By Sharen Kaur
Published in NST on Feb 26 2010
THE opening of Singapore's two casino resorts is expected to accelerate growth at Nusajaya, with 2012 targeted as the "tipping point" for the Johor project, said UEM Land Holdings Bhd chief.
Managing director and chief executive officer Wan Abdullah Wan Ibrahim said Resorts World Sentosa and Marina Bay Sands will help boost the number of visitors to Nusajaya's own indoor theme park and Legoland, placing Johor on the world map.
"Visitors to the two resorts are not going to gamble 24/7 (24 hours a day, seven days a week). They will visit Universal Studio and we expect them to come here as we are building Legoland and an indoor theme park. We are happy to see the (Singapore) casinos ready," Wan Abdullah told Business Times after the company's shareholders' meeting in Petaling Jaya, Selangor, yesterday.
"For us, anything good that comes up in Singapore will further enhance developments at Nusajaya. Three years ago Nusajaya was a dream, concept and plan. Today it is a reality," he added.
He expects a new wave of development to hit Nusajaya in 2012 as its current on-going projects would have reached their peak.
Among the projects due to complete in 2012 are the coastal highway linking Johor Baru, quarters for state government staff and federal government agency complexes at Kota Iskandar, Legoland, as well as an indoor theme park at Puteri Harbour.
Others include the 70-bed hospital by Columbia Asia Group, UK's Newcastle University of Medicine, Marlboro College Malaysia, a British independent co-educational boarding school for children between 13 and 18 years old, and the Sri KDU Smart School.
UEM Land is the developer of Nusajaya's main features such as the state administration complexes, Puteri Harbour, the Southern Industrial and Logistics Cluster (SILC), a healthpark and residences.
Wan Abdullah said there will be a good mix of new medium, high-end and luxury homes in Nusajaya, and the entry of international bio-technology companies in SILC going forward.
UEM Land, 77.14 per cent-controlled by UEM Group Bhd, expects to do better this year, attributed by its existing products and the completion of the current developments, Wan Abdullah said.
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Saturday, February 27, 2010
Malaysia Airports shortlists 5 firms
By Sharen Kaur
Published in NST on Feb 25 2010
Malaysia Airports Holdings Bhd (MAHB) (5014) has shortlisted five companies to build the main terminal building and satellite tower for the new RM2 billion low-cost carrier terminal (LCCT) in Sepang.
Business Times understands that the UEM-Bina Puri joint venture, Sunway Construction Sdn Bhd, the privately-held AHT Norlan-Carriage joint venture, IJM Corp Bhd and the Gadang Holdings-PPC joint venture are the frontrunners to win the tender.
An MAHB official, who declined to be named, said the five were selected because they had offered the lowest prices for the project and said they could complete the job in 20 months, as outlined by the airport operator.
The new LCCT is slated for completion by the third quarter of next year. However, rumours are swirling that it may be delayed by six to 12 months.
"The tender process took a longer time (than expected). MAHB had pre-qualified many companies and then invited some on a selective basis to tender," the official said.
MAHB is evaluating the design and technical aspect of the proposals submitted by the five bidders and will select the best for each building, he added.
The official also said that the successful bidders would have to finish the job within schedule.
"MAHB may award the contracts for both buildings in the next one to two months and the two companies are expected to start work immediately."
MAHB received bids from 11 companies for the main terminal building job and nine for the satellite tower.
It is learnt that other bidders included Muhibbah Engineering (M) Bhd, Putra Perdana Development Sdn Bhd, Zelan Bhd, Fajarbaru Builder Group Bhd, Maju Holdings Sdn Bhd and the Ikhasas-Saidina joint venture, but they were disqualified on technical grounds.
The price for the job was between RM750 million and RM850 million for the main terminal building, and around RM400 million to RM500 million for the satellite tower.
To date, MAHB has awarded two contracts for the LCCT project.
The first, worth RM362 million, was given to WCT Bhd in December last year for works that include site preparation, earthworks and main drainage. A month later, MAHB awarded a RM291 million contract to Gadang to build the 4km Runway 3 and taxiways.
The new LCCT will be 1.5km away from the KL International Airport (KLIA) compared with 20km for the existing LCCT. It will be linked to KLIA's main terminal building via the Express Rail Link.
The new LCCT will cater for 30 million passengers a year, with potential to expand its capacity to handle 45 million.
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Published in NST on Feb 25 2010
Malaysia Airports Holdings Bhd (MAHB) (5014) has shortlisted five companies to build the main terminal building and satellite tower for the new RM2 billion low-cost carrier terminal (LCCT) in Sepang.
Business Times understands that the UEM-Bina Puri joint venture, Sunway Construction Sdn Bhd, the privately-held AHT Norlan-Carriage joint venture, IJM Corp Bhd and the Gadang Holdings-PPC joint venture are the frontrunners to win the tender.
An MAHB official, who declined to be named, said the five were selected because they had offered the lowest prices for the project and said they could complete the job in 20 months, as outlined by the airport operator.
The new LCCT is slated for completion by the third quarter of next year. However, rumours are swirling that it may be delayed by six to 12 months.
"The tender process took a longer time (than expected). MAHB had pre-qualified many companies and then invited some on a selective basis to tender," the official said.
MAHB is evaluating the design and technical aspect of the proposals submitted by the five bidders and will select the best for each building, he added.
The official also said that the successful bidders would have to finish the job within schedule.
"MAHB may award the contracts for both buildings in the next one to two months and the two companies are expected to start work immediately."
MAHB received bids from 11 companies for the main terminal building job and nine for the satellite tower.
