By Sharen Kaur (Published in NST on Dec 28 2009)
PROPERTY developer YNH Holdings Bhd (3158) may revise the proposal to build a 45-storey Grade A office building in Jalan Sultan Ismail, Kuala Lumpur, after Kuwait Finance House (M) Bhd (KFHMB) aborted plans to buy part of the property.
The proposed YNH Tower was to have featured two wings on a luxury three-level retail podium. The development would take up 1.2ha next to the Shangri-La Hotel.
Changes to the original plan may be made after KFHMB decided against buying one of the wings for RM926 million.
YNH's head of corporate services, Daniel Chan, said it has received more than five offers from investors in Malaysia, Europe, Singapore and Hong Kong since the KFHMB deal was aborted. They include property and pension funds, private equity and real estate investment trusts, which want to buy the whole block.
"If they offer us a good price, we will sell them the whole block. Otherwise, we are in no hurry to sell. We aim to sell the first wing for more than RM926 million, and the second wing for around RM1.2 billion," Chan told Business Times.
Tuesday, December 29, 2009
Dijaya plans RM1.8b property launches
By Sharen Kaur (Published in NST on June 26 2009)
DEVELOPER Dijaya Corp Bhd (5401) will launch properties worth RM1.8 billion in fiscal 2010 to expand and sustain earnings.
Managing director Datuk Tong Kien Onn told Business Times after the company's shareholders meeting yesterday that it expects its net profit and revenue to improve slightly this year despite a weak market.
Tong said Dijaya achieved RM153 million in sales in the first half of 2009 and is expecting RM100 million more in the second half.
But profit will be hit due to higher land and construction costs. The company is projecting a net profit margin of 15 to 18 per cent this year versus 25 per cent before.
For the year to December 31 2008, Dijaya posted a net profit of RM34.4 million on revenue of RM244.1 million.
In the first quarter of 2010, Dijaya will unveil Tropicana Grande, the last residential development at its award-winning 250ha Tropicana Golf & Country Resort in Petaling Jaya.
It plans to offer 300 units of high-end condominiums for about RM2 million each.
In the second or third quarter, Dijaya will launch three projects that will include Tropicana Avenue in Petaling Jaya, which will feature eight- and 10-storey office blocks including two floors for retail.
In Balakong, Kajang, Dijaya will launch a RM380 million resort development comprising apartments, and two- and three-storey semi-detached and link houses.
In Sungai Long, Cheras, it will launch a RM200 million housing project that will have semi-detached and double-storey link houses, and low-cost apartments.
By the end of 2010, Dijaya will introduce Pool Villas in Tropicana, offering semi-detached houses worth an average of RM2.8 million each, or a combined RM160 million.
Finally, it plans to launch twin-tower offices blocks in Tropicana for more than RM150 million.
Dijaya will sell one block and retain the other to build its investment portfolio for recurring income.
Currently, Dijaya's portfolio includes the 12-storey Tropicana City office tower and newly-opened Tropicana City Mall in Damansara.
DEVELOPER Dijaya Corp Bhd (5401) will launch properties worth RM1.8 billion in fiscal 2010 to expand and sustain earnings.
Managing director Datuk Tong Kien Onn told Business Times after the company's shareholders meeting yesterday that it expects its net profit and revenue to improve slightly this year despite a weak market.
Tong said Dijaya achieved RM153 million in sales in the first half of 2009 and is expecting RM100 million more in the second half.
But profit will be hit due to higher land and construction costs. The company is projecting a net profit margin of 15 to 18 per cent this year versus 25 per cent before.
For the year to December 31 2008, Dijaya posted a net profit of RM34.4 million on revenue of RM244.1 million.
In the first quarter of 2010, Dijaya will unveil Tropicana Grande, the last residential development at its award-winning 250ha Tropicana Golf & Country Resort in Petaling Jaya.
It plans to offer 300 units of high-end condominiums for about RM2 million each.
In the second or third quarter, Dijaya will launch three projects that will include Tropicana Avenue in Petaling Jaya, which will feature eight- and 10-storey office blocks including two floors for retail.
