By Sharen Kaur (Published in NST on November 30 2009)
CONSTRUCTION firm Bina Puri Holdings Bhd (5932) is eyeing a contract worth around RM200 million to construct a retail mall and condominium at the Kota Kinabalu City Waterfront (KKCW) in Sabah.
The four-storey mall will feature a waterfront lifestyle, with a "single-spine" concept incorporating high-end retailers, while the condominium will have designer suites.
Bina Puri Construction Sdn Bhd (BPCSB) managing director Datuk Henry Tee Hock Hin said it is negotiating the contract with the developer, Waterfront Urban Development (WUD) Sdn Bhd.
"Talks are still on-going. We are ironing out some details with WUD," Tee told Business Times in an interview in Kota Kinabalu.
The RM500 million KKCW project, with a promenade centred on the culture of al-fresco and fine-dining, is a mixed commercial development comprising the mall and condominium, and a five-star international hotel.
The whole development, which is a joint venture between WUD and the Kota Kinabalu City Hall, is expected to be completed by the first quarter of 2011.
Tee said BPCSB has an existing contract with WUD worth RM30 million to lay the foundation for phase one of the development.
He added that the company is also eyeing another contract to build a mall for around RM100 million in Kuching, Sarawak.
Tee declined to elaborate on the project, but added that BPCSB has a contract worth around RM60 million from the client to lay the foundation for the mall.
Meanwhile, BPCSB is eyeing several projects in Sabah and Sarawak under the Ninth Malaysia Plan. These include hospital projects, roads, highways and private housing.
"For private housing, we are looking mainly at constructing high-end condos for developers. That is our niche area," Tee said.
BPCSB has several on-going projects in Sabah and Sarawak exceeding RM700 million.
It is constructing phases 1 and 2 of Universiti Malaysia Sabah for RM150 million, and low-cost houses for Syarikat Perumahan Negara Bhd worth around RM400 million.
BPCSB also recently completed the construction of the new State Assembly Hall in Kuching for RM300 million.
Monday, November 30, 2009
Sunday, November 29, 2009
Ascott aims to double portfolio here to RM1b
By Sharen Kaur (Published in NST on November 28 2009)
THE Ascott Group Ltd, the hospitality arm of the Temasek Holdings-controlled CapitaLand Ltd, aims to double its asset portfolio in Malaysia to more than RM1 billion by 2013.
Its Malaysian assets are currently worth around RM500 million, said Ascott managing director for Southeast Asia and Australia, Alfred Ong.
They include Ascott Kuala Lumpur, Somerset Seri Bukit Ceylon and Somerset Ampang.
Somerset Ampang comprises a 21-storey serviced residence of 207 units, which will house the HSC Medical Centre in the first eight floors.
The RM160 million project is scheduled to be completed by end-2010.
Ascott also owns and/or manages Somerset Gateway in Kuching, Sarawak.
Under its corporate leasing division, it manages 68 apartment units in Seri Bukit Ceylon Residence and Marc Residence in Kuala Lumpur.
By the third quarter of 2010, it will start to manage 147 units of Tiffini by i-Zen in Mont' Kiara, KL, a development by Ireka Group, which is slated to be completed by first half of 2010.
"We have several other projects in the pipeline in Malaysia. We are in the final stages of negotiation with the respective developers for management contracts," Ong said in an interview with Business Times in
Kuala Lumpur.
"We are looking into new frontiers like Penang and Petaling Jaya and making a stronger presence in Malaysia," he added.
Ascott recently inked a deal with GSB Sentral Sdn Bhd to manage the 21-storey serviced residence tower at 348 Sentral at KL Sentral, a transport hub in Brickfields.
GSB, a joint venture between Malaysian Resources Corp Bhd and Gapurna Sdn Bhd, is developing the energy efficient 348 Sentral for RM1 billion.
348 Sentral will also feature a 33-storey office tower but this will be managed by GSB.
The 348 Sentral project is schedule to be completed by the third quarter of 2012 and Ascott will manage the serviced residence for 15 years from then.
