Cadangan pembangunan 5 blok pangsapuri servis 39 tingkat (2,550 unit) dengan 5 tingkat podium tempat letak kereta, ruang perniagaan dan kemudahan serta 1 blok pangsapuri 32 tingkat (550 unit) dengan 7 tingkat podium tempat letak kereta and kemudahan serta 1 tingkat besmen raung PPU.

About 500m from MH platinium & Prima Setapak 2 along jalan gombak.

Any idea who's the developer ??

This post has been edited by jolokia: Feb 26 2014, 08:45 AM


Attached thumbnail(s)

SCP project - Gombak Sentral.

Likely end of year

not much info...

another mix development. good luck

Malaysia’s top banks post record profits; unfazed by property curbs
The Malay Mail Online | February 27, 2014
http://www.themalaymailonline.com/money/ar...property-curbs#

KUALA LUMPUR, Feb 27 — Malaysia’s two biggest banks notched up record annual profits and see further strong growth in the year ahead, confident that a raft of government curbs on the property sector will not have a major impact on overall loan demand.


Maybank Tower, the headquarters of Maybank which is one of the government-linked companies, is seen in Kuala Lumpur in this April 5, 2013 file photo. — Reuters pic

Maybank put in its best earnings for a second straight year, with fourth-quarter profit jumping 19 per cent on robust loan growth and strength in Islamic banking.

CIMB Group Holdings Bhd, reporting earlier in the week, logged a fifth consecutive year of record profit.

The lenders have benefited from a domestic property boom and moves to diversify into fast-growing Southeast Asian economies such as Indonesia, Singapore and Thailand.

Robust regional economic growth will continue to work in their favour as will an expansion in business financing expected from a slew of big projects.

These include a government-led rail project in Kuala Lumpur and a US$19 billion (RM62 billion) petrochemicals complex in southern state of Johor led by state oil firm Petronas.

These factors will offset softer consumer loan growth as the government moves to take some of the froth out of the country’s property market, banking executives said.

“Property in Malaysia has been lagging others in the region, in terms of growth in value. We will focus on more targeted lending,” Maybank Group CEO Abdul Farid Alias told reporters after the bank reported a 16 per cent rise in annual profit to RM6.6 billion.

Both Maybank and CIMB said they expect overall loan growth in Malaysia will slow to 9-10 per cent this year from an industry average of 10.6 per cent in 2013.

EASY CREDIT

Providing domestic home loans has been the backbone of Maybank and CIMB’s earnings.

But the combination of robust demand and easy credit have prompted Malaysia’s financial authorities, like those in Singapore and China, to embark on a series of curbs to keep prices in check and head off criticism that the country might be in the midst of a property bubble.

Malaysia has more at stake than some. Soaring demand for mortgages has given it the highest household debt levels in Southeast Asia - equal to 86 per cent of gross domestic product.

Lending to households accounts for 57 per cent of outstanding bank loans - a potentially worrying level should the economy come off its current robust growth track.

While these levels have stoked some concern, economists like Nor Zahidi Alias of Malaysia Rating Corporation Bhd say long-term prospects for the real estate market are supported by the country’s rather young population.

“And so far, statistics on borrowers’ debt service ability remain stable and household debt is mitigated by household financial assets which are still relatively stable,” he said.

Others also stress that the government measures have started to kick in and that this in the long term will help limit the potential for loans to go borrowers who may present a credit risk.

Housing loan applications slumped 27 per cent in December from a month earlier, central bank data showed after the government announced it would ban developers from absorbing some interest rate payments for homebuyers.

The government has also proposed a ban on speculators from buying properties in bulk at a discount, while the central bank has cut the maximum length of mortgages and plans to change the retail loan pricing system to better reflect monetary policy.

Farid also said he believed that rising inflation, driven by subsidy cuts for food and fuel, will push Malaysia’s central bank to keep interest rates unchanged at 3 per cent in 2014 for a third straight year.

That would also work in Maybank and CIMB’s favour as an interest rate hike could make loan repayments more expensive and heighten the risk of a climb in non-performing loans.

Shares of Maybank ended 0.5 per cent higher, in line with the benchmark index. — Reuters

Pavilion REIT mulls adding proposed RM330mil hotel to portfolio
by cheryl poo | The StarBiz | Thursday February 27, 2014 MYT 2:49:34 PM
http://www.thestar.com.my/Business/Busines...l-to-portfolio/


KUALA LUMPUR: The Pavilion Real Estate Investment Trust (REIT) may expand its portfolio in the next few years with the construction of a RM330mil five-star hotel in the same building.

