By Sharen Kaur
Published in NST on December 14, 2010
THE proposed Kuala Lumpur-Singapore high-speed train project, costing between RM10 billion and RM12billion, may be included in the national public transport master plan, said the chief of The Land PublicTransport Commission (Spad).
Spad chief executive officer Mohd Nur Ismal Kamal said a feasibility study is being undertaken to examineviability of the project.
"The project may be considered in the master plan but we are not sure yet. The study will show how thehigh-speed train can be integrated with other public land transport," he said on the sidelines of the NationalSummit on Urban Public Transport 2010 in Kuala Lumpur yesterday.
Malaysia is mulling over a high-speed rail linking Kuala Lumpur and Singapore that will cut travel timebetween the two cities to 45 minutes.
A few companies, including YTL Corp Bhd and Hartasuma Sdn Bhd have made presentations to the NationalKey Economic Area (NKEA) lab on the project, involving a distance of about 300km.
Spad chairman Tan Sri Syed Hamid Albar said the configuration of the high-speed rail would need to belooked into in detail before the project can be considered.
Spad, set up in June this year to regulate the land public transport sector, is drawing up a 20-year master planto ensure the holistic development of public transport in the country.
The master plan will look into all aspects of public transport, including connectivity and accessibility,ensuring the development of a more integrated public transport system.
It will start with the Greater Klang Valley providing connectivity between buses, taxis, the light rail transit(LRT) system, the express rail link (ERL), monorail and the mass rapid transit (MRT) system.
Syed Hamidtold reporters that the backbone of public transport will be urban rail, led by the RM40 billion MRT system.
"The MRT is going to be important. Most important is the route alignment to integrate public transport.Mobility and commercial areas need to be looked at for the routing," he said.
Syed Hamid said Spad is already engaging with the public, non-government organisations and publictransport operators on feedback to draw up the master plan and submit to the government by September nextyear.
The government is targeting 25 per cent of the population in Greater Klang Valley to use public transport by2012, and 30 per cent by 2015, from 12 per cent now.1/2
(ends)
Friday, December 24, 2010
Petronas Carigali to be Bursa's big draw
By Sharen Kaur
Published in NST on December 24, 2010
Petronas Carigali Sdn Bhd, the exploration unit of Petroliam Nasional Bhd, may be listed on Bursa Malaysia next year and it is expected to attract a large number of foreign funds.
"The mother of all initial public offerings (IPO) next year will be Petronas Carigali. We need companies like this to make Bursa attractive," said MIDF Amanah Investment Bank Bhd senior vice president and head of research, Zulkifli Hamzah.
Petronas officials could not be reached for comment. Zulkifli said analysts have been told by Bursa officials of a possible IPO for Petronas Carigali.
OSK Research head Chris Eng said Petronas Carigali should be the largest IPO ever in Malaysia, with a potential market value of close to RM150 billion.
This would eclipse current leader Malayan Banking Bhd, with a market value of RM62 billion as at yesterday.
Zulkifli also expects foreign shareholdings in the local equity market to rise to more than 26 per cent next year from 21.7 per cent now.
This will be spurred by the reclassification of Malaysia as an Advanced Emerging Market effective June 2011 under the FTSE indices. It is estimated that foreign funds with some US$3 trillion (RM9.4 trillion) track these indices.
Zulkifli told reporters at a media briefing in Kuala Lumpur yesterday that MIDF is bullish about the 2011 economic outlook.
"We are bullish, but with a caveat. The caveat is how crude oil price is going to unwind. If it hits US$110 (RM343) per barrel, then fear factor will hit.
"If it goes beyond US$110, then the world could enter another economic crisis. People will move back to US dollars for safety," Zulkifli said.
On the eight short-term factors, Zulkifli said Malaysia can expect more mergers and acquisitions, while corporate earnings growth may hit 15.8 per cent from 14 per cent now on strong growth in banking, plantation and construction sectors.
"We also see bigger IPOs next year, a rally in crude oil and commodity prices and contribution from the Economic Transformation Programme," he said.
The benchmark FTSE Bursa Malaysia KLCI is expected to trade between 1,475 and 1,650 points next year, representing up to 18 times its 2011 earnings.
(ends)
Published in NST on December 24, 2010
Petronas Carigali Sdn Bhd, the exploration unit of Petroliam Nasional Bhd, may be listed on Bursa Malaysia next year and it is expected to attract a large number of foreign funds.
"The mother of all initial public offerings (IPO) next year will be Petronas Carigali. We need companies like this to make Bursa attractive," said MIDF Amanah Investment Bank Bhd senior vice president and head of research, Zulkifli Hamzah.
Petronas officials could not be reached for comment. Zulkifli said analysts have been told by Bursa officials of a possible IPO for Petronas Carigali.
OSK Research head Chris Eng said Petronas Carigali should be the largest IPO ever in Malaysia, with a potential market value of close to RM150 billion.
This would eclipse current leader Malayan Banking Bhd, with a market value of RM62 billion as at yesterday.
Zulkifli also expects foreign shareholdings in the local equity market to rise to more than 26 per cent next year from 21.7 per cent now.
This will be spurred by the reclassification of Malaysia as an Advanced Emerging Market effective June 2011 under the FTSE indices. It is estimated that foreign funds with some US$3 trillion (RM9.4 trillion) track these indices.
Zulkifli told reporters at a media briefing in Kuala Lumpur yesterday that MIDF is bullish about the 2011 economic outlook.
"We are bullish, but with a caveat. The caveat is how crude oil price is going to unwind. If it hits US$110 (RM343) per barrel, then fear factor will hit.
"If it goes beyond US$110, then the world could enter another economic crisis. People will move back to US dollars for safety," Zulkifli said.
On the eight short-term factors, Zulkifli said Malaysia can expect more mergers and acquisitions, while corporate earnings growth may hit 15.8 per cent from 14 per cent now on strong growth in banking, plantation and construction sectors.
"We also see bigger IPOs next year, a rally in crude oil and commodity prices and contribution from the Economic Transformation Programme," he said.
The benchmark FTSE Bursa Malaysia KLCI is expected to trade between 1,475 and 1,650 points next year, representing up to 18 times its 2011 earnings.
(ends)
Takeover of Sunrise boosts UEM Land's job portfolio
By Sharen Kaur
Published in NST on December 23, 2010
UEM Land Holdings Bhd's takeover of Sunrise Bhd will strengthen its portfolio with the completion of several projects overseas, its chief says.
Currently, UEM Land is focused on township developments in Nusajaya, Johor, Cyberjaya and Bangi in Selangor.
"With Sunrise, we will have the capacity to develop high-rise residences and commercial properties here and overseas," said UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim.
UEM Land now controls 84.5 per cent of Sunrise, which has projects in Canada.
Yesterday, shareholders approved UEM Land's proposed acquisition of Sunrise for RM1.39 billion or RM2.80 per share.
"Sunrise's project in Canada will now be part of our portfolio," Wan Abdullah said after UEM Land's extraordinary general meeting (EGM) in Subang, Selangor, yesterday.
Sunrise has a mixed-use project worth more than RM1 billion in Richmond, Vancouver, comprising five 16-storey towers.
UEM Land, meanwhile, has 16ha of land in Durbin, South Africa, where it plans to undertake a mixed development in a 50:50 joint venture with the local authority.
"The project is located near Port of Durbin and we will be tapping Sunrise's expertise. The takeover comes at a time when the 16ha is ripe for development," he said.
Wan Abdullah said shareholders had been told about the prospects and direction of the enlarged UEM Land group.
"The actual number of Sunrise shares transferred to UEM Land has reached 84.5 per cent, hence, we would likely be looking towards delisting Sunrise.
"If there is further take-up by Sunrise's shareholders during the extended offer period, we may reach the requisite threshold whereby we can then acquire Sunrise's entire equity interest," he said.
He said the next step is to roll out its integration strategy and initiatives that will mutually benefit UEM Land and Sunrise.
(ends)
Published in NST on December 23, 2010
UEM Land Holdings Bhd's takeover of Sunrise Bhd will strengthen its portfolio with the completion of several projects overseas, its chief says.
Currently, UEM Land is focused on township developments in Nusajaya, Johor, Cyberjaya and Bangi in Selangor.
"With Sunrise, we will have the capacity to develop high-rise residences and commercial properties here and overseas," said UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim.
UEM Land now controls 84.5 per cent of Sunrise, which has projects in Canada.
Yesterday, shareholders approved UEM Land's proposed acquisition of Sunrise for RM1.39 billion or RM2.80 per share.
"Sunrise's project in Canada will now be part of our portfolio," Wan Abdullah said after UEM Land's extraordinary general meeting (EGM) in Subang, Selangor, yesterday.
Sunrise has a mixed-use project worth more than RM1 billion in Richmond, Vancouver, comprising five 16-storey towers.
UEM Land, meanwhile, has 16ha of land in Durbin, South Africa, where it plans to undertake a mixed development in a 50:50 joint venture with the local authority.
"The project is located near Port of Durbin and we will be tapping Sunrise's expertise. The takeover comes at a time when the 16ha is ripe for development," he said.
Wan Abdullah said shareholders had been told about the prospects and direction of the enlarged UEM Land group.
"The actual number of Sunrise shares transferred to UEM Land has reached 84.5 per cent, hence, we would likely be looking towards delisting Sunrise.
"If there is further take-up by Sunrise's shareholders during the extended offer period, we may reach the requisite threshold whereby we can then acquire Sunrise's entire equity interest," he said.
He said the next step is to roll out its integration strategy and initiatives that will mutually benefit UEM Land and Sunrise.
(ends)
Tuesday, December 21, 2010
Building up to a super bull run
By Sharen Kaur
sharen@nstp.com.my
Published in NST on December 21, 2010
A super bull run is on the horizon for Malaysian construction stocks next year on optimism that the RM40 billion Mass Rapid Transit project will start in July.
The bullish outlook is also backed by new government initiatives such as the Economic Transformation Programme and the 10th Malaysia Plan, said UOB KayHian head of research Vincent Khoo.
Research houses are maintaining their overweight call on the sector.
"We expect a bull run next year," Khoo told Business Times.
An analyst from TA Research said the stock market needs news like the MRT as a catalyst for construction stocks to sustain its upbeat momentum.
He said judging from the size of the MRT project, it is certain that almost all local construction companies will benefit.
"If the government divides the project evenly, then each company could get contracts worth RM500 million to RM1 billion. This augurs well for the sector," he said.