It is learnt that other bidders included Muhibbah Engineering (M) Bhd, Putra Perdana Development Sdn Bhd, Zelan Bhd, Fajarbaru Builder Group Bhd, Maju Holdings Sdn Bhd and the Ikhasas-Saidina joint venture, but they were disqualified on technical grounds.
The price for the job was between RM750 million and RM850 million for the main terminal building, and around RM400 million to RM500 million for the satellite tower.
To date, MAHB has awarded two contracts for the LCCT project.
The first, worth RM362 million, was given to WCT Bhd in December last year for works that include site preparation, earthworks and main drainage. A month later, MAHB awarded a RM291 million contract to Gadang to build the 4km Runway 3 and taxiways.
The new LCCT will be 1.5km away from the KL International Airport (KLIA) compared with 20km for the existing LCCT. It will be linked to KLIA's main terminal building via the Express Rail Link.
The new LCCT will cater for 30 million passengers a year, with potential to expand its capacity to handle 45 million.
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Global Rail hopes to raise RM80m for Malaysian plant
By Sharen Kaur
Published in NST on Fb 23 2010
GLOBAL Rail Sdn Bhd, a railway engineering company, plans to raise some RM80 million from an initial public offering in 2012 to build a manufacturing plant in Malaysia.
The company plans to set up manufacturing plants in Southeast Asia, including Malaysia, to produce electric multiple units (EMU) and locomotives for Asean (Association of Southeast Asian Nations).
It wants to have a plant close to a port in Johor, Penang or Port Klang, and one in Thailand, for around RM80 million each.
On January 22, Global Rail named former Keretapi Tanah Melayu Bhd boss Datuk Mohd Salleh Abdullah as its chairman.
Salleh, 57, said initially, he plans to work on the IPO and on winning new contracts for electrification, communication and automatic train protection system for Malaysia's double tracks.
Global Rail is in talks with India's Ircon International Ltd for the contracts. Ircon was awarded a RM3.45 billion job to lay parallel railway lines from Seremban to Gemas in 2008.
Set up in July 2008, Global Rail was founded by Fan Boon Heng, who previously headed ABB Daimler-Benz Transportation and later Balfour Beatty Rail Sdn Bhd for about 20 years.
"Thailand wants its own EMUs for its Metro Red Line project. We are in the final stage of discussions with the State Railway of Thailand and hope to set up a plant there within the next 12-15 months.
"We are talking to a foreign manufacturer from Asia and Europe to produce the trains and locomotives. The funding will initially come from China and later, we will look at private sector financing," Salleh told Business Times in a telephone interview.
Global Rail will also need government approval to build the plant in Malaysia. It plans to lease its EMUs and locomotives to KTMB.
"We will take full responsibility for the operation and maintenance of the trains for KTMB to run. We will use the money raised from the IPO to set up the Malaysian plant," Salleh said.
Salleh was KTMB managing director from January 1 2002 until his retirement on August 31 2008.
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Published in NST on Fb 23 2010
GLOBAL Rail Sdn Bhd, a railway engineering company, plans to raise some RM80 million from an initial public offering in 2012 to build a manufacturing plant in Malaysia.
The company plans to set up manufacturing plants in Southeast Asia, including Malaysia, to produce electric multiple units (EMU) and locomotives for Asean (Association of Southeast Asian Nations).
It wants to have a plant close to a port in Johor, Penang or Port Klang, and one in Thailand, for around RM80 million each.
On January 22, Global Rail named former Keretapi Tanah Melayu Bhd boss Datuk Mohd Salleh Abdullah as its chairman.
Salleh, 57, said initially, he plans to work on the IPO and on winning new contracts for electrification, communication and automatic train protection system for Malaysia's double tracks.
Global Rail is in talks with India's Ircon International Ltd for the contracts. Ircon was awarded a RM3.45 billion job to lay parallel railway lines from Seremban to Gemas in 2008.
Set up in July 2008, Global Rail was founded by Fan Boon Heng, who previously headed ABB Daimler-Benz Transportation and later Balfour Beatty Rail Sdn Bhd for about 20 years.
"Thailand wants its own EMUs for its Metro Red Line project. We are in the final stage of discussions with the State Railway of Thailand and hope to set up a plant there within the next 12-15 months.
"We are talking to a foreign manufacturer from Asia and Europe to produce the trains and locomotives. The funding will initially come from China and later, we will look at private sector financing," Salleh told Business Times in a telephone interview.
Global Rail will also need government approval to build the plant in Malaysia. It plans to lease its EMUs and locomotives to KTMB.
"We will take full responsibility for the operation and maintenance of the trains for KTMB to run. We will use the money raised from the IPO to set up the Malaysian plant," Salleh said.
Salleh was KTMB managing director from January 1 2002 until his retirement on August 31 2008.
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Magna Prima plans RM1.3b twin towers on KL prime site
By Sharen Kaur
Published in NST on Feb 8 2010
PROPERTY developer Magna Prima Bhd will build twin tower blocks, valued at more than RM1.3 billion, on 1.05ha prime land near the Petronas Twin Towers in Jalan Ampang, Kuala Lumpur, its chief said.
Magna Prima bought the land, currently occupied by the 44-year- old Lai Meng Primary School and Lai Meng Kindergarten, from the Lai Meng Girls School Association for RM148.2 million in March last year.
Previously, Magna Prima had wanted to build a 50-storey Grade A office building, a 38-storey serviced apartment tower and a two- level retail podium, with total estimated gross floor area of 1.2 million sq ft, on the existing school site.
