By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 12, 2010
The Low family has offered RM305.2 million to take over the business of Asia Pacific Land Bhd (AP Land), a 50-year old property developer, in what is likely to be a prelude to the company being taken private.
AP Land is famous for building some of Kuala Lumpur's main landmarks like the Empire Tower and City Square shopping centre, which sits at the junction of Jalan Tun Razak and Jalan Ampang.
The group's major shareholder is Low Chuan Holdings Sdn Bhd (LCH) with a 37 per cent stake. LCH is owned by Low Gee Tat@Gene Low, Low Gee Teong, Low Gee Soon, Sem Siong Industries Sdn Bhd, Selangor Holdings Sdn Bhd and Low Chuan Securities Sdn Bhd.
LCH is offering 45 sen a share for all of AP Land's assets and liabilities. The stock closed at 41 sen on Monday as trading was suspended yesterday.
Analysts told Business Times that this is an opportunity for LCH to take AP Land private as its market value is way below its net tangible asset of RM700 million.
"Looking at that situation and with not much assets in AP Land's coffers, it is better to privatise the company. AP Land has not garnered much interest from investors," said one analyst.
AP Land, formerly known as Mount Pleasure Holdings Bhd, was founded in 1961 and is involved in property development and investment.
It operates a golf course and college and has an oil palm plantation in East Kalimantan, Indonesia.
Its current projects are myHabitat residences in Kuala Lumpur, Bandar Tasik Puteri township in Rawang, Selangor, and Penang Island Bay Resort.
AP Land has launched a commercial development in Changshu City in China and a residential project in Hokkaido, Japan.
(ENDS)
Wednesday, January 12, 2011
Tuesday, January 11, 2011
Mammoth Empire buyer of Damansara Perdana land
By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 11, 2010
The Mammoth Empire Group was the recent buyer of two pieces of land in Damansara Perdana, Selangor, from MK Land Holdings Bhd.
It is learnt that Datuk Sean Y.T. Ng, founder of the Empire Group, had made the offer via Foster Estate Sdn Bhd.
This is the fourth piece of land the Empire Group is buying from MK Land.
MK Land announced on January 4 that Foster Estate plans to buy two pieces of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million respectively.
According to Mammoth Empire group executive director Danny J.Y.Cheah, Foster Estate aims to set up an integrated property development, comprising commercial and residential towers, and retail.
"There is a lot of synergy in Damansara Perdana. We already have three developments. If we do not buy it, MK Land would sell it to other developers.
"There is a lot of economies of scale for us to do another project in Damansara Perdana," Cheah told Business Times.
The group's current projects in Damansara Perdana includes Empire City, an integrated lifestyle commercial development on a 9.2ha site; Empire Damansara, a mixed development; and Empire Residence.
Empire Residence, a high-end gated and guarded development on 19.2ha of land, is a joint venture with MK Land.
Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.
(ENDS)
sharen@nstp.com.my
Published in NST on January 11, 2010
The Mammoth Empire Group was the recent buyer of two pieces of land in Damansara Perdana, Selangor, from MK Land Holdings Bhd.
It is learnt that Datuk Sean Y.T. Ng, founder of the Empire Group, had made the offer via Foster Estate Sdn Bhd.
This is the fourth piece of land the Empire Group is buying from MK Land.
MK Land announced on January 4 that Foster Estate plans to buy two pieces of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million respectively.
According to Mammoth Empire group executive director Danny J.Y.Cheah, Foster Estate aims to set up an integrated property development, comprising commercial and residential towers, and retail.
"There is a lot of synergy in Damansara Perdana. We already have three developments. If we do not buy it, MK Land would sell it to other developers.
"There is a lot of economies of scale for us to do another project in Damansara Perdana," Cheah told Business Times.
The group's current projects in Damansara Perdana includes Empire City, an integrated lifestyle commercial development on a 9.2ha site; Empire Damansara, a mixed development; and Empire Residence.
Empire Residence, a high-end gated and guarded development on 19.2ha of land, is a joint venture with MK Land.
Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.
(ENDS)
Boustead in talks to buy army base land for RM8b project
By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 10, 2010
Boustead Holdings Bhd (2771) may build mixed commercial and residential properties worth more than RM8 billion on the 98ha Batu Cantonment army base at Jalan Ipoh, Kuala Lumpur.
The group's main shareholder Lembaga Tabung Angkatan Tentera (LTAT), which holds a 59 per cent stake, is in talks with the government to buy the land and is close to sealing the deal.
Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin is hopeful that it will be involved in the land development.
"Hopefully the deal could be secured soon. Everyone is working hard to make it happen. If LTAT can buy the land, we will do a feasibility study to decide on the most viable properties to build," he said.
"It is a good site for a mixed development. It would be the kind of project that one would want to pursue on this prime land," Lodin told Business Times.
He said Boustead may build medium to high-end houses, commercial and residential towers, shophouses, small office/home office and a mall.
The government is selling some of its prized land bank around Kuala Lumpur and the Klang Valley at current market value for redevelopment.
These include the Batu Cantonment land, 24ha at Jalan Cochrane, the 1,320ha Rubber Research Institute land in Sungai Buloh, and smaller parcels at Jalan Stonor, Brickfields, and Bukit Ledang, off Jalan Duta.
It is unclear how much the Batu Cantonment land is worth but according to Previn Singhe, founder and chief executive officer of Zerin Properties, the market value for unconverted land at Jalan Ipoh is now between RM40 and RM80 per sq ft.
Previn said the development will attract foreign investments as it is closely located near the KLCC.
"The shear size of the development offers a lot of promises. Prices of real estate along Jalan Ipoh have always been stable with good movement ... it's not as docile as how one thinks.
"This project will have a positive impact on Jalan Ipoh if done well and if the developer can tap on the commuter line nearby, and the proposed Kepong-Kajang line," Previn said.
The Batu Cantonment army base, which has been there for over 40 years, will be relocated.
In 2002, the Perak state government had earmarked a 680ha site in Batu Gajah for the relocation.
(ENDS)
sharen@nstp.com.my
Published in NST on January 10, 2010
Boustead Holdings Bhd (2771) may build mixed commercial and residential properties worth more than RM8 billion on the 98ha Batu Cantonment army base at Jalan Ipoh, Kuala Lumpur.
The group's main shareholder Lembaga Tabung Angkatan Tentera (LTAT), which holds a 59 per cent stake, is in talks with the government to buy the land and is close to sealing the deal.
Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin is hopeful that it will be involved in the land development.
"Hopefully the deal could be secured soon. Everyone is working hard to make it happen. If LTAT can buy the land, we will do a feasibility study to decide on the most viable properties to build," he said.
"It is a good site for a mixed development. It would be the kind of project that one would want to pursue on this prime land," Lodin told Business Times.
He said Boustead may build medium to high-end houses, commercial and residential towers, shophouses, small office/home office and a mall.
The government is selling some of its prized land bank around Kuala Lumpur and the Klang Valley at current market value for redevelopment.
These include the Batu Cantonment land, 24ha at Jalan Cochrane, the 1,320ha Rubber Research Institute land in Sungai Buloh, and smaller parcels at Jalan Stonor, Brickfields, and Bukit Ledang, off Jalan Duta.
It is unclear how much the Batu Cantonment land is worth but according to Previn Singhe, founder and chief executive officer of Zerin Properties, the market value for unconverted land at Jalan Ipoh is now between RM40 and RM80 per sq ft.
Previn said the development will attract foreign investments as it is closely located near the KLCC.
"The shear size of the development offers a lot of promises. Prices of real estate along Jalan Ipoh have always been stable with good movement ... it's not as docile as how one thinks.
"This project will have a positive impact on Jalan Ipoh if done well and if the developer can tap on the commuter line nearby, and the proposed Kepong-Kajang line," Previn said.
The Batu Cantonment army base, which has been there for over 40 years, will be relocated.
In 2002, the Perak state government had earmarked a 680ha site in Batu Gajah for the relocation.
