GEORGE TOWN: A land swap involving a residential and training centre for the blind and visually-impaired in a prime spot on Penang island appears to be on the cards.
Business Times has learnt that several property developers in Penang are eyeing the 74-year-old St Nicholas' Home (formerly known as St Nicholas School for the blind) along Jalan Bagan Jermal here in exchange for land elsewhere on the island.
At the heart of the proposed land swap is the Anglican Church, owners of the 2.4-hectare piece of land, which houses Malaysia's first education and rehabilitation institution for the blind.
Other schools founded by the Anglican Church in Penang include the premier Penang Free School, St George's Girls' School, St Mark's primary and secondary schools and Hutchings primary and secondary schools.
Sources said the proposal is to exchange the land - currently zoned for education purposes - for an undisclosed acreage of land, and the successful bidder will pay the difference in valuations to the landowners to balance the deal.
"There are at least two big property players wanting the land in exchange for their own land. The successful bidder will have to build a new school and chapel for the home at the alternative site," one source said.
It is learnt that the land, which sits in a leafy neighbourhood, is valued at around RM400 per sq ft.
The site is within close proximity to the Penang Chinese Girls High School, Penang Adventist Hospital and the sea-fronting Gurney Drive.
Another piece of prime land on the island, which has come under the spotlight for property players in recent months, is the 65-year-old Penang Sports Club, which is located in one of the island's green lungs and most valuable lots in George Town.
The New Straits Times last year reported that the club, which sits on 6.4ha of leasehold land along Jalan Utama, is believed to be on the brink of losing its clubhouse along with the main car park, swimming pool and most of the tennis courts as it struggles to come up with RM24 million to renew its lease.
The club had reportedly failed to raise the sum and its appeals to pay in instalments were rejected by the state government.
By Business Times
Thursday, June 21, 2012
S P Setia Q2 earnings slightly higher at RM92.38m
KUALA LUMPUR: S P Setia Bhd's earnings rose marginally by 0.17% to RM92.38mil in the second quarter ended April 30, 2012 compared with RM92.22mil a year ago due to an absence of a one-off gain from the disposal of an investment property.
It said on Thursday its revenue rose 24.2% to RM617.20mil from RM496.75mil. Earnings per share were 4.85 sen compared with 5.55 sen. It declared an interim dividend of 5.0 sen a share.
"The group reported a profit before taxation (PBT) of RM127.9mil for Q2, 2012, which is 8% higher than RM118.3mil reported for Q2, 2011," it said.
S P Setia said for property development, revenue increased by 29%, while the PBT increased by 6%.
"The increase in revenue is mainly contributed from higher revenue recognition from residential and commercial properties in the Klang Valley, Johor Bahru and Penang," it said.
It explained PBT a year ago had included the gain from disposal of an investment property of the group, hence this saw lower increase in PBT during the current quarter as compared to the increase in revenue.
S P Setia said ongoing projects which contributed to the profit and revenue achieved include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru and Setia Pearl Island, Setia Vista and Setia Greens in Penang
For the first half, its earnings rose 7.8% to RM166.38mil from RM154.26mil. Its revenue rose 9.2% to RM1.108bil from RM1.015bil.
By The Star
It said on Thursday its revenue rose 24.2% to RM617.20mil from RM496.75mil. Earnings per share were 4.85 sen compared with 5.55 sen. It declared an interim dividend of 5.0 sen a share.
"The group reported a profit before taxation (PBT) of RM127.9mil for Q2, 2012, which is 8% higher than RM118.3mil reported for Q2, 2011," it said.
S P Setia said for property development, revenue increased by 29%, while the PBT increased by 6%.
"The increase in revenue is mainly contributed from higher revenue recognition from residential and commercial properties in the Klang Valley, Johor Bahru and Penang," it said.
It explained PBT a year ago had included the gain from disposal of an investment property of the group, hence this saw lower increase in PBT during the current quarter as compared to the increase in revenue.
S P Setia said ongoing projects which contributed to the profit and revenue achieved include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru and Setia Pearl Island, Setia Vista and Setia Greens in Penang
For the first half, its earnings rose 7.8% to RM166.38mil from RM154.26mil. Its revenue rose 9.2% to RM1.108bil from RM1.015bil.
By The Star
Residents against development projects
SUBANG Jaya Municipal Council (MPSJ) should not approve any more commercial developments in USJ 1, Subang Jaya until roads dispersing traffic from the area are fully built.
Subang Jaya assemblyman Hannah Yeoh said residents had raised concerns over the upcoming commercial projects that will bring heavier traffic to the jam-prone area.
“The residents are not against development but they want a sustainable one that brings more conveniences than problems to the community.
“Thus I urge the local council not to approve any other new commercial development application in the area until a dialogue with USJ 1 residents on this matter is held and detailed solutions are agreed upon.”
Yeoh said two proposed access roads are — from USJ1 to Kesas highway and from Summit USJ area to Persiaran Murni.
She added that currently three new commercial projects in USJ 1 had been approved and work would start soon.
On another matter, Yeoh said residents of SS14, Subang Jaya were crying foul over frequent water disruptions in their residential area and they are not happy with Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) for failing to give prior notice about the disruption.
“I have received a lot of complaints through Twitter and emails about the disruptions that had happened five times in a month.
“I have brought up this issue to Syabas but until now there is no official and proper explanation on the disruption.
“Syabas needs to tell the residents the reasons for the disruptions as soon as possible and what they plan to do about the water supply,” she said.
By The Star
Subang Jaya assemblyman Hannah Yeoh said residents had raised concerns over the upcoming commercial projects that will bring heavier traffic to the jam-prone area.
“The residents are not against development but they want a sustainable one that brings more conveniences than problems to the community.
“Thus I urge the local council not to approve any other new commercial development application in the area until a dialogue with USJ 1 residents on this matter is held and detailed solutions are agreed upon.”
Yeoh said two proposed access roads are — from USJ1 to Kesas highway and from Summit USJ area to Persiaran Murni.
She added that currently three new commercial projects in USJ 1 had been approved and work would start soon.
On another matter, Yeoh said residents of SS14, Subang Jaya were crying foul over frequent water disruptions in their residential area and they are not happy with Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) for failing to give prior notice about the disruption.
“I have received a lot of complaints through Twitter and emails about the disruptions that had happened five times in a month.
“I have brought up this issue to Syabas but until now there is no official and proper explanation on the disruption.
“Syabas needs to tell the residents the reasons for the disruptions as soon as possible and what they plan to do about the water supply,” she said.
By The Star
AP Land 14,000 to build houses for servicemen, GDV RM2b
KUALA LUMPUR: AP Land Bhd will build 14,000 houses for the military servicemen in Pahang, Perak and Terengganu.
AP Land chairman Datuk Nazrul Arsad said on Thursday the houses would cost between RM85,000 and RM185,000 each.
Speaking at a press conference, he said the total gross development value of the houses would be about RM2bil.
By The Star
AP Land chairman Datuk Nazrul Arsad said on Thursday the houses would cost between RM85,000 and RM185,000 each.
Speaking at a press conference, he said the total gross development value of the houses would be about RM2bil.
By The Star
China advisers urge government to relax property curbs
BEIJING: China's top advisory body called on the government to relax property market restrictions to keep the economy growing, a newspaper said, the first such proposal by advisers to steady a weakening house market.
