu said I-Berhad is talking to international mall operators to help fund and operate the one-million-sq-ft shopping complex at i-City.
Eu hopes to ink a deal by year-end and start construction immediately, for completion in 2015.
The four-storey mall will be developed on 5.85ha, with a hotel and three residential towers sitting on top. Building construction for the four towers will commence from 2015.
Eu estimates the development cost for the mall and the four towers to be around RM700 million.
I-Berhad will also be investing RM100 million over the next five years, including RM25 million to set up a children's gymnasium and a water- theme park this year.
By Business Times
UEM Land’s planned development will help boost tourism industry in Desaru
DESARU, a tourist destination that never quite took off, seems to finally be on the right track with growing interests from investors keen to tap the area's tourism prospects.
The latest interest comes from UEM Land Holdings Bhd, which announced on Monday that it would develop 678.7 acres of land there on a 51:49 joint-venture basis with Desaru Development Corp, a unit under Khazanah Nasional Bhd, the Government's investment arm.
The proposed development, which is estimated to have a RM5.4bil gross development value, will be completed in 20 years.
“Desaru is expected to be earmarked as the leisure and tourism region for Johor, offering an integrated resort lifestyle experience with world-class leisure and tourism accommodations, entertainment and attractions,” UEM Land said in a statement.
“Such development of Desaru as an international tourist destination will be spearheaded by Khazanah,” the company added.
UEM Land said Khazanah's masterplan for Desaru would involve the proposed development of international hotels with renowned operators, two world championship golf courses, convention centre, themed attraction parks as well as other commercial and retail components.
The company also said the completion of the final 27km stretch of the Senai-Desaru Expressway, which now allows for reduced travel time between Johor Baru and Desaru, was expected to act as a catalyst for development in the area.
“The proposed project also enjoys direct spillover benefits due to its location within the centre of the main project, thus benefiting directly from the planned components under the Desaru Masterplan,” it said.
Apart from being a tourist destination, the development of Desaru will also complement Petroliam Nasional Bhd's (Petronas)proposed integrated downstream oil and gas complex in Pengerang in Johor's southeast region.
Dubbed the Refinery and Petrochemical Integrated Development (Rapid), the project is aimed at building something larger than Kertih.
“Those employed at Rapid, such as expatriates and their families, can look to Desaru, which is not too far away, as an ideal destination to unwind and relax,” said one observer.
KGV International Property Consultants executive director Samuel Tan said he was optimistic about Desaru's prospects.
“Desaru was slated to be a (major) tourist destination but it never took off. But now that Khazanah has taken over, especially with Petronas' Rapid project, Desaru should reach its potential faster.”
In an e-mail reply, PA International Property Consultants Sdn Bhd executive director V. Sivadas concurs that the development within Desaru will tie in with the oil and gas project in Pengerang.
“With an expected huge increase of skilled and expatriate staff over the next few years, residential and resort developments will enjoy the spillover effects,” he said.
He points out that there had been many plans to transform the entire Desaru belt into a major tourist destination since the 1990s.
“(But) it is only in the last one year or two that under the Khazanah leadership and direction, plans seem to be taking off in a big way.
“The Desaru development project by Khazanah covers 4,113.29 acres along a 17-kilometre coastline fronting the South China Sea. It is being proposed to be developed into a major tourism and leisure belt,” said Sivadas.
He said there would be many opportunities for leisure-based developments within the Desaru belt.
“Khazanah, however, are expected to be selective in its choices of parties. This is to prevent parties from accumulating lands but not commencing work.”
He also said there had not been many transactions of lands in the area.
“Many are either plantations held by GLCs (government-linked companies) or related parties, or alienated smallholdings held by individuals. With the strong prices for palm oil, we don't expect a rush by major land owners to immediately develop their land bank.
“It may be prudent to submit preliminary applications for development while reaping the benefits of the oil palm,” he said.
Resorts located at Desaru include Batu Layar Beach Resort, Chalet Pantai Samudra, Desaru Damai Beach Resort, Chalet D'Punggai, Pelangi Balau Resort, Hotel Hiap Hwa, the Sebana Cove & Marina Resort, Balau Bay Resort, Lotus Desaru Beach Resort, the Pulai Desaru Beach and Punggai Beach Resort.
By The Star
Ho Hup to expand concrete ops, develop properties
HO Hup Construction Company Bhd wants to further expand its ready-mix concrete business and re-enter the construction market as part of a revised regularisation plan.
Executive director Derek Wong said the company cannot depend solely on a 24.2ha freehold land in Bukit Jalil now in contention at the Federal Court and therefore needs to form contingencies to keep it running.
Ho Hup had filed a suit in 2010 to declare a joint development agreement between its 70 per cent unit Bukit Jalil Development Sdn Hd (BJD) and Malton Bhd's Pioneer Haven Sdn Bhd, as null and void.
Ho Hup was granted leave to appeal to the Federal Court on May 17 this year after the Court of Appeal had in December last year overturned the decision by the High Court, giving it full rights to develop the land.
"If the Federal Court hearing is not in our favour, the company is looking at other avenues to regularise our financial plan.
"We have been doing that in the last three to four months since the Court of Appeal reversed the decision," Wong said after the company's annual general meeting here yesterday.
"Moving forward, Ho Hup will be looking at leveraging on its track record and competitive strengths to bring in new projects and expand ready-mix concrete division, which has shown significant improvements in performance," he said.
Wong said the company has bid for two or three medium-sized Economic Transformation Programme (ETP)-related construction jobs.
In line with the increasing construction activity in the country, Ho Hup plans to expand its concrete business to two or three more locations in the Klang Valley and is scouting for a suitable location in Johor.
He added that its concrete operations, which grew by 50 per cent year-on-year in 2011, are expected to perform similarly this year.
It was learnt that Ho Hup is talking with several parties to develop properties on a joint venture basis.
Ho Hup will apply to Bursa Securities for a further extension of time, beyond June 30 2012, to submit its revised proposed regularisation plan.
Ho Hup had in July 2011 submitted a proposed financial regularisation plan to Bursa based on full rights to develop 24.2ha owned by BJD.
Wong expects the Federal Court ruling on the land matter to be made in August.
On the High Court order to buy over Zen Courts Sdn Bhd's 30 per cent stake in BJD, Wong said both parties will appoint an independent valuer next week to fix the final purchase price.
By Business Times
Executive director Derek Wong said the company cannot depend solely on a 24.2ha freehold land in Bukit Jalil now in contention at the Federal Court and therefore needs to form contingencies to keep it running.