In Balakong, Kajang, Dijaya will launch a RM380 million resort development comprising apartments, and two- and three-storey semi-detached and link houses.
In Sungai Long, Cheras, it will launch a RM200 million housing project that will have semi-detached and double-storey link houses, and low-cost apartments.
By the end of 2010, Dijaya will introduce Pool Villas in Tropicana, offering semi-detached houses worth an average of RM2.8 million each, or a combined RM160 million.
Finally, it plans to launch twin-tower offices blocks in Tropicana for more than RM150 million.
Dijaya will sell one block and retain the other to build its investment portfolio for recurring income.
Currently, Dijaya's portfolio includes the 12-storey Tropicana City office tower and newly-opened Tropicana City Mall in Damansara.
Monday, December 28, 2009
Bali hotels expect to do better in 2010
By Sharen Kaur (Published in NST on December 28 2009)
THE Bali Hotels Association (BHA) expects the outlook for Bali next year to be positive as airlines increase their weekly flights to the island.
Chairman Robert Lagerwey said airlines such as KLM and Garuda are making more flights to Bali.
Thus, he expects revenue and room occupancy for hoteliers next year to grow 5-8 per cent.
BHA has 100 member hotels, majority of which are 4- and 5-star properties.
Lagerwey said arrivals in Bali have been strong despite the economic downturn, strongly supported by markets such as Malaysia.
Hotel operators and owners in Bali have been agile, adapting to the changing circumstances to sustain their performance.
"While 2009 was probably not our best year in Bali, some hotels were able to increase occupancy over their prior year.
"Many hotels had a relatively flat performance over 2008, which in itself is a good indicator how fortunate we have been in our markets. They expect to do better next year," he told Business Times.
Lagerwey expects more arrivals from Europe, Russia, Middle East and the US towards the second half of 2010.
"The bottom line is, in Bali there are unique products to sell with great hospitality offerings in a very wide range, all at a stone's throw distance from Singapore, Malaysia, Australia, Hong Kong, Japan and Thailand," he said.
BHA has embarked on a destination marketing programme called "Bali is My Life" by producing a movie cum documentary on all aspects of Bali for distribution worldwide.
"The movie will be National Geographic standard and will help us in promoting our island," he said.
THE Bali Hotels Association (BHA) expects the outlook for Bali next year to be positive as airlines increase their weekly flights to the island.
Chairman Robert Lagerwey said airlines such as KLM and Garuda are making more flights to Bali.
Thus, he expects revenue and room occupancy for hoteliers next year to grow 5-8 per cent.
BHA has 100 member hotels, majority of which are 4- and 5-star properties.
Lagerwey said arrivals in Bali have been strong despite the economic downturn, strongly supported by markets such as Malaysia.
Hotel operators and owners in Bali have been agile, adapting to the changing circumstances to sustain their performance.
"While 2009 was probably not our best year in Bali, some hotels were able to increase occupancy over their prior year.
"Many hotels had a relatively flat performance over 2008, which in itself is a good indicator how fortunate we have been in our markets. They expect to do better next year," he told Business Times.
Lagerwey expects more arrivals from Europe, Russia, Middle East and the US towards the second half of 2010.
"The bottom line is, in Bali there are unique products to sell with great hospitality offerings in a very wide range, all at a stone's throw distance from Singapore, Malaysia, Australia, Hong Kong, Japan and Thailand," he said.
BHA has embarked on a destination marketing programme called "Bali is My Life" by producing a movie cum documentary on all aspects of Bali for distribution worldwide.
"The movie will be National Geographic standard and will help us in promoting our island," he said.
RM6m refurbishment, rebranding for Mint Hotel
By Sharen Kaur (Pubished in NST on December 28 2009)
The three-star Mint Hotel along the Kuala Lumpur-Seremban highway will undergo a RM6 million refurbishment and rebranding programme and re-open by the first half of next year.
Property tycoon Tan Sri Lee Kim Yew, the owner of Mint Hotel, said he is now drafting a business plan to turn the hotel around, which had ceased operations since February 2005.