The MRT, comprising three lines, is the largest infrastructure project in Malaysia's history. The last project announced was the RM12.5 billion double tracks.
Analysts said the first of the three MRT lines, joining Sungai Buloh and Kajang, running through Kuala Lumpur City Centre, is estimated at RM14 billion. The line will cover 60km and have 35 stations.
They said MMC-Gamuda Joint Venture Sdn Bhd may get the tunneling portion from Sungai Buloh to Kajang, worth RM6 billion to RM8 billion.
Master Builders Association Malaysia president Kwan Foh Kwai expects companies like Sunway Construction, IJM Construction, Muhibbah Engineering, Bina Puri, Loh & Loh, MRCB Engineering, UEM Builders, WCT, Ranhill and Ahmad Zaki to bid for the MRT.
Others include Eversendai Corp, Crest Builders, Putra Perdana Construction and MTD ACPI.
Ahmad Zaki managing director Datuk Wan Zakariah Muda said the MRT news is positive for the sector. "There will be spillovers and knock-on effects. We plan to participate in the MRT," he said.
An official from Putra Perdana Construction Sdn Bhd said it will eye packages to build structures, stations, bridges and tunnel lining work.
(ends)
sharen@nstp.com.my
Published in NST on December 21, 2010
A super bull run is on the horizon for Malaysian construction stocks next year on optimism that the RM40 billion Mass Rapid Transit project will start in July.
The bullish outlook is also backed by new government initiatives such as the Economic Transformation Programme and the 10th Malaysia Plan, said UOB KayHian head of research Vincent Khoo.
Research houses are maintaining their overweight call on the sector.
"We expect a bull run next year," Khoo told Business Times.
An analyst from TA Research said the stock market needs news like the MRT as a catalyst for construction stocks to sustain its upbeat momentum.
He said judging from the size of the MRT project, it is certain that almost all local construction companies will benefit.
"If the government divides the project evenly, then each company could get contracts worth RM500 million to RM1 billion. This augurs well for the sector," he said.
The MRT, comprising three lines, is the largest infrastructure project in Malaysia's history. The last project announced was the RM12.5 billion double tracks.
Analysts said the first of the three MRT lines, joining Sungai Buloh and Kajang, running through Kuala Lumpur City Centre, is estimated at RM14 billion. The line will cover 60km and have 35 stations.
They said MMC-Gamuda Joint Venture Sdn Bhd may get the tunneling portion from Sungai Buloh to Kajang, worth RM6 billion to RM8 billion.
Master Builders Association Malaysia president Kwan Foh Kwai expects companies like Sunway Construction, IJM Construction, Muhibbah Engineering, Bina Puri, Loh & Loh, MRCB Engineering, UEM Builders, WCT, Ranhill and Ahmad Zaki to bid for the MRT.
Others include Eversendai Corp, Crest Builders, Putra Perdana Construction and MTD ACPI.
Ahmad Zaki managing director Datuk Wan Zakariah Muda said the MRT news is positive for the sector. "There will be spillovers and knock-on effects. We plan to participate in the MRT," he said.
An official from Putra Perdana Construction Sdn Bhd said it will eye packages to build structures, stations, bridges and tunnel lining work.
(ends)
Tuesday, November 9, 2010
UEM Land: No plan to raise bid for Sunrise
By Sharen Kaur
Published in NST on Nov 9 2010
UEM Land Holdings Bhd has no plans to raise its bid for Sunrise Bhd after the latter's share price jumped above the offer price yesterday.
It offered RM2.80 per share in an all-share deal but Sunrise shares rose 28 per cent to close at RM3.22 yesterday.
Although major shareholders with a 40.34 per cent stake have agreed to the offer, UEM Land still needs another 9.7 per cent for the deal to happen.
"We believe the current market price of Sunrise is only reflecting the proposed dividend announced, the proposed offer structure and the pricing of our offer to acquire Sunrise at RM2.80 per share," UEM Land said in response to Business Times' questions.
Sunrise shareholders are offered 1.33 UEM Land shares for every share they hold, priced at RM2.10 each.
"As such, any increase in UEM Land share price, will result in a proportionate increase in Sunrise share price as to reflect the proposed structure and pricing," it added.
Shares of UEM Land rose 10.2 per cent to close at RM2.49 yesterday.
Most analysts think the offer, which values Sunrise at RM1.4 billion, is low.
AmResearch Sdn Bhd said the offer means UEM Land is getting Sunrise at a 28 per cent discount to its estimated net asset value (NAV) of RM3.89 a share.
OSK Research said there is a 31 per cent discount to its 2011 target price of RM4.33, based on the offer price and after adding the recently-announced net interim dividend of 20 sen.
But ECM Libra reckons that not everything can be based on numbers in this deal, as the fact that major shareholders are accepting could mean a lack of growth prospect for Sunrise.
Datuk Tong Kooi Ong, a major shareholder of Sunrise, is staying in a senior management role in the enlarged group.
"As such, the question to ask is whether the existing major shareholders of Sunrise expect positive value creation from this exercise," ECM Libra said in a report.
Analysts also think that the deal may spark more takeovers in the sector.
There is speculation of a deal between IJM Land Bhd and Bandar Raya Development Bhd (BRDB).
BRDB, famed for crafting thriving communities like Bangsar, has land surrounding its CapSquare development and along the Federal Highway.
MIDF Research senior analyst Syed Muhammed Kifni thinks that Sime Darby Property Bhd and Mah Sing Group Bhd would be a good fit.
(ENDS)
Published in NST on Nov 9 2010
UEM Land Holdings Bhd has no plans to raise its bid for Sunrise Bhd after the latter's share price jumped above the offer price yesterday.
It offered RM2.80 per share in an all-share deal but Sunrise shares rose 28 per cent to close at RM3.22 yesterday.
Although major shareholders with a 40.34 per cent stake have agreed to the offer, UEM Land still needs another 9.7 per cent for the deal to happen.
"We believe the current market price of Sunrise is only reflecting the proposed dividend announced, the proposed offer structure and the pricing of our offer to acquire Sunrise at RM2.80 per share," UEM Land said in response to Business Times' questions.
Sunrise shareholders are offered 1.33 UEM Land shares for every share they hold, priced at RM2.10 each.
"As such, any increase in UEM Land share price, will result in a proportionate increase in Sunrise share price as to reflect the proposed structure and pricing," it added.
Shares of UEM Land rose 10.2 per cent to close at RM2.49 yesterday.
Most analysts think the offer, which values Sunrise at RM1.4 billion, is low.
AmResearch Sdn Bhd said the offer means UEM Land is getting Sunrise at a 28 per cent discount to its estimated net asset value (NAV) of RM3.89 a share.
OSK Research said there is a 31 per cent discount to its 2011 target price of RM4.33, based on the offer price and after adding the recently-announced net interim dividend of 20 sen.
But ECM Libra reckons that not everything can be based on numbers in this deal, as the fact that major shareholders are accepting could mean a lack of growth prospect for Sunrise.
Datuk Tong Kooi Ong, a major shareholder of Sunrise, is staying in a senior management role in the enlarged group.
"As such, the question to ask is whether the existing major shareholders of Sunrise expect positive value creation from this exercise," ECM Libra said in a report.
Analysts also think that the deal may spark more takeovers in the sector.
There is speculation of a deal between IJM Land Bhd and Bandar Raya Development Bhd (BRDB).
BRDB, famed for crafting thriving communities like Bangsar, has land surrounding its CapSquare development and along the Federal Highway.
MIDF Research senior analyst Syed Muhammed Kifni thinks that Sime Darby Property Bhd and Mah Sing Group Bhd would be a good fit.
(ENDS)
PjH plans RM1.3b projects to make Putrajaya more vibrant
By Sharen Kaur
Published in NST on Nov 3 2010
PUTRAJAYA Holdings (PjH) Sdn Bhd said its next phase of development at the administrative capital will comprise commercial and residential properties worth more than RM1.3 billion.
Director and chief executive officer Datuk Azlan Abdul Karim said the properties which will be built in five years, will make Putrajaya a liveable city.
"The perception is that Putrajaya is for government buildings. Our next focus is to build office towers, retail, an entertainment strip and medium- to high-end housing to create vibrancy for Putrajaya.
"We will have several mixed developments and waterfront projects to attract expatriates, too," he told the media in Putrajaya yesterday.
Putrajaya, which started in 1995, comprise 20 precincts sprawled over 4,931ha. By 2020 it will have 3.8 million sq m of government offices, 3.4 million sqm of commercial space, and 65,000 residential units with a working population of 500,000.
PjH, the master developer for Putrajaya will call for tenders for the new projects by early 2011. Some of the projects are in design stage now, Azlan said.
Azlan said PjH will either lease the office towers or sell them if there is demand.
He said PjH has been approached by several government agencies and corporate companies.
"We aim to also attract multi-national companies. We will be talking to some big names," he said.
All the buildings will meet the Green Building Index standards, Azlan said.
On the residential side, he said PjH will build affordable homes starting from RM150,000, terraced houses priced from RM450,000, and waterfront villas, which it expects to sell from RM2 million.
"We will cater to all segments of the market. I am bullish on the outlook for Putrajaya. There is pent-up demand for new houses here," he said.
Azlan said on average, its housing projects are snapped up within one month after launch.
"When we build commercial or residential properties, we will make sure there is demand. We are not going to be like Dubai where they kept on building regardless or not there was demand," he said.
(ENDS)
Published in NST on Nov 3 2010
PUTRAJAYA Holdings (PjH) Sdn Bhd said its next phase of development at the administrative capital will comprise commercial and residential properties worth more than RM1.3 billion.
Director and chief executive officer Datuk Azlan Abdul Karim said the properties which will be built in five years, will make Putrajaya a liveable city.
"The perception is that Putrajaya is for government buildings. Our next focus is to build office towers, retail, an entertainment strip and medium- to high-end housing to create vibrancy for Putrajaya.
"We will have several mixed developments and waterfront projects to attract expatriates, too," he told the media in Putrajaya yesterday.
Putrajaya, which started in 1995, comprise 20 precincts sprawled over 4,931ha. By 2020 it will have 3.8 million sq m of government offices, 3.4 million sqm of commercial space, and 65,000 residential units with a working population of 500,000.
PjH, the master developer for Putrajaya will call for tenders for the new projects by early 2011. Some of the projects are in design stage now, Azlan said.
Azlan said PjH will either lease the office towers or sell them if there is demand.
He said PjH has been approached by several government agencies and corporate companies.
"We aim to also attract multi-national companies. We will be talking to some big names," he said.