Ong said the serviced residence will strengthen Ascott's leadership position in Malaysia and increase its portfolio to 1,000 apartment units.
"If there is an offer from GSB to manage the office tower, we will consider it. For now, we will focus on getting new jobs in Malaysia," Ong said.
THE Ascott Group Ltd, the hospitality arm of the Temasek Holdings-controlled CapitaLand Ltd, aims to double its asset portfolio in Malaysia to more than RM1 billion by 2013.
Its Malaysian assets are currently worth around RM500 million, said Ascott managing director for Southeast Asia and Australia, Alfred Ong.
They include Ascott Kuala Lumpur, Somerset Seri Bukit Ceylon and Somerset Ampang.
Somerset Ampang comprises a 21-storey serviced residence of 207 units, which will house the HSC Medical Centre in the first eight floors.
The RM160 million project is scheduled to be completed by end-2010.
Ascott also owns and/or manages Somerset Gateway in Kuching, Sarawak.
Under its corporate leasing division, it manages 68 apartment units in Seri Bukit Ceylon Residence and Marc Residence in Kuala Lumpur.
By the third quarter of 2010, it will start to manage 147 units of Tiffini by i-Zen in Mont' Kiara, KL, a development by Ireka Group, which is slated to be completed by first half of 2010.
"We have several other projects in the pipeline in Malaysia. We are in the final stages of negotiation with the respective developers for management contracts," Ong said in an interview with Business Times in
Kuala Lumpur.
"We are looking into new frontiers like Penang and Petaling Jaya and making a stronger presence in Malaysia," he added.
Ascott recently inked a deal with GSB Sentral Sdn Bhd to manage the 21-storey serviced residence tower at 348 Sentral at KL Sentral, a transport hub in Brickfields.
GSB, a joint venture between Malaysian Resources Corp Bhd and Gapurna Sdn Bhd, is developing the energy efficient 348 Sentral for RM1 billion.
348 Sentral will also feature a 33-storey office tower but this will be managed by GSB.
The 348 Sentral project is schedule to be completed by the third quarter of 2012 and Ascott will manage the serviced residence for 15 years from then.
Ong said the serviced residence will strengthen Ascott's leadership position in Malaysia and increase its portfolio to 1,000 apartment units.
"If there is an offer from GSB to manage the office tower, we will consider it. For now, we will focus on getting new jobs in Malaysia," Ong said.
Monday, November 23, 2009
Bina Puri plans RM1.5b resort development
By Sharen Kaur (Published in NST on November 23 2009)
Bina Puri Holdings Bhd (5932) is planning a luxury resort development in Kota Kinabalu that could cost more than RM1.5 billion.
Bina Puri Construction Sdn Bhd (BPCSB) managing director Datuk Henry Tee Hock Hin, who oversees projects in Sabah, Sarawak and Brunei, said the development will feature hotels, resorts, high-end condominiums and villas.
Tee said it would be Bina Puri's first luxury development of such scale.
BPCSB is in talks with local developers and foreign parties, and a joint-venture company will be set up once all parties reach agreement.
"It is too early to say when the project will start, but we are looking at it seriously. What is important is to get the right partners in to build it together.
"We have seen a few parcels of land. BPCSB will ink some deals soon for the project," Tee said.
BPCSB will offer its expertise in design and construction, and assist the local authorities in promoting Sabah tourism, while its partners will provide the funding.
Tee said demand for luxury products in Sabah is set to improve over the next few years in line with the state government's plans to enhance tourism, education and healthcare.
"Besides the tourism project, we will continue to launch and build high-end developments in Sabah as there are fewer players in this segment in the marketplace."
Tee also said that Bina Puri, through BPCSB, will launch Phase 2 of its Jesselton condominium project in Tuaran, Kota Kinabalu, costing some RM50 million.
Phase 1, comprising 133 luxury condominium units worth RM64 million, was sold within a year of its launch at end-2006.
Bina Puri Holdings Bhd (5932) is planning a luxury resort development in Kota Kinabalu that could cost more than RM1.5 billion.