(ENDS)
Boosting demand for properties
By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 6, 2010
IT WAS a mixed year for the local property sector in 2010.
A few things to note include the implementation of the LRT and MRT systems, the Greater KL Transformation Plans, the New Economic Model, the 10th Malaysia Plan and the Economic Transformation Plan (ETP).
The plans are to pave the way for the country to become a high-income nation, boosting demand for properties in Greater KL, Penang and Johor.
The government also announced plans to open up some of its prized landbank around Kuala Lumpur and the Klang Valley for redevelopment.
Among the government-owned prime land are the 20ha at Jalan Cochrane, some 12ha in Ampang Hilir, and smaller parcels at Jalan Stonor, in Brickfields and Bukit Ledang, off Jalan Duta.
But the crown in the jewel is the redevelopment of the Rubber Research Institute land in Sungai Buloh and the Sungai Besi land, and building of Matrade Centre and the Kuala Lumpur International Financial District (KLIFD)
OSK Research Sdn Bhd head of research Chris Eng said the LRT and MRT projects have added excitement to the market as some homebuyers have begun to speculate which housing areas would benefit from the locations of these stations.
"These projects in the short term will create excitement and attract more capital into the region, thereby potentially boosting or sustaining the values of certain properties," Eng told Business Times.
Malaysia's residential property sector is expected to register the highest sales transactions on record in 2010 of around RM50 billion (2009: RM42 billion).
MIDF senior analyst Syed Muhammed Kifni Syed Kamaruddin said this can be attributed to accommodative home-financing schemes and greater housing demand, especially from upgraders.
"Residential sales transactions are estimated to rise by some 20 per cent annually to breach the RM50 billion mark for the first time in 2010," he said.
Another notable good news is the guaranteed downpayment of 10 per cent for houses below RM220,000 for first-time buyers earning below RM3,000 a month, implying full financing of the value of a property.
Muhammed Kifni said the move will spur demand for affordable housing.
A new scheme where the Employees Provident Fund contributors can withdraw more from their Account 2 savings for their first home will help the market.
The bad news would be the cap on the loans-to-value ratio for third housing mortgages and onwards by Bank Negara Malaysia (BNM) to curb speculation.
Effective November 3 last year, house buyers who have two mortgages and apply for their third loan can only get 70 per cent financing of their house value.
Real Estate and Housing Developers' Association president Datuk Michael Yam had said this will affect the upmarket segment by 20 per cent.
BNM's Overnight Policy Rate (OPR) hike to 2.25 per cent from a record low of 2 per cent in 2010 has softened the market a little.
But Previn Singhe, founder of Zerin Properties, said broad-based landed properties and condominiums in good location will continue to move.
(ENDS)
sharen@nstp.com.my
Published in NST on January 6, 2010
IT WAS a mixed year for the local property sector in 2010.
A few things to note include the implementation of the LRT and MRT systems, the Greater KL Transformation Plans, the New Economic Model, the 10th Malaysia Plan and the Economic Transformation Plan (ETP).
The plans are to pave the way for the country to become a high-income nation, boosting demand for properties in Greater KL, Penang and Johor.
The government also announced plans to open up some of its prized landbank around Kuala Lumpur and the Klang Valley for redevelopment.
Among the government-owned prime land are the 20ha at Jalan Cochrane, some 12ha in Ampang Hilir, and smaller parcels at Jalan Stonor, in Brickfields and Bukit Ledang, off Jalan Duta.
But the crown in the jewel is the redevelopment of the Rubber Research Institute land in Sungai Buloh and the Sungai Besi land, and building of Matrade Centre and the Kuala Lumpur International Financial District (KLIFD)
OSK Research Sdn Bhd head of research Chris Eng said the LRT and MRT projects have added excitement to the market as some homebuyers have begun to speculate which housing areas would benefit from the locations of these stations.
"These projects in the short term will create excitement and attract more capital into the region, thereby potentially boosting or sustaining the values of certain properties," Eng told Business Times.