Ho Hup was granted leave to appeal to the Federal Court on May 17 this year after the Court of Appeal had in December last year overturned the decision by the High Court, giving it full rights to develop the land.
"If the Federal Court hearing is not in our favour, the company is looking at other avenues to regularise our financial plan.
"We have been doing that in the last three to four months since the Court of Appeal reversed the decision," Wong said after the company's annual general meeting here yesterday.
"Moving forward, Ho Hup will be looking at leveraging on its track record and competitive strengths to bring in new projects and expand ready-mix concrete division, which has shown significant improvements in performance," he said.
Wong said the company has bid for two or three medium-sized Economic Transformation Programme (ETP)-related construction jobs.
In line with the increasing construction activity in the country, Ho Hup plans to expand its concrete business to two or three more locations in the Klang Valley and is scouting for a suitable location in Johor.
He added that its concrete operations, which grew by 50 per cent year-on-year in 2011, are expected to perform similarly this year.
It was learnt that Ho Hup is talking with several parties to develop properties on a joint venture basis.
Ho Hup will apply to Bursa Securities for a further extension of time, beyond June 30 2012, to submit its revised proposed regularisation plan.
Ho Hup had in July 2011 submitted a proposed financial regularisation plan to Bursa based on full rights to develop 24.2ha owned by BJD.
Wong expects the Federal Court ruling on the land matter to be made in August.
On the High Court order to buy over Zen Courts Sdn Bhd's 30 per cent stake in BJD, Wong said both parties will appoint an independent valuer next week to fix the final purchase price.
By Business Times
Ho Hup to carry on
KUALA LUMPUR: Ho Hup Construction Company Bhd is committed to growing its other businesses, even if the Federal Court does not rule in its favour in a much-awaited hearing that will determine whether it gets full ownership of a prized 60-acre freehold land in Bukit Jalil.
“The company must continue. Whatever the Federal Court's decision, there must be other contingencies,” executive director Derek Wong said after its AGM.
Wong: ‘The company must continue.’
“If the Federal Court ruling is not in our favour, the board will look at other avenues to regularise our position. We have been actively doing that since the Court of Appeal reversed the decision.
“The board has taken the position that we cannot just depend on the 60 acres to regularise.”
To recap, Ho Hup had in 2010 filed a suit to declare null and void a joint development agreement (JDA) between its 70%-owned subsidiary Bukit Jalil Development Sdn Bhd and Pioneer Haven Sdn Bhd, a unit of Datuk Desmond Lim's Malton Bhd.
The agreement was signed by Ho Hup's previous board led by Datuk Vincent Lye, a day before they were ousted in an EGM in March 2010.
Under the JDA, Ho Hup is the landowner while Pioneer Haven would be the developer.
Ho Hup is entitled to 17% of the total gross development value of RM2.5bil, or RM425mil, and stands to receive a minimum guaranteed entitlement of RM265mil.
But the company has maintained that it wanted full control of the development rights as that was a vital component to its regularisation.
The High Court's decision last June had favoured Ho Hup, but it was overturned by the Court of Appeal in December.
Subsequently, the Federal Court on May 17 granted it leave to appeal in what is seen as its last avenue to obtain the full development rights.
Ho Hup, whose financial difficulties have rendered it a Practice Note 17 company, will also apply to Bursa Malaysia for an extension of time beyond the June 30 deadline to submit its proposed revised regularisation plan.
Wong said he hoped the case was strong enough for it to be granted an extension at least until the Federal Court made its verdict.
“We want finality in the case, whether we win or lose. Then we can put the right (regularisation) plan in.”
Meanwhile, he said the company would focus on expanding its ready-mix concrete operations and reviving its once-thriving construction arm.
He said Ho Hup was in the midst of bidding for a few medium-size Economic Transformation Programme-related construction jobs, but he could not disclose their value.
In its prime, the firm's turnover from construction was about half a billion ringgit, and it was involved in large scale projects such as the North-South Expressway, parts of the Twin Towers and the Bukit Jalil stadium.
Asked whether the company possessed sufficient working capital to take on more construction jobs, he said: “We have the support of shareholders. If we win contracts, we are able to ringfence these projects and get finance institutions to look at them from a project finance basis.”
He added that the company was looking at developing properties in the Klang Valley and Johor on a joint-venture basis.
On the buyout of Zen Courts Sdn Bhd's 30% stake in Bukit Jalil Development, he said Ho Hup would appoint an independent valuer either this or next week to ascertain the value of the former's equity.
The High Court had on March 27 ordered that Ho Hup buy Zen Courts' shares in Bukit Jalil Development on a price to be determined by the latter's net tangible asset as at March 27, which needs to be valued by a mutually agreed independent valuer between Ho Hup and Zen Courts.
By The Star
“The company must continue. Whatever the Federal Court's decision, there must be other contingencies,” executive director Derek Wong said after its AGM.
“If the Federal Court ruling is not in our favour, the board will look at other avenues to regularise our position. We have been actively doing that since the Court of Appeal reversed the decision.
“The board has taken the position that we cannot just depend on the 60 acres to regularise.”
To recap, Ho Hup had in 2010 filed a suit to declare null and void a joint development agreement (JDA) between its 70%-owned subsidiary Bukit Jalil Development Sdn Bhd and Pioneer Haven Sdn Bhd, a unit of Datuk Desmond Lim's Malton Bhd.
The agreement was signed by Ho Hup's previous board led by Datuk Vincent Lye, a day before they were ousted in an EGM in March 2010.
Under the JDA, Ho Hup is the landowner while Pioneer Haven would be the developer.
Ho Hup is entitled to 17% of the total gross development value of RM2.5bil, or RM425mil, and stands to receive a minimum guaranteed entitlement of RM265mil.
But the company has maintained that it wanted full control of the development rights as that was a vital component to its regularisation.
The High Court's decision last June had favoured Ho Hup, but it was overturned by the Court of Appeal in December.
Subsequently, the Federal Court on May 17 granted it leave to appeal in what is seen as its last avenue to obtain the full development rights.
Ho Hup, whose financial difficulties have rendered it a Practice Note 17 company, will also apply to Bursa Malaysia for an extension of time beyond the June 30 deadline to submit its proposed revised regularisation plan.
Wong said he hoped the case was strong enough for it to be granted an extension at least until the Federal Court made its verdict.
“We want finality in the case, whether we win or lose. Then we can put the right (regularisation) plan in.”