"If we could, we would have liked to build a luxury hotel, too. But we have to look at what is already in the market in that location
"We feel we can extract the most value from the land by building the twin blocks," its chief executive officer Yoong Nim Chee said.
The first tower will feature luxury serviced apartments. The second tower will be a Grade A green office building with up to 900,000 sq ft of net lettable area. The office tower may be leased or sold.
"We are conceptualising the designs with international architects. Also, on how best to position the products," Yoong told Business Times in an interview.
Magna Prima is targeting to start construction in 2013, after approval by Ho Hup Construction Co Bhd's shareholders to sell to the company 2.2ha in Bukit Jalil, Kuala Lumpur, for RM10.7 million where the new Lai Meng school will be built.
The school association has confirmed that it will move to a site in Bukit Jalil, and Magna Prima will help in the relocation of the school, Yoong said.
However, Magna Prima's project in Jalan Ampang will only start when the new school is completed.
The twin towers project will be Magna Prima's single largest development to date, and its second project in the Kuala Lumpur City Centre area. The first was the RM300 million Avare condominium in Jalan Stonor, launched in 2005.
"We believe our product offering will hold well. Look at land transactions opposite where we bought ours. The deals were transacted at a higher value. So, we are expecting some decent profits during the development," Yoong said.
Last November, Dijaya Corp Bhd said it would pay RM123 million for land in Jalan Ampang on which the historical Bok House used to sit.
The price translates into about RM2,200 per sq ft (psf), which is slightly below the RM2,588 psf that Sunrise Bhd paid in August 2008 for the land occupied by Wisma Angkasa Raya.
Magna Prima's price for the land translates into RM1,500 psf
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Published in NST on Feb 8 2010
PROPERTY developer Magna Prima Bhd will build twin tower blocks, valued at more than RM1.3 billion, on 1.05ha prime land near the Petronas Twin Towers in Jalan Ampang, Kuala Lumpur, its chief said.
Magna Prima bought the land, currently occupied by the 44-year- old Lai Meng Primary School and Lai Meng Kindergarten, from the Lai Meng Girls School Association for RM148.2 million in March last year.
Previously, Magna Prima had wanted to build a 50-storey Grade A office building, a 38-storey serviced apartment tower and a two- level retail podium, with total estimated gross floor area of 1.2 million sq ft, on the existing school site.
"If we could, we would have liked to build a luxury hotel, too. But we have to look at what is already in the market in that location
"We feel we can extract the most value from the land by building the twin blocks," its chief executive officer Yoong Nim Chee said.
The first tower will feature luxury serviced apartments. The second tower will be a Grade A green office building with up to 900,000 sq ft of net lettable area. The office tower may be leased or sold.
"We are conceptualising the designs with international architects. Also, on how best to position the products," Yoong told Business Times in an interview.
Magna Prima is targeting to start construction in 2013, after approval by Ho Hup Construction Co Bhd's shareholders to sell to the company 2.2ha in Bukit Jalil, Kuala Lumpur, for RM10.7 million where the new Lai Meng school will be built.
The school association has confirmed that it will move to a site in Bukit Jalil, and Magna Prima will help in the relocation of the school, Yoong said.
However, Magna Prima's project in Jalan Ampang will only start when the new school is completed.
The twin towers project will be Magna Prima's single largest development to date, and its second project in the Kuala Lumpur City Centre area. The first was the RM300 million Avare condominium in Jalan Stonor, launched in 2005.
"We believe our product offering will hold well. Look at land transactions opposite where we bought ours. The deals were transacted at a higher value. So, we are expecting some decent profits during the development," Yoong said.
Last November, Dijaya Corp Bhd said it would pay RM123 million for land in Jalan Ampang on which the historical Bok House used to sit.
The price translates into about RM2,200 per sq ft (psf), which is slightly below the RM2,588 psf that Sunrise Bhd paid in August 2008 for the land occupied by Wisma Angkasa Raya.
Magna Prima's price for the land translates into RM1,500 psf
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Thursday, February 18, 2010
Eversendai to continue Mideast expansion
By Sharen Kaur
Published in NST, February 17 2010
EVERSENDAI Corp Sdn Bhd, a homegrown structural steel contractor, is unfazed by the slowdown in the Middle East and it will continue to expand in the region, its chief said.
The company will also expand in India and Malaysia, as well as explore opportunities in Libya, Indonesia and Vietnam, group managing director Datuk A.K. Nathan said.
While some local firms have been hit by the turmoil, Eversendai achieved a record net profit last year.
"We made more than the RM71 million net profit we achieved in 2008," Nathan said in an interview with Business Times.
This was driven by its work that is evenly spread between Dubai, Abu Dhabi, Qatar, India and Malaysia.
Although there is a slowdown in Dubai, opportunities are aplenty, but competition is stiffer.
"Although there is price war, we have been able to sail through the storm by being cautious and prudent in our management," he added.
"We are positive on the outlook for 2010 and years to come. We are not affected by the crisis in Dubai. We had only one project stopped in Dubai with no real impact on our performance," Nathan said.
Present in the Middle East for the last 14 years, Eversendai has done more than 40 notable projects such as the Burj Al Arab, Emirates Towers, Dragon Mart, Rose Tower, The Dubai Mall and the Burj Khalifa, the world's tallest tower standing at 828m high.
Nathan said working on Burj Khalifa was a challenge but it gave Eversendai the experience it needs for future complicated structures.
Burj Khalifa's unique three-sided design ascends in a series of stages, around a supportive central core, accessible via a series of double-decker elevators.
Eversendai has contracts in hand worth around RM1.5 billion.