This follows the conclusion of Lee's acquisition of Mint Hotel from Ambank (M) Bhd for RM45 million, which Lee said was not voluntary.
A sales and purchase agreement was signed with the liquidator, Ernst & Young, in June this year, via his privately-held firm Lambang Raya Sdn Bhd.
"The hotel is not worth that much now. I am a victim. If i don't buy it, the bank will sue me. I will end up in a legal suit. I am caught because of the undertaking I had with the bank a few years ago," Lee, who is also the founder and executive chairman of Country Heights Holdings Bhd, told Business Times.
Property valuers have estimated Mint Hotel to be worth some RM23 million.
Ambank declined to comment.
The issue started when Jennico Associates Sdn Bhd, which is 50 per cent owned by Lee through Lambang Raya, was liquidated by a creditor in January 2000.
At that point, Jennico had already defaulted on a term loan of RM47 million granted by AmFinance Bhd in 1995, under the stewardship of Datuk Major (R) Zulkifli Abdul Mokti and KifliMokti Sdn Bhd, who owns the balance 50 per cent of the company.
Mint Hotel was then auctioned by Ernst & Young in 2005 and this attracted many bidders, including Lee, Lotus Family Group and Majestic Hotel.
They were keen to buy the 413-room hotel as it overlooks the Selangor Turf Club race course and is close to the Mines Exhibition Centre, Mines Wonderland, the Mines shopping mall and a golf course.
Business Times reported in August 2006 that Lotus won the bid to buy the hotel.
But a tussle broke as Lee claimed he was the rightful owner of the property.
According to Lee, he had submitted a bid for RM55 million for the hotel in October 2005 after being advised by AmBank, and a 5 per cent, or RM2.75 million, deposit was made to Ernst & Young.
Lee said his bid was based on a letter of undertaking he signed with Ambank in October 1995 stating that he will buy the hotel for RM55 million in the event of default of a loan taken by Jennico.
The three-star Mint Hotel along the Kuala Lumpur-Seremban highway will undergo a RM6 million refurbishment and rebranding programme and re-open by the first half of next year.
Property tycoon Tan Sri Lee Kim Yew, the owner of Mint Hotel, said he is now drafting a business plan to turn the hotel around, which had ceased operations since February 2005.
This follows the conclusion of Lee's acquisition of Mint Hotel from Ambank (M) Bhd for RM45 million, which Lee said was not voluntary.
A sales and purchase agreement was signed with the liquidator, Ernst & Young, in June this year, via his privately-held firm Lambang Raya Sdn Bhd.
"The hotel is not worth that much now. I am a victim. If i don't buy it, the bank will sue me. I will end up in a legal suit. I am caught because of the undertaking I had with the bank a few years ago," Lee, who is also the founder and executive chairman of Country Heights Holdings Bhd, told Business Times.
Property valuers have estimated Mint Hotel to be worth some RM23 million.
Ambank declined to comment.
The issue started when Jennico Associates Sdn Bhd, which is 50 per cent owned by Lee through Lambang Raya, was liquidated by a creditor in January 2000.
At that point, Jennico had already defaulted on a term loan of RM47 million granted by AmFinance Bhd in 1995, under the stewardship of Datuk Major (R) Zulkifli Abdul Mokti and KifliMokti Sdn Bhd, who owns the balance 50 per cent of the company.
Mint Hotel was then auctioned by Ernst & Young in 2005 and this attracted many bidders, including Lee, Lotus Family Group and Majestic Hotel.
They were keen to buy the 413-room hotel as it overlooks the Selangor Turf Club race course and is close to the Mines Exhibition Centre, Mines Wonderland, the Mines shopping mall and a golf course.
Business Times reported in August 2006 that Lotus won the bid to buy the hotel.
But a tussle broke as Lee claimed he was the rightful owner of the property.
According to Lee, he had submitted a bid for RM55 million for the hotel in October 2005 after being advised by AmBank, and a 5 per cent, or RM2.75 million, deposit was made to Ernst & Young.
Lee said his bid was based on a letter of undertaking he signed with Ambank in October 1995 stating that he will buy the hotel for RM55 million in the event of default of a loan taken by Jennico.