The China Daily cited the Chinese People Political Consultative Conference (CPPCC), an advisory body for parliament, as saying Beijing should loosen purchase restrictions for luxury homes in the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen.
“Restrictions on purchases should be relaxed for high-end residential properties in first-tier cities,” the newspaper cited the proposal as saying. The paper did not say how it obtained the proposal, saying only that it was released on Tuesday.
This is the first time a group of influential economic advisers have called on China to relax controls on the property market, a once redhot sector that has cooled under a government campaign to make home prices more affordable.
It follows rampant market talk that China could soften its grip on the house market by allowing bigger discounts on mortgage rates, which the government has vehemently denied, saying instead it needs to persevere with price controls.
Premier Wen Jiabao has been adamant that the government will not relax its grip on the housing market even as he has called for other measures to support economic growth.
Analysts said China was unlikely to heed the suggestion as home prices were still too high, but the proposal underlined worries that China's economy could sink into a deeper downturn if the property market was suppressed for too long.
“I don't think the proposal on relaxing restrictions on home purchases will be accepted by the central government since it is in contrast to Beijing's tightening stance,” said Li Wei, economist from Standard Charted Bank in Shanghai.
Growth in the world's second biggest economy slumped to a three-year low of 8.1% in the first quarter as Europe's debt crisis sapped export growth. Analysts forecast growth to slacken further to 7.9% between April and June.
The CPPCC, which includes retired or soon-to-be retired officials, meets in parallel to China's parliament and has no decision-making powers. But it has in the past floated ideas that subsequently became law.
By Reuters
The China Daily cited the Chinese People Political Consultative Conference (CPPCC), an advisory body for parliament, as saying Beijing should loosen purchase restrictions for luxury homes in the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen.
“Restrictions on purchases should be relaxed for high-end residential properties in first-tier cities,” the newspaper cited the proposal as saying. The paper did not say how it obtained the proposal, saying only that it was released on Tuesday.
This is the first time a group of influential economic advisers have called on China to relax controls on the property market, a once redhot sector that has cooled under a government campaign to make home prices more affordable.
It follows rampant market talk that China could soften its grip on the house market by allowing bigger discounts on mortgage rates, which the government has vehemently denied, saying instead it needs to persevere with price controls.
Premier Wen Jiabao has been adamant that the government will not relax its grip on the housing market even as he has called for other measures to support economic growth.
Analysts said China was unlikely to heed the suggestion as home prices were still too high, but the proposal underlined worries that China's economy could sink into a deeper downturn if the property market was suppressed for too long.
“I don't think the proposal on relaxing restrictions on home purchases will be accepted by the central government since it is in contrast to Beijing's tightening stance,” said Li Wei, economist from Standard Charted Bank in Shanghai.
Growth in the world's second biggest economy slumped to a three-year low of 8.1% in the first quarter as Europe's debt crisis sapped export growth. Analysts forecast growth to slacken further to 7.9% between April and June.
The CPPCC, which includes retired or soon-to-be retired officials, meets in parallel to China's parliament and has no decision-making powers. But it has in the past floated ideas that subsequently became law.
By Reuters
Wednesday, June 20, 2012
Catalyst for Glomac expected to boost sales to more than RM500mil
PETALING JAYA: Glomac Bhd's sales for the financial year ended April 30, 2012 is expected to be more than RM500mil buoyed by strong demand in its three major townships.
This will be the catalyst for the mid-sized property developer to record positive growth for the year under review. The company will announce its financial results early next week.
Glomac has registered about RM400mil sales in financial year 2011.
Group managing director and chief executive officer Datuk FD Iskandar told StarBiz that the sales for its township development in Sungai Buloh, Rawang and Sri Saujana in Johor did very well.
“These three townships contributed total sales of about RM270mil as of April. And as of Jan 31, we already recorded sales of about RM343mil and we are confident of crossing the RM600mil mark for 2012.
“About 97% of our Reflection Residences in Mutiara Damansara launched in April has been taken up.
“These past three years have been exciting for us in terms of growth and we are on a strong foothold now for further development with gearing of about 0.1 times and net cash position of RM350mil,” he said, adding that prior to 2009, the company chalked up sales of between RM200mil and RM250mil.
To illustrate the expected growth for 2012, the company's nine-month net profit ended Jan 31 of RM63.5mil had already surpassed the whole of 2011's net profit of RM63mil.
Going forward, Iskandar said Glomac's current unbilled sales which could be translated into profits in two to three years' time stood at RM700mil.
“We have been expanding on our land bank quite robustly in the last 18 months where we have purchased about four parcels of land in different locations for a total of RM230mil.
“Among the three prominent ones are the 200 acres in Sungai Buloh with expected gross development value (GDV) of RM800mil, 200 acres in Dengkil with slated GDV of RM800mil and another 200 acres in Puchong with forecast GDV of RM2bil.
“We will launch the Sungai Buloh development by year-end. We will also be looking at developing our land in Sepang where our 200 acres are about 3.5km away from Cyberjaya and 4.5km to KL International Airport,” he said.
On its strategies, Iskandar revealed that Glomac was keen to build landed property as there was good demand for it currently.
“We are also interested to acquire more land in the Greater Kuala Lumpur area with the right prices,” he said.
By The Star
Developer marks anniversary with special incentive campaign
The Mah Sing Group launched its 18th anniversary celebrations with a bang last Saturday, and in conjunction with the milestone has kicked off a three-month long property and lifestyle showcase called “Realising Dreams”.
To show its appreciation to its 12,000 property buyers over 18 years and new buyers, the Mah Sing Group has designed special incentives from June 16 to Sept 15.
Eleven landed and high-rise residential and commercial projects in Kuala Lumpur, Penang island and Johor Baru have been selected for the campaign.
During the period, property purchasers of Icon City (Petaling Jaya), M City (Jalan Ampang), Icon Residence Mont Kiara, Garden Residence and Garden Plaza (Cyberjaya), Kinrara Residence (Puchong), Lagenda@Southbay (Penang), Southbay Plaza (Penang) and Austin Suites (Johor Baru) will enjoy the developer interest bearing scheme (DIBS), where buyers only pay downpayment and nothing else until the completion of the property.
A key proposition of the campaign is to make it easier for buyers to own their dream properties with affordable downpayments of 2% payable via 0% easy payment programmes of up to 36 months with selected banks.
Qualified buyers will benefit from the anniversary lifestyle package of up to RM488,888 depending on the property purchased.
Mah Sing will also absorb the legal fees for the sales and purchase agreement and loan agreement for all 11 participating projects.
Mah Sing’s M Club members will enjoy repeat purchase discounts of up to 1.8%, while purchasers will enjoy buyer-get-buyer rebates of 1%.
The company is also giving away monthly prizes to lucky Mah Sing property buyers. The monthly prizes will lead to a grand prize at year end where the winner gets a unit of serviced residence at Graden Plaza in Cyberjaya worth RM300,000.
The campaign’s roadshow will continue at Equatorial Hotel Penang from June 22 to 23 and later in Johor on June 30 and July 1.
Mah Sing group managing director and group chief executive Tan Sri Leong Hoy Kum said selecting a Mah Sing property was very easy as the company was one of the few developers to build landed and high-rise residential, commercial and even industrial products in all property hotspots.