Bina Puri Construction Sdn Bhd (BPCSB) managing director Datuk Henry Tee Hock Hin, who oversees projects in Sabah, Sarawak and Brunei, said the development will feature hotels, resorts, high-end condominiums and villas.
Tee said it would be Bina Puri's first luxury development of such scale.
BPCSB is in talks with local developers and foreign parties, and a joint-venture company will be set up once all parties reach agreement.
"It is too early to say when the project will start, but we are looking at it seriously. What is important is to get the right partners in to build it together.
"We have seen a few parcels of land. BPCSB will ink some deals soon for the project," Tee said.
BPCSB will offer its expertise in design and construction, and assist the local authorities in promoting Sabah tourism, while its partners will provide the funding.
Tee said demand for luxury products in Sabah is set to improve over the next few years in line with the state government's plans to enhance tourism, education and healthcare.
"Besides the tourism project, we will continue to launch and build high-end developments in Sabah as there are fewer players in this segment in the marketplace."
Tee also said that Bina Puri, through BPCSB, will launch Phase 2 of its Jesselton condominium project in Tuaran, Kota Kinabalu, costing some RM50 million.
Phase 1, comprising 133 luxury condominium units worth RM64 million, was sold within a year of its launch at end-2006.
PNB may turn MAS building into 5-star hotel
By Sharen Kaur (Published in NST on November 23 2009)
PERMODALAN Nasional Bhd (PNB) may convert Bangunan MAS into a business or five-star hotel and demolish the multi-level podium next to it to make way for a luxury serviced apartment tower worth a combined RM1 billion.
PNB bought the 35-storey building on Jalan Sultan Ismail from Malaysia Airlines (MAS) three years ago for RM130 million.
The building, the former MAS headquarters, is currently 60-70 per cent tenanted at an average RM3.50 per sq ft.
Its biggest tenants are Jabatan Kebudayaan dan Kesenian Negara and Syarikat Perumahan Negara Bhd, each occupying 10-12 floors.
It is learnt that PNB is finalising details of the building plans and working on getting the necessary approvals from the relevant authorities.
"It would be wise for PNB to build the apartments from scratch instead of the hotel. Once PNB has finalised the details of the plan, it would demolish the podium, maybe around the second half of 2010 to make way for the apartments," sources said.
The podium levels have a huge advantage of large floor plates boasting some 15,000 sq ft to 23,000 sq ft, enabling efficient space allocation for the apartments to generate higher returns.
On Bangunan MAS, PNB will be refurbishing the whole building while retaining the existing structures.
"The hotel will have world-class standards. It would be operated by a third party," a source said
PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman, when met at the launch of the Malaysia 1000 (Malaysia Top Corporate Directory) 4th Edition in Kuala Lumpur recently, told Business Times the redevelopment of Bangunan MAS would take place "soon".
He declined, however, to give details of the plan but said it would feature high-end products.
Meanwhile, the tenants of Bangunan MAS have yet to get any letter from PNB to vacate the building.
"If they want us to vacate, they should give us six months notice so we have time to find a new place," said the official of one company, who declined to be named.
(ends)
PERMODALAN Nasional Bhd (PNB) may convert Bangunan MAS into a business or five-star hotel and demolish the multi-level podium next to it to make way for a luxury serviced apartment tower worth a combined RM1 billion.
PNB bought the 35-storey building on Jalan Sultan Ismail from Malaysia Airlines (MAS) three years ago for RM130 million.
The building, the former MAS headquarters, is currently 60-70 per cent tenanted at an average RM3.50 per sq ft.
Its biggest tenants are Jabatan Kebudayaan dan Kesenian Negara and Syarikat Perumahan Negara Bhd, each occupying 10-12 floors.
It is learnt that PNB is finalising details of the building plans and working on getting the necessary approvals from the relevant authorities.
"It would be wise for PNB to build the apartments from scratch instead of the hotel. Once PNB has finalised the details of the plan, it would demolish the podium, maybe around the second half of 2010 to make way for the apartments," sources said.