It is executing the structural steel works for the New Doha International Airport, the Dubai Tower, Nakilat shipyard and the Doha Convention Centre in Qatar and the Capital Gate building in Abu Dhabi.
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Published in NST, February 17 2010
EVERSENDAI Corp Sdn Bhd, a homegrown structural steel contractor, is unfazed by the slowdown in the Middle East and it will continue to expand in the region, its chief said.
The company will also expand in India and Malaysia, as well as explore opportunities in Libya, Indonesia and Vietnam, group managing director Datuk A.K. Nathan said.
While some local firms have been hit by the turmoil, Eversendai achieved a record net profit last year.
"We made more than the RM71 million net profit we achieved in 2008," Nathan said in an interview with Business Times.
This was driven by its work that is evenly spread between Dubai, Abu Dhabi, Qatar, India and Malaysia.
Although there is a slowdown in Dubai, opportunities are aplenty, but competition is stiffer.
"Although there is price war, we have been able to sail through the storm by being cautious and prudent in our management," he added.
"We are positive on the outlook for 2010 and years to come. We are not affected by the crisis in Dubai. We had only one project stopped in Dubai with no real impact on our performance," Nathan said.
Present in the Middle East for the last 14 years, Eversendai has done more than 40 notable projects such as the Burj Al Arab, Emirates Towers, Dragon Mart, Rose Tower, The Dubai Mall and the Burj Khalifa, the world's tallest tower standing at 828m high.
Nathan said working on Burj Khalifa was a challenge but it gave Eversendai the experience it needs for future complicated structures.
Burj Khalifa's unique three-sided design ascends in a series of stages, around a supportive central core, accessible via a series of double-decker elevators.
Eversendai has contracts in hand worth around RM1.5 billion.
It is executing the structural steel works for the New Doha International Airport, the Dubai Tower, Nakilat shipyard and the Doha Convention Centre in Qatar and the Capital Gate building in Abu Dhabi.
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Sime Darby Property mulls RM2b property trust
By Sharen Kaur
Published in NST, February 17 2010
Sime Darby Property Bhd (4197), the property arm of Sime Darby Bhd, is building its investment portfolio as it mulls setting up a property trust with assets worth more than RM2 billion, in two to three years.
It also wants to grow its rental income, which now contributes some 10 per cent to its bottom line, group managing director Datuk Tengku Putra Badlishah said.
"Property development is very cyclical while asset management provides regular income and we want to grow that.
"We have assets that give us good rental but more is better. We are building three towers in Ara Damansara and have a few more coming up in the Klang Valley," Tengku Putra Badlishah said.
With an interview with Business Times recently, Tengku Putra Badlishah said the company has several assets suitable for a real estate investment trust (REIT).
"We have reached there as far as a REIT is concerned but we want to set a target. We will launch the REIT if we think it makes sense to do one. For now, we don't require any fund raising," he said.
Sime Property may buy or build new properties in Malaysia, Australia, China, Indonesia and Vietnam. It will ride on the success of its parent which operates in over 20 countries.
Sime Property's assets, including its 14,800ha of land in the greater Klang Valley, are worth RM4 billion.
The company has several wholly-owned assets under management. They include Sime Darby Pavilion, Kompleks Sime Darby and Wisma Guthrie in the Klang Valley, as well as Performance Centre, Sime Darby Centre, Sime Darby Enterprise and Vantage Automotive Centre in Singapore.
Its hospitality assets are Sime Darby Convention Centre and Genting View Resort in Malaysia, Darby Park Executive Suite in Singapore, Randong Orange Court in Vietnam, as well as three resorts in Australia which are Quest Margaret River, Quest Subiaco and Karri Valley.
Sime Property's award-winning leisure properties include the Kuala Lumpur Golf & Country Club and Impian Golf & Country Club in Kajang.
"All these properties are doing well with most of them yiel-ding an average 7 to 8 per cent," Tengku Putra Badlishah said.
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Published in NST, February 17 2010
Sime Darby Property Bhd (4197), the property arm of Sime Darby Bhd, is building its investment portfolio as it mulls setting up a property trust with assets worth more than RM2 billion, in two to three years.
It also wants to grow its rental income, which now contributes some 10 per cent to its bottom line, group managing director Datuk Tengku Putra Badlishah said.
"Property development is very cyclical while asset management provides regular income and we want to grow that.
"We have assets that give us good rental but more is better. We are building three towers in Ara Damansara and have a few more coming up in the Klang Valley," Tengku Putra Badlishah said.
With an interview with Business Times recently, Tengku Putra Badlishah said the company has several assets suitable for a real estate investment trust (REIT).
"We have reached there as far as a REIT is concerned but we want to set a target. We will launch the REIT if we think it makes sense to do one. For now, we don't require any fund raising," he said.
Sime Property may buy or build new properties in Malaysia, Australia, China, Indonesia and Vietnam. It will ride on the success of its parent which operates in over 20 countries.
Sime Property's assets, including its 14,800ha of land in the greater Klang Valley, are worth RM4 billion.
The company has several wholly-owned assets under management. They include Sime Darby Pavilion, Kompleks Sime Darby and Wisma Guthrie in the Klang Valley, as well as Performance Centre, Sime Darby Centre, Sime Darby Enterprise and Vantage Automotive Centre in Singapore.
Its hospitality assets are Sime Darby Convention Centre and Genting View Resort in Malaysia, Darby Park Executive Suite in Singapore, Randong Orange Court in Vietnam, as well as three resorts in Australia which are Quest Margaret River, Quest Subiaco and Karri Valley.