“With our attractive promotions for this celebration, we make it easy for everyone to own a dream house,” he said during the launch at Shangri-La Kuala Lumpur.
Leong said the company planned to launch six more projects next year.
Also present at the event were Mah Sing Group Berhad executive directors Lim Kiu Hock and Steven Ng.
Emceed by Xandria Ooi and Kevin Chong, the launch saw the China Bond Girls and Shanghai Star Acrobatic Ballet in action.
There were also a series of talks by celebrity chefs Chef Wan and Chef Daisy, and feng shui and Vashtu Sastra talks.
By The Star
Ivory Properties looking for investors
IVORY Properties Group Bhd is in talks with several parties to jointly develop certain parcels of land at its RM10 billion Bayan Mutiara development.
Its executive director and chief executive officer Murly Manokharan said yesterday that Ivory hopes to seal at least one deal in three months.
"We are looking for investors to jointly develop portions involving the commercial aspect of the proposed Penang World City project, such as the medical facilities and offices which are in the masterplan," he told reporters after the company's annual shareholders' meeting here.
Also present was Ivory deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff.
Murly said interested parties included firms from Singapore, Japan and Kuala Lumpur, but he did not name them.
"The Bayan Mutiara land is not for sale," he stressed, responding to a query if the company was planning to sell some of the land to individual investors.
In March this year, Ivory shareholders gave their nod for the company to buy and develop a 41.02ha site in Bayan Mutiara on Penang island from the Penang Development Corp (PDC) and Chief Minister of Penang (Incorporated).
The 41.5ha - comprising 27.3ha of existing land and 14.2ha of land to be reclaimed - was sold for RM1.07 billion, or RM240 per sq ft and will be paid over five years.
Last November, Ivory announced that it was entering into a 49:51 joint venture with Dijaya Corp Bhd to develop Bayan Mutiara.
Murly said Ivory had been asked by PDC to re-submit its master plan for Bayan Mutiara and include its plans for the land which would be reclaimed.
"We hope to re-submit the overall master plan by September as we are currently in the midst of doing soil investigations and other tests at the site," he added.
Asked to comment on press reports that a plot of land for the building of a mosque had been purportedly sold to Ivory as part of the Bayan Mutiara land deal and had raised the ire of several groups in Penang, Murly said: "It (the issue) is between the non-governmental organisations and state government. It's political, therefore, we don't want to comment."
He said Ivory had obtained planning approval to set up a sales gallery and build show units near the Bayan Mutiara site for the first phase of the project which will see the construction of 1,500 high-rise units.
"Although the prices are not fixed as yet, the units are likely to measure around 600 sq ft and 800 sq ft," Murly said, adding that the first phase of the project, covering 4.22ha with a development value of between RM700 million and RM800 million, will likely be launched by the end of this year or early next year.
Ivory Properties was set up in 1999 and has since involved in property development in Penang and northern Peninsular Malaysia.
By Business Times
Its executive director and chief executive officer Murly Manokharan said yesterday that Ivory hopes to seal at least one deal in three months.
"We are looking for investors to jointly develop portions involving the commercial aspect of the proposed Penang World City project, such as the medical facilities and offices which are in the masterplan," he told reporters after the company's annual shareholders' meeting here.
Also present was Ivory deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff.
Murly said interested parties included firms from Singapore, Japan and Kuala Lumpur, but he did not name them.
"The Bayan Mutiara land is not for sale," he stressed, responding to a query if the company was planning to sell some of the land to individual investors.
In March this year, Ivory shareholders gave their nod for the company to buy and develop a 41.02ha site in Bayan Mutiara on Penang island from the Penang Development Corp (PDC) and Chief Minister of Penang (Incorporated).
The 41.5ha - comprising 27.3ha of existing land and 14.2ha of land to be reclaimed - was sold for RM1.07 billion, or RM240 per sq ft and will be paid over five years.
Last November, Ivory announced that it was entering into a 49:51 joint venture with Dijaya Corp Bhd to develop Bayan Mutiara.
Murly said Ivory had been asked by PDC to re-submit its master plan for Bayan Mutiara and include its plans for the land which would be reclaimed.
"We hope to re-submit the overall master plan by September as we are currently in the midst of doing soil investigations and other tests at the site," he added.
Asked to comment on press reports that a plot of land for the building of a mosque had been purportedly sold to Ivory as part of the Bayan Mutiara land deal and had raised the ire of several groups in Penang, Murly said: "It (the issue) is between the non-governmental organisations and state government. It's political, therefore, we don't want to comment."
He said Ivory had obtained planning approval to set up a sales gallery and build show units near the Bayan Mutiara site for the first phase of the project which will see the construction of 1,500 high-rise units.
"Although the prices are not fixed as yet, the units are likely to measure around 600 sq ft and 800 sq ft," Murly said, adding that the first phase of the project, covering 4.22ha with a development value of between RM700 million and RM800 million, will likely be launched by the end of this year or early next year.
Ivory Properties was set up in 1999 and has since involved in property development in Penang and northern Peninsular Malaysia.
By Business Times
Ivory plans to unveil RM1.6bil worth of residential, commercial units in Penang
GEORGE TOWN: Ivory Properties Group Bhd (IPGB) plans to launch RM1.6bil worth of properties on Penang island in the second half of 2012.
IPGB executive director and chief operating officer Murly Manokharan said these projects comprised the first phase of Bayan Mutiara, which has a gross development volume (GDV) of RM800mil, the third and fourth phases of the residential towers for Penang Times Square (RM300mil GDV), a RM130mil sea-fronting condominium block in Batu Ferringhi, and the RM400mil City Mall and City Residence in Tanjung Tokong.
He said the first phase of Bayan Mutiara involved the development of some 1,500 high-rise units with built-up areas of between 500 sq ft and 600 sq ft each.
“We are negotiating with investors from Japan and Singapore to explore possible joint-venture projects for the commercial portion of this project,” Murly said. The total built-up area for the commercial portion is 2.5 million sq ft to 3 million sq ft.
“We should be able to conclude a deal in the next three months,” he added.
For the condominium block, Murly said the group would position it as a medium to high-end scheme in line with the current demand.
The group plans to build 700 condominium units with sizes ranging from 400 to 1,200 sq ft for its Penang Times Square residential towers. It will develop 80% residential units and 20% commercial lots under the City Mall and City Residence project.
“We are looking at selling each unit of the City Mall and City Residence at between RM700,000 and RM750,000.
Murly said the group would submit the master plan for the entire RM10bil Bayan Mutiara project and reclamation reports to Penang Development Corp in September.
Meanwhile, IPGB chairman and group chief executive officer Datuk Low Eng Hock said the group expected a significant contribution in profit and cash flow from the acquisition of associate company Ivory Villas Sdn Bhd.
“We foresee the positive effect arising from acquisition of the remaining 51% equity interest in Ivory Villas Sdn Bhd for RM40mil upon completion on April 2,” he said.
On the recently launch The Latitude, Low said the response was overwhelming and it had sold out all non-bumiputra units of Tower A of the freehold residential development in Tanjung Tokong. The Latitude has a gross development value of RM163.7mil.
