developer cannot give dibs, rebates, GRR already

Bro, what's GRR?

Guaranteed Rate of Return

Boss, where did u read this? Did not hear about this...

Guaranteed Rate of Return

L&G, Mayland to develop RM789m project

Posted on 13 November 2013 - 05:40am

Rupinder Singh
sunbiz@thesundaily.com
PETALING JAYA (Nov 13, 2013): Land & General Bhd (L&G) and Malaysia Land Properties Sdn Bhd (Mayland) are teaming up for the second time to jointly develop four blocks of 45-47 storeys serviced apartment on Jalan Ampang Kiri, off Jalan Ampang, Selangor with a gross development value (GDV) of RM788.7 million.

L&G, via its unit Pillar Quest Sdn Bhd, and Mayland's unit Positive Valley Sdn Bhd yesterday signed an agreement to acquire and develop the said leasehold land, measuring 246,860 sq ft, through Xtream Meridian Sdn Bhd (XMSB) as the joint venture (JV) company. Pillar Quest and Positive Valley will hold 50.01% and 49.99% stake in XMSB respectively.

XMSB, meanwhile, is buying the land from Bingo's Golf Sdn Bhd for RM118.49 million cash.

In a filing with Bursa Malaysia yesterday, L&G said the land is adjoining to a project known as The Elements@Ampang, which is currently undertaken by a JV between wholly-owned subsidiaries of L&G and Mayland as well.

"In view of the success of the JV of The Elements@Ampang project which has a 90% take up rate, Mayland Group has decided to invite L&G Group as its partner in the proposed JV," it added.

This, it said, was also in line with L&G Group's objective and strategy to focus on developing high rise residential within the Klang Valley.

"Hence, the board is of the view that the proposed JV will contribute positively to the future earnings and cash flows of L&G Group," it said.

The proposed project will feature 1,216 units of service apartment, which include facilities like swimming pools, prayer rooms, a kindergarten and gym.

"The estimated GDV and gross development cost for the proposed development areRM788.7 million and RM558.4 million, respectively. The estimated profit will be RM230.3 million," said L&G.

It added that the expected commencement and completion date of the proposed development will depend on the completion date of the land acquisition and the market conditions of the property market in the future.

The Elements@Ampang is a premier lifestyle residential serviced apartment, comprising two 42-storey tower blocks and consisting of 1,040 units, ranging in size from 520 sq ft to 1,570 sq ft.

The project's estimated GDV is RM760 million and is slated to be completed in the first half of 2014.

Bro, maybe he meant Phase 1 handover in 2015, cross finger lah...if in 2016 we get LAD...

Can't share more. As it involves BAFIA Act and some unwritten rules imposed by authority. Just watch out what will happen next.

Those developers who try to be creative will ended up no banks want to become their end financiers.

mayland is very good in avoiding LAD... hopefully does not apply to L&G
bank will be in trouble too if no project to tie up.....

mayland is very good in avoiding LAD... hopefully does not apply to L&G
bank will be in trouble too if no project to tie up.....

Whether got LAD or not but as long it's under DIBS, should consider safe right?? What I really wish for is quality, quality & quality (Q3) instead..

Just got a unit in Damansara Foresta . Now to track the progress of the development!

Just got a unit in Damansara Foresta . Now to track the progress of the development!

The construction progress looks slow..

Just got a unit in Damansara Foresta . Now to track the progress of the development!

Congratulation!!
Mind to share your block, level and price?

The construction progress looks slow..

Boss, your units already received the 15% progress billing for structure?