The podium levels have a huge advantage of large floor plates boasting some 15,000 sq ft to 23,000 sq ft, enabling efficient space allocation for the apartments to generate higher returns.
On Bangunan MAS, PNB will be refurbishing the whole building while retaining the existing structures.
"The hotel will have world-class standards. It would be operated by a third party," a source said
PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman, when met at the launch of the Malaysia 1000 (Malaysia Top Corporate Directory) 4th Edition in Kuala Lumpur recently, told Business Times the redevelopment of Bangunan MAS would take place "soon".
He declined, however, to give details of the plan but said it would feature high-end products.
Meanwhile, the tenants of Bangunan MAS have yet to get any letter from PNB to vacate the building.
"If they want us to vacate, they should give us six months notice so we have time to find a new place," said the official of one company, who declined to be named.
(ends)
Wednesday, November 18, 2009
TA Global plans to include HK or Singapore listing?
By Sharen Kaur (Published in NST on November 16 2009)
TA GLOBAL Bhd, en route to a listing on the Main Market of Bursa Malaysia, has lined up a series of plans for next year, including a possible dual listing abroad.
It is learnt that shareholders are looking to list the company either in Singapore or Hong Kong, a year after its local debut, to build up the brand internationally.
TA Global is due to list on Bursa Malaysia on the 23rd of this month.
Its parent, TA Enterprise Bhd (TAE), aims to raise RM230 million from the listing. TAE has folded all its property assets into TA Global to "unlock the hidden value".
"TA Global will be taken global. In future, it will have a presence in the US, Asia-Pacific starting with Singapore, and Europe, targeting the UK first. It will develop luxury properties and buy hotels," a source told
Business Times.
At present, TA Global is focused on Malaysia, Australia and Canada.
On the home front, it has lined up some RM7 billion worth of property development projects to be launched over the next two years.
They include Dutamas in Mont'Kiara, U-Thant 28 in Ampang, Seri Suria in Sri Damansara, Nova Square and two 50-storey residences near the Petronas Twin Towers in Kuala Lumpur City Centre.
In Canada, TA Global owns Terasen Centre (a triple A office building) and the four-star Aava Whistler Hotel. In Australia, it owns the five-star Radisson Plaza in Sydney and the Westin Melbourne. It is in the process of buying the Swissotel Merchant Court hotel in Singapore for S$260 million (RM632 million).
The source also said that TA Global was poised to launch a mixed development comprising luxury apartments, office towers and a hotel in Canada in 2010/11.
TA Global director and co-founder and TAE managing director Datin Alicia Tiah confirmed the plans for Canada, but declined to elaborate.
"We are looking at it. We have the landbank ready, but we want to wait for the right time to launch," she told Business Times at TA Global's prospectus launch in Kuala Lumpur in October.
Tiah had said she was looking to build TA Global's hospitality and property investment business by taking it global.
The plan includes buying four- to six-star hotels below market value and raising the company's image.
"It is still a good time to buy as prices are low. Locally, we hope to have a hotel in Penang and Malacca. We may build the hotels on our own or take over existing buildings."
TA Global, with RM2.4 billion of assets, was also eyeing hotels in international gateway cities like London and New York, Tiah said.
TA GLOBAL Bhd, en route to a listing on the Main Market of Bursa Malaysia, has lined up a series of plans for next year, including a possible dual listing abroad.
It is learnt that shareholders are looking to list the company either in Singapore or Hong Kong, a year after its local debut, to build up the brand internationally.
TA Global is due to list on Bursa Malaysia on the 23rd of this month.
Its parent, TA Enterprise Bhd (TAE), aims to raise RM230 million from the listing. TAE has folded all its property assets into TA Global to "unlock the hidden value".
"TA Global will be taken global. In future, it will have a presence in the US, Asia-Pacific starting with Singapore, and Europe, targeting the UK first. It will develop luxury properties and buy hotels," a source told
Business Times.
At present, TA Global is focused on Malaysia, Australia and Canada.
On the home front, it has lined up some RM7 billion worth of property development projects to be launched over the next two years.