All the buildings will meet the Green Building Index standards, Azlan said.
On the residential side, he said PjH will build affordable homes starting from RM150,000, terraced houses priced from RM450,000, and waterfront villas, which it expects to sell from RM2 million.
"We will cater to all segments of the market. I am bullish on the outlook for Putrajaya. There is pent-up demand for new houses here," he said.
Azlan said on average, its housing projects are snapped up within one month after launch.
"When we build commercial or residential properties, we will make sure there is demand. We are not going to be like Dubai where they kept on building regardless or not there was demand," he said.
(ENDS)
Property demand boost in Greater KL
By Sharen Kaur
Published in NST on Nov 2 2010
DEMAND for medium- to high-end properties in Greater Kuala Lumpur/Klang Valley (Greater KL/KV) is expected to increase to match regional peers, the Economic Transformation Programme (ETP) report said.
Greater KL/KV will need to house one million new residents by 2020, the report added.
Currently, the population of Greater KL/KV is about six million, contributing RM263 billion or 30 per cent to the nation's Gross National Income (GNI).
Over the next decade, Greater KL/KV is targeted to grow in population by 5 per cent annually and achieve a GNI growth of 10 per cent a year.
The economic aspiration for Greater KL/KV is to grow its GNI contribution to RM650 billion by 2020, the report noted.
The economic clusters that will contribute to growth is the Sungai Buloh land development, Sime Darby Vision Valley and Matrade centre as well as the Kampung Baru, Blackwater and Batu Kantomen mixed developments.
Others include the Kuala Lumpur International Financial District, commercial projects in Pudu and Cochrane, the Sungai Besi Bandar 1Malaysia mixed development, Media City Angkasapuri and Global Healthcare Metropolis.
The Greater KL/KV has been identified as one of the 12 National Key Economic Areas (NKEA) laboratories to drive rapid growth parallel with upgrading the city's liveability.
The report said strategic redevelopments such as the old Pudu Jail site, the old KTM railway station and Chinatown has the potential to create more iconic places within Greater KL/KV, adding to its liveability.
Across the 12 NKEAs, Greater KL/KV has the largest public sector funding requirement of RM58 billion or 34 per cent of the total investment requirement.
Greater KL/KV covers 10 municipalities, each governed by local authorities - Kuala Lumpur City Council, Perbadanan Putrajaya, Shah Alam City Council, Petaling Jaya City Council, Klang Municipal Council, Selayang Municipal Council, Ampang Jaya Municipal Council and Sepang District Council.
The ETP has outlined nine entry point projects that will be pivotal towards achieving the nation's aspiration for Greater KL/KV to achieve a top 20 ranking in city economic growth by 2020.
The aim is also to attract 200 new MNCs by 2020. Attracting 100 such firms will contribute about RM40 billion in annual GNI to Greater KL/KV.
There are now 1,600 MNCs based here, compared with 17,000 in Shanghai and 6,000 in Singapore.
(ends)
Published in NST on Nov 2 2010
DEMAND for medium- to high-end properties in Greater Kuala Lumpur/Klang Valley (Greater KL/KV) is expected to increase to match regional peers, the Economic Transformation Programme (ETP) report said.
Greater KL/KV will need to house one million new residents by 2020, the report added.
Currently, the population of Greater KL/KV is about six million, contributing RM263 billion or 30 per cent to the nation's Gross National Income (GNI).
Over the next decade, Greater KL/KV is targeted to grow in population by 5 per cent annually and achieve a GNI growth of 10 per cent a year.
The economic aspiration for Greater KL/KV is to grow its GNI contribution to RM650 billion by 2020, the report noted.
The economic clusters that will contribute to growth is the Sungai Buloh land development, Sime Darby Vision Valley and Matrade centre as well as the Kampung Baru, Blackwater and Batu Kantomen mixed developments.
Others include the Kuala Lumpur International Financial District, commercial projects in Pudu and Cochrane, the Sungai Besi Bandar 1Malaysia mixed development, Media City Angkasapuri and Global Healthcare Metropolis.
The Greater KL/KV has been identified as one of the 12 National Key Economic Areas (NKEA) laboratories to drive rapid growth parallel with upgrading the city's liveability.
The report said strategic redevelopments such as the old Pudu Jail site, the old KTM railway station and Chinatown has the potential to create more iconic places within Greater KL/KV, adding to its liveability.
Across the 12 NKEAs, Greater KL/KV has the largest public sector funding requirement of RM58 billion or 34 per cent of the total investment requirement.
Greater KL/KV covers 10 municipalities, each governed by local authorities - Kuala Lumpur City Council, Perbadanan Putrajaya, Shah Alam City Council, Petaling Jaya City Council, Klang Municipal Council, Selayang Municipal Council, Ampang Jaya Municipal Council and Sepang District Council.
The ETP has outlined nine entry point projects that will be pivotal towards achieving the nation's aspiration for Greater KL/KV to achieve a top 20 ranking in city economic growth by 2020.
The aim is also to attract 200 new MNCs by 2020. Attracting 100 such firms will contribute about RM40 billion in annual GNI to Greater KL/KV.
There are now 1,600 MNCs based here, compared with 17,000 in Shanghai and 6,000 in Singapore.
(ends)
On the fast track
By Sharen Kaur
Published in NST on October 28 2010
SEVERAL companies made presentations to the National Key Economic Area (NKEA) lab about three months ago on the Kuala Lumpur-Singapore high-speed train project, industry sources say.
Among them were YTL Corp Bhd and Hartasuma Sdn Bhd, which was said to be partnering a Chinese state-owned firm.
Hartasuma, a Class "A" Bumiputera contractor, is a member of Ara Group, founded by Datuk Aisamar Kadil Mydin Syed Marikiah and Tan Sri Ravindran Menon, director and executive director of Subang SkyPark Sdn Bhd respectively.
Its track record includes repair and overhaul of passenger coaches for KTM Bhd and civil works (Kuala Kubu Baru-Tanjung Malim Halt) for the Rawang-Ipoh electrified double tracks.
Business Times understands that some of the companies have proposed to undertake the high-speed rail project for between RM8 billion and RM14 billion.
A government source said the project could be worth RM10 billion to RM12 billion and that it would take five to eight years to complete as it will cover 300km.
The source said that cost would depend on the type of technology deployed, whether it is magnetic levitation (maglev) or conventional, and how the tracks are aligned.
Maglev will cost more than conventional, but requires less maintenance, is safer and faster. The system also uses more electronics and essentially involves "non-contact electromagnetic levitation".
"If the alignment is built along the coastal road, then it would involve a lot of land acquisition and this would add to the cost," he said.
The source added that the project would depend on a study by the Treasury, the Performance and Delivery Unit (Pemandu) and other government agencies.
It is believed that Pemandu, which is leading the NKEA lab, has invited officials from the Ministry of Transport, the Land Public Transport Commission (Spad) and City Hall to attend briefings held separately by the companies.
The high-speed train project was mooted by YTL in 2006. It had proposed to undertake the project for RM9 billion, partnering Germany's Siemens, a global expert in high-speed rail technology.
The YTL proposal, however, was shot down because of the high cost involved.
Malaysia is mulling over a high-speed rail linking Kuala Lumpur and Singapore that will cut travel time between the two cities to 90 minutes.
Plans would require the approval of Singapore, which has expressed its interest in the project. However, the government has not given a firm approval, the source said.
(ENDS)
Published in NST on October 28 2010
SEVERAL companies made presentations to the National Key Economic Area (NKEA) lab about three months ago on the Kuala Lumpur-Singapore high-speed train project, industry sources say.
Among them were YTL Corp Bhd and Hartasuma Sdn Bhd, which was said to be partnering a Chinese state-owned firm.
Hartasuma, a Class "A" Bumiputera contractor, is a member of Ara Group, founded by Datuk Aisamar Kadil Mydin Syed Marikiah and Tan Sri Ravindran Menon, director and executive director of Subang SkyPark Sdn Bhd respectively.
Its track record includes repair and overhaul of passenger coaches for KTM Bhd and civil works (Kuala Kubu Baru-Tanjung Malim Halt) for the Rawang-Ipoh electrified double tracks.
Business Times understands that some of the companies have proposed to undertake the high-speed rail project for between RM8 billion and RM14 billion.
A government source said the project could be worth RM10 billion to RM12 billion and that it would take five to eight years to complete as it will cover 300km.
The source said that cost would depend on the type of technology deployed, whether it is magnetic levitation (maglev) or conventional, and how the tracks are aligned.
Maglev will cost more than conventional, but requires less maintenance, is safer and faster. The system also uses more electronics and essentially involves "non-contact electromagnetic levitation".
"If the alignment is built along the coastal road, then it would involve a lot of land acquisition and this would add to the cost," he said.
The source added that the project would depend on a study by the Treasury, the Performance and Delivery Unit (Pemandu) and other government agencies.
It is believed that Pemandu, which is leading the NKEA lab, has invited officials from the Ministry of Transport, the Land Public Transport Commission (Spad) and City Hall to attend briefings held separately by the companies.
The high-speed train project was mooted by YTL in 2006. It had proposed to undertake the project for RM9 billion, partnering Germany's Siemens, a global expert in high-speed rail technology.
The YTL proposal, however, was shot down because of the high cost involved.
Malaysia is mulling over a high-speed rail linking Kuala Lumpur and Singapore that will cut travel time between the two cities to 90 minutes.
Plans would require the approval of Singapore, which has expressed its interest in the project. However, the government has not given a firm approval, the source said.
(ENDS)
EPF to call for open bid in 2011
By Sharen Kaur
Published in NST on October 25 2010
THE Employees Provident Fund (EPF) is expected to call for an open tender to develop the 1,214ha of federal land in Sungai Buloh, Selangor, in the second half of next year.
It is learnt that the EPF has initiated a master plan for the land development, which is expected to take six months to a year to complete.
The land, dubbed the "new hub" for the Klang Valley and owned by the Rubber Board of Malaysia, will be split into several parcels to attract local and foreign private property companies.
"The land will not be offered to just one developer. We will be fair and offer land parcels to several companies through an open tender system," a government source said.
Speculation was rife that the EPF would likely appoint Malaysian Resources Corp Bhd (MRCB) as the project's master planner and lead developer since it owns 41.5 per cent of the company.
However, the pension fund said that Kwasa Land Sdn Bhd - its joint venture with the government - would tender individual parcels of land through a transparent process.
The EPF also said that it had requested several developers and property consultants to advise it on the development and feasibility of the land.