Tuesday, December 22, 2009
Current projects to lift Gamuda earnings
By Sharen Kaur (Published in NST on December 18 2009)
MALAYSIA's second-biggest builder Gamuda Bhd (5398) expects its net profit and revenue for the current financial year to improve due to higher contributions from on-going construction works.
Group managing director Datuk Lin Yun Ling said one third of earnings will come from abroad. He expects half of earnings to come from overseas in 2011.
He said Gamuda has RM8 billion of outstanding orders and unbilled sales of RM700 million, which will be recognised in stages.
Unbilled sales would also double in two years as it has several future launches.
"We have enough on our plate to improve our performance," he said after the company's shareholders meeting in Shah Alam, Selangor, yesterday.
Last year, Gamuda made a net profit of RM193.7 million on a revenue of RM2.73 billion.
Its on-going projects are the RM12.5 billion double-tracking project in Malaysia and a development project in Vietnam worth RM2 billion.
It has contracts worth RM4 billion for the Sitra Causeway Bridges in Bahrain and the New Doha International Airport (NDIA) in Qatar.
Lin said the projects are progressing despite the debt crisis in Dubai.
"We are bidding for jobs at home and in the Middle East. We like highway, road, dam, port and airport projects with reasonable returns," he said.
Locally, Gamuda is eyeing the Pahang-Selangor interstate water transfer project, the Hulu Terengganu hydroelectric dam, the new Sepang low-cost carrier terminal and the extension of the Klang Valley Light Rail Transit.
Meanwhile, Lin said the shareholders of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) hope to resolve the sale of its water assets with the Federal government, amicably.
Gamuda and Kumpulan Perangsang Selangor Bhd hold 40 per cent and 30 per cent of Splash respectively. The rest is held by Sweet Water Alliance, controlled by Land & General Bhd founder Tan Sri Wan Azmi Wan Hamzah.
In July, the shareholders had agreed to sell the water-related assets and operations of Splash to the Selangor government for RM2.98 billion.
But the state aborted plans to buy all of Selangor's water assets for RM9.2 billion due to disagreements with the other concessionaire Puncak Niaga (M) Sdn Bhd.
The Federal government has stepped in and will announce its offer price for Selangor's water assets, via Pengurusan Aset Air Bhd, this month.
"The issue now is on pricing. There must be a win-win situation for the buyer and seller," Lin said.
He said the new offer should consider the RM1.5 billion invested by Gamuda so far and the potential income over the remaining 20 years of the concession.
"If the buyer feels he can tear the existing agreement, the matter will not be resolved," Lin said.
MALAYSIA's second-biggest builder Gamuda Bhd (5398) expects its net profit and revenue for the current financial year to improve due to higher contributions from on-going construction works.
Group managing director Datuk Lin Yun Ling said one third of earnings will come from abroad. He expects half of earnings to come from overseas in 2011.
He said Gamuda has RM8 billion of outstanding orders and unbilled sales of RM700 million, which will be recognised in stages.
Unbilled sales would also double in two years as it has several future launches.
"We have enough on our plate to improve our performance," he said after the company's shareholders meeting in Shah Alam, Selangor, yesterday.
Last year, Gamuda made a net profit of RM193.7 million on a revenue of RM2.73 billion.
Its on-going projects are the RM12.5 billion double-tracking project in Malaysia and a development project in Vietnam worth RM2 billion.
It has contracts worth RM4 billion for the Sitra Causeway Bridges in Bahrain and the New Doha International Airport (NDIA) in Qatar.
Lin said the projects are progressing despite the debt crisis in Dubai.
"We are bidding for jobs at home and in the Middle East. We like highway, road, dam, port and airport projects with reasonable returns," he said.
Locally, Gamuda is eyeing the Pahang-Selangor interstate water transfer project, the Hulu Terengganu hydroelectric dam, the new Sepang low-cost carrier terminal and the extension of the Klang Valley Light Rail Transit.
Meanwhile, Lin said the shareholders of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) hope to resolve the sale of its water assets with the Federal government, amicably.