Malaysia's residential property sector is expected to register the highest sales transactions on record in 2010 of around RM50 billion (2009: RM42 billion).
MIDF senior analyst Syed Muhammed Kifni Syed Kamaruddin said this can be attributed to accommodative home-financing schemes and greater housing demand, especially from upgraders.
"Residential sales transactions are estimated to rise by some 20 per cent annually to breach the RM50 billion mark for the first time in 2010," he said.
Another notable good news is the guaranteed downpayment of 10 per cent for houses below RM220,000 for first-time buyers earning below RM3,000 a month, implying full financing of the value of a property.
Muhammed Kifni said the move will spur demand for affordable housing.
A new scheme where the Employees Provident Fund contributors can withdraw more from their Account 2 savings for their first home will help the market.
The bad news would be the cap on the loans-to-value ratio for third housing mortgages and onwards by Bank Negara Malaysia (BNM) to curb speculation.
Effective November 3 last year, house buyers who have two mortgages and apply for their third loan can only get 70 per cent financing of their house value.
Real Estate and Housing Developers' Association president Datuk Michael Yam had said this will affect the upmarket segment by 20 per cent.
BNM's Overnight Policy Rate (OPR) hike to 2.25 per cent from a record low of 2 per cent in 2010 has softened the market a little.
But Previn Singhe, founder of Zerin Properties, said broad-based landed properties and condominiums in good location will continue to move.
(ENDS)
Wednesday, January 5, 2011
MK Land's sale of two plots raises eyebrows
By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 4 2010
IT WAS a simple land sale but MK Land Holdings Bhd's deal raised eyebrows because the buyer shares the same set of shareholders for another major deal - the RM26 billion bid to take over PLUS Expressways Bhd.
MK Land announced yesterday that little-known Foster Estate Sdn Bhd plans to buy two pieces of land in Damansara Perdana, Selangor, for a combined RM130 million.
According to the Companies Commission of Malaysia, Sumami Kiman and Saharuddin Abdullah hold one share each in the RM2 company.
The two were also the same shareholders of Jelas Ulung Sdn Bhd, which is making the bid to buy PLUS.
Jelas Ulung was also rumoured to be the vehicle for Tan Sri Halim Saad although this was denied by people close to the businessman.
Foster Estate was set up on November 4 2010 and is based in Klang. Its core activity is property investment.
According to MK Land chief operating officer Lau Shu Chuan, proceeds from the land sale will be used to carry out existing projects and new ones over two years.
The deal is due to be completed by the end of this year. In a statement to Bursa Malaysia, MK Land said it had no immediate plan to develop the land.
MK Land is selling two parcels of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million, respectively.
The developer had bought the land in April 2000 for RM5.9 million and RM2.4 million, respectively.
Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.
(ends)
sharen@nstp.com.my
Published in NST on January 4 2010
IT WAS a simple land sale but MK Land Holdings Bhd's deal raised eyebrows because the buyer shares the same set of shareholders for another major deal - the RM26 billion bid to take over PLUS Expressways Bhd.
MK Land announced yesterday that little-known Foster Estate Sdn Bhd plans to buy two pieces of land in Damansara Perdana, Selangor, for a combined RM130 million.
According to the Companies Commission of Malaysia, Sumami Kiman and Saharuddin Abdullah hold one share each in the RM2 company.
The two were also the same shareholders of Jelas Ulung Sdn Bhd, which is making the bid to buy PLUS.
Jelas Ulung was also rumoured to be the vehicle for Tan Sri Halim Saad although this was denied by people close to the businessman.
Foster Estate was set up on November 4 2010 and is based in Klang. Its core activity is property investment.
According to MK Land chief operating officer Lau Shu Chuan, proceeds from the land sale will be used to carry out existing projects and new ones over two years.
The deal is due to be completed by the end of this year. In a statement to Bursa Malaysia, MK Land said it had no immediate plan to develop the land.
MK Land is selling two parcels of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million, respectively.
The developer had bought the land in April 2000 for RM5.9 million and RM2.4 million, respectively.
Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.
(ends)
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