The project is expected to have affordable and high-end housing - both landed and high-rise - office towers, shop-offices, retail, hospital, shopping mall, hypermarket, schools and parks.
Prime Minister Datuk Seri Najib Razak has said that the whole project would generate gross development value of RM10 billion.
Some potential participating developers said they would leave it to the EPF to decide how much land to allocate to them and the components to build.
Among them are Glomac Bhd, Gadang Holdings Bhd, IJM Land Bhd, Mah Sing Group Bhd, UEM Land Bhd, Bolton Bhd and MRCB.
A source said the companies could buy small parcels of land to carry out their own projects or develop the land in a joint venture with the EPF on a profit-sharing basis.
"We believe that EPF is likely to parcel out to various developers so that each can introduce new concepts. This will expedite the development as several parcels will be developed concurrently," Mah Sing group chief executive officer Tan Sri Leong Hoy Kum told Business Times.
The project, approved on May 12, will be funded by the EPF over 15 years.
It is understood that the project site will be connected to the Kelana Jaya light rail transit.
(ENDS)
Published in NST on October 25 2010
THE Employees Provident Fund (EPF) is expected to call for an open tender to develop the 1,214ha of federal land in Sungai Buloh, Selangor, in the second half of next year.
It is learnt that the EPF has initiated a master plan for the land development, which is expected to take six months to a year to complete.
The land, dubbed the "new hub" for the Klang Valley and owned by the Rubber Board of Malaysia, will be split into several parcels to attract local and foreign private property companies.
"The land will not be offered to just one developer. We will be fair and offer land parcels to several companies through an open tender system," a government source said.
Speculation was rife that the EPF would likely appoint Malaysian Resources Corp Bhd (MRCB) as the project's master planner and lead developer since it owns 41.5 per cent of the company.
However, the pension fund said that Kwasa Land Sdn Bhd - its joint venture with the government - would tender individual parcels of land through a transparent process.
The EPF also said that it had requested several developers and property consultants to advise it on the development and feasibility of the land.
The project is expected to have affordable and high-end housing - both landed and high-rise - office towers, shop-offices, retail, hospital, shopping mall, hypermarket, schools and parks.
Prime Minister Datuk Seri Najib Razak has said that the whole project would generate gross development value of RM10 billion.
Some potential participating developers said they would leave it to the EPF to decide how much land to allocate to them and the components to build.
Among them are Glomac Bhd, Gadang Holdings Bhd, IJM Land Bhd, Mah Sing Group Bhd, UEM Land Bhd, Bolton Bhd and MRCB.
A source said the companies could buy small parcels of land to carry out their own projects or develop the land in a joint venture with the EPF on a profit-sharing basis.
"We believe that EPF is likely to parcel out to various developers so that each can introduce new concepts. This will expedite the development as several parcels will be developed concurrently," Mah Sing group chief executive officer Tan Sri Leong Hoy Kum told Business Times.
The project, approved on May 12, will be funded by the EPF over 15 years.
It is understood that the project site will be connected to the Kelana Jaya light rail transit.
(ENDS)
Friday, October 22, 2010
SP Setia hub sets green benchmark
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 22, 2010
sharen@nstp.com.my
Published in NST on October 22, 2010
Thursday, October 21, 2010
Wednesday, October 20, 2010
Move to make KL most livable city by 2020
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 20, 2010
THE aim to make Greater Kuala Lumpur a sustainable and livable city can easily be achieved with high-quality infrastructure, green spaces and developing inner city residential areas.
Minister of Federal Territories and Urban Wellbeing Datuk Raja Nong Chik Datuk Raja Zainal Abidin said a flexible strategic vision was necessary to foster competitiveness and build a comprehensive transportation linkage and network in the area.
He said projects like the RM40 billion mass rapid transit system (MRT), increasing pedestrian walkways and the Klang River beautification project to promote recreation, urban revitalisation and real- estate development will contribute in making Kuala Lumpur one of the most livable cities in the world by 2020.
"The Tenth Malaysia Plan has dedicated a whole chapter on the building of an environment that enhances the quality of life. We are encouraging better city designs and innovations," Raja Nong Chik said in his speech at the opening of the 2nd International Conference on World Class Sustainable Cities 2010 in Kuala Lumpur yesterday.
A sustainable city is a city designed with consideration of environmental impact to improve the quality of life. This includes ecological, cultural, political, institutional, social and economic components, without leaving a burden on the future generations.
"A thriving city will continue to grow. It is therefore vital to properly plan a city to meet future needs and challenges," he said.
The Greater KL is one of the National Key Economic Areas. It is expected to increase gross national income contribution from RM258 billion to RM650 billion per year.
The government wants to achieve top-20 ranking in the EIU Liveability Index Survey and grow the population from six million to 10 million, with a focus on growing the foreign talent base from 9 per cent to 20 per cent of the population.
(ends)
sharen@nstp.com.my
Published in NST on October 20, 2010
THE aim to make Greater Kuala Lumpur a sustainable and livable city can easily be achieved with high-quality infrastructure, green spaces and developing inner city residential areas.
Minister of Federal Territories and Urban Wellbeing Datuk Raja Nong Chik Datuk Raja Zainal Abidin said a flexible strategic vision was necessary to foster competitiveness and build a comprehensive transportation linkage and network in the area.
He said projects like the RM40 billion mass rapid transit system (MRT), increasing pedestrian walkways and the Klang River beautification project to promote recreation, urban revitalisation and real- estate development will contribute in making Kuala Lumpur one of the most livable cities in the world by 2020.
"The Tenth Malaysia Plan has dedicated a whole chapter on the building of an environment that enhances the quality of life. We are encouraging better city designs and innovations," Raja Nong Chik said in his speech at the opening of the 2nd International Conference on World Class Sustainable Cities 2010 in Kuala Lumpur yesterday.
A sustainable city is a city designed with consideration of environmental impact to improve the quality of life. This includes ecological, cultural, political, institutional, social and economic components, without leaving a burden on the future generations.
"A thriving city will continue to grow. It is therefore vital to properly plan a city to meet future needs and challenges," he said.
The Greater KL is one of the National Key Economic Areas. It is expected to increase gross national income contribution from RM258 billion to RM650 billion per year.
The government wants to achieve top-20 ranking in the EIU Liveability Index Survey and grow the population from six million to 10 million, with a focus on growing the foreign talent base from 9 per cent to 20 per cent of the population.
(ends)
Big projects eye foreign tenants
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 20, 2010
The Matrade Centre and Warisan Merdeka, two large property projects worth a combined RM20 billion, will include offices that will be marketed to multinational companies (MNCs).
"The two projects will have office towers with full-fledged upmarket facilities, even better than the Petronas Twin Towers," Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said.
The RM15 billion Matrade Centre will be built by the Naza group. It will include an exhibition centre, residences, offices, a mall and a hotel, spanning 26ha, under a privatisation deal with the government. The 10-year project will be launched next month.
Warisan Merdeka, located within the enclave of Merdeka Stadium and Stadium Negara, will have a 100-storey tower. The project, which will start next year and be completed in 2015, is an initiative by Permodalan Nasional Bhd (PNB). Little else is known about the project.
Raja Nong Chik said PNB has done its homework to ensure the project will be viable.
However, PNB will have to address the issue of limited road access as the project is located in a densely occupied area.
"The project is a good move by PNB, which is looking at various avenues to invest. But they must ensure that the tower is taken up as the money is coming from them. They are answerable to their shareholders.
"PNB also has to ensure that the building is attractive so that investors don't go to Singapore, Vietnam and India. We will lose then," he said.
Raja Nong Chik was speaking to reporters in Kuala Lumpur yesterday after opening the 2nd International Conference on World Class Sustainable Cities 2010.
He also said that the ministry aims to launch Invest KL by early next year. It will work with the Malaysian Investment Development Authority (Mida) to encourage MNCs to set up shop here.
The minister expressed confidence that the government would achieve its target of having 200 new MNCs by 2020. Currently, there are 1,800 MNCs in the country.
"While the number is small as compared with Shanghai, which has 16,000 MNCs, and (against the) 4,000 in Singapore, we hope to surpass 2,000 in 10 years."
Invest KL will target MNCs worldwide, especially from the Middle East, China and India.
(ends)
sharen@nstp.com.my
Published in NST on October 20, 2010
The Matrade Centre and Warisan Merdeka, two large property projects worth a combined RM20 billion, will include offices that will be marketed to multinational companies (MNCs).
"The two projects will have office towers with full-fledged upmarket facilities, even better than the Petronas Twin Towers," Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said.
The RM15 billion Matrade Centre will be built by the Naza group. It will include an exhibition centre, residences, offices, a mall and a hotel, spanning 26ha, under a privatisation deal with the government. The 10-year project will be launched next month.
Warisan Merdeka, located within the enclave of Merdeka Stadium and Stadium Negara, will have a 100-storey tower. The project, which will start next year and be completed in 2015, is an initiative by Permodalan Nasional Bhd (PNB). Little else is known about the project.
Raja Nong Chik said PNB has done its homework to ensure the project will be viable.
However, PNB will have to address the issue of limited road access as the project is located in a densely occupied area.
"The project is a good move by PNB, which is looking at various avenues to invest. But they must ensure that the tower is taken up as the money is coming from them. They are answerable to their shareholders.
"PNB also has to ensure that the building is attractive so that investors don't go to Singapore, Vietnam and India. We will lose then," he said.
Raja Nong Chik was speaking to reporters in Kuala Lumpur yesterday after opening the 2nd International Conference on World Class Sustainable Cities 2010.
He also said that the ministry aims to launch Invest KL by early next year. It will work with the Malaysian Investment Development Authority (Mida) to encourage MNCs to set up shop here.
The minister expressed confidence that the government would achieve its target of having 200 new MNCs by 2020. Currently, there are 1,800 MNCs in the country.
"While the number is small as compared with Shanghai, which has 16,000 MNCs, and (against the) 4,000 in Singapore, we hope to surpass 2,000 in 10 years."
Invest KL will target MNCs worldwide, especially from the Middle East, China and India.
(ends)
Sunday, October 17, 2010
Govt to spend RM100m on Karambunai resort
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 16 2010
sharen@nstp.com.my
Published in NST on October 16 2010
Karambunai Corp has 600ha of land in the Karambunai peninsula. It has since 1997 used about 130ha to build the five-star Nexus Resort Karambunai, Nexus Golf Resort Karambunai and 200-odd units of luxury beachfront villas.Govt scheme to boost house ownership
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 16 2010
sharen@nstp.com.my
Published in NST on October 16 2010
Mah Sing Group Bhd group managing director Tan Sri Leong Hoy Kum applauded the move as it will reduce the cost of buying a home by as much as RM3,000.Friday, October 15, 2010
Mayland plans RM2b maiden project in Penang
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 15 2010
MALAYSIA Land Properties Sdn Bhd (Mayland) aims to launch its maiden project in Penang, a high-end seafront mixed development worth more than RM2 billion by 2013.