Sime Property's award-winning leisure properties include the Kuala Lumpur Golf & Country Club and Impian Golf & Country Club in Kajang.
"All these properties are doing well with most of them yiel-ding an average 7 to 8 per cent," Tengku Putra Badlishah said.
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New wave of development at Mines Resort
By Sharen Kaur
Published in NST, February 17 2010
A NEW wave of development is set to take place at Mines Resort City, the country's first resort development, located at Seri Kembangan, Selangor.
Country Heights Holdings Bhd (CHHB)(5738), the project developer controlled by Tan Sri Lee Kim Yew wants to develop serviced residences and an area for entertainment, featuring bars, restaurants and cafes for over RM500 million.
According to Golden Horses Development Bhd executive director Dianna Lee, the 600ha Mines, which is 90 per cent developed, has pockets of land for new products.
"We are looking at entertainment-related businesses in particular. Since we are not in that field, we will call on operators whom we think would be keen to set up shop there. We want to generate new income for CHHB," she told Business Times in an interview recently.
Once the world's largest open- cast tin mine, the government had in March 1988 alienated the land to CHHB, in which Lee owns a 48.1 per cent stake, for RM50 million, for recreational and tourist-related developments.
The Mines is now home to Palace of the Golden Horses, Mines Wellness Hotel, which is the city's only beach resort, Mines Waterfront Business Park, Mines Exhibition and Convention Centre with a capacity for up to 15,000 people, Mines Wonderland, Mines Resort and Golf Club, and Mines Shopping Fair (now owned by CapitaLand).
Other properties include Mines2, which is an ongoing development by CHHB featuring office buildings and a shopping mall, and The Heritage, a project by Clearwater Group.
Clearwater is controlled by Dian Lee, the eldest daughter of the senior Lee. It is constructing five blocks of serviced residences, semi-detached homes and bungalows.
Meanwhile, Lee said the Mines Waterfront Business Park, which has four towers, is undergoing an expansion to add four new blocks for more than RM150 million.
"The four blocks are fully tenanted and we have enquiries from other companies who want to operate from here. So we are quite confident the take-up for the new buildings will be good," she added.
The existing four blocks are being leased at RM6.60 per sq ft.
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Published in NST, February 17 2010
A NEW wave of development is set to take place at Mines Resort City, the country's first resort development, located at Seri Kembangan, Selangor.
Country Heights Holdings Bhd (CHHB)(5738), the project developer controlled by Tan Sri Lee Kim Yew wants to develop serviced residences and an area for entertainment, featuring bars, restaurants and cafes for over RM500 million.
According to Golden Horses Development Bhd executive director Dianna Lee, the 600ha Mines, which is 90 per cent developed, has pockets of land for new products.
"We are looking at entertainment-related businesses in particular. Since we are not in that field, we will call on operators whom we think would be keen to set up shop there. We want to generate new income for CHHB," she told Business Times in an interview recently.
Once the world's largest open- cast tin mine, the government had in March 1988 alienated the land to CHHB, in which Lee owns a 48.1 per cent stake, for RM50 million, for recreational and tourist-related developments.
The Mines is now home to Palace of the Golden Horses, Mines Wellness Hotel, which is the city's only beach resort, Mines Waterfront Business Park, Mines Exhibition and Convention Centre with a capacity for up to 15,000 people, Mines Wonderland, Mines Resort and Golf Club, and Mines Shopping Fair (now owned by CapitaLand).
Other properties include Mines2, which is an ongoing development by CHHB featuring office buildings and a shopping mall, and The Heritage, a project by Clearwater Group.
Clearwater is controlled by Dian Lee, the eldest daughter of the senior Lee. It is constructing five blocks of serviced residences, semi-detached homes and bungalows.
Meanwhile, Lee said the Mines Waterfront Business Park, which has four towers, is undergoing an expansion to add four new blocks for more than RM150 million.
"The four blocks are fully tenanted and we have enquiries from other companies who want to operate from here. So we are quite confident the take-up for the new buildings will be good," she added.
The existing four blocks are being leased at RM6.60 per sq ft.
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Golden Horse to ride on niche markets
By Sharen Kaur
Pulished in NST, February 1 2010
GOLDEN Horse Palace Bhd (GHPB), the hospitality and health arm of Country Heights Holdings Bhd (CHHB), is banking on health tourism, golf and the meetings, incentives, conventions and exhibitions (MICE) market to drive earnings this year.
Its executive director Dianna Lee said that while earnings had dropped last year because of the global meltdown and influenza A (H1N1) pandemic, the situation was improving.
GHPB manages three resorts: Palace of the Golden Horses and Mines Wellness Hotel (formerly Palace Beach & Spa), which are located within the Mines Resort City in Seri Kembangan, Selangor, and the Borneo Highlands Resort in Sarawak. The properties are owned by CHHB.
GHPB also manages CHHB's Mines Resort and Golf Club and Palace Vacation Club, which offer timeshare and membership programmes.
"Last year we saw a lot of room cancellations. Our MICE business was also affected. We believe the hospitality sector will do better in tandem with economic growth," Lee told Business Times in an interview at the Mines.
Lee expects more than 70 per cent occupancy at the two hotels this year, compared with 60 per cent last year. She is also optimistic of double-digit revenue growth for all the properties. Lee declined to reveal last year's revenue.
"We expect better room sales as we have the Asia Pacific Golf (APG) tournament taking place at the Mines in October. We have been playing host to APG for seven years so we are safe, in a sense, regardless of another crisis happening.