They include Dutamas in Mont'Kiara, U-Thant 28 in Ampang, Seri Suria in Sri Damansara, Nova Square and two 50-storey residences near the Petronas Twin Towers in Kuala Lumpur City Centre.
In Canada, TA Global owns Terasen Centre (a triple A office building) and the four-star Aava Whistler Hotel. In Australia, it owns the five-star Radisson Plaza in Sydney and the Westin Melbourne. It is in the process of buying the Swissotel Merchant Court hotel in Singapore for S$260 million (RM632 million).
The source also said that TA Global was poised to launch a mixed development comprising luxury apartments, office towers and a hotel in Canada in 2010/11.
TA Global director and co-founder and TAE managing director Datin Alicia Tiah confirmed the plans for Canada, but declined to elaborate.
"We are looking at it. We have the landbank ready, but we want to wait for the right time to launch," she told Business Times at TA Global's prospectus launch in Kuala Lumpur in October.
Tiah had said she was looking to build TA Global's hospitality and property investment business by taking it global.
The plan includes buying four- to six-star hotels below market value and raising the company's image.
"It is still a good time to buy as prices are low. Locally, we hope to have a hotel in Penang and Malacca. We may build the hotels on our own or take over existing buildings."
TA Global, with RM2.4 billion of assets, was also eyeing hotels in international gateway cities like London and New York, Tiah said.
TA Global lines up RM7b projects over next 2 years
By Sharen Kaur (Published in NST on October 31 2009)
TA GLOBAL Bhd, which will rank as the country's fifth biggest listed property group in terms of market value, has lined up around RM7 billion worth of property development projects locally, to be launched over the next two years.
Director Datin Alicia Tiah said three projects will be launched in the second half of next year. They are Dutamas in Mont' Kiara, U-Thant 28 in Ampang and Seri Suria, a mix development in Sri Damansara.
By 2011, the group plans to launch Nova Square at the junction of Jalan Bukit Bintang and Jalan Imbi, and two 50-storey residences near the Petronas Twin Towers, in Kuala Lumpur.
Nova Square features an office tower, a serviced apartment block, a five-star hotel carrying the Aava brand, and a podium for boutique shops.
Tiah said the development order has been approved for Nova Square and it will be submitting its building plans soon.
"We will take a year to lay the foundation. Construction would take another three years. We are confident of selling the property due to its location. We will, however, retain the hotel, a few apartments and the
podium for recurring income," she added.
Tiah said she expects TA Global to maintain its profits in the current financial year ending January 31 2010 and in 2011. But revenue may dip due to fewer launches.
"We expect higher margins from our overseas investment properties, thanks to foreign exchange gain. Locally, we sold many high margin products and the profits would be recognised over the next few quarters,"
she said.
Last year, TA Global made a net profit of RM92.9 million on a revenue of RM441 million.
"If things go well and we get faster approvals for our projects, TA Global may surpass the RM93 million in fiscal 2011," she said at the launch of TA Global's prospectus in Kuala Lumpur yesterday.
TA Global is due to list on the Main Market of Bursa Malaysia on November 23.
Its parent, TA Enterprise Bhd (TAE) is looking to raise RM230 million from the listing.
Tiah, who is TAE co-founder and managing director, said it will use the proceeds to pare down debt and for working capital to expand its financial services.
TAE folded all its property assets into TA Global to "unlock the hidden value".
The initial public offering entails 460 million ordinary shares of RM0.50 each at an offer price of RM0.50 apiece.
It will offer 360 million shares for private placement to selected Bumiputera institutions and investors, and 90 million shares to Bumiputera citizens, companies, societies, cooperatives and institutions by way of balloting.
Some 10 million shares will be issued to eligible directors and employees of the company.
TAE will retain a 57 per cent stake in TA Global after the listing, while TA Global executive chairman Datuk Tony Tiah Thee Kian will hold 8.1 per cent.
In addition, TA Global, which has total assets valued at RM2.4 billion, will raise RM135 million via a rights issue.