“This luxurious 45-storey tower is conceptualised as an abode that promotes affordable luxury by making mid-sized condominiums in the suburbs an attainable reality for those craving understated elegance.
“The take-up rate for The Latitude is now 70%. The two towers are poised to be the most affordable luxury condominium in Penang,” he said.
Low said construction of the project had begun early this month and scheduled for completion in three years.
For the first quarter ended March 31, the group posted RM3.77mil in pre-tax profit on RM24mil revenue, compared with RM6.3mil and RM27.3mil respectively in the previous year's corresponding period.
By The Star
IPGB executive director and chief operating officer Murly Manokharan said these projects comprised the first phase of Bayan Mutiara, which has a gross development volume (GDV) of RM800mil, the third and fourth phases of the residential towers for Penang Times Square (RM300mil GDV), a RM130mil sea-fronting condominium block in Batu Ferringhi, and the RM400mil City Mall and City Residence in Tanjung Tokong.
He said the first phase of Bayan Mutiara involved the development of some 1,500 high-rise units with built-up areas of between 500 sq ft and 600 sq ft each.
“We are negotiating with investors from Japan and Singapore to explore possible joint-venture projects for the commercial portion of this project,” Murly said. The total built-up area for the commercial portion is 2.5 million sq ft to 3 million sq ft.
“We should be able to conclude a deal in the next three months,” he added.
For the condominium block, Murly said the group would position it as a medium to high-end scheme in line with the current demand.
The group plans to build 700 condominium units with sizes ranging from 400 to 1,200 sq ft for its Penang Times Square residential towers. It will develop 80% residential units and 20% commercial lots under the City Mall and City Residence project.
“We are looking at selling each unit of the City Mall and City Residence at between RM700,000 and RM750,000.
Murly said the group would submit the master plan for the entire RM10bil Bayan Mutiara project and reclamation reports to Penang Development Corp in September.
Meanwhile, IPGB chairman and group chief executive officer Datuk Low Eng Hock said the group expected a significant contribution in profit and cash flow from the acquisition of associate company Ivory Villas Sdn Bhd.
“We foresee the positive effect arising from acquisition of the remaining 51% equity interest in Ivory Villas Sdn Bhd for RM40mil upon completion on April 2,” he said.
On the recently launch The Latitude, Low said the response was overwhelming and it had sold out all non-bumiputra units of Tower A of the freehold residential development in Tanjung Tokong. The Latitude has a gross development value of RM163.7mil.
“This luxurious 45-storey tower is conceptualised as an abode that promotes affordable luxury by making mid-sized condominiums in the suburbs an attainable reality for those craving understated elegance.
“The take-up rate for The Latitude is now 70%. The two towers are poised to be the most affordable luxury condominium in Penang,” he said.
Low said construction of the project had begun early this month and scheduled for completion in three years.
For the first quarter ended March 31, the group posted RM3.77mil in pre-tax profit on RM24mil revenue, compared with RM6.3mil and RM27.3mil respectively in the previous year's corresponding period.
By The Star
Mulpha eyes share buyback exercise or assets disposal
SUBANG JAYA: Mulpha International Bhd, which is trading at a large discount to its net tangible assets (NTA), is looking at narrowing this gap, according to executive chairman Lee Seng-Huang.
“We are very frustrated with the share price performance. The market price and NTA gap is very large. The board (of directors) is exploring ways to close the gap,” he said after the company's AGM.
As at March 31, Mulpha International's NTA stood at RM1.32 while its share price was 41 sen at the close yesterday.
Lee: ‘We are very frustrated with the share price performance.’
Lee said the group would close the huge gap between its share price and NTA either through a share buyback programme or assets disposal that was above NTA.
“We are also looking at acquisition opportunities in the region but so far have not seen anything that was compelling in terms of value. Thus, we see more value in our share buyback exercise,” he said, adding that Mulpha had bought back 3% to 4% of its shares.
Mulpha is one company which believes in rewarding shareholders through share buybacks rather than dividend payment. The company had made numerous share buyback exercises to boost its share price.
The company started buying back its shares in 2001 when the share price was trading below 40 sen for most of the time. It continued its buyback effort in 2002 and 2003 until it reached the maximum 10% of share capital allowed.
The exercise saw its share price appreciate. Subsequently, the company repeated the share buyback exercises over the past few years.
Lee explained that by selling land it could unlock the NTA and use the proceeds to buy another piece of land which was more value accretive.
Asked if its options included privatisation, Lee said: “That's not a decision of the board. The board cannot take the company private. Certain shareholders may have to consider the options.”
Meanwhile, he said the company was “pretty much done” in terms of disposing of its non-core business, adding that the company had sold off the crane and paint business.
According to reports, Mulpha recently sold its 31,516 sq ft land in Jalan Sultan Ismail for RM104mil, or about RM3,300 per sq ft.
At the AGM, shareholders also approved Mulpha's plans to undertake a dividend reinvestment plan to allow shareholders to reinvest their dividend in new ordinary shares of 50 sen each.
Separately, Lee said it was “not high priority” for the company to enter a new market, especially new developing markets like Vietnam. He said the company still had 2,000 acres of undeveloped land in Malaysia.
By The Star
“We are very frustrated with the share price performance. The market price and NTA gap is very large. The board (of directors) is exploring ways to close the gap,” he said after the company's AGM.
As at March 31, Mulpha International's NTA stood at RM1.32 while its share price was 41 sen at the close yesterday.
Lee said the group would close the huge gap between its share price and NTA either through a share buyback programme or assets disposal that was above NTA.
“We are also looking at acquisition opportunities in the region but so far have not seen anything that was compelling in terms of value. Thus, we see more value in our share buyback exercise,” he said, adding that Mulpha had bought back 3% to 4% of its shares.
Mulpha is one company which believes in rewarding shareholders through share buybacks rather than dividend payment. The company had made numerous share buyback exercises to boost its share price.
The company started buying back its shares in 2001 when the share price was trading below 40 sen for most of the time. It continued its buyback effort in 2002 and 2003 until it reached the maximum 10% of share capital allowed.
The exercise saw its share price appreciate. Subsequently, the company repeated the share buyback exercises over the past few years.
Lee explained that by selling land it could unlock the NTA and use the proceeds to buy another piece of land which was more value accretive.
Asked if its options included privatisation, Lee said: “That's not a decision of the board. The board cannot take the company private. Certain shareholders may have to consider the options.”
Meanwhile, he said the company was “pretty much done” in terms of disposing of its non-core business, adding that the company had sold off the crane and paint business.
According to reports, Mulpha recently sold its 31,516 sq ft land in Jalan Sultan Ismail for RM104mil, or about RM3,300 per sq ft.
At the AGM, shareholders also approved Mulpha's plans to undertake a dividend reinvestment plan to allow shareholders to reinvest their dividend in new ordinary shares of 50 sen each.
Separately, Lee said it was “not high priority” for the company to enter a new market, especially new developing markets like Vietnam. He said the company still had 2,000 acres of undeveloped land in Malaysia.
By The Star
TA Global completes purchase of Phuket hotel
KUALA LUMPUR: TA Global Bhd, a property development company, is expanding its hotel portfolio with the acquisition of the five-star Movenpick Karon Beach Resort and Spa in Phuket, Thailand.