"We will see how it goes. We may expand our REIT with this addition but at the moment, it really is too early to tell," Pavilion International Ltd director Lee Tuck Fook said on Thursday.

For FY ended Dec 31, 2013, Pavilion REIT's asset under management increased from RM4bil to RM4.1bil. The REIT closed the year at RM1.28 per unit.

The 13-storey Royale Pavilion Hotel is owned by Harmoni Perkasa Sdn Bhd, a subsidiary of Urusharta Cermerlang Sdn Bhd, which owns Pavilion Kuala Lumpur. The Qatar Investment Authority (QIA) has a 49% stake in Urusharta Cemerlang.

Developed by KL Pavilion Design Studio, construction of the Royale Pavilion Hotel will run from next month to the second quarter of 2016.

(Meanwhile) This project is separate from the 29,127-sq ft parcel, which was acquired by Urusharta Cemerlang Sdn Bhd at a record RM7, 209.80 per sq ft (totaling RM210mil) from London-based Millenium & Copthorne Hotels plc in 2010.

That project was reported to be 50-storey block comprising 39 floors of residential units and 10 floors of retail space.

I thought Gombak Sentral is next to Pasar Besar Gombak still not start work yet, this one opposite to a yellow mosque, next to the close down Islamic college & one recond car seller, now covered with green roofing panel.

Seems like property price will be going up again very soon!

Next to Pasar Besar that one is not Gombak Sentral. It is another project call KL North something like that.... Only for Bumi.

Big plans for Ipoh

Posted on March 1, 2014 | 373 views | Topic : Investment, News & Articles, Property News.


BY CHAN LI LEEN


An artist’s impression of the new Foo Yet Kai Building and hotel that City Motors Group plans to build in Jalan Sultan Iskandar, Ipoh.

AT AN age when most people are enjoying their retirement, Datuk Dr Foo Wan Kien, 72, is still busy steering his company towards carrying out several mega projects.

His Ipoh-based City Motors Group has in recent months shifted into high gear to change the landscape of its birthplace.

“We are entering a new era as the group celebrates its 50th anniversary this year.

“We will be developing prime land throughout Malaysia and rightfully, we are coming back to Ipoh,” said Foo who owns a range of companies, which he started by selling cars and later by diversifying into the plantation, property development, aquaculture and healthcare sectors.

The group executive chairman said he has not one but five projects, valued between RM100mil and RM200mil, planned for Ipoh.


Wan Kien with material detailing the projects to be undertaken by his group of companies in the near future.

“Just like the country’s first fire dragon performance, which took place in Ipoh recently and was sponsored by our group, I want to create something for my hometown to help it progress and prosper.

“This is also to enable our children to stay put, and not have to go to the Klang Valley to further their education or to look for jobs,” he said.

Top on Foo’s wish list for Ipoh is to build a new headquarters, replacing the current Foo Yet Kai Building on Jalan Sultan Iskandar in the city centre.

“The new Foo Yet Kai Building will be part of a block of apartments.

“Next to it will be a hotel and if the authorities give the approval, this will become a new landmark for Ipoh.

“There are also plans for a new entertainment outlet to be built across the road, next to SJKC Yuk Choy,” he said.

Foo also excitedly revealed that Ipoh is set to have a new theme park amid a planned resort living development next to the Kek Lok Toong Temple in Gunung Rapat off Jalan Raja Dr Nazrin Shah.

“There will be rope climbing, mountain climbing, boating and lots of other activities for the public.

“It will not be very expensive as we want to ensure that everyone can afford to go on an adventure,” he said.








Also in Gunung Rapat, plans are afoot to set up Ipoh’s first retirement village.

“Surrounded by limestone hills and ponds, it will be a place where the elderly can relax. And with the many activities planned, there is no chance to be bored,” he said.

Like his father, the late tin miner and philanthropist Foo Yet Kai, many of Foo’s efforts are channelled towards charity and helping the local community.

Kinta Medical Centre, the first private hospital in Ipoh, is owned and managed by the group.

“In 1964, my father bought the Chung Thye Phin Villa from the family of the late kapitan and donated the property to The Sister of Franciscan Missionaries for the setting up of a private hospital, then known as Our Lady Hospital.

“In 1983, upon the departure of the nuns, we took over the operations of the hospital and named it the Kinta Medical Centre.

“We will be expanding the hospital. We will be bold by making it a non-profit hospital to help people who cannot afford medical treatment,” said Foo, adding that a medical mall was being built on the hospital grounds at present.

The KMC Medical Mall, he said, would be a one-stop centre offering a health mini market, aesthetic centre, medical equipment store, traditional Chinese medicine centre and consultation suites.