The company is looking at buying 12ha in Penang island, some of which will include reclaimed land, said its director Andrew Chiu.
"We want to lay something like a corner stone development in Penang. We hope to get the land within the next 12 to 18 months," Chiu said in an interview with Business Times in Kuala Lumpur recently.
Chiu said the Penang project will be something like the company's on-going integrated Plaza Damas development in Sri Hartamas, Kuala Lumpur, which started in 1998.
Mayland - founded by Chiu's father, Tan Sri David Chiu, a Hong Kong-based hotelier and property developer is focused currently on developments in the Klang Valley and Johor.
It is looking to launch several new projects and sub-phases within its existing developments.
By end-December, it will launch Elements, a 50:50 joint venture project located off Jalan Ampang, Kuala Lumpur, with Land & General (L&G) Bhd, a company which is about 20 per cent controlled by the senior Chiu.
The RM800 million project will comprise 1,040 units of high-end serviced apartments, each pegged at more than RM800 per sq ft.
In Johor, Mayland plans to launch the final phase of its RM300 million Palazio serviced apartment project in Mount Austin.
The entire project has six 14 to 21 storey residential towers, with a total of 1,828 units. The first four towers, launched in 2009 and early this year, are almost 90 per cent sold, Chiu said.
In the first half of 2011, Mayland will launch projects worth in excess of RM2 billion, starting with a residential development in Pelentong, Johor Baru.
Chiu said the project will have 3,000 serviced apartments in five blocks, worth almost RM1 billion.
In Country Heights Damansara, Mayland will launch 300 units of serviced apartments and 250 townhouses, on 4ha, for RM800 million.
"I feel we are at a beginning of a bullish market and I am confident that most of our projects will sell well under this circumstances.
"We have many repeat buyers, who have experienced our projects appreciating in value by more than 100 per cent. We don't just want to sell a property, but a dream ... a lifestyle," Chiu said.
Mayland still has 120ha of undeveloped land in the Klang Valley and 20ha in Johor. It is looking for more land to buy in Kuala Lumpur and Penang, he said.
(ends)
sharen@nstp.com.my
Published in NST on October 15 2010
MALAYSIA Land Properties Sdn Bhd (Mayland) aims to launch its maiden project in Penang, a high-end seafront mixed development worth more than RM2 billion by 2013.
The company is looking at buying 12ha in Penang island, some of which will include reclaimed land, said its director Andrew Chiu.
"We want to lay something like a corner stone development in Penang. We hope to get the land within the next 12 to 18 months," Chiu said in an interview with Business Times in Kuala Lumpur recently.
Chiu said the Penang project will be something like the company's on-going integrated Plaza Damas development in Sri Hartamas, Kuala Lumpur, which started in 1998.
Mayland - founded by Chiu's father, Tan Sri David Chiu, a Hong Kong-based hotelier and property developer is focused currently on developments in the Klang Valley and Johor.
It is looking to launch several new projects and sub-phases within its existing developments.
By end-December, it will launch Elements, a 50:50 joint venture project located off Jalan Ampang, Kuala Lumpur, with Land & General (L&G) Bhd, a company which is about 20 per cent controlled by the senior Chiu.
The RM800 million project will comprise 1,040 units of high-end serviced apartments, each pegged at more than RM800 per sq ft.
In Johor, Mayland plans to launch the final phase of its RM300 million Palazio serviced apartment project in Mount Austin.
The entire project has six 14 to 21 storey residential towers, with a total of 1,828 units. The first four towers, launched in 2009 and early this year, are almost 90 per cent sold, Chiu said.
In the first half of 2011, Mayland will launch projects worth in excess of RM2 billion, starting with a residential development in Pelentong, Johor Baru.
Chiu said the project will have 3,000 serviced apartments in five blocks, worth almost RM1 billion.
In Country Heights Damansara, Mayland will launch 300 units of serviced apartments and 250 townhouses, on 4ha, for RM800 million.
"I feel we are at a beginning of a bullish market and I am confident that most of our projects will sell well under this circumstances.
"We have many repeat buyers, who have experienced our projects appreciating in value by more than 100 per cent. We don't just want to sell a property, but a dream ... a lifestyle," Chiu said.
Mayland still has 120ha of undeveloped land in the Klang Valley and 20ha in Johor. It is looking for more land to buy in Kuala Lumpur and Penang, he said.
(ends)
PJD to launch projects worth RM2b next year
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 12 2010
PJ Development Holdings Bhd (PJD) is set to unveil three new projects worth over RM2 billion next year as it is bullish that market will perform better on pent-up demand for high-end properties.
Managing director Wong Ah Chiew said he is confident that the new projects, located in hot spots like Sri Hartamas, Cheras and Kuantan, Pahang, will do well.
This year, PJD did not launch any new projects except for sub-phases in existing developments because of uncertainties in the market.
The company has five on-going projects, lasting it for the next five years. They are Swiss-Garden Residences at Jalan Pudu, Kuala Lumpur, Taman Putri Kulai and Mont' Callista in Johor, Taman Bukit Istana in Kuantan, and Ocean View in Butterworth, Penang.
"These projects have been selling well. For instance, Ocean View, a condominium development, is 80 per cent sold. We have a number of enquiries for new projects and that is why we are launching," Wong said.
In Sri Hartamas, PJD will launch Dutamas Kingsbury, located near Solaris, the bustling commercial centre of Mont' Kiara, by early next year.
Dutamas Kingsbury boasts over 200 condominium units, each with built-up of more than 2,000 sq ft, priced from RM650 per sq ft, and some 60 units of three-storey super link homes, with over 3,000 sq ft in built-up area, selling from RM3 million.
"Demand and choice are there and availability of land is scarce in the Mont' Kiara area. So we hope there will be good take-up," Wong said after the company's extraordinary general meeting in Kuala Lumpur yesterday.
In Cheras, PJD plans to launch an integrated development featuring retail lots, shopoffices, a mall and high-rise serviced apartments, by mid-2011.
Wong said the best project will be the resort-style development at Sg Karang in Kuantan, located close to Swiss-Garden Resort & Spa Kuantan.
The project, which is targeted for launch in the second half of next year, will comprise seafront condominiums, and a four- or five-star hotel.
"We expect that from 2011, when all these projects take off, our turnover from property development will increase. We have several other new projects in the planning stage," Wong said.
For fiscal year ended June 30 2010, PJD posted a net profit of RM52.8 million on revenue of RM666 million, whereby 40-odd per cent was contributed by property development.
PJD also runs a profitable power cable manufacturing business and owns the Swiss Garden chain of hotels.
"We will definitely perform better in the current year," he said.
(ends)
sharen@nstp.com.my
Published in NST on October 12 2010
PJ Development Holdings Bhd (PJD) is set to unveil three new projects worth over RM2 billion next year as it is bullish that market will perform better on pent-up demand for high-end properties.
Managing director Wong Ah Chiew said he is confident that the new projects, located in hot spots like Sri Hartamas, Cheras and Kuantan, Pahang, will do well.
This year, PJD did not launch any new projects except for sub-phases in existing developments because of uncertainties in the market.
The company has five on-going projects, lasting it for the next five years. They are Swiss-Garden Residences at Jalan Pudu, Kuala Lumpur, Taman Putri Kulai and Mont' Callista in Johor, Taman Bukit Istana in Kuantan, and Ocean View in Butterworth, Penang.
"These projects have been selling well. For instance, Ocean View, a condominium development, is 80 per cent sold. We have a number of enquiries for new projects and that is why we are launching," Wong said.
In Sri Hartamas, PJD will launch Dutamas Kingsbury, located near Solaris, the bustling commercial centre of Mont' Kiara, by early next year.
Dutamas Kingsbury boasts over 200 condominium units, each with built-up of more than 2,000 sq ft, priced from RM650 per sq ft, and some 60 units of three-storey super link homes, with over 3,000 sq ft in built-up area, selling from RM3 million.
"Demand and choice are there and availability of land is scarce in the Mont' Kiara area. So we hope there will be good take-up," Wong said after the company's extraordinary general meeting in Kuala Lumpur yesterday.
In Cheras, PJD plans to launch an integrated development featuring retail lots, shopoffices, a mall and high-rise serviced apartments, by mid-2011.
Wong said the best project will be the resort-style development at Sg Karang in Kuantan, located close to Swiss-Garden Resort & Spa Kuantan.
The project, which is targeted for launch in the second half of next year, will comprise seafront condominiums, and a four- or five-star hotel.
"We expect that from 2011, when all these projects take off, our turnover from property development will increase. We have several other new projects in the planning stage," Wong said.
For fiscal year ended June 30 2010, PJD posted a net profit of RM52.8 million on revenue of RM666 million, whereby 40-odd per cent was contributed by property development.
PJD also runs a profitable power cable manufacturing business and owns the Swiss Garden chain of hotels.
"We will definitely perform better in the current year," he said.
(ends)
Mah Sing on aggressive land acquisition trail
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 9 2010
MAH Sing Group Bhd, the country's fifth largest property developer by revenue, is in talks with the government and private land owners to buy land in the Klang Valley, Penang and Johor.
Group managing director Tan Sri Leong Hoy Kum said the company is on an aggressive land acquisition trail.
For government land, Leong said Mah Sing is open to cooperation with relevant government-linked companies, but he declined to disclose the name of the company it is talking to.
"We are confident that we will lock in more land soon. We do not want to miss the chance to buy government land, more so with the mass rapid transit (MRT) project that is coming up.
"There are also many government projects being tendered out from now until the middle of next year ... so we must get ourselves ready to capitalise on the opportunity," Leong said.
The three-line MRT project, costing more than RM30 billion, is to improve public transport in the Klang Valley.
Mah Sing has RM300 million cash in hand, some of which will be used to buy land. By early next year, it expects to receive RM215 million from the sale of an eight-storey building to Koperasi Permodalan Felda Bhd.
"We have enough funds," Leong said yesterday after the company's extraordinary general meeting in Kuala Lumpur.
Mah Sing has 21 ongoing projects worth RM6.3 billion in the Klang Valley, Penang and Johor. It is planning 10 more projects, expected to be launched from year-end.