Meanwhile, he said the company would focus on expanding its ready-mix concrete operations and reviving its once-thriving construction arm.
He said Ho Hup was in the midst of bidding for a few medium-size Economic Transformation Programme-related construction jobs, but he could not disclose their value.
In its prime, the firm's turnover from construction was about half a billion ringgit, and it was involved in large scale projects such as the North-South Expressway, parts of the Twin Towers and the Bukit Jalil stadium.
Asked whether the company possessed sufficient working capital to take on more construction jobs, he said: “We have the support of shareholders. If we win contracts, we are able to ringfence these projects and get finance institutions to look at them from a project finance basis.”
He added that the company was looking at developing properties in the Klang Valley and Johor on a joint-venture basis.
On the buyout of Zen Courts Sdn Bhd's 30% stake in Bukit Jalil Development, he said Ho Hup would appoint an independent valuer either this or next week to ascertain the value of the former's equity.
The High Court had on March 27 ordered that Ho Hup buy Zen Courts' shares in Bukit Jalil Development on a price to be determined by the latter's net tangible asset as at March 27, which needs to be valued by a mutually agreed independent valuer between Ho Hup and Zen Courts.
By The Star
Fajar Baru submits plans for condo projects
KUALA LUMPUR: Fajar Baru Builder Group Bhd is believed to have submitted plans to the local authorities in Selangor and Kuala Lumpur in a move to venture into the property development sector, people familiar with the matter said yesterday.
It is understood that the construction company had submitted the plans over the past three months to build residential condominium units in Puchong and Jalan Ipoh.
A company official, speaking on condition of anonymity, confirmed the matter, but noted that the company has yet to receive the full suite of approvals yet. "We are targeting for a launch in the early part of next year," said the official.
Fajar Baru, which has about some RM1 billion worth of ongoing construction jobs at hand, bought the land in Puchong for about RM39.94 million late last year.
It also bought 0.92ha land in the Jalan Ipoh-Sentul area last year for RM23.6 million. The land is said to be a gold mine as it is one of the nearest entry point to the city.
"The land in that area should easily fetch more than RM500 per sq ft," said the source.
RHB Research recently noted that for the year ending June 2012, Fajar Baru had secured five key contracts, boosting its year-to-date new contracts to RM668 million from RM368 million and outstanding order book by 46 per cent to RM925 million from RM625 million.
"... We gathered from Fajar Baru during a recent visit that it expects to put onto the market by the first quarter of next year a high-rise serviced apartment project in the Sentul/Jalan Ipoh area," RHB Research said in a report last month.
Business Times was told that the high-rise project in Jalan Ipoh will have a gross development value of about RM280 million.
For the year ended June 30 2011, Fajar Baru registered a net profit of RM13.6 million, but Kenanga Research expects its profit to rise to RM15.8 million this year and RM27.1 million by 2013.
The research house has an outperform call on the stock with a RM1.27 target price.
By Business Times
It is understood that the construction company had submitted the plans over the past three months to build residential condominium units in Puchong and Jalan Ipoh.
A company official, speaking on condition of anonymity, confirmed the matter, but noted that the company has yet to receive the full suite of approvals yet. "We are targeting for a launch in the early part of next year," said the official.
Fajar Baru, which has about some RM1 billion worth of ongoing construction jobs at hand, bought the land in Puchong for about RM39.94 million late last year.
It also bought 0.92ha land in the Jalan Ipoh-Sentul area last year for RM23.6 million. The land is said to be a gold mine as it is one of the nearest entry point to the city.
"The land in that area should easily fetch more than RM500 per sq ft," said the source.
RHB Research recently noted that for the year ending June 2012, Fajar Baru had secured five key contracts, boosting its year-to-date new contracts to RM668 million from RM368 million and outstanding order book by 46 per cent to RM925 million from RM625 million.
"... We gathered from Fajar Baru during a recent visit that it expects to put onto the market by the first quarter of next year a high-rise serviced apartment project in the Sentul/Jalan Ipoh area," RHB Research said in a report last month.
Business Times was told that the high-rise project in Jalan Ipoh will have a gross development value of about RM280 million.
For the year ended June 30 2011, Fajar Baru registered a net profit of RM13.6 million, but Kenanga Research expects its profit to rise to RM15.8 million this year and RM27.1 million by 2013.
The research house has an outperform call on the stock with a RM1.27 target price.
By Business Times
Starhill REIT proposes to buy Marriot hotels
Starhill Real Estate Investment Trust's (REIT) has entered into three separate hotel business and property sale agreements to buy the Marriot hotels in Sydney, Melbourne and Brisbane for RM1.31 billion.
The agreements were entered by Starhill REIT indirect wholly-owned unit, Pintar Projek Sdn Bhd, with Commonwealth Managed Investment Ltd, 30 Pitt Street Pty Ltd, 515 Queen Street Pty Ltd and Lonex Pty Ltd.
AmInvestment Bank Bhd, the manager of the trust, said the proposed acquisition was expected to be funded through a combination of bank borrowings and cash.
"The proposed acquisition is expected to contribute positively to Starhill REIT's distributable income and distribution per unit," it said in a filing to Bursa Malaysia.
Starhill REIT added that the proposed acquisition would reposition the company with stable fixed lease rentals from its existing properties and variable income from the Marriott Hotels.
AmInvestment said the proposed acquisition would also enhance Starhill REIT's position as a pure play international hospitality REIT.
The trust's property asset value would also increase from about RM1.58 billion to about RM3 billion comprising assets located in Malaysia, Japan and Australia.
By Bernama
The agreements were entered by Starhill REIT indirect wholly-owned unit, Pintar Projek Sdn Bhd, with Commonwealth Managed Investment Ltd, 30 Pitt Street Pty Ltd, 515 Queen Street Pty Ltd and Lonex Pty Ltd.
AmInvestment Bank Bhd, the manager of the trust, said the proposed acquisition was expected to be funded through a combination of bank borrowings and cash.
"The proposed acquisition is expected to contribute positively to Starhill REIT's distributable income and distribution per unit," it said in a filing to Bursa Malaysia.
Starhill REIT added that the proposed acquisition would reposition the company with stable fixed lease rentals from its existing properties and variable income from the Marriott Hotels.
AmInvestment said the proposed acquisition would also enhance Starhill REIT's position as a pure play international hospitality REIT.
The trust's property asset value would also increase from about RM1.58 billion to about RM3 billion comprising assets located in Malaysia, Japan and Australia.