“I will continue to do charity, just like my father.

“I believe that as you make money from society, you should also give some back to it,” said Foo, who is also looking at setting up the Foo Yet Kai Foundation in memory of his father.

The foundation is expected to benefit handsomely from a proposed RM500mil new hotel in Bukit Bintang.

City Motors, through its member company Kenco Properties Sdn Bhd, in a joint venture with Mass Rapid Transit Corp Sdn Bhd, is seeking approval to build a 56-storey, four-star business hotel and suites near the Pavilion Kuala Lumpur.

“If approved, it will be the highest hotel in the Bukit Bintang area with 500 rooms and suites. It will be a trust for my future generations and partly my foundation,” he revealed, adding that plans for a RM30mil business hotel and apartments in Bangsar had also been submitted to the authorities for approval.

Despite his impressive portfolio, which includes business interests throughout Malaysia, Singapore and as far as Hong Kong, the millionaire prefers to maintain a low profile and still enjoys his breakfast of noodles at coffee shops in Ipoh Old Town.

“I am a simple man. I believe that god gave me a good life because I do not fancy fine things.

“Simple things make me happy and I do not care what people say about me. I do what makes me happy as long as I do not hurt anyone,” said Foo.

Luxury development rapidly taking shape in Kuala Lumpur

Posted on March 1, 2014 | 274 views | Topic : News & Articles, Property News.


BY YASMIN AHMAD KAMIL


The interior for one of the show units for The Horizon. – Photos by AZLINA ABDULLAH

A new luxury residential tower will soon grace Jalan Tun Razak in Kuala Lumpur.

The Horizon Residences, developed by Hap Seng Land Sdn Bhd, will feature serviced apartments in two 27-storey towers that sit on 1.35 acres of freehold land.

With a prices from RM1,300 psf, the development offers units with built-up areas ranging between 549sq ft to 2,551sq ft for its typical units, and 3,552sq ft to 4,316sq ft for the penthouses.

Once completed, the 335 units that are semi-furnished, will have easy access to embassies nearby, the Prince Court Medical Centre, an international school, and malls .

According to a news report, Japanese department store operator Takashimaya Co Ltd is said to beconsidering setting up an outlet at the Tun Razak Exchange (TRX), Kuala Lumpur’s upcoming international financial district, which is a stone’s throw from The Horizon Residences development.

Some of the main features of the project include panoramic views of either the Royal Selangor Golf Club, the Kuala Lumpur city skyline or Petronas Twin Towers.


Khor says the project has been drawing the interest of foreign buyers.

David Khor, Hap Seng Land’s chief operating officer, says, currently the apartments have been attracting the interest of both local and foreign buyers.

“The profile of local buyers are aged 40 and up, while smaller units are mostly taken up by young professionals in their 30s.








“We have had Singaporeans, South Koreans and Japanese buying our units,” Khor said, adding that foreign buyers so far are from nine nationalities.

He said approximately 90% of the units have already been sold.

The project, which has a gross development value of RM412mil, features a floating gym, a 50m infinity edge lap pool, a bubble jet pond with stepping stones and a comprehensive three-tier security system.

Each unit is also equipped with double-glazed glass to cut out external noise from traffic.

“This is one of the luxury developmentsbeing worked on by the company. It’s not just a good location but it’s also filled with energy-saving fittings.”” said Khor.

According to Khor, the project is using the Construction Quality Assessment System for , a widely recognised and internationally accepted construction quality assessment system by Singapore’s Building and Construction Authority to measure quality standards in building projects.

The project has also submitted a Green Building Index certification, which is a green rating tool for buildings.

Officially launched in January last year, the project is expected to be completed by March 2015.

The one next to Pasar Besar Gombak definately Gombak Sentral lah.

https://forum.lowyat.net/topic/2869577/all

I alway pass by that area so 100% sure.

This one i am talking about totally different, the photo i attached also different mah, location also different, opposite side of the road some more, i guess not many people know..

U see it's still under neigbourhood complaining stage untill 13/03/14.

Tycoon exerts hold on PBD
The Edge Malaysia | By Charles Yong of theedgemalaysia.com
Tuesday, 04 March 2014 11:16 Bookmark and Share
http://www.theedgeproperty.com/news-a-views/12245.html

KUALA LUMPUR: Datuk Desmond Lim Siew Choon, executive chairman of Malton Bhd and chairman of Pavilion REIT, is believed to have strengthened his foothold in prime Pusat Bandar Damansara (PBD) in Kuala Lumpur, following the acquisition of a 2.57ha tract within the area by a company linked to the property tycoon.