Among them are Kinrara Residence, a RM830 million medium- to high-end housing development in Puchong, featuring 836 bungalows as well as semi-detached and super-link homes.
Leong said he is confident the company's sales this year will surpass the RM1.5 billion mark, due to strong numbers already locked in from its balanced and diversified property portfolio. Up to July this year, it had raked in RM1.02 billion.
Leong also said that he is bullish on the property market for the next one to two years.
"We should not worry too much about over-heating. We are promoting Malaysia 'My Second Home' scheme in China, Singapore, Hong Kong, Taiwan and Europe. Some 10 per cent of foreigners contribute to our sales and we expect more going forward," he said.
Mah Sing also hopes the government will further open up its policies to encourage foreigners to buy properties in Malaysia, especially those in the high-end segment, he added.
(ends)
sharen@nstp.com.my
Published in NST on October 9 2010
MAH Sing Group Bhd, the country's fifth largest property developer by revenue, is in talks with the government and private land owners to buy land in the Klang Valley, Penang and Johor.
Group managing director Tan Sri Leong Hoy Kum said the company is on an aggressive land acquisition trail.
For government land, Leong said Mah Sing is open to cooperation with relevant government-linked companies, but he declined to disclose the name of the company it is talking to.
"We are confident that we will lock in more land soon. We do not want to miss the chance to buy government land, more so with the mass rapid transit (MRT) project that is coming up.
"There are also many government projects being tendered out from now until the middle of next year ... so we must get ourselves ready to capitalise on the opportunity," Leong said.
The three-line MRT project, costing more than RM30 billion, is to improve public transport in the Klang Valley.
Mah Sing has RM300 million cash in hand, some of which will be used to buy land. By early next year, it expects to receive RM215 million from the sale of an eight-storey building to Koperasi Permodalan Felda Bhd.
"We have enough funds," Leong said yesterday after the company's extraordinary general meeting in Kuala Lumpur.
Mah Sing has 21 ongoing projects worth RM6.3 billion in the Klang Valley, Penang and Johor. It is planning 10 more projects, expected to be launched from year-end.
Among them are Kinrara Residence, a RM830 million medium- to high-end housing development in Puchong, featuring 836 bungalows as well as semi-detached and super-link homes.
Leong said he is confident the company's sales this year will surpass the RM1.5 billion mark, due to strong numbers already locked in from its balanced and diversified property portfolio. Up to July this year, it had raked in RM1.02 billion.
Leong also said that he is bullish on the property market for the next one to two years.
"We should not worry too much about over-heating. We are promoting Malaysia 'My Second Home' scheme in China, Singapore, Hong Kong, Taiwan and Europe. Some 10 per cent of foreigners contribute to our sales and we expect more going forward," he said.
Mah Sing also hopes the government will further open up its policies to encourage foreigners to buy properties in Malaysia, especially those in the high-end segment, he added.
(ends)
Tempo postpones listing plan
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 6 2010
TEMPO Properties Sdn Bhd has postponed plans to list on Bursa Malaysia next year as it wants to grow its size further.
"The listing is under consideration. Our immediate plan is to bring the company to a level where it is able to compete with the big boys," Tempo chief executive officer Khoo Boo Hian said.
Khoo said in 2008 that Tempo had been working towards fulfilling the profit requirements for a listing on the main board in 2011.
The company has been enjoying 40 per cent revenue growth every year for the last few years. In 2008, it posted RM60.5 million revenue.
Khoo told Business Times in an interview recently that the listing may now happen in the next 3 to 5 years.
"Our primary focus is to develop our existing project, The Atmosphere, and buy land to launch new high-end projects in Kuala Lumpur, to grow the company," Khoo said.
At present, The Atmosphere, a RM850 million mixed commercial project in Seri Kembangan, Selangor, is the company's biggest development.
It has 40 per cent stake in the project. Timber outfit Eksons Corp Bhd holds the remaining shares.
Khoo said Tempo is planning to launch a residential project worth RM160 million off Jalan Ampang in KL, by early next year.
"We are negotiating the land deal with the owner. We expect to ink the deal soon," Khoo said.
Tempo is buying less than 4ha to build two high-rise high-end residential towers of 548 units.
"We are re-looking at the building plans to see what else we can do to add value. We may rope in Eksons to work with us for the development," he said.
Khoo said Tempo is also in negotiations with other land owners in the Ampang area and within the vicinity of Mont' Kiara.
"We are happy to work with Eksons on The Atmosphere and in future projects. Together I believe, we can grow to greater heights," he said.
Tempo, though not part of Eksons, is deemed a related party to the group. Eksons group managing director Tay Hua Sin is a substantial shareholder in Tempo.
On going overseas, Khoo said Tempo has explored China and Vietnam but there are no concrete plans.
"We are serious about going overseas and have been talking to various parties. We are still studying both the markets," he said.
sharen@nstp.com.my
Published in NST on October 6 2010
TEMPO Properties Sdn Bhd has postponed plans to list on Bursa Malaysia next year as it wants to grow its size further.
"The listing is under consideration. Our immediate plan is to bring the company to a level where it is able to compete with the big boys," Tempo chief executive officer Khoo Boo Hian said.
Khoo said in 2008 that Tempo had been working towards fulfilling the profit requirements for a listing on the main board in 2011.
The company has been enjoying 40 per cent revenue growth every year for the last few years. In 2008, it posted RM60.5 million revenue.
Khoo told Business Times in an interview recently that the listing may now happen in the next 3 to 5 years.
"Our primary focus is to develop our existing project, The Atmosphere, and buy land to launch new high-end projects in Kuala Lumpur, to grow the company," Khoo said.
At present, The Atmosphere, a RM850 million mixed commercial project in Seri Kembangan, Selangor, is the company's biggest development.
It has 40 per cent stake in the project. Timber outfit Eksons Corp Bhd holds the remaining shares.
Khoo said Tempo is planning to launch a residential project worth RM160 million off Jalan Ampang in KL, by early next year.
"We are negotiating the land deal with the owner. We expect to ink the deal soon," Khoo said.
Tempo is buying less than 4ha to build two high-rise high-end residential towers of 548 units.
"We are re-looking at the building plans to see what else we can do to add value. We may rope in Eksons to work with us for the development," he said.
Khoo said Tempo is also in negotiations with other land owners in the Ampang area and within the vicinity of Mont' Kiara.
"We are happy to work with Eksons on The Atmosphere and in future projects. Together I believe, we can grow to greater heights," he said.
Tempo, though not part of Eksons, is deemed a related party to the group. Eksons group managing director Tay Hua Sin is a substantial shareholder in Tempo.
On going overseas, Khoo said Tempo has explored China and Vietnam but there are no concrete plans.
"We are serious about going overseas and have been talking to various parties. We are still studying both the markets," he said.
Glomac mulls expanding Damansara project
By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 1 2010
PROPERTY developer Glomac Bhd is re-looking at the development of Glomac Damansara in Petaling Jaya, Selangor, to include another residential block worth some RM130 million, its chief says.
The RM820 million project comprises two 26-storey serviced apartment blocks, a 25-storey office tower, a 16-storey office building, five- and eight-storey shop offices, two 11-storey office suites and a hybrid three-level retail mall.
Glomac group managing director Datuk FD Iskandar said there may be some changes to the plan as it takes into account demand for new homes.
The two apartment blocks with 348 units worth RM250 million or more than RM600 per sq ft, will be launched in December. More than 2,000 people have registered for them, Iskandar said.
"If we can sell the units within a month, then we will make adjustments. What we will do is instead of having two 11-storey office suites, we will have one with 25 floors.
"The space for the second office suites will be converted into residences with another 150 units," he told Business Times yesterday, after the company's shareholders meeting in Kelana Jaya.
The changes will raise the gross development value of the project to RM1 billion.
Glomac has sold the 25-storey office tower to Lembaga Tabung Haji for RM171 million and the shop offices for RM58 million.
The group has 14 ongoing projects, and Glomac Damansara is its biggest development. Next year, it will have 16 projects in hand.
Iskandar also told reporters at a press conference earlier that Glomac has up to RM3 billion worth of projects to launch over the next four to five years.
It aims to launch some RM600 million worth of new products a year, he said.
Glomac, which has 400ha of land, is eyeing to buy more in greater Klang Valley. It is also eyeing some government land, Iskandar said.
(ends)
sharen@nstp.com.my
Published in NST on October 1 2010
PROPERTY developer Glomac Bhd is re-looking at the development of Glomac Damansara in Petaling Jaya, Selangor, to include another residential block worth some RM130 million, its chief says.
The RM820 million project comprises two 26-storey serviced apartment blocks, a 25-storey office tower, a 16-storey office building, five- and eight-storey shop offices, two 11-storey office suites and a hybrid three-level retail mall.
Glomac group managing director Datuk FD Iskandar said there may be some changes to the plan as it takes into account demand for new homes.
The two apartment blocks with 348 units worth RM250 million or more than RM600 per sq ft, will be launched in December. More than 2,000 people have registered for them, Iskandar said.
"If we can sell the units within a month, then we will make adjustments. What we will do is instead of having two 11-storey office suites, we will have one with 25 floors.
"The space for the second office suites will be converted into residences with another 150 units," he told Business Times yesterday, after the company's shareholders meeting in Kelana Jaya.
The changes will raise the gross development value of the project to RM1 billion.
Glomac has sold the 25-storey office tower to Lembaga Tabung Haji for RM171 million and the shop offices for RM58 million.
The group has 14 ongoing projects, and Glomac Damansara is its biggest development. Next year, it will have 16 projects in hand.
Iskandar also told reporters at a press conference earlier that Glomac has up to RM3 billion worth of projects to launch over the next four to five years.
It aims to launch some RM600 million worth of new products a year, he said.
Glomac, which has 400ha of land, is eyeing to buy more in greater Klang Valley. It is also eyeing some government land, Iskandar said.
(ends)
Thursday, September 30, 2010
E&O aims to grow F&B, property units in region
By Sharen Kaur
Published in NST on September 30 2010
EASTERN & Oriental Bhd (E&O) wants to expand regionally to grow its property development and food and beverage (F&B) units, its chief said.
The developer's businesses are currently in Kuala Lumpur and Penang, where it is involved in property development and investment, and operating hotels and restaurants.
Under the F&B division, E&O operates the Delicious Chain of restaurants in Malaysia and it wants to expand this to Singapore, Thailand and Indonesia, said its executive director, Eric Chan.