By Bernama
Starhill REIT to buy Marriott hotels in Australia for RM1.3b
KUALA LUMPUR: Starhill Real Estate Investment Trust (Starhill REIT) is acquiring the hotel properties and business assets of three Marriott hotels in Australia for A$415mil (RM1.3bil) cash.
YTL Corporation Bhd managing director Tan Sri Francis Yeoh Sock Ping said on Wednesday the acquisition of these hotels would enlarge the trust's portfolio to about RM3bil from RM1.58bil now.
Starhill REIT had on Wednesday inked the agreements to acquire the Sydney Harbour Marriott Hotel, Brisbane Marriott Hotel and Melbourne Marriott Hotel from Commonwealth Managed Investments Ltd, 30 Pitt Street Pty Ltd, 515 Queen Street Pty Ltd and Lonex Pty Ltd.
Yeoh, who is also CEO of Pintar Projek Sdn Bhd, the manager of Starhill REIT, said the acquisitions would result in more than half of Starhill REIT's property value constituted by its hotel assets in Australia and Japan.
He said the acquisitions would make this the largest portfolio of overseas property investments of any Malaysian REIT.
"The acquisition represents a yield accretive opportunity for the trust, generating two income streams, firstly, stable fixed lease rentals arising from its existing property portfolio and, secondly, variable income from the three Marriott hotels, increasing the potential for distribution per unit growth and variations.
By The Star
YTL Corporation Bhd managing director Tan Sri Francis Yeoh Sock Ping said on Wednesday the acquisition of these hotels would enlarge the trust's portfolio to about RM3bil from RM1.58bil now.
Starhill REIT had on Wednesday inked the agreements to acquire the Sydney Harbour Marriott Hotel, Brisbane Marriott Hotel and Melbourne Marriott Hotel from Commonwealth Managed Investments Ltd, 30 Pitt Street Pty Ltd, 515 Queen Street Pty Ltd and Lonex Pty Ltd.
Yeoh, who is also CEO of Pintar Projek Sdn Bhd, the manager of Starhill REIT, said the acquisitions would result in more than half of Starhill REIT's property value constituted by its hotel assets in Australia and Japan.
He said the acquisitions would make this the largest portfolio of overseas property investments of any Malaysian REIT.
"The acquisition represents a yield accretive opportunity for the trust, generating two income streams, firstly, stable fixed lease rentals arising from its existing property portfolio and, secondly, variable income from the three Marriott hotels, increasing the potential for distribution per unit growth and variations.
By The Star
Iskandar Waterfront serves conditional mandatory takeover on Tebrau Teguh
KUALA LUMPUR: Iskandar Waterfront Holdings Sdn Bhd (IWHSB) has served a notice of conditional mandatory takeover offer on Tebrau Teguh Bhd.
Tebrau Teguh said the Feb 13 conditional share sale agreement where IWHSB would acquire 222 million Tebrau Teguh shares or 33.15% from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) had become unconditional on Wednesday.
"IWHSB is obliged to extend a mandatory take-over offer to acquire all the remaining 447.72 million Tebrau Teguh shares (66.85%)" for 76 sen per share.
IWHSB had received an irrevocable undertaking from KPRJ that it would not accept their remaining shareholding of 53.59 million shares representing 8% of the Tebrau Teguh's paid-up capital.
"The board of directors of Tebrau Teguh will hold a meeting tomorrow to deliberate on the offer and upon its deliberation, announce whether it intends to seek an alternative person to make a take-over offer for the offer shares," it said.
By The Star
Tebrau Teguh said the Feb 13 conditional share sale agreement where IWHSB would acquire 222 million Tebrau Teguh shares or 33.15% from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) had become unconditional on Wednesday.
"IWHSB is obliged to extend a mandatory take-over offer to acquire all the remaining 447.72 million Tebrau Teguh shares (66.85%)" for 76 sen per share.
IWHSB had received an irrevocable undertaking from KPRJ that it would not accept their remaining shareholding of 53.59 million shares representing 8% of the Tebrau Teguh's paid-up capital.
"The board of directors of Tebrau Teguh will hold a meeting tomorrow to deliberate on the offer and upon its deliberation, announce whether it intends to seek an alternative person to make a take-over offer for the offer shares," it said.
By The Star
Wellcall arm buys land for RM4.6m
Wellcall Holding Bhd's wholly-owned subsidiary, Wellcall Hose (M) Sdn Bhd, has entered into a sale and purchase agreement to acquire a leasehold vacant industrial land at Kinta, Perak, for about RM4.635 million.
The land, measuring approximately 3.6 hectares, is located in Mukim Sungai Terap, Kinta, and a kilometre away from Wellcall's principal place of business and factories, the group said in a filing to Bursa Malaysia today.
The land will be used by Wellcall Group to build a new factory to cater for the anticipated increase in demand for its industrial rubber hose and also for future growth in its business.
The acquisition is expected to be completed by year-end and will be satisfied entirely in cash.
By Bernama
The land, measuring approximately 3.6 hectares, is located in Mukim Sungai Terap, Kinta, and a kilometre away from Wellcall's principal place of business and factories, the group said in a filing to Bursa Malaysia today.
The land will be used by Wellcall Group to build a new factory to cater for the anticipated increase in demand for its industrial rubber hose and also for future growth in its business.
The acquisition is expected to be completed by year-end and will be satisfied entirely in cash.
By Bernama
Chinese green building expert to share expertise
PETALING JAYA: In the effort of promoting a greener and more efficient living environment, Green Building Index Sdn Bhd (GBI) had invited the senior vice president of BROAD Group from China, Juliet Jiang, to share her expertise in building a green building efficiently at the Green Building International series 2012.
This Chinese construction company completed a 30-storey tower that currrently serves a hotel in Hunan province in 15 days. The video of this project had drawn the attention of millions of Youtube viewers since it was posted.
“We hope the focus is not just on the amount of time taken to complete this project. We would like to emphasise that we do not compromise quality in the process and would like to highlight the sustainability technology behind it,” Jiang said in a statement.
“The building had passed the resistance test of a level nine earthquake. It conserves energy of up to five times compared with that of a conventional construction, and provides air that is 20 times purer than the traditional buildings through our innovative air purification system.”
The accomplishment is made possible because 93% of the building materials are manufactured in the factory. The company welcomes global franchisees to adopt this model and build such factories locally. In supporting the company's value to be green, the factory should be located no more than 500km from the construction site.