Yesterday, Selangor Properties Bhd announced it had sold the tract for RM450 million or RM1,628 per sq ft to Jendela Mayang Sdn Bhd, with the former making a gain of RM376.2 million.

Lim already owns 3.88ha in PBD via Impian Ekspresi Sdn Bhd, which plans to redevelop the area. Following yesterday’s acquisition, the entire development could be worth more than the initially estimated RM3 billion gross development value for 11 buildings.

In a filing with Bursa Malaysia yesterday, Selangor Properties stated that Jameson Pias @ Zainal Pias owns 40% of Jendela Mayang. Jameson was a former director of Urusharta Cemerlang Sdn Bhd, a company linked to Lim which owns and operates the Pavilion Mall.

According to online checks by The Edge Financial Daily yesterday, it is learnt that Jendela Mayang and Urusharta Cemerlang Sdn Bhd share the same registered address in Menara ING, Kuala Lumpur and company secretary, Lim Mei Yoong.

Jameson still serves as director in a number of other companies linked to Lim, including Urusharta Cemerlang (KL) Sdn Bhd, Urusharta Cemerlang Development Sdn Bhd and Jerantas Sdn Bhd.

Jerantas, one of Lim’s projects, is building the world’s first Harrods hotel — to be connected by an overhead bridge to the Pavilion Mall.

PBD is expected to benefit from two nearby mass rapid transit (MRT) stations — Semantan and Pusat Bandar Damansara — to be completed by 2017.

Selangor Properties also said that under the land acquisition deal, Jendela Mayang will assume all of the group’s rights and obligations to design and construct an entrance portal, lay-by facilities, and parking facilities for the MRT stations on the lot. The transaction is subject to approval by MRT Corp Sdn Bhd for the novation of these rights and obligations.

Meanwhile, the land’s price of RM450 million is more than four times its net book value of RM108.2 million as at Oct 31, 2013.

An independent valuer for Selangor Properties valued the freehold land categorised for commercial use at RM300 million.

Selangor Properties acquired the land in December 1995 for RM106.6 million. The land currently serves as a car park and generates RM433,500 in parking income per year.

Selangor Properties plans to use RM237 million of the proceeds for repayment of its borrowings within a year and RM212.5 million for working capital and acquisitions within three years. The full repayment of borrowings is expected to save the group RM14.2 million in annual interest.

It said as the disposal is expected to be completed by the first quarter ending Oct 31, 2015 (FY15), it is not expected to have any material effect on the group’s earnings for FY14.

It will also not have any effect on the group’s issued and paid-up share capital and substantial shareholdings in the company.

Eco World looks to expand landbank in hotspots
The Edge Malaysia | By Charlotte Chong of theedgemalaysia.com
Wednesday, 05 March 2014 12:25 Bookmark and Share
http://www.theedgeproperty.com/news-a-views/12252.html

KUALA LUMPUR: Eco World Development Sdn Bhd, helmed by former S P Setia Bhd executive director Datuk Chang Khim Wah, is looking to expand its landbank in the country’s top three property hotspots — namely the Klang Valley, Penang and Iskandar Malaysia, Johor.



The relatively new property developer has 3,000 acres (1,14.06ha) of undeveloped land in the country, out of which some 1,000 acres are located in the Klang Valley, 1,000 acres in Penang and the rest in Iskandar Malaysia.

“As a developer, we are looking for more well-located landbank,” Chang told reporters after the groundbreaking ceremony of its RM1 billion EcoSky project in Taman Wahyu, Kuala Lumpur by Federal Territories Minister Datuk Seri Utama Tengku Adnan Tengku Mansor yesterday.

He said the company has no plans to venture overseas, but rather will focus on the local market.

Meanwhile, Chang said Eco World will launch the third residential tower of EcoSky dubbed Tower Clarita “very soon”. This follows the launch of its first and second residential towers — Tower Aurora and Tower Basalta last December.

He said built-up areas of Tower Clarita units range from 936 sq ft to 1,905 sq ft, with prices starting from RM780 per sq ft or between RM650,000 and RM1.5 million per unit.

To date, the company has garnered a take-up rate of 80% for its first two residential towers.

“The units that have not been sold are mainly bumiputera lots, while the non-bumiputera units have all been taken up,” said Chang.

EcoSky is Eco World’s maiden project in Kuala Lumpur. The project sits on a 9.6-acre (3.88ha) piece of freehold land which the company bought from DRB-Hicom Bhd for RM69.92 million in April last year.

“The integrated commercial development comprises 970 units of serviced apartments housed in three blocks, 35 units of shop offices as well as a commercial component,” said Chang.