The acquisition, which is already completed, will enhance TA Global’s hospitality operations in major cities worldwide and expand its existing portfolio of hospitality properties in Thailand.
“The acquisition of Movenpick Phuket allows the company to further expand its portfolio of hotels in the growing South-East Asian region.
“We are confident the hotel will be able to achieve commendable returns, provide steady revenue stream while enhancing the revenue contribution from the hospitality division to the group,” TA Global executive director Kimmy Khoo said in a statement yesterday.
Movenpick Hotel consists of 175 guestrooms, 163 suites and villas and 30 beachfront two-bedroom apartments.
The hotel is situated 45 minutes from Phuket International Airport and is expected to attract both short and long-stay leisure travellers, families and corporate guests.
TA Global currently has six hotels under its portfolio.
They are namely The Westin Melbourne in Melbourne and Radisson Blu Plaza Hotel Sydney in Australia, Aava Whistler in Canada, Swissotel Merchant Court in Singapore, Swissotel Kunshan in China and the Movenpick Phuket in Thailand.
By Bernama
The acquisition, which is already completed, will enhance TA Global’s hospitality operations in major cities worldwide and expand its existing portfolio of hospitality properties in Thailand.
“The acquisition of Movenpick Phuket allows the company to further expand its portfolio of hotels in the growing South-East Asian region.
“We are confident the hotel will be able to achieve commendable returns, provide steady revenue stream while enhancing the revenue contribution from the hospitality division to the group,” TA Global executive director Kimmy Khoo said in a statement yesterday.
Movenpick Hotel consists of 175 guestrooms, 163 suites and villas and 30 beachfront two-bedroom apartments.
The hotel is situated 45 minutes from Phuket International Airport and is expected to attract both short and long-stay leisure travellers, families and corporate guests.
TA Global currently has six hotels under its portfolio.
They are namely The Westin Melbourne in Melbourne and Radisson Blu Plaza Hotel Sydney in Australia, Aava Whistler in Canada, Swissotel Merchant Court in Singapore, Swissotel Kunshan in China and the Movenpick Phuket in Thailand.
By Bernama
Ahmad Zaki Resources eyes Jalan Sultan Ismail projects
KUALA LUMPUR: Ahmad Zaki Resources Bhd (AZRB), which has an orderbook of RM1.9bil, is eyeing private sector projects, including redeveloping older buildings along Jalan Sultan Ismail in Kuala Lumpur.
“Besides tendering for government-related projects, we are looking at the private sector such as the redevelopment of a few older hotels along Jalan Sultan Ismail,” said managing director Datuk Wan Zakariah Wan Muda.
“We have not placed our bids but we are eyeing because we think that is our forte,” he told the reporters after the company's AGM yesterday.
He said that the company was also bidding for constructing and upgrading of towers blocks in the private sector.
“We have surpassed our target for this year after securing the MRT project. It would be good if there are additional jobs,” he said.
The company's projects at hand include the MyRapid Transit (MRT) Sungai Buloh-Kajang line viaduct 6 and International Islamic University's (IIUM) teaching hospital.
“We also participate in the bidding for Kuala Lumpur International Financial District,” he added.
He said the company's core business was still engineering and construction which accounted for 83% of its revenue. The company targets net revenue of at least RM500mil for the coming year.
“In order to replenish our orderbook, we are looking into at around the same amount if not more,” he added.
Wan Zakariah said: “We have obtained financial (aid) for IIUM (unofficially). The construction period is three and a half years whereas the concession period lasts for 21 years.”
In response to any signs of slowdown in construction projects, he said: “I don't think there is a slowdown. After the private finance initiative was introduced, there are big projects available.
“We have positioned ourselves to be a competitive and good builder in such projects.
“We make sure that we are efficient so that we can secure a sustainable volume to match with our size now.”
On updates of the MRT project, he said the project had started and was on schedule.
The project is expected to be completed within the construction period of 43 months.
As for its plantation segment which is still seeing red, chief operating officer Datuk Roslan Tan Sri Jaffar said: “We hope it will be self-sustainable for the three to four years to come as the palm trees would have reached maturity.
“We have a land bank of about 21,000 ha in Kalimantan.
“Currently, only 5,000 hectares is used and we plan to use another 10,000 ha over the next three years. We hope to get three to four tonnes of (palm) oil per hectare then.
“It is our strategic move to diversify our revenue streams through plantation,” he said.
By The Star
More signage to be put up at TTDI interchange to ease congestion
Traffic is expected to flow better when more signage is put up at the new Taman Tun Dr Ismail (TTDI) Interchange on the Damansara-Puchong Highway (LDP), said Lingkaran Trans Kota (Litrak).
Litrak’s head of communications Shah Rizal Mohamed Fawzi said congestion would be minimised when motorists became more accustomed to the new traffic scheme.
He was commenting on feedback from motorists who found themselves caught up in the congestion after the TTDI underpass.
From observation, traffic flow has improved at the TTDI Interchange that replaced the traffic lights at the junction.
However, traffic heading towards Kepong and Bandar Sri Damansara has to slow down immediately after that as motorists need to weave into one lane from the two-lane underpass to merge with traffic on the LDP.
The weaving of traffic often causes congestion during peak hours. It is sometimes worsened by the traffic from the 1Utama traffic light junction.
“We are building more signage gantries to show motorists the correct lane to take when using the underpass, so that they do not need to criss-cross their way back onto the LDP,” Rizal said.
Litrak’s head of engineering department Francisco Anthony Doss said it was difficult for Litrak to find a solution to the long queue of cars from the Bandar Utama traffic light junction as the township’s development was out of their control.
He revealed that there was a proposal from Bandar Utama residents to change the traffic light junction from four-phase to three-phase to alleviate congestion.
“The matter is being discussed now and we are open to ideas. But we need to also take note that the MRT (My Rapid Transit) will change the traffic needs here,” he added.
The new underpass was open to traffic on April 21. Some finishing touches work, including the installation of road kerbs and signage are still being carried out at the TTDI Interchange.
The works are scheduled to be completed by end of July.
The upgrade for the stretch from Persiaran Surian to Penchala toll plaza is expected to be completed in August.
According to Litrak, the 25-month project costing RM98.6mil is three months ahead of schedule.
By The Star
Tuesday, June 19, 2012
JB has land for affordable houses
First-time buyers can still own ‘decent’ houses
JOHOR BARU: There are still large tracts of land in Johor Baru that have potential be developed into residential properties with decent built-up area and offered at affordable prices to first-time local house buyers, said Johor Real Estate and Housing Developers Association branch chairman Koh Moo Hing.
He told StarBiz that land supply had never been an issue in Johor, unlike in Penang and the Klang Valley. “It is a well-known fact that developers in these two areas are hampered by the excessively high prices of land.''
Koh said since the inception of Iskandar Malaysia, land prices in the economic growth corridor had risen steadily between 30% and 40%, depending on the locations. He described the prices of properties in Iskandar as “still reasonable and competitive.”
He said Iskandar would be the one of main factors that contributed to the positive growth in the Johor Baru property market as it helped boost demand for houses in the area.
“Confidence in Johor is now at all-time high the progress in Iskandar is not only about Johor but the nation as well,'' added Koh.