Proceeds from the rights issue will be used to renovate its Aava Whistler Hotel in Canada, acquire more assets and undertake new developments.
TA GLOBAL Bhd, which will rank as the country's fifth biggest listed property group in terms of market value, has lined up around RM7 billion worth of property development projects locally, to be launched over the next two years.
Director Datin Alicia Tiah said three projects will be launched in the second half of next year. They are Dutamas in Mont' Kiara, U-Thant 28 in Ampang and Seri Suria, a mix development in Sri Damansara.
By 2011, the group plans to launch Nova Square at the junction of Jalan Bukit Bintang and Jalan Imbi, and two 50-storey residences near the Petronas Twin Towers, in Kuala Lumpur.
Nova Square features an office tower, a serviced apartment block, a five-star hotel carrying the Aava brand, and a podium for boutique shops.
Tiah said the development order has been approved for Nova Square and it will be submitting its building plans soon.
"We will take a year to lay the foundation. Construction would take another three years. We are confident of selling the property due to its location. We will, however, retain the hotel, a few apartments and the
podium for recurring income," she added.
Tiah said she expects TA Global to maintain its profits in the current financial year ending January 31 2010 and in 2011. But revenue may dip due to fewer launches.
"We expect higher margins from our overseas investment properties, thanks to foreign exchange gain. Locally, we sold many high margin products and the profits would be recognised over the next few quarters,"
she said.
Last year, TA Global made a net profit of RM92.9 million on a revenue of RM441 million.
"If things go well and we get faster approvals for our projects, TA Global may surpass the RM93 million in fiscal 2011," she said at the launch of TA Global's prospectus in Kuala Lumpur yesterday.
TA Global is due to list on the Main Market of Bursa Malaysia on November 23.
Its parent, TA Enterprise Bhd (TAE) is looking to raise RM230 million from the listing.
Tiah, who is TAE co-founder and managing director, said it will use the proceeds to pare down debt and for working capital to expand its financial services.
TAE folded all its property assets into TA Global to "unlock the hidden value".
The initial public offering entails 460 million ordinary shares of RM0.50 each at an offer price of RM0.50 apiece.
It will offer 360 million shares for private placement to selected Bumiputera institutions and investors, and 90 million shares to Bumiputera citizens, companies, societies, cooperatives and institutions by way of balloting.
Some 10 million shares will be issued to eligible directors and employees of the company.
TAE will retain a 57 per cent stake in TA Global after the listing, while TA Global executive chairman Datuk Tony Tiah Thee Kian will hold 8.1 per cent.
In addition, TA Global, which has total assets valued at RM2.4 billion, will raise RM135 million via a rights issue.
Proceeds from the rights issue will be used to renovate its Aava Whistler Hotel in Canada, acquire more assets and undertake new developments.
YTL Land in talks on Penang Island project
By Sharen Kaur (Published in NST on November 7 2009)
YTL Land & Development Bhd, the property arm of YTL Corp Bhd, said it will continue to launch new projects next year but will pace them out to match market demand to maintain its profitability.
Executive director Datuk Yeoh Seok Kian said it is also planning a new project in Penang.
"We are looking at a building on the island. We are in talks with the state government to see what we can do with the property. Penang Island is an exciting place. We believe there is potential to grow in terms of hotel
operation," Yeoh said in an interview with Business Times recently in Kuala Lumpur.
YTL Land has a landbank of more than 800ha, with estimated sales value of RM12 billion.
Among its largest projects at present is Sentul, Kuala Lumpur, the innovative 120ha residential and commercial development and Malaysia's first private gated park.
The Sentul development, comprising Sentul East and Sentul West, is expected to generate an estimated RM8 billion in sales over the next seven years.
The 36ha Pantai Hillpark development, which was first launched in 1991, is set to be completed within the next four years.
The last phase of the development is Pantai Peak, the RM500-million project, featuring a 16ha gated community. It will offer 233 units of luxury three-storey hillside semi-detached homes and bungalows with a
variety of layouts and design options.
YTL also has more than 400ha of land in northern Perak.