There are currently six factories in China in different provinces. Besides China, BROAD Group has also set foot in India. These franchisees have made full payment for the transfer of technology which costs US$34mil for a population of 10 million and US$50mil for a population of 50 million.
Architect Dr Tan Loke Mun, one of the GBI Accreditation Panel, opined that the compressed period of accomplishing a construction project would reduce the work hazards faced by construction workers on the site, wastage and traffic jams.
“Financially, this will help construction companies save up on interest costs,” he said.
The organiser of the series hopes that Malaysians will be inspired to make a difference to create a more sustainable and efficient living environment through this kind of innovation.
“All parties ranging from the consultants to the end users will benefit if the span of construction projects are cut. This can reduce the number of abandoned projects,” Tan said.
By The Star
This Chinese construction company completed a 30-storey tower that currrently serves a hotel in Hunan province in 15 days. The video of this project had drawn the attention of millions of Youtube viewers since it was posted.
“We hope the focus is not just on the amount of time taken to complete this project. We would like to emphasise that we do not compromise quality in the process and would like to highlight the sustainability technology behind it,” Jiang said in a statement.
“The building had passed the resistance test of a level nine earthquake. It conserves energy of up to five times compared with that of a conventional construction, and provides air that is 20 times purer than the traditional buildings through our innovative air purification system.”
The accomplishment is made possible because 93% of the building materials are manufactured in the factory. The company welcomes global franchisees to adopt this model and build such factories locally. In supporting the company's value to be green, the factory should be located no more than 500km from the construction site.
There are currently six factories in China in different provinces. Besides China, BROAD Group has also set foot in India. These franchisees have made full payment for the transfer of technology which costs US$34mil for a population of 10 million and US$50mil for a population of 50 million.
Architect Dr Tan Loke Mun, one of the GBI Accreditation Panel, opined that the compressed period of accomplishing a construction project would reduce the work hazards faced by construction workers on the site, wastage and traffic jams.
“Financially, this will help construction companies save up on interest costs,” he said.
The organiser of the series hopes that Malaysians will be inspired to make a difference to create a more sustainable and efficient living environment through this kind of innovation.
“All parties ranging from the consultants to the end users will benefit if the span of construction projects are cut. This can reduce the number of abandoned projects,” Tan said.
By The Star
EPF buys 5.04% stake in YNH
KUALA LUMPUR: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in YNH Property Bhd with an effective interest of 5.04% in the property company.
The EPF bought 20.74 million of YNH's shares on June 6, circulars issued to Bursa Malaysia showed.
Scotland-based Aberdeen Asset Management PLC had also acquired an additional 588,500 shares of YNH on June 5, increasing its stakes to 12.81%, documents showed.
By The Star
The EPF bought 20.74 million of YNH's shares on June 6, circulars issued to Bursa Malaysia showed.
Scotland-based Aberdeen Asset Management PLC had also acquired an additional 588,500 shares of YNH on June 5, increasing its stakes to 12.81%, documents showed.
By The Star
Tuesday, June 12, 2012
Elements model for Pudu project?
HONG KONG FLAVOUR: UDA Holdings keen on Everbright International’s mall proposal as it ensures long-term sustainability.
UDA Holdings may redevelop Pudu Jail into an integrated transport hub, a la Elements of Hong Kong, to attract domestic and foreign direct investments.
The plan could generate more than RM8 billion in gross development value, said UDA chairman Datuk Nur Jazlan Mohamed.
Nur Jazlan said the company had hired consultants to study proposals from the Ministry of Finance (MOF) and Everbright International Construction Engineering Corp (EICEC), a China government-linked company.
“We will compare the two proposals to see which is more superior. The study, which will take another six to eight months, will be presented to the government and the final decision is theirs,” Nur Jazlan told Business Times in an
interview recently.
UDA is in favour of EICEC’s proposal, which moves along the lines of Elements, a large shopping mall with an ice rink and a 1,600-seat cinema that is located directly above the Kowloon
MTR station.
This is also despite the MOF having rejected the Chinese developer’s proposal in favour of splitting the 8ha plot into three parcels, mainly to be given to Bumiputera developers.
“We prefer the proposal by EICEC as we get to control the land and it will give us RM2.4 billion worth of investment properties, which in turn will provide us with long-term recurring income,” Nur Jazlan said.
“EICEC also said it would hand over the properties to us four to five years after construction commences. The key here is money, which we need for long-term sustainability,” he added.
Nur Jazlan reiterated that UDA’s survival and the fate of its 1,400 employees depended on the success of the Pudu Jail redevelopment project.
He said UDA had no choice but to be competitive as it was no longer receiving any direct assistance from the government.
UDA, with assets worth more than RM2 billion, is RM900 million in debt.
“If we find investors with risk appetite to take on the development, we will consider them. The project has big risk and we need more than RM1 billion up front to develop the infrastructure and build the properties.
“We want the development to be sustainable and, therefore, we need investors with deep pockets,” he said.
The Pudu Jail redevelopment is part of the Economic Transformation Programme (ETP) under the New Economic Model to turn the Klang Valley into the Greater Kuala Lumpur economic district and Malaysia into a highincome nation by 2020.
By Business Times
UDA Holdings may redevelop Pudu Jail into an integrated transport hub, a la Elements of Hong Kong, to attract domestic and foreign direct investments.
Nur Jazlan said the company had hired consultants to study proposals from the Ministry of Finance (MOF) and Everbright International Construction Engineering Corp (EICEC), a China government-linked company.
“We will compare the two proposals to see which is more superior. The study, which will take another six to eight months, will be presented to the government and the final decision is theirs,” Nur Jazlan told Business Times in an
interview recently.
UDA is in favour of EICEC’s proposal, which moves along the lines of Elements, a large shopping mall with an ice rink and a 1,600-seat cinema that is located directly above the Kowloon
MTR station.
This is also despite the MOF having rejected the Chinese developer’s proposal in favour of splitting the 8ha plot into three parcels, mainly to be given to Bumiputera developers.
“We prefer the proposal by EICEC as we get to control the land and it will give us RM2.4 billion worth of investment properties, which in turn will provide us with long-term recurring income,” Nur Jazlan said.
“EICEC also said it would hand over the properties to us four to five years after construction commences. The key here is money, which we need for long-term sustainability,” he added.
Nur Jazlan reiterated that UDA’s survival and the fate of its 1,400 employees depended on the success of the Pudu Jail redevelopment project.
He said UDA had no choice but to be competitive as it was no longer receiving any direct assistance from the government.