Gamuda and Kumpulan Perangsang Selangor Bhd hold 40 per cent and 30 per cent of Splash respectively. The rest is held by Sweet Water Alliance, controlled by Land & General Bhd founder Tan Sri Wan Azmi Wan Hamzah.
In July, the shareholders had agreed to sell the water-related assets and operations of Splash to the Selangor government for RM2.98 billion.
But the state aborted plans to buy all of Selangor's water assets for RM9.2 billion due to disagreements with the other concessionaire Puncak Niaga (M) Sdn Bhd.
The Federal government has stepped in and will announce its offer price for Selangor's water assets, via Pengurusan Aset Air Bhd, this month.
"The issue now is on pricing. There must be a win-win situation for the buyer and seller," Lin said.
He said the new offer should consider the RM1.5 billion invested by Gamuda so far and the potential income over the remaining 20 years of the concession.
"If the buyer feels he can tear the existing agreement, the matter will not be resolved," Lin said.
Nikko Bali in talks with AirAsia on room sales
By Sharen Kaur (Published in NST on December 22 2009)
NIKKO Bali Resort and Spa, a five-star resort in Nusa Dua, Bali, is in talks with airlines including AirAsia to sell rooms and grow the hotel's occupancy and revenue.
"We are still discussing with AirAsia as certain conditions don't match what we want. (But) Malaysia is an important destination for us," its general manager Jean-Charles Le Coz said in an interview with Business Times.
"While business from Malaysia is still small, we expect it to grow as other airlines increase their flight frequency," he added.
Business Times reported recently that Indonesia's national carrier Garuda Indonesia is looking to reinstate its flights from Kuala Lumpur to Denpasar in Bali by September 2010.
Le Coz said the financial meltdown has affected room sales in the first half of the year.
The resort, wholly-owned by Indonesia's PT Caterison Sukses, has revised its hotel occupancy rate and revenue target for 2009 to 60 per cent and US$14 million, (US$1 = RM3.44) respectively.
It had targeted for revenue to rise 30 per cent to US$17 million this year, helped by higher room rates, and closing at 70 per cent, similar to last year.
Nikko Bali, which has 389 rooms with garden, ocean and pool views, has raised room rates by 40 per cent this year.
The rates now start from US$160 per night for a standard room to US$2,000 per night for a presidential suite.
Le Coz said Nikko Bali will do better next year fuelled by its meeting, incentive, convention and exhibition (MICE) and wedding packages.
He said four- and five-star hotels and resorts in Bali are performing above average currently with rising tourists arrivals from Europe, Southeast Asia, Australia, Russia, North Korea and Japan.
"We are looking for new markets and to grow our market from Western Europe and Southeast Asia," he said.
He said he is also planning to tap the Greater China market.
"Competition is stiffer now in Bali but what we can offer is an alternative," Le Coz said.
Nikko Bali sits on a 40-metre cliff and offers a stunning 180 degree view over the Indian Ocean. It is 25 minutes from the Ngurah Rai International Airport.
Among its facilities, those operating via third parties are Mandara Spa and a Camel Safari.
NIKKO Bali Resort and Spa, a five-star resort in Nusa Dua, Bali, is in talks with airlines including AirAsia to sell rooms and grow the hotel's occupancy and revenue.
"We are still discussing with AirAsia as certain conditions don't match what we want. (But) Malaysia is an important destination for us," its general manager Jean-Charles Le Coz said in an interview with Business Times.
"While business from Malaysia is still small, we expect it to grow as other airlines increase their flight frequency," he added.
Business Times reported recently that Indonesia's national carrier Garuda Indonesia is looking to reinstate its flights from Kuala Lumpur to Denpasar in Bali by September 2010.
Le Coz said the financial meltdown has affected room sales in the first half of the year.
The resort, wholly-owned by Indonesia's PT Caterison Sukses, has revised its hotel occupancy rate and revenue target for 2009 to 60 per cent and US$14 million, (US$1 = RM3.44) respectively.
It had targeted for revenue to rise 30 per cent to US$17 million this year, helped by higher room rates, and closing at 70 per cent, similar to last year.