"But we will still need to build our overall business. We are looking at golfing and MICE. CHHB has a huge exhibition centre at the Mines and we want to use that to our advantage," Lee said.
The Mines has an 18-hole golf course, while its exhibition hall can cater for up to 15,000 people.
Lee, 23, was appointed last June to spearhead developments in GHPB. She is the second daughter of CHHB founder, Tan Sri Lee Kim Yew.
Lee is also CHHB executive director and general manager for Palace of the Golden Horses.
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Pulished in NST, February 1 2010
GOLDEN Horse Palace Bhd (GHPB), the hospitality and health arm of Country Heights Holdings Bhd (CHHB), is banking on health tourism, golf and the meetings, incentives, conventions and exhibitions (MICE) market to drive earnings this year.
Its executive director Dianna Lee said that while earnings had dropped last year because of the global meltdown and influenza A (H1N1) pandemic, the situation was improving.
GHPB manages three resorts: Palace of the Golden Horses and Mines Wellness Hotel (formerly Palace Beach & Spa), which are located within the Mines Resort City in Seri Kembangan, Selangor, and the Borneo Highlands Resort in Sarawak. The properties are owned by CHHB.
GHPB also manages CHHB's Mines Resort and Golf Club and Palace Vacation Club, which offer timeshare and membership programmes.
"Last year we saw a lot of room cancellations. Our MICE business was also affected. We believe the hospitality sector will do better in tandem with economic growth," Lee told Business Times in an interview at the Mines.
Lee expects more than 70 per cent occupancy at the two hotels this year, compared with 60 per cent last year. She is also optimistic of double-digit revenue growth for all the properties. Lee declined to reveal last year's revenue.
"We expect better room sales as we have the Asia Pacific Golf (APG) tournament taking place at the Mines in October. We have been playing host to APG for seven years so we are safe, in a sense, regardless of another crisis happening.
"But we will still need to build our overall business. We are looking at golfing and MICE. CHHB has a huge exhibition centre at the Mines and we want to use that to our advantage," Lee said.
The Mines has an 18-hole golf course, while its exhibition hall can cater for up to 15,000 people.
Lee, 23, was appointed last June to spearhead developments in GHPB. She is the second daughter of CHHB founder, Tan Sri Lee Kim Yew.
Lee is also CHHB executive director and general manager for Palace of the Golden Horses.
-ENDS
Proton to decide on Shah Alam plant by 2011
By Sharen Kaur
Published in NST, February 17 2010
National carmaker Proton Holdings Bhd (5304) may decide by the end of this year or early 2011 if it wants to sell or lease its main car manufacturing plant in Shah Alam, Selangor, says its chief.
Managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir told Business Times that Proton expects to move its staff and some of its machines in Shah Alam to its manufacturing facility in Tanjung Malim, Perak, within the next two to three years.
Based on book value, the land and building in Shah Alam is worth around RM700 million.
Talk of consolidating the two plants first surfaced during the stewardship of Tan Sri Tengku Mahaleel Tengku Ariff, who was the chief executive officer until July 2005.
Proton is doing a feasibility study on the consolidation. It expects to complete it by end-2010. The move to Tanjung Malim would help cut costs and make it more efficient in production.
Five times larger than the Shah Alam plant, the Tanjung Malim manufacturing facility, which occupies a 518ha site, can produce up to one million cars a year. Proton makes 230,000 cars in Shah Alam.
The relocation means about 6,000 employees at the Shah Alam plant will have to move. But before that happens, Proton will invest in infrastructure and carpark facilities at the Tanjung Malim plant, Syed Zainal said.
He said the Tanjung Malim plant, which has some 3,000 workers, has space to triple its workforce.
The Tanjung Malim plant is part of the RM11 billion Proton City development, which started in 1996.
The integrated project is developed by Proton City Development Corp Sdn Bhd, a 60:40 joint venture between DRB-HICOM Bhd and Proton.
Developments at Proton City are expected to take another seven to 10 years.
Proton City comprises the Proton plant, which is estimated to be worth RM7 billion, a 120ha Proton Vendor Industrial Park, Universiti Pendidikan Sultan Idris' main campus, as well as residential and commercial properties.
-END-
Published in NST, February 17 2010
National carmaker Proton Holdings Bhd (5304) may decide by the end of this year or early 2011 if it wants to sell or lease its main car manufacturing plant in Shah Alam, Selangor, says its chief.
Managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir told Business Times that Proton expects to move its staff and some of its machines in Shah Alam to its manufacturing facility in Tanjung Malim, Perak, within the next two to three years.
Based on book value, the land and building in Shah Alam is worth around RM700 million.
Talk of consolidating the two plants first surfaced during the stewardship of Tan Sri Tengku Mahaleel Tengku Ariff, who was the chief executive officer until July 2005.
Proton is doing a feasibility study on the consolidation. It expects to complete it by end-2010. The move to Tanjung Malim would help cut costs and make it more efficient in production.
Five times larger than the Shah Alam plant, the Tanjung Malim manufacturing facility, which occupies a 518ha site, can produce up to one million cars a year. Proton makes 230,000 cars in Shah Alam.
The relocation means about 6,000 employees at the Shah Alam plant will have to move. But before that happens, Proton will invest in infrastructure and carpark facilities at the Tanjung Malim plant, Syed Zainal said.
He said the Tanjung Malim plant, which has some 3,000 workers, has space to triple its workforce.
The Tanjung Malim plant is part of the RM11 billion Proton City development, which started in 1996.
The integrated project is developed by Proton City Development Corp Sdn Bhd, a 60:40 joint venture between DRB-HICOM Bhd and Proton.
