By Sharen Kaur
sharen@nstp.com.my
Published in NST on November 1, 2012
sharen@nstp.com.my
Published in NST on November 1, 2012
GAPURNA Sdn Bhd, a private real-estate company, sees the recent property cooling measures in Hong Kong working in favour of the company.
Group managing director Datuk Mohamad Salim Fateh Din believes the measures introduced by the Hong Kong government would help the company gain more business from multinational corporations (MNCs).
This is because the latest property measures are likely to make some MNCs relocate their businesses because of cost factors.
Hong Kong introduced its third set of measures in two months last week, requiring foreign property buyers to pay 15 per cent tax. There was also a hike in stamp duty for properties sold within three years of purchase.
Mohamad Salim said as a property developer and investor, Gapurna would ride on the opportunities available.
"We design and build custom-made buildings for MNCs and lease it to them for long term. This is our business model and we have been doing it for many years, giving us reasonable recurring income," he said after sealing a deal with Scope International (M) Sdn Bhd yesterday to build a nine-storey block at Technology Park Malaysia in Bukit Jalil.
He said the company is close to inking several agreements with MNCs to occupy the purpose-built office towers at its PJ Sentral Garden City development in Petaling Jaya.
PJ Sentral is a project by Nusa Gapurna Development Sdn Bhd (NGDSB), in which Mohamad Salim and several of his associates have a 60 per cent stake.
The project, which will commence next year, comprises several phases. Under Phase One, NGDSB will construct five purpose-built office towers with an expected gross development value (GDV) of RM2.6 billion.
On Scope International, Mohamad Salim said Gapurna will take 12 months to construct the 450,000 sq ft building via bank borrowings, and lease it to the company for 14-years.
Scope International, also known as Global Shared Services Centre, is a subsidiary of Standard Chartered Bank plc.
Gapurna is currently constructing a 38-storey building at the KL Sentral transport hub in Brickfields, Kuala Lumpur, for Shell People Services Asia Sdn Bhd.
Shell will move into the building, which has a GDV of RM1.1 billion, next year, under a 15-year lease.
"We sign long-term lease with MNCs to help us recoup our investments. We are achieving good yield for all our properties at a range of 5.5 per cent to 6.5 per cent, and we are comfortable with that," said Gapurna director Imran Salim.
Meanwhile, Mohamad Salim, who is also the major shareholder of NGDSB, says talks are still ongoing for the company to take a stake in Malaysian Resources Corp Bhd (MRCB), a property and infrastructure group. "We hope to make an announcement on this soon," he said.
NDGSB is 60 per cent controlled by Mohamad Salim and his associates, and 40 per cent by the Employees Provident Fund, which holds a 42.2 per cent stake in MRCB, the developer of KL Sentral, an integrated transport hub with a gross development value of over RM8 billion.
Group managing director Datuk Mohamad Salim Fateh Din believes the measures introduced by the Hong Kong government would help the company gain more business from multinational corporations (MNCs).
This is because the latest property measures are likely to make some MNCs relocate their businesses because of cost factors.
Hong Kong introduced its third set of measures in two months last week, requiring foreign property buyers to pay 15 per cent tax. There was also a hike in stamp duty for properties sold within three years of purchase.
"We design and build custom-made buildings for MNCs and lease it to them for long term. This is our business model and we have been doing it for many years, giving us reasonable recurring income," he said after sealing a deal with Scope International (M) Sdn Bhd yesterday to build a nine-storey block at Technology Park Malaysia in Bukit Jalil.
He said the company is close to inking several agreements with MNCs to occupy the purpose-built office towers at its PJ Sentral Garden City development in Petaling Jaya.
PJ Sentral is a project by Nusa Gapurna Development Sdn Bhd (NGDSB), in which Mohamad Salim and several of his associates have a 60 per cent stake.
The project, which will commence next year, comprises several phases. Under Phase One, NGDSB will construct five purpose-built office towers with an expected gross development value (GDV) of RM2.6 billion.
On Scope International, Mohamad Salim said Gapurna will take 12 months to construct the 450,000 sq ft building via bank borrowings, and lease it to the company for 14-years.
Scope International, also known as Global Shared Services Centre, is a subsidiary of Standard Chartered Bank plc.
Gapurna is currently constructing a 38-storey building at the KL Sentral transport hub in Brickfields, Kuala Lumpur, for Shell People Services Asia Sdn Bhd.
Shell will move into the building, which has a GDV of RM1.1 billion, next year, under a 15-year lease.
"We sign long-term lease with MNCs to help us recoup our investments. We are achieving good yield for all our properties at a range of 5.5 per cent to 6.5 per cent, and we are comfortable with that," said Gapurna director Imran Salim.
Meanwhile, Mohamad Salim, who is also the major shareholder of NGDSB, says talks are still ongoing for the company to take a stake in Malaysian Resources Corp Bhd (MRCB), a property and infrastructure group. "We hope to make an announcement on this soon," he said.
NDGSB is 60 per cent controlled by Mohamad Salim and his associates, and 40 per cent by the Employees Provident Fund, which holds a 42.2 per cent stake in MRCB, the developer of KL Sentral, an integrated transport hub with a gross development value of over RM8 billion.
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