"F&B contributed some RM3 million to E&O's net profit last year and we aim to increase this going forward," Chan said yesterday, after the company's shareholders meeting in Kuala Lumpur.
E&O operates six Delicious outlets and one Chinese restaurant.
The company has RM500 million in its coffers to spearhead the F&B expansion. However, the bulk of the cash will be used to generate fresh cash flow by launching new projects and buying more land, Chan said.
On the property development front, Chan said E&O aims to launch flagship projects in Singapore and Jakarta, Indonesia, but there are no concrete plans yet.
"Our priority is to launch projects locally. We have more than RM4 billion worth of high-end housing projects to launch in Penang and Kuala Lumpur. We will launch as long as the market can take it.
"If there are no negative policies being implemented, then we expect the markets in Penang and Kuala Lumpur to be positive," he said.
Among the projects that E&O plans to launch are seafront terraces, villas and semi-detached homes in Penang, and condominiums at Jalan Yap Kwan Seng and Jalan Kia Peng as well as in Bukit Tunku in Kuala Lumpur.
Chan said E&O aims to achieve record sales of RM1 billion. No time frame was, however, given.
For its financial year ended March 31 2010, E&O posted RM70.5 million in net profit on revenue of RM352.4 million.
(ends)
Published in NST on September 30 2010
EASTERN & Oriental Bhd (E&O) wants to expand regionally to grow its property development and food and beverage (F&B) units, its chief said.
The developer's businesses are currently in Kuala Lumpur and Penang, where it is involved in property development and investment, and operating hotels and restaurants.
Under the F&B division, E&O operates the Delicious Chain of restaurants in Malaysia and it wants to expand this to Singapore, Thailand and Indonesia, said its executive director, Eric Chan.
"F&B contributed some RM3 million to E&O's net profit last year and we aim to increase this going forward," Chan said yesterday, after the company's shareholders meeting in Kuala Lumpur.
E&O operates six Delicious outlets and one Chinese restaurant.
The company has RM500 million in its coffers to spearhead the F&B expansion. However, the bulk of the cash will be used to generate fresh cash flow by launching new projects and buying more land, Chan said.
On the property development front, Chan said E&O aims to launch flagship projects in Singapore and Jakarta, Indonesia, but there are no concrete plans yet.
"Our priority is to launch projects locally. We have more than RM4 billion worth of high-end housing projects to launch in Penang and Kuala Lumpur. We will launch as long as the market can take it.
"If there are no negative policies being implemented, then we expect the markets in Penang and Kuala Lumpur to be positive," he said.
Among the projects that E&O plans to launch are seafront terraces, villas and semi-detached homes in Penang, and condominiums at Jalan Yap Kwan Seng and Jalan Kia Peng as well as in Bukit Tunku in Kuala Lumpur.
Chan said E&O aims to achieve record sales of RM1 billion. No time frame was, however, given.
For its financial year ended March 31 2010, E&O posted RM70.5 million in net profit on revenue of RM352.4 million.
(ends)
Syed Mohamed set for IIB top job
By Shahriman Johari and Sharen Kaur
Published in NST on September 30 2010
Published in NST on September 30 2010
Wednesday, September 8, 2010
Wing Tai upbeat despite Singapore property move
By Sharen Kaur
Published in NST on September 6 2010
STRONG demand for high-end properties in Singapore means that property developers who build assets in that segment won't be affected by the island republic's measures to cool the property market.
Singapore had put a 70 per cent cap on loan-to-property-value for second mortgages, among other measures, to prevent the market from overheating.
Property developer Wing Tai Holdings Ltd deputy chairman Edmund Cheng said at the launch of its luxury project Belle Vue Residences in Singapore last week that the new curbs will not affect the group.
"The measures are few but for genuine buyers it is still okay. It may affect upgraders. Most of our projects are upper middle, high-end and super high-end, so the impact is not much," he said.
"Wing Tai will continue to launch new projects as there is pent-up demand for high-end properties, especially among international investors and home seekers," he added.
Foreign buyers generally make up about 29 per cent of Singapore's property market, Cheng said.
Meanwhile, Wing Tai may replicate Belle Vue Residences, its most valuable residential project worth S$350 million (RM812 million), in other Asia Pacific countries.
The project may be developed in Hong Kong, China or Malaysia, provided there is suitable land and Japan's renowned architect Toyo Ito agrees to design it.
Belle Vue was designed by Ito, whose free-flowing spaces and designs mirror the rhythms and patterns of organic growth. This is his first residential project outside of Japan.
Some 62 per cent of its 167 units have been sold, mostly to international property buyers, at between S$2,000 (RM4,640) per sq ft and S$2,300 (RM5,336) psf.
The project was launched in phases starting August 2008 and the remaining units will sell from S$2,300 psf to S$2,800 (RM6,496) psf.
Cheng said he was confident that the project will be fully taken up soon.
"Belle Vue is our best project but we are aiming for another best development," Cheng said.
Belle Vue, located on Orchard Road, is designed to parallel nature's simplicity.
(ends)
Published in NST on September 6 2010
Singapore had put a 70 per cent cap on loan-to-property-value for second mortgages, among other measures, to prevent the market from overheating.
Property developer Wing Tai Holdings Ltd deputy chairman Edmund Cheng said at the launch of its luxury project Belle Vue Residences in Singapore last week that the new curbs will not affect the group.
"The measures are few but for genuine buyers it is still okay. It may affect upgraders. Most of our projects are upper middle, high-end and super high-end, so the impact is not much," he said.
"Wing Tai will continue to launch new projects as there is pent-up demand for high-end properties, especially among international investors and home seekers," he added.
Foreign buyers generally make up about 29 per cent of Singapore's property market, Cheng said.
Meanwhile, Wing Tai may replicate Belle Vue Residences, its most valuable residential project worth S$350 million (RM812 million), in other Asia Pacific countries.
The project may be developed in Hong Kong, China or Malaysia, provided there is suitable land and Japan's renowned architect Toyo Ito agrees to design it.
Belle Vue was designed by Ito, whose free-flowing spaces and designs mirror the rhythms and patterns of organic growth. This is his first residential project outside of Japan.
Some 62 per cent of its 167 units have been sold, mostly to international property buyers, at between S$2,000 (RM4,640) per sq ft and S$2,300 (RM5,336) psf.
The project was launched in phases starting August 2008 and the remaining units will sell from S$2,300 psf to S$2,800 (RM6,496) psf.
Cheng said he was confident that the project will be fully taken up soon.
"Belle Vue is our best project but we are aiming for another best development," Cheng said.
Belle Vue, located on Orchard Road, is designed to parallel nature's simplicity.
(ends)
"We are excited about the REIT because the proposed injection is a strategic exercise which enables us to leverage on three prime assets to recapitalise," Othman said in an interview with Business Times.Selangor Dredging bullish on sales
By Sharen Kaur
sharen@nstp.com.my
Published in NST on 27 August 2010
sharen@nstp.com.my
Published in NST on 27 August 2010
Dijaya plans RM1.2b high-end projects by year-end
By Sharen Kaur
sharen@nstp.com.my
Published in NST on 1 September 2010
sharen@nstp.com.my
Published in NST on 1 September 2010
Tong said the company's recent launches namely, Grand Villas and Pool Villas at Tropicana Indah Resort Homes in Petaling Jaya enjoyed good sales.Dijaya to launch Danga Bay project by Dec
By Sharen Kaur
sharen@nstp.com.my
Published in NST on August 16 2010
sharen@nstp.com.my
Published in NST on August 16 2010
Tuesday, August 31, 2010
UEM Land plans to expand overseas after 2012
By Sharen Kaur
sharen@nstp.com.my
UEM Land Holdings Bhd, a global community builder, will be ready to expand overseas after 2012 when it has a certain number of projects to market.
"That is one of my key performance indicators (KPI). India looks promising. There is massive need for housing," managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said in an interview recently.
UEM Land's current projects include development of state administration complexes at Kota Iskandar, Puteri Harbour waterfront, Southern Industrial and Logistics Clusters, Alfiat Healthpark and residences, all in Nusajaya in Johor.
The company has 3,400ha of undeveloped land in Nusajaya, targeted to be developed by 2025.
Wan Abdullah said UEM Land is looking at various means of expansion and diversification of location to boost earnings.
It is in various stages of negotiations to secure land at several identified areas in Kuala Lumpur, Selangor, Penang and Sabah.
The company is also looking at township development and niche projects and expects to announce several of these deals by the end of this year, Wan Abdullah said.
"My current price-to-earnings ratio is 80 times. It is not matching my market capitalisation. That is why we need to embark on identifying new projects elsewhere," he said.
UEM Land recently branched out to Cyberjaya, Selangor, to develop Symphony Hills, a RM1.1 billion high-end housing project.
"With Symphony Hills and its 'Connected Intelligent Community' value proposition, we believe that we are heading in the right direction," he said.
UEM Land has RM250 million to spend after it exercised its rights issue in April, which saw RM970 million being raised. Part of the proceeds was used to repay debt and for working capital.
Wan Abdullah said UEM Land will not raise funds for the next three years. It will borrow from banks for new projects.
The group is still working on its headline KPI to achieve 36 per cent revenue growth year-on-year and 6 per cent return on equity.
For its financial year ended December 31 2009, UEM Land posted a 54 per cent jump in net profit to RM115.6 million on RM403.1 million revenue.
sharen@nstp.com.my
UEM Land Holdings Bhd, a global community builder, will be ready to expand overseas after 2012 when it has a certain number of projects to market.
"That is one of my key performance indicators (KPI). India looks promising. There is massive need for housing," managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said in an interview recently.
UEM Land's current projects include development of state administration complexes at Kota Iskandar, Puteri Harbour waterfront, Southern Industrial and Logistics Clusters, Alfiat Healthpark and residences, all in Nusajaya in Johor.
The company has 3,400ha of undeveloped land in Nusajaya, targeted to be developed by 2025.
Wan Abdullah said UEM Land is looking at various means of expansion and diversification of location to boost earnings.
It is in various stages of negotiations to secure land at several identified areas in Kuala Lumpur, Selangor, Penang and Sabah.
The company is also looking at township development and niche projects and expects to announce several of these deals by the end of this year, Wan Abdullah said.
"My current price-to-earnings ratio is 80 times. It is not matching my market capitalisation. That is why we need to embark on identifying new projects elsewhere," he said.
UEM Land recently branched out to Cyberjaya, Selangor, to develop Symphony Hills, a RM1.1 billion high-end housing project.