Developments at Proton City are expected to take another seven to 10 years.
Proton City comprises the Proton plant, which is estimated to be worth RM7 billion, a 120ha Proton Vendor Industrial Park, Universiti Pendidikan Sultan Idris' main campus, as well as residential and commercial properties.
-END-
Friday, February 5, 2010
YTL's famed Pangkor Laut Resort
At the luxury end of the scale is the award-winning Pangkor Laut Resort - voted the top 2 island resort in the world by the U.K. Conde Nast Traveller magazine in 1999, voted in 1997 as one of the world's top 5 resorts by readers of International Business Traveler magazine.
Nestled amidst the exotic surroundings of the Malacca Straits, it is an international jetsetter's haven of luxury villas sprawling over the lush tropical greenery of a private island.
Pangkor Laut's concept of "one island, one resort" has validated YTL's ability to precisely cater to the needs of its customers. Like the Vistana, it also performs well, outpacing all other Malaysian resorts in its class.
There are currently five flights a week into the island from Subang airport, to Pangkor Airport. With a bigger runway and airport, catering to 72-seater planes, it is possible to have more flights from Kuala Lumpur International Airport and even Singapore. The present air-strip could only accommodate a 48-seater aircraft.
Pulau Pangkor Laut or Pangkor Laut as it is popularly known, is a small continental island of approximately 120 hectares (300 acres). It is located one and a half kilometers (one nautical mile) to the south-east of the main island of Pangkor, off the west coast of Peninsular Malaysia.
Pangkor Laut boasts of a prestigious geographical address at 4°14' North, 100°34' East on the world map. It is truly a tropical isle with rocky outcrops and white sandy beaches fringed by the rain forest whose luxuriance is supported by the copious rainfall and warm tropical sun.
A British Colonel, Freddy Spencer Chapman DSO, was one of the first Europeans to make Pangkor Laut his destination for thirty-six hours in May 1945. After spending three and a half years in hiding from the Japanese in the jungles of Malaya, Spencer Chapman made his way to Pangkor Laut’s Emerald Bay to escape by submarine. Despite the short visit, the beauty and tranquility of the resort left a great impression on Spencer Chapman and his time on the island is detailed in his book “The Jungle is Neutral.”
Around the year 1960, the late Sultan of Perak, Sultan Idris Iskandar Shah discovered the peace and tranquility of Pangkor Laut with its beautiful beaches and mystical tropical forest. Although he never had the chance to live on the island, His Royal Highness made frequent day trips occasionally inviting special guests to enjoy the beauty of Pangkor Laut.
Pangkor Laut has all the trapping of a world-class resort. It was in this light that the then Sultan of Perak, Sultan Idris Shah saw the tourism potential of this island. In 1982 His Highness approached YBhg. Tan Sri Dato’ (Dr) Francis Yeoh, Managing Director of Yeoh Tiong Lay Corporation (YTL Corp) with the idea of building a resort on the island. The beautiful natural features on the island at once captured YBhg. Tan Sri Dato’ (Dr) Francis Yeoh’s imagination and fired his enthusiasm which has not waned since. Almost immediately YTL Corp set about preparing plans for the birth of the project. The Resort, albeit in somewhat humble beginnings, was initially named Pansy Resort and officially declared open by former Prime Minister of Malaysia, the Honorable Tun Dato` Seri Dr Mahathir Mohamad on 18 July 1985. Sadly, Sultan Idris Shah passed away before the completion of the Resort and did not see his dream come to fruition. Nonetheless,
His Highness had not dreamt in vain.
As the popularity of the Resort increased, YBhg. Tan Sri Dato’ (Dr) Francis Yeoh saw its growing potential. He wanted to improve and expand the original developments and set about making plans for an additional phase at Coral Bay at the southeastern end of the Island.
Coral Bay opened in December 1990 and became the first and only resort in Malaysia featuring villas on stilts over the sea. At about the same time the Royal Bay was closed for redevelopment. Over the years, the economy of Malaysia grew and YTL Corp’s success and fortunes likewise grew with it. More than ever, YBhg. Tan Sri Dato’ (Dr) Francis Yeoh was determined to establish a world-class resort on the Island. This resulted in another construction phase of the Resort at Royal Bay.
Opened on 1 July 1993, the newly enhanced Pangkor Laut Resort with just 126 air-conditioned Villas, may well be the most exotic luxury resort in Asia. Its Sea Villas are on stilts over the emerald-green waters while the Beach Villas are right by the white sandy beach. The Hill Villas, perched dramatically on slopes in the midst of the rain forest, offer breath-taking views of the bay below.
From the 35-metre lap pool and frog pool, tennis courts, jacuzzi and air-conditioned fitness centre to the television lounge, Pangkor Laut Resort has extensive facilities to offer even the most discerning guest. In essence Pangkor Laut very much resembles an idyllic traditional Malay village with a very welcome addition of modern luxuries. The idea is simple but the experience is sublime.
On 24 March 1994, Pangkor Laut Resort was officially launched by the former Prime Minister of Malaysia, Tun Dato’ Seri Dr Mahathir Mohamad.
To mark the occasion, opera maestro, Luciano Pavarotti, was invited to sing to a specially invited audience under the Island’s idyllic surroundings. Luciano Pavarotti was invited once again to the Resort to officially open Spa Village Pangkor Laut on 6 September 2002.
As early as 1993, Pangkor Laut Resort collected the Prime Minister’s Award for Quality in the Prestige Category, and FIABCI’s (Federation Internationale des Administrateurs de Bien-Conseils Immobiliers) Award of Distinction for Malaysia’s Best Resort Development. The above awards were followed by a string of others in the later years.