Nikko Bali, which has 389 rooms with garden, ocean and pool views, has raised room rates by 40 per cent this year.
The rates now start from US$160 per night for a standard room to US$2,000 per night for a presidential suite.
Le Coz said Nikko Bali will do better next year fuelled by its meeting, incentive, convention and exhibition (MICE) and wedding packages.
He said four- and five-star hotels and resorts in Bali are performing above average currently with rising tourists arrivals from Europe, Southeast Asia, Australia, Russia, North Korea and Japan.
"We are looking for new markets and to grow our market from Western Europe and Southeast Asia," he said.
He said he is also planning to tap the Greater China market.
"Competition is stiffer now in Bali but what we can offer is an alternative," Le Coz said.
Nikko Bali sits on a 40-metre cliff and offers a stunning 180 degree view over the Indian Ocean. It is 25 minutes from the Ngurah Rai International Airport.
Among its facilities, those operating via third parties are Mandara Spa and a Camel Safari.
Monday, December 21, 2009
Garuda aims to reinstate flights from KL to Denpasar, Medan
By Sharen Kaur (Published in NST on December 21 2009)
Indonesia's national carrier Garuda Indonesia plans to reinstate its flights from Kuala Lumpur to Denpasar in Bali and Medan by September 2010, six years after the service was halted.
Joseph Tendean, general manager for Malaysia, said Garuda will use its new 737-800 aircraft to fly daily from Kuala Lumpur to the two destinations.
"We have the landing rights and will apply for a time slot in mid-2010," he said in an interview with Business Times in Kuala Lumpur recently.
Garuda stopped air travel from KL to Denpasar and Medan in 2004 due to poor traffic mainly due to the Bali bombings.
Tendean said Garuda is looking to grow its Malaysian business, which contributes around 3-5 per cent to group net profit and revenue.
Garuda, which made an operating revenue of RM7 billion last year, currently operates one daily flight for its KL-Jakarta-Lombok-Jakarta-KL route.
"Our load factor for the KL-Jakarta-KL route is around 70 per cent. This is an amazing increase from 45 per cent last year when it first started," Tendean said.
The flight to Lombok was introduced on November 1 this year. Garuda is using its 737-300 aircraft for the service but will switch to 737-800 in May 2010.
The carrier's fleet, which now consists of 63 aircraft, will double by 2014. It is buying new Boeing 777s, 737s and Airbus A330-200s.
"We have a few plans here. We know that Denpasar, Medan and Lombok are popular among Malaysians. Flight frequencies may increase in the near future." he added.
Garuda has code share agreements with more than seven airlines in Asia Pacific, including Malaysia Airlines (MAS) to help it strengthen its business.
Its partnership with MAS was inked six years ago, when it stopped flights to Bali and Medan.
"The partnership with the airlines is important to help Garuda grow. Competition is stiffer due to excess capacity led by weaker demand for travel.
"We are competing with Merpati Air and Lion Air for traffic here, which is why we developed the Lombok route," Tendean said.
Tendean said he expects the business from Kuala Lumpur to Lombok to be positive thanks to Malaysian companies like Sime Darby, Tabung Haji, Felcra and Felda hiring workers from the region.
He said there are some 50,000 people from Lombok employed in Malaysia and that is set to grow.
Indonesia's national carrier Garuda Indonesia plans to reinstate its flights from Kuala Lumpur to Denpasar in Bali and Medan by September 2010, six years after the service was halted.
Joseph Tendean, general manager for Malaysia, said Garuda will use its new 737-800 aircraft to fly daily from Kuala Lumpur to the two destinations.
"We have the landing rights and will apply for a time slot in mid-2010," he said in an interview with Business Times in Kuala Lumpur recently.
Garuda stopped air travel from KL to Denpasar and Medan in 2004 due to poor traffic mainly due to the Bali bombings.
Tendean said Garuda is looking to grow its Malaysian business, which contributes around 3-5 per cent to group net profit and revenue.
Garuda, which made an operating revenue of RM7 billion last year, currently operates one daily flight for its KL-Jakarta-Lombok-Jakarta-KL route.
