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.
Tuesday, August 31, 2010
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.
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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.
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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."
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Improvement in property sector, says Rehda
By Sharen Kaur
Published in NST on August 10 2010
Malaysia's property sector showed signs of improvement with new launches increasing by 21 per cent in the first half of this year compared to the last six months of 2009.
There was a 12 per cent improvement in performance this year and actual sales had increased marginally, according to a survey by the Real Estate and Housing Developers' Association (Rehda).
The survey showed there was a 35 per cent increase in the number of new terraced houses in the market and a 7 per cent rise in semi-detached homes and bungalows.
Rehda president Datuk Michael K.C. Yam said there was pent-up demand for high-end houses and expects the trend to continue in the second half of the year.
The survey showed that majority of the buyers this year were first time owners and owner occupiers.
Meanwhile, the top three most effective marketing tool, which helped push sales, were free/subsidised legal fee and stamp duty, and special financial packages.
"Discounted pricing had dropped, indicating that the property market is moving upwards," Yam said a media briefing in Kuala Lumpur yesterday.
Yam said developers are gearing to launch more houses in the second half of the year, in the all- price category.
The survey involved 133 developers. Some 62 per cent of them were more optimistic of the market conditions against 43 per cent in the second half of last year.
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There was a 12 per cent improvement in performance this year and actual sales had increased marginally, according to a survey by the Real Estate and Housing Developers' Association (Rehda).
The survey showed there was a 35 per cent increase in the number of new terraced houses in the market and a 7 per cent rise in semi-detached homes and bungalows.
Rehda president Datuk Michael K.C. Yam said there was pent-up demand for high-end houses and expects the trend to continue in the second half of the year.
The survey showed that majority of the buyers this year were first time owners and owner occupiers.
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"Discounted pricing had dropped, indicating that the property market is moving upwards," Yam said a media briefing in Kuala Lumpur yesterday.
Yam said developers are gearing to launch more houses in the second half of the year, in the all- price category.
The survey involved 133 developers. Some 62 per cent of them were more optimistic of the market conditions against 43 per cent in the second half of last year.
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Monday, August 2, 2010
MPHB plan for investors to own Magnum shares
By Sharen Kaur
Published in NST on August 2 2010
Multi-Purpose Holdings Bhd (MPHB) may offer its shareholders the opportunity to participate directly in its gaming outfit, Magnum Corp Sdn Bhd, by way of restricted offer for sale (ROS), its chief said.
Managing director Datuk Lau Kim Khoon @ Surin Upatkoon said the plan will allow MPHB's 5,000-odd shareholders to own Magnum shares.
MPHB is looking to relist Magnum on the Main Market of Bursa Malaysia.
Lau said the timing will depend on the exit strategy by CVC Capital Partners, a global private equity firm which holds 47 per cent of Magnum.
He said CVC had indicated that it wanted to make an exit, but no time-frame was given.
MPHB holds a 51 per cent stake in Magnum, which operates 485 gaming outlets nationwide.
"We are ready to list Magnum as we have the cash and track record. The best way to do it is to make a restricted offer to the existing shareholders of MPHB," Lau said in an interview with Business Times in Kuala Lumpur.
The cash-rich MPHB has RM1 billion reserves. Its shareholders' fund is RM2.1 billion.
"It would be a good time to list Magnum as it is now worth over RM6 billion. The enterprise value will be more than that when we list and CVC will be able to make a handsome profit when they exit," he said.
Magnum was taken private in 2008 in a deal worth RM4 billion as CVC wanted to invest in the company.
Gaming is MPHB's main core business, contributing 80 per cent of its revenue.
Lau said MPHB has no plans to take the gaming business overseas as it wants to focus on growth in Malaysia.
"Malaysia alone is a big market for us. We are looking at organic growth now," he said.
Magnum, set up in 1968, is the largest four-digit (4D) gaming operator in the country. It was the first private company to get a licence to promote, operate and manage 4D numbers forecast betting in Malaysia.
Magnum reported revenue of RM3 billion last year.
In the first quarter ended March 31 2010, the gaming business recorded pre-tax profit of RM93.5 million, up 32.23 per cent from the previous corresponding quarter. Revenue was RM919.1 million.
Published in NST on August 2 2010
Multi-Purpose Holdings Bhd (MPHB) may offer its shareholders the opportunity to participate directly in its gaming outfit, Magnum Corp Sdn Bhd, by way of restricted offer for sale (ROS), its chief said.
Managing director Datuk Lau Kim Khoon @ Surin Upatkoon said the plan will allow MPHB's 5,000-odd shareholders to own Magnum shares.
MPHB is looking to relist Magnum on the Main Market of Bursa Malaysia.
Lau said the timing will depend on the exit strategy by CVC Capital Partners, a global private equity firm which holds 47 per cent of Magnum.
He said CVC had indicated that it wanted to make an exit, but no time-frame was given.
MPHB holds a 51 per cent stake in Magnum, which operates 485 gaming outlets nationwide.
"We are ready to list Magnum as we have the cash and track record. The best way to do it is to make a restricted offer to the existing shareholders of MPHB," Lau said in an interview with Business Times in Kuala Lumpur.
The cash-rich MPHB has RM1 billion reserves. Its shareholders' fund is RM2.1 billion.
"It would be a good time to list Magnum as it is now worth over RM6 billion. The enterprise value will be more than that when we list and CVC will be able to make a handsome profit when they exit," he said.
Magnum was taken private in 2008 in a deal worth RM4 billion as CVC wanted to invest in the company.
Gaming is MPHB's main core business, contributing 80 per cent of its revenue.
Lau said MPHB has no plans to take the gaming business overseas as it wants to focus on growth in Malaysia.
"Malaysia alone is a big market for us. We are looking at organic growth now," he said.
Magnum, set up in 1968, is the largest four-digit (4D) gaming operator in the country. It was the first private company to get a licence to promote, operate and manage 4D numbers forecast betting in Malaysia.
Magnum reported revenue of RM3 billion last year.
In the first quarter ended March 31 2010, the gaming business recorded pre-tax profit of RM93.5 million, up 32.23 per cent from the previous corresponding quarter. Revenue was RM919.1 million.
UEM Land to launch Symphony Hills Phase 1
By Sharen Kaur
Published in NST on July 30 2010
UEM Land Holdings Bhd is launching phase one of Symphony Hills, a RM1 billion five-year residential project in Cyberjaya, and is confident demand will be strong.
In fact, it expects to sell all 122 superlink houses, townhouses and town villas that will be launched this weekend. Prices range from RM1 million to as much as RM2.3 million per unit.
Managing director Datuk Wan Abdullah Wan Ibrahim is optimistic of strong sales judging from the demand shown by both locals and expatriates in the Klang Valley, especially in Cyberjaya.
"We feel Symphony Hills is hitting the market at the right time. There is Maju Expressway improving connectivity between Cyberjaya and Kuala Lumpur.
"Cyberjaya has announced several new international firms coming on board. These include Fortune 500 companies, which will spur demand for new housing. Cyberjaya is going to fly," he said.
Symphony Hills will feature 450 houses. The project will showcase the connected intelligent community (CIC) concept of state-of-the-art technology and high-speed fibre optic infrastructure.
UEM Land is partnering Mesiniaga Bhd and Cisco Malaysia to develop Symphony Hills, which is the first residential development for the company outside of Nusajaya in Johor.
Each house at the 98ha Symphony Hills will have strata landed status, allowing residents to maintain certain aspects of the project from landscaping to security.
The project, which will be certified green, will also have a floating clubhouse incorporating green technology for rainwater harvesting.
"Although the prices are steep, our margins are very mediocre. We won't get 30 per cent to 40 per cent margin, but the satisfaction will come from being the first developer here to offer such a community.
"A lot of budget is being planned on the ICT (information and communications technology) component. We believe in value. We will make decent margins in the next few phases once we have delivered the first batch of houses," he said.
UEM Land wants to buy more land in Cyberjaya, Kuala Lumpur, Penang and Kota Kinabalu to expand.
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Published in NST on July 30 2010
UEM Land Holdings Bhd is launching phase one of Symphony Hills, a RM1 billion five-year residential project in Cyberjaya, and is confident demand will be strong.
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Managing director Datuk Wan Abdullah Wan Ibrahim is optimistic of strong sales judging from the demand shown by both locals and expatriates in the Klang Valley, especially in Cyberjaya.
"We feel Symphony Hills is hitting the market at the right time. There is Maju Expressway improving connectivity between Cyberjaya and Kuala Lumpur.
"Cyberjaya has announced several new international firms coming on board. These include Fortune 500 companies, which will spur demand for new housing. Cyberjaya is going to fly," he said.
Symphony Hills will feature 450 houses. The project will showcase the connected intelligent community (CIC) concept of state-of-the-art technology and high-speed fibre optic infrastructure.
UEM Land is partnering Mesiniaga Bhd and Cisco Malaysia to develop Symphony Hills, which is the first residential development for the company outside of Nusajaya in Johor.
Each house at the 98ha Symphony Hills will have strata landed status, allowing residents to maintain certain aspects of the project from landscaping to security.
The project, which will be certified green, will also have a floating clubhouse incorporating green technology for rainwater harvesting.
"Although the prices are steep, our margins are very mediocre. We won't get 30 per cent to 40 per cent margin, but the satisfaction will come from being the first developer here to offer such a community.
"A lot of budget is being planned on the ICT (information and communications technology) component. We believe in value. We will make decent margins in the next few phases once we have delivered the first batch of houses," he said.
UEM Land wants to buy more land in Cyberjaya, Kuala Lumpur, Penang and Kota Kinabalu to expand.
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