UDA, with assets worth more than RM2 billion, is RM900 million in debt.
“If we find investors with risk appetite to take on the development, we will consider them. The project has big risk and we need more than RM1 billion up front to develop the infrastructure and build the properties.
“We want the development to be sustainable and, therefore, we need investors with deep pockets,” he said.
The Pudu Jail redevelopment is part of the Economic Transformation Programme (ETP) under the New Economic Model to turn the Klang Valley into the Greater Kuala Lumpur economic district and Malaysia into a highincome nation by 2020.
By Business Times
I-Bhd eyes 50pc profit from property devt
I-Bhd, the developer of the digital township i-City, expects property developments to contribute half of its net profit in the next few years with 40 per cent coming from its leisure business and the balance from its property investments.
After launching its serviced apartment project dubbed the i-Residence last month, the group is expected to start the construction of its 93,000 sq m CityMall shopping mall by year-end, Group Chief Executive Officer Datuk Eu Hong Chew told reporters after the group's Annual General Meeting here today.
Asked how it is going to finance the mall's construction, he said the group is looking for joint-venture partners to implement the project with an expected development cost of around RM600 million, adding the group will manage the mall's parking bay.
He said I-Bhd hopes to sign a joint venture agreement by year-end.
Besides the mall, I-Bhd has some projects in the pipeline like the Small Office Home Office units to be launched in August and Small Office Versatile Office Units in November this year.
Next year the company plans to develop, subject to shareholders' approval, a high-rise residental project, the Grand i-Residence, on a 0.4 ha. piece of land in Changkat Kia Peng.
Eu said the group's leisure business has turned out to be very profitable. Since the launch of i-City's first leisure product, the "City of Digital Lights" in December 2009, the leisure business revenue has grown from RM2.8 million in 2010 to RM17 million in 2011, he said.
I-Bhd has invested RM30 million for the leisure business and will invest another RM25 million this year for a 9,300 sq m children's gymnasium and a 1.6 ha. water theme park, he said.
The gymnasium and water park will be opened to the public in August and November respectively, he said.
Eu said I-Bhd targets to invest RM100 million in the leisure business in five years, and all the theme park rides and attractions currently on land reserved for development will be relocated to the Shopping Mall which is expected to be ready by 2015.
This year, I-Bhd will also build a budget hotel as part of its hospitality programme as a long-term investment, he said.
"By the time i-City is completed in 10 years, apart from the development profits, I-Bhd will have three million sq ft of investment properties with gross development value of RM1.5 billion that will generate recurring rental income.
"At the same time, there will also be recurring income from the leisure business," he said.
For the financial year ended Dec 31, 2011, I-Bhd recorded a revenue of RM27.2 million, up from RM9.9 million previously, while pre-tax profit was at RM1.8 million as against RM3.8 million a year before.
By Bernama
After launching its serviced apartment project dubbed the i-Residence last month, the group is expected to start the construction of its 93,000 sq m CityMall shopping mall by year-end, Group Chief Executive Officer Datuk Eu Hong Chew told reporters after the group's Annual General Meeting here today.
Asked how it is going to finance the mall's construction, he said the group is looking for joint-venture partners to implement the project with an expected development cost of around RM600 million, adding the group will manage the mall's parking bay.
He said I-Bhd hopes to sign a joint venture agreement by year-end.
Besides the mall, I-Bhd has some projects in the pipeline like the Small Office Home Office units to be launched in August and Small Office Versatile Office Units in November this year.
Next year the company plans to develop, subject to shareholders' approval, a high-rise residental project, the Grand i-Residence, on a 0.4 ha. piece of land in Changkat Kia Peng.
Eu said the group's leisure business has turned out to be very profitable. Since the launch of i-City's first leisure product, the "City of Digital Lights" in December 2009, the leisure business revenue has grown from RM2.8 million in 2010 to RM17 million in 2011, he said.
I-Bhd has invested RM30 million for the leisure business and will invest another RM25 million this year for a 9,300 sq m children's gymnasium and a 1.6 ha. water theme park, he said.
The gymnasium and water park will be opened to the public in August and November respectively, he said.
Eu said I-Bhd targets to invest RM100 million in the leisure business in five years, and all the theme park rides and attractions currently on land reserved for development will be relocated to the Shopping Mall which is expected to be ready by 2015.
This year, I-Bhd will also build a budget hotel as part of its hospitality programme as a long-term investment, he said.
"By the time i-City is completed in 10 years, apart from the development profits, I-Bhd will have three million sq ft of investment properties with gross development value of RM1.5 billion that will generate recurring rental income.
"At the same time, there will also be recurring income from the leisure business," he said.
For the financial year ended Dec 31, 2011, I-Bhd recorded a revenue of RM27.2 million, up from RM9.9 million previously, while pre-tax profit was at RM1.8 million as against RM3.8 million a year before.
By Bernama
UEM Land plans Johor resort
UEM Land Holdings Bhd has bought nearly RM500 million worth of land to develop a high-end residential resort in Desaru, Johor.
It expects to rake in RM5.4 billion gross development value from the project, UEM Land said in a filing to Bursa Malaysia.
The company yesterday announced that it had bought 25 parcels of land measuring 271.48 hectares for RM485.3 million.
The proposed development entails residential components, comprising bungalows, semi-detached houses, link houses, townhouses and service apartments/condominiums as well as a beach club.
The development will be surrounded by two 27-hole and 18-hole golf courses.
The project, in collaboration with Desaru Development Holdings One Sdn Bhd, a subsidiary of Desaru Development Corp Sdn Bhd (DDC) is expected to start by 2013 with completion of the final phase within 20 years.
UEM Land said it was invited to participate in the Desaru development by DDC, the master planner of Desaru due to its expertise in high-end residential development, such as East Ledang and Horizon Hills, a golf residential development in Nusajaya, as well as high-rise developments in Mont Kiara, Klang Valley.
Desaru is expected to be earmarked as the leisure and tourism region for Johor, offering an integrated resort lifestyle experience with world-class leisure and tourism accommodation, entertainment and attraction.
Such development of Desaru as an international tourist destination will be spearheaded by Khazanah Nasional Bhd (via DDC).
UEM Land said the proposal is in line with the group's continuous effort in sourcing new landbank and property development opportunities to improve and sustain its long-term earnings growth.
The proposal will also allow it to diversify its development portfolio and due to the scale of the landbank, it will have the flexibility to conceptualise, design and develop a residential resort with wide-ranging features and amenities.