"Our load factor for the KL-Jakarta-KL route is around 70 per cent. This is an amazing increase from 45 per cent last year when it first started," Tendean said.
The flight to Lombok was introduced on November 1 this year. Garuda is using its 737-300 aircraft for the service but will switch to 737-800 in May 2010.
The carrier's fleet, which now consists of 63 aircraft, will double by 2014. It is buying new Boeing 777s, 737s and Airbus A330-200s.
"We have a few plans here. We know that Denpasar, Medan and Lombok are popular among Malaysians. Flight frequencies may increase in the near future." he added.
Garuda has code share agreements with more than seven airlines in Asia Pacific, including Malaysia Airlines (MAS) to help it strengthen its business.
Its partnership with MAS was inked six years ago, when it stopped flights to Bali and Medan.
"The partnership with the airlines is important to help Garuda grow. Competition is stiffer due to excess capacity led by weaker demand for travel.
"We are competing with Merpati Air and Lion Air for traffic here, which is why we developed the Lombok route," Tendean said.
Tendean said he expects the business from Kuala Lumpur to Lombok to be positive thanks to Malaysian companies like Sime Darby, Tabung Haji, Felcra and Felda hiring workers from the region.
He said there are some 50,000 people from Lombok employed in Malaysia and that is set to grow.
Monday, December 7, 2009
KL Metro to use Dubai as base into Middle East market
By Sharen Kaur (Published in NST on December 7 2009)
KUALA Lumpur Metro (KL Metro) Group wants to have a presence in the Middle East, to help expand its property development and hotel business.
KL Metro, which set up a branch office in Dubai in 2006, hopes to use it as a launchpad.
Managing director Datuk Low Tak Fatt told Business Times that the company will use it as a base to get buyers from the Middle East, India and Pakistan for its potential water home projects in the Gulf region.
"Majority of our buyers for our water homes in Port Dickson are from Qatar, Kuwait, Dubai, Bahrain, India and Pakistan and they have asked us to build similar properties in the Gulf," Low said.
He added that KL Metro is looking at a few options, which includes the possibility of developing and reclaiming land to carry out water home projects with the Arabs.
The company is looking at similar investments in Vietnam and China. Plans are still preliminary.
"We want to take our brand, 'The Hibiscus' overseas. We are looking to trademark it," Low said.
KL Metro, which started as an infrastructure construction company ventured into property development in 2003, to generate an additional income stream.
Its landmark project is "The Legend International Water Homes" development in Port Dickson, Selangor.
In Penang, KL Metro will launch its flagship water homes project dubbed "The Hibiscus", by mid-2010.
Worth more than RM250 million, it consists of 460 units of five-star water homes, built and lined up in the shape of a hibiscus flower on sea.
KUALA Lumpur Metro (KL Metro) Group wants to have a presence in the Middle East, to help expand its property development and hotel business.
KL Metro, which set up a branch office in Dubai in 2006, hopes to use it as a launchpad.
Managing director Datuk Low Tak Fatt told Business Times that the company will use it as a base to get buyers from the Middle East, India and Pakistan for its potential water home projects in the Gulf region.
"Majority of our buyers for our water homes in Port Dickson are from Qatar, Kuwait, Dubai, Bahrain, India and Pakistan and they have asked us to build similar properties in the Gulf," Low said.
He added that KL Metro is looking at a few options, which includes the possibility of developing and reclaiming land to carry out water home projects with the Arabs.
The company is looking at similar investments in Vietnam and China. Plans are still preliminary.
"We want to take our brand, 'The Hibiscus' overseas. We are looking to trademark it," Low said.
KL Metro, which started as an infrastructure construction company ventured into property development in 2003, to generate an additional income stream.
Its landmark project is "The Legend International Water Homes" development in Port Dickson, Selangor.
In Penang, KL Metro will launch its flagship water homes project dubbed "The Hibiscus", by mid-2010.
Worth more than RM250 million, it consists of 460 units of five-star water homes, built and lined up in the shape of a hibiscus flower on sea.
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