"We had planned to build housing and a university on the land but things did not materialise. We have no plans yet to develop the land. It would take a few more years before we embark on anything," Yeoh said.
On the company's performance, Yeoh said there will be an improvement in the current financial year ending June 30 2010, thanks to the sales of higher margin products at Lake Edge, Puchong, and Sentul.
Last year, YTL Land made a net profit of RM3.3 million on revenue of RM279 million .
YTL Land & Development Bhd, the property arm of YTL Corp Bhd, said it will continue to launch new projects next year but will pace them out to match market demand to maintain its profitability.
Executive director Datuk Yeoh Seok Kian said it is also planning a new project in Penang.
"We are looking at a building on the island. We are in talks with the state government to see what we can do with the property. Penang Island is an exciting place. We believe there is potential to grow in terms of hotel
operation," Yeoh said in an interview with Business Times recently in Kuala Lumpur.
YTL Land has a landbank of more than 800ha, with estimated sales value of RM12 billion.
Among its largest projects at present is Sentul, Kuala Lumpur, the innovative 120ha residential and commercial development and Malaysia's first private gated park.
The Sentul development, comprising Sentul East and Sentul West, is expected to generate an estimated RM8 billion in sales over the next seven years.
The 36ha Pantai Hillpark development, which was first launched in 1991, is set to be completed within the next four years.
The last phase of the development is Pantai Peak, the RM500-million project, featuring a 16ha gated community. It will offer 233 units of luxury three-storey hillside semi-detached homes and bungalows with a
variety of layouts and design options.
YTL also has more than 400ha of land in northern Perak.
"We had planned to build housing and a university on the land but things did not materialise. We have no plans yet to develop the land. It would take a few more years before we embark on anything," Yeoh said.
On the company's performance, Yeoh said there will be an improvement in the current financial year ending June 30 2010, thanks to the sales of higher margin products at Lake Edge, Puchong, and Sentul.
Last year, YTL Land made a net profit of RM3.3 million on revenue of RM279 million .
Thursday, November 12, 2009
MRCB: RM6b new projects at KL Sentral in the pipeline
By Sharen Kaur (Published in NST, Nov 12 2009)
MALAYSIAN Resources Corp Bhd (MRCB) has new projects worth some RM6 billion to launch at Kuala Lumpur Sentral (KL Sentral), the integrated transport hub in Brickfields, before the end of the development in 2015/ 2016.
Group managing director Shahril Ridza Ridzuan said MRCB, one of the country's biggest office space providers, will launch three million sq ft of space next year.
These would include room for two luxury serviced apartment towers, an office building, and the 6-star 200-room St Regis Hotel.
Shahril said the construction for St Regis will start by mid-2010, followed by the office building.
He said the two serviced apartments towers, worth almost RM900 million, will be launched towards the end of next year.
"We have land fronting Jalan Tun Sambanthan, which we are reserving for the final phase of the KL Sentral development. We are in the midst of deciding what we want to build on the land. A decision would be made around 2012," Shahril said in an interview with Business Times in Kuala Lumpur recently.
Currently, there are RM7 billion worth of on-going projects at KL Sentral, which would be completed between 2011 and 2012.
These includes Nu Sentral Mall, a business class hotel, three office towers, an office block for CIMB Investment Group, the KL Sentral park featuring low-rise high-end offices, and 348 Sentral, comprising a 33-storey office tower and 21-storey serviced residence.
Shahril said MRCB is in talks with international operators to manage the business class hotel.
On the three office towers, Shahril said one building with 27 floors will be taken up by Pelaburan Hartanah Bhd.
The two remaining towers will have Korean interest. They will provide capital under the Daol Trust & Fund Co Ltd (Daol Fund), he said. Daol Fund is Korea's first specialised real estate fund investment and management company.
"The structure will be similar to a real estate investment trust (REIT) where the Koreans will invests in the towers, and we would manage it for them for a few years."
On replicating KL Sentral, Shahril said while it would be difficult to do that in Kuala Lumpur due to scarcity of land, there is no doubt the development would be taken international.