By Business Times
It expects to rake in RM5.4 billion gross development value from the project, UEM Land said in a filing to Bursa Malaysia.
The company yesterday announced that it had bought 25 parcels of land measuring 271.48 hectares for RM485.3 million.
The proposed development entails residential components, comprising bungalows, semi-detached houses, link houses, townhouses and service apartments/condominiums as well as a beach club.
The development will be surrounded by two 27-hole and 18-hole golf courses.
The project, in collaboration with Desaru Development Holdings One Sdn Bhd, a subsidiary of Desaru Development Corp Sdn Bhd (DDC) is expected to start by 2013 with completion of the final phase within 20 years.
UEM Land said it was invited to participate in the Desaru development by DDC, the master planner of Desaru due to its expertise in high-end residential development, such as East Ledang and Horizon Hills, a golf residential development in Nusajaya, as well as high-rise developments in Mont Kiara, Klang Valley.
Desaru is expected to be earmarked as the leisure and tourism region for Johor, offering an integrated resort lifestyle experience with world-class leisure and tourism accommodation, entertainment and attraction.
Such development of Desaru as an international tourist destination will be spearheaded by Khazanah Nasional Bhd (via DDC).
UEM Land said the proposal is in line with the group's continuous effort in sourcing new landbank and property development opportunities to improve and sustain its long-term earnings growth.
The proposal will also allow it to diversify its development portfolio and due to the scale of the landbank, it will have the flexibility to conceptualise, design and develop a residential resort with wide-ranging features and amenities.
By Business Times
Monday, June 11, 2012
Naim turning old Bintulu airport site into integrated upmarket project with RM2bil GDV
KUCHING: Naim Holdings Bhd will develop the site of the old Bintulu airport into an integrated upmarket commercial and residential project.
The new city centre for the booming industrial town will comprise condominiums, street mall, international class hotel, shopping complex and other related facilities.
Corporate services senior director Ricky Kho said the project on about 12ha would have a gross development value (GDV) of RM2bil.
“It will be implemented in two phases, with phase one targeted for launch by year-end,” he told StarBiz.
Kho said the proposed street mall would feature commercial shophouses and small home offices while the three-star hotel would have about 200 rooms.
The condominium blocks would house some 600 units for sale to both local and foreign buyers.
“Phase one development is expected to take five years. Phase two will involve construction of the shopping complex,” he added.
Naim, Sarawak's biggest property developer, is expected to own and operate the shopping complex as a long-term investment.
Kho said there was a strong demand for quality accommodation like hotel, condominium and serviced apartment in Bintulu with the big influx of expatriates involved in the development of energy-intensive industries in Samalaju Industrial Park.
Samalaju is one of the five growth nodes of Sarawak Corridor of Renewable Energy (SCORE) and it will become the state's new heavy-industry centre.
Bintulu is now undergoing its third industrial boom. Besides the setting up of heavy industries like aluminium and manganese ferrosilicon smelters, the city also has two other major projects the Samalaju deepsea port and Petroliam Nasional Bhd's Bintulu liquified natural gas Train 9.
Naim will make its Bintulu integrated mixed development a major retail centre, leveraging on the growth of SCORE.
Meanwhile, Kho said Naim was expected to commence construction work of its proposed RM1.5bil mixed development in Batu Lintang here in the next few months as planning approval had been obtained.
The joint-venture project will involve the development of a 27-storey apartment, 18-storey condominium, 36-storey office tower, shopping mall, 17,000-sq-ft showroom, multi-storey car parks and water theme park. The prime land, which was previously occupied by government quarters, has been cleared.
He said phase one would involve some apartment and condominium units.
Naim's joint-venture partners in the project are charitable trusts, Lembaga Amanah Kebajikan Masjid Negeri Sarawak and Tabung Baitulmal Sarawak.
Kho said Naim had chalked up strong sales of properties this year, boosted by the high take-up rates of newly launched schemes in existing townships in Miri and Kota Samarahan.
“We have registered sales of about RM125mil as at May 31,” he added. Last year's sales was RM184mil an increase of RM42mil over 2010.
He said the top-selling properties were single-storey semi-detached and terraced houses in Miri's Permyjaya township (Naim's flagship development) and terraced units in Desa Ilmu in Kota Samarahan.
Naim is also recording good sales for its walk-up apartments launched recently in up-market Riveria satellite township near here.
The company has set up an office in Kota Kinabalu to prepare for its property development expansion in Sabah.
Naim, which has a land bank of about 1,050ha in Kuching, Miri and Bintulu, is on the lookout to acquire more land.
By The Star
KL land price too high?
Freehold land along Jalan Bukit Ceylon selling for RM700 per sq ft
KUALA LUMPUR: The three parcels of freehold land along Jalan Bukit Ceylon, Kuala Lumpur that was recently put up for sale are priced on the high side, property professionals said.
Last week, advertisements appeared for the sale by tender of three parcels totalling 36,563 sq ft with a reserve price of RM26mil, or about RM700 psf.
“On an as-is' basis, this is quite high. I would reckon a price of RM500-RM550 is more realistic considering its residential use status,” a valuer said.
Sources familiar with the sale said interested parties have to pay more if they were to convert it for commercial use.
“Commercial status fees can vary and it depends on a case to case basis by the authorities. It could be that after conversion, the cost of this piece of land may rise up to RM1,500 psf or more, which further adds to the costs of development,” sources said.
“If you are a developer, you must ask yourself whether you will be able to make a profitable sum,” he said.
However, a valuer said RM700 seems fair and the residential status was a non-issue.
“A developer can still build residential units and owners will not have to pay commercial rates for utilities. Although it may not be close to rail links, it is located in the city,” said a source.
StarBiz understands that the piece of land, which is located at the intersection of Jalan Bukit Ceylon and Jalan Ceylon, is situated on a hilly area and prospective developers who may be eyeing the piece of land will need to carry out additional levelling works, which will further add to the costs of development.
“I would reckon a 20% margin is comfortable before developers actually decide to do this (carry out development work).
“Ground works will definitely add a substantial amount to the costs as well,” a developer said.
Another property consultant used the example of a piece of prime freehold land measuring 50,063 square feet located in nearby Jalan Tengah, which is just next to Eastern & Oriental group's St Mary's Residences.
This piece of land is being transacted at about RM100mil, which prices it close to RM2,000 psf.
However, this piece of land has a commercial status, which does not require any additional costs for conversion.
It is also located in a relatively more centralised area nearer to public transport facilities.