Government-backed Iskandar sprawls on a 2,217 sq km in the southern-most part of Johor and is divided into five flagship development zones the Johor Baru City Centre, Nusajaya, Eastern Gate Development, Western Gate Development and Senai-Kulai.
Koh said improvement in connectivity and accessibility in Iskandar would prompt first-time house buyers to look at other locations in the vicinity which were previously unpopular.
“Developers with land in the suburban areas of Iskandar can offer affordable houses to first-time house buyers as location is no longer an issue to them,'' he said adding that developers in places like Senai, Kulai, Ulu Tiram, Pasir Gudang and Kota Tinggi were popular with first-time house buyers as they offered houses priced at between RM110,000 and RM220,000.
Koh said the Johor property market had yet to reach the “boiling point” like in Penang island, where prices of residential properties had soared by more than 25% over the last five years.
IOI Properties Bhd senior general manager Simon Heng likened the situation in Penang to Hong Kong or Singapore where developers had to fully utilise every inch of land available for their projects for maximum returns.
Heng said a house buyer in Penang pays between RM200,000 and RM300,000 to get a lower-end apartment. For that kind of money, he would get a single-storey or a double-storey terrace in places like Kulai, Kangkar Pulai, Pasir Gudang, Ulu Tiram and Kota Tinggi.
Access to these areas had improved tremendously over the years, in tendem with the development of Iskandar, he added.
Heng who is Rehda past chairman said: “On the average, prices of residential properties in Iskandar Malaysia have increased between 15% and 20% over the years as demand is good,'' he said.
IOI Properties ongoing projects in south Johor include Bandar Putra Kulai a 2,428.11ha integrated township project where 809.37ha had been developed with 11,000 houses. Its other project is the 121.40ha Taman Kempas Utama. Both projects will keep the company busy for eight years with a gross development value of RM4bil.
Meanwhile, SP Setia Bhd executive vice-president (property division) Datuk Chang Khim Wah said Iskandar was still a good place for bigger landed properties due to the availability of land here.
“Comparing Penang to Johor Baru is like comparing an apple to an orange; they are two different places with different market scenarios,'' he said.
Chang said when developers offered their products, they did that based on the market demand and also the suitability of the project's site whether for high-density or landed residential properties.
He said even though Iskandar still had plenty of land for the landed residential propertes, demand for apartments or condominiums was on the upward trend in the last four or five years.
“Condo living is catching up in Iskandar as buyers are getting younger; most of them are below 40 years old and open to new ideas,'' he said.
Chang said most of condo buyers were Malaysian professionals working in Singapore and young families who opted for safety and security offered by developers in their projects.
He said the company's service apartment in Bukit Indah and Setia Tropika was selling between RM400 and RM450 per sq ft and the rate was consider lower compared with service apartments in Penang or the Klang Valley.
Chang said on that note, the company would be launching its Setia Sky 88 service apartment on a 1.61ha site at Jalan Abdullah Tahir in three months with an indicative selling price between RM600 and RM700 per sq ft.
The project consists of three towers with 55-storey block each. Phase one will have 294 apartment units.
By The Star
Vie for a Mah Sing suite
Property investors will have a field day in Penang with the latest showcase of new developments by the Mah Sing Group. Special rebates are offered during the property promotion and buyers will have the chance to win a Garden Plaza executive suite in Cyberjaya.
Scheduled for June 23-24 at the Hotel Equatorial Penang on Bukit Jambul, the latest event is part of the roadshow covering Kuala Lumpur, Penang and Johor.
The showcase highlights 11 landed and high-rise residential and commercial developments throughout the Klang Valley, especially Kuala Lumpur, as well as Penang island and Johor Baru, namely:
- Icon City (Petaling Jaya)
- M City (Jalan Ampang)
- Icon Residence Mont’ Kiara (KL)
- Garden Residence (Cyberjaya)
- Garden Plaza (Cyberjaya)
- Kinrara Residence (Puchong)
- Legenda@Southbay (Penang island)
- Southbay Plaza (Penang island)
- Austin Suites (Johor Baru)
- M Residence (Rawang)
- Sierra Perdana (Johor Baru)
Most of the properties are under the Developer Interest Bearing Scheme (DIBS), where purchasers only pay the down payment and nothing else, until the completion of the property, except M Residence (Rawang), Sierra Perdana (Johor Baru) and Palmiera @ Kinrara Residence (Puchong).
Mah Sing will also absorb the legal fees for the sale and purchase agreement and loan agreement for all 11 participating projects. The group’s Realizing Dreams property and lifestyle showcase scheduled from June 16 to Sept 15, was launched last weekend in Kuala Lumpur.
Celebrities and performers will be at each of the showcase event, including the Shanghai Star Acrobatic Ballet, emcees Xandria Ooi and Jeremy Teo, Chef Wan and Chef Daisy.
The roadshow will also have knowledgable speakers on topics such as landscaping and architecture, Feng Shui master David Koh and Vasthu Sastra expert Dr T. Selva.
MRGJC Magic Quest performers Jorinn and Gelvinn will add some magic to the proceedings and the Shanghai Star Acrobatic Ballet will entertain on Sunday.
During the launch last weekend, Mah Sing Group managing director and group chief executive Tan Sri Leong Hoy Kum said the group was one of the few developers to build landed as well as high-rise residential, commercial and even industrial projects in all the property hotspots.
Built in prime locations and achieving high standards, Mah Sing developments on Penang island offer a good proposition whether for own residence or investment.
During the three-month promotion, buyers will need to pay a down payment of only 2% of the purchase price.
Purchaser can also have the option to pay their down payment via 0% interest easy payment programmes up to 36 months with selected banks. Moreover, qualified purchasers will benefit from the Anniversary Lifestyle Package up to RM488,888 depending on the property purchased. Participating partner banks will offer Pre-Approved Loan Assessment as an added convenience for buyers of Mah Sing properties.
The group’s loyal customers - Mah Sing’s M Club members - will enjoy Repeat Purchase Discounts up to 1.8%, as well as M Club Members’ Buyer-Get-Buyer Privilege of 1%.
In conjunction with Mah Sing’s 18th anniversary celebrations, the group is giving away attractive Samsung products as monthly prizes to eligible property buyers. There will be a grand prize of a Garden Plaza executive suite in Cyberjaya, offered at the end of the year.
After Penang, the Realizing Dreams property showcase will be held in Johor Baru at the KSL Resort from June 30 to July 1.
For details, visit any Mah Sing sales gallery. Weekly activities have been planned throughout the 18th anniversary celebrations. Call the hotline: 1300-88-7999 or +604 6288188 (Penang). Log on to www.mahsingrealizingdreams or e-mail: realizingdreams@mahsing.com.my
By The Star
Nadayu eyes twofold rise in sales
NADAYU Properties Bhd aims to increase property sales by twofold to RM400 million this year, led by its latest launch in Bandar Sunway, Selangor.
The developer will be launching Nadayu 28 in August. The project comprises high-rise residences with 10 units of shoplots, worth a combined RM440 million.
"We have enjoyed more than 50 per cent sales before the release. We are certain that once the sales gallery is up in July, there will be more coming in," Nadayu chairman Hamidon Abdullah said.
Hamidon said yesterday after Nadayu's shareholders meeting that the company is expecting to do better in the current fiscal year ending December 31 2012.