He said MRCB is in talks with potential parties to replicate KL Sentral in the Middle East and Asia Pacific, including in China and India.
MALAYSIAN Resources Corp Bhd (MRCB) has new projects worth some RM6 billion to launch at Kuala Lumpur Sentral (KL Sentral), the integrated transport hub in Brickfields, before the end of the development in 2015/ 2016.
Group managing director Shahril Ridza Ridzuan said MRCB, one of the country's biggest office space providers, will launch three million sq ft of space next year.
These would include room for two luxury serviced apartment towers, an office building, and the 6-star 200-room St Regis Hotel.
Shahril said the construction for St Regis will start by mid-2010, followed by the office building.
He said the two serviced apartments towers, worth almost RM900 million, will be launched towards the end of next year.
"We have land fronting Jalan Tun Sambanthan, which we are reserving for the final phase of the KL Sentral development. We are in the midst of deciding what we want to build on the land. A decision would be made around 2012," Shahril said in an interview with Business Times in Kuala Lumpur recently.
Currently, there are RM7 billion worth of on-going projects at KL Sentral, which would be completed between 2011 and 2012.
These includes Nu Sentral Mall, a business class hotel, three office towers, an office block for CIMB Investment Group, the KL Sentral park featuring low-rise high-end offices, and 348 Sentral, comprising a 33-storey office tower and 21-storey serviced residence.
Shahril said MRCB is in talks with international operators to manage the business class hotel.
On the three office towers, Shahril said one building with 27 floors will be taken up by Pelaburan Hartanah Bhd.
The two remaining towers will have Korean interest. They will provide capital under the Daol Trust & Fund Co Ltd (Daol Fund), he said. Daol Fund is Korea's first specialised real estate fund investment and management company.
"The structure will be similar to a real estate investment trust (REIT) where the Koreans will invests in the towers, and we would manage it for them for a few years."
On replicating KL Sentral, Shahril said while it would be difficult to do that in Kuala Lumpur due to scarcity of land, there is no doubt the development would be taken international.
He said MRCB is in talks with potential parties to replicate KL Sentral in the Middle East and Asia Pacific, including in China and India.
MRCB mega project on drawing board
Malaysian Resources Corp Bhd (MRCB) (1651) plans to undertake its biggest development project ever in the Klang Valley by as early as next year.
The planned project is expected to dwarf MRCB's flagship Kuala Lumpur Sentral (KL Sentral) transport hub in Brickfields.
Group managing director Shahril Ridza Ridzuan said MRCB will use part of the RM566 million raised from a rights issue to buy land for the development.
"We are planning the next big thing after KL Sentral. It would be something more exciting and bigger than any of our existing projects," Shahril said.
KL Sentral is due to complete by 2015/2016.
"We are looking at a few plots of land. Depending on the land size and location, we will decide on the best development to do," Shahril said in an interview with Business Times in Kuala Lumpur recently.
He said the group is also buying land for new commercial and residential projects in 2010.
MRCB, which has RM7 billion worth of construction jobs in hand, has proposed to offer up to 483 million new shares at an issue price of RM1.172 each.
The fund-raising exercise is targeted for completion in the first quarter of next year.
MRCB will use some of the proceeds to fund the RM800 million
Nu Mall project at KL Sentral and expand its environmental engineering and infrastructure business.
For infrastructure development, Shahril said MRCB will bid for the RM7 billion Klang Valley Light Rail Transit (LRT) extension project.
He said tenders for pre-qualification will be out soon.
"We will bid for the project either as a whole package, or in smaller packages. It would depend on what the government wants," Shahril said.
MRCB is also trying to build up its asset portfolio.
It now manages three office towers at KL Sentral and one in Shah Alam. By 2011, it would manage four new towers at KL Sentral, currently under construction.
Shahril ruled out injecting the properties into a real estate investment trust (REIT).
"We are already doing a similar structure and concept as a REIT. We are managing properties for investors for a management fee. We like what we are doing and would build on that," he said.
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