By The Star
Home prices in suburban Klang Valley expected to hold steady
KUALA LUMPUR: Property prices in suburban areas in the Klang Valley may be stable in the next two years, as there would be a lot of supply to cater to the demand.
Low Yat Group executive director Low Su-Ming said she believed that “prices will be holding the way they are because there is more supply coming up in the northern and southern corridors” and that developers were already branching out to areas beyond the first tier locations.
“I don't think there will be an acceleration unless the development is prime but having said that, construction cost and land prices will not come down,” she told StarBiz.
Low said that while the domestic demand for properties was varied, there was unwavering demand for landed property among Malaysians.
“There will continue to be demand for these homes and more Malaysians are also looking for landed properties at affordable prices. People are going out (of the urban areas) and developers will go where there is a catchment market.”
Whether prices would appreciate and at what rate, Low maintained this will depend on the developers' distinctive concepts and product pricing. The Low Yat Group has a mid-market 2,670-acre township development in Bandar Tasik Puteri, Rawang that is 50% completed with a 50,000 population.
Low said the township has become more appealing now as more infrastructures have been introduced to the area, notably highways that shortened the time it took to travel into the city centre.
“There is a choice (for Malaysians). That's the beauty of Klang Valley. You can own an inner-city dwelling yet live 20 minutes away and have a huge mansion of your dreams,” she said, noting that it was something intense, highly developed cities like Hong Kong and Singapore could not offer.
“We have a young and growing population. In the Klang Valley, we have a great deal of opportunities to make our city into a well-developed and sustainable city by having the various townships linked up through infrastructures like highways,” she said.
Of a recent report about rising prices in Penang, Low said that an effective masterplan for sustainable development was needed to overcome concerns from Penang's population.
“Penang is undergoing a transition. In the next three to five years, it should join the ranks of world class beach and tourist destinations like Bali, Phuket, Singapore and Hong Kong.
“It will also become a choice destination for high net worth individuals who come here here the Malaysia My Second Home programme,” she said, adding that this scenario should be perceived positively.
“As long as guidelines are in place and administered efficiently, the island will gain from better quality projects that are designed by internationally acclaimed architects and master planners,” she said.
Low Yat has been in the Penang property scene since the late 1970s building resorts, hotels and condominiums.
Currently, it has an upcoming five-star hotel project with 382 rooms along Northern Road on the island.
The project is scheduled to commence construction in the first quarter of next year.
By The Star
UEM Land plans residential resort in Desaru
UEM Land Holdings Bhd has proposed to develop a high-end residential resort surrounding two golf courses in Desaru, Johor, and a beach club to cater to the residents.
The project will be undertaken in collaboration with wholly-owned subsidiaries of Desaru Development Holdings One Sdn Bhd (DH1), a subsidiary of Desaru Development Corporation Sdn Bhd (DDC).
"The proposed development will be undertaken via 51 per cent-owned subsidiaries of UEM Land (Dev Cos)," CIMB Investment Bank Bhd said said in a filing on behalf of UEM Land with Bursa Malaysia today.
The proposed development will be undertaken in respect of land parcels to be acquired by Dev Cos with an aggregate gross area of approximately 678.70 acres (274.7 hectares) and at a purchase consideration of RM485.3 million.
"The proposal is in line with the UEM Land Group’s continuous effort in sourcing new land bank and property development opportunities to improve and sustain its long-term earnings growth," the investment bank said.
Desaru is expected to be earmarked as the leisure and tourism region for Johor, offering an integrated resort lifestyle experience with world-class leisure and tourism accommodation, entertainment and attraction.
Such development of Desaru as an international tourist destination will be spearheaded by Khazanah Nasional Bhd via DDC.
Khazanah’s masterplan for Desaru involves the proposed development of international hotels with renowned operators such as Aman Resorts, Sheraton and the Datai, two world championship golf courses designed by distinguished golfers, Ernie Els and Vijay Singh (i.e. South Course and North Course), convention centre, themed attraction parks as well as other commercial and retail components.
The recent completion of the final 27-km highway stretch of the Senai-Desaru Expressway in June 2011, which now allows for reduced travel time between Johor Baru and Desaru, is expected to act as a catalyst for the development in the area.
Based on the UEM Land Group’s preliminary feasibility and concept plans for the project, the proposed development is estimated to have a gross development
value of approximately RM5.4 billion and is expected to contribute positively to its future earnings the group.
Subject to the necessary development approvals being obtained, the UEM Land Group targets to commence the proposed development by 2013 with completion of
the final phase within 20 years thereof.
By Bernama
The project will be undertaken in collaboration with wholly-owned subsidiaries of Desaru Development Holdings One Sdn Bhd (DH1), a subsidiary of Desaru Development Corporation Sdn Bhd (DDC).
"The proposed development will be undertaken via 51 per cent-owned subsidiaries of UEM Land (Dev Cos)," CIMB Investment Bank Bhd said said in a filing on behalf of UEM Land with Bursa Malaysia today.
The proposed development will be undertaken in respect of land parcels to be acquired by Dev Cos with an aggregate gross area of approximately 678.70 acres (274.7 hectares) and at a purchase consideration of RM485.3 million.
"The proposal is in line with the UEM Land Group’s continuous effort in sourcing new land bank and property development opportunities to improve and sustain its long-term earnings growth," the investment bank said.
Desaru is expected to be earmarked as the leisure and tourism region for Johor, offering an integrated resort lifestyle experience with world-class leisure and tourism accommodation, entertainment and attraction.
Such development of Desaru as an international tourist destination will be spearheaded by Khazanah Nasional Bhd via DDC.
Khazanah’s masterplan for Desaru involves the proposed development of international hotels with renowned operators such as Aman Resorts, Sheraton and the Datai, two world championship golf courses designed by distinguished golfers, Ernie Els and Vijay Singh (i.e. South Course and North Course), convention centre, themed attraction parks as well as other commercial and retail components.
The recent completion of the final 27-km highway stretch of the Senai-Desaru Expressway in June 2011, which now allows for reduced travel time between Johor Baru and Desaru, is expected to act as a catalyst for the development in the area.
Based on the UEM Land Group’s preliminary feasibility and concept plans for the project, the proposed development is estimated to have a gross development
value of approximately RM5.4 billion and is expected to contribute positively to its future earnings the group.
Subject to the necessary development approvals being obtained, the UEM Land Group targets to commence the proposed development by 2013 with completion of
the final phase within 20 years thereof.
By Bernama
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