"With Symphony Hills and its 'Connected Intelligent Community' value proposition, we believe that we are heading in the right direction," he said.
UEM Land has RM250 million to spend after it exercised its rights issue in April, which saw RM970 million being raised. Part of the proceeds was used to repay debt and for working capital.
Wan Abdullah said UEM Land will not raise funds for the next three years. It will borrow from banks for new projects.
The group is still working on its headline KPI to achieve 36 per cent revenue growth year-on-year and 6 per cent return on equity.
For its financial year ended December 31 2009, UEM Land posted a 54 per cent jump in net profit to RM115.6 million on RM403.1 million revenue.
Wednesday, August 25, 2010
Sime's Oasis Square sees good take-up
By Sharen Kaur
Published in NST on August 24 2010
DEMAND has been strong for Sime Darby Property Bhd's RM1 billion Oasis Square project, the central business district of the Ara Damansara township in Selangor.
It has three 12-storey corporate office towers; five blocks of 10- to 12-storey retail outlets and office suites, called The Capital; two 10-storey serviced apartments, named Oasis Serviced Suites; and double-storey food and beverage kiosks with 15 outlets.
Managing director Datuk Tunku Putra Badlishah Tunku Annuar said the project has recorded impressive take-up rates since the launch of phases 1, 2 and 3 last year.
All the 288 shop-offices in Blocks A and B under phase one of The Capital development are sold. The take-up for Blocks C and D under phase three is 86 per cent and 93 per cent respectively.
Block E, which has some 88 units, is targeted to be launched in the last quarter of this year.
"The need for office space in prime locations is evident from the swift take-up of the business units," Tunku Putra Badlishah said.
The serviced apartment blocks with 326 units are 99 per cent sold at between RM440 and RM503 per sq ft. They were snapped up less than a year after its launch in April and May last year.
The one-bedroom studios, two- and 2+1 bedroom units range between 572 sq ft and 1,108 sq ft.
Upcoming launches include the Oasis Corporate Park, a mixed commercial development comprising office towers, retail space, serviced apartments, a hotel and a convention centre which is still in the planning stage.
Key products in the 306ha Ara Damansara project, launched in 1999, include the 400 resort condominium units under Ara Hill, the Seri Pilmoor semi-detached houses and bungalows, and the Ara Damansara Linear City.
Sime Darby Property has sold some 3,123 mixed development units, including double-storey link-houses, double-story semi-detached houses, bungalows, low- to medium-cost apartments and high-end condominiums.
Published in NST on August 24 2010
DEMAND has been strong for Sime Darby Property Bhd's RM1 billion Oasis Square project, the central business district of the Ara Damansara township in Selangor.
It has three 12-storey corporate office towers; five blocks of 10- to 12-storey retail outlets and office suites, called The Capital; two 10-storey serviced apartments, named Oasis Serviced Suites; and double-storey food and beverage kiosks with 15 outlets.
Managing director Datuk Tunku Putra Badlishah Tunku Annuar said the project has recorded impressive take-up rates since the launch of phases 1, 2 and 3 last year.
All the 288 shop-offices in Blocks A and B under phase one of The Capital development are sold. The take-up for Blocks C and D under phase three is 86 per cent and 93 per cent respectively.
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"The need for office space in prime locations is evident from the swift take-up of the business units," Tunku Putra Badlishah said.
The serviced apartment blocks with 326 units are 99 per cent sold at between RM440 and RM503 per sq ft. They were snapped up less than a year after its launch in April and May last year.
The one-bedroom studios, two- and 2+1 bedroom units range between 572 sq ft and 1,108 sq ft.
Upcoming launches include the Oasis Corporate Park, a mixed commercial development comprising office towers, retail space, serviced apartments, a hotel and a convention centre which is still in the planning stage.
Key products in the 306ha Ara Damansara project, launched in 1999, include the 400 resort condominium units under Ara Hill, the Seri Pilmoor semi-detached houses and bungalows, and the Ara Damansara Linear City.
Sime Darby Property has sold some 3,123 mixed development units, including double-storey link-houses, double-story semi-detached houses, bungalows, low- to medium-cost apartments and high-end condominiums.
| (ENDS) |
Thursday, August 12, 2010
Gaming, property units to drive MPHB revenue
By Sharen Kaur
Published in NST on August 9 2010
Multi-Purpose Holdings Bhd (MPHB) expects revenue to hit the RM5 billion mark in the next five years, driven by its gaming and property development business, says its chief.
In fiscal year March 31 2010, MPHB recorded net profit of RM327 million on revenue of RM3.3 billion.
Some 80 per cent of the revenue came from the gaming business via its 51 per cent stake in Magnum Holdings Sdn Bhd. The rest were from property, insurance, stockbroking and investment holding.
Managing director Datuk Lau Kim Khoon @ Surin Upatkoon said its property division has five projects worth over RM10 billion on the table to roll out by next year.
The biggest is the redevelopment project in Makati City in the Philippines. It plans to convert a 22ha horseracing track into an integrated development, featuring commercial, residential and retail space as well as a hotel.
MPHB has a 40 per cent stake in listed Philippine Racing Club Inc that owns the race track, which has been relocated to Manila.
Lau said in an interview with Business Times recently that the project is estimated to worth over RM5 billion.
"We hope to start construction next year. We are bullish on the development and sales as it is located next to the Makati financial district," he said.
At present, MPHB has three projects worth some RM300 million; two residential developments in Penang and one in Pudu, Kuala Lumpur.
By the middle of next year, it targets to launch a RM3 billion project on a 2.4ha site in Kuala Lumpur.
The seven-year project will comprise a one million sq ft retail podium, 50-storey luxury condominiums, a 35-storey four-star hotel and a 30-storey office tower. MPHB will add one more office tower and a residence complex at a later stage.
"We will retain the hotel, retail podium and one commercial block. Property investment will be a growing business for us," Lau said.
The project will be linked to Berjaya Times Square, Sg Wang Plaza, the new international financial district and Pasar Rakyat redevelopment in Imbi.
MPHB has three joint ventures with Bandaraya Development Bhd to undertake medium- to high-end residential projects worth RM1 billion on land its owns in Rawang and Mimaland in Selangor and in Penang.
The companies are discussing details of the joint-venture agreements, Lau said.
(ends)
Published in NST on August 9 2010
Multi-Purpose Holdings Bhd (MPHB) expects revenue to hit the RM5 billion mark in the next five years, driven by its gaming and property development business, says its chief.
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Some 80 per cent of the revenue came from the gaming business via its 51 per cent stake in Magnum Holdings Sdn Bhd. The rest were from property, insurance, stockbroking and investment holding.
Managing director Datuk Lau Kim Khoon @ Surin Upatkoon said its property division has five projects worth over RM10 billion on the table to roll out by next year.
The biggest is the redevelopment project in Makati City in the Philippines. It plans to convert a 22ha horseracing track into an integrated development, featuring commercial, residential and retail space as well as a hotel.
MPHB has a 40 per cent stake in listed Philippine Racing Club Inc that owns the race track, which has been relocated to Manila.
Lau said in an interview with Business Times recently that the project is estimated to worth over RM5 billion.
"We hope to start construction next year. We are bullish on the development and sales as it is located next to the Makati financial district," he said.
At present, MPHB has three projects worth some RM300 million; two residential developments in Penang and one in Pudu, Kuala Lumpur.
By the middle of next year, it targets to launch a RM3 billion project on a 2.4ha site in Kuala Lumpur.
The seven-year project will comprise a one million sq ft retail podium, 50-storey luxury condominiums, a 35-storey four-star hotel and a 30-storey office tower. MPHB will add one more office tower and a residence complex at a later stage.
"We will retain the hotel, retail podium and one commercial block. Property investment will be a growing business for us," Lau said.
The project will be linked to Berjaya Times Square, Sg Wang Plaza, the new international financial district and Pasar Rakyat redevelopment in Imbi.
MPHB has three joint ventures with Bandaraya Development Bhd to undertake medium- to high-end residential projects worth RM1 billion on land its owns in Rawang and Mimaland in Selangor and in Penang.
The companies are discussing details of the joint-venture agreements, Lau said.
(ends)
Rehda: Residential property prices on the rise
By Sharen Kaur
Published in NST on August 10 2010
Prices of residential properties will rise 10-20 per cent over the next six months because of cost and inflationary pressures, says Real Estate and Housing Developers' Association Malaysia (Rehda) president Datuk Michael K.C. Yam.
"The current housing market is simmering. There is no boom or bust, but property prices will rise. The increase will be in high-rise and landed properties in all price categories across Malaysia," Yam said at a half-year property market briefing in Kuala Lumpur yesterday.
He said it was still a good time to buy property as the market was heading upwards, noting also the liquid banking sector and improvement in credit facilities for construction players.
According to Yam, developers are planning more launches in the second half and each project will comprise more than 150 units.
He also said that there was pent-up demand for semi-detached houses, bungalows and terraced houses priced more than RM800,000 each, especially in the Klang Valley and Penang.
"There are a lot of upgraders who want to move from a terraced house to a semi-D or bungalow because of security and to live in a green environment."
Yam said that key challenges for the sector would be higher interest rates, implementation of the Goods and Services Tax and removal of subsidies that would affect the lower-income group.
"We need government support and accommodative policies to ensure the market is simmering. The government should also be more firm in their policies to attract foreigners to buy properties here."
Published in NST on August 10 2010
Prices of residential properties will rise 10-20 per cent over the next six months because of cost and inflationary pressures, says Real Estate and Housing Developers' Association Malaysia (Rehda) president Datuk Michael K.C. Yam.
"The current housing market is simmering. There is no boom or bust, but property prices will rise. The increase will be in high-rise and landed properties in all price categories across Malaysia," Yam said at a half-year property market briefing in Kuala Lumpur yesterday.
He said it was still a good time to buy property as the market was heading upwards, noting also the liquid banking sector and improvement in credit facilities for construction players.
According to Yam, developers are planning more launches in the second half and each project will comprise more than 150 units.
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He also said that there was pent-up demand for semi-detached houses, bungalows and terraced houses priced more than RM800,000 each, especially in the Klang Valley and Penang.
"There are a lot of upgraders who want to move from a terraced house to a semi-D or bungalow because of security and to live in a green environment."
Yam said that key challenges for the sector would be higher interest rates, implementation of the Goods and Services Tax and removal of subsidies that would affect the lower-income group.
"We need government support and accommodative policies to ensure the market is simmering. The government should also be more firm in their policies to attract foreigners to buy properties here."
| (ends) |
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