As the popularity of the resort flourished, YBhg. Tan Sri Dato’ (Dr) Francis Yeoh, Managing Director of YTL, improved on the original concept and over the next few years embarked on a remarkable reconstruction and refurbishment programme creating Pangkor Laut Resort as it is today – “One Island, One Resort”.
(source:YTL Corp Bhd)
-ENDS-
Nestled amidst the exotic surroundings of the Malacca Straits, it is an international jetsetter's haven of luxury villas sprawling over the lush tropical greenery of a private island.
Pangkor Laut's concept of "one island, one resort" has validated YTL's ability to precisely cater to the needs of its customers. Like the Vistana, it also performs well, outpacing all other Malaysian resorts in its class.
There are currently five flights a week into the island from Subang airport, to Pangkor Airport. With a bigger runway and airport, catering to 72-seater planes, it is possible to have more flights from Kuala Lumpur International Airport and even Singapore. The present air-strip could only accommodate a 48-seater aircraft.
Pulau Pangkor Laut or Pangkor Laut as it is popularly known, is a small continental island of approximately 120 hectares (300 acres). It is located one and a half kilometers (one nautical mile) to the south-east of the main island of Pangkor, off the west coast of Peninsular Malaysia.
A British Colonel, Freddy Spencer Chapman DSO, was one of the first Europeans to make Pangkor Laut his destination for thirty-six hours in May 1945. After spending three and a half years in hiding from the Japanese in the jungles of Malaya, Spencer Chapman made his way to Pangkor Laut’s Emerald Bay to escape by submarine. Despite the short visit, the beauty and tranquility of the resort left a great impression on Spencer Chapman and his time on the island is detailed in his book “The Jungle is Neutral.”
Around the year 1960, the late Sultan of Perak, Sultan Idris Iskandar Shah discovered the peace and tranquility of Pangkor Laut with its beautiful beaches and mystical tropical forest. Although he never had the chance to live on the island, His Royal Highness made frequent day trips occasionally inviting special guests to enjoy the beauty of Pangkor Laut.
Pangkor Laut has all the trapping of a world-class resort. It was in this light that the then Sultan of Perak, Sultan Idris Shah saw the tourism potential of this island. In 1982 His Highness approached YBhg. Tan Sri Dato’ (Dr) Francis Yeoh, Managing Director of Yeoh Tiong Lay Corporation (YTL Corp) with the idea of building a resort on the island. The beautiful natural features on the island at once captured YBhg. Tan Sri Dato’ (Dr) Francis Yeoh’s imagination and fired his enthusiasm which has not waned since. Almost immediately YTL Corp set about preparing plans for the birth of the project. The Resort, albeit in somewhat humble beginnings, was initially named Pansy Resort and officially declared open by former Prime Minister of Malaysia, the Honorable Tun Dato` Seri Dr Mahathir Mohamad on 18 July 1985. Sadly, Sultan Idris Shah passed away before the completion of the Resort and did not see his dream come to fruition. Nonetheless,
His Highness had not dreamt in vain.
As the popularity of the Resort increased, YBhg. Tan Sri Dato’ (Dr) Francis Yeoh saw its growing potential. He wanted to improve and expand the original developments and set about making plans for an additional phase at Coral Bay at the southeastern end of the Island.
Coral Bay opened in December 1990 and became the first and only resort in Malaysia featuring villas on stilts over the sea. At about the same time the Royal Bay was closed for redevelopment. Over the years, the economy of Malaysia grew and YTL Corp’s success and fortunes likewise grew with it. More than ever, YBhg. Tan Sri Dato’ (Dr) Francis Yeoh was determined to establish a world-class resort on the Island. This resulted in another construction phase of the Resort at Royal Bay.
Opened on 1 July 1993, the newly enhanced Pangkor Laut Resort with just 126 air-conditioned Villas, may well be the most exotic luxury resort in Asia. Its Sea Villas are on stilts over the emerald-green waters while the Beach Villas are right by the white sandy beach. The Hill Villas, perched dramatically on slopes in the midst of the rain forest, offer breath-taking views of the bay below.
From the 35-metre lap pool and frog pool, tennis courts, jacuzzi and air-conditioned fitness centre to the television lounge, Pangkor Laut Resort has extensive facilities to offer even the most discerning guest. In essence Pangkor Laut very much resembles an idyllic traditional Malay village with a very welcome addition of modern luxuries. The idea is simple but the experience is sublime.
On 24 March 1994, Pangkor Laut Resort was officially launched by the former Prime Minister of Malaysia, Tun Dato’ Seri Dr Mahathir Mohamad.
To mark the occasion, opera maestro, Luciano Pavarotti, was invited to sing to a specially invited audience under the Island’s idyllic surroundings. Luciano Pavarotti was invited once again to the Resort to officially open Spa Village Pangkor Laut on 6 September 2002.
As early as 1993, Pangkor Laut Resort collected the Prime Minister’s Award for Quality in the Prestige Category, and FIABCI’s (Federation Internationale des Administrateurs de Bien-Conseils Immobiliers) Award of Distinction for Malaysia’s Best Resort Development. The above awards were followed by a string of others in the later years.
As the popularity of the resort flourished, YBhg. Tan Sri Dato’ (Dr) Francis Yeoh, Managing Director of YTL, improved on the original concept and over the next few years embarked on a remarkable reconstruction and refurbishment programme creating Pangkor Laut Resort as it is today – “One Island, One Resort”.
-ENDS-
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