Nadayu has RM280 million in unbilled sales, which will be recognised throughout this year, he said.
It also has on-going projects worth about RM1.7 billion, being launched in phases.
For fiscal 2011, Nadayu posted a pre-tax profit of RM26.7 million on revenues of RM175.8 million.
"Today is not just about selling the product and getting purchasers on the table. You have to cross another hurdle which is end financing. This has made the market more difficult," Hamidon said.
"The real truth in a company is what you have done before. It is your track record that will give you the edge. Our priority is a satisfied customer, so we get recurring purchasers," he added.
Hamidon said the company is looking to increase its landbank, from its current size of 362ha.
The current land size, mainly in the Klang Valley and Penang, is expected to generate a gross development value exceeding RM5 billion over the next 10 years.
"We will look at all opportunities to grow the business and expand to new territories," he said.
By Business Times
"We have enjoyed more than 50 per cent sales before the release. We are certain that once the sales gallery is up in July, there will be more coming in," Nadayu chairman Hamidon Abdullah said.
Hamidon said yesterday after Nadayu's shareholders meeting that the company is expecting to do better in the current fiscal year ending December 31 2012.
Nadayu has RM280 million in unbilled sales, which will be recognised throughout this year, he said.
It also has on-going projects worth about RM1.7 billion, being launched in phases.
For fiscal 2011, Nadayu posted a pre-tax profit of RM26.7 million on revenues of RM175.8 million.
"Today is not just about selling the product and getting purchasers on the table. You have to cross another hurdle which is end financing. This has made the market more difficult," Hamidon said.
"The real truth in a company is what you have done before. It is your track record that will give you the edge. Our priority is a satisfied customer, so we get recurring purchasers," he added.
Hamidon said the company is looking to increase its landbank, from its current size of 362ha.
The current land size, mainly in the Klang Valley and Penang, is expected to generate a gross development value exceeding RM5 billion over the next 10 years.
"We will look at all opportunities to grow the business and expand to new territories," he said.
By Business Times
Mulpha Land: Boutique projects on drawing board
PETALING JAYA: Mulpha Land Bhd, which has four on-going projects with gross development value (GDV) of RM800 million, plans to add more developments in the short term.
Executive director Ghazie Yeoh Abdullah said Mulpha Land will be busy for the next five years, launching boutique developments and expanding into new horizons.
"We have to look at where we want to be in the next three years, and five years. We are opening up into different sectors, and moving into high-growth areas," Ghazie told Business Times in an interview.
Ghazie said part of the bigger plan for the company is to acquire land in Kuala Lumpur, Selangor and in the northern states, as well as undertake property development projects on privatisation basis and joint ventures.
He added that the key is to buy sizeable land that can generate huge GDV and good returns.
"We want to grow our GDV to previous records. We plan to stick to bite-size products as the market seem to be acquiring that. We are expanding our market reach to foreign property buyers," Ghazie said.
He added that Mulpha Land's vision is in line with its parent, Mulpha International Bhd, which is to grow to new heights.
Mulpha International, a diversified conglomerate with shareholder's fund exceeding RM2.9 billion, owns 70.54 per cent of Mulpha Land.
Mulpha Land's existing projects are Bangsar Enclave in Bangsar and Raintree Residence in Ampang, Kuala Lumpur, Bukit Punchor in Penang, and Desa Aman in Kulim, Kedah.
The company has in its pocket, undeveloped land of up to 250ha in the central and northern regions, which will be developed over the next five to eight years, Ghazie said.
Ghazie said all existing and new projects by the company will be Green Building Index rated.
He said Mulpha Land is gearing to introduce its next exclusive project, six luxury bungalows in Bukit Tunku, Kuala Lumpur, targeting high networth locals and Arabs.
Ghazie was appointed to the board of Mulpha Land on May 22 2012, to spearhead business development for the company, including land purchase and new product design.
He has been offered by Mulpha International to exercise the option to acquire 30 million ordinary shares of RM0.10 each in Mulpha Land at a price of RM1.16 per share.
If successful, this means Ghazie will hold 32 per cent of Mulpha Land while Mulpha International will have 38 per cent stake remaining in the property development company.
Mulpha International will receive cash of RM34.8 million if all the call options are exercised.
By Business Times
Executive director Ghazie Yeoh Abdullah said Mulpha Land will be busy for the next five years, launching boutique developments and expanding into new horizons.
"We have to look at where we want to be in the next three years, and five years. We are opening up into different sectors, and moving into high-growth areas," Ghazie told Business Times in an interview.
Ghazie said part of the bigger plan for the company is to acquire land in Kuala Lumpur, Selangor and in the northern states, as well as undertake property development projects on privatisation basis and joint ventures.
He added that the key is to buy sizeable land that can generate huge GDV and good returns.
"We want to grow our GDV to previous records. We plan to stick to bite-size products as the market seem to be acquiring that. We are expanding our market reach to foreign property buyers," Ghazie said.
He added that Mulpha Land's vision is in line with its parent, Mulpha International Bhd, which is to grow to new heights.
Mulpha International, a diversified conglomerate with shareholder's fund exceeding RM2.9 billion, owns 70.54 per cent of Mulpha Land.
Mulpha Land's existing projects are Bangsar Enclave in Bangsar and Raintree Residence in Ampang, Kuala Lumpur, Bukit Punchor in Penang, and Desa Aman in Kulim, Kedah.
The company has in its pocket, undeveloped land of up to 250ha in the central and northern regions, which will be developed over the next five to eight years, Ghazie said.
Ghazie said all existing and new projects by the company will be Green Building Index rated.
He said Mulpha Land is gearing to introduce its next exclusive project, six luxury bungalows in Bukit Tunku, Kuala Lumpur, targeting high networth locals and Arabs.
Ghazie was appointed to the board of Mulpha Land on May 22 2012, to spearhead business development for the company, including land purchase and new product design.
He has been offered by Mulpha International to exercise the option to acquire 30 million ordinary shares of RM0.10 each in Mulpha Land at a price of RM1.16 per share.
If successful, this means Ghazie will hold 32 per cent of Mulpha Land while Mulpha International will have 38 per cent stake remaining in the property development company.
Mulpha International will receive cash of RM34.8 million if all the call options are exercised.
By Business Times
Ivory Properties sees huge jump in revenue next year
GEORGE TOWN:Ivory Properties Group Bhd expects to see a huge jump in its revenue next year amid several projects to be launched in the second half of this year and early 2013.
Its executive director/chief operating officer, Murly Manokharan, said on Tuesday next year would be exciting for Ivory with the Bayan Mutiara development kicking in and also its position as a turnkey builder for the project.
He said Ivory's balance sheet would be strengthened in the second quarter this year following the acquisition of its associate company, Ivory Villas Sdn Bhd, for RM40mil for the remaining 51% stake.
Ivory will be launching five residential projects in the second half of this year and early 2013 with a gross development value (GDV) of over RM800mil. Among the projects are the phase three and four Penang Times Square in Jalan Dato' Keramat with a GDV of RM300 million.
At a press conference after the group's AGM, Murly said the first phase of residential development in Bayan Mutiara would be launched year-end or the first quarter of next year with a gross development value of between RM700mil and RM800mil.
Other developments include the Island Resort bungalow project in Batu Ferringhi with 22 exclusive units ranging from 5,000 sq ft to 8,000 sq ft at a GDV value of between RM20 million and RM25 million to be launched year-end.
By Bernama
Its executive director/chief operating officer, Murly Manokharan, said on Tuesday next year would be exciting for Ivory with the Bayan Mutiara development kicking in and also its position as a turnkey builder for the project.
He said Ivory's balance sheet would be strengthened in the second quarter this year following the acquisition of its associate company, Ivory Villas Sdn Bhd, for RM40mil for the remaining 51% stake.
Ivory will be launching five residential projects in the second half of this year and early 2013 with a gross development value (GDV) of over RM800mil. Among the projects are the phase three and four Penang Times Square in Jalan Dato' Keramat with a GDV of RM300 million.
At a press conference after the group's AGM, Murly said the first phase of residential development in Bayan Mutiara would be launched year-end or the first quarter of next year with a gross development value of between RM700mil and RM800mil.
Other developments include the Island Resort bungalow project in Batu Ferringhi with 22 exclusive units ranging from 5,000 sq ft to 8,000 sq ft at a GDV value of between RM20 million and RM25 million to be launched year-end.
By Bernama
Asas Dunia to launch properties worth RM300mil in Seberang Prai
GEORGE TOWN: Asas Dunia Bhd is launching 1,356 units of landed properties worth approximately RM300mil in gross development value in Seberang Prai from now until the end of 2013, due to the growing interest to invest in properties in Seberang Prai.
The properties comprise largely single- and double-storey properties, priced between RM200,000 to RM600,000.
“We are launching more properties because on top of the trend to buy properties to stay in Seberang Prai, we are also seeing more people buying properties on the mainland for investment.
“They are gradually realising the investment potential of properties in Seberang Prai, as the second bridge is scheduled to be completed soon, and more investments are coming into the industrial park of south Seberang Prai.
“The state government will probably need to expand the Penang Science Park in Bukit Minyak and the industrial estate in Batu Kawan, as there are more small and medium enterprises from Singapore coming into the country,” group managing director Datuk Jerry Chan said after the company's AGM.
As a result of the demand for properties in Seberang Prai, the price for a double-storey semi-detached house in Bukit Mertajam, for example, has increased to RM1mil from about RM500,000 three years ago.
The price of a double-storey terraced house in Bukit Mertajam town is now about RM450,000, approximately 70% higher than the price three years ago.
“But the RM1mil price for a semi-detached house in Bukit Mertajam is still more attractive than that of a semi-detached property on the island, which is priced between RM2.5mil to RM3.5mil.
“The price of a vacant land per sq ft is between RM20 to RM50 per sq ft, double of what it was two years ago, depending on the location,” he said. For the first quarter ended March 31 2012, the group posted pre-tax profit of RM12mil on the back of RM36.4mil revenue, compared with RM8.6mil and RM29.8mil achieved in the corresponding period the previous year.
By The Star
The properties comprise largely single- and double-storey properties, priced between RM200,000 to RM600,000.
“We are launching more properties because on top of the trend to buy properties to stay in Seberang Prai, we are also seeing more people buying properties on the mainland for investment.
“They are gradually realising the investment potential of properties in Seberang Prai, as the second bridge is scheduled to be completed soon, and more investments are coming into the industrial park of south Seberang Prai.
“The state government will probably need to expand the Penang Science Park in Bukit Minyak and the industrial estate in Batu Kawan, as there are more small and medium enterprises from Singapore coming into the country,” group managing director Datuk Jerry Chan said after the company's AGM.
As a result of the demand for properties in Seberang Prai, the price for a double-storey semi-detached house in Bukit Mertajam, for example, has increased to RM1mil from about RM500,000 three years ago.
The price of a double-storey terraced house in Bukit Mertajam town is now about RM450,000, approximately 70% higher than the price three years ago.
“But the RM1mil price for a semi-detached house in Bukit Mertajam is still more attractive than that of a semi-detached property on the island, which is priced between RM2.5mil to RM3.5mil.
“The price of a vacant land per sq ft is between RM20 to RM50 per sq ft, double of what it was two years ago, depending on the location,” he said. For the first quarter ended March 31 2012, the group posted pre-tax profit of RM12mil on the back of RM36.4mil revenue, compared with RM8.6mil and RM29.8mil achieved in the corresponding period the previous year.
By The Star
'Private villas part of strategy to capture luxury mart'
KUALA LUMPUR: The Pulai Desaru Beach Resort & Spa in Johor plans to build several units of private villas to capture the luxury market.
The resort sits on a 10.5ha site, of which only a fifth has been utilised.
"We are in the midst of planning an expansion in the resort. We are looking at villas with private swimming pools," its general manager Azmi Sharuddin said.
The villas, which are aimed at capturing luxury holidaymakers, are expected to be ready in about two years.
"We have not decided if we want to sell the villas or if we will own and operate them," Azmi said.
The move will be strategic as the Pulai Desaru is located directly next to Khazanah Nasional Bhd's Desaru Coast development.
Khazanah, through Destination Resorts and Themed Attractions & Resorts, is building a 1,780ha integrated luxury destination with the first phase targeted for completion in 2014.
Meanwhile, not far away, Themed Attractions is building two themes parks, namely Ocean Quest and Ocean Splash.
Once completed, these projects are expected to make Desaru vibrant and attract more visitors. With that, Pulai Desaru wants to capitalise on the anticipated increase in tourists arrivals there.
Pulai Desaru's history can be traced when it was built by Japan-based construction company Fujiko Cio Ltd. It was then named Desaru Perdana Beach Resort. The hotel was bought over by Datuk Chua Jui Leng in 2004 and renamed Pulai Desaru Beach Resort & Spa.
This resort is part of the listed Pulai Springs Bhd, which also operates the Pulai Springs Resort in Johor.
The listed entity is now controlled by the Mah family from Penang.
By Business Times
The resort sits on a 10.5ha site, of which only a fifth has been utilised.
"We are in the midst of planning an expansion in the resort. We are looking at villas with private swimming pools," its general manager Azmi Sharuddin said.
The villas, which are aimed at capturing luxury holidaymakers, are expected to be ready in about two years.
"We have not decided if we want to sell the villas or if we will own and operate them," Azmi said.
The move will be strategic as the Pulai Desaru is located directly next to Khazanah Nasional Bhd's Desaru Coast development.
Khazanah, through Destination Resorts and Themed Attractions & Resorts, is building a 1,780ha integrated luxury destination with the first phase targeted for completion in 2014.
Meanwhile, not far away, Themed Attractions is building two themes parks, namely Ocean Quest and Ocean Splash.
Once completed, these projects are expected to make Desaru vibrant and attract more visitors. With that, Pulai Desaru wants to capitalise on the anticipated increase in tourists arrivals there.
Pulai Desaru's history can be traced when it was built by Japan-based construction company Fujiko Cio Ltd. It was then named Desaru Perdana Beach Resort. The hotel was bought over by Datuk Chua Jui Leng in 2004 and renamed Pulai Desaru Beach Resort & Spa.
This resort is part of the listed Pulai Springs Bhd, which also operates the Pulai Springs Resort in Johor.
The listed entity is now controlled by the Mah family from Penang.
By Business Times
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