The entire project is slated to be completed by mid-2018, which would create a population of up to 5,000.

Chang added that the company has plan for a 33,000 sq ft community park within the development. “This will be located next to a 2.72-acre park project by the Kuala Lumpur City Hall (DBKL), which we are building together.”

The group has allocated RM3 million to build a covered walkway linking EcoSky to the Taman Wahyu Komuter station, thereby rejuvenating the 2.72-acre neighbouring public green lung belonging to DBKL.

Eco World Development Sdn Bhd is 50% owned by Eco World Development Holdings Sdn Bhd (formerly known as Maple Quay Sdn Bhd), which in turn owns 30.01% of Eco World Development Group Bhd.

Bandar Sri Damansara’s new commercial centre
The StarProperty | March 9, 2014 | 141 views | Topic : News & Articles, Property News.
BY SHALINI RAVINDRAN
PHOTOS BY MUHAMAD SHAHRIL ROSLI
http://www.starproperty.my/index.php/artic...mercial-centre/



Ativo Plaza is the first commercial component of the larger Damansara Avenue development

Residents of Bandar Sri Damansara now have a new commercial centre to look forward to with the launch of Ativo Plaza, located in the up and coming area of Damansara Avenue.

Developed by TA Global Bhd, Damansara Avenue is a mixed commercial development on 48 acres of freehold land in Bandar Sri Damansara with a gross development value (GDV) of RM3.8bil.

Conceived as a 10-year master-planned development, Damansara Avenue is anchored by a sprawling seven-acre urban park that provides communal space for interactions and activity.

Ativo Plaza, the first commercial development in Damansara Avenue, comprises two blocks of eight-storey buildings featuring 198 office suites and 43 retail units with a GDV of RM138.8mil.


“Ativo Plaza was first introduced into the market in 2010 and received an overwhelming response from the public, with some people queuing the night before just to secure their preferred unit.

“Today, it has achieved 100% sales,” said TA Enterprise Bhd managing director Datin Alicia Tiah during the opening ceremony recently.

TA Enterprise Bhd is the parent company of TA Global.

“Following this enthusiastic response, the first residential phase of Damansara Avenue, Azelia Residences was launched in May 2011,” Tiah added.

Azelia will comprise two tower blocks — an eight-storey apartment block of 43 units and a 28-storey block of 207 units. The units range from 600sq ft to 3,400sq ft in size.

“To date, 90% of the units have been sold and the project is expected to complete by the middle of this year,” Tiah said.

This post has been edited by accetera: Mar 11 2014, 11:20 AM

Time on Cyberjaya’s side
BY THEAN LEE CHENG | The StarProperty | March 8, 2014 | 638 views
http://www.starproperty.my/index.php/artic...yberjayas-side/



An aerial view of Cyberjaya and some of its developments.

A property agent told a seminar that an investor had asked him to help sell two 500 sq ft units in Cyberjaya recently. The investor lives in Puchong with his family. “I told him to rent out his Puchong house and to go and live with his family in the two small units in Cyberjaya,” he said. Subsequently, the agent received a string of calls asking him to sell their Cyberjaya units.

The above may be anecdotal but the same agent says the number of completions in the planned township is exceeding demand. This was subsequently confirmed by a few property consultants.

Conceptualised by the Government about 20 years ago in the mid-1990s, Cyberjaya continues to be planned and built as an information technology (IT)-themed city. It was in 2009, after the completion of the Maju Expressway (MEX) that developers began to show real interest there.

Says Setia Haruman Sdn Bhd business development head Sudhev Sreetharan: “As a result of the MEX Highway, 16 developers took an interest in Cyberjaya as MEX shortened the distance between Kuala Lumpur and Cyberjaya considerably.”

Prior to that, among the earliest and main developers there was EMKAY Group, the private vehicle of Tan Sr Mustapha Kamal Abu Bakar. Mustapha is also the controlling shareholder of MK Land Holdings Bhd which developed Damansara Perdana in Petaling Jaya.

He is also the chairman of Setia Haruman Sdn Bhd, the master developer of Cyberjaya.

Henry Butcher chief operating officer Tang Chee Meng says after the completion of the MEX Highway, other developers began to show an interest in Cyberjaya.

Tang says: “The completion of MEX Highway resulted in multiple launches. MEX shortened the travel time to just 20 minutes from toll to toll.

This offered potential and property buyers began to give the place a second look. With so many developers, the supply of stock increased dramatically. Some of these projects – student accommodation and SoHos (small office, home offices) – were aimed at investors.”

Tang says Cyberjaya is in a unique situation. “People who work there do not live there. They live in Kajang or Puchong instead. The day and night time population is very different,” he says. At the end of 2011, there were only 3,200 residential units in Cyberjaya and it was felt that this was insufficient. At that time, there was a daytime population of 53,000 comprising mostly knowledge workers and students.

That has increased to 58,000 today. The number of completed units has increase to 5,100. Of these, about a third or 1,500 are landed units. The remaining 3,600 are high rise units.

Setia Haruman’s Sudhev says while 5,100 are completed units, about 10,500 units are under construction, with 9,500 units being high rise units. Under the planning stage are 17,000 units, of which 16,000 are high rise units and the remaining 1,000 being landed units.
This effectively means that landed units will continue to be limited in the years ahead as the emphasis is on high-rise.

There are a few reasons for this emphasis on high-rise units and this is tied to the reason for Cyberjaya’s existence. The city wants to attract more IT workers. It also has an emphasis on education, which means a need for student accommodation.

The interest in Cyberjaya coincided with the buoyant property market which started in 2009/10 and went on till 2012/13. Coupled with easy credit, freebies and developers interest bearing schemes, many bought with the aim to flip, according to Tang.

“(But) they have found that it is not easy to do so,” he says, adding that more than half who bought into Cyberjaya were investors. The percentage of investors in Cyberjaya is higher than in Petaling Jaya and Subang Jaya.

Tang says: “Those who bought into Ara Damansara (near Subang airport) stay in Petaling Jaya. Those who bought into Cyberjaya were attracted to developers’ concepts, rebates and freebies.

“As congestion worsens in the Klang Valley, there will come a time when the situation will reach a tipping point and people will think ‘OK, I don’t mind staying in Cyberjaya’. When this happens, things will fall into place and Cyberjaya will have its critical mass,” he says.

Another property consultant who declined to be named says the emphasis by the guardians of Cyberjaya over the years has been to create another IT township the likes of Silicon Valley or Bangalore in India.

“The emphasis has been to attract companies, local and foreign, to relocate there.

“That was how MSC (Multimedia Super Corridor) status companies came about. That status gave companies certain privileges. There was this emphasis on the work component, but nothing on the play component as in the work, live and play configuration. It was built under a controlled situation.”

On how he expects property aspect to pan out, he says investors will try to sell. Failing that, they will try to rent. There may be a “war on rent followed by reality checks. If owners are unable to sustain the loan instalments, they will come under pressure.

“Cyberjaya may be in that last stage now.” He adds: “What we will see, or are already seeing in Cyberjaya, will be magnified many times over in Iskandar Malaysia.”

The executive director of Raine & Horne Lim Lian Hong says Cyberjaya and Iskandar Malaysia have different templates.

“Iskandar was built with Singapore in mind. If Singapore and Johor can be connected via public transport, Iskandar will be successful. Iskandar has different plans.

“In time, Cyberjaya will fill up. It just takes time and how long it takes will depend very much on the national and the global economy. 2008 (the global financial crisis) was a hiccup,” says Lim.

Rahim & Co (Selangor) Sdn Bhd manager director Choy Yue Kwong says Cyberjaya having more supply than demand is a common grouse in any location where there are many investors. “It is not unique just to Cyberjaya. Where there are too many investors, this is the result.”

Which takes us to Setia Haruman’s head of business development Sudhev comments with regards to the over supply situation. Says Sudhev: “We are not too concerned about the negative comments with regards to Cyberjaya properties. We have many people who invested in Cyberjaya who are laughing all the way to the bank.

“The problem is this – they are speculators, not investors. Speculators flip the properties when they get their keys in the hope to make quick money.

“Properties are not meant to be flipped one to three years after purchase. It is meant to be a long-term investment,” says Sudhev.

On the provision of affordable housing, Sudhev says about 3,000 units are scheduled to be launched this year, of which 2,500 units will be by the EMKAY Group.

This post has been edited by accetera: Mar 11 2014, 11:20 AM

Majority of Rehda members pessimistic or neutral on real estate
BY EUGENE MAHALINGAM | The StarProperty | March 11, 2014 | 109 views
http://www.starproperty.my/index.php/artic...on-real-estate/


PETALING JAYA: Developers are generally expecting a challenging market for 2014 as a result of the cooling measures introduced by the Government in Budget 2014, a survey conducted by the Real Estate and Housing Developers’ Association (Rehda) revealed.

The survey, which polled 150 Rehda members from 12 states across peninsular Malaysia, revealed that 87% of the respondents were “pessimistic or neutral” on the outlook for the real estate industry for the first half of 2014.



Yam: ‘Due to the cooling measures, developers will scale back on their launches. Supply is being held back but the demand is there.


As for the outlook in the second half of 2014, a total of 75% of the respondents were “either neutral or pessimistic” .

Rehda president Datuk Seri Michael Yam said the various cooling measures were “gaining traction” and would have an impact on the local property market.

“Due to the cooling measures, developers will scale back on their launches. Supply is being held back but the demand is there,” he said at a media briefing yesterday on Rehda’s property industry survey for the second half of 2013.

According to Rehda chairman of communications, public relations and publication committee cum national treasurer, Datuk NK Tong, the number of project launches also dropped in the second half of 2013 compared with the previous corresponding period.

“Overall cost of doing business had also increased in the second half of last year,” he said, adding that unreleased bumiputera lots remained the number one reason for unsold units during the period.

“We’re hoping that during these trying times, the Government will look at the bumiputera quota issue, especially in Malacca, where there were 852 units completed with CFO (certificate of fitness for occupancy) as at Dec 31,” he said.

Yam said the quota allocation for bumiputera units in Malacca was at 60%.

“If you use an average price of RM250,000 per unit, at 850 units, that’s over RM200mil trapped in the system, which the developers have to bear.

“It’s not as though the bumiputera units will remain empty.

“Eventually they do get sold.

“But because there is no official regulation, developers are fearful and hold back these units,” he said, adding that bumiputera units did not appreciate as much as the non-bumiputera ones.

The survey also revealed that 74% of the respondents believed that the implementation of the Goods and Services Tax (GST) would have an adverse impact on the property industry once it is implemented in April 2015.

According to Rehda’s immediate past president and finance and investment committee chairman Datuk Ng Seing Liong, the association had submitted various proposals to the Government concerning the GST.

Among the proposals is for the Government to have the stamp duty on transfer of real property to be maintained at the current maximum 3% instead of the proposed 4%.

Pintaras shares up after bagging RM74mil Warisan Merdeka job for a 1 year job


Warisan Melaka works set to begin
Thursday, 13 March 2014 10:00 Tanu Pandey
http://themalaysianreserve.com/main/news/c...ks-set-to-begin

The foundation for the 118- storey skyscraper Warisan Merdeka project within the enclave of Merdeka Stadium and Stadium Negara will kick off next week with the contract for the works assigned to Pintaras Jaya Bhd’s subsidiary for RM74 million.

The iconic project that is estimated to be worth RM5 billion had been halted for sometime.

Pintaras, in an announcement at the stock exchange yesterday, said its subsidiary Pintaras Geotechnics Sdn Bhd received a commencement date notice dated March 12 this year from PNB Merdeka Ventures Sdn Bhd to undertake foundation works for the proposed building at Warisan Merdeka in Kuala Lumpur (KL).

“The said works are to commence on March 17, 2014, with a completion period of about a year,” it said.

The project was earlier expected to start in 2011, and scheduled to be completed in 2015, however, after the delay of almost three years in commencement of works, the completion may take longer.

The overall Warisan Merdeka development will be on 19 acres and the heritage stadiums, the site is set to be another major landmark in KL.

As per the initial plan, the two stadiums will be retained as national heritage buildings.

The development was supposed to consist of a complex for a mall, residences and an office skyscraper.

With 118 floors, the height of the building will exceed 500m, surpassing the current tallest buildings in Malaysia, the 452m Petronas Twin Towers.

An initiative by Permodalan Nasional Bhd (PNB), the building may also be used as the PNB headquarters.

Developer buys 85 acres prime land


Mah Sing buys golf land in Shah Alam for RM327.4m
By Madiha Fuad of theedgemalaysia.com | Friday, 14 March 2014 13:12
http://www.theedgeproperty.com/news-a-views/12274.html
http://www.thestar.com.my/Business/Busines...ousing-project/

KUALA LUMPUR: Mah Sing Group Bhd is buying 85.43 acres of land in Sultan Salahuddin Abdul Aziz Shah Golf Course, Shah Alam, for RM327.4 million cash, or RM88 per sq ft, from Great Doctrine (M) Sdn Bhd.

The leasehold land, expiring in May 2102, currently has nine of the 27 holes in the golf course and is expected to yield a gross development value (GDV) of about RM2.5 billion.

In a statement, Mah Sing said the land was near Stadium Melawati, better known as Stadium Shah Alam.

“Together with this new acquisition, the group has remaining GDV of about RM31.26 billion, which will sustain the group for the next seven to eight years,” the statement said.

It also announced that Mah Sing’s wholly-owned subsidiary Enchanting View Development Sdn Bhd had entered into a sale and purchase agreement (SPA) with Great Doctrine for the land acquisition.

Mah Sing group managing director Tan Sri Leong Hoy Kum said 10% was paid upon signing of the SPA while the remaining 90% will be paid in one bullet payment either six months from the fulfilment of Conditions Precedent (CP) or 30 months from the SPA date.

He highlighted that the group plans to create a hybrid of high-end Lagenda and medium high-end residence series of properties, adding that the development is targeted to be launched in 2016.

The entire eco-themed development comprises a mix of landed and high-rise residences, including super link, linked semidee, bungalows and serviced apartments.



“We have previously met success with our Kemuning Residence in Shah Alam and strongly belief that Shah Alam still has plenty of room to grow, particularly if buyers are offered boutique-concept and high-quality homes near their workplaces,” said Leong.

Besides Kemuning Residence, the new land is in close proximity to other Mah Sing developments such as its industrial developments of iParc, iParc2 and iParc3 and its commercial development, Star Avenue.

Leong reasoned that this acquisition would enable the group to leverage all these fully sold developments and expand its presence in Shah Alam.

AmResearch’s Mak Hoy Ken is positive on the acquisition, saying that the group has already carved out a strong presence in Shah Alam with past projects.

Leong said the tract marks Mah Sing’s first landbank purchase for 2014, which will bump up its total remaining landbank to about 2,818 acres with a GDV of about RM31 billion and healthy unbilled sales of RM4.4 billion as at Dec 31, 2013.

He points out that Mah Sing’s purchase price of RM327 million is considered to be fairly attractive when stacked against its future development appeal.

“While its immediate focus is on the mass market segment, this latest deal paves the way for Mah Sing to lock in a prime piece of property ahead of its targeted launch, which is only slated for 2016,” said Leong.

He noted that the project also enjoys good connectivity via its strategic location within 3km to 6km from the Guthrie Corridor, Federal Highway and ELITE highway.

Meanwhile, CIMB Research said it views the acquisition positively as the land is in a prime location, and that the acquisition cost makes up a fair 13% of the GDV.

“We make no changes to our earnings per share as the project will only be launched in two years’ time,” said the local research house.


This article first appeared in The Edge Financial Daily, on March 14, 2014.

I-Berhad sees record-breaking year
By SHAREN KAUR | sharen@mediaprima.com.my
http://www.nst.com.my/business/nation/i-be...g-year-1.511588

RM1.57b LAUNCHES: Company rolling out Phase 2 of i-suites@i-City and Grand i-Residence

I-BERHAD expects its fiscal 2014 to be a record-breaking year for the company in terms of earnings and new launches, said its deputy chairman Datuk Eu Hong Chew.

The company's i-City project in Shah Alam, Selangor, has remaining gross development value (GDV) of RM4.5 billion, which will be developed over the next eight years.

This year, I-Berhad is launching Phase 2 of i-suites@i-City worth close to RM750 million, and the RM820 million Grand i-Residence, which is its maiden project in Kuala Lumpur.

Next year, it plans to launch residential and commercial towers worth more than RM1 billion, Eu said.

"Our launches are getting bigger. This shows that our property development division is growing and that contribution will be higher," he said in an interview recently.

Eu said I-Berhad plans to roll out up to RM600 million worth of properties a year for the next eight years.

The company also hopes to achieve RM500 million sales a year by 2017, from RM95 million last year, he said.

"The RM500 million is from property sales in i-City. The sales of Grand i-Residence will be a bonus for us and it will help to boost the figures," Eu said.

He said with unbilled sales of RM400 million and new product offerings this year, I-Berhad is poised to achieve double-digit growth in revenue and net profit.

In 2012 and last year, I-Berhad launched projects worth RM300 million and over RM1 billion, respectively, in i-City.

I-Berhad's net profit more than doubled to RM43.97 million in the year ended December 31 2013, from RM16.66 million previously, driven by ongoing property development projects, and fair value gains of RM13 million from the revaluation of investment properties.

Revenue rose 128 per cent to RM152.1 million, mainly due to higher sales from ongoing projects and growth in the leisure division, partly because of new attractions such as the Red Carpet, Wax Museum and House of Horror.

Eu said I-Berhad hopes that in 10 years, it will have an investment portfolio of more than RM1 billion, compared with RM100 million currently, and for the leisure division to contribute between RM30 million and RM40 million in net profit.

"We will have a bigger recurring income stream. We are building a 1.5 million sq ft mall, three hotels and more parking facilities," he said.



I-Berhad deputy chairman Datuk Eu Hong Chew says the company plans to roll out up to RM600 million worth of properties a year for the next eight years. Pic by Mohd Asri